HK MAS Fights for Hongkees. Familee MAAss?

[makapaaa]

<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published July 15, 2010

</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Lehman notes: DBS settles with HK regulators
It'll pay HK$651m to its customers in HK who lost money on Constellation Notes

By CONRAD TAN
DBS Group has agreed to pay some HK$651 million (S$115 million) to its Hong Kong customers who lost money on another set of structured notes linked to failed US investment bank Lehman Brothers, in a settlement with Hong Kong regulators.

<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD> </TD></TR><TR class=caption><TD>Note sale: DBS Hong Kong sold HK$1.316 billion of Constellation Notes to some 3,400 customers in 2004-07 </TD></TR></TBODY></TABLE>Some 2,160 customers classified by DBS Hong Kong as low or medium-risk investors when they bought the Lehman-linked Constellation Notes will receive their full investment back, plus interest that they would have earned had they put the money into a DBS fixed deposit, but less any coupon payments that they had received as noteholders.
DBS Hong Kong sold HK$1.316 billion of Lehman-linked Constellation Notes to some 3,400 customers in 2004-07. The notes became worthless after Lehman collapsed in September 2008, at the height of the financial crisis.
The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority said yesterday that they had reached an agreement with DBS for the bank to repay in full some of its customers who had lost money on the Lehman-linked notes, but without DBS admitting any liability.
Sixteen Hong Kong banks had struck a separate deal with the regulators last July to spend a total of HK$6.3 billion buying back another Lehman-linked structured product, Lehman Minibonds, for at least 60 per cent of what their customers had originally paid.
When contacted, a DBS spokesman here said that the group's second-quarter earnings - due to be announced on July 30 - would not be hurt by the latest payout, as provisions set aside earlier were enough to cover the expense.
'DBS has already taken sufficient provisions to compensate customers in both Singapore and Hong Kong, including payouts under today's settlement in Hong Kong. In addition to the $70 million-$80 million initially set aside, expenses were taken in DBS's accounts during recent quarters as payments were made.'
Under the agreement with the Hong Kong regulators, DBS will also pay top-up payments to those customers with low and medium-risk profiles that it had earlier settled with, to ensure that they aren't disadvantaged compared to those who waited until now. DBS has also promised to review complaints from customers who were classified as investors with higher risk appetite when they bought the notes.
'We remain deeply concerned about our customers who have invested in the notes and understand the anguish they have been facing. We will continue to do the right thing for our customers, and have made it a top priority to resolve the situation,' said DBS Hong Kong in a statement.
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[makapaaa]

Some 2,160 customers classified by DBS Hong Kong as low or medium-risk investors when they bought the Lehman-linked Constellation Notes will receive their full investment back, plus interest that they would have earned had they put the money into a DBS fixed deposit,

=> Wow! So nice! But this is only possible if the people are the masters of the govt. In Peesai, so long the 66% Goondus think otherwise, Sporns will be forever slaves and digits to 1 Familee!

 

[makapaaa]

Sixteen Hong Kong banks had struck a separate deal with the regulators last July to spend a total of HK$6.3 billion buying back another Lehman-linked structured product, Lehman Minibonds, for at least 60 per cent of what their customers had originally paid.

=> and what have MAAss done? ZILCH!

 

[makapaaa]

Under the agreement with the Hong Kong regulators, DBS will also pay top-up payments to those customers with low and medium-risk profiles that it had earlier settled with, to ensure that they aren't disadvantaged compared to those who waited until now. DBS has also promised to review complaints from customers who were classified as investors with higher risk appetite when they bought the notes.

=> WAH SEH!

 

[downgrader]

DBS = Deliberately Bully Singaporeans

 

[makapaaa]

Today Online
China needs to master English, says MM Lee
Singapore's bilingual experience a useful example
by Claire Huang [email protected]
05:55 AM Jul 13, 2010

SINGAPORE - Minister Mentor Lee Kuan Yew says China needs to master English to grow economically.

Speaking at the inaugural FutureChina Global Forum Meeting, Mr Lee said mastering bilingualism is difficult but China has to create an English-speaking environment to master the language.

During the forum, Mr Lee also tackled a host of other issues, ranging from United States-China relations to political succession in China and bilingualism.

Organised by Business China, the theme of the forum was "Strategic Insights for riding China's next decade".

Responding to a question, Mr Lee said the role of the US as a world power will change in about two decades' time and it has to come to terms with China becoming a super power.

He said that the US knows that China's gross domestic product will be greater in 20 to 30 years' time.

And while ties between the two superpowers fluctuate, Singapore will not be affected said Mr Lee.

Singapore, Mr Lee said, keeps an equal distance between China and the US.

On the situation in East Asia, Mr Lee said regardless of political and other non-confluence interests, China, South Korea and Japan will not be able to form a centre of power.

He said the sheer proximity of South Korea and Japan to China will mean that the two countries will ride on China's growth.

However, Mr Lee said this does not mean Japan will align itself with China politically. He pointed out that Japan and South Korea will continue to have close ties with the US.

Mr Lee also touched on political succession in China.

He pointed out that China's next leadership succession is already in place and that the country is not short of outstanding leaders.

But Mr Lee noted that corruption will be China's greatest problem.

Doing business in China requires connections, but Chinese officials understand that Singaporean businessmen are reliable and not corrupt.

He said: "The Taiwanese are ruthless, Hong Kongers are shameless and Singaporeans are ignorant. People who are ignorant are not corrupt and reliable."