We need to find a fairer way of providing Goods and Services to the rest of the people on Earth.Cryptocurrencies and/or Gold Standard of money....maybe the answer to fight hyperinflation caused by too much printing of paper/fiat currencies by Governments and Central Banks all over the World. (https://nomorefiatmoneyplease.blogspot.com)
City Developments Limited (CDL) deputy chairman Kwek Leng Joo is among four winners to be conferred the President's Award for the Environment (PAE) 2015, Singapore's highest environmental accolade.
PHOTO: GLOBAL COMPACT NETWORK SINGAPORE
CITY Developments Limited (CDL) deputy chairman Kwek Leng Joo is among four winners to be conferred the President's Award for the Environment (PAE) 2015, Singapore's highest environmental accolade.
Organised by the Ministry of the Environment and Water Resources, this annual award recognises individuals, educational institutions and organisations for their outstanding contributions towards environmental and water resource sustainability in Singapore.
This year marks the award's 10th anniversary since 2006 and the first time where there are four winners instead of three.
The other winners are Kirtida Mekani, a member of a registered charity Garden City Fund (GCF); East View Primary School; and Systems on Silicon Manufacturing Company.
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They received the award from President Tony Tan Keng Yam at a ceremony held at the Istana on Wednesday.
Calling Mr Kwek "a visionary and strong advocate for the environment", CDL said that Mr Kwek has championed sustainable practices to be adopted by businesses and spearheaded CDL's sustainability strategy since 1995.
Sony may consider options for smartphone unit if no profit next year
Sony Corp Chief Executive Kazuo Hirai said on Wednesday the company would consider options for its smartphone unit if it failed to turn a profit in the next business year.
PHOTO: REUTERS
[TOKYO] Sony Corp Chief Executive Kazuo Hirai said on Wednesday the company would consider options for its smartphone unit if it failed to turn a profit in the next business year.
But he told a group of reporters that if the unit, which makes Xperia-branded handsets, was profitable as planned in the year starting next April, Sony would continue with the business.
The company in July lowered its forecast for its mobile communications unit to an operating loss of 60 billion yen in the current fiscal year from an earlier estimate of a 39 billion yen loss.
SINGAPORE and Malaysia on Wednesday launched a Request for Information (RFI) exercise to gather views from the industry on how to structure the Kuala Lumpur-Singapore High Speed Rail (HSR) project commercially.
"This market sounding exercise marks a major milestone in our HSR journey," said a joint statement by Singapore's Coordinating Minister for Infrastructure and Minister for Transport Khaw Boon Wan, and Malaysia's Minister in the Prime Minister's Department Abdul Wahid Omar.
"It is important for us to be properly informed of the industry views. We want to use this exercise to gauge market interest in the project and solicit views on different models and approaches."
The RFI is being undertaken by Singapore's Land Transport Authority (LTA) and Malaysia's Land Public Transport Commission (SPAD). It marks the next phase of the HSR project announced by Singapore Prime Minister Lee Hsien Loong and Malaysian Prime Minister Najib Razak in February 2013.
The RFI exercise is expected to conclude by year-end. The feedback received will inform the ongoing bilateral discussions and formal tender process subsequently.
In a blog post entitled "Still on track to reach KL in 90 minutes", Mr Khaw said the HSR "will be a game-changer for both countries and our people".
"This is the most important bilateral cooperation project and can be exemplary for regional cooperation. I am honoured to co-chair the Ministerial committee with Malaysian Minister Wahid to oversee the project," he wrote, adding that they will ensure it maintains "a steady pace of progress".
But the project must meet the market test to be "sustainable and exemplary".
"We know the potential that HSR can bring," he added. "It can catalyse economic growth, unlock new opportunities, and transform the way our peoples and businesses interact."
He pointed to the many examples of countries failing in their HSR aspirations or running into serious financial problems because it is a large and complex infrastructure project.
"A common reason is the gulf between the government's ambitions and the market reality," he explained. "This market sensing exercise is intended to close that gulf."
He noted that at the Ministry of National Development, "we could see the benefits of conducting market sensing before implementing large-scale projects, such as the development of the Integrated Resorts at Marina Bay and Sentosa".
Mr Khaw was previously the minister for national development.
"The journey ahead remains long," he concluded. "But we are putting in place the necessary building blocks. The RFI today is one such building block. We look forward to the market response."
[NEW YORK] Profits have soared since the global financial crisis at the five biggest US banks with market-making dealing operations, New York Federal Reserve economists said in an article released on Wednesday.
From 2009 to 2014, the combined net income of JPMorgan , Citigroup, Bank of America, Goldman Sachs and Morgan Stanley annually averaged US$41.73 billion, up from annual average of US$25.08 billion from 2002 to 2008, they said.
Helping boost profits were trading revenues that they and other dealers have seen returning to the levels before the financial crisis seven years ago.
Their annual income was also more stable than pre-crisis levels, they added.
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There have been concerns tighter regulations have caused significant cutback in dealers' market-making activities, resulting in a decline in market liquidity and "flash" events including the one seen nearly a year ago in the Treasuries market. "These trading revenue and income figures suggest that dealers continue to play a key role in liquidity provision," New York Fed economists Tobias Adrian, Michael Fleming, Or Shachar, Daniel Stackman and Erik Vogt wrote in their blog titled "Changes in the Returns to Market Making." The banks' "Sharpe ratio" on their income rose to 2.28 from 1.23, suggesting milder swings in their annual earnings since the global credit crunch.
