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China is doubling down on efforts to keep unprofitable factories afloat despite for years pledging to curb excess capacity, adding to a glut of basic materials flooding the global economy. The country’s overproduction of steel, aluminum, diesel and other industrial goods has driven down prices and crippled competitors, leading to thousands of lost jobs in the U.S. and elsewhere. China’s continuing aid for unneeded factories is triggering a sharp rise in trade disputes and protectionist sentiment, especially in the U.S., where trade has emerged as one of the pivotal issues in the U.S. presidential election. According to a Wall Street Journal analysis of Chinese public companies, Chinese government support includes billions of dollars in cash assistance, subsidized electricity and other benefits to companies. Recipients include steelmakers, coal miners, solar-panel manufacturers, and other producers of other goods including copper and chemicals. One beneficiary,Aluminum Corp. of China, or Chalco, said in October one of its units would shut down a roughly 500,000-ton-per-year smelter in the far-western Gansu region as it struggled to make profits. Executives prepped for thousands of layoffs. Then Gansu officials slashed the plant’s electricity bill by 30%, employees say, and the factory was saved. Although a portion of capacity was taken offline, most is operational. “We’re in full production now with 380,000 tons of capacity,” said Fei Zhongchang, a company sales manager. Chalco’s press office and local government officials didn’t respond to requests for further comment. In Europe, workers have joined protests against Chinese steel imports. Australia has investigated dumping of products including solar panels and steel and India has raised import taxes on steel after a surge of cheap Chinese goods. The U.S. launched seven new investigations into alleged dumping or government subsidies involving Chinese goods in the first three months of this year, more than the same period of any other year dating back to at least 2003, government data show. Earlier this year, the U.S. Commerce Department slapped preliminary import duties of 266% on imported Chinese cold-rolled steel. The decision came after U.S. Steel Corp. lost $1.5 billion last year, closed its last blast furnace in the South and laid off thousands of workers, blaming China. Late last month , U.S. Steel filed a trade complaint against China at the International Trade Commission, alleging price fixing, trans-shipment via third countries to avoid duties and cyber-espionage to loot technology off U.S. Steel computers. China’s Commerce Ministry has urged U.S. authorities to reject the complaint, and said allegations of intellectual property infringement “are completely without factual basis.” China says it isn’t guilty of dumping—or selling a product at a loss in order to gain market share—and calls U.S. and EU measures and investigations forms of protectionism. It says it has mothballed factories and intends to cut more, with plans to lay off up to 1.8 million steel and coal workers. Officials say it is natural for complaints against China to increase as the country takes on a large share of global trade. “As the largest trader in goods, it’s quite understandable for us to have so many” complaints, China’s Commerce Minister Gao Hucheng said recently. “We need to take it as it comes and live with it.” One way of tracking China’s support is by looking at subsidies reported in corporate filings on the country’s two main stock exchanges in Shanghai and Shenzhen. According to a Journal analysis of nearly 3,000 domestic-listed Chinese companies in 2015, reported government aid rose to more than 119 billion yuan, or more than $18 billion, last year compared with about 92 billion yuan in 2014. Reported subsidies have risen roughly 50% since 2013, based on figures from Shanghai data provider Wind Information Co. Under Chinese accounting standards, such aid can be cash or other perks like subsidized power or land, but doesn’t include some other support, such as capital injections from the government as an equity shareholder. Recipients include an ethanol producer that said it was promised as much as 40 