Since the Rabbit and the Rooster are opposites on the Chinese Horoscope, they will have to work very hard to create a fulfilling relationship which can be sustained. As lovers the Rooster's need for control and penchant for nagging may well chase the Rabbit away. Their overall compatibility rating is 20%.
More abt Rabbit
Sociable, Discreet, Refined, Shrewd, Perceptive, Sensitive, Aloof. Meticulous, Efficient, Orderly, Conscientious, Intelligent, Honourable, Notoriously Candid.
While they may not like it, the Rabbit is a timid, attractive being who is usually non-confrontational. Rabbits are very popular with friends and family. They are inherently compassionate and protective of those they care about. Rabbits idealize their relationships and may give far more of themselves than is healthy. Fortunately the Rabbit surrounds itself with friends and family who will help it regain its balance when thrown off emotionally.
Rabbits are a bit fragile and need a solid social foundation in order to thrive. Without a strong family and close friends the Rabbit will not stand up well to adversity. Rabbits are so sensitive to their feelings that any emotional upset may make them physically sick. Rabbits can be pessimistic if they feel as though their lives are at a stand-still. By nature they are insecure about their place in the world. Rabbits move through life at their own pace. They are both contemplative and often procrastinators.
Rabbits love the home life. Within a strong family environment the Rabbit may find the security it needs to blossom and become more self-assertive.
More abt Rooster
Meticulous, Efficient, Orderly, Conscientious, Intelligent, Honourable, Notoriously Candid.
The quick thinking, ingenious Roosters are a pragmatic lot who prefer not to take any risks. Roosters are so aware of what’s going on around them that some may believe them to be psychic. It is not easy to sneak anything by a Rooster. These beings are a frank, honest lot who do not pull any punches and admire those who are truthful with them.
Roosters do not play games and are not likely to create facades to hide behind. They are honest, open and keep their word. Roosters are perfectionists and like to be in control. Their appearance is of great importance to them. Roosters do love to be noticed and love socializing with those who love them.
Roosters expect and will fight for control of their surroundings and those who fall within its boundaries. They are extremely neat and expect their family members to be the same. By nature, Roosters are conservative, and loyal, trusting and supportive to those who earn it. Those close to the Rooster who do not live up to their standards will find themselves henpecked incessantly.
Roosters who learn to let others be what they are will have an extremely gratifying life.
Sunday, November 22, 2009
Astrology Compatibility
Monday, November 16, 2009
The New Silk Road - Ben Simpfendorfer
Read this book by the RBS economist.
Interesting read on the history between China and the Middle East.
The New Silk Road - The Arab World Rediscovers China
... China only joined the WTO in 2001 and grew from 300bn to a 3tn economy in a couple of years. The Arabs facing US sanctions in 2001 and redirecting investments to Asia and London whereby the listings are less onerous.
Chinese Petrodollars and the competition for oil.
... The Arab has 28% of the world oil reserves. Chinese consumption going higher cos of domestic car sales. China strategic oil reserves and the export oil factories. US and China have 27% and 9% for the global oil consumption. Saudi wants to reduce dependency on the US but also needs technology from them as well. Looking for African oil but also vulnerable to the regimes. China policy of non-intervention.
The Arab Wealth Funds and the rise of an "Islamic Corridor"
... The Arab funds have abt USD 1.4 tn. ADIA hv 800bn and smallest out of the 7 UAE countries. Saudi with abt 300bn while having a population of 20mm. KIA with abt 260bn. Investing in the Islamic corridor from the Africa through the ME and then Asia. China stk mkt from 580bn in 2001 to 2.2tn in late 2008. The SAFE and the CIC were well covered except for the Arab funds.
Syria learns from China while the Chinese goes "Global"
... Damascus is one the most ancient cities. Trade along the Silk Road dried up in 1600s after the collapse of the Timurid Empire in Central Asia. Ming Dynasty also faced attacks from the Northwest. Car convoy arrived in Syria in 2006 to open up the market. Arab economies collapsed in the 1700s bcos of the European sea powers and the switching of most Asia trades to the African Cape route. The Chinese construction companies are capable of large infrastructure project like ports, utilities and roads. Japan Korea and TW had transferred 300bn of investment into china while providing managerial expertise.
... Egypt and Syria competing for influence in the mkt. Exports to Egypt grew from 800m to 3tn between 2000 to 2006. Huawei influence in Egypt and its expertise in building a telecoms infrastructure.
Young women and the the future of the Arab world
...Young women btw 15-29 accounted for over 30% of SZ 9mm population. Extremely entrepreneurial and all over the world. Mao Zedong transformed women during the revolution bcos of their support. Joblessness in the middle east is of a concern. Wheat prices are a concern bcos the ME is a net importer. ME demographic dividend is a big potential.
