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Friday, June 22, 2012

Moody's downgrades 15 major banks: Citigroup, HSBC ...

Citigroup and HSBC were among the banks downgraded


The credit ratings agency Moody's has downgraded 15 banks and financial institutions.

UK banks downgraded include Royal Bank of Scotland, Barclays and HSBC.

In the US, Bank of America, Citigroup, Goldman Sachs and JP Morgan are among those marked down.

BBC business editor Robert Peston reported on Tuesday that the downgrades were coming and said that banks were concerned as it may make it harder for them to borrow money commercially.

"All of the banks affected by today's actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities," Moody's global banking managing director Greg Bauer said in the agency's statement.

The other institutions that have been downgraded are Credit Suisse, UBS, BNP Paribas, Credit Agricole, Societe Generale, Deutsche Bank, Royal Bank of Canada and Morgan Stanley.

Moody's said it recognised, "the clear intent of governments around the world to reduce support for creditors", but added that they had not yet put the frameworks in place that would allow them to let banks fail.

Some of the banks were put on negative outlook, which is a warning that they could be downgraded again later, on the basis that governments may eventually manage to withdraw their support.

“Start Quote

The most interesting thing about the Moody's analysis is that it, in effect, creates three new categories of global banks, the banking equivalent of the Premier League, the Championship and League One”
In a statement, RBS responded to its downgrade saying: "The group disagrees with Moody's ratings change which the group feels is backward-looking and does not give adequate credit for the substantial improvements the group has made to its balance sheet, funding and risk profile."

The BBC's Scotland business editor Douglas Fraser tweeted: "Cost of RBS downgrade by Moody's: having to post an estimated extra £9bn in collateral for its debts."

Of the banks downgraded, four were cut by one notch on Moody's ranking scale, 10 by two notches and one, Credit Suisse, by three notches.

"The biggest surprise is the three-notch downgrade of Credit Suisse, which no one was looking for," said Mark Grant, managing director of Southwest Securities.

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FDIC: Failed Bank List

Thursday, June 21, 2012

A durian tree became a thorny issue in Singapore flat residents!

Root of a problem: A resident looking at the durian tree that has become a bone of contention among neighbours in Moulmein Road, Singapore.
SINGAPORE: A durian tree in Moulmein Road, Singapore, became a thorn in relations among residents of a HDB block of flats nearby when fights ensued over who could claim the fruits.

The Straits Times reported that the dispute began three years ago when a resident, known only as Chua, said he was just looking at the tree when another resident, R. Lim, shouted at him to stay away from “his tree”.

He claimed his father planted the tree 20 years ago.

Last week, resident Lily Wee called police after Lim, a businessman in his 50s, shouted expletives at her when she wanted to take a durian.

“There are three kinds of people in this world – the good, the bad and the ugly. He belongs to the last group,” said Wee, calling Lim a “durian bully”.

Residents would wait under the tree each fruiting season, sometimes for hours, to take the ripened fruits.

“We can always get fruit from Geylang, but we choose to wait here to kio liu lian,” said a resident known as Patrick, referring to a Hokkien phrase expressing the thrill of getting free durians.

About 100 durians could be harvested each year from the single tree, which first bore fruit seven years ago.

Frustrated over the fiasco, some residents had asked for the tree to be chopped down, but the Moulmein-Kallang municipal council had let the tree be.

It will, however, put up two notices stating that the neighbourhood trees belong to the Housing Board and are maintained by the town council.

Resident Peter Yang approved of not chopping the tree, and said neighbours had begun to bond as they queued and chatted while waiting for the fruits to fall.

“Despite a little bit of nonsense, you still get some good out of it,” he said.

