Thứ Tư, 13 tháng 8, 2014

Red glow sighted in sky over north-eastern Singapore, but no fire found so far

SINGAPORE – A red glow was seen over the sky from the north-eastern and eastern parts of Singapore on Wednesday night.


The Singapore Civil Defence Force (SCDF) said it has received calls of reported sightings of fire but has not found any.


Homemaker Rae Moller, 56, told The Straits Times that she saw a red glow which lit up the night sky from her home at Joo Chiat Road at about 10pm.


Other users on social networking platform Twitter also uploaded pictures, with reports that the same glow could be seen from areas such as Sengkang, Bedok, Sembawang and Kallang.


When contacted, the SCDF said that it received four calls of reported sightings of fire between 9pm and 10pm.


It dispatched fire engines to four locations – Sentul Crescent, Yishun Avenue 9, Yishun Avenue 11 and Marine Crescent – but did not find any fire.



Red glow sighted in sky over north-eastern Singapore, but no fire found so far

Las Vegas Is Getting Another Facelift

No city in America reinvents itself more often than Las Vegas,

and after a few quiet years on The Strip, the skyline is about to

change again.


James Packer, an Australian billionaire and chairman of

Crown Resorts, recently bought the land that once held the New

Frontier casino, located north of the Fashion Show Mall. The

34.6-acre property will house the latest megaresort in Las Vegas

and is located just south of an 87-acre property recently bought

by Genting Group, which is building the $4 billion Resorts

World Las Vegas.



The former New Frontier Hotel, which will be the site of The

Strip’s newest megaresort. Photo source: KyleLV via
Wikimedia


.


These two properties are being developed while resorts on the

Las Vegas Strip continue to struggle financially, and when

completed they will add capacity to an area that will arguably be

oversupplied for the next decade. But reasons for these moves can

be found if you dig deep enough behind the headlines.



The changing face of Las Vegas



First, let’s cover exactly what we know about what Packer and

Genting Group want to build.


Genting Group is building an Asian-themed resort on the site

that once held the Stardust hotel and casino, a property
Boyd Gaming


tore down to build the $4 billion resort Echelon Place. Those

plans were abandoned when the economy went into free fall in

2008, and the partially constructed resort was sold to Genting

Group for $350 million. Genting intends to build on the existing

foundation and construct a resort that some estimate could cost

as much as $7 billion to complete.



The abandoned Echelon Palace site, which will soon become

Resorts World Las Vegas. Photo source: Bobak Ha’Eri via
Wikimedia


.


Genting’s plan is to construct the resort in three phases with

Phase 1 including 3,000 hotel rooms, 3,500 slot machines and

table games, and 30 food and beverage locations. Construction of

the first phase is planned to be complete in 2017.


Packer’s plans are in a much earlier phase: Construction is

expected to begin next year, with completion targeted for 2018.

While a smaller footprint for the site means a smaller scale than

Resorts World Las Vegas should be expected, the budget will still

be in the billions.



Why Las Vegas and why now?



The Las Vegas Strip isn’t exactly a booming market right now. The

region still hasn’t reached gaming levels seen in 2007, and

supply had already been added to the market in recent years

by CityCenter and Cosmopolitan, among other smaller hotel

resorts.


But Las Vegas’ gaming revenue is recovering from recession

lows more quickly than other regions in the U.S., particularly

Atlantic City, New Jersey. The chart below shows that Atlantic

City continues to see gaming revenue fall in the face of

increased regional competition; meanwhile, Las Vegas is on the

road to recovery.



Source: Las Vegas Gaming Commission and New Jersey Division of

Gaming Enforcement.


Another attraction to Las Vegas is the fairly open market for

gaming operators, unlike booming Asian gaming markets such as

Macau, Singapore, and The Philippines. These Asian markets are

restricted to a small number of players who had to win

competitive bids to enter the market while the number of gaming

companies in Las Vegas isn’t as restricted. As long as Packer and

Genting Group pass a stringent regulatory compliance check they

can enter the market.


It isn’t that they’ve ignored the Asian market. In fact,

Genting has one of two licenses and casinos in Singapore and

Packer’s Crown Resorts is a partner in
Melco Crown


, which is one of six concessionaires in Macau. Singapore

isn’t expanding beyond two casinos any time soon while Macau’s

buildout of the Cotai region is under way, including a resort

from Melco Crown. Beyond the resorts they already have operating

or under construction in Asia, there just aren’t many attractive

opportunities to expand in Asia, so they looked to Las Vegas. It

may be a risky move, but it’s one they felt was needed to build a

presence in one of the world’s best-known gaming markets.



Can the new generation of Las Vegas megaresorts

succeed?



The challenge now is building a resort that can be profitable,

which is harder than it seems. The Cosmopolitan — the newest

megaresort on The Strip — has reported annual losses of about

$100 million per year since opening in 2010, and CityCenter just

reported a $2.1 million operating loss for the

second quarter.


What Packer and Genting have going for them in Las Vegas is

location. I recently highlighted that north Strip residents

Wynn


and Encore Las Vegas make up the most profitable resort on The

Strip


, while neighbors The Venetian and Palazzo Las Vegas are also

doing well targeting upscale customers.


You can see below that EBITDA — a proxy for cash flow — of

$331 million from CityCenter over the past year doesn’t exactly

show a solid return on the $8.7 billion investment. But resorts

on the north side of The Strip have fared better and show that

decent returns are available.


Property


Construction Cost


EBITDA (
TTM


)


Wynn and Encore Las Vegas


$5 billion


$501.4 million


Venetian and Palazzo Las Vegas


$3.3 billion


$321.1 million


CityCenter


$8.7 billion


$331 million


Source: Company earnings releases. TTM = trailing 12

months.


As Genting Group and James Packer build Las Vegas’ newest

megaresorts, they’ll be betting that this city as a whole can

continue to grow and that the north side of The Strip can attract

more traffic. It’s a risky move, but I wouldn’t bet against these

two as they are the latest to reshape the skyline of Las

Vegas.




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The article
Las Vegas Is Getting Another Facelift


originally appeared on Fool.com.



Travis Hoium


 manages an account that owns shares of Wynn Resorts,

Limited. The Motley Fool has no position in any of the stocks

mentioned. Try any of our Foolish newsletter services
free for 30 days


. We Fools may not all hold the same opinions, but we all believe

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.




Las Vegas Is Getting Another Facelift

3 Enticements US Cities Could Copy From Hong Kong to Encourage ...

For 20 years Hong Kong has been ranked as the #1 place in the world to do business by the Heritage Foundation. Last year the United States came in at #12, dropping out of the top 10.


A year ago I moved myself and my family to Hong Kong to open an office in Asia for my firm. Since then I’ve had the opportunity to experience firsthand the process of doing business in this city of 7 million inhabitants. While Hong Kong isn’t perfect, a few key features make the place stand out. American cities could learn a thing or two if they want to attract more entrepreneurs. Here are three suggestions:


Related: 5 Lessons From Silicon Valley for Developing Business Hubs


1. Make it easier to do business. 


I incorporated my company in Hong Kong for about $200, without ever having previously stepped foot in the locale and without a visa. Once I was on the ground in Hong Kong I was able to set up a bank account in less than an hour — again, without a visa or any sort of identification other than my passport.


At first glance doing business in California looks even less expensive, with a stated price of $100 for business incorporation, but a look at the fine print reveals this notice: “S corporations that are corporations or LLCs under civil law corporations must pay the annual $800 minimum franchise tax.”


Several years ago when I registered my business in California in order to set up a sales office, I was required to pay this $800 annual fee. Years after shuttering that office (open only five months), I learned that the state government had never closed my account and wanted several years’ worth of the $800 fee, plus penalties and interest. I haven’t considered opening an office in California since, despite it being my home state.