The New Public Relations War : "Al Jazeera"in China
... The no of Chinese officials who can speak Arabic versus the Americans and the Europeans. Need to monitor the Arab news as well.
Arabic and the Language of Globalization - formal Arabic or fusha
Implications for the West - A new centre of gravity
... Muslims in China - the extremists are just a very small potion.
... The economic center of the world is beginning to shift from Europe and America to the Middle East and Asia.
Monday, September 28, 2009
电脑设备笑话
电脑设备笑话
Monitor 说：我好惨呀，每天给人看
Keyboard 说：我更惨呢，每天给人打
Mouse 说：我才惨咧，每天给人摸
USB 说：我最惨了，每天给人插
Diskette 机说：我更惨，现在没人插我
Thumbdrive说：谁有我惨？这边插完就去那边插，一不小心还要被感染
CPU电脑主机说：不要以为我被很多东西插，我会很爽。它们插了以后都不动了。那才是难受啊。最后。。
Speaker器说：还说呢。。明明是你们被插，为什么都是我在叫呢？
Somthing funny that Anson sent me in the afternoon.
Monday, September 07, 2009
Using CPF for property nvestment
What are the criteria required to be able to use CPF savings to buy a home?
For Private Property - As long as you are not an undischarged bankrupt, you can withdraw all your CPF savings in the Ordinary Account and the monthly CPF contributions that are paid into your Ordinary Account for the purchase of the property and/or payment towards your housing loan subject to the prescribed limit.
You can use your Ordinary Account savings, and the future monthly CPF contributions in this account to buy a property and/ or to pay the monthly instalments of the housing loan up to 100% of the Valuation Limit (VL). The VL is the lower of the purchase price or the value of the property at the time of purchase.
If your housing loan is still outstanding when your total CPF withdrawals towards payment of the property had reached the Valuation Limit, you may continue to use your CPF savings up to the applicable Housing Withdrawal Limit to repay the housing loan, provided you are able to set aside half of the prevailing Minimum Sum.
You may use your CPF to pay the purchase price of the property after you have paid the first 5% of the purchase price in cash.
What important factors should you be aware of when using CPF to repay a housing loan?
In addition to the CPF housing withdrawal limits which define the amount of CPF that can be used for housing, members should also be aware of factors like the CPF Minimum Sum requirements when they reach 55 years old, the effect of changes in housing loan interest rates, reductions in the amount of contributions to the Ordinary Account as they get older, etc.
Private Property
Before you sell, mortgage or transfer your private property, you must obtain the consent of the Board. When the property you have bought with CPF is sold or transferred when you are below the age of 55, you have to return the CPF savings you have withdrawn as well as the accrued interest to your CPF account.
Sunday, August 16, 2009
Funny article on Financial Times
Funny article on Financial Times abt positive incentives.
Is sex really dead after marriage and kids?
Dear Economist: Should my wife use ‘positive incentives’?
August 1, 2009 2:43am
Now that we have completed our family, my wife wants me to have a vasectomy, strongly hinting that she will withdraw all sexual favours unless I comply. For a long time now, the amount of sex we have been having (about once a month) has been less than I would like (a couple of times a week). While I am not an economist, I have read that positive incentives are important. Wouldn’t my wife have more chance of persuading me to have the snip if she promised me more frequent sex rather than threatening to withdraw it altogether?
Dave, London
------------------------------------------------------------------------------------
Dear Dave,
In traditional economics there is no important motivational difference between stick and carrot, and so I can hardly accuse your wife of bad economics in that respect.
But, even if your proposal is accepted, you face a serious problem. Your vasectomy is a one-off operation, for which you seek an ongoing future incentive. How can you be sure that your wife will stick to the deal? Economists call this the “hold up problem”.
You are hoping for an extra 90 bouts of intimacy per year. Since I give your marriage five more years, tops, this adds up to an extra 450 sexual encounters in total. But there is no guarantee that, after you have your operation, you will experience any of them.
The obvious answer is a performance bond. Your wife could deposit, say, £45,000 with a lawyer. Whenever the two of you contact the lawyer to confirm that intercourse has occurred, he will release £100 to your wife.
Perhaps that seems unromantic, so I have a better idea – simply secure payment in kind upfront. If the two of you get busy, you should get through 450 lovemaking sessions within a year, perhaps sooner. You might even find you enjoy it so much that this troubled marriage perks up. I suggest you get started at once.
Monday, July 27, 2009
Ten Thoughts on Whole Living
~ Stress can push your internal resources to the breaking point. Make time to unwind.
~ Yr core supports the whole body. Explore ways to keep it strong.
~ Just becos a task is important doesnt mean it cant be fun.
~ Missteps are part of any process. Stay focus on where u re headed.
~ Cultivate the art of knowing when to move on.
~ Dont shrug off compliments. Honor and remember them.
