A friend told me this story. A Singaporean migrated to Australia and worked in an Australian company. She was surprised that the Australian managers were willing to make decisions. In Singapore, her managers waited for decisions to be made by the higher ups. This was a big culture change to her.
I did not ask if the Singaporean had worked in the private sector or the civil service. It probably did not matter. Quite likely, the habit exists in both sectors.
Friday, November 6, 2009
Hong Kong tightens sale of deriviaties
2 Nov 2009
HONG KONG - HONG Kong officials said on Monday they have tightened regulation of complicated investment products after thousands of local retail investors were burned by Lehman Brothers-backed derivatives last year.
But lawmakers said the new measures fall short, and urged the government to prosecute banks that misled investors and to ban some risky products outright.
Under the new regulations, banks must issue risk warnings for complex products and record conversations between their sales staff and clients to prevent deception, K.C. Chan, Secretary for Financial Services and the Treasury, said at a legislative hearing on Monday. The government was also considering setting up an investor education body and a financial services ombudsman, he said.
The measures come after 30,000 Hong Kong small investors who bought US$1.8 billion (S$2.5 billion) in Lehman-linked derivatives were left in limbo after the US investment bank collapsed September last year. Upset they weren't fully aware of the risk their investments carried - many of the complex derivatives were innocuously labeled 'mini-bonds' - investors took to the streets.
Hong Kong regulators announced a settlement with 16 local banks in July that returned up to 70 per cent of principal to the buyers, or up to HK$6.3 billion.
Opposition lawmaker Ronny Tong criticised the government for not focusing on legal action. 'I think it's strange that there is not a single case of prosecution after investigating for more than a year,' he said.
HONG KONG - HONG Kong officials said on Monday they have tightened regulation of complicated investment products after thousands of local retail investors were burned by Lehman Brothers-backed derivatives last year.
But lawmakers said the new measures fall short, and urged the government to prosecute banks that misled investors and to ban some risky products outright.
Under the new regulations, banks must issue risk warnings for complex products and record conversations between their sales staff and clients to prevent deception, K.C. Chan, Secretary for Financial Services and the Treasury, said at a legislative hearing on Monday. The government was also considering setting up an investor education body and a financial services ombudsman, he said.
The measures come after 30,000 Hong Kong small investors who bought US$1.8 billion (S$2.5 billion) in Lehman-linked derivatives were left in limbo after the US investment bank collapsed September last year. Upset they weren't fully aware of the risk their investments carried - many of the complex derivatives were innocuously labeled 'mini-bonds' - investors took to the streets.
Hong Kong regulators announced a settlement with 16 local banks in July that returned up to 70 per cent of principal to the buyers, or up to HK$6.3 billion.
Opposition lawmaker Ronny Tong criticised the government for not focusing on legal action. 'I think it's strange that there is not a single case of prosecution after investigating for more than a year,' he said.
Reduce travelling time, cost and congestion
Read this suggestion. We need to change our approach and recruitment practices.
Intelligence Quiz - Online
Do the Intelligence Quiz online here. You can click on "Buy Books" to buy the books to do the quiz offline.
Buying a home
Here is a chapter from my book TKL Financial Planning. It discusses the points to consider when you buy a home.
Thursday, November 5, 2009
Build up the public opinion
Several people asked if there is any point in making suggestions in the media, if the authorities are not paying attention and will not reply to these suggestions.
The purpose of expressing our views is NOT to convince the authorities, as they do not agree with the suggestions and will not want to change their views. Some people say that they do not care.
The purpose is to educate the public and to build the public opinion. If many people are aware that there is a better alternative to the current policies and are willing to express their views strongly, the authorities cannot continue to ignore them.
I urge the public to be willing to express your views and, preferably, to add your name so that they carry more weight.
In other countries, the public will go out to demonstrate in the streets. It is quite sad that the people are not allowed to express their views through demonstration in Singapore. We can adopt the next best approach, and that is to express our views openly, and educate other people to these views. Let us build up the public opinion.
Tan Kin Lian
The purpose of expressing our views is NOT to convince the authorities, as they do not agree with the suggestions and will not want to change their views. Some people say that they do not care.
The purpose is to educate the public and to build the public opinion. If many people are aware that there is a better alternative to the current policies and are willing to express their views strongly, the authorities cannot continue to ignore them.
I urge the public to be willing to express your views and, preferably, to add your name so that they carry more weight.
In other countries, the public will go out to demonstrate in the streets. It is quite sad that the people are not allowed to express their views through demonstration in Singapore. We can adopt the next best approach, and that is to express our views openly, and educate other people to these views. Let us build up the public opinion.
Tan Kin Lian
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