Once I was on the ground in Hong Kong I was able to set up a bank account in less than an hour — again, without a visa or any identification other than my passport.  


Receiving a visa to live and do business in Hong Kong took a few months but was a relatively simple process.  


Hong Kong consistently ranks second in the world, just behind Singapore, when it comes to ease of doing business, according tothe World Bank’s annual Doing Business report. The United States comes in at a respectable fourth place, but in the area of “starting a business,” it is rated as # 20, while Hong Kong took fifth place.


Utah State Representative Jacob Anderegg recently supported legislation to thoroughly ease business-licensing regulations. Cities in Arizona’s West Valley area have been working to streamline building-permit wait times.


Related: What City Topped the Chart for Helping Small Businesses Succeed?


2. Lower taxes.


There is no capital-gains tax in Hong Kong. In the United States the tax rate is 15 percent or greater. Hong Kong’s top marginal personal income tax rate is 17 percent while U.S. rates can be as high as 39.6 percent.


Entrepreneurs pay a high price for doing business in the United States, and as the Internet makes it ever easier for entrepreneurs to do business anywhere, American cities and states will need to compete harder to attract the business owners who can keep their economies vibrant. Letting business owners keep more of what they produce sends a clear welcome message.


Related: Tech Firms Seeking Talent Spring for Spacious, Luxe Quarters


3. Offer a great standard of living.


Hong Kong has a reputation of being one of the most expensive cities in the world, but that’s only for those opting to live in its expensive quarters.


I live a 10-minute walk from a nice beach in a quiet resort town, a mere 35-minute ferry ride from the city’s center. It costs me less for housing than what I paid for it in relatively low-cost Salt Lake City. The ample transportation options mean I don’t need to own a car, which lends a significant boost to my wallet.


Hong Kong has relatively low crime rates, and many of its inhabitants enjoy a long life expectancy. Plus, city is well structured for walking instead of driving. Without even trying, I receive a decent workout every day traveling to meetings around the city or riding a bike from my home to the grocery store.


Americans might consider shedding zoning regulations that separate housing areas from commercial spaces, making car ownership an absolute necessity. They should study other aspects of Hong Kong’s policies that have resulted in its being such a healthful and safe place to live.


It’s never been as easy for entrepreneurs to live anywhere they want and do business on their own terms. It’s up to the U.S. officials — at the city, state, and federal levels — to compete for the talented individuals who are creating the jobs of tomorrow. Taking a closer look at Hong Kong would be well worth the effort.


I’m curious to learn what other U.S. states or municipalities are doing to ease regulations and streamline government processes to encourage entrepreneurs to do business. 


RelatedFrom Recreational Apparel to Weed, Here Are Our Best Cities for Niche Industries



3 Enticements US Cities Could Copy From Hong Kong to Encourage ...

Olympian Dad To Youth Olympian Daughter: Have Fun







Courtney Mykkanen competes in a high school swim meet on March 28, 2013.


Just before Courtney Mykkanen headed to Los Angeles International Airport on Monday for her memorable trip to China for the 2014 Youth Olympic Games, her dad, John Mykkanen, had a last-minute piece of advice: “Have fun.”


Dad knows a little something about that. He won a silver medal in the men’s 400-meter freestyle at the Los Angeles 1984 Olympic Games, when he was the youngest member of the U.S. Olympic Swimming Team at age 17.


Courtney, also a swimmer, made her U.S. Olympic Team Trials debut at age 14 in 2012 in the 200-meter backstroke. She is one of eight swimmers on the 92-member U.S. team who will compete in the Nanjing 2014 Youth Olympic Games, beginning Aug. 16 (Saturday).


“I’m just really excited to go out there, do my best and have fun and just represent the U.S.,” she said.


Courtney Mykkanen, a senior-to-be at Foothill High School in Tustin, California, is among several YOG athletes with family connections to past Olympic Games. The list also includes foil fencer Sabrina Massialas, the daughter of three-time Olympian and current national coach Greg Massialas, and long jumper Rhesa Foster, the daughter of two-time Jamaican Olympian Robert Foster.


John Mykkanen is now a doctor of chiropractic medicine in Tustin, which is located in Orange County in Southern California. Courtney’s mom, Joanna, is a swimming coach at Irvine Novaquatics, the swimming club where Courtney trains. Her younger sister and brother are also swimmers.


“As a dad, I can’t even describe how proud I am,” John said. “I’m so lucky that the sport I love my daughter loves. That doesn’t happen often, so I’m so fortunate. … Actually, all three of my kids love swimming, and they’re good at it. I’m thrilled.”


“It (swimming) is a big part of our lives, but it’s also just one part of our lives,” Joanna Mykkanen said. “We don’t get obsessed with it or anything. We enjoy it. We have life outside swimming, too.”


For Courtney, the trip to the airport Monday morning was the same as any teenager being driven by a mom. Enjoy yourself. Make sure that you stay with your group. Be safe. Follow the rules.


“It’s exciting, it’s thrilling,” Joanna said. “But I’m going to miss her. It’s crazy.”


Courtney already competes on both the senior and junior levels for USA Swimming, including at last week’s Phillips 66 National Championships held in Irvine, California. But this will be the first time she’ll get a chance to compete alongside athletes from other sports in a major international event.


“I want to try to meet a lot of new people, so hopefully I’ll get the chance,” she said.


The Games in China are just the second Youth Olympic Games for summer sports; the event made its debut in 2010 in Singapore. Back in 1984, when John was a teenager aiming for an Olympic berth, there was no such event for international youth.


“It’s a great opportunity for these younger swimmers to get a taste of it, get them thinking and get them ready for the next step,” he said.


And, he said, the point is to have fun. Get some enjoyment out of it.


“No. 1 rule, have fun,” he said. “That’s the last thing I said to her today. Have fun. In terms of athletics, I just want her to improve and enjoy it.


“I’m not cracking the whip over her. I had my 15 minutes of fame. I want her to get out of it whatever she wants to get out of it. I will support her either way, however she wants to do it.”


Courtney will share the experience with some familiar faces. Jeri Mashburn, a coach at Irvine Novaquatics, is also coach of the U.S. Youth Olympic swimming squad. Other U.S. swimmers include Hannah Moore, Meghan Small and Clara Smiddy on the women’s team, and Patrick Conaton, Patrick Mulcare, P.J. Ransford and Justin Wright on the men’s team.


Mykkanen, who competed in both the senior and junior national championships and was a finalist in the backstroke events at the U.S. Open, began swimming at age 7 at Blue Buoy Swim School in Tustin. She soon moved on to Irvine Novaquatics. Her travels have been so extensive that she watched the London 2012 Olympic Games from a hotel room while on a swimming club travel trip.


“Just watching her grow in this sport has been amazing and to see her build her confidence and to realize what she’s capable of doing has just been wonderful to watch,” Joanna said.


Through it all, Courtney has developed a close bond with her dad. They talk often of the Los Angeles 1984 Olympic Games.


“He’ll tell me a lot of things that he experienced and how it’s changed,” Courtney said of her conversations with her dad. “He’ll give me stories like, ’Oh, back, in my day.’ He’ll just tell me about the Olympics and the opening ceremonies and stuff.


“It sounds really cool and I just want to do it myself.”


John is anxiously awaiting that special day.


“She’s a great student, she’s a great kid, she’s a great worker,” he said. “It’s just going to be fun to watch to see how her career, how her swimming blossoms over the years.”


Story courtesy Red Line Editorial, Inc. Paul D. Bowker is a freelance contributor for TeamUSA.org.