~ Resist the urge to overanalysze every experience. Live each moment instead.
~ With herbs, nature shows us that health and flavor go hand in hand.
~ Let pleasure expand yr perspective.
~ Make this the day u stop dreaming and start doing.
Sunday, June 28, 2009
The Great Crash, 1929
The Great Crash, 1929
From Wikipedia, the free encyclopedia
The Great Crash, 1929 is a book written by John Kenneth Galbraith and published in 1954; it is an economic history of the lead-up to the Wall Street Crash of 1929. The book argues that the 1929 stock market crash was precipitated by rampant speculation in the stock market, that the common denominator of all speculative episodes is the belief of participants that they can become rich without work and that the tendency towards recurrent speculative orgy serves no useful purpose, but rather is deeply damaging to an economy. It was Galbraith's belief that a good knowledge of what happened in 1929 was the best safeguard against its recurrence.
http://en.wikipedia.org/wiki/The_Great_Crash,_1929
Monday, April 27, 2009
Prescription for a Smile
Men Health May09. Couple of stuff that I find useful here.
Love your lungs - dont smoke
Go with the protein
Social security - friends!
Sweat on it - Exercise
Cut the junk - no sugar drinks and eat grains, veg and fruits
Root cause - eat vitamins
Oil's well - Fish oil
Dry and high - Dont drink so much
Let it shine - Hv a bit of sun and go for swim.
Sunday, March 08, 2009
Interesting article on Men and Women
Saw this on Straits Time today.
http://www.wow-her.com/
The joy of sex talk - Remember that old saw 'Men give love to get sex, women give sex to get love?' Well, it's here to stay By Chua Mui Hoong
As you read this on a Sunday morning, chances are you've come across conversations like these in your life, or been told of such exchanges:
She: You don't love me anymore. We never talk.
He: You talk all the time. We never have sex. You don't love me anymore.
She: I'm not in the mood for sex when I feel you don't love me.
He: I want to have sex with you all the time, isn't that proof that I love you?
She: See! You can only think about sex. You don't love me as a person anymore.
He wants sex to feel loved, she needs to feel loved to feel like having sex.
We say such differences spring from the gender gap. Men are from Mars, women from Venus. In the eternal conundrum that is the dance between male and female, there are many theories as to why the sexes differ in modes of communication, in the way they love and in their approach to sexual bonding.
Is it social conditioning? Evolutionary biology - where evolutionary pressures conspire to shape the behaviour of men and women over the centuries? Or are such differences hard-wired into the brain? I did my usual 'research' on topics like these: I read perfunctorily. I talk to friends. I consult myself.
A fascinating book, The Female Brain, by neuropsychiatrist Louann Brizendine, sums up recent research on this topic. According to her, brains of men and women are hard-wired differently and respond differently to hormonal and chemical changes, and these differences affect the way the sexes respond. When it comes to sex, the area in male brains devoted to sex is three times as large as a woman's. Enough said.
Studies of the prairie vole, small furry animals said to belong to the 3 per cent of species of mammals which are monogamous in habit (the percentage apparently includes humans), help shed light on the brain chemistry in love.
Prairie voles get into a frenzy of non-stop mating for 24 hours when they meet - and then bond for life, nesting together and raising their young together.
Scientists say mating releases two key hormones influencing social behaviour - oxytocin and vasopressin. Oxytocin is well-known among readers of women's magazines as the 'bonding' hormone. When under stress, women gather in groups and talk things out. When I go through an emotional upheaval, I call close friends for breakfast, dinner or supper, and inflict the hows, tos and wherefores of my situation on sympathetic ears. (I do the same for my friends.) Never mind that all that talking doesn't solve anything. The bonding releases oxytocin and makes us feel better able to cope.
Men don't have that kind of patience. A friend went to meet a childhood buddy who had just gone through a divorce. He told the grieving husband: 'I give you 15 minutes to moan. After that, get on with your life.' Then they went on to talk about school days and guy stuff. Apparently it's considered acceptable to make your friend condense his misery into 15 minutes flat. And then expect lifestyle changes to be made, problems solved. 'Otherwise, don't call me next time.'
When my former schoolmate wanted to talk about her boyfriend problems, we met for lunch, stayed for tea, then had dinner. We were together for eight hours. We had a great time and left cheerful, rejuvenated - and no nearer a solution. Oxytocin makes women feel bonded, secure, loved, making them more inclined to feel sexual. In other words, they are in the mood when they feel loved.
Men's social attachment however is influenced by vasopressin, a hormone that boosts a man's energy, attention and aggression. Sex releases vast amounts of vasopressin in males, triggering pleasure centres in the brain, and strengthening attachment to the female engaged in the activity. In other words, sex makes him feel more loving. Thus the dictum about a woman needing to feel loved before she wants sex, and a man needing sex to feel and express love may be grounded in brain chemistry, fuelled by the different actions of brain chemicals.