- The Star/Asia News Network

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US apologizes for Chinese Exclusion Act


Rep. Judy Chu, D-California, sponsored a resolution that apologized for the passage of the Chinese Exclusion Act



The House of Representatives unanimously passed a resolution on Monday decrying a law -- more than a century old -- that prevented Chinese people from immigrating to the United States. Rep. Judy Chu (D-CA), pictured in 2011, proposed the legislation and reached an agreement with the rival Republican Party to bring the resolution to a vote today.  AFP © Enlarge photo

WASHINGTON (AFP) - The US House of Representatives unanimously passed a resolution Monday decrying a law -- more than a century old -- that prevented Chinese people from immigrating to the United States.

The resolution, approved by the Democratic-led Senate in October, voices 'regret' for the Chinese Exclusion Act of 1882, which banned Chinese workers from further immigration and barred existing residents from naturalization and voting.

The Act lasted for roughly six decades, and marked the first and only time the United States federal government explicitly rejected an immigrant group on the basis of their origin.

"Today (is) a rare moment in history for the Chinese American community," said Representative Judy Chu, the Democratic head of the US Congressional Asian Pacific American Caucus (CAPAC).

Chu proposed the legislation and reached an agreement with the rival Republican Party to bring the resolution to a vote today.

"Today, the House made history when both chambers of Congress officially and formally acknowledged the ugly and un-American nature of laws that targeted Chinese immigrants."



Census figures show that over 100,000 ethnic Chinese lived in the United States around the turn of the 19th century. Many were recruited from China "to work as cheap labor to do the most dangerous work laying the tracks" on the transcontinental railroad, said Congressman Mike Honda, immigration task force chair of the CAPAC.

Honda added that the early Chinese-American immigrants "strengthened our nation's infrastructure, only to be persecuted when their labor was seen as competition and the dirtiest work was done."

The US Congress only repealed the Exclusion Act after Japanese wartime propaganda cited the law to question China's alliance with the United States.

"To have moral authority around the world, we must speak out against prejudice at home," said House Democrat leader Nancy Pelosi, who represents San Francisco, a major center of the Chinese-American community since some of the earliest immigrants arrived in the 1800s.

"Though this legislation cannot erase the deeds of the past, it reiterates our commitment to equal rights for all Americans, regardless of race, now and in the future," Pelosi added.

When the bill voicing regret for the 1882 Act passed in the Senate, it was made clear that legislation would not open the way for compensation claims from Chinese-American families affected by the act.

Some 14.7 million people, 4.8 percent of the total US population, self-identified as Asian on the 2010 Census.

Related post:
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Wednesday, June 20, 2012

Why bullies bully ?

Taking a look at what drives bullies, and what can be done about it.




FIFTEEN-year-old Lee (not his real name) is familiar with school bullies – he was once a victim.

Lee, who was previously in charge of his school bookshop used to get harassed by several other students who would enter the bookshop and “mess things around”.

After several weeks, Lee reported the bullying to a teacher. The students were given penalty points, and they were not happy about it.

“They got angry, and started picking on me. Once I was with a friend, when we got surrounded by a group of them. They said they wanted me to pay.

“That day, when school was over, a big group of boys wanted to attack me while I was walking to my transport van. I was lucky the other students protected me,” says Lee, a student in Klang.

His parents lodged a police report.

The police went to the school to meet both parties and settled the issue.

While Lee has been fortunate to have his problem dealt with, many other students often suffer bullying in silence.

A bullying victim seen in a screen capture of a video whereby she was humiliated by her classmates, sparking an uproar on Facebook and drawing nationwide criticism.
 
Why do bullies bully?

According to clinical psychologist Dr Ng Wai Sheng, bullying is essentially using one’s power or ability to intimidate and control another by fear.

“The bullying behaviour is not a new phenomenon, whether in human society or in the animal kingdom.

“In fact, it’s a real temptation to not bully when we have the opportunity to do so to a seemingly ‘weaker’ party, without consequence,” says Dr Ng, in an email interview.

She adds that it is interesting to note that while bullying can be a pre-meditated behaviour with malicious intent for some, it is more often an opportunistic behaviour, where one finds an “easy target” and somehow thinks that he can get away with it.

