Wednesday, November 4, 2015

Suu Kyi says 'will run government' if party wins Myanmar poll

Suu Kyi says 'will run government' if party wins Myanmar poll

[YANGON] Myanmar's democracy heroine Aung San Suu Kyi on Thursday vowed to run the government if her opposition party wins this Sunday's landmark election, despite being barred from the presidency.
The former junta-ruled country goes to the polls on Sunday in elections which could see the army's decades-long grip on power substantially loosened.
Ms Suu Kyi has towered over Myanmar's politics after a decades-long struggle for democracy and her party is expected to make major gains at Sunday's polls if the vote is free and fair.
Yet under the military-scripted constitution, the 70-year-old is barred from running for the presidency by a clause believed to have been written specifically to thwart her bid for the country's top office.
But in bullish remarks to international media ahead of Sunday's vote she vowed to be "above the president" in the event of a victory by her National League for Democracy (NLD) party.
"I will run the government and we will have a president who will work in accordance with the policies of the NLD," she told reporters gathered on the lawn of her Yangon home, the same mansion she was confined to during years of house arrest by the former generals.
Her path to the presidency is blocked by a charter clause outlawing those with foreign-born offspring taking the top post. Her two sons have British passports - their late father was a British academic.
Many hope Sunday's election will be the country's freest and fairest for a generation but concerns abound in a country with a long history of the army stifling democracy.
Polls in 1990 swept by the NLD were ignored by the military, while a 2010 election was boycotted by Ms Suu Kyi's opposition over fraud fears.
Reforms by the military since then have seen a quasi-civilian government take charge and guide sweeping changes leading to this weekend's election.
But Ms Suu Kyi struck a note of caution over the election, expressing reservations over the willingness of election officials to tackle allegations of irregularities so far.
Asked how vigilant she was to the possibility of fraud she said: "If it looks too suspicious then I think we will have to make a fuss about it." But she added it was important for her party to run a government of "national reconciliation" if the NLD wins.
The party's main rival is the incumbent Union Solidarity and Development Party (USDP) which is led by former general Thein Sein and stacked with ex-military cadres.
Myanmar's army also retains a 25 per cent bloc of seats in parliament - gifted by the same controversial charter that bans Suu Kyi.
The NLD need 67 per cent of seats to win an outright majority and beat down the challenge of any coalition between the USDP and the army. The USDP need only take around a third of seats to link up with the military bloc in parliament.
Army lawmakers essentially have a veto over major policy, including any changes to the constitution.
Observers say Ms Suu Kyi could seek her own alliance with a compromise candidate for the presidency, which will be decided after the election in a complex process that could take several weeks.
Myanmar's reform drive has been rewarded with the roll back of many western sanctions.
The United States hinted late Wednesday that more sanctions could be eased if Sunday's poll is judged to be free and fair - specifically those barring US trade with Myanmar business elites with close links to the army.
The Nobel Peace Prize winner urged a "healthy does of scepticism" from the international community towards the elections, but welcomed the possibility of more sanctions relief for the impoverished country.
AFP

Indonesia's economy expanded less than estimated last quarter

Indonesia's economy expanded less than estimated last quarter

[JAKARTA] Indonesia's economy grew less than analysts estimated last quarter, underscoring the challenge for the government as it seeks to accelerate spending and bolster growth.
Gross domestic product rose 4.73 per cent in the three months through September from a year earlier, the statistics bureau said in Jakarta on Thursday. That compared with a previously reported 4.67 per cent expansion the previous quarter, and was less than the median estimate for 4.8 per cent in a Bloomberg survey of 23 economists.
President Joko Widodo is struggling to revive growth amid declining demand for the country's commodities, stagnating foreign investment and weak domestic consumption. A new economic team is rolling out measures aimed at improving the business climate.
"I think the economy will only pick up next year," said Arianto Patunru, an economics professor at the Australian National University in Canberra. "I hope next year will be better as global activity starts to rebound and domestic reforms, including infrastructure spending, take effect."
Mr Joko, better known as Jokowi, initially targeted growth of 5.7 per cent this year. Finance Minister Bambang Brodjonegoro said in September that full-year expansion of between 4.9 per cent and 5 per cent was still achievable. That rate would be the slowest since the global financial crisis.
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China: Stocks extend rally, volume at 2-1/2 mth high

