News Today

Public shaming for absent civil servants
KUALA LUMPUR - MALAYSIA has found new ways to crack down on work-shy civil servants: naming in the media those who fail to show up for work and checking the homes of those who call in sick. The plan to publish... [Read more]

Arenas earns his first All-Star start
NEW YORK - TWO seasons ago, Gilbert Arenas filled out National Basketball Association All-Star ballots, in an unsuccessful effort to earn a starting spot. Last season, when the league announced the All-Star reserves, Arenas knew his name would not be called.... [Read more]

Ad agencies put more effort into public relations
ADVERTISING agencies are boosting the role of public relations as a way of drumming up business and enhancing their visibility in a competitive industry. Where PR was once an afterthought, these agencies are now employing skilled operators for tasks that range... [Read more]

Hog epidemic kills millions of pigs
BEIJING - WIDESPREAD hog disease in China has killed millions of pigs and spurred pork prices to an all-time high ahead of Chinese New Year, officials said yesterday.The highly-contagious disease, a variation of the Porcine Reproductive and Respiratory Syndrome virus, or... [Read more]

Shark watch
Majestic whale sharks gliding through the waters of an aquarium hold visitors spellbound with their sheer magnificence and grace. The many species of marine life are housed behind the world's largest acrylic panel viewing window at the Churaumi Aquarium in Okinawa,... [Read more]

A royal touch for regional ties
TOKYO - JAPAN'S monarchy is actively doing its bit to improve ties with South Korea and China in ways that politicians find hard to beat. Late last month, Emperor Akihito and Empress Michiko attended the preview of a film based on... [Read more]

Funds go overseas
WINNERSInvestors could benefit from offshore unit trusts which are likely to be cheaper and offer better returns, due to lower overhead costs.LOSERSAffected parties include unit trust trustees - custodians of the money held in a unit trust - as well as... [Read more]

Indonesia not ready to prevent future disasters
JAKARTA - AS THE flood waters in Jakarta continued to recede yesterday, questions were being raised whether the government is doing enough to protect Indonesia from what seems like an unending series of disasters. The issue has assumed greater urgency in... [Read more]

Bak kwa store shows off Wireless@SG's potential
TECHNOLOGY is helping bak kwa sales in the heart of Chinatown zip right along, despite massive queues as Chinese New Year nears. The Bee Cheng Hiang store in Pagoda Street, which gets some 2,000 customers in a week as the festive... [Read more]

President Nathan: Build cultural, social ties
MANILA - SINGAPOREANS should not only seize investment opportunities in the Philippines, but also embrace social projects and cultural exchanges here, President SR Nathan said yesterday. In an assessment of his four-day state visit, he said his meeting with Philippine President... [Read more]

Homecoming kings
PHOTO: ALBERT SIMIt was a football homecoming to savour for Singapore skipper Aide Iskandar and the victorious Lions yesterday. They were mobbed by 300-odd fans at the airport upon their return from Bangkok, where they had clinched the Asean Football Championship... [Read more]

Deal with Shin saga openly and transparently

I REFER to the replies of Mr Laurence Lien and Ms Myrna Thomas ('Temasek accountable to Govt on portfolio basis' and 'Temasek operates like any investment firm'; ST, March 8) to Mr Patrick Tan ('Billions at stake, so Shin saga a national concern'; ST, March 3).

Mr Lien rightly explains that we should evaluate Temasek's performance on the basis of its portfolio returns as a whole. However, he fails to acknowledge that well-constructed investment portfolios are made up of prudent individual investment decisions. While an investment manager is ultimately concerned with his entire portfolio's performance, that in no way exonerates him from performing due diligence on each individual investment, nor does it excuse him from making each individual investment with reasonable care.

While I am not claiming that Temasek has been negligent, the Shin Corp saga nevertheless has valuable lessons to teach investors. Mr Lien should not divert attention from the issue of the individual investment by referring to Temasek's portfolio. Instead, due effort should be made to review what may have gone wrong in order to prevent such incidents from happening in the future.

Ms Thomas claims that Temasek acts like any other commercial investment firm. I disagree.

As Mr Lien points out, Temasek is accountable to the Government of Singapore, which is, in turn, accountable to Singapore as a nation. This introduces political overtones into every investment that Temasek makes. Whether Temasek likes it or not, it has to deal with the potential for its national ownership to spark political reactions in other countries.

Because Temasek is owned by the Government, the political risks that it faces when making investments are real, tangible and heightened in comparison to privately owned investment firms. Indeed, these risks should be magnified when one considers that even privately owned companies sometimes run into political reactions when making transnational acquisitions.

