DEJAN STANKOVIC, Serbia.
AGE: 31. CLUB: Inter Milan. POSITION: Midfielder.
CARLTON COLE, England.
AGE: 26. CLUB: West Ham United. POSITION: Striker.
DIDIER DROGBA, Ivory Coast
AGE: 32. CLUB: Chelsea. POSITION: Striker.
MICHAEL BALLACK, Germany.
AGE: 33. CLUB: Chelsea. POSITION: Midfielder.
Thursday, 24 June 2010
Steve Jobs Chatting With Bill Gates
This is so lame and silly that its somehow still fun to read ... btw, Steve Jobs is worth $5.5bn while Bill Gates is worth $53bn.
Wednesday, 23 June 2010
Objectifying Men & World Cup Pics
Just in case you were wondering, no... you have not accidentally clicked into Blue Boy Mansion's website. As women have always been objectified by the media, it is only fair game that we do the same on guys. Its topical, and Vanity Fair sure knows how to sell their magazines. They got the renowned Annie Lebowitz to take the sumptuous photos. Under wears may be for sale, 'packaging' may differ when you try them on at home.
Tuesday, 22 June 2010
Euro To Reach Parity To USD?
When should we plan to go to Europe? Now or later this year? I would say, wait for parity. There are two sides arguing about the direction of the Euro.
On news that China is to increase the flexibility in the yuan's fixed exchange rate, by mid-afternoon trading in New York the EUR had fallen 0.6% against the U.S. dollar to USD/EUR 1.2311 on June 21, 2010. The fall also followed news from ECB President Jean-Claude Trichet that governments in breach of European fiscal rules could face tougher punishment, such as the withdrawal of voter rights.
Despite a recent barrage of bad news regarding the European sovereign-debt crisis, the euro only fell 0.3% against the dollar on June 16, 2010, to US$1.2291. This is higher than both the recent low of US$1.1966 on June 4, 2010 and the euro's 10-year US$1.20 average. Analysts at Brown Brothers Harriman predict that if the euro stays above US$1.2220 then the recovery should hold, while Steve Barrow, a currency analyst at Standard Bank, believes there is more trouble is to come: "Even if the eurozone debt crisis is over the euro should still fall...the eurozone needs a weaker currency to allow it to cope with fiscal stringency."
The Peterson Institute for International Economics has calculated the fundamental equilibrium exchange rate (FEER) of the euro. The EUR was estimated to be undervalued by 0.6% against the U.S. dollar in May 2010. The FEER approach involves finding a set of exchange rates that simultaneously achieve internal and external balance in every country. Internal balance is defined as the state in which a country maintains full employment and price level stability (or zero inflation). External balance signifies a condition in which a country maintains a "sustainable" current account—a moderate deficit or surplus for a developing country and a surplus for a rich country (traditionally). The resulting rate provides an indication of how under- or overvalued a currency is, based on fundamental indicators.
It was reported that BNP expect the EUR to fall below U.S. dollar parity by the end of 2011. The forecast is based on the euro requiring a prolonged period of undervaluation to give the EMU the growth needed to escape the sovereign debt crisis. FX strategy analysts at BNP project the euro will reach parity at the end of Q1 2011 because "the Greek aid package has failed to stabilize markets." Also, there is a risk that the ECB will remove the unconventional monetary stimulus measures too rapidly, leaving the fragile eurozone recovery vulnerable.
On June 15, Danske Bank forecast EUR/USD bottoming out at 1.15 during the latter part of 2010, followed by a slow discovery to 1.27 by mid-2011. Despite current weak market sentiment for the euro, Danske analysts say, "if Europe manages to tackle its debt problems it will underline the fiscal challenges that lie ahead for the U.S. The dollar will also have to bear the burden from an unsustainably large and, not least, widening current account deficit, which is not the case for Euroland. Furthermore, the weaker euro also boosts European competitiveness relative to the U.S." Deutsche Bank forecast the euro strengthening to 1.35 USD/EUR by mid-2011. As of June 4, the euro was US$1.2 against the dollar.
Historical Records
- 2009 high: December 3, 2009, when EUR/USD rose to US$1.512.
- 2009 low: March 5, 2009, when EUR/USD fell to US$1.25 on European economic gloom, CEE exposure and the ECB rate cut.
- 2008 low: October 28, 2008, when EUR/USD hit US$1.2330.
- Steepest one-day drop ever: September 30, 2008, when EUR/USD fell 2.5% to US$1.4074.
- Steepest one-day rise ever: September 22, 2008, when EUR/USD rose to US$1.47 on news of the U.S. bailout plan.
- All-time low: October 25, 2000, when EUR/USD hit US$0.8248.