Olympian Dad To Youth Olympian Daughter: Have Fun

Malaysia booms as Najib beats growth goal luring new investment


While Prime Minister Datuk Seri Najib Razak’s government has already attained some goals since launching the economic programme in 2010, others are more far-reaching. — Reuters picSINGAPORE, Aug 13 — Chua Ma Yu, a Malaysian billionaire who made his fortune in the stock market, had big ambitions in 2008, when his CMY Capital Sdn. agreed with partners to build the 48-story St. Regis Kuala Lumpur.



The country’s first six-star hotel would feature 208 rooms and 160 apartments with housekeepers, butler service and a chef— in-residence. Two years later, the tycoon was still struggling with paperwork to start construction, Bloomberg Markets magazine will report in its September issue.



Chua met with Datuk Seri Idris Jala, the man in charge of Prime Minister Datuk Seri Najib Razak’s plan to lift Malaysia into the ranks of Asia’s wealthiest nations. Jala says he saw the St. Regis as a way to spark spending in tourism, one of 12 areas Najib, 61, was targeting for growth with tax incentives and expedited reviews. Jala helped streamline the paperwork, and Chua, 61, got approvals two weeks later. The government went on to create a one-stop centre to handle development applications.



“Investment is a precursor to economic growth,” says Jala, 55, who heads the government’s Performance Management and Delivery Unit, or Pemandu, which oversees Najib’s economic transformation programme. “If there is no investment, there are no new jobs and no growth.”



Growth targets



While Najib’s government has already attained some goals since launching the economic programme in 2010, others are more far-reaching.



In the first quarter of 2014, gross domestic product increased 6.2 per cent, surpassing the average of 6 per cent annual growth Najib wants to register through 2020. Per capita gross national income rose to US$10,060 (RM32,134) last year, crossing the US$10,000 threshold for the first time.



That’s still a long way from US$12,746, the latest World Bank definition of high income, and the US$15,000 the prime minister wants to achieve by 2020.



Najib’s plan involves diversifying Southeast Asia’s third— largest economy beyond oil and gas. He wants to foster skilled workers with improved education and increase investment to US$444 billion in the 12 areas his economic plan focuses on to add 3.3 million jobs by his self-imposed 2020 deadline. So far, RM219.3 billion has poured in, 84 per cent from private companies.



‘High-quality economy’



“I want to see Malaysia emerge not just with a high-income economy, but a high-quality economy,” he said at the Invest Malaysia 2014 conference in Kuala Lumpur on June 9.



The country is heading in the right direction, says Frederico Gil Sander, World Bank senior country economist for Malaysia.



The nation moved to No. 6 in the organization’s “Doing Business 2014” report on business-friendly nations, up from No. 12 in 2013 and No. 25 in 2007. The index, measuring 189 countries, covers everything from starting a company to dealing with permits.



“With the new economic model, there is now a road map for needed reform,” Gil Sander says.



Malaysia’s improving outlook is helping investors overcome perceptions that the country can be a difficult place to find talent, says Zainal Amanshah, CEO of InvestKL, a government agency created to lure global companies.



InvestKL has induced 38 multinational firms to set up regional headquarters around Kuala Lumpur — more than a third of his goal of 100 by 2020. International Business Machines Corp, the world’s biggest computer services company, announced a plan to invest RM1 billion in 2011 in a technology centre outside the capital. IBM debated whether it would find the right workers and transportation.



No shortcomings



“The shortcomings are no longer in play,” says Paul Moung, managing director of IBM Malaysia, who is satisfied with the decision.



Kuala Lumpur embodies Malaysia’s new confidence. Pedestrians stroll along refurbished walkways. Traffic zigzags around excavation for Malaysia’s first mass-rapid-transit system, the MRT, whose inaugural line is set to begin operations in July 2017. Cranes dot the horizon, and crews bathed by floodlights work until midnight. Dozens of skyscrapers are joining the 88-story Petronas Twin Towers, the world’s tallest buildings when they opened in 1999.



“The St. Regis will help put Kuala Lumpur on the travel map and create a new benchmark in the international luxury hospitality industry,” says Chua’s daughter, Carmen Chua, chief executive officer of One IFC Sdn., the property’s developer.



Shoe closet



The 31-year-old graduate of the London School of Economics and Political Science, who speaks English with a plummy British accent, shows visitors a model apartment, pointing out the walk— in shoe closet and stainless steel appliances.



Looming in the St. Regis sales gallery is a massive bronze horse by Fernando Botero. At 3.5 tons, it’s the biggest piece the Colombian artist has ever created and it eventually will move by crane to the St. Regis lobby. Art comes naturally to Carmen, who is curator of her father’s collection of Andy Warhol originals and other modern masterpieces.



Najib wants to increase tourism, health care and other services to 65 per cent of GDP by 2020 from 55.2 per cent in 2013. Melaka-based Kotra Pharma (M) Sdn. is investing RM60 million for a plant to produce infusion products. The government predicts the project will create 99 jobs and add RM35.2 million to gross national income.



Najib wants to lessen Malaysia’s dependence on oil and gas — even as state-owned Petroliam Nasional Bhd. is expanding amid a five-year, RM300 billion capital-spending effort. Petronas, as the company is known, has awarded contracts to Petrofac Ltd and others to develop marginal fields.



Oil revenue



In 2013, it opened a liquefied natural gas importing and regasification terminal in Melaka with the capacity for 3.8 million metric tons a year. And it plans to invest US$27 billion on a refinery and petrochemical development complex in the southern state of Johor.



The government expects oil and gas to make up 28.9 per cent of total revenue this year, down from 39.7 per cent in 2008 — a sign that even as Petronas grows, Malaysia is developing other industries.



One man who personifies Malaysia’s newfound entrepreneurial verve is Andrew Lee. He created a massive indoor model of Kuala Lumpur with its skyscrapers and proposed MRT system.



The 50-year-old founder of ARCH Collection Sdn. shows off rare maps and the future cityscape in his Kuala Lumpur City Gallery. Outside the 116-year-old brick building, tourists pose in front of Lee’s I Love KL structure.



The capital’s new transit system will help ease travel times that can exceed an hour by car for the 10-kilometre crosstown journey.



‘Game changer’



“We’re using this project as a game changer to show to the nation what can be done if you put your heart and mind to it,” says Azhar Abdul Hamid, CEO of MRT Corp, which is building the transit system.



Enticed by initial public offerings and rising corporate earnings, investors are piling into Malaysian stocks. The FTSE Bursa Malaysia KLCI Index, anchored by financial firms Malayan Banking Bhd. and Public Bank Bhd., hit an all-time high in early July.



One prominent Najib sceptic is his most-storied predecessor, Tun Dr Mahathir Mohamad, who was prime minister from 1981 to 2003. During his tenure, he laid out a 30-year economic plan known as Vision 2020.



‘So-called transformation’



“I find difficulty in understanding the purpose of this so-called transformation because we have been transforming all the while,” says Mahathir, 89, referring to Najib’s proposal in his shrine-like office adorned with carvings and photos of him with world leaders.



Mahathir claims credit for changing Malaysia to an industrial country from an agricultural one. He wooed chipmaker Intel Corp and other electronics firms, improved roads and started building the Petronas towers and the Kuala Lumpur International Airport.



Then the Asian financial crisis erupted in 1997. The ringgit plunged 53 per cent, and the benchmark stock index tumbled 52 per cent that year. While South Korea raised interest rates and opened capital markets to overseas investments, Mahathir imposed currency controls to keep foreign investors from fleeing. That worked for a while. GDP rebounded to 6.1 per cent in 1999 after contracting 7.4 per cent in 1998. Then growth began to slow.



Mahathir was a strong supporter of the nation’s policy of affirmative action for the majority Malays and other indigenous peoples, with quotas and subsidies in schooling and government jobs.



Najib’s rise



Singapore lured skilled workers looking for better opportunities, South Korea embraced advanced manufacturing, and some investors moved money abroad. Growth fell to 4.6 per cent in the decade that ended in 2010 from 7.2 per cent in the 1990s.