million yuan ($6.1 million) in subsidies in the first three months this year because of “grave operating circumstances.” A producer of titanium dioxide—which is used in products such as paint and sunscreen—won about 28 million yuan ($4.3 million) in cash assistance as it seeks to expand in the North America and elsewhere. Another company, Yunnan Aluminium Co., obtained nearly 500 million yuan ($77 million) in subsidies since late 2015, securities filings show. In the first half of 2015, the company says its production of alumina—the starting material for smelting aluminum metal—jumped 40%, even as revenue sank amid weakening prices. Company representatives didn’t respond to requests for comment. An official at the provincial Department of Finance, which administered much of the cash aid, said it acted to protect Yunnan Aluminium’s 10,000 jobs. “The government’s aim is to help maintain social stability,” the official said. Other countries, including the U.S., offer substantial support for struggling industries. Experts cite differences in China, which they say is less open about its use of subsidies and more inclined to use them to promote exports. China has repeatedly said it would shutter unneeded factories, without following through. The need for capacity cuts in China has long been apparent. More than 40% of its major steel companies were losing money in the first half of 2015, according to the China Iron and Steel Association. China’s Ministry of Industry and Information Technology, which oversees the steel industry, told the Journal in 2014 that authorities were already “in the process of implementing” capacity reductions. Since then, Chinese crude steel production has fallen 2% year-on-year in 2015 to about 804 million metric tons. But industry experts in China, the U.S. and Europe say a further 200 million metric tons of capacity—or about 25% of China’s production—needs to be cut to restore market balance. China’s steel exports jumped around 20% last year to 112 million metric tons, according to customs data. A 63-page “investigation initiation checklist,” filed last year by U.S. Steel Corp., Nucor Corp. and the United Steelworkers union to demand import tariffs on rolled steel, found 44 separate subsidy programs, including seven that give Chinese steelmakers cheap or free land, iron ore, coal, and power; eight that offer discount loans; 15 tax breaks; and 11 programs that give companies money directly. Some of the programs date back years, but others were active in the past 12 months, including subsidized export loans, the document showed. “It’s the whole range of practices that keep these zombie companies alive,” said Roger Schagrin, a lawyer for U.S. steelmakers. At the time, a spokesman for China’s Commerce Ministry said restrictions on Chinese steel would not solve the global overcapacity problem, and encouraged Chinese steel companies to defend their rights. Other Chinese products rattling markets include diesel fuel, with Chinese exports rising nearly 80% in 2015 over 2014, according to customs data. China has loosened restrictions to let private refiners export fuel for the first time, given weak domestic demand. While U.S. energy companies shed staff, China’s by and large haven’t. Refining giant China Petroleum & Chemical Corp., whose net profit fell by 30% in 2015, told the Journal no employees have been laid off since late 2014 when oil prices began to fall, and that it had “no plan for any future layoffs.” The company, also known as Sinopec, employs about 351,000 people. China’s aluminum production, meanwhile, rose to 32 million tons in 2015, double the level in 2005. Exports soared to 6.7 million tons from 2.6 million during the same period, helping push global prices down 40% in the past five years. The number of smelters in the U.S. has fallen to four from 23 in 2000, destroying thousands of jobs. Tensions over lost jobs reflect wider frustrations that China hasn’t lived up to all the promises it made when it joined the World Trade Organization in 2001. According to data collected by the WTO, China accounted for around 25% of all anti-dumping measures reported between 1995 and 2014, more than any other nation. The U.S. was the target in about 5% of measures, the data show.