- All-time high: July 15, 2008, when EUR/USD hit US$1.6038 on the dovish testimony of Fed Chairman Ben Bernanke.
My view is that the Euro will try to breach parity sometime this year. It may not succeed though, but it should get very close 1.02-1.04 is likely. Hey, why all the fuss, when the Euro was enacted and blueprinted, it was supposed to trade 1-to-1 to the USD, so now we are just trying to get back to fair value.
Collectively, managing the Euroland crisis will be a lot tougher than managing the US subprime fallout. You can get the President, Bernanke, Geithner, and a few bank CEOs into one room and hash out a plan. You try to do that with the EU, you will have dissenting countries, some countries wanting different plans, some countries not putting in the money or do not have the resources to do so, some of the richer countries squabbling about why they have to shoulder the bulk of the burden, etc.
The strain will be so great that I suspect the EU may ask Greece and Hungary to step out of the EMU until they hit the fiscal restraint targets over the next 3 years. This way, the iffy countries such as Spain, Italy and Portugal may rein in their budget and fiscal problems more urgently.
Monday, 21 June 2010
The Last Polka - Best Malaysian Ice Cream
You can have your Haagen Dazs ... but once you crave for the local flavours such as yam, corn and red bean ... things start to get to less than premium taste. Now fret no more. There is a dedicated home made ice cream that aims to make a great tasting product with a penchant to satisfy the local taste buds.
I like to support passionate people who dedicate themselves to doing something niche and distinctive. They will deliver to you at certain meeting points provided you are OK to pick up in Klang, Damansara or Subang area. Horlicks flavour is unbelievable, and if you are a true blue Malaysia, just hearing about Horlicks flavoured or White Coffee flavoured ice cream should start your engines.
p/s the writer has not been paid a fee nor does he know the proprietors
http://thelastpolka.com/
I like to support passionate people who dedicate themselves to doing something niche and distinctive. They will deliver to you at certain meeting points provided you are OK to pick up in Klang, Damansara or Subang area. Horlicks flavour is unbelievable, and if you are a true blue Malaysia, just hearing about Horlicks flavoured or White Coffee flavoured ice cream should start your engines.
p/s the writer has not been paid a fee nor does he know the proprietors
http://thelastpolka.com/
feel-good ice cream
If you're looking for great tasting homemade ice cream in Kuala Lumpur, you've come to the right place. Made with 100% natural ingredients, we combine our creamy French-style ice cream with the regional Asian flavours we love.
The Flavours
Mango Our best-selling flavour, every scoop will remind you of Asia's favourite fruit. We could have taken the easy way out and made this a fruit sorbet, but instead we purée fresh and juicy mangoes, then add cream and eggs to turn it all into the delightful creamy mango ice cream that's become much-loved by our friends and family.
Horlicks Whether it's the comfort of a warm drink before bedtime as a kid, or the memories of a Horlicks Ais "gao" at your favourite mamak, Horlicks ice cream makes our world go round and we hope it does for yours, too. We love it so much it was the obsession with perfecting Horlicks ice cream that got us started in the first place.
Green Tea Also known as matcha ice cream, our version is intense and creamy at the same time, the better to bring out the best of this Asian classic. Made with top quality green tea leaves, make our green tea ice cream a special treat at any time of the day.
Malt and Peanut Butter We've been alive quite a while and have yet to meet a single person who didn't love peanut butter. We made this ice cream for those of you who, like us, love dipping your fingers into a peanut butter jar. Not only are you spared the sticky fingers, it's like eating peanut butter ice cold.
White Coffee The nation's favourite drink at the moment, white coffee is so named because they roast beans without sugar up in Ipoh, resulting in a lighter coloured coffee than regular kopi. Light it may be in hue, but every spoonful packs a punch. This is the ice cream for lovers of local coffee!
Black Sesame An acquired taste, people who love black sesame ice cream know they're on to something. It's weird at first crunch, but we guarantee you'll love it in no time. We slow roast black sesame seeds, pound them into a fine paste, sprinkle extra sesame for that special crunch, then turn that all into one of our best ice cream flavours ever.
Sunday, 20 June 2010
The Yuan & The Ringgit, Missing Cousins
Before the weekend, the ringgit was at 3.25 to the USD, this morning it went to 3.19. The Chinese renminbi has been effectively pegged to the U.S. dollar since late 2008, as one of the supportive policies put in place during the global recession. This peg, and the fact that it impeded other countries adjustments, has contributed to international pressure, especially from the U.S., to allow more flexibility of the exchange rate as Chinese exports rebounded.
Ahead of the G-20 meeting, on June 19, 2010, the People's Bank of China announced the intention to move towards a more flexible exchange rate regime by allowing the currency to move within a band against a basket of currencies of its major trading partners. The statement, coming less than a week before G-20 leaders meet in Toronto on June 26-27, represents a departure from a two-year period during which the RMB was effectively pegged to the dollar.
