Screenshots

we really need a regional currency. It does not have to be a single currency like the euro, but it could be sveral ASEAN countires pegging their currency to one another at fixed exchange rates, therefore if one falls, all will fall. If one gains all will gain.
In order for this to work, a regional offshore banking centre must be a participant, such as singapore. If singapore is reluctant as they thrive on forex, then China/india will have to be invited due to their larger economy and the availability of financial centres such as Shanghai/Bombay.

This is definitely not good news for Genting International, Star Cruise and Genting Berhad.

Media Statement on Genting and the Sentosa Integrated Resort by MINISTRY OF HOME AFFAIRS SINGAPORE

Press Date
27-Feb-2007

Media Statement on Genting and the Sentosa Integrated Resort

MHA has received several media queries about transactions in Macau by Genting International Limited (GIL) and Star Cruises Limited (SCL) in Macau.

2. The consortium led by GIL and SCL has been awarded the project to develop the Integrated Resort (IR) on Sentosa. The consortium is due to sign the Development Agreement with the Sentosa Development Corporation on 1 Mar 07.

3 The signing of the Development Agreement and the issuance of a Casino Licence are two separate matters. The signing of the Development Agreement allows GIL-SCL to proceed with the construction of the IR. However, it does not automatically qualify GIL-SCL for the Casino Licence, which is needed before it can operate the future casino.

4 The consortium's eligibility for a Casino Licence will depend on its suitability and the considerations to determine suitability are listed under Section 45 of the Casino Control Act. The Casino Control Act can be found at http://statutes.agc.gov.sg.

5 MHA has informed GIL and SCL that MHA will be conducting suitability checks on the relevant parties to ensure that the consortium meets the suitability requirements before the Casino Licence is issued. We have requested that the necessary corporate and personal history disclosure forms be completed and submitted by the parties concerned. GIL, SCL and their associates are also required to remain suitable after the Casino Licence has been issued.

Casino Regulation Division
MINISTRY OF HOME AFFAIRS
27 February 2007

IMHO, the adjustment is pretty healthy. What comes up must go down.

The worrisome trend are money laundering and breach of trust(such as using public fund to enter the stock market). Such illegal money is unpredictable and dangerous like ANY funds manager(trust fund, pension fund,etc).

A huge amount of money profit taking can easily hit the fund manager "lowest holding threshold" or "profit gaining threshold". If this is not monitor closely by security commission, it will create domino effect which all the fund manager short out stock to take profit. When the effect snowball, intervention will be too late to stop the market from collapsing.

-------

sydput, what you are asking are "Mission Impossible" for ASEAN.

EU is an achievement that build on top of democracy, transparency, healthy wealth distribution society and mature political understanding. Such stability is the factor that stabilize all EU country, which change of ruling parties has little effect to EU.

IMHO, NONE of the ASEAN country are qualify.

what i heard was that this is due to the current US Iran tensions over Irans nuclear program and space rocket launch... (price of oil inched up a bit because of it too)

Actually many EU residents have lamented that to them the obvious change of unionized EU currency is goods simply gets more expensive than before.

This is bad for Temasek Holdings and Singapore govt

Thai government moves to take over private TV station

Posted: 28 February 2007 0109 hrs

BANGKOK : Thailand said Tuesday that the government would take over the nation's only private television broadcaster if it fails to meet a deadline next week to pay 2.8 billion dollars in fines and overdue fees.

The battle over iTV marks the latest move by the military-backed government against companies controlled by Shin Corp, a telecom giant founded by deposed prime minister Thaksin Shinawatra.

Shin Corp was bought last year by Singapore's investment firm Temasek, sparking a popular uproar that eventually led to the coup against Thaksin in September.

The takeover threat came after iTV lost a court battle over its concession fees. The company faces a March 6 deadline to settle the overdue fees and fines.

"We have to revoke the concession because iTV cannot pay the amount of money ordered by court," Finance Minister Pridiyathorn Devakula said.

"We have no any other choice. We need to cancel its concession because we are the owner of airwaves," he said.

ITV began broadcasting mainly as a news network in 1996, as the only free-to-air station in Thailand not run by either the government or the military.

Under its original concession, it was required to pay one billion baht a year in fees to the government, and was required to maintain 70 percent of its programming as news shows.

But the station's reporting of Thaksin's first campaign for prime minister angered the billionaire politico, and his Shin Corp bought a majority stake in iTV in 2001.

The new ownership then watered down the news content, providing more entertainment shows that resulted in a lawsuit claiming that iTV had violated the terms of its concession.

A court ruled in 2004 that only 50 percent of iTV's programming needed to be news, and lowered its concession fees to 230 million baht a year.

But the Supreme Administrative Court overturned that decision in December, and ordered the station to pay the overdue fees as well as fines, which threatened to bankrupt the company.

Singapore's Temasek now holds about 53 percent of iTV through Shin Corp, which critics say gives undue influence over Thai media to a foreign country.

Shin Corp said Tuesday that iTV posted losses of 1.78 billion baht in 2006, against profits of 679 million baht in the previous year, because of the increased concession fees.