China: Stocks extend rally, volume at 2-1/2 mth high

[SHANGHAI] China's stocks extended the gains on Thursday as investors jumped into blue-chip shares, driving trading volume to its highest in two-and-a-half months.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 2.1 per cent, to 3,705.97, while the Shanghai Composite Index gained 1.9 per cent, to 3,522.82 points.
The market was boosted by optimism over the Hong Kong-Shenzhen stock market connect scheme, China's plan to deepen reform on telecommunication industry, sustainable growth in Chinese economy and an upcoming meeting between the leaders of China and Taiwan.
Securities firms Industrial Securities, Huatai Security and Founder Securities all hit a daily upward limit of 10 per cent.
Total volume of A shares traded in Shanghai was 55.2 billion shares, while Shenzhen volume was 42.8 billion shares.
REUTERS

Print publications, TV still most highly consumed media in Singapore: survey

Print publications, TV still most highly consumed media in Singapore: survey

By
TRADITIONAL media - print publications and television broadcasts - continues to be the most highly consumed media by adults in Singapore, according to a Nielsen report released on Thursday.
More than nine in 10 adults (92.7 per cent) read print newspapers and watch TV broadcasts weekly, while more than six in 10 adults (64.7 per cent) utilised digital or online platforms to access news and entertainment in the past month, the 2015 Media Index report found.
Printed newspapers continued to be the staple read for most Singapore adults (54.6 per cent), while digital newspapers were "well perceived" by 14.5 per cent of local readers on an average daily basis.
Some 84 per cent of local viewers continued to tune in to free to air (FTA) TV channels on an average weekly basis, while some seven in 10 (65.5 per cent) watched FTA TV daily.
Internet usage continued its momentum, reaching 76.2 per cent daily and 79.5 per cent monthly, the report found.
Close to three in five adults (59.2 per cent) complement their weekly offline media consumption with monthly digital media consumption. This, as local media owners are increasingly integrating offline and online offerings to deliver a multi-platform experience to the Singapore audience, Nielsen reported.
"In today's information age, the thirst for media consumption is growing exponentially and consumers are faced with multiple platforms and choices to satisfy this need," said Rebecca Tan, managing director for media client leadership at Nielsen Singapore, Malaysia and Indonesia.
She added: "Local media providers have been diversifying and continuing to enhance their offerings to cater to the escalating demands of these consumers and provide an omni-channel experience to their audience."

Singapore moneylenders' credit bureau to start operations in 2016

Singapore moneylenders' credit bureau to start operations in 2016

SINGAPORE'S moneylenders' credit bureau will begin operations next year, DP Information Group (DP Info) said on Thursday.
DP Info has been appointed to run the new credit bureau.
The Ministry of Law (MinLaw) will require all licensed moneylenders to provide information of their loans and the payment behaviour of their customers to the bureau. This information can then be accessed by other licensed moneylenders when evaluating a credit application.
This fixes a problem now, where an individual may approach different moneylenders to take out multiple loans and moneylenders have no access to information on whether the borrower is overstretched.
Information on borrowers will not be made available to other entities besides licensed moneylenders, unless MinLaw grants approval.
Said Lincoln Teo, chief operating officer of DP Info: "The information provided will help promote responsible borrowing. The transparency also means that individuals, when seeking to buy a credit product from a moneylender, will be more likely to take their personal and financial circumstances into account when making their decision. This initiative will eventually see a reduction in the number of defaults."
DP Info currently operates two other credit bureaus - the DP Credit Bureau and the DP SME Commercial Credit Bureau.

