Gains and governance overshadow politicised "national Interests" in a globalised economy : proposed Singapore-Australian Stock Exchange merger

Most articles on the issue of the proposed Singapore-Australian stock exchanges merger have been replete with emotional outbursts on national interest and the impact on investors' profits.

Here are some objective analysis by economic, industry, legal and regulatory experts that should be considered seriously than politicising an economic issues.

The main players are keen but each side is worried that they have the short end of the deal. Most Australians' concerns focus on compromises on regulations of companies' listing, complaince such as disclosure requirements and independence. Singaporean analysts, on the other hand, are uncomfortable that the venture is overpriced and laden with obstacles on approval as well as potential management and competition issues from Chi-X.

It is a perennial challenge to achieve an optimal balance between regulation and economic vibrance.

QUOTE :

[Lawyers Michael Wilton and Jill Gauntlett say : ... shareholders should be comforted by the long historical links in regulation between Australia and Singapore. When Singapore fashioned its corporations law almost 50 years ago, it modelled it on the uniform Companies Act passed by all Australian states in 1961. Revised uniform listing rules took effect in Australia at the same time.]

[Singapore has different financial track record requirements and does not have an equivalent of Australia's assets test that allows mining exploration companies to list before they turn a profit.]

[Jennifer Hill, Professor of Law in University of Sydney says :
Australia and Singapore allow their exchanges to grant waivers case by case. This ''may potentially constitute a form of selective regulation'' ... the corporate governance consultancy ISS released a report in 2007 that concluded that the Australian waiver scheme lacked transparency, especially compared with New Zealand, but was substantially more transparent than London or New York .... such disparities could be a concern as global competition among exchanges increases.]

[''During the 1990s, it was often assumed that the trend towards cross-listing of foreign firms in the United States was itself a new form of regulatory competition, under which foreign companies from jurisdictions with poor corporate governance would cross-list to gain regulatory credibility,'' she says.

But this assumption was questioned after the Sarbanes-Oxley Act was passed in 2002, when many high-profile Asian companies bypassed the New York Stock Exchange in favour of other international exchanges.

''This suggested that overly stringent governance may repel, rather than attract, cross-listing,'' Hill says. ''This remains a danger for securities exchanges, particularly given increased competition for listing and trading revenues.'' ]

http://www.theage.com.au/business/asx-merger-plan-raises-questions-of-governance-20101028-175s7.html

Confusion over Religions and Cultures - Multicultuaralism Betrayed

Hijacked multi-religionism mistakenedly touted as multi-culturalism that has failed us. It would be more reliable to follow the common ethnic identification than religion that is divided, cuts across cultures, ethnicity and personal. In modern diverse societies, tolerance and non-interference would help to foster peaceful relations and unity.

The bottomline is that democracy, English common law and secular government must prevail over all else unless exceptions are provided for in the constitution for the protection of indigenous rights. A clear boundary must be drawn in no uncertain terms.

No religious group should be allowed to challenge the existing laws of the country. Neither should any religious sect or group be allowed to undermine safety and quiet living of our people. Penalising innocent cultural / religious groups would not augur well for harmonious relations among Australians of different backgrounds.

Emotionally charged and misguided government leaders, media and religious fundamentalists who have often contributed to the strife and misunderstanding in communities should reflect on their actions and omissions. Clarifying the issues in their minds will bring about constructive comments and policies.

This is a frank, balanced and insightful article published in The Australian.

QUOTE :

Religious leaders should not be the only Muslims allowed to speak

MULTICULTURALISM is under severe strain. Not from detractors such as German Chancellor Angela Merkel who confuse having an ethnically mixed society with a policy of social integration designed to cope with and cherish ethnic diversity. No, multiculturalism is undermined because religious groups, more specifically Muslim groups, have come to supplant ethnic ones. This has been a slow, almost inevitable process.

The problematisation of Muslim identity in the wake of terrorist attacks have presented Muslims in the West with difficult questions. In the pre-September 11 era, issues of socioeconomic integration dominated, often focusing on the experience of distinct ethnic groups rather than the community of faith. Unemployment, wealth disparity and educational achievements were the issues of concern.

But the emergence of terrorist activity among the Muslim population of the West has elevated the question of socioeconomic integration into an existential one. Now the issue is no longer about the social standing and wealth disparity between ethnic groups of Muslim background and the rest of the society but the presumed threat that Islam poses to the Western way of life.

The heightened sense of unease concerning the place of Islam in the West has put Muslims on the back foot. All of a sudden, Muslims feel an overbearing pressure to condemn terrorism and pledge loyalty to the state of their residence/citizenship. At the same time, public scrutiny of Islam has offered the moderate Muslim leadership an opportunity to advance a version of Islam that is modern, tolerant and aligned with the rule of law in the West. In articulating Muslim loyalty to the state, the moderate leadership has found the multicultural system very useful on two key counts. It allows Muslim leaders to express their views publicly, reiterate Muslims' commitment to social harmony and criticise aspects of government policy or public discourse that they find harmful. At the same time, these leaders can defend Islam and maintain their position among their communities. In other words, declaring loyalty to Australia does not necessary have to come at the expense of religious belief, as multiculturalism allows for cultural/religious autonomy within the framework of civic citizenship. This flexibility makes moderate Muslims among the most ardent defenders of multiculturalism.