Prime Minister Tun Abdullah Ahmad Badawi, who spoke of easing the preferential policy, resigned in 2009 after his ruling coalition won 2008 elections by the slimmest majority since Malaysia’s independence from Britain in 1957.



Najib, then deputy prime minister, took over and went on to win a second term in May 2013. When he came to power in 2009, he began considering how to boost competitiveness, Pemandu’s Jala says.



Cabinet ministers held five retreats that year. They locked themselves in a conference room, switched off phones and debated. They agreed to tackle Malaysia’s fiscal deficit, which had widened to 6.6 per cent in 2009 from a surplus following the Asian financial crisis.



Improving education



“We didn’t like where Malaysia stood,” Jala says.



Malaysia narrowed the deficit to 3.9 per cent of GDP in 2013, in part by cutting fuel and sugar subsidies. It wants to further trim the gap to 3.5 per cent this year and 3 per cent in 2015, heading toward a balanced budget by 2020.



To attain Najib’s agenda, Malaysia must improve the quality of education, Gil Sander says.



Among 65 countries in the 2012 Programme for International Student Assessment, Malaysia ranked 52 in math, 53 in science and 59 in reading.



In 2012, Najib’s government started phasing in the teaching of math and science in Bahasa Malaysia, the language of the ethnic majority. Mahathir calls the move a mistake.



“Science is renewed every day almost, and you can’t get that in Bahasa,” he says.



The country has been more successful at revamping the oil industry and infrastructure, Gil Sander says.



‘Low-hanging fruits’



“In education, there are no low-hanging fruits; it’s tough reform,” he says. “The biggest challenge to sustainability of Malaysia’s economy beyond 2020 is raising the quality of education to developed-country levels.”



Perceptions about the government’s confusion in handling the March disappearance of Malaysian Airline System Bhd. Flight 370 have added to the need for change.



In mid-July, the airline faced a second tragedy, the loss of Flight 17. The jet was carrying 283 passengers and 15 crew when it was downed over Ukraine, killing all on board.



With two disasters in four months, the airline needs to take tough steps to overhaul its business, Najib said in a statement on August 8. Malaysia’s sovereign wealth fund, Khazanah Nasional Bhd., which owns 69.4 per cent of the airline company, offered RM1.38 billion to take the carrier private. It plans to delist the stock in an attempt to restore confidence in the debt-ridden airline. Details of the plan will be announced by the end of August, Najib said.



‘Complete overhaul’



“We believe our national carrier must be renewed,” Najib said. “Only through a complete overhaul of the company can we deliver a genuinely strong and sustainable national carrier.”



Jala was one of the few non-Malay, non-Muslim heads of a government-linked company when he served as Malaysia Airlines’ CEO from December 2005 to August 2009. He devised a way to track profits and losses for each of the carrier’s 110,000 flights during his tenure, Jala says.



Today, he keeps tabs on dozens of Najib’s economy— transforming initiatives in his Pemandu office with traffic— light system of green, yellow and red markers to show progress. In 2013, retail revenue exceeded the target, while solid-waste management was mired in red.



Jala says his job is to define the steps and keep the overhaul on track.



“A lot of people told me directly, ‘You guys are never going to do this,’” he says, using the MRT project as an example of an initiative that has overcome scepticism. “It’s now really happening.”



CMY Capital’s Chua, who’s known by his honorific title Tan Sri Chua, says he’s seen progress, too. Since he got his Jala— expedited approvals, Chua’s St. Regis is adding its silvery profile to Kuala Lumpur’s skyline and will open in November 2015.



“A lot of bottlenecks have been removed,” Chua says. “People find it easier to invest.” — Bloomberg



Malaysia booms as Najib beats growth goal luring new investment

Six ways to stay fit on the road

Keeping fit when you travel doesn’t get any easier when you’re trying to contend with too little sleep due to jetlag or extended working hours. Photo: NYT


David Flynn



Business travel and fitness do not go together.


Trust me on this. I’m pretty much a full-time business traveller and a very part-time ‘trying to get fit’ guy.


It’s not just that those trips get in the way of your home routine, but so many aspects of business travel are by nature anti-fitness.


Spending hours sitting in a plane? Tempting spreads at airport lounges and hotel breakfasts, plus those working lunches and dinners? They’re the easiest way to pile on the kilos.


Keeping fit when you travel doesn’t get any easier when you’re trying to contend with too little sleep due to jetlag or extended working hours.


I find that time is the biggest challenge when I’m travelling. My usual working day is at least 8am to 6pm, but being on the road can easily add a few hours either side.


And no matter how handy it is to have a hotel gym just one short elevator ride away, when you’re getting by with barely five hours’ sleep there’s really no time left over.


Even so, the basics of ‘eat less and move more’ remain the best guidepost for business travellers who want to stay in shape.


Here are six strategies I’m using – or trying to use – to stay fit on the road.


Inflight meals


This is easy enough: most airlines offer at least one healthy dish as a main meal. You can also order a ‘special meal’ in advance rather than rely on the usual “beef or chicken?” choice.


I tend to rely on airport lounges for a more substantial meal and then eat light during the flight. There’s much more variety, especially if you have access to a good first class lounge, and it’s all fresh.


This strategy also works well on long flights with stopovers.


On a recent British Airways flight from London to Sydney via Singapore, for example, it made more sense to skip the ‘breakfast’ served as we approached Singapore and enjoy a freshly- prepared dish of barramundi and cous cous at the Qantas Singapore Lounge before continuing on to Sydney.


Hotel breakfasts


Few meals on your business trip are as geared towards temptation as the morning buffet in a five-star hotel.


Ironically, however, the choice offered by a good breakfast spread works in your favour – provided you didn’t leave your discipline in the room. Scrambled eggs, soggy bacon and Danish pastries don’t put themselves on your plate.


Most hotels can whip up a healthy omelette made to order, with sides of fresh fruit, yoghurt and orange juice … even a piece of wholemeal toast, if you’re not avoiding the morning carbs.


Business lunches and dinners


A business lunch or dinner doesn’t have to mean copious food and booze.


Even if the menu doesn’t seem diet-friendly, be mindful of portion sizes and ask the waiter about leaving off any rich sauces which might otherwise smother your meal.


Add a large salad and a plate of steamed vegies for the table and you’re set.


As for alcohol, it depends on how seriously you’re watching those calories.


I rarely drink at home, but when I travel I’d rather not live like a monk. I limit myself to two standard drinks a day and choose which meals they’ll be served with.


Hotel gyms


Fitness-oriented colleagues tell me that hotels are finally getting serious about their gyms and going beyond the clapped-out bikes and a multi-purpose ‘home gym’ machine.


The best hotel gyms can now match up to slick fitness studios with cross-trainers, ample free weights plus machines and, in some cases, a personal trainer on call.


Just be sure that gym access is included in your room rate, as some US hotels charge extra for using the gym.


Hit the pool


If swimming’s your thing, there are few better ways to stay in shape than a daily swim at the hotel pool.


In fact, a dozen laps can be a perfect way to counter the lethargy of jetlag when you arrive at the hotel. It gets you moving and fires up those feel-good endorphins, which give you that much-needed energy boost, and also spurs your appetite.


Follow the swim with some protein and greens and your body will be in fine form to take you through the rest of the day.


Go for a run or walk


There’s no reason to stay within the confines of the hotel.


A morning amble lets you see the local sights in a healthy way, and many hotels now provide a runner’s map with suggested routes for pounding the pavement.


Want to mix things up a bit more? Search the web to see if the city has any regular morning or evening running meets where you can mingle with locals on a guided group run.


What are your top tips for staying fit on business tips?


David Flynn is a business travel expert and editor of Australian Business Traveller.