http://www.tremeritus.com/2014/02/23/gic-continues-to-use-officers-involved-in-insider-trading/ GIC continues to use officers involved in insider trading February 23rd, 2014 | Author: Editorial A reader has written in to let TRE know of a case where GIC officers caught for insider trading were allowed to continue to work in GIC. The insider trading case involved 3 GIC staff in 2003: Lim Kee Chong, Teng Cheong Thye and Choo Yong Cheen. The case surfaced in 2004 and was reported by international media when the Financial Services Agency (FSA) and the Securities and Exchange Surveillance Commission (SESC) of Japan reported the matter to the central bank of Japan. The Associated Press reported the incident on 21 Oct 2004 [Link]: Singapore’s central bank said Thursday it has fined three employees of the government’s secretive investment fund for insider trading involving shares of a Japanese financial company. Lim Kee Chong, Teng Cheong Thye and Choo Yong Cheen were fined a total of 710,000 Singapore dollars (US$422,700; euro 346,000) for the offense, the Monetary Authority of Singapore said in a statement. The employees of the Government of Singapore Investment Corp., or GIC, sold the shares of Sumitomo Mitsui Financial Group Inc. last year after obtaining confidential information that the company planned to issue new shares, the statement said. When news of the issue was made public, investors sold the stock due to fears that the additional supply would reduce the value of Sumitomo Mitsui’s existing shares. By selling the shares before the announcement, the employees avoided a loss of S$710,000 for the GIC – the same amount they were fined. Singapore’s Securities and Futures Act imposes fines of up to three times the profit – or loss avoided – from insider trading. The GIC wasn’t penalized and the employees will not face criminal charges, the statement said. TRE was not able to find the said statement on MAS website anymore. However, we were able to find an old statement on FSA website. FSA is the Japanese government organization responsible for overseeing banking, securities and exchange, and insurance in order to ensure the stability of the financial system of Japan. The agency operates with a commissioner and reports to the Minister of Finance. It also oversees the Securities and Exchange Surveillance Commission (SESC) and, the Certified Public Accountants and Auditing Oversight Board. According to the 2004 statement from FSA website [Link], the 3 GIC staff did “insider trading involving Japanese securities market”. It said that the kind of insider trading committed is called “cross border transaction” which is a securities transaction in a Japanese securities market by a foreign resident. FSA further said, “The enforcement action by MAS has come as a result of our request of investigation into and providing information of a suspicious case of insider trading, which was detected by the Securities and Exchange Surveillance Commission of Japan (SESC), based on the bilateral Memorandum of Understanding (MOU) with MAS on the sharing of information on securities matters.” Excerpt of the statement has been screen captured by TRE and appears below: The TRE reader wrote: The leader, Mr Lim Kee Chong, settled the civil suit against him. Two others, Teng Cheong Thye and Choo Yong Cheen, were also found guilty in the civil suit then. They accepted the civil suit and were fined various amounts and were also suspended from work. They remained in GIC. Teng left GIC in late 2012. Both Lim and Choo are Managing Directors of GIC now. In fact, Lim is the Group Deputy Chief Investment Officer. A check by TRE on GIC website [Link] confirmed this. Indeed, Lim Kee Chong is now the Deputy Group Chief Investment Officer: Choo Yong Cheen is part of the GIC Investment Groups (Special Investments). He is currently in-charge of direct investments in Asia as well as funds and co-investments in Asia and the emerging markets: The TRE reader further added: Based on the MAS’s Guidelines on Fit and Proper Criteria (revised on 7 August 2012), one of the factors that is relevant to the assessment of the honesty, integrity and reputation of a relevant person is in clause 13(i) of the Guidelines: has had any civil penalty enforcement action taken against it or him by MAS or any other regulatory authority under any law in any jurisdiction. He then asked the following questions: Have Lim and the other two been subjected to the same standards of test that I am told every financial industry practitioner is put through? If not, why? If so, does it mean they were wrongly punished by the 2003 civil penalty? In fact, further checks by TRE revealed that Deputy Group Chief Investment Officer Lim Kee Chong’s name was in the industry-related sanction list of the US-based CFA Institute. CFA Institute [Link], is a global association of investment professionals. The organization offers the Chartered Financial Analyst (CFA) designation, the Certificate in Investment Performance Measurement (CIPM) designation, as well as the Claritas Investment Certificate. On its website, the CFA Institute has a section which lists individuals who, since 1 January 2000, are currently serving public disciplinary sanctions for violations of the CFA Institute Code of Ethics and Standards of Professional Conduct or have resigned their memberships while under investigation for industry-related misconduct. Public sanctions for industry-related conduct may include the followings [Link]: Censure Suspension from the CFA Program Suspension of membership Suspension of the right to use the CFA designation Permanent prohibition/suspension from the CFA Program Revocation of membership Revocation of the right to use the CFA designation Summary suspension In the case of Lim Kee Chong, the CFA Institute conducted its own hearing in 2010 and found Lim to have violated the CFA Institute Code of Ethics and Standards of Professional Conduct with regard to the 2003 insider trading incident. This was later affirmed by another review panel in 2011. This is what the CFA Institute said of Lim: It’s not known if Lim voluntarily disclosed his past insider trading case to the CFA Institute in 2010 or the CFA Institute found out about it 7 years later. It’s also not known if the MAS knew about the CFA Institute’s hearing of Lim Kee Chong case in 2010, 7 years after the insider trading incident. The delay of 7 years to come to the attention of CFA Institute remains a mystery.