“Once this behaviour is rewarded by him seeing the target’s hurt or fearful reactions, the bully is reinforced to repeat the same behaviour, expecting to see a similar response. Gradually, this can become one’s pattern of functioning, where he learns that he can get what he wants by intimidating and controlling others by fear,” she explains.

The inclination to bully, she says, can be seen among children as young as those in primary schools, and can happen among both boys and girls.

Bullying among boys is usually more physical, and it may often appear as though only boys engage in bullying behaviour, as cuts and bruises are more easily recognisable.

However, bullying among girls is in fact more vicious, but more covert.


“Girls tend to employ relational and emotional bullying, aimed at hurting someone’s feelings, reputation and social relationships. They can do this by spreading rumours, writing offensive remarks or socially embarrassing or isolating someone. With the ease of using social media like Facebook and YouTube, cyber bullying is also becoming more prevalent.

“This type of bullying is subtler but has greater adverse effects to the social-emotional development of a child or adolescent,” says Dr Ng, who has served in various settings including academic, social services, community health, and inpatient and outpatient psychiatric settings.

She adds that bullies are not born overnight, and to understand why a child bullies, there are two things to consider.

“We need to consider their two primary contexts - home and school. Who is the ‘bully’ at home? Very often, particularly in cases of severe bullying, we would find someone in the family who acts like a ‘bully’ at home (such as a grandparent, parent, or a sibling).

“As a result, the child learns to model after such behaviour to get his way. Or he channels his hurt and frustration on the weaker children in school,” she says.

As for schools, overemphasis on students who are academically stronger, while neglecting the weaker ones, could unknowingly promote bullying behaviour.

“School authorities who choose to tolerate, or even cover up, bullying and extortion practices in or just outside the school compound can lead to students feeling unsafe and unprotected when going to school.

“Some may resort to using bullying behaviours to fend for themselves against any perceived threats, while those who have been victimised in the past may also use violence to retaliate,” Dr Ng says.

According to Childline project director Michelle Wong, of the total 5,803 contacts (calls and e-mail) Childline received last year, she says, about 70% were made by those under 18 years. A total of 123 contacts were about bullying.

So what can be done about it?

Two things that can help determine whether bullying stops or continues, depends very much on what happens during and after bullying, Dr Ng says.

“Whenever a bystander takes some action to object to the bullying, at least 50% of the time the bullying stops. In other words, every bystander has the power to either promote (or allow) the bullying to continue, or to potentially stop the bullying, and even influence the other bystanders to object as well.

It is also important that children feel safe enough to disclose to their parents, guardians, or teachers, if they have been bullied in school. Those who are unable to do so, for whatever reason, are at a greater risk of being bullied.”

The response towards the bully is also critical.

“Ideally, parents are to remain calm and supportive to the victim, as well as treat the bully fairly.

“The teachers’ response can be potentially healing or hazardous towards the situation. Public shaming or physical punishment of the bully may stop the bullying temporarily, but often, these methods only serve to anger the bully and make him better at covering his track. On the other hand, when teachers are able to intervene appropriately, both to help the victim and the bully, the other students would also feel safer,” says Dr Ng.

Wong adds that in every bullying case, it’s not the just victim who needs help, but the bully as well.
“People forget that in these cases, the bully himself is also a child, and he likely has more issues to deal with the victim. He also needs help,” she says.

Crime Watch is an initiative by The Star in partnership with PDRM, supported by the Government Transformation Programme.

By LISA GOH  lisagoh@thestar.com.my

Do People Really Make a Living Doing What They Love?

 We Found Love (Photo credit: Wikipedia)

Life is funny; when you’re in the moment, you have no idea where it’s going to lead. I’ve learned that you just need to trust yourself and stick to what you believe in and — most importantly — what you love.

If someone had told me 10 years ago that by the age of 29, I would have already owned three businesses, I would have laughed. But standing here now, I know that if you work hard and really believe in what you’re doing, the path will present itself. It might not be what you originally pictured, but that won’t make it any less exciting and rewarding.

When I turned 18, I had the option to go straight to college or continue with equestrian jumping, an activity I had been passionate about for practically my entire life and one which I was sure I could turn into a career. Many people told me that it was in my best interest to go to school, but I knew deep down that school wasn’t for me at that moment. So I continued to ride and compete.

Four years later, I had competed in World Cup Qualifiers as well as internationally, exceeding expectations with lots of hard work. I also had my first business — training young riders and buying and selling horses from Europe to the States. Looking back, this was an irreplaceable period of my life — if I hadn’t trusted my gut, I wouldn’t have gained this experience that helped define the person I am today.

After six years with the horses, I decided it was finally time to go back to school. While attending the University of Miami, I had the opportunity to open my own boutique fitness club. Again, I would never have imagined this scenario for myself, but it was the most amazing experience, and I loved every second of it. Managing and owning a health club was a great learning experience and I took so much away from it.

So here I am, 10 years later, and now I’ve started a fashion technology company called LoveThatFit. The idea came as a result of experiences garnered from owning my past two businesses — from the struggles that both my clients and myself have had with online shopping. Until now.

Here are 3 things I did to to make this solution a reality:
  1. Believe. When you first see the solution to a problem in a way that has not been done before, be prepared for negativity. Take it all in, but believe in your idea and know that just because it is “different” or “new” does not mean it cannot be done.
  2. Talk. When I first approached people with my idea, they told me to keep it to myself or else someone was going to steal it. However, I found that talking it out with people not only helped my idea become real, but also opened up the door to resources that helped accomplish my milestones.
  3. Research. Of course, you must do your research on your competition, market, and concept, but you should also do research on the people you start to surround yourself with. I received a lot of pressure to have certain people on board, like a CTO. So I did, but it turned out to be a bad fit because I rushed it. Take the time to find the right people to join your venture, and make sure they add value to your team. Research their background and those they’ve worked with previously. Doing so early on will pay off in the long run.
No matter what happens, take something from each of your successes and failures and find the key aspects to learn from. Keep your drive and discipline alive, because those are priceless qualities in every industry. Be open to new ideas and dive in. Fear solves nothing, but enthusiasm and curiosity manifest thoughts and ideas into something that is larger then life. When you take the leap into entrepreneurship, I can’t promise it will be easy, but it will take you to places you’ve never even dreamed of.

Courtesy of YEC  Women, Forbes Contributor
Gina Mancuso is the founder of LoveThatFit, and a seasoned entrepreneur with genuine, proven skill for growing businesses. A professional equestrian at 18, she parlayed her success in the ring (she made it to the Olympic trials) into success in business. She bought and sold horses internationally, doing over a half million in revenue on profit margins frequently approaching 80%.

YEC Women
via YEC Women, Forbes Contributor
Co-Founded by Natalie MacNeil and Scott Gerber, YEC Women is an initiative of the Young Entrepreneur Council (YEC), an invite-only nonprofit organization comprised of the world’s most promising young entrepreneurs. The YEC recently published #FixYoungAmerica: How to Rebuild Our Economy and Put Young Americans Back to Work (for Good), a book of 30+ proven solutions to help end youth unemployment.

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Tuesday, June 19, 2012

Thimble, a simple' web site creator from Mozilla

Mozilla debuts 'ridiculously simple' web site creator Thimble

Simple Web site creator allows Internet users to publish sites written in HTML and CSS from the browser window within minutes.

Making it easier than ever to make your own simple Web page to spread the memes of your dreams, Mozilla has introduced Thimble, touted as "ridiculously simple" for making Web sites.

Taking on the likes of Wordpress, Thimble is targeted at basically anyone interested in creating and sharing their own Web pages and other projects in as fast as a few minutes.