An increase in inflationary pressures and stronger export growth led market actors to expect some appreciation against the USD by mid 2010. However, the RMB's significant rise against the EUR, and thus on a trade weighted basis, could deter significant appreciation against the USD and should the EUR fall further against the USD, so too might the RMB.
Despite market expectations of a major move, any shift might be modest. Standard Chartered's Stephen Green said in the FT: "The danger is that on Monday morning everyone gets very excited and then end up being disappointed with what happens. There is very little appetite for appreciation, so in the short-term the central bank is likely to be very conservative."
Morgan Stanley's Qing Wang argues that an exit of renminbi from the US$ peg will come most likely in the Summer of 2010 (early Q3) involving a one-off revaluation of 2-3%, followed by gradual appreciation for a total strengthening of 4-5% in 2010. China is likely to exit the peg given its role in reducing imported inflation, because a free and open trade system is in China's interest, helps rebalance the domestic economy towards the non-tradable sector, and to move to a more flexible exchange rate needed for independent monetary policy. A move in July gives the U.S. administration the ability to claim successful diplomacy and Chinese to show their global responsibility before the November G20 meeting.
On April 8, 2010, the People's Bank of China sold RMB15 billion in three-year sterilization bills, the first batch since June 2008. The three-year bills are considered a more aggressive tool for managing liquidity, and may signal that the central bank is preparing to sterilize "hot money" inflows betting on RMB appreciation.
Greater CNY flexibility may lead to some initial nominal appreciation against G3. Other Asian currencies – especially those that are regarded as proxies for Chinese growth and commodity demand (AUD) - or non-FX assets in China (e.g., Shanghai A-share Index) may end up attracting greater inflows and seeing a bigger price action.
The expectation that a stronger CNY will support China’s demand for imports (including from the rest of Asia) can be beneficial for Malaysian Ringgit, Korean Won and Taiwan Dollar. Central banks across Asia may also feel a bit less pressure to stem FX appreciation in order to maintain competitiveness. The entire playbook would favour going long on the following currencies for the rest of 2010: long CNY, KRW, MYR and INR. Short the EUR and JPY. That being the case, the natural long will see a boost in financial assets in those respective countries.
Thursday, 17 June 2010
BP Gets A Lifeline
As expected, once the amount is ascertained, the removal of uncertainty will certainly boost the share price. This will pave the way for the company to be sold off. There is not much chance BP can survive or realise its potential under the banner of BP. The reserves will not get their proper valuation and institutional shareholders are likely to put pressure for the company to be sold to someone to extract value.
It is likely to be highly attractive to Petrochina, just the reserves alone. Petrochina is also possibly the only one willing to pay a premium. Any takeover is likely to be circa $45.
It is likely to be highly attractive to Petrochina, just the reserves alone. Petrochina is also possibly the only one willing to pay a premium. Any takeover is likely to be circa $45.
Dealbook: Shares in BP made up part of their recent losses Thursday as investors welcomed a deal struck with President Obama to set up a compensation fund for the victims of the oil spill in the Gulf of Mexico. The shares gained as much as 9.7 percent in early London trading. They had fallen 45 percent since an oil rig exploded in April, Julia Werdigier reports in The New York Times.
Some investors said the agreement with the United States eliminates some of the uncertainty about the costs for the oil spill cleanup and compensation, even though BP scrapped dividend payments as part of the deal.
“It’s a positive because there were no surprises in the deal, the dividend had been well communicated beforehand and at least in the near-term the agreement gives investors a little bit more certainty and something to work with,” said Keith Bowman, an analyst at the asset manager Hargreaves Lansdown in England.
The cost of insuring BP against default also fell and its bonds rose, a sign that fewer investors are speculating that BP might go bankrupt. The BP chief executive Tony Hayward is due to testify before Congress Thursday, but the agreement with President Obama, struck at the White House Wednesday, was widely seen as a step to calm tensions between BP executives and Washington about the company’s efforts to clean up the spill.
BP agreed to create a $20 billion fund to pay damage claims to thousands of fishermen and others living and working along the Gulf Coast. The company also said that it would sell oil and gas fields and cut investments in drilling if necessary to ensure BP had enough money to pay for any costs.
Some shareholders in Britain had previously opposed plans to halt dividend payments, which are among the most generous of any British company, as a result of U.S. pressure. BP stock is also widely held in pension funds across the country and it would be the first time since World War II that BP was not paying a dividend. But the political opposition in the United States to paying dividends to shareholders while the total cleanup cost and damage claims remain unknown started to weigh on BP’s share price.
