Australian MPs attacks PAP over SGX takeover of ASX

[silverfox@]

One of the world's most racist countries is telling Singapore off on human rights.

What an irony:p

 

[Char_Azn]

The deal is a win win for both countries, it gives the 2 regional financial power the ability to compete with the likes of Hong Kong(who has huge backing from the companies in China preferring to IPO there) and the US by giving the companies a potentially larger pool of investors.

I think the political nature of SG government is besides the point, if we look at the record of our GLCs overseas investments, they largely remain autonomous to the parent company back in SG, translation, we just want the money we don't care how you run it.

On another note, it's funny to see how the Aussie government is afraid a tiny little dot like us might be able to influence them

 

[silverfox@]

The deal is a win win for both countries, it gives the 2 regional financial power the ability to compete with the likes of Hong Kong(who has huge backing from the companies in China preferring to IPO there) and the US by giving the companies a potentially larger pool of investors.

I think the political nature of SG government is besides the point, if we look at the record of our GLCs overseas investments, they largely remain autonomous to the parent company back in SG, translation, we just want the money we don't care how you run it.

On another note, it's funny to see how the Aussie government is afraid a tiny little dot like us might be able to influence them

You remember what happened when Thaksin Shinawatra of Thailand sold AIS telecoms to Temasek Holdings? They deem it as a traitorous move. Selling out the country's asset to another country.

But they fail to realise its just business for Thaksin.

 

[Char_Azn]

You remember what happened when Thaksin Shinawatra of Thailand sold AIS telecoms to Temasek Holdings? They deem it as a traitorous move. Selling out the country's asset to another country.

But they fail to realise its just business for Thaksin.

Who could forget. The Thai Generals accused us of spying their phone calls. LOL!!!!

They don't realize that our country only cares about money

 

[silverfox@]

Who could forget. The Thai Generals accused us of spying their phone calls. LOL!!!!

They don't realize that our country only cares about money

They should move all their numbers to DTAC if they think Singapore want to spy their phone calls. Actually not only our country cares about money, in fact every one cares about money. Just that the reason they object is because they want to safeguard their personal interests. :p

 

[aurvandil]

Latest update. Deal looking inreasing dead.

Australia Independent Lawmakers Oppose ASX Sale

http://online.wsj.com/article/SB10001424052702304173704575579110930065670.html?mod=googlenews_wsj

CANBERRA—The political backlash against a proposed 8.4 billion Australian dollar ($8.6 billion) takeover of Australia's largest stock-market operator by Singapore Exchange Ltd. continued Thursday, with a number of key independent lawmakers confirming they will attempt to block the bid in Parliament.

Andrew Wilkie, one of three independents who helped Prime Minister Julia Gillard's center-left Labor party form a minority government after a closely fought August election, challenged the government to convince him that the proposal to take over by ASX Ltd., which requires the approval of both the government and regulators, is in Australia's interest.

"At this point in time I would not support any move to sell the ASX to Singapore or to interests in Singapore. I think the ASX is too fundamentally important to our economy and to our sovereignty," Mr. Wilkie said.

Labor can't pass any new laws through either the lower house of Parliament or the Senate without the support of either the main conservative Liberal-National opposition or key independent and minor party lawmakers. The unpredictable nature of the political environment in Canberra was highlighted Thursday when the federal government lost a lower house vote on youth allowances but won two other votes with the support of non-party lawmakers.

Under Australian law, no single shareholder can own more than 15% of the ASX, and any regulation to lift that threshold must be considered in Parliament for 15 days—where lawmakers could move to bar the takeover.

Another lower house member who gave Labor his backing to form a government after the election, Greens lawmaker Adam Bandt, said it is "not in the national interest to have our stock exchange part-owned by the Singapore government, a government where there is no democratic opposition".

Tony Crook, a Western Australian member of Parliament who stood for the rural-based Nationals but declared himself a conservative-leaning independent after the election, told reporters it would be a "mistake" to sell the ASX to Singapore.

"We have a mind to sell everything of late. I think the ASX is fundamentally Australian and it should stay here," Mr. Crook said.

New South Wales-based lawmakers Robert Oakeshott and Tony Windsor, who together rounded out the band of independents securing Labor's return to office, said Thursday they will await the advice of regulators, including the Foreign Investment Review Board, before making a decision.

"If (regulators) come out in favor of any takeover or merger, I will be strongly persuaded by their recommendations," Mr. Oakeshott said.

"Singapore is one of our largest trading and commercial partners and there is a very strong argument to developing and strengthening our financial center, particularly Sydney," he added.

Mr. Windsor said that the proposal is attracting "quite a degree of concern" among his rural-based constituents, although he has no definitive view on the deal at this stage.

The takeover, which could create Asia's fifth-largest market operator, has become a political football in Australia, despite calls for calm from the Labor government.