Let us not sidestep the issue but deal with it openly and transparently so that such incidents can be avoided in the future.

Kevin Lee Tianrong
Melbourne, Australia

Hurrah for Larsson but injuries nag Fergie

LONDON - WHAT a way for Henrik Larsson to say goodbye. More crucially, what bad timing.

With his final touch in his final game at Old Trafford on Wednesday, the 35-year-old headed in the goal that beat Lille 1-0 and eased Manchester United into the quarter-finals of the Champions League.

After he plays his final game at Middlesbrough in the FA Cup quarter-final tomorrow, United will be left without an out-and-out striker.

A hamstring injury will keep Louis Saha out for four weeks and Ole Gunnar Solskjaer will not be available until the end of the month after a knee operation.

Paul Scholes begins a three-match suspension tomorrow.

A further setback came on Wednesday when defender Mikael Silvestre dislocated his shoulder after a collision with Efstathios Tavlaridis, leaving United to toil on against Lille with 10 men.

He is almost out for the remainder of the season, reported The Guardian.

'Apart from the results, it has been a bad week,' said manager Alex Ferguson.

'It is not looking good for Mikael at all. It is another big blow for us because, in the space of a week, we have lost five players.

'Louis will be missing for four weeks although, with hamstrings, you can never be sure exactly how long they will be out.

'Ole will not be available until March 31, Darren Fletcher is out for two months and now Larsson is leaving us.'

Not that Ferguson did not try to convince Larsson from returning to Sweden to play for Helsinborgs.

'Henrik has promised that to them,' he said. 'He has got his family, too. There's no point in going on about it.

'I've spoken to the man, and he is going back. That, unfortunately, is that.'

With regulations forbidding the calling back of young striker Giuseppe Rossi from loan at Parma, United are left with just Wayne Rooney and Alan Smith up front.

Rooney, playing with a stitched-up leg, has huffed and puffed to his 10 goals in 26 league matches.

Midfielder-turned-striker Smith came off the bench on Wednesday for his first taste of action since early November.

Chelsea will believe they have a genuine chance to overhaul United's nine-point lead at the top of the table.

Especially after watching United's scrappy display against a Lille side still seething over Ryan Giggs' first-leg winner.

The Red Devils started well enough.

In the 14th minute, Scholes selflessly chipped the ball across for Rooney, whose goal-bound volley hit Matthieu Chalme.

From the corner, John O'Shea's header thumped into the bar.

Scholes promptly forced a flying save from Tony Sylva, and it looked only a matter of time before United's superiority was manifested in a goal.

Midway through the first half, Lille should have gone ahead when Jean Makoun, once a United target, sent a free header straight at Edwin van der Sar from a free kick.

Then Cristiano Ronaldo was booked for trying to win a penalty with a dive, and United's display turned scrappy, reported The Independent.

Cries of 'Fergie, sort it out' rose from the fans.

With 19 minutes remaining, Ronaldo crossed superbly for the unmarked Larsson to bid farewell with a header from 10 metres.

Ferguson insisted he does not care who his team get in the quarter-finals draw today.

'There is not a lot between the sides left, so I feel we have a chance against anyone,' he said.

Not with Wednesday's display. His injury list has made things a lot harder.

Fed chief urges tougher line on 2 mortgage giants

WASHINGTON - US FEDERAL Reserve chairman Ben Bernanke urged Congress to bolster regulation of mortgage groups Fannie Mae and Freddie Mac, and suggested limiting their massive holdings to guard against any danger their debt poses to the overall economy.

His remarks come as worries about risky mortgages are making investors jittery.

Those fears contributed to last week's worldwide stock meltdown, where the Dow Jones Industrial Average suffered a gut-wrenching 416-point plunge. Wall Street on Tuesday staged a rebound, gaining more than 150 points.

Mr Bernanke has previously supported efforts to pare the two mortgage companies' huge portfolios. This time, however, he was a bit more specific and recommended that their holdings might be linked to a 'measurable public purpose, such as the promotion of affordable housing'.

The Fed chief's suggestion was contained in remarks delivered on Tuesday through satellite to a bankers' meeting in Hawaii.

Lenders to sub-prime borrowers - people with blemished credit histories - have been battered.

Rising interest rates and weak home prices have made it increasingly difficult for these borrowers - especially those with adjustable-rate mortgages - to keep up with their mortgage payments.

Delinquencies and foreclosures in the sub-prime mortgage market are spiking.

Against this backdrop, Mr Bernanke said he wanted to be clear that by suggesting the change in the portfolio holdings of Fannie Mae and Freddie Mac, he was not advocating a change in the exposure of the mortgage giants' sub-prime loans.

