Making redundancies could lead to a significant financial loss for both employer and employee, an expert warns.
http://news.bbc.co.uk/go/em/fr/-/2/hi/business/7750146.stm
Friday, January 9, 2009
SCMP:More claims for compensation by investors to be heard in court
http://www.pressdisplay.com/pressdisplay/showlink.aspx?bookmarkid=XLOJAU7GY907&linkid=277a14c9-c247-49a3-a4f1-74c1ee1008c2&pdaffid=8HM4kDzWViwfc7AqkYlqIQ%3d%3d
9 Jan 2009
The Small Claims Tribunal may refer to the District Court more of the compensation cases filed with it by investors in financial derivatives linked to collapsed US bank Lehman Brothers. Seventeen investors yesterday brought cases against four banks that sold them minibonds and similar derivatives. Representatives of two of the banks, DBS and Bank of China, requested that the District Court hear the cases. They were adjourned until March 23, when the tribunal will announce whether or not it will refer the cases. It is considering whether to transfer to the court 13 similar cases. The tribunal handles claims for up to HK$50,000.
9 Jan 2009
The Small Claims Tribunal may refer to the District Court more of the compensation cases filed with it by investors in financial derivatives linked to collapsed US bank Lehman Brothers. Seventeen investors yesterday brought cases against four banks that sold them minibonds and similar derivatives. Representatives of two of the banks, DBS and Bank of China, requested that the District Court hear the cases. They were adjourned until March 23, when the tribunal will announce whether or not it will refer the cases. It is considering whether to transfer to the court 13 similar cases. The tribunal handles claims for up to HK$50,000.
SCMP:Regulators' reports on Lehman minibond fiasco f
9 Jan 2009
Enoch Yiu, Maria Chan and Paggie Leung
Legislators and brokers are disappointed with regulators’ reports into the lessons learned from the Lehman Brothers minibond scandal.
The reports by the Securities and Futures Commission and the Hong Kong Monetary Authority carry recommendations including having a cooling-off period in which investors can cancel their investments, and tightening banks’ techniques in selling investment products.
The HKMA also recommends it exclusively regulate banks’ securities business, a role it shares with the SFC.
Kenny Lee Yiu-sun, the chairman of the Hong Kong Stockbrokers Association, said there was a danger the cooling-off measure could be abused. He said some people who lost money because of market movements instead of mis-selling might take advantage of such measures.
“There should be some preventive measures if the recommendation is implemented,” Mr Lee said. He disagreed with giving the HKMA the sole role of regulating banks selling securities products.
Lawmaker Kam Nai-wai, who has actively helped Lehman minibond investors fight to get their money back, expressed dismay at the report: “It does not include any help to existing victims, as there are no measures addressing their concerns.”
However, Mr Kam supported recommendations including establishing a financial services ombudsman and not allowing banks to sell investment products over deposit counters.
Peter Chan Kwong-yue, the chairman of the Allied Victims of Lehman Products, said the reports failed to solve the key problems.
“They are just speaking after the fact,” Mr Chan said. “Someone gets shot by an arrow and [the HKMA and SFC] are not going to save the injured but ask where the arrow came from to avoid getting shot in the future. It’s nonsense to talk about this now.”
Asked about the plan to give the HKMA more authority to regulate banks, Mr Chan said it could help prevent incidents similar to the “misselling” of Lehman minibonds.
A senior banker said it would be clearer if the HKMA took on the role of regulating banks’ non-banking business, but it would be difficult to implement the cooling-off period.
Billy Mak Sui-choi, an associate professor in the department of finance at the Hong Kong Baptist University, agreed the HKMA taking on a sole role was one way to improve the current two-regulator model.
“Regulators who are responsible for the supervision will have to bear all the responsibility, and they can’t blame the other.” Mr Mak said a cooling-off period would allow customers who buy products impulsively to reconsider their decision, helping minimise future disputes.
A spokesman said the SFC would work with the government and HKMA to improve the regulatory structure and investor protection.
Enoch Yiu, Maria Chan and Paggie Leung
Legislators and brokers are disappointed with regulators’ reports into the lessons learned from the Lehman Brothers minibond scandal.
The reports by the Securities and Futures Commission and the Hong Kong Monetary Authority carry recommendations including having a cooling-off period in which investors can cancel their investments, and tightening banks’ techniques in selling investment products.
The HKMA also recommends it exclusively regulate banks’ securities business, a role it shares with the SFC.
Kenny Lee Yiu-sun, the chairman of the Hong Kong Stockbrokers Association, said there was a danger the cooling-off measure could be abused. He said some people who lost money because of market movements instead of mis-selling might take advantage of such measures.