Studies of prairie voles show that sex releases oxytocin and vasopressins in males. Oxytocin makes him recognise and feel bonded to one particular female (and not just any female he has sex with). Knock off that gene and the creature forgets not only who its partner is, but also who its friends are. Oxytocin and vasopressin both activate the pleasure chemical dopamine, which sets off a positive feedback loop - whereby more coupling with one particular partner releases more of the hormones which activate the brain's pleasure centre - bonding the pair strongly for life.
Scientist speculate that a similar biochemistry loop of love takes place in humans. In fact, some scientists think there is a 'monogamy gene' for men. Prairie voles which are monogamous, have a tiny piece of DNA other varieties of voles lack. When the montane vole - a different species of voles with multiple partners - is injected with this missing gene, it suddenly turns into a devoted partner, and spends more time frolicking with its offspring. Such genetically modified voles are less inclined to run off with a younger female.
Might the same be true of human males? Could the propensity for monogamy be - at least in part - genetically determined? If so, women might want to ask for a DNA test for their men to ascertain if they have enough of the requisite vasopressin gene. With bewildering theories on gender gaps, what's a man and woman to do, in the daily communication battlezone?
In the interest of preserving gender harmony, let's just consider the important facts: Men's sex centres are three times the size of women's. When men have sex, they feel bonded and relaxed - the way women do when they talk to their friends.
Why, women should just see sex with their husbands as similar to a good heart-to-heart talk with their girlfriends: As a (male) form of communication.
She: I'm really tired. I need a cuddle and a heart-to-heart talk to de-stress.
He: Sure, let's cuddle and talk my way. Then we'll talk your way.
Wednesday, March 04, 2009
Human Expressions
I want someone who let me call the shots but ended up making all the decisions for me. I want to find someone who does everything I tell him to do but make me want to do the same for him. I want to be a successful career woman but I dont want to hv to work that hard.
其实我想找一个什么事都让我拿主意但又最好什么事他都帮我做主。
我想找一个他全部都听我的话，但我又很想听他的话。
我想做一个事业成功的女性，但我又不想做得那么辛苦。
如果上天给我许下三个愿望..
我愿第一个愿望，晋升今生今世和你在一起。
第二个愿望，来生在世和你在一起。
第三个愿望，永生永世和你在一起。
Thursday, February 05, 2009
男人和女人的德行
一個男人要在三個女郎中選定一位作為結婚對象，他決定做一個測驗，
于是 他給了每一位女郎五千元，并觀察她們如何處理這筆錢……
第一位女郎從頭到腳重新打扮，她到一家美容沙龍設計了新的發型，畫了美麗的妝，
還買了新了首飾，為了那位男士把自己打扮的漂漂亮亮. 她告訴他：她所做的一切都
是為了讓他覺得她更有吸引力，只因為她是如此深愛著他
男人非常感動..
第二位女郎采購了許多給那男士的禮物，她為他買 了整套的高爾夫球球具，一些計算
機的配件，還有一些昂貴的衣服..當她拿出這些禮物時，她告訴他之所以花這些錢買
禮物只因為她是如此地愛他.
男人也大為感動..
第三位女郎把錢投資到証卷市場，她賺了數倍于五千元的錢……然后把五千元還給那男
人，并將其余的錢開了一個兩人的聯名賬戶. 她告訴他：她希望為兩人的未來奠定經濟基礎，
因為她是如此地愛他……
當然，那男人再度大為感動..
他對三位女郎的處理方式考慮了很長的時間，
然后他決定了……娶其中胸部最大的女郎為妻!!
PS：男人都是這個死德性!
-----------------------------------------------------
一個女人要在三個男人中選定一位作為結婚對象，她決定做一個測驗
于是她叫每個男人拿五千元出戶頭，并觀察他們如何處理這筆錢……
第一個男人把錢又存了起來
他告訴她, 他是個顧家的男人絕不私自花費一分錢;
女人非常感動..
第二個男人把錢買了鑽石戒指向她求婚;
他告訴她, 他所有的錢都只為她一個人花;
女人大為感動..
第三個男人把錢買了好多東西孝敬了丈母娘,
他告訴她, 他愛她包括她的家人!
女人相當感動..
她對他們三人很難判斷, 苦苦思考了很長時間,最后決定:
她決定嫁給他們中最有錢的!
PS:女人都是這死德行!!
Wednesday, January 07, 2009
Map of India
Problem abt me is that I cant remember all the areas in India.
Will really like to backpack there one day.
Saturday, January 03, 2009
Private Equity 2008 summary
Summary from FT article.
- Asia PE deals wre in for a rude awaking in 2008, including rescuing portfolio companies and renegotiating bank covenants on deals signed in headier days.CVC had to invest extra 225mm into PBL media; recap plan was shunned by Packer family to focus on gaming interests.