Below is the exact article posted on the Today Online just 4 hrs 13min ago. It did not mention the > $10million that was awarded shortly after. Hope I am not violating any rule and regulation by posting this here. I am giving respect by not putting any personal comments just FACTS, as laid down clearly in the other thread. Happy reading... By Teo Xuanwei - 4 hours 13 min ago SINGAPORE

Dear all, I had 2 bad encounters with the Malaysia TP while i was in JB yesterday evening for a short makan trip. I will post the stories as detail as possible in hope to receive useful tips on handling such situations that may be useful for other bros out here. Encounter 1 Location: Jalan Keris (Seafood Zichar) Time: approx 7.30pm My friend (as a the driver) and I was going to the zi char along Jln Keris and was looking for a parking lot outside the Shell petrol station. Being rather unfamiliar with the road, we made a wrong turn into a one way street just outside the shell petrol station. There was however, no traffic at that time. Within minutes, a Msia TP came up to us and signaled us to move over to a junction. We then noticed that there was a temporary "tentage" set up by the TP near the junction, supposedly to catch people. Both of us were asked to sit inside the tentage area and together with us, there were 3 other TP in the tentage. TP : Do you know what happened? Us : No Sir. TP : There is a no left turn sign but u all turned left and wait for carpark there. Genuinely not noticing the "no turn left sign", we replied: Us : Sorry sir, we are unfamiliar with the roads there and didnt notice the sign.... TP : Like that is... $300 compounded fine! your passport and driving license? Suay suay my friend didn't bring his driving license along and... TP : Never bring ?! That will be double! $600 fine. Us : Sir... give chance la... we only came here for makan and going back already... TP : Give chance?? how u want to give chance? Us : We wont do this again sir... (pretending to act blur) TP : now u tell me u tell me how u want me to give chance? Us : huh?? TP : there is 3 of us here.... what you want to do? Us : ok sir... i pay fine on the spot la. TP : how much you wanna pay? Us : *thinking a while* sir i only have 50 over ringget la.... 30 can or not ? TP : 30 ?????? 40... 40.... Us : Sir !! need $ for makan la...! TP : hmm... ok ok...... u back into your car and put the money inside your passport and give me. After doing what he said.. he like scribbling something on a messy stack of paper, seems like writing our IC no down. Us : Sir! $ u take already, then u record for what???? TP : No no no... this one is write only... no record no record.... Us : you sure or not ?! wait later i receive summon?! TP : sure sure sure ! you dun believe u get my name and police code and call me. Us : HOW TO CALL YOU ??!! (looking at the 3 of them, all their uniform no name tag or pass or whatsoever) TP : really... no record..... Tired of arguing already and we just sua the whole thing and proceed to makan.. Encounter 2 Shortly after makan, we drove back to the custom and headed home. JUST before the down slope into the malaysia custom area, my friend suay suay drove cross the junction when it was red light. Although there was no cars at all, there were 3 TP bike parked on the road side and the TP were standing there talking. I know sure hong kang liao this time. True enough i turned back and saw one TP ran up to his bike and chiong towards us and signaled us to stop. the time now is about 8:30pm. TP A : red light you know!? fine $300 (he shouted and talked to someone on the walkie talkie) Us : Sorry sorry... we really didnt notice that... Almost immediately, another TP bike chiong up to us. Supposedly the more lao jiao. TP B : sir, passport please this will be $300 fine. Us : sorry sir give chance la... we know you are there, we wont purposely chiong the red light what. We really didnt notice... TP B : Cannot like this say... Passport, driving license. (taking out a summon book) Us : Sir I forget to bring... TP B : Never bring?! ok that will be $600. (pretending to start to write something on the summon book but didnt) Us : sir sir wait wait wait..... give chance la , we pay on the spot. Jus then, another TP bike zoom to the scene. Now there are 3 TP bike and they all on the stupid lights machiam we hide a dead body in the car. trying to intimidate us i guess. TP B : pay on the spot? hmm... how? how? how much u saying? Us : er.. $30 sir... can or not... TP B : $30 ?! ok ill prefer to issue you summon. you go into the custom office with me to pay. (again pretending to write on the summon book but didnt write anything) Us : ok sir ok sir $50 $50, we after makan not much left la. TP B : $50 ? nevermind ah i think i summon you better. I tell you, here got cctv, i ask you one more time how much? Us : Sir! like that how?! TP B : ok $100. Us : what sir ?! we dont have so much la! you go search my whole car if got $100 u take straight. (actually have $) TP B : ok how much u have ? Us : ok ok 60. TP B : 60 Sing dollar? (eyes shimmering) Us : RINGGET LA ! TP B : ok you go back into the car and put $ inside passport. We were very tired already and we just pay and f--k off asap.... Seems that now the TP there have a "protocol" in asking for $. same pattern one. We might had been carrot head for the 2nd encounter but we were thinking to just pay and sua, so as to avoid "going into the custom office to pay the fine". Did any bro here encounter similar incident? Hope to get inputs on ways to counter such situations may it happen again. Btw, do they even have a proper guidelines on the amount of fine for different traffic offence?! Thanks !