“There should be some preventive measures if the recommendation is implemented,” Mr Lee said. He disagreed with giving the HKMA the sole role of regulating banks selling securities products.
Lawmaker Kam Nai-wai, who has actively helped Lehman minibond investors fight to get their money back, expressed dismay at the report: “It does not include any help to existing victims, as there are no measures addressing their concerns.”
However, Mr Kam supported recommendations including establishing a financial services ombudsman and not allowing banks to sell investment products over deposit counters.
Peter Chan Kwong-yue, the chairman of the Allied Victims of Lehman Products, said the reports failed to solve the key problems.
“They are just speaking after the fact,” Mr Chan said. “Someone gets shot by an arrow and [the HKMA and SFC] are not going to save the injured but ask where the arrow came from to avoid getting shot in the future. It’s nonsense to talk about this now.”
Asked about the plan to give the HKMA more authority to regulate banks, Mr Chan said it could help prevent incidents similar to the “misselling” of Lehman minibonds.
A senior banker said it would be clearer if the HKMA took on the role of regulating banks’ non-banking business, but it would be difficult to implement the cooling-off period.
Billy Mak Sui-choi, an associate professor in the department of finance at the Hong Kong Baptist University, agreed the HKMA taking on a sole role was one way to improve the current two-regulator model.
“Regulators who are responsible for the supervision will have to bear all the responsibility, and they can’t blame the other.” Mr Mak said a cooling-off period would allow customers who buy products impulsively to reconsider their decision, helping minimise future disputes.
A spokesman said the SFC would work with the government and HKMA to improve the regulatory structure and investor protection.
HK Legco fire set for finance chiefs after holidays
Legislator Raymond Ho Chung-tai said the Legislative Council probe on the Lehman Brothers minibonds saga will restart after the Lunar New Year.
Monetary Authority chief executive Joseph Yam Chi-kwong and Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung will be the first officials to be summoned, Ho said.
They will be followed by Financial Secretary John Tsang Chun-wah and Securities and Futures Commission chief executive Martin Wheatley.
Ho expects the hearings to last six to nine months.
http://www.thestandard.com.hk/breaking_news_detail.asp?id=11714&icid=3&d_str=20090109
Monetary Authority chief executive Joseph Yam Chi-kwong and Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung will be the first officials to be summoned, Ho said.
They will be followed by Financial Secretary John Tsang Chun-wah and Securities and Futures Commission chief executive Martin Wheatley.
Ho expects the hearings to last six to nine months.
http://www.thestandard.com.hk/breaking_news_detail.asp?id=11714&icid=3&d_str=20090109
Thursday, January 8, 2009
New business ideas
A reader of my blog is curious about my intention to publish a survey about booking for a taxi by SMS.
I am developing a new business to allow customers to book for a taxi using SMS for $1. The technology is almost ready. My survey indicate that many commuters are interested to use this service. My challenge now is to enrol taxi drivers to join this service.
I also want to develop a new business to offer surveys to SMEs at a modest cost. This allows them to gather information from their customers, business associates and employees. It helps them to improve their business.
The cost of a survey is $100. It is affordable. The value of the information is worth a lot more. Some people are familiar with the use of Survey Monkey. They can get the survey done for free. But other business owners, who are not familar with this software, have the option to pay $100 to get this survey done for them.
The curious people may also ask - why am I developing these new businessses, when I am quite well off and able to retire. I hope to pass the businesses to younger people, so that they have meaningful jobs and a good future.
I am developing a new business to allow customers to book for a taxi using SMS for $1. The technology is almost ready. My survey indicate that many commuters are interested to use this service. My challenge now is to enrol taxi drivers to join this service.
I also want to develop a new business to offer surveys to SMEs at a modest cost. This allows them to gather information from their customers, business associates and employees. It helps them to improve their business.
The cost of a survey is $100. It is affordable. The value of the information is worth a lot more. Some people are familiar with the use of Survey Monkey. They can get the survey done for free. But other business owners, who are not familar with this software, have the option to pay $100 to get this survey done for them.
The curious people may also ask - why am I developing these new businessses, when I am quite well off and able to retire. I hope to pass the businesses to younger people, so that they have meaningful jobs and a good future.
Keeping seniors at work
Prime Minister Lee Hsien Loong spoke at the Reinventing Retirement Asia Conference organised by the Council of The Third Age. He urged “no let up in keeping seniors at work”. He said that outmoded social attitudes and systems have to change, and that seniors should continue to work beyond the customary retirement age.
I agree.
Read the rest of the article here:
http://theonlinecitizen.com/2009/01/keeping-seniors-at-work/
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