- TPG had problems in BankThai, Taishin Financial Holdings and Japanese finance company NIS gp. Core expertise lies in turning around financial business.
Carlyle group in july abandoned plans to invest in Xugong. - Permima splashed out 840mm for a 20% stake in Galaxy at HK$8.42. Now its at HK$1.
Relative winners were those that kept powder dry, closed new funds or managed to make divestments ahead of downturn. - Affinity Equity and CCMP had exit Mando, a SK car parts maker, before the global motor industry took a nosedive.
- KKR had hired Sanjay Nayar to step up investments in India.PE reassess how they invest in INDIA after racking up big losses in India PIPEs.
- China PE largely focused on growth capital because of the ongoing reluctance of state-owned enterprises and entrepreneur-led companies to yield control. while the consumer, power and manufacturing sectors continued to benefit the most from private equity investment, more than 80 per cent of respondents expect far higher levels of activity in to China’s clean energy sector.
- KTB Securities, South Korea’s biggest private equity fund, is aggressively seeking to penetrate south-east Asia and the US to become a leading investment bank in the region. Started in 1981 by a ex gs guy. It has made investments in about 1,100companies since its inception. Among others, it has bought substantial stakes in Siltron, a semiconductor parts maker; SKM, an audio tape producer; Byucksan Engineering & Construction, a local builder; and Pantech & Curitel, a handset maker.
- Advantage Partners - one of japan's largest domestic PE. The scale of the market ... the range of sectors and technologies that are here, has the potential to become a solid private equity buy-out market,” .Changing attitudes to business in Japan were making M&A and private equity – often seen historically as forms of asset stripping – more acceptable as ways of adding economic value. PE of Japanese M&A was only about 4 to 5 per cent, it would grow to the US level of about 25 per cent.
Saturday, December 27, 2008
A History of History Rates
Saw this article from Seeking Alpha. David Merkel on a book written by Homer and Sylla on "A History of Interest Rates 4th edtion".
SEC Glass Seagall 99 and 04
SEC has really done a very bad job.
The Sarbanes-Oxley Act of 2002, also known as the Public Company Accounting Reform and Investor Protection Act of 2002 and commonly called Sarbanes-Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002 in response to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of the affected companies collapsed, shook public confidence in the nation's securities markets. Named after sponsors Senator Paul Sarbanes and Representative Michael G. Oxley, the Act was approved by the House by a vote of 334-90 and by the Senate 99-0. President George W. Bush signed it into law, stating it included "the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt."
http://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission
The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA) in 1999. The banking industry had been seeking the repeal of Glass-Steagall since at least the 1980s. In 1987 the Congressional Research Service prepared a report which explored the case for preserving Glass-Steagall and the case against preserving the act.
The argument for preserving Glass-Steagall (as written in 1987):
The argument against preserving the Act (as written in 1987):
The repeal enabled commercial lenders such as Citigroup, which was in 1999 then the largest U.S. bank by assets, to underwrite and trade instruments such as mortgage-backed securities and collateralized debt obligations and establish so-called structured investment vehicles, or SIVs, that bought those securities.
http://en.wikipedia.org/wiki/Glass-Steagall_Act
SEC 2004 - On that bright spring afternoon, the five members of the Securities and Exchange Commission met in a basement hearing room to consider an urgent plea by the big investment banks. They wanted an exemption for their brokerage units from an old regulation that limited the amount of debt they could take on. The exemption would unshackle billions of dollars held in reserve as a cushion against losses on their investments. Those funds could then flow up to the parent company, enabling it to invest in the fast-growing but opaque world of mortgage-backed securities; credit derivatives, a form of insurance for bond holders; and other exotic instruments.The five investment banks led the charge, including Goldman Sachs, which was headed by Henry M. Paulson Jr. Two years later, he left to become Treasury secretary. A lone dissenter — a software consultant and expert on risk management — weighed in from Indiana with a two-page letter to warn the commission that the move was a grave mistake. He never heard back from Washington. One commissioner, Harvey J. Goldschmid, questioned the staff about the consequences of the proposed exemption. It would only be available for the largest firms, he was reassuringly told — those with assets greater than $5 billion.
http://sites.google.com/site/ec510fall08/04-bank-rule
Cheung Kong Group
Cheung Kong (Holdings) Limited (Cheung Kong Holdings) is the flagship of the Cheung Kong Group, headquartered in Hong Kong, and one of Hong Kong's leading multi-national conglomerates.
In Hong Kong alone, the Group has nine companies.
Cheung Kong (Holdings) Limited
Hutchison Whampoa Limited
Cheung Kong Infrastructure Holdings Limited
Hongkong Electric Holdings Limited
Hutchison Telecommunications International Limited.