Six ways to stay fit on the road

Cosco"s Dalian yard wins deals worth over US$470 million

COSCO Corporation (Singapore) said on Wednesday that its Dalian yard has secured contracts worth more than US$470 million to build four subsea supply vessels.


The contracts, which exclude owner-furnished equipment from Maersk Supply Service, a part of A.P. Moller-Maersk Group, comes with options for two more vessels.


The vessels are scheduled for delivery in the fourth quarter of 2016 and first-half 2017, respectively


Cosco (Dalian) Shipyard Co Ltd is a subsidiary of the company’s 51 per cent owned unit, Cosco Shipyard Group Co Ltd.



Cosco"s Dalian yard wins deals worth over US$470 million

Malaysia to host World Youth Go Championship

PETALING JAYA: From Thursday, the Malaysian public can witness a showcase of the world’s oldest strategy board game when it hosts the 31st World Youth Go Championship from Aug 13-19, thanks to the Malaysia Weiqi Association.


“We are very excited to organise this prestigious event at the Mines Resort and Golf Club. Many top professional players today are past winners,” project director Ho Hock Doong told The Star.


The championship will see 24 participants from 14 countries and territories – namely Germany, Russia, Ukraine, the United States, China, Korea, Japan, Taipei, Thailand, Spain, Singapore, Romania, Canada and Malaysia – competing in the Under-12 and Under-16 categories.


Admission to the international event, which is sponsored by the Ing Chang-Ki Wei-Ch’i Educational Foundation, is free of charge.


“Organising the event puts Malaysia on the world Go map. This makes it easier for us to get funding and assistance, such as professional teachers and equipment, from major international Go institutions like the Korea Baduk Association,” Ho added.



Known as Weiqi in China, where it was invented over 2,500 years ago, the game is called Go in Japan, the country largely responsible for the game’s popularity.


Go’s appearances in popular culture include the Oscar-winning movie A Beautiful Mind and Tron: Legacy, as well as The Master of Go, a novel by Nobel Prize winner Yasunari Kawabata.


A firm favourite in East Asia, the game is fast gaining popularity in Europe and the United States, with more than 60 million players worldwide.


The opening ceremony, which will be officiated by the Olympic Council of Malaysia (OCM) secretary-general Datuk Sieh Kok Chi, will be held at 10.30am on Aug 14 at the Mines Wellness Hotel.


For more information, visit wygc2014.weiqi.org.my


Related articles:
Weiqi group hopes to increase game’s popularity among youths
Making waves on the world stage



Malaysia to host World Youth Go Championship

Islamic State Is Attracting SE Asian Fighters, Soufan Group Says

Islamic State is attracting a growing number of militants from Southeast Asia to fight in Iraq and Syria, raising the risk they will return to carry out attacks in their home countries, according to a U.S.-based security consultancy.


As many as 200 Indonesians and at least 30 Malaysians have traveled to Syria to fight with the Islamic State and other rebel groups via third-party countries such as Egypt and Turkey, said the report by New York-based Soufan Group, which provides strategic analysis to governments.


Participation by Southeast Asian nationals in the conflicts poses a risk for those countries because just as the Jemaah Islamiyah terrorist group, which carried out the deadly 2002 Bali bombings, sent Indonesians, Malaysians and Singaporeans to Afghanistan for military training, these militants may return to use their training to mount terrorist campaigns, the report said.


Related:


“Southeast Asian extremists will continue to take advantage of the perceived success and strength of the Islamic State to issue more calls for the creation of a caliphate in Southeast Asia,” the report said. A caliphate is an Islamic state.


The Soufan Group’s chief executive is Ali Soufan, a former Federal Bureau of Investigation counter-terrorism specialist. The Islamic State terrorist group, also known as the Islamic State in Iraq and the Levant, seizing on political drift in Iraq after April’s inconclusive parliamentary elections, grabbed swaths of northern Iraq in a campaign beginning in early June. The group has captured the city of Mosul, as well as smaller towns and key oil assets.


U.S. Strikes


U.S. President Barack Obama has ordered U.S. forces to attack Islamic State positions in Iraq to try to prevent the slaughter of Christians and ethnic minorities by the militants.


Iraq’s Brittle Nationhood


The Soufan report said that in recent weeks leaders of extremist groups in Indonesia and Philippines have pledged baya’, or allegiance, to the Islamic State. There are signs that Australian nationals are also joining the fight.


Most significantly, the new acolytes include Abu Bakar Bashir, the former leader of Jemaah Islamiyah and founder of the splinter group Jemmah Anshorut Tauhid, the report said, citing a photo it said was circulating online of Bashir and other men posing in front of the Islamic State’s trademark rayat al-uqab flag inside an Indonesian prison.


Severed Head


Evidence, some shocking, that nationals are traveling to join terrorists is turning up around the world. The Australian newspaper this week ran a front page photo tweeted by Australian jihadist Khaled Sharrouf, who fled to Syria last year using his brother’s passport, showing a young boy holding what’s purported to be the severed head of a dead Syrian soldier.


U.S. Secretary of State John Kerry yesterday described the image as one of the “most disturbing, stomach-turning, grotesque photographs ever displayed.”


Other groups have pledged allegiance, the Soufan report said.


The Abu Sayyaf terrorist group of the Philippines made the pledge in a video released on YouTube featuring long-time wanted extremist, Isnilon Hapilon, and 15 other militants standing in a circle in a jungle, the report said.


Hapilon reads from a script and his followers recite after him: “We pledge baya’ to Caliph Shaykh Abu Bakr al-Baghdadi Ibrahim Awwad Al-Qurashi Al-Husseini for loyalty and obedience in adversity and comfort.”


The Indonesian government has announced the banning of pro-Islamic State websites and propagation of its ideology, while Singapore has detained nationals who attempted to travel to Syria to fight with rebel groups.


Australian Prime Minister Tony Abbott’s government last week proposed legislation to strengthen powers to arrest, monitor, investigate and prosecute returning foreign fighters, prevent extremists leaving Australia and make it an offense to travel to certain areas without a legitimate reason.


To contact the reporter on this story: David Tweed in Hong Kong at dtweed@bloomberg.net


To contact the editors responsible for this story: Rosalind Mathieson at rmathieson3@bloomberg.net Andrew Davis, Tony Jordan



Islamic State Is Attracting SE Asian Fighters, Soufan Group Says

25c beer anyone? The secrets to staying longer and saving money while ...

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25c beer anyone? The secrets to staying longer and saving money while ...

San Francisco"s Historic Scarlet Huntington Hotel Debuts A Bold New Look

Perched atop tony Nob Hill, San Francisco’s Scarlet Huntington Hotel, a landmark building since it was constructed in 1924, reopened in May after a short closing with a new name and a colorful contemporary design. The $15 million renovation seems aimed at attracting a new generation of global travelers who prefer sexy, style-driven boutique hotels over classical grande dames.


Singapore-based Grace International, which acquired the Huntington Hotel in 2011, tapped San Francisco architecture and design firm Forrest Perkins to transform the interior spaces with a vibrant palette of scarlet, purple, gold, chartreuse, and black paired with a mix of patterns and textures. A cabinet in the lobby displays an array of colorful Peranakan ceramics that inspired the design concept. The Peranakan are descendants of Chinese traders who settled in Malaysia and Indonesia as early as the 14th century and migrated to Singapore in the 19th century, where they remain a vibrant hybrid culture known for their brightly colored and ornate ceramics and fashions. Grace International’s original Scarlet property in Singapore exudes a similarly vivacious style.


A bright red seating area under an original chandelier is a centerpiece of the new lobby.