Last week, Freddie Mac announced that it would no longer buy certain risky, sub-prime mortgages. Fannie Mae is the biggest buyers of home mortgages in the United States; its rival, Freddie Mac, ranks as the second-largest buyer.

Fannie Mae and Freddie Mac - also referred to as government-sponsored enterprises, or GSEs - were created by Congress to inject money into the mortgage market by buying home loans from banks and other lenders.

'Legislation to strengthen the regulation and supervision of GSEs is highly desirable, both to ensure that these companies pose fewer risks to the financial system and to direct them towards activities that provide important social benefits,' Mr Bernanke told the banking gathering.

He said the Fed would like to see legislation passed this year.

Representative Barney Frank, chairman of the House Financial Services Committee, is proposing legislation that would give the regulator of Fannie Mae and Freddie Mac the discretion to limit or reduce the two mortgage companies' holdings.

The combined portfolios of Fannie Mae and Freddie Mac from the end of 1990 until the end of 2003 have grown more than tenfold - to US$1.56 trillion (S$2.4 trillion), Mr Bernanke said.

Besides buying mortgage-backed securities, the mortgage giants purchase other types of assets for their own investment portfolios, he added.

But less than 30 per cent of their current portfolio holdings are oriented towards affordable housing, he said.

Mr Bernanke did not provide any fresh insight on the turmoil seen in worldwide financial markets over the past week in his speech or in a brief question-and-answer session that followed.

ASSOCIATED PRESS

Howell hopes Masters win will spark fine season

A STELLAR showing at this week's Clariden Leu Singapore Masters is what David Howell needs to kick-start his quiet season.

The world No 18 may be the highest-ranked golfer in the 204-man field here, but he is certainly not on top of the form chart.

As he said yesterday at the Laguna National Golf and Country Club: 'I've not been swinging the club particularly well.

'There's lots of hard work ahead of me, but I'm starting to get things together on the driving range.'

The 31-year-old from Swindon, England, finished third on the European Tour Order of Merit last year, but now lies a lowly 94th.

His stuttering start was in contrast to the bright manner he began last season - beating Tiger Woods by three strokes to win the HSBC Champions tournament in Shanghai.

What was the secret of his stunning win?

Said Howell: 'The main difficulty is keeping control of your own emotions.

'Fortunately, Tiger did not play his best golf that day.

'I had a one-stroke lead, started strong and put pressure on Tiger to perform really well on the back nine. That forced him into some mistakes.'

While memorable, the Shanghai win is not Howell's proudest achievement.

The two-time Ryder Cup winner counts lifting last year's BMW PGA Championship as the main highlight of his 11-year career.

He said: 'That's the European Tour's flagship event.

'But, without the experience of beating Tiger, that win may not have come about.'

Just as the Shanghai victory sparked off a fine season for him, he is hoping a win here would do likewise.

He said: 'That put me right up the top, and I had the momentum on my side.

'It hasn't started that way this time, but I ended very poorly last year, so I hope to do the opposite this year.

'I must remember - it's a marathon, not a sprint.'

However, with the US Masters coming up next month, he knows he has to hit top gear soon.

He said: 'If I can do well here, that would be a great boost to me going into the US Masters. I need to regain some confidence.'

The last time the Englishman played here was in 2005, when he finished 55th in the same tournament.

ALVIN FOO

Curbishley safe despite loss to Spurs

LONDON - ALAN Curbishley will not be sacked as West Ham manager, even if the club are relegated from the Premiership at the end of the season.

West Ham lost 3-4 to Tottenham Hotspur on Sunday. They led 2-0 and then 3-2 with only six minutes remaining.

The defeat left the them firmly entrenched at the bottom of the table.

The Hammers have won only once in 12 games since Curbishley took over in mid-December.

He admitted, after the defeat, that he would not be surprised if he was axed. However, a well-placed source told BBC Sport that Curbishley's job is safe.

West Ham, with 20 points, are 10 points from safety. They have nine games remaining.

BBC Sport's Garry Richardson said: 'My source at the club says that they will stick with Curbishley.

'I've been told that new chairman Eggert Magnusson is in for the long haul and wants Curbishley by his side.

'There is a feeling among some board members that Alan has inherited some players with the wrong attitude, and they will be sold in the summer.

'He will be given funds to buy. I was told there will be a major overhaul at the end of the season.''

The shell-shocked manager said on teamtalk.com: 'Naive is the word. It is down to lack of confidence and mental toughness, knowing how to see a game out. A mid-table team would have won that.

'There was a chance that if we got three points, we could close the gap on teams above us. We have blown it in terms of three points.