The assertiveness of moderate Muslim leadership, however, has tended to come at the expense of the public visibility of non-religious Muslims. Cultural Muslims who congregate in ethnic organisations face difficult questions about the extent of their "Muslimness". The more pious moderate Muslims speak in defence of Islam in the public domain and government agencies turn to such spokespeople for advice on Muslim issues, the more cultural Muslims are marginalised. This is a self-perpetuating process that undermines the credibility of cultural Muslims as "true Muslims" in the public eye and reserves the title for the use of the religiously inclined.

Perhaps the best example of this was the convening of the Muslim advisory committee under the Howard government. It excluded the Turkish community, even though Muslim Turks constitute the second largest ethnic group among Australian Muslims. This omission was as bad as the practice of interviewing hijabi women when there are more qualified, but unveiled, Muslim women. In the eyes of the media, unveiled Muslim women do not have the authenticity of hijabi women. Just as ethnic Muslims are not considered genuinely attuned to community sentiments when compared with religious organisations.

This process is restricting the public space for cultural Muslims who see Islam as part of their ethnic identity and refuse to be classified as simply Muslim. The policy of multiculturalism allows for the public presence of a multiplicity of ethnic groups. It is unfortunate that this flexibility is being bracketed for, and by, religious groups.

- Shahram Akbarzadeh is professor of Asian politics (Middle East and Central Asia) at the University of Melbourne.

(emphasis are mine for easier reading)

http://www.theaustralian.com.au/news/opinion/religious-leaders-should-not-be-the-only-muslims-allowed-to-speak/story-e6frg6zo-1225944419389

Life of Rich worth more - radioactive wastes move from Hunters Hill to Penrith

This is appalling. Thanks to the revelation by investigative journalists, we know now that our political leaders are secretly prepared to sacrifice the health and lives of the poorer people. The Keneally government of NSW simply cannot afford to suffer a backlash from the affluent Hunters Hill but Penrith folks are dispensable.

http://www.canberratimes.com.au/news/national/national/general/state-sends-radioactive-waste-west/1970837.aspx

The ramifications and fallout can affect everyone living in the city if sufficient care and proper safety precautions are not taken during transportation and disposal. Accidents can happen and they often do with an administration that has bungled on many fronts from providing infrastructure to essential healthcare services.

Aren't we furious and fearful for our well being which the government so nonchalantly and vicariously neglects?

Learn more languages, a long term investment to ward off dementia

It pains to see some older friends losing their cognitive abilities. The D word dementia is looked upon with fear and preferred to be relegated a taboo status until it hits someone you know. Very brilliant people who used to be esteemed professionals, academics, researchers and analysts, have fallen victim to the ageing disease.

Recent studies showed that people who are bilingual or multilingual tend to have a reserve to ward off the onset of brain deterioration.

http://online.wsj.com/article/SB10001424052748703794104575545923443462444.html?mod=ITP_personaljournal_0

More importantly, one has to keep active with work, reading, exercise, socialising, etc. So don't be discouraged if well meaning people ask :
- why are you still working hard and not relaxing more?
- why are you still learning new skills?
- why are you practising other languages that are of little currency in the local context?
- why are doing voluntary services for the community?

Not only do you enjoy and find meaning in what you do, activities help to build up your abilities to deal with trials, crisis and problems that come with old age.

- c.g.

Fine Thai Restaurant - seeing red for good food and luck

Australians are "lucky". There are many restaurants, eateries, fast food in every suburb to choose from. Each of them is vying and competing for the clientele and wants to put the best image forward. As the northern districts in Sydney grows into a matured and coveted residential area, the quality of the food and entertainment scene has followed suit.


Despite having a full house and a long line building up after 6.45 pm, the service was efficient. The 10 minute wait for entree to arrive was expected.

Betel leaves commonly sold by street hawkers in Thailand can be found in this mid to upper range eating place. You would not have believed it is possible to get exotic Thai ingredients Down Under 15 years ago. A tad short of the authentic local Thai taste is the use of toasted dessicated instead of fresh shredded coconut. Also milder with watered down spices and herbs.

Absolutely delicious and very good value was the fried crispy soft shell crab with green papaya salad. The sauce has the right balance of sweet, sour and spicy taste. Personally, I would award six stars ****** for this dish.

Next was the whole boneless fish deep fried and steeped in special sweet and sour sauce with a medley of kaffir lime leaf, fried ginger, coriander, tomatoes, baby corn, chilli. Cool down with the sliced cucumber and carrot at the side.

The special pork ribs must be very popular as many customers seem to have ordered this too. Tender and succulent, this dish is finger licking good. It would have been even better if there is more sauce in the serving.

The dessert is not fantastic but offers a variety which most Thai restaurants don't.

Mash taro and glutinous rice with gingko and dates. (pic above)

Black bean and sago in warm coconut milk. (pic below)

It was an enjoyable dining experience. The pricing ranges from mid to high averaging $30 per person excluding drinks. We will be back again to try other yummy Thai dishes from different regions and given interesting twist in presentation and flavouring.

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