Despite the infusion of modern Asian-flavored design, traditionalists will be pleased to see the hotel’s signature red brick façade, illuminated sign, and period character have been preserved—from its hand-carved wooden entry door to the decorative wrought iron and plaster work to the old mail chute, which is still in use. An original chandelier hangs over the bright red seating centerpiece in the lobby, blending old and new.


Imperial yellow, gold, black, and fuchsia combine in a sizable Premium Room with seating area.


Originally built as an apartment building, the Scarlet Huntington’s 134 rooms and suites (from $459 per night) are surprisingly spacious for a city hotel. The one-bedroom suites, for example, span more than 700 square feet and include separate living and dining spaces. Among them are three signature suites with thematic designs, such as the Mulholland Suite, appointed with Mulholland leather and a neutral color scheme that conveys a Northern California vibe. Meanwhile, the Opulent and Passion suites channel the brand’s Singapore Straits Chinese heritage with gilding, black lacquer, and intense colors.


The Passion Suite’s living room with an ornate carved and gilded ceiling.


But rather than modernize the hotel’s traditional Big 4 restaurant, named for the railroad barons who once lived in the neighborhood, Grace decided to preserve its old-timey, clubby ambience for a taste of old San Francisco. Much like the décor, which has been subtly freshened, the restaurant’s new Executive Chef, Kevin Scott, brings a lighter, more modern touch to the menu’s popular American classics with an emphasis on fresh, seasonal ingredients. “It’s such an old iconic American thing,” says Scott. “But we’re in San Francisco, and the city is a bounty of wonderful ingredients. I think we can keep the classics classic, but also update them with the seasons.”


The classic Big 4 restaurant retains its old San Francisco ambience after a subtle freshening of the space.


Read more about the art craft of luxury at Atelier.



San Francisco"s Historic Scarlet Huntington Hotel Debuts A Bold New Look

Thứ Ba, 12 tháng 8, 2014

Singapore Hotels Report Positive Performance for July 2014

STR Global’s preliminary July data for Singapore indicate positive performance in the three key performance measures.



Based on daily data from July, Singapore reported:


  • increases in supply (+1.8 percent) and demand (+4.4 percent);

  • a 2.5-percent increase in occupancy to 87.4 percent;

  • a 1.3-percent increase in average daily rate to SGD288.95; and

  • a 3.9-percent growth in revenue per available room to SGD252.41.

“Singapore reported increases in occupancy performance, achieving levels in the excess of 80 percent for the fifth month in a row”, said Elizabeth Winkle, managing director of STR Global. “ADR grew moderately for the month, resulting in an overall positive RevPAR performance, following two months of declines in this measure”.


STR Global will release July 2014 results in two weeks. The August edition of the STR Global Hotel Market Forecast will be available by the end of this month.




About STR Global:



STR Global provides clients-including hotel operators, developers, financiers, analysts and suppliers to the hotel industry-access to hotel research with regular and custom reports covering Europe, Middle East, Africa, Asia Pacific and South America. STR Global provides a single source of global hotel data covering daily and monthly performance data, segmentation data, forecasts, annual profitability, pipeline and census information. Hotel operators can join the surveys on a complimentary basis and benefit from free industry data. STR Global is part of the STR family of companies and is proudly associated with STR, RRC Associates, STR Analytics and Hotel News Now. For more information, please visit www.strglobal.com.


Logos, product and company names mentioned are the property of their respective owners.




Singapore Hotels Report Positive Performance for July 2014

Tan Tai Yong: Singapore"s 700-year history

Prof Tan co-authored a book on Singapore history together with Mr Kwa Chong Guan and Professor Derek Heng. In this article, Prof Heng shares his perspective on the book.


Singapore’s mainstream history until recently has been confined largely to a story that commenced in 1819 with the arrival of British colonialism and therefore the modern era, with the implication being that there was only a mere sleepy fishing village before that.


Research over the last two decades has, however, uncovered significant material – both textual and archaeological – that sheds substantial light on Singapore’s port-cities between the late 13th and 17th centuries, and the international history of Singapore’s waterways between the 16th and early 19th centuries.


These developments have enabled historians of Singapore to reconstruct aspects of Singapore’s pre-modern history.


The key findings are summarised in a book, Singapore: A 700-year History – From Early Emporium To World City, written by historians Kwa Chong Guan and Tan Tai Yong of the National University of Singapore, and myself, published by the National Archives of Singapore (available in bookstores at the end of next month).


This narrates Singapore’s history over the longue duree, giving a continuous account from the late 13th century.


Yet, the question remains to be asked: Does Singapore have a 700-year history? And more importantly, why should Singaporeans in the 21st century be concerned about events that occurred more than half a millennium ago? How can the pre-modern past be relevant to our present-day experiences?


Singapore: A 700-Year History puts forth the central argument that the Singapore of today is very much the same as it has been throughout its documentable history: a port-city par excellence.


If one were to put aside the apparent differences in ethnic composition, ancestry, and contextual issues such as technology, a longer chronological perspective can accord us a better understanding of the present social, economic and cultural state of affairs in Singapore.


Take demographics.


Presently, approximately one-quarter of the population comprises foreigners.


Why is there such a large contingent of foreigners? How unique is this in Singapore history? How should citizens view the presence of so large a group of foreigners in their midst?


One common way of framing this issue has been to argue that our forebears were immigrants who came during the British colonial era, and so we should continue to be accepting of new citizens and foreigners in our midst.


Yet this may dilute the notion of exclusivity of a nation- state, particularly since most Singaporeans have been domiciled in Singapore for many generations.


Extending our perspective into the pre-modern past opens up new dimensions.


What we then see is the recurring theme of manpower challenges that societies in our immediate region have faced over the centuries, borne out of the absence of a large indigenous population, creating the need to co-opt foreigners of exceptional ability to contribute to the well-being of society.


This has been a constant imperative for Singapore’s successive societies over the centuries.


Indeed, Asian port-cities, whether pre-modern, colonial or present-day, have had populations that are multiethnic, highly mobile and constantly renewed by inward migration.


Today’s practice of including foreigners, particularly those of exceptional talent, as a critical part of Singapore’s population is part of a longer history of such practices by port-cities in the region.


Indeed, understanding Singapore’s past from a 700-year perspective gives us a more nuanced understanding that our situation as a small country finding its way in a harsh asymmetrical world order is not just a post-1965 reality.


As a small port-city, Singapore’s fortunes have waxed and waned with the vicissitudes of history – but it has so far been able to reinvent itself to stay relevant into the 21st century.


The triumphalist narrative of Singapore’s 20th century success against the odds due to the visionary foresight of great leaders past and present has to be viewed against the historical backdrop of Singapore’s past successes.


Modern Singapore’s resounding success has to be understood against the historical milieu, with the options available to these leaders determined by larger forces beyond their control or influence.


As an example, Sri Tri Buana (or Sang Nila Utama) could found Temasek in the late 13th century because the nature of China’s maritime economy then – with large numbers of Chinese merchants and ships arriving in South-east Asia to trade – fostered the proliferation of ports that met the needs of this highly mobile Chinese procurement network.


This network was in turn sustained by a large demand for South-east Asian natural products in China. Such a context did not exist prior to the 13th century.


Conversely, Temasek became depopulated by the early 15th century because China, by then under a new political regime (Ming dynasty), no longer permitted Chinese traders to move or trade abroad freely, and instead appointed Malacca as the junior partner in its interactions with the region under a newly instituted tributary system.


These changes in the policies of China, historically a first-tier state in Asia, were often motivated primarily by internal concerns, but ultimately had international ramifications, particularly on small Asian countries.


Clearly, such drastic changes through the centuries have required Singapore’s leaders to exercise great intelligence in making choices that will enable the country to adapt to the new circumstances.


However, the lesson that may be learnt from Singapore’s long history is that a resultant improvement in the country’s state of affairs is not necessarily a given.