Hutchison Harbour Ring Limited
TOM Group Limited.
CK Life Sciences Int'l., (Holdings) Inc.
TOM Online Inc.
The Chairman of Cheung Kong Holdings is Mr. Li Ka Shing (李嘉誠), while his elder son, Mr. Victor Li, is the Managing Director and Deputy Chairman.
Cheung Kong Holdings is one of the largest developers of residential, office, retail, industrial and hotel properties in Hong Kong. With its long history of property development expertise and residential estates, Cheung Kong Holdings has built many of Hong Kong's most notable landmark buildings and complexes. Mr. Li Ka Shing founded Cheung Kong Industries in 1950 as a plastics manufacturer. Under his leadership, the company grew rapidly and eventually evolved into a property investment company. "Cheung Kong (Holdings) Limited" was developed in a successful way from 1970s.
1928 Li Ka-shing is born in Shantou, China
1940 Moves to Hong Kong
1950 Starts Cheung Kong factory making plastic flowers
1958 Makes first property investment
1964 First son Victor is born in Hong Kong
1966 Second son Richard is born in Hong Kong
1972 Li Ka-shing's company lists on Hong Kong stock exchange as Cheung Kong Holdings
1979 Li Ka-shing buys property and trading conglo Hutchison Whampoa from HSBC
1983-90 Victor Li works on real estate projects for his father in Vancouver
1985 Li Ka-shing buys Hongkong Electric, the territory's main power supplier
1985 Victor Li graduates in construction management and engineering from Stanford
1985 Hutchison Telecom to launch mobile phone service in Hong Kong
1987 Richard Li graduates from Stanford with a degree in computer science ?
1987 Richard Li becomes partner in Gordon Capital, a Toronto investment bank
1987 LKS bought 52 percent of Husky Oil from Nova of Canada.
1990 Victor Li returns to Hong Kong to work for Cheung Kong
1990 Richard Li returns to Hong Kong to work for Hutchison Whampoa
1991 Richard Li launches Star TV
1991 He bought Nova's stake and merged Husky with Renaissance Energy in 2000.
1993 Richard Li sells Star to News Corp. for $950mm, launches Pacific Century Group
1994 Li Ka-shing establishes Orange mobile phone service in Britain
1996 Richard Li establishes Pacific Century CyberWorks
1996 Launches Cheung Kong Infrastructure Holdings to consolidate construction ops
1996 Victor Li kidnapped. Father paid more than $100 million for his release
1999 Richard Li announces Cyberport, a government-backed real estate venture
1999 Li Ka-shing sells Orange to Mannesmann, gets 10% of German firm's shares
1999 Victor Li's kidnapper, Cheung Tze-keung, executed in China
1999 Victor Li becomes MD of Cheung Kong and deputy chairman of Hutchison Whampoa
2000 January Li Ka-shing establishes Tom.com
2000 Mannesmann bot by Vodafone in biggest takeover,ends up with USD15bn stock
2000 February Tom.com's IPO is oversubscribed 669 times
2000 February Richard Li buys Cable & Wireless HKT for $38 billion
2005 LKS sold USD1bn stake in CIBC and donates it to LKS foundation.
The story begins in 1979, when Li Ka-shing purchased what became the controlling interest in one of the oldest, 19th century British trading houses, or "hongs" of Hong Kong, known as Hutchison-Whampoa. Already a millionaire from real estate and property management investments, Li launched a diversification program through HW that involved trading, cargo and container operations, logistics, warehousing, engineering and even retail sales.
Li expanded into the utility and energy fields in 1985 by acquiring a 33 percent interest in Hong Kong Electric Holdings Ltd. Two years later in 1987, Li expanded overseas again, this time by taking a 43 percent interest in Husky Oil, an oil and gas company based in Canada. Since then, Husky Oil ownership has shifted to 46 percent ownership by Li and his family, 49 percent-owned by HW and 5 percent by the Canadian Imperial Bank of Commerce. Husky ranks among Canada's top producers of crude oil, natural gas and recovered sulfur.
The 1990s brought continued diversification and expansion to Li's holdings. In 1993, Li became involved in a bidding war over Hong Kong's Miramar Hotel & Investment Company. Interestingly, Li's partner in the bid was CITIC Pacific, the Hong Kong-listed arm of the China International Trust and Investment Corporation that is controlled by the Communist Chinese government. His "opponent" (to whom he "lost") in the Miramar bidding was Mr. Lee Shau-kee -- Li's partner in many other joint ventures. Li's partnerships with CITIC and Lee in various investment and development initiatives are frequent and diverse. Mr. Li's interest in hotels continued through 1994 when Hutchison International Hotels entered into joint ventures with the Beijing government over two of the oldest hotels in the capitol. The Chinese tycoon has also formed a subsidiary called Cheung Kong Infrastructure, as a diversified infrastructure company committed to the fast-growing Asian infrastructure market, especially mainland China. CKI divisions include:
CKI Materials, which is one of Asia's most successful cement, concrete, asphalt and aggregates operators.