The Buddhist priest who became a billionaire snubbing investors

The Buddhist priest who became a billionaire snubbing investors

[TOKYO] If this 83-year-old billionaire is right, one of the most important lessons of business school is pretty much wrong.
All that stuff about focusing on shareholders? Forget it, says Kazuo Inamori, entrepreneur, management guru and Buddhist priest. Spend your time making staff happy instead. He's used this philosophy to establish electronics giant Kyocera Corp more than five decades ago, create the US$64 billion phone carrier now known as KDDI Corp, and rescue Japan Airlines Co from its 2010 bankruptcy.
From Kyocera's headquarters overlooking the hills and temples of the ancient capital of Kyoto, Inamori expresses doubts about western capitalist ways. His views are a reminder that many bastions of Japanese business don't buy into Prime Minister Shinzo Abe's plans to make companies more devoted to shareholders.
"If you want eggs, take care of the hen," Mr Inamori said in an interview on Oct 23. "If you bully or kill the hen, it's not going to work." It's a view that carries weight because of Mr Inamori's success. KDDI and Kyocera have a combined market value of about US$82 billion. When Inamori was named chief executive of Japan Airlines in 2010, he was 77 and had no experience in the industry. The next year, he returned the carrier to profit and led it out of bankruptcy. In 2012 he relisted it on the Tokyo stock exchange.
The secret, as Mr Inamori tells it, was to change employees' mentality. After taking the CEO role without pay, he printed a small book for each staff member on his philosophies, which declared that the company was devoted to their growth. He also explained the social significance of their work and outlined Buddhist-inspired principles for how employees should live, such as being humble and doing the right thing. This made them proud of the airline and ready to work harder for its success, Mr Inamori has said.
The doctrine gained traction, in part because the line between one's work and personal life is more blurred in Japan than the US Not all of Mr Inamori's tactics are so spiritual. His "amoeba management" system split staff into often tiny units that make their own plans and track hourly efficiency using an original accounting system. His turnaround also cut roughly a third of the airline's workforce, about 16,000 people.
"Company leaders should seek to make all their employees happy, both materially and intellectually," Mr Inamori said. "That's their purpose. It shouldn't be to work for shareholders." While that might not impress some investors, the man himself sees no conflict. If staff are happy, they'll work better and earnings will improve, he said. Companies shouldn't be ashamed to make profits if they're pursued in a way that benefits society, Mr Inamori has said. He's the second son in a family of seven children and grew up in Kagoshima, the birthplace of Japan's last samurai rebellion.
If Mr Inamori's teachings don't always follow the typical management grad-school script, there's no shortage of people wanting to learn them. More than 4,500 business owners attended the annual convention of his Seiwajyuku school in Yokohama last quarter. Inamori said he volunteers his time to speak to attendees, as part of philanthropic activities that also include funding the Kyoto Prize, a Japanese version of the Nobel awards. Beside the Kyocera headquarters in Kyoto stands a five-floor museum dedicated to Inamori's life and philosophies.
The companies Inamori has led are connected by more than their management approach. Kyocera was the largest shareholder in KDDI as of Sept 30 with 13.7 per cent of voting rights, according to the phone company's website. The stake is worth US$8.2 billion, almost half of Kyocera's market value. Kyocera owns 2.1 per cent of Japan Airlines, data compiled by Bloomberg show.
Mr Inamori and his family have a net worth of US$1.1 billion, putting them 32nd in a list of Japan's 50 richest people this year, according to Forbes.
Hong Kong-based Oasis Management is calling on the electronic equipment-maker to return cash to investors by selling its stake in the airline and "greatly" reducing holdings of KDDI. Through Wednesday, Kyocera's shares had risen 48 per cent since Abe's government took power in 2012, compared with an 84 per cent gain for the benchmark Topix index. Kyocera added 1.4 per cent in Tokyo today, against a one per cent gain for the Topix. Return on equity, a measure of the profit companies make from shareholders' capital, stood at 5.8 per cent at the end of September, against an average of 8.6 per cent for the Topix.
Investors "want to get the highest returns possible. I understand that," said Inamori, talking about shareholders in general. He says the KDDI holding pays good dividends and serves as a buffer against hard times. "At times company management has to say no to shareholders' selfish requests." Seth Fischer, chief investment officer at Oasis, says this is an outmoded way of thinking and ignores the risk that KDDI's business may founder. His fund is part of an influx of activists encouraged by Japan's efforts under Mr Abe to make firms more accountable to stockholders.
"We are shareholders, not 'selfish' shareholders," Mr Fischer said by e-mail. "The view that management has a duty to protect the business from shareholders is exactly the behavior that Abenomics is designed to change." When Mr Inamori talks about making employees happy, he doesn't mean they'll be putting their feet up. His brand of happiness comes from working harder than anyone else. It's infused with the Buddhist idea of "shojin," elevating the soul through devotion to a task. In a 2004 book on his philosophy, he questioned Japanese people's increasing tendency to value leisure time.
Mr Inamori's less-extreme capitalism is a product of Japanese society, which he says is less willing to accept gaps between haves and have-nots than western economies. Executives have to take that into account, he said.
"Companies do belong to shareholders, but hundreds or thousands of employees are also involved," Mr Inamori said. "The hen has to be healthy."
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