Indeed, its very nature as a port-city dictates that the island’s survival and prosperity are completely dependent upon external economies, cycles and even international politics.


Such a historical reality may seem dire to many Singaporeans.


However, a number of optimistic points may be noted.


First, Singapore as an independent city-state is not a historical anomaly, but is in fact our historical tradition and legacy.


Since independence in 1965, Singapore has been resuming its traditional role as an Asian port-city, and may be seen as the late 20th/early 21st century successor of a series of port-cities that existed in the region since the first millennium AD.


Second, such an exercise, encapsulated in the book Singapore: A 700-Year History, is living proof that the Singapore Story is not cast in stone.


The story shared by Singaporeans who lived through the post-colonial era has been one viewed through the traumatic lens of colonial betrayal, ethnic tension and separation from the Malay Peninsula hinterland.


Post-1965 Singaporeans have no notion of such trauma in their social consciousness, and are instead having to constantly compete in the global arena.


This group may find immediate association with a Singapore Story in which successive generations have had, over centuries, to negotiate the vagaries of larger regional and international forces.


In this regard, the Singapore Story is a collective social narrative that can, and should be, owned by each successive generation of Singaporeans.


It is the hope of the authors that the book would be a contribution to this collective endeavour.


The writer is an assistant professor at the Department of History, Ohio State University, in the United States.



Tan Tai Yong: Singapore"s 700-year history

Markets Live: Fireworks ahead of CBA profit


1:12pm: As predictable as frost in winter or the All Blacks taking home the Bledisloe Cup, the Commonwealth Bank is set to announce another record profit.


Analysts expect Australia’s biggest bank to announce a cash profit of around $8.7 billion in its full year results tomorrow morning, up about 11 per cent on a year ago.


‘‘One thing I can say with certainty is you’re going to see a record profit, it’s just going to happen,’’ IG market strategist Evan Lucas says.


What’s less certain, however, is how the market will react to the result for the 2013-14 financial year. While a profit increase of about 11 per cent is nothing to sneeze at, it’s well known that Commonwealth shares are a long way from cheap.


Lucas says the bank, which has a market capitalisation of around $131 billion, is currently trading at around 2.14 times the value of its assets.


‘‘That makes them well and truly the most expensive bank on the planet in terms of price-to-book and they still have a market cap that is higher than all of Germany’s banks combined,’’ he says.


But Lucas says if CBA beats analysts’ expectations, which it has a history of doing, and lifts its dividend, then its shares should rise.


‘‘If they deliver on the dividend and they deliver on the cash profit, there’s no reason why the share price won’t go up.’’


Morningstar analyst David Ellis says the bank has benefited from the growing housing market, which is likely to have boosted its loan book by about 6 per cent.


And he expects the bank’s net interest margin – how much money it makes on its loans – to have held up ok as lower funding costs offset the impact of cut-throat lending competition among the big four banks.


‘‘While there is certainly intense competition for loans, there has also been a very pleasing material easing in funding costs,’’ he says.


Shares are up 1 per cent at $81.22, but still well below the record high of $83.92 hit on July 31.



Markets Live: Fireworks ahead of CBA profit

MasterCard, Visa face adoption challenges with respective digital wallet services

MasterCard and Visa possess shiny, relatively new toys in their respective digital wallet services.


MasterPass and Visa Checkout are intended to give consumers a better experience shopping online across numerous devices, particularly on a mobile phone. That, in turn, should help merchants better deal with the dreaded cart abandonment outcome as a result of a complicated checkout process.


But while those services might seem attractive sitting in the sandbox, both companies might have trouble convincing consumers and merchants to come out and play with those toys.


“The issue both Visa and MasterCard have with their efforts is that neither one of them has a direct connection to either side of the purchase,” James Wester, research director of global payments for IDC Financial Insights, told Mobile Payments Today. “They have a connection to an issuer and they have a connection to a merchant bank, but there’s nothing they can do to directly influence what consumers or merchants do.”


Visa marketing muscle


Visa will use a heavy marketing push for Visa Checkout, which the company introduced last month to replace the V.me digital wallet in Australia, Canada and the U.S.


The company showed two 30-second commercials last month during a press event to announce Visa Checkout. A YouTube search revealed some more commercials, including a Visa demo meant to explain to consumers how the digital wallet works.



Visa announced initial Visa Checkout partnerships with Pizza Hut, Staples, United Airlines and U.S. Bank. Newegg added the service last week.


“Commerce is just beginning to move from the physical stores to the PCs, tablets and mobile devices, and it’s not going to stop,” Visa CEO Charlie Scharf said during the press event. “These devices have replaced cameras, calculators, books and more, and they will drive payments from plastic to digital. Our job is to enable this change in a way that is simple and secure.”


As MasterCard and Visa seek to add merchant acceptance for their respective services, Wester believes Visa might have a small advantage thanks to its connection with e-commerce retailers through online payments processor CyberSource. Visa acquired CyberSource in 2010.


“But [Visa] still [doesn"t] have that direct connection to consumers, and they have to be very careful about that direct connection because that’s what their issuers do,” Wester said. “The only thing they can do is use their considerable branding muscle to try and change consumer perception of how to buy online. I’m not certain what other options they have.”


Visa might have made a direct connection with consumers with a standalone mobile wallet, but the company will not go in that direction. Scharf dismissed the idea when a reporter asked him about a mobile wallet following the presentation.


“A lot of things get conflated into the wallet mentality,” he said. “When you talk to consumers about the core benefit that they’re looking for, and frankly most consumers don’t understand the concept of a digital wallet, to be honest with you, they always go back to simplicity. We know that’s what we do as a company.”


MasterPass plan


MasterCard’s approach to solving current e-commerce problems for consumers and merchants is similar to Visa. In fact, the companies share almost a comparable line of thinking when it comes to mobile wallets.


“I’m going to kid myself and think I’m going to have millions of people download a MasterPass app,” Vib Prasad, head of MasterPass Global, told Mobile Payments Today in a recent interview. “Fundamentally what MasterCard has really been successful at is enabling partners to help embed the MasterCard brand into their own experiences, and we’re doing the same thing with digital.


“If it’s a mobile banking app, we want to be integrated into it. If it’s a merchant’s shopping app, we want to be integrated into it. It’s less about creating something new.”


Banks and merchants in the past year have created new experiences riding the MasterPass rails.


Last month, Standard Bank in South Africa launched a MasterPass-enabled mobile banking app. Poland-based uPaid switched its wallets users to MasterPasss when MasterCard replaced the MasterCard Mobile product that had been active in the country for three years.


MasterCard in July announced it would extend MasterPass’ capabilities to in-app payments this month. Retailers can use an API to embed MasterPass as a checkout option within a mobile app, mobile website or desktop app. Starbucks Australia and Shaw Theatres Singapore are among the first merchants to add this feature.


Prasad believes MasterCard has the right service for merchants to solve what he described as a “persistent omnichannel problem” across different devices, and even brick-and-mortar locations.


“The merchants are trying to figure out the omnichannel space for consumers to have better tech experiences,” he said. “They are trying to put it all together.”


Whether that is enough for merchants to enable MasterPass acceptance remains to be seen. Wester, however, believes merchant are not quite convinced digital wallets solve cart abandonment.


“Until they find [a way to solve cart abandonment], I don’t think merchant are going to choose any one solution,” he said. “It’s going to be very tricky for both Visa and MasterCard to say at this point, ‘Look we don’t really don’t have many people who are active users of our digital wallet. We do, however, know there are billions of cardholders out there.’ But merchants are savvy enough to know that doesn’t necessarily correlate to a lot of users.”


Photo courtesy of roujo. 




MasterCard, Visa face adoption challenges with respective digital wallet services

Shaking Up a Singapore Festival

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Shaking Up a Singapore Festival

Eight Years Of Governor Gabriel Suswam"s Administration In Benue State: What ...