'We scored three goals and haven't taken anything. It is a massive disappointment. But we have got to keep going. We can't give up.''

West Ham attacked Tottenham with the spirit and determination that have been missing all season. But, ultimately, it was fruitless.

They led 2-0 after the first half with goals from Mark Noble and Carlos Tevez.

Tottenham hit back when Aaron Lennon won a penalty in the 50th minute, and Jermain Defoe stroked the spot kick past Robert Green.

The visitors equalised through Teemu Tainio in the 63rd minute. He scored from 10 metres after a superb pass from Lennon.

Curbishley must have thought West Ham were going to end their run of 11 matches without a win, when Bobby Zamora headed home Tevez's free kick in the 85th minute.

But Dimitar Berbatov curled a superb free kick past Paul Robinson four minutes later.

Paul Stalteri won it for Tottenham in stoppage time. He tapped the ball in after Green spilled Defoe's shot.

Said Tottenham manager Martin Jol: 'Today it was heaven, hell, heaven, hell.

'It was an amazing game.'

Meanwhile, West Ham defender Anton Ferdinand will be disciplined by the club after lying about leaving the country.

He disobeyed Curbishley by flying to the United States last month for a birthday party. The players had been told not to leave England during a four-day break.

Ferdinand has apologised. But he will still be fined, as the manager tries to impose some discipline on the team.

AGENCE FRANCE-PRESSE, ASSOCIATED PRESS

News Today

Abe grilled over ministers' controversial remarks
TOKYO - JAPANESE Prime Minister Shinzo Abe and his right-hand man were yesterday grilled over gaffes by two ministers who called the Iraq war a 'mistake' and women 'child-bearing machines'.The comments are giving Mr Abe a political headache when his support... [Read more]

Bid for best chingay seats
The best seats for this year's Chingay Parade are just a click away. For the first time in the parade's history, five pairs of Chingay premium tickets and two pairs of standing spaces on the grand opening float are being put... [Read more]

Fliers playing it safe - slow pick-up in duty-free sales
PLAY-IT-SAFE passengers flying from Changi Airport are still wary of having duty-free items aboard - five months after anti-terror restrictions were slapped on by certain countries.Duty-free sales at Changi Airport on the affected routes have picked up, but only marginally.The Civil... [Read more]

Rockeby lands new investors, such as ex-minister Cheow Tong
It places out 120m new shares at 1.9 Australian cents LOCAL biotech firm Rockeby biomed, which is planning again to get a listing on the Singapore Exchange (SGX) after having been rejected four years ago, has attracted new investors, including former... [Read more]

$30m Safra club in Jurong by 2009
THEY are already in the north, south, east and central districts. Coming next: a Safra club in the west. When completed by early 2009, the $30 million Jurong West Safra - themed a 'family playground' - will boast the largest indoor... [Read more]

US and Iraqi troops push into Baghdad
BAGHDAD - AMERICAN and Iraqi forces pushed into Baghdad yesterday to clean up insurgent and militia hotbeds, launching house-to-house searches in a major operation to restore order in the battered Iraqi capital. Witnesses said US and Iraqi troops had cordoned off... [Read more]

Demand for city-fringe, suburban homes picking up
DEMAND for new homes outside the plush prime districts picked up pace late last year, even though prices there climbed more slowly than in the red-hot central region. This may mean that demand is finally trickling down from the booming luxury... [Read more]

Why complainant could not get Business Class seats
I refer to the letter by Mr Robert James Eve, 'A would-be memorable trip marred by inability to get Business Class seat using frequent flyer award points' (Online forum, Feb 14).Singapore Airlines, like all other airlines, reserves a number of seats... [Read more]

New TV-show controversy involving Bollywood star
THE makers of controversial British reality television show Celebrity Big Brother have apologised and cancelled an eviction vote after Bollywood star Shilpa Shetty was mistakenly favoured over fellow contestants. Shetty, victim of alleged racist bullying on the show last week, is... [Read more]

Sports World
JOCKEY MURPHY DIES AFTER FALLWELLINGTON: Irish jockey Damien Murphy died yesterday from injuries suffered in a race fall.The 23-year-old never regained consciousness after crashing to the turf when his mount, Ajay's Luck, clipped the heels of another runner nearing the finish... [Read more]

Hundreds stranded in Taipei as fog delays 30 flights
TAIPEI - THICK fog at Taiwan's Taoyuan International Airport delayed more than 30 departing flights yesterday morning, leaving hundreds of passengers stranded, an airport official said.The foggy conditions were created by a humid maritime airstream, reducing visibility to less than 200m,... [Read more]