CKI Energy, which has interests in power plants in four provinces in China, including Guangdong, Henan, Liaoning and Jilin.
CKI Transportation, the portfolio of which comprises a variety of road transportation systems, ranging from a section of the National Trunk Highway System to city roads and ring roads.
Then there is the arguably largest "public works" project in the world -- the Panama Canal. Under the terms of the Carter-Torrijos Treaty of 1977, the United States was due to relinquish control of the canal and associated port facilities in a time-phased process culminating in a complete turn over to the Panamanian government on Dec. 31, 1999. In 1996, the Panamanian government of President Ernesto Balladares opened bidding on the port terminal concessions at both the Atlantic and Pacific entrances of the canal. Under bidding practices and circumstances that were reportedly fraudulent, HW won the bidding. HW subsidiaries Hutchison Port Holdings and the Panama Ports Company now effectively control the Panama Canal.
HW has done well as the operator of Hong Kong International Terminals, the world's largest independently owned container terminal, and, profits from HW port and related services totaled $3,097 million in Hong Kong dollars. As the world's biggest independent port operator, Hutchison Port Holdings has invested in 17 ports, operates 79 berths and handles about 10 percent of global container traffic. Operating ports include Shanghai in China; Felixstowe, Thamesport, Harwich in the UK; Freeport Container Port on Grand Bahama Island; and a 50 percent interest in the Grand Bahama Airport Company, which comprises an 11,000-foot long runway capable of handling the world's biggest aircraft. This investment also includes a 780-acre tract of land between the airport and container port. Plans are being prepared to develop this into an industrial park, which will also contain a sea/air business center. Other investments in the Bahamas include three hotels and two golf courses.
Not satisfied with controlling Britain's three principal seaports and the Panama Canal, Li's European expansion includes a $357 million plan to acquire the continent's largest container handler, Europe Combined Terminals in Rotterdam, Holland. The European Commission launched a four-month investigation into the proposed deal, ending with a determination to allow HW to negotiate a 35 percent stake in ECT.
In further bids to "diversify," Li has purchased all of South Australia's electricity distribution and retail assets, also pledging to acquire a 25 percent stake in the Bangkok Transit Systems Company's "Skytrain" project -- costing Mr. Li between $100 and 200 million.
http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=18750
http://en.wikipedia.org/wiki/Cheung_Kong
Wednesday, December 24, 2008
PCCW Stock Crash
2 key things abt the PCCW - the cyberport project as well as the bidding for the HKT project. Alot of investors got hurt when the price dropped significantly.
RLI dropped out of Stanford shortly before graduation, he joined some financial company to learn deal making and was for a while trying things out in Canada, but was persuaded to join Hutchinson-Whampoa during which he started a number of initiatives. The best known being the establishment of a satellite TV company, a loan from the father, which was sold to the Murdoch group (profit US$400M); 6x return on a 3yr horizon. However, he soon launched out on his own, buying a small Singapore finance company, renaming it Pacific Century Regional Development and injecting some of his HK based high tech operations into it, so that PCRD became their holding company.
In 1999 the HK government initiated the Cyberport project, basically a business park specially designed to support high tech operations, and in early 2000 awarded it to Li's Pacific Century Cyber Works company without going through the full competitive bidding process, which aroused some criticism. This is a 2bn, 240k sqm venture.. but PCCW was allowed to build the project on prime RE without competitive tender.
This was overshadowed when PCCW bot over HKT in Aug 2000, sidestepping Singtel in the process. The bought over was financed by a package of USD11bn in debt and PCCW shares. It enticed investors with some high tech schemes that PCCW will be able to implement once in control. However, with the dot-com crash, stocks dropped from S$4 to 20c at one point. PCCW was the worst performing blue chip on HKSE on 2002 and 2003from intense local telco competition and a struggling international JV Reach with Telstra. In 2003, C&W cashed out of its 14.7% stake in PCCW, taking out USD1.9bn instead of the USD5bn worth in 2000. PCCW purported to hv launched a STG2bn bid for C&W but got rebuffed in feb 2003. RLI gave up CEO in jul 03 but remained chairman. Jack So left MTRC to run PCCW.
For a number of years PCCW diligently worked to reduce its debt burden, including inviting China Netcom to purchase a 20% share holding at HK$5.90 per share, well above the then market price (for US1bn capital injection). This brought hope that PCCW would be able to actively expand its business in China. A saving grace was an early bet on IPTV .
RLI tried to sell PCCW in 2006 to potential buyers like Macqaurie and TPG. But got rejected. After the apparent China veto, Leung stepped on to the scene to buy the 23% stake for $1.2 billion in a shadowy deal that sent the company's stock plunging. Leung will borrow 70% of the acquisition price from PRCD, company 75% owned by the younger Li, and no explaination of the source of the remaining 30%. RLI will still hold on 3% of the company and walk away with USD991mm after resigning as chairman.
In 2008, Li’s PCRD and the China Unicom-China Netcom Group are proposing to buy out other shareholders of PCCW for US$1.9 billion, or at a 45% premium to its last traded price. Li and PCRD, and China Netcom currently own 28.5% and 19.5% of PCCW respectively. The deal is structured in such a way that China Netcom would increase its stake in PCCW to 33% and PCRD and Li’s to 67%. For one thing, there is more to the deal than meets the eye. PCCW will pay Netcom and Li/PCRD US$2.3 billion in dividends immediately after the buyout, which is expected to cost them US$1.9 billion upon completion. In other words, the reason the two major shareholders are able to do a deal like this in the midst of a severe global credit crunch is that they are actually getting paid to do it. For their part, Li and Netcom say they would be taking over a hugely indebted group — PCCW’s net debts will rise to US$4.7 billion after it pays out the dividends. But investment bankers are already being sounded out for a separate listing of PCCW’s telecom assets within 18 months of the holding company’s privatisation.
PCCW is the leading internt service provider in HK using the Netvigator brand for dialup modem and DSL service.
http://blog.360.yahoo.com/blog-XIIfDzQobqO5oCYM9UTvZzgKHH4Org--?cq=1&p=285
http://en.wikipedia.org/wiki/PCCW
Asia Peregrine Story
Alot of my ex-colleagues used to be from Peregrine. Doesn't it sound so familiar that the investment banks levered up on so much risk and now they hv to fire so many people? Why don't people ever learn?
Peregrine was founded in 1988 with an initial investment of $38 million by former race car driver Philip Tose and Francis Leung. Both ex-citibankers and had a large number of connections to Hong Kong's business elite including Li Ka-shing, Gordon Wu and Larry Yung. Goal was to profit from the expanding Asian economy by underwriting stocks and bonds to provide capital for the Asian countries.
The company was characterised as "arrogant", and thrived on taking risks. Commenting on their investing during the Tiananmen Square protests of 1989, Leung said, "These events were just a hiccup. We decided we wanted to take advantage of depressed market conditions at the time". In 1994, to create an Asian bond market, they hired Andre Lee from Lehman Brothers to head their fixed income department. Lee, a French Canadian-Korean who grew up within the American military presence in Seoul, was described as a "wild man" and "a salesman who could 'sell snow to the Eskimos.'" By 1996, Lee's operations provided one half of Peregrine's profits. In 1997, Lee stated that infrastructure deals will be "the real phenomena that will create Asian bond markets. Almost single handedly, Lee created the Asian junk bond market.
In 1998, financial markets were changing. Peregrine underwrote the bond issue by Steady Safe, an Indonesian transportation company of $265 million dollar, half of Peregrine's capital. On the surface, the deal looked secure, although repayment would be in Indonesian rupiah. The deal was undersubscribed, and Peregrine was left with the remaining bonds. Following the collapse of Steady Safe along with several other losses during the Asian financial crisis, the company lost all liquidity and after unsuccessful negotiations with would-be suitors and white knights, and closed in January 1998. The Greater China team stumbled into the arms of BNP Paribas, while a substantial portion of the Asia team (ex-China) was hired by Banco Santander.
BNP Paribas Peregrine is now the investment banking arm of BNP Paribas in Asia. At the end of 2006, BNP announced it was aligning its branding throughout Asia, and the Peregrine name was dropped.
http://en.wikipedia.org/wiki/Peregrine_Investments_Holdings
Friday, December 19, 2008
China Reform History - From FT
Long, slow path of reform
1976: Cultural Revolution ends with the death of Mao Zedong, bringing to a close a decade of economic stagnation
1978: Deng Xiaoping asserts himself as leader and sets the country on the path of “reform and opening”
1984: Dismantling of rural communes largely completed, allowing peasant farmers to farm their own land and sell any excess produce for a profit
1989: Against a backdrop of inflation above 20 per cent, protests erupt across the country in solidarity with students in Tiananmen Square calling for political liberalisation
1990-1991: China’s first stock exchanges since the Communist victory in 1949 are opened in Shanghai and Shenzhen
1992: Deng tours southern China to press for faster economic reforms and quell the influence of party conservatives opposed to market liberalisation, sparking a fresh wave of market growth
1997: Hong Kong returns to Chinese rule
1998: The Asian financial crisis hits China, contributing to widespread layoffs in the state sector
2001: China joins the WTO, sparking spurt in export and investment-led growth
2005: China unpegs the renminbi from the dollar, letting it float within a tightly managed band