NTUC Income

Former NTUC Income Chief Tan Kin Lian has confirmed that he will contest the coming Presidential Election.
The election must be held by August 31.
From his blog posted earlier today, he declared his intention: "I have now decided to contest the Presidential Election (if I am given the Certificate of Eligibility). I shall issue a full statement today or tomorrow."

He also released on the same blog a paper he had written to explain his views on the role of the elected President in safeguarding national reserves and the "new approach" he intended to take if elected to the position.
Last Friday, Mr Png Eng Huat, a friend of Mr Tan, collected the forms for the certificate of eligiblity for the Presidential Election for him.

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CIMB Singapore

RHB Capital Bhd has received the green light fromBank Negara to start talking with CIMB Group Holdings Bhdand Malayan Banking Bhd on merger negotiations, paving the way for the bidders to submit their respective offers tomorrow.
RHB Cap had submitted its application to the central bank last Friday and told Bursa Malaysia yesterday that it received a letter of approval to commence negotiations with both banking groups for three months from the date of the letter.
StarBiz sources had disclosed over the weekend that RHB Cap's board of directors set an internal target of Thursday for Maybank and CIMB to submit their offers.
“The target is for the board to make a decision within two weeks from now and call for a shareholders meeting as they don't want the uncertainty to be prolonged - be if for the staff or the stock market,” a source had said.
Reliable sources also said CIMB had appointed Morgan Stanley as its adