Showing posts with label Jessica Cambensy. Show all posts
Showing posts with label Jessica Cambensy. Show all posts

Wednesday, 5 August 2015

Wild Is The Wind

Cecil has been in the limelight for the past few weeks. It is very easy to be angry and condemn the trophy hunter. But lets be fair here. It is a horrendous act for sure, in particular when we put up the majestic picture of Cecil the lion - images of The Lion King only helped to fan the flames of fury.  But I think the general populace have over-reacted and jumped on the bandwagon of herd mentality and herd-like fury. The anger while understandable has certainly gone way way way overboard.


Let's look at some factors which we need to consider:

- we should not hunt esp when the specie is endangered

- we should never encourage hunting as a sport, esp when we do not make use of what we obliterate (i.e. if we hunt for something, we should make use of it by way of food, etc..., btw when we kill to accessorise, thats pretty bad and unnecessary too)

- cuteness and how majestic an animal may look should have NO effect on how we feel and how we react to the reprehensible act ... why we have no "save the hyenas" or "save the wild dogs" events??? Its always cutest stuff like dolphins, pandas, etc ...

Many Americans and even Europeans were very vocal over the Cecil incident, and rightly so... but please check your own backyard ... fox hunting and deer hunting???!!!,  pleeeasseeee ... 

- the Disneyland effect ... you know how it is, when you actualise and give personality, voice and character to animals via cartoons, they can have a "perception/sensory effect" on how we ascribe human values to these creatures. I am in no way diminishing the essence of living things but we can say that the way we look at deers will never be far from the image of Bambi; the same for pandas, lions, etc... We just have to be mindful and be sensible enough to separate fact from fiction.

- there are varying levels of morality here, of which some are based on religious background. You can take the high road and say all living things are sacred and should not kill any living thing - be a vegan. Or you think we are born to be meat eaters/carnivores and there are "domesticated animals" such as pigs, chickens, cows, etc... that can be eaten. Then there are religious beliefs which may prohibit the killing and/or consumption of cows, or pigs, etc.. Then there are "modern cultural beliefs" that animals we keep as pets should never be eaten such as dogs and cats.

Hence we can have so many backgrounds which would colour our opinions. I think for sure:

a) we should NOT hunt for sport, or just for the fun of it (and not make use of it, not for decor or trophies or accessories)
b) we should never hunt if the specie is endangered
c) we should not kill for blatantly STUPID reasons, e.g. some animals' penises, some silly rhino's horn, elephant's tusk, etc...


That should form the basis of our platform on killing animals. One can add to the criteria above based on their cultural background, religious persuasion, and inherent values. 

Hence based on the top 3 criteria, killing Cecil was a big NO-NO and rightly should be condemned. But do not over react NOW if there are killings that are just as reprehensible at your backyard for centuries and you DID NOTHING ABOUT IT. Do not just get caught up with the Cecil thing just because its faddish.







(great insightful article by a Zimbabwean)

By Goodwill Nzou

When I was 9 years old, a solitary lion prowled villages near my home. After it killed a few chickens, some goats and finally a cow, we were warned to walk to school in groups and stop playing outside. My sisters no longer went alone to the river to collect water or wash dishes; my mother waited for my father and older brothers, armed with machetes, axes and spears, to escort her into the bush to collect firewood.

A week later, my mother gathered me with nine of my siblings to explain that her uncle had been attacked but escaped with nothing more than an injured leg. The lion sucked the life out of the village: No one socialized by fires at night; no one dared stroll over to a neighbor’s homestead. When the lion was finally killed, no one cared whether its murderer was a local person or a white trophy hunter, whether it was poached or killed legally. We danced and sang about the vanquishing of the fearsome beast and our escape from serious harm.

 Recently, a 14-year-old boy in a village not far from mine wasn’t so lucky. Sleeping in his family’s fields, as villagers do to protect crops from the hippos, buffalo and elephants that trample them, he was mauled by a lion and died. The killing of Cecil hasn’t garnered much more sympathy from urban Zimbabweans, although they live with no such danger. Few have ever seen a lion, since game drives are a luxury residents of a country with an average monthly income below $150 cannot afford.

Don’t misunderstand me: For Zimbabweans, wild animals have near-mystical significance. We belong to clans, and each clan claims an animal totem as its mythological ancestor. Mine is Nzou, elephant, and by tradition, I can’t eat elephant meat; it would be akin to eating a relative’s flesh. But our respect for these animals has never kept us from hunting them or allowing them to be hunted. (I’m familiar with dangerous animals; I lost my right leg to a snakebite when I was 11.)

The American tendency to romanticize animals that have been given actual names and to jump onto a hashtag train has turned an ordinary situation — there were 800 lions legally killed over a decade by well-heeled foreigners who shelled out serious money to prove their prowess — into what seems to my Zimbabwean eyes an absurdist circus.

PETA is calling for the hunter to be hanged. Zimbabwean politicians are accusing the United States of staging Cecil’s killing as a “ploy” to make our country look bad. And Americans who can’t find Zimbabwe on a map are applauding the nation’s demand for the extradition of the dentist, unaware that a baby elephant was reportedly slaughtered for our president’s most recent birthday banquet. We Zimbabweans are left shaking our heads, wondering why Americans care more about African animals than about African people.

 Don’t tell us what to do with our animals when you allowed your own mountain lions to be hunted to near extinction in the eastern United States. Don’t bemoan the clear-cutting of our forests when you turned yours into concrete jungles. And please, don’t offer me condolences about Cecil unless you’re also willing to offer me condolences for villagers killed or left hungry by his brethren, by political violence, or by hunger.

Thursday, 28 August 2014

UBER Assessed (Posted on 29 June 2014)

Now the shit stirs!!!
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Uber Technologies Inc is known as Everyone’s Private Driver. Uber operates an on-demand car service used all over the world. With the touch of a button from your phone, you can experience your own private driver.

Working as an Uber driver is one of the buzziest careers in America. With uberX, essentially anyone with a car can sign up to be a driver. And Uber makes it pretty easy to do. The first step is to head on over to this website. If you’re at least 21 years old, have a license, personal auto insurance, and a four-door car in good condition, you can sign up to be a driver. The next step is passing Uber’s background check. You’ll need to provide the company with standard information like your address, driver’s license number, and social security number. If you pass the background test, Uber requires you to take an online training course that covers standard operating procedures, how to get 5 stars, and what not to do. Upon completing the course, Uber will send you a phone. From start to finish, the registration process takes about two weeks.
Opinion: UBER just went for a fund raising among PE funds at a valuation of $17bn, yes thats amazing for a relatively simple app. UBER is now a big buzz not just in the US but even in Malaysia. This is a disruptive technology. The buzz is dying down slightly in the US because the real effective earnings of UBER drivers were not so hot. Available data showed that they gross around $15 an hour. But accounting for tolls, Uber’s 20% cut, gas, car insurance, vehicle financing, and self employment taxes, the driver really only made $54.50 for 12 hours of driving. So that’s just $4.54 an hour — far below minimum wage. 
Its still a good alternative to get that UBER spot for part timers or people who like to work when they want/need to. That's in developed nations.
 
UBER will be a lot more disruptive in developing economies with near pathetic taxi service, such as Malaysia and Indonesia. What UBER provides more readily: speed, clarity, safety, cleanliness, a workable rating system that truly incentivise the drivers, and a pay scale that is more than decent. UBER is akin to a private drivers' service that is a lot cheaper than those "private car bookings" from hotels.
The rise and rise of taxi apps in Malaysia is only reflective of apps helping the taxi system to "be more like UBER". Its a long slog but methinks in many countries the taxi drivers will be up in arms against UBER and will protest and seek the government's help to turn the tide.
What is UBER really in Malaysia... it basically legitimises the private taxi touts and louts at airports and malls. Unfortunately owners of taxi licenses in Malaysia are well connected politically, and soon we will see a clampdown on UBER.
 
As an open country that is so called MSC, MDC ... centric ... we must be open to even disruptive technologies. Yes, it may disrupt and even change the current status quo, but it is notching efficiencies and delivering a service that is "unserviced", meeting a demand that is not met, or creating new demand out of the blue. It is not all cannabalism of an existing industry. Existing taxi drivers would do well to try and be an UBER driver now. All the while, the taxi license owners will be knocking on doors of powerful politicians and crying wolf.

Tuesday, 22 November 2011

Liquidity Creeping Into The Markets

One sure fire way to anticipate a bull run is access to liquidity. I have been hearing this more than a couple of times over the past two weeks, bankers are flying in from Singapore and HK to offer decent loans to listed corporations at highly undemanding rates.



The last 6-7 years saw much of the liquidity in Asia gravitating towards supporting property loans. Hence equity markets did not get much of a boost from the excess liquidity in the system. There has been a dramatic shift in property outlook in HK, Singapore and Malaysia. Most have gone neutral or hold from buys. What that means is that banks are too flushed with liquidity and have to keep them working.

Local banks are doing the same but apparently the foreign banks are a bit more aggressive. Ringgit loans of RM50m to RM300m can be had at 2% or 3% below BLR. The juiciest one is USD loans can be had at just 0.1%. Many of the top tier companies do not really need the funds, so the bankers are going second tier and soon I think not so blue companies as well.


The natural chain of events would be that once they take the loans, they have to put it to work, usually expansion or asset acquisition, hence more corporate developments. I see this as the beginning of a bull run cycle and it would probably take another 2-4 months to ripen.


Liquidity is a massive force in charging a bull run. You have been warned.

Thursday, 20 October 2011

My Favourite Japanese Restaurant In KL

To try to award a place as my favourite Japanese restaurant is a very tough ask.  There are so many decent places. Coco Tei (formerly Hajime) is right up there, especially for sushi and other creative stuff. Others that I strongly favour include Jyu-Raku at Subang (original co-owner of Rakuzen), I guessed the owners differed on whether to expand. To me, Rakuzen makes the owner a lot of money by opening numerous outlets, but for pure service, attention to detail, its the sole standing Jyu-Raku heads and shoulders above Rakuzen. 


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Zipangu tries too hard, everything does not come off well and the service staff needs tweaking. Kampachi is too staid and predictable. Hanare @ The Intermark is doing most things right ... change the chopsticks dude for those prices.

After all that diatribe, my favourite Jap place does NOT serve sushi, no chawanmushi, no black sesame ice cream, no green tea ice cream, even wasabe is not on the table, no bloody dragon roll ... Having worked on and off in Tokyo for 3 years early in my career and been back there 4 more times since, I think I know a bit about Japanese food. So, its surprising as well to nominate a yakitori place as my favourite Jap place, as yakitori is a humdrum, low-end class of cuisine in Japan.


The word sumika translates to residence or habitat, and thats precisely apt indeed.


 The chef is a jolly guy named Kiyoshi Ota, and the rest of the staff are locals except for one Japanese girl. There are smoking and non smoking areas, but the place to sit has to be the counter surrounding the grill and the chef. Must book or else be prepared to be disappointed.


See that green bottle of sake, its a limited edition bought by the chef for a few select customers (ahem) from the countryside of Nagasaki where he hails from. 







I love the place because it has a very healthy drinking environment - healthy in the sense that you will find the majority of the patrons already having a big bottle of sake or sochu on their table. Thats the way to enjoy yakitori, with good company, great food served with sincerity and the drinks to go along with it.


You can get the best food served to you but the atmosphere must be right. Plus when you drink, everybody usually turns more than jolly. At least half the patrons are Japanese, it used to be three quarters but the locals have been discovering the place lately.







If you are not familiar with sake or sochu, just ask them to recommend a bottle, most will keep their bottles at the premises - they are not expensive, they range from RM120-RM200 a bottle. I think I have almost tried every single bottle that they have, except for 2.


As I am there at least once or twice a week, many local diners make the mistake of not knowing what to order, and they end up with the safe types, which is not really spectacular. Here are my list of MUST HAVE items:

The beef is very good (gyuniku, don't have it with miso sauce, plain), the gizzard is very good so is the liver (don't think of our local gizzard/liver taste, they are taken from much younger animals and hence taste a lot cleaner) ... but my favourites:
- the eggplant, brilliant with freshly chopped ginger and a delicate soya/sake sauce
- the Japanese sweet potato with butter and salt, you would think its boring but its heavenly
- nankotsu, chicken soft bone cartilage
- shishito, Japanese green chillies
- beef tongue
- the fantabulous beef tendon (ngau gun)
- plain roasted garlic and quail eggs
- grilled rice cakes with soy sauce, better than it sounds
- this final item is my top dish from Sumika, Tsubudai pronounce it correctly and get knowing glances from the chef and staff. I have asked before but no one knows the English name for the fish. Its grilled, its expensive at RM56 for half a side of fish thats frozen not live ... but its the sweetest tasting fish on earth with wonderful natural oils running through it and the crispy skin is to die for ... remember Tsubudai!!! (cher-bu-die)



Ask the wait staff for things not on the menu, you would be pleasantly surprised, they do an interesting grilled pig trotters, and the chicken blood vessels is hard to get (actually vessels near the chicken's heart) ... and the aficionado's only bonhiri (chicken's most southern part).


An Important Tip: DON'T ORDER EVERYTHING AT ONE GO, THAT'S NOT HOW TO ORDER AT A YAKITORI PLACE. ORDER 3 ITEMS OR SO ... FINISH, DRINK A BIT ... ORDER AGAIN, DRINK A BIT MORE ... ORDER AGAIN, DRINK A LOT MORE ... BREAK IT UP AT LEAST 3 TIMES. THIS WAY FOOD WON'T GET COLD, PLUS THE EXPERIENCE OF YAKITORI IS TO YAK-EAT A LITTLE-DRINK A LOT-YAK SOME MORE-ENJOY THE ATMOSPHERE-CHAT WITH STAFF-DRINK SOME MORE ...


Image Detail

Oh ... cash terms only, no credit cards ... dude, thats cool man... fucking piss me off nowadays where almost every restaurant in town will have special discounts with certain bank's cards, now unless you carry the 6 top banks plus Amex, you end up feeling shortchanged when you don't have the "right card" ... its getting to be ridiculous. You want to really get people to own your bank's credit card ... do this, when you use XYZ Bank's MachoVirile Card you get 10% off all your utilities bills... gas, phone, electricity ... now that card I want!!!

Sumi-Ka
19, 1st Floor
Jalan SS15/4
Subang Jaya
(only dinner from 6pm-11pm; closed on Mondays)
Reservations: 03-56329312 / 016-2249312

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Tuesday, 20 April 2010

SGD Appreciation Bodes Well For Other Asian Currencies

Busy these couple of days, saw an interesting article, thought you all should read it:

RGE: On 14 April, the Monetary Authority of Singapore (MAS) made an aggressive policy tightening move. The MAS re-centered the SGD target band at the prevailing level of SGD’s nominal effective exchange rate and changed the band’s slope from a zero percent appreciation to one of “modest and gradual appreciation.” Judging from past experience, we believe the slope of the new target band is likely to be around 2% a year.

Source: RGE, Bloomberg

The MAS’s move reflected the growing confidence about the strength of the recovery as well as concerns about inflation risks associated with domestic demand later this year. The MAS has just revised its GDP growth forecast for 2010 from 4.5-6.5% to 7-9% and its CPI projection from 2-3% to 2.5-3.5%. RGE fully shares this view. Singapore’s growth and inflation have surprised significantly on the upside and the recovery is broad-based led by the rebound in manufacturing and services. RGE expects Singapore to grow 8.0% in 2010—the strongest performer in Southeast Asia—and inflation to average 3.0%.

Source: RGE

A rebound in economic activity, high food and commodity prices, closing output gaps, rising private demand and wage pressures will increase headline and core inflation in the coming months (see Figure 3). Upside surprises to growth and record low policy rates are leading Malaysia, Singapore and India to frontload monetary tightening into H1 2010 in order to contain inflation expectations. Capital inflows, potential CNY appreciation in Q2 2010 and slower growth at home and in U.S. and China in H2 2010 will lead EM Asia to maintain caution over the pace of rate hikes in H2 2010, but rely more on currency appreciation to curb inflation.

Source: RGE, Bloomberg

We started to track a “Long Asia” currency basket in December 2009 and formally introduced it in January 2010. “Long Asia” is an equal-weight long basket of four Asian currencies—CNY, INR, IDR and KRW—against JPY (see Figure 4). The basket appreciated by 9.1% (spot) since its inception.