Rt. Hon. Gabriel Torwua Suswam CON, Ph.D. was elected governor of Benue State in 2007. Prior to his election as governor, he had served two terms as a Member of the House of Representatives representing Katsina-Ala/Ukum/Logo federal constituency.



Gabriel Torwua Suswam





His role in the National Assembly, especially as the House Committee Chairman on Appropriation, cannot be forgotten in a hurry. He was grossly involved in the Ministry of Education budget bribe scandal that rocked the National Assembly. President Olusegun Obasanjo made a pronouncement concerning the incident that made Professor Fabian Osuji, the then Minister of Education, lose his job and was subsequently tried by the anti-graft agencies. His colleagues in the House gave Rt. Hon. Suswam a soft landing as he was only removed as the Appropriation Chairman to another committee.


President Olusegun Obasanjo’s reservation about Gabriel Suswam continued even though they were in the PDP together. The President then while presenting PDP flags to governorship ccandidates of the PDP during the North-Central rally held in Lafia in 2007, public declared Suswam a “big thief”. The way he emerged as the Candidate of the PDP in the governorship primaries was also questionable. Suswam lost in the first ballot and instead of going into a run off, the then Governor, now Senator George Akume, asked some aspirants to donate their votes to Suswam and that was how he became the candidate of the PDP.


After the general elections in April 2007, Governor Suswam emerged winner in an election that was alleged to be marred with irregularities. The candidate of the ANPP in the election, Prof. Daniel Saror, challenged the results before an election petition Tribunal. The Tiv elders and stakeholders persuaded Prof. Saror to withdraw the petition against Suswam. He did.


During his inauguration on May 29, 2007, Governor Gabriel Suswam had this to tell the people of Benue State among other things in his inaugural speech “In accepting your mandate here today, I pledge before you all, before my creator, the only Living God I serve, that I desire to give my people no cause whatsoever to regret. I desire and pray the Almighty God to make me surpass the achievements of my forbearers who have brought us this far….Our administration is committed to creating a transparent, honest and egalitarian society based on the rule of law. We shall therefore wage a war against corruption just as we shall insist on high standards of probity and accountability from public officers. This administration shall promote greater transparency in the handling of government business and shall insist on due process in all government transactions…For, according to Thomas Jefferson; one of the foremost of American presidents, ‘when a man assumes a public trust, he must consider himself a public property’. I agree absolutely with this thesis.”


Today, 7 years and counting into the life of the administration of Gabriel Suswam, the people of Benue have had cause to regret why they voted him over the ambitious young man from Anyiin, Logo Local Government Area into office as Governor of the State. He has distanced himself from his inaugural speech and engulfed himself in deep corruption, dishonesty, lack of transparency and above all, disservice to his people. His quest for material acquisition knows no bounds. In fact, on several occasions, he has openly bragged that he would like to be the richest Tiv man.


The people of Benue State, on realizing how corrupt Governor Suswam is, voted him out during the general elections in 2011. However, he was able to use his PDP connections to ensure that all election petitions challenging his re-election were not heard and determined on their merits. The judiciary actively supported this venture. In the end, Benue’s scarce resources were heavily depleted.


Corruption has become synonymous with Governor Gabriel Suswam. The governor, during his first term, was able to call back contractors that had abandoned real projects in the state to return and complete them with monies the previously collected from the state Government. He became the self-acclaimed “Mr. Infrastructure”. He spent money on the Greater Makurdi Water Works, cajoled President Jonathan to commission the project without any reticulation. There is acute water shortage in Makurdi town and environs. A similar fraud took place in Otobi and Katsina-Ala water works. So many lives have been lost due to cholera outbreaks in the so-called greater water works towns.


Local governments in the state have remained financially incapacitated. Funds meant for the local government are continuously used to finance the Governor’s luxurious and flamboyant life style at the detriment of workers. The governor jets out of the country every week to attend parties and night clubs in Dubai, Las Vegas, and the US with friends. We have not forgotten the cost the state incurs in accommodation at a penthouse in Dunnes, Abuja where one of his mistresses stayed for over four years before a house was bought for her. A permanent Presidential Suite at Abuja Transcorp Hotel, all financed from the till of the State government. The Governor is always gallivanting the world in search of investors especially Thailand, Malaysia, and Singapore (where beautiful women abound). No single investor has come to Benue since 2007. What an irony!


The claim by the Governor that his inability to pay workers in the state is due to dwindling allocations from Abuja is a mere fallacy. Are other states not affected by same scenario, why do they pay their workers? Teachers just suspended their 10 month old strike in the interest of the pupils. It was not government met their demands. Workers downedtools on July 31, 2014 to protest the illegal and criminal deductions of their salaries on the directive of the governor in order raise money and pay the teachers. What a way of robbing Peter to pay Paul? Leave and transport allowances have not been paid to civil servants since the inception of the Suswam administration in 2007.


His wife, architect Yemisi Suswam, has also not helped matters. All the few major contracts such as the Makurdi International Market, completion of work at Benue State University Teaching Hospital, and the Law Faculty building of Benue State University, Makurdi were carried out by her own company, Metropole Nigeria Limited. With impunity, she built the Wuye International Market Abuja on a Build, Operate, and Transfer (BOT) basis. Mr. President recently commissioned this market. She has acquired so many properties all over the country and abroad. So much state funds have been diverted into her SEV-AV Foundation that has not positively impacted the women of the state.


The people of Benue have every reason to regret ever voting Governor Gabriel Suswam into office as Governor of Benue State. Insecurity is the order of the day in Benue State, occasioned by Governor Suswam’s patronage of thugs and cultists. He armed these thugs and cultists who facilitated his rigging of the 2011 election. These arms are now being used against the innocent people of Benue State. Recently, a PDP chieftain and close ally of the Governor from Kwande Local Government was arrested by the police in respect of gun running. Armed robbers were arrested by the CID State Headquarters and they confessed that this PDP chieftain provided the guns they were using. The police acted swiftly and arrested the chieftain. The governor immediately intervened and the police released him. Whether he will ever be charged is another thing.


The role of the Governor in the Tiv/Fulani crisis in the state has left so much to be desired. The governor and his government completely neglected the internally displaced persons.


Another act of the governor that left the Benue people in bewilderment is the misappropriation of the N500m that was released by the federal government to the victims of the flood. While other states immediately disbursed the funds, the reverse was the case with Benue. The governor at first directed all the victims to vacate the camps, claiming that they will get to them later. When it became obvious that the money was no more, a Benue lawyer went to court to find out what had happened to the money. He was castigated by the governor who claimed that LGs that were affected were to submit bills of quantity for the construction of primary schools. Last we checked, the money was misappropriated. What a shameless act!


Finally, Governor Suswam has left the administration of the state, which is what he was elected to do and focused attention on the Benue North-East Senatorial seat. He has spent so much money in paying for endorsements from the people. Any way, the people are wiser now and will be able to elect a true representative. Governor Suswam’s ambition to go to the Senate is not to serve. It is just to shield him from prosecution for corruption and abuse of office that he will face at the end of his tenure as Governor. May God forbid this move by Suswam.


I wish to use this opportunity to call on Mr. President, the PDP, and friends of Benue to condemn these acts of Governor Suswam. Let no one deceive Mr. President and the PDP by claiming that Governor Suswam can deliver Benue to PDP in 2015. In fact, Suswam has made the PDP very unpopular in Benue State.


What will Governor Gabriel Suswam be remembered for after serving Benue State for eight years? Benue has paid the price for electing a mediocre man governor. Let us be wise in 2015.


OKPE ODAUDU, Public Commentator



Eight Years Of Governor Gabriel Suswam"s Administration In Benue State: What ...