Part 1. http://www.mycarforum.com/index.php?showto...*++sing*++song* Part 2. http://www.mycarforum.com/index.php?showtopic=2668777 Part 3. http://www.mycarforum.com/index.php?showtopic=2673383 Part 4. http://www.mycarforum.com/index.php?showtopic=2675138 Part 5. http://www.mycarforum.com/index.php?showtopic=2677521 Part 6. http://www.mycarforum.com/index.php?showto...t=0&start=0 Part 7. http://www.mycarforum.com/index.php?showtopic=2680385 Part 8. http://www.mycarforum.com/index.php?showtopic=2680592 Part 9. http://www.mycarforum.com/index.php?showtopic=2680632 Part 10. http://www.mycarforum.com/index.php?showtopic=2680902 Part 11. http://www.mycarforum.com/index.php?showtopic=2681171 Part 12 http://www.mycarforum.com/index.php?showtopic=2681330 Part 13 http://www.mycarforum.com/index.php?showtopic=2681534 Part 14 http://www.mycarforum.com/index.php?showtopic=2681848 Part 15 http://www.mycarforum.com/index.php?s=&amp...t&p=4585392 Part 16 http://www.mycarforum.com/index.php?showtopic=2682371

Carry on here. Part 1. http://www.mycarforum.com/index.php?showto...p;&do=findComment&comment=3998846 Part 2. http://www.mycarforum.com/index.php?showtopic=2668777 Part 3. http://www.mycarforum.com/index.php?showtopic=2673383

no lah....seldom use....y? this few days...i noticed my car abit jerky....esp reverse gear....think going up lorry liao

Carry on here. There stop at 1388. Nice number. :D Part 1. http://www.mycarforum.com/index.php?showto...p;&do=findComment&comment=3998846 Part 2. http://www.mycarforum.com/index.php?showtopic=2668777

http://singaporeseen.stomp.com.sg/stomp/sg...ilet_is_it.html

By Teh Joo Lin ROMANIA sent Singapore a diplomatic note last Friday asserting that former charge d'affaires Silviu Ionescu continues to enjoy diplomatic immunity for the hit-and-run case of Dec 15. This is puzzling, said Foreign Minister George Yeo, as 'it seems to imply that Romania is now claiming that Dr Ionescu was engaged in official duties at the time of the accident and we do not understand how this can possibly be the case'. On the other hand, Romanian media reports suggest that the Romanian police may be preparing to arrest the suspended diplomat. The police there have told Interpol that they have the competence to prosecute him and they have started criminal proceedings against him.

XiaLan Face in RoadRage tell me if his face is kuai-lan and/or sia lan..... +++++++++++++++++++++++++++++ Driver assaulted after minor crash (above: Mr Chua Cheng Hai, who was hit so hard by a wooden pole that it fractured his wrist.) By KHUSHWANT SINGH MOMENTS after a minor collision along Braddell Road, Mr Chua Cheng Hai was allegedly attacked by the other driver, who is said to have hit him so hard with a wooden pole that it fractured his wrist. Mr Chua said the road rage attack happened in April last year after he cut into the path of Tan Eng Heong's Toyota Wish. On March 1, the 45-year-old technician testified on the first day of Tan's trial that the 47-year-old IT manager then overtook his van and came to a sudden halt. Mr Chua was able to swerve to the right but his Mercedes-Benz van sideswiped the driver's side of the Toyota. The technician then pulled up and that was when Tan allegedly walked towards him with a "wooden stick" taken from the back seat of the Toyota. "I thought he was going to talk tough while holding the stick so I did not run," Mr Chua said. Instead, the technician told the court, Tan hit him with the stick several times while he tried to deflect the blows with his left arm. IT manager Tan Eng Heong (above) allegedly hit Mr Chua Cheng Hai with a wooden pole after the van driven by Mr Chua had cut into his car's path. Mr Chua said the attack ended only when Tan's teenage daughter, who was inside the car, screamed as the vehicle began moving forward because the handbrake was not fully engaged. "I took the opportunity to get into my van to drive to the Ang Mo Kio police station to make a police report," he testified. During questioning, Tan's lawyer, Mr Vijay Rai, asked why Mr Chua's initial police statement stated that he was hit only once. Mr Chua said he missed out on certain details because he was in pain and was in a hurry to receive medical attention. On March 1, Dr S. Ramesh, who operated on Mr Chua, testified that it was also possible for the fracture to have been sustained in a traffic accident instead of a pole strike. He added that such an injury would not render the victim unable to drive. "That would depend on the pain threshold of the individual," the doctor said, adding that he did not believe driving after sustaining the injury would have aggravated it. If convicted, Tan could be jailed for up to 10 years and caned, or fined. The trial continues.