Source: RGE, Bloomberg

As we noted above, our outlook on Asian FX is generally bullish, but we believe this is the right time to rebalance the ‘Long Asia” basket by replacing IDR with MYR. First, Malaysian GDP growth has surprised significantly on the upside. RGE forecasts Malaysia to grow 5.4% in 2010 as supportive private demand, commodity prices and exports to China, reviving global electronics cycle and Asian inventory cycle drive exports and industrial activity in the near term. The rate hike in March—which came earlier than its neighbors—will support capital inflows and the currency. Malaysia will hike rates by 25 basis points (bps) in May and by another 25 bps in H2 2010—more than what RGE initially forecasted—to contain speculative investment and lending to households. By contrast, there was little upside surprise to growth in Indonesia, while inflation is rising slower-than-expected and core inflation continues to ease. RGE also believes that Indonesia will delay rate hikes at least to Q3 2010—later than RGE’s initial forecast—amid political uncertainty.

http://i457.photobucket.com/albums/qq291/sgdaily4/JessicaCambensy004.jpg


Second, Bank Indonesia’s decision to phase out a 1-month certificate facility (SBI) by June can lead to a near-term IDR weakness. 1-month SBIs account for about 50% of all open-market operations. In addition, 1-month tenor attracts the bulk of foreign capital (besides SBIs, non-residents can also invest in government bonds). In the past, changes in foreign holdings of SBI had a noticeable impact on IDR. BI hopes that non-residents will switch into longer-term instruments, but this remains an open question at the moment.

As such, we choose to close our current “Long Asia” recommendation (long CNY, KRW, IDR, INR against JPY) and open a new “Long Asia” basket which tracks long CNY, KRW, MYR and INR positions (equal weights) against JPY.

An important caveat here is that unlike Singapore, the larger Asian economies will be more prone to use a sequence of policy measures—including credit curbs, raising reserve requirements and interest rates hikes—in addition to the exchange rates, as recovery and inflation risks gather momentum. Another key consideration is that growth and interest rate differentials will drive capital inflows, prompting further tightening (or at least no further liberalization) of real estate regulation, credit controls (such as margin requirements) and soft capital controls. The difference is of course that a very small, very open economy can do much less with these alternative routes to tightening than a larger, more closed one. Even though this will not be enough to reverse the general currency appreciation trend, it can increase volatility and limit or reduce risk-adjusted returns.

Sunday, 18 April 2010

Looking For Mr Goodreason

Markets are dwindling not because of the Goldman Sachs issue. The markets were all waiting for a good reason to correct, they certainly found it in the Goldman Sach case, plus in itself will drag down financials, which makes up most of the gains in US markets. Its likely to be localised in the US, which will not hamper financials in other markets, but once the tide has turned, better to wait for a proper rally rather than to hope and pray that suddenly things will turn very bullish overnight. Ties in well with Sell In May & Go Away mantra.

Goldman Sachs is facing fraud charges for the first time in its history as a public company, setting the stage for the Wall Street powerhouse's biggest-ever showdown with the US government.

On Friday, the US Securities and Exchange Commission charged Goldman with hiding from investors the involvement of a prominent hedge fund manager in helping it structure a subprime mortgage debt product that he was betting against.

The incipient swoon in the synthetic collateralised debt obligation - created as a way for hedge fund manager John Paulson to bet against the housing market - cost investors more than $US1 billion ($1.1 billion), according to the SEC complaint.

Goldman vowed to vigorously defend itself against the charges and denied that it had structured a portfolio that was designed to lose money, claiming that the firm itself invested in the equity portion of the deal.

The news sent Goldman's shares tumbling and cast a shadow over the dominant Wall Street firm.

The charges follow a very profitable 15-month stretch for Goldman in the aftermath of the financial crisis. But the bank's prosperity during a period of wider economic pain has come at a cost: rising public anger over gold-plated bonuses even as the firm benefited from government rescue programs.

The charges filed against Goldman could take months or even years to be resolved. But here are some possible outcomes:

A quick resolution

Goldman may look for a quick resolution to its SEC problems.

A settlement within a few months, even one which could cost Goldman hundreds of millions of dollars, would be one way for Goldman to try to move on quickly and seek to avoid long-term damage to its brand.