The difference here is that Thimble isn't really a blog-type page creator, but rather maybe more like the AOL-owned About.Me splash page maker for those Internet users with a little HTML and CSS knowledge.

Matt Thompson, communications director and chief storyteller for the Mozilla Foundation, described on the official Mozilla blog that Thimble "removes many of the barriers for novice users trying to learn code, and includes a series of starter projects and templates to help anyone get started quickly."

To get started, Thimble is a simple visual editor that allows users write and edit HTML within a browser window, and then preview and publish after that.

 
(Credit: Mozilla)

Along with Thimble, Mozilla is simultaneous introducing Webmaker.org, which will essentially serve as a gallery for promoting how to use Thimble as well as other Mozilla web creation tools. It will also host 3D web pages and projects from partners such as Tumblr, the London Zoo, and the New York Public Library.

By Rachel King CNET  Newscribe : get free news in real time

Penang cendol, perfect ingredients; could it be the same of Malaysian politics?

A long and sweet weekend

The Penang Road cendol, the perfect coming together of delightful – and very different – ingredients. Could the same be said of our politics?

THERE’S nothing like a long weekend: somewhere out of Kuala Lumpur, a relaxed hotel, good food, things to see and do and preferably no politics.

My options were: Chiang Mai, Siem Reap and Penang. George Town won out after I realised that temperatures in northern Thailand and Cambodia at this time of year can reach the mid-40’s.

There was also another compelling reason: cendol – that sublime if wonderfully contradictory combination of five delights: shaved ice, santan, gula melaka, plus finger-length, pandan-scented rice flour noodles and red mung beans.

I’d been dreaming about having cendol for months and, to be frank, one particular variant of the shaved ice dessert: the Penang Road Famous Cendol.

This can be found in two stalls facing one another across a crowded lane in the heart of the city, near Chowrasta Market.

Yes, I know there are many other permutations. Some people insist that Indian Muslims make the best cendol.

Others demand condensed milk – how can they be so sacrilegious? Will they be insisting on rose syrup as well?

Then there are the gula melaka snobs – who believe that the sugar has to be aromatic, buttery and multi-layered with a hint of almonds.

The fact is that the choices for cendol connoisseurs are endless: with or without the mung beans, with durian, with pulut.

The Indonesians have their own versions as well but for me, and after twenty-five years of travelling, there’s only one cendol embedded in memory and it’s in Penang.

Of course, it could well be because of the days when I first started work as a junior lawyer and I was fortunate enough to be sent up to Penang for hearings.

Well, to be honest I should admit that I’d cajole and beg the firm’s Chief Clerk to be sent – anything to be able to travel out of Kuala Lumpur.

So, having completed my work at Penang’s then-musty and un-renovated High Court, I’d jump into a trishaw and head off (jacket, tie, legal files and all) for my cendol, standing alongside everyone else whilst eyeing my stack of files warily.

This time – and since I don’t like Batu Ferringhi – I stayed in town, at one of the boutique hotels, in the Unesco heritage area not too far from my favourite cendol stall.

But since man cannot live on cendol alone, I did also visit one or two other places, but invariably returned – almost religiously – for my ice-cold bowl of perfection, marvelling at the balance of the soft slipperiness of the rice-flour noodles and the firm but sticky texture of the red beans all smothered in gula melaka.

Because of its Unesco World Heritage status, Penang is one of the few places where the landscape of my memory matches what I’m still seeing and experiencing around me.

The same can’t be said of Kuala Lumpur where buildings appear and then disappear with a remarkable suddenness.

Yes, things have changed in Penang, but the fabric and feel of George Town remains, so as I wander past Carnarvon Market, Armenian Street, Beach Street and Little India, I’m reconnected and somehow recharged with a world I once knew.

Moreover, the buildings are undergoing a subtle change as new occupants and businesses arrive, changing the rhythm of life in these historic streets, shops, cafes, restaurants and small hotels.