Wednesday, Jan. 23, 2008 LONDON -- Oil fell below $88 a barrel on Wednesday as stock markets declined further, shrugging off a temporary reprieve from Tuesday's steep cut in U.S. interest rates amid persistent fears of a global economic slowdown. Stock markets across Europe fell, wiping out some of the previous sessions gains, while Wall Street looked set to fall amid fears worse was still to come. U.S. crude fell nearly 2 percent, $1.69, to $87.52 a barrel by 1340 GMT, after hitting a low of $86.11 in the previous session amid a global stock market rout. London Brent crude fell $1.38 to $87.07 a barrel. Some analysts said funds and speculators have been exiting open positions in oil and other commodities to cover margin calls and finance losses in equity markets "I think a lot of people realise the underlying weakness of the economy is still unfolding... traders feel that there are lots more losses still waiting to be revealed," said Robert Nunan, manager at Mitsubishi Corp's risk management unit. Oil had plunged on Monday and Tuesday, as world stock markets posted their steepest losses since Sept. 11, 2001 amid widespread concerns that the impact from the U.S. credit and housing crisis could trigger a recession, curbing the steady rise in oil demand that has fuelled prices for five years. Analysts said commodity markets were still holding up relatively well as the underlying economic momentum, especially in Asia, was still supportive. "Oil's ability to go down another $10 to $15 from here really depends upon a deteriorating outlook for the economy. We are not going to go down $15 unless the economic outlook starts to look pretty bad," said Francisco Blanch, head of commodity research at Merrill Lynch. OIL STILL STRONG While down almost 12 percent from their all-time peak above $100 a barrel hit Jan. 3, oil prices are still up more than 60 percent from a year ago, supported by tight inventory levels, OPEC output restraints and strong demand from investors seeking higher returns and a possible hedge against inflation. Goldman Sachs said that while oil prices could slide into the low $80s if speculators liquidated their long positions, strong fundamentals would probably prevent funds from selling out completely. U.S. crude oil stocks, which rose for the first time in nine weeks last week after hitting their lowest since 2004, are expected to have risen by another 2.1 million barrels last week, a preliminary Reuters poll found. U.S. government inventory data, due out a day later than usual on Thursday due to Monday's U.S. holiday, are also likely to show a 1.4 million-barrel rise in gasoline stocks as refiners begin to build up supplies ahead of summer, the poll showed.

Actually, I feel this is just a temporary situation with over-reaction to the sub-prime issue. But perhaps I am an optimist. As the market was gaining from strength to strength almost very day recently, most people were already on the edge. Do you guys think we should pull out of the stock market now, soon or just leave to fate.

Hi Bros, i got lobang for Piaa Bulbs. Spark8000k ,Spark Blue 7500k...etc. Direct from Supplier-- Japan. All Bulbs pricing abt $160 inclusive of shipping. Any takers? This bulb are guarantee good as there are few bros who tested the bulbs already. I am trying to negotiate the pricing with the supplier but he told me the minimum quantity is 50sets. . But will try to see if i could order just a few sets for those bros who wants to have a much more premium bulbs fitted onto their rides. Cheers!!! Interested Parties.... 1) Trickster-- H7 1 set. 2) 3) 4) 5)