Trade Minister Craig Emerson this week urged lawmakers to step back and let authorities assess the proposal free of "political chicanery and posturing".

In response to critics of the deal, the chief executives of both ASX and SGX have said they want to break down national boundaries and create an Asian-Pacific powerhouse with more than 2,700 listed companies from about 20 countries.

 

[silverfox@]

Latest update. Deal looking inreasing dead.

Australia Independent Lawmakers Oppose ASX Sale

http://online.wsj.com/article/SB10001424052702304173704575579110930065670.html?mod=googlenews_wsj

Trade Minister Craig Emerson this week urged lawmakers to step back and let authorities assess the proposal free of "political chicanery and posturing".

This Minister talks sense (cents) :p

 

[myo539]

PAP taking control of Australia? Transport, internet and now this? LOL

The angmoh can't stand it when an Asian or a Chinese tries to buy over their companies. They still have that colonial high-and-mighty syndrome against the Asians or Chinese and the Japanese.

Look at the case of Liverpool FC. They rather sell to a poorer American than a wealthy Chinese from tiny Singapore who is willing to may much more. They lose face - still thinking that the Chinese should be building railway lines and cleaning laundry for them.

China also willing to pay for the Aussie mines. They also objected.

These angmohs still practise racial discrimination. Irony is that they go round the world and Asian countries in particular teaching them about racial discrimination and democracy and human rights. Greater paradox is that some Asians (and Singaporeans) believe in them - and even side them or fight for them in courts.

 

[longbow]

My question is will Singapore sell SGX if ASX made offer. Will Singapore sell PSA if Dubai made an offer. How about selling Singtel?

The angmoh can't stand it when an Asian or a Chinese tries to buy over their companies. They still have that colonial high-and-mighty syndrome against the Asians or Chinese and the Japanese.

Look at the case of Liverpool FC. They rather sell to a poorer American than a wealthy Chinese from tiny Singapore who is willing to may much more. They lose face - still thinking that the Chinese should be building railway lines and cleaning laundry for them.

China also willing to pay for the Aussie mines. They also objected.

These angmohs still practise racial discrimination. Irony is that they go round the world and Asian countries in particular teaching them about racial discrimination and democracy and human rights. Greater paradox is that some Asians (and Singaporeans) believe in them - and even side them or fight for them in courts.

 

[Char_Azn]

My question is will Singapore sell SGX if ASX made offer. Will Singapore sell PSA if Dubai made an offer. How about selling Singtel?

Funny you should mention that. The Tokyo Stock Exchange is the 2nd biggest stake holder in SGX. In fact they are not very happy about the merger

TOKYO—The president of the Tokyo Stock Exchange said Tuesday he isn't happy about Singapore Exchange Ltd.'s move to take over Australia's ASX Ltd. due to concerns about dilution of Tokyo's stake in SGX.

"As the second biggest stakeholder in SGX, we are not happy that the move would cause big dilution to our holdings," said Atsushi Saito at a regular monthly press conference. The TSE's current holding of 4.99% would be diluted to about 3.1%, he said.

Mr. Saito said the TSE had "apparently" received a phone call from the Singapore Exchange, but he wasn't available to talk at the time.

"Therefore, we were not informed about the move in advance," he said. "We are not happy about this either."

He made the comments after the Singapore Exchange said it would offer $8.2 billion for all of ASX, the operator of the Australian Securities Exchange.

Should such a deal go through, it would be the first move in Asia toward consolidation, which has already changed the industry landscape in Europe and the U.S.

Such a merger could create a roughly $1.9 trillion market that would pose a serious threat to other Asian exchanges such as those in Tokyo and Hong Kong.

Mr. Saito said Singapore's move provides the TSE a hint on how it could expand overseas by taking advantage of its competitive edge of being a stock exchange in Asia.

"The move gave us an opportunity to think thoroughly how to remain competitive," he said.

Separately, Mr. Saito said its oft-delayed IPO will again be pushed back until the exchange's earnings recover.

"It looks difficult for us to go public this fiscal year," Mr. Saito said, confirming comments he made in an interview with The Wall Street Journal in September. "We would like to postpone this plan until we post increases both in sales and profit."

The TSE, the operator of Asia's largest stock exchange by market capitalization, has been planning an initial public offering since the fiscal year ending March 2006 to raise funds to invest in technology and make it easier to form alliances with other exchanges.

The stock exchange said Tuesday that in the April-September period, its net profit declined 21.3% to 4.50 billion yen (about $55.7 million) from the previous year. It posted sales of 28.36 billion yen, down 5.8% from the previous year.

http://online.wsj.com/article/SB10001424052702304287204575575530674795188.html

 

[Echo_O]

The PAP were called Oligarchs by the aussies.
If they don't sure it must be true.