Having said that, tradition continues unabated wherever you are in Penang. There are special prayers at Chinese temples and clan houses, funerals and activities redolent of history and the past.

Amidst all the heat and the noise it was a relief to retreat to my hotel.

I for one enjoyed the sensitive and artistic eye that had informed and accompanied the restoration of what is now one of the island’s leading boutique hotels – 23 Love Lane, tucked away behind St Xavier’s.

The hotel – more like a rambling private home – is a truly Malaysian experience, from its traditional Chinese gate (replete with ceramic Chien Nien panelling), to its Anglo-Indian bungalow and its Straits Settlements eclectic annexe: the kind of place where the hours fade away as staff bring you endless cups of coffee, roti canai, cukur udang and other local delicacies.

All of which left me in a perfect frame of mind for the opening of the George Town Festival on a balmy evening in Fort Cornwallis, followed by a more lively gathering at Narelle McMurtie’s China House.

And then just when I thought I’d escape the politics, I ended up having a three-hour breakfast with a group of friends – one from Umno and the other from DAP at the same time – proof that opposites, as with the cendol, can be reconciled, at least maybe in Penang …

CERITALAH By KARIM RASLAN
newsdesk@thestar.com.my


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Monday, June 18, 2012

China manned space docking successful! Watch live now




Watch Live click here:
http://english.cntv.cn/special/shenzhou9/index.shtml

 Launch of Shenzhou 9 on June 16, 2012.
A Chinese Long March 2F rocket launches on the Shenzhou 9 mission, China's first manned space docking flight and first flight of a female astronaut, on June 16, 2012 from the Jiuquan Satellite Launch Center.
CREDIT: China Manned Space Engineering Office

China is gearing up to perform its first-ever manned space docking Monday (June 18), a feat that would put it in the company of history's two greatest spacefaring nations, the United States and Russia.

China's Shenzhou 9 space capsule — which launched Saturday (June 16) carrying three astronauts, including the country's first female spaceflyer — is expected to link up with the unmanned Tiangong 1 space lab around 3 p.m. Monday Beijing time (3 a.m. EDT; 0700 GMT), according to Chinese media reports.
 
Shenzhou 9 will dock with Tiangong 1 twice, with the first hookup being automated. At some point, the two spacecraft will separate, and the three taikonauts, as China's astronauts are known, will perform the second docking manually.

Forty-six-year-old Jing Haipeng leads the taikonaut crew, which also includes Liu Wang, 42, and 33-year-old Liu Yang, China's first female astronaut. All are members of the Communist Party of China and former pilots with the People's Liberation Army; Jing flew on China's last manned spaceflight, which took place in 2008.

Two of the taikonauts will live aboard Tiangong 1 during the 13-day mission, while one will stay aboard Shenzhou 9 at all times in case of emergency, Chinese officials have said.

Inside China's Tiangong 1 Space Lab
A look inside China's Tiangong 1 space lab, which launched into orbit in
September 2011.CREDIT: Dragon in Space
Shenzhou-9's flight is considered a key step in China's plan to build a permanently staffed space station in Earth orbit. The nation hopes to have a 60-ton station and up and running by 2020. (For comparison, the International Space Station weighs about 430 tons.)

Analysts say China's exclusion from the ISS, largely on objections from the United States, was one of the key spurs for it to pursue an independent program 20 years ago.

While Shenzhou 9's flight is China's first attempt at a crewed space docking, the nation has successfully linked up two robotic spacecraft in orbit. In November, the unmanned Shenzhou 8 craft docked twice with Tiangong 1 before returning safely to Earth.

Shenzhou 9's mission is China's fourth manned spaceflight, following taikonaut launches in 2003, 2005 and 2008. Another manned mission to Tiangong 1 — which launched to orbit in September 2011 — could come later this year, Chinese officials have said.

Follow SPACE.com senior writer Mike Wall
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