Thai press freedom groups, meanwhile, worried that a government takeover would destroy what little independent reporting still exists on the nation's airwaves.

"This would be a step backward for media," said Supinya Klangnarong, who heads the Campaign for Popular Media Reform.

"Taking control of iTV will mean that all the stations have the same news reports. Having iTV as a private, independent station is a way to balance the news reports," she said.

The Thai Broadcast Journalists Association urged the government not to take over iTV, but to help the company restructure to settle its debts before returning as an independent station.

"The government should bring iTV back to its original mission of being 'independent television'," association president Takerng Somsup said.

"During the process, the government should use iTV as a public interest television broadcaster," he said. "ITV should not be used as political tool."

- AFP /ls

This sound like V for Vendetta.

This story was printed from TODAYonline

Thais up the ante on Shin

Bangkok to take back television station, Thai minister says AIS, ShinSat may follow

Wednesday • February 28, 2007

BANGKOK — Thai authorities have threatened to take over the country's only private television broadcaster iTV, which is now indirectly controlled by a consortium led by Temasek Holdings, even before a deadline next week to pay fines and outstanding fees.

ITV is staring at a bill of 100.3 billion baht ($4.49 billion), which it is in no position to pay as the March 6 deadline looms large. The bulk of this is a penalty for having too much entertainment and too little news in its programming mix.

"We have to revoke the concession because iTV cannot pay the amount of money ordered by the court," said Finance Minister Pridiyathorn Devakula. "We have no other choice. We need to cancel its concession because we are the owner of the airwaves."

Thailand's Information and Communications Technology Minister Sittichai Pokaiudom told Dow Jones Newswire yesterday that the government would revoke iTV's broadcasting licence within 48 hours.

Temasek owns about 53 per cent of iTV through Shin Corp, which critics have said gave the Singapore investment company undue influence over Thai media.

Mr Sittichai went further to suggest that the takeover of iTV could signal the unravelling of the Shin Corp empire — once owned by the family of deposed Prime Minister Thaksin Shinawatra before it was sold in a $3 billion deal to a Temasek-led consortium.

He warned that the Thai authorities might also seize Shin's other assets, which include Advance Info Service (AIS), the country's biggest mobile operator, and Shin Satellite, Thailand's sole private satellite operator.

He told Dow Jones Newswire: "iTV is one of the first to come. Temasek may lose all its money in Shin Corp because if iTV is gone, AIS goes and Shin Satellite goes, then Shin Corp will have no value.

"Both AIS and Shin Satellite may not last in Singapore hands for long. Apart from the nominee issue, we are also investigating their concession contracts (for breaches of the law). If they did (break the law), the law requires us to revoke their licences. There are many ways that the government can take back Shin Satellite without paying any money."

Mr Sittichai added that the initial offer to buy back Shin Satellite from Temasek was no longer on the table.

Thailand's commerce ministry had earlier investigated allegations that Temasek had used a holding company as a nominee shareholder of Shin Corp to get around a 49 per cent limit on foreign ownership of telecommunications companies.

"Of course they broke the law. This was pointed out by the initial investigation by the Ministry of Commerce," Mr Sittichai said.

"The investigation has gone quiet after it was passed to the police, but now we are reviving it and it will be sent to the Department of Special Investigations. I think it will not take long before we decide whether to send the case to court," he said, adding that the probe would be wrapped up in a matter of months.

But for now, the military government in Bangkok has focused its firepower firmly on iTV.

Shortly before the Thai Cabinet met yesterday to decide on the fate of iTV, the chairman of the broadcaster, Mr Boonklee Plangsiri, tendered his resignation. He is also the executive chairman of Shin Corp. The Stock Exchange of Thailand halted trading of iTV shares yesterday.

Thai media groups fear that if iTV, which began broadcasting in 1996 as the only free-to-air broadcaster in Thailand not under government or military control, eventually fell into the hands of the junta, it would destroy what little independent reporting still exists on the nation's airwaves.

"Taking control of iTV will mean that all the stations have the same news reports," said Ms Supinya Klangnarong, who heads the Campaign for Popular Media Reform. "Having iTV as a private, independent station is a way to balance the news reports."

The Thai Broadcast Journalists Association urged the government not to take over iTV, but to help the company restructure to settle its debts before returning as an independent station.

However, Mr Pridiyathorn has said the government will nationalise the station and it "will have to change its name".

A government source suggested that rival broadcaster MCOT, which is 75 per cent owned by the Thai Finance Ministry, could step in to operate the channel. Yesterday, more than 1,700 iTV staff were also left wondering their fate.

Despite these latest developments, Thailand's Foreign Minister Nitya Pibulsonggram, who is in Japan on an official visit, told journalists that Thai-Singapore relations would be "back on track before too long" and that "different aspects of our bilateral relationship go on without interruption".

"Both Singapore and Thailand are neighbouring countries. And we value the friendship that we both have … Let me say that these things we have to live through it and find ways to get back." — AGENCIES