 

[Echo_O]

From Wiki

An oligarchy (from Greek ὀλιγαρχία, oligarkhía[1]) is a form of power structure in which power effectively rests with a small segment of society distinguished by royalty, wealth, family ties, or military control. The word oligarchy is from the Greek words "ὀλίγος" (olígos), "a few"[2] and the verb "ἄρχω" (archo), "to rule, to govern, to command".[3] Such states are often controlled by a few prominent families who pass their influence from one generation to the next.

Oligarchies have been tyrannical throughout history, being completely reliant on public servitude to exist. Although Aristotle pioneered the use of the term as a synonym for rule by the rich, for which the exact term is plutocracy, oligarchy is not always a rule by wealth, as oligarchs can simply be a privileged group, and do not have to be connected by bloodlines as in a monarchy. Some city-states from ancient Greece were oligarchies.

 

[aurvandil]

Where is Minister George Yeo? As Minister for Foreign Affairs, shouldn't he say something?

 

[Char_Azn]

George Bush senior was the president of the USA, George Bush Junior became the president after Clinton. Does that make the US an oligarchy?
As far as I know Chiam and Low, elected MPs last time I checked, has nothing to do with the PAP Think they talking cock

 

[annexa]

SGX stands to gain by take over ASX. A lot of minerals trading there. ASX gets almost nothing for taking over or merge SGX.

 

[longbow]

In a way, who ever put this deal together was not smart. On paper it makes sense. But why on earth should the Australians sell? They are flushed with $$, their future is bright why even sell?

 

[Char_Azn]

SGX stands to gain by take over ASX. A lot of minerals trading there. ASX gets almost nothing for taking over or merge SGX.

That's a pretty narrow view on the merger. ASX and SGX basically will both gain by the increase size of the pool of investors. Even NZX is starting to worry about the deal going through as NZ companies may hop over to Australia for the IPO due to the larger pool of investors

The move, which must still get approval from the Australian Government, has sparked concerns that it could marginalise the New Zealand market and make it more attractive for locally listed companies to move to Australia.

http://www.nzherald.co.nz/markets/news/article.cfm?c_id=62&objectid=10683258

 

[jimmyfallon]

SGX stands to gain by take over ASX. A lot of minerals trading there. ASX gets almost nothing for taking over or merge SGX.

Except for a 20over % premium

 

[n1etzche]

australia's aspiration to be a regional financial centre is an impossible dream and has been a foregone conclusion for the longest time. keating gave it the superannuation system which has helped deepen the capital market and sheltered australia from the gfc. but that will probably be as far as it will go.

as much as i hate lee con you and his bullshit, singapore's established position as a foreign exchange trading centre, investment management centre and money laundering centre for private individuals is unrivalled in the part of the asia pacific. the only reason why he is able to do that and why the australians will never be able to, is the issue of consensus and accountability. lee con you always got his way and can shove any rules he wants implemented down your throat. this allows him to reinforce the game plan of "singapore inc" with the massive capital amassed through forced national savings, which is then manipulated to create an environment to lure these money launderers. for eg, to attract foreign investment managers, lee hsien loong gave them a 3 year tax break and the almost assurance of a $100 million to help them take off. the aussies cant even get their resource tax off the ground.

the asx on its own will remain an australian institution much alike a ferrari sitting on the driveway of an unlicensed teen. nothing more will come out of it. to sg inc, the acquisition will buy their way into a huge pool of private capital to attract even more money launderers.

In a way, who ever put this deal together was not smart. On paper it makes sense. But why on earth should the Australians sell? They are flushed with $$, their future is bright why even sell?

 

[aurvandil]

Minister Yeo has finally come out of hiding to issue the following statements. As a Singaporean, I am embarassed as it makes us look so weak and lame in front of the Australians.

SGX-ASX merger must be "positive sum gain": Foreign Minister Yeo

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1089738/1/.html

SINGAPORE: Singapore's Foreign Minister George Yeo said the proposed merger of the Singapore and Australian stock exchanges has to be a positive sum gain. Otherwise, he does not see the two entities and the shareholders on both sides agreeing to it.

Also, from the viewpoint of the regulators, both governments through the regulators must see it to be in their own separate national interest.

He cautioned that it is going to take time before all the approvals are obtained and at this point in time, Mr Yeo said it was an unfolding drama.

He made these remarks in an interview with the Australian Broadcasting Corporation and a transcript of the interview was released to the Singapore media in Hanoi at the ASEAN Summit.

On the extent of immediate opposition within Australia to the merger, Minister Yeo said he expected there to be some reservations both in Australia and in Singapore and added that SGX shares had immediately plunged quite a few percentage points - more than six per cent.

While the Singapore government owns 25 per cent of the SGX, Mr Yeo said the merger must be in the interest of both sides and both sides must feel that it is a deal worth doing.