“Hopefully the deal will remove just a little bit of pressure and allow BP to fully concentrate on the oil spill,” Mr. Bowman said.
Monday, 14 June 2010
Will You Be Buying An iPad?
No, I don't have an iPad yet. Like many out there, I was a skeptic even though I own an iPhone. Was that really something you need when you already have a good mobile phone, a twin screen desktop and a notebook? Last week was in HK again and my tech chief had an iPad, after 30 minutes, I think everybody who has a mobile phone, notebook and desktop... will still find the iPad exhilarating and useful. Yes, its a toy but its a lot of fun.
Photos & Video - I have always hated how the distance to the screen when using your notebook or desktop is always a somewhat fixed distance, you have to lean forward or adjust your chair to get a good view sometimes. No issues here, the iPad is in your hands. The video watching is all that more awesome. You can prop it with a cushion, watch it at a park bench, heck, even bring it to the loo when doing a doo-doo. Place it on your bed, etc... As for photos, almost everyone now has a photo image saver and display mechanism. There’s no adequate way to describe how well the iPad display works for photos. The screen isn’t really 3D, but it feels like there’s an extra layer of depth in high-resolution pics and flicks. Because of the touch screen, you also get to interact with photos – zooming in and out, moving pictures around. It’s nothing you can’t do on an iPhone or iPod touch, but the screen size improves the experience exponentially. Throw out your electronic photo frames ...
Kindle Buster - It wipes Kindle off the map, and you add the Apple apps, and you have a winner. Again the iPad's killer app has to be the book and magazine reader technology. The iPhone makes it tough to read e-magazines and papers, all that is solved with iPad. In fact this makes it most enjoyable for me, reading the e-papers. Makes you feel like you are in the command center in the Avatar movies, you can touch through links, expand articles, resize, minimise 10 articles, etc... n the images are brilliant.
The touch screen keyboard woks for some but may turn some off I guess. The big deciding factor for someone choosing an iPhone or Blackberry. If you love your iPhone, you will love your iPad even more.
The iPad apps are mainly from iPhone apps, but many of the apps providers have not yet adapted to take advantage of the higher image resolution or screen sizing. I think this is a work in progress, 6 months down the road, all the apps will take advantage of the advantages of being on iPad and adapt accordingly. Battery life of 10 hours is more than excellent.
My complaint, Apple needs to invent a cloth that will wipe finger prints clear, or come up with a touch screen that won't leave any finger print marks - now that would a killer app.
But with iPad, you can dump your Kindle, your iPod (unless you go jogging), you electronic photo frame library, and if you are not a heavy professional user, you can dump your notebook as well. $500 is cheap when it replaces all of that.
Photos & Video - I have always hated how the distance to the screen when using your notebook or desktop is always a somewhat fixed distance, you have to lean forward or adjust your chair to get a good view sometimes. No issues here, the iPad is in your hands. The video watching is all that more awesome. You can prop it with a cushion, watch it at a park bench, heck, even bring it to the loo when doing a doo-doo. Place it on your bed, etc... As for photos, almost everyone now has a photo image saver and display mechanism. There’s no adequate way to describe how well the iPad display works for photos. The screen isn’t really 3D, but it feels like there’s an extra layer of depth in high-resolution pics and flicks. Because of the touch screen, you also get to interact with photos – zooming in and out, moving pictures around. It’s nothing you can’t do on an iPhone or iPod touch, but the screen size improves the experience exponentially. Throw out your electronic photo frames ...
Kindle Buster - It wipes Kindle off the map, and you add the Apple apps, and you have a winner. Again the iPad's killer app has to be the book and magazine reader technology. The iPhone makes it tough to read e-magazines and papers, all that is solved with iPad. In fact this makes it most enjoyable for me, reading the e-papers. Makes you feel like you are in the command center in the Avatar movies, you can touch through links, expand articles, resize, minimise 10 articles, etc... n the images are brilliant.
The touch screen keyboard woks for some but may turn some off I guess. The big deciding factor for someone choosing an iPhone or Blackberry. If you love your iPhone, you will love your iPad even more.
The iPad apps are mainly from iPhone apps, but many of the apps providers have not yet adapted to take advantage of the higher image resolution or screen sizing. I think this is a work in progress, 6 months down the road, all the apps will take advantage of the advantages of being on iPad and adapt accordingly. Battery life of 10 hours is more than excellent.
My complaint, Apple needs to invent a cloth that will wipe finger prints clear, or come up with a touch screen that won't leave any finger print marks - now that would a killer app.
But with iPad, you can dump your Kindle, your iPod (unless you go jogging), you electronic photo frame library, and if you are not a heavy professional user, you can dump your notebook as well. $500 is cheap when it replaces all of that.
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