Even if the firm seeks such a settlement, the authorities may not want to risk it given how much of a political hot potato Goldman has become. All parties will also be fully aware that a judge rejected an initial settlement between the SEC and Bank of America over the disclosure of bonuses paid in the bank's takeover of Merrill Lynch.

And, this will not prevent the potential for lawsuits from clients who feel they have suffered losses because of Goldman's actions.

Goldman fights and wins

Such vindication would likely take many months and probably years - and wouldn't be without damage to Goldman, its management and its brand. Media scrutiny would be even more intense over this period.

In a sign of trouble to come, British Prime Minister Gordon Brown on Sunday said he wanted Britain's financial watchdog to investigate Goldman, while in Germany, a government spokesman said its regulator would also seek information.

Goldman would not only face a big legal bill, and additional compliance costs as it sought to prevent any other problems from surfacing, but it might also impose more restrictions on its bankers and traders, which could reduce making money.

Jesse Derris, a crisis communications consultant with Sunshine, Sachs & Associates, said the charges are already "incredibly damaging."

"To me, it doesn't feel like a PR problem anymore," said Derris, who represents John Thain, a former Goldman executive and former Merrill Lynch chief executive whose stewardship of the firm during the financial crisis drew widespread criticism. Thain is now CEO of CIT Group, a commercial lender that recently emerged from bankruptcy.

"There is a structural problem that has led many people, including some in government, to think they weren't just actively trying to make money, but they were trying to do it on the backs of regular people who were invested in pension funds. You can't have much worse imagery."

Fighting a long battle could also expose Goldman to a greater extent to lawsuits from investors who feel they were wronged. It will create a public record of its transactions that could help would-be plaintiffs.

Goldman fights and loses

The worst case scenario is that Goldman fights the authorities, and investigators discover more problem transactions and charge more executives. Lawsuits from clients pile up and get very expensive to settle or fight. And while criminal charges are seen as unlikely they cannot be completely discounted.

In these circumstances, some question whether Goldman will be permanently damaged and lose a lot of its power and status, especially if it faces a major exodus of clients worried about the reputation questions.

Most think this unlikely but it can't be discounted.

"The $US64 million question would be is there some sort of unraveling of Goldman that will be coming down the pike, and I'd rather doubt it," said Joseph Battipaglia, a market strategist with Stifel Nicolaus.

Under the worst case, the future of CEO Lloyd Blankfein and other top executives would be in doubt. Veteran banking analyst Richard Bove, of Rochdale Securities, said on Friday that the charges could lead to Blankfein's resignation.

"People wonder how Goldman was able to make as much money in trading as they did at a time when nobody else was doing anything and maybe this is a reason why," said Malcolm Polley, chief investment officer, Stewart Capital Advisors. "How widespread this is, time will tell. If the SEC has brought charges on one instance my guess is it will open a can of worms."

Wider implications

The impact goes well beyond just Goldman - here are some of the implications for Wall Street as a whole and the broader financial markets:

- Advocates of tougher Wall Street regulations are already citing the Goldman fraud allegations to bolster their case for tighter oversight of derivatives and other financial products.

"That's the question," said Jason Tyler, senior vice president and part of the investment committee at Ariel Capital Management. "Will this fuel a fire and get a more aggressive form of financial reform in Washington? The timing of this works out well to get some legislation done ... it gives (lawmakers) another arrow in the quiver.

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- Goldman could be just the first Wall Street player to be targeted in what could become a much larger investigation.

SEC investigators may see the Goldman case as a shot at redemption after they missed the boat on Ponzi-schemer Bernard Madoff and alleged swindler Allen Stamford. Indeed it hardly seemed like a coincidence that the Goldman charges were filed hours before - and largely overshadowed - a government watchdog's report excoriating the agency for failing to go after Stamford years earlier.

A resurgent SEC eager to restore its credibility could prove a major risk for Goldman and the rest of Wall Street in the coming months.

"The SEC is on the hotseat," plaintiffs Lawyer Jacob Zamansky said. "They missed Madoff ... It's a big moment for the SEC to see if they can stand up to Goldman Sachs and the best lawyers and experts on Wall Street."

Reuters


p/s photos: Jessica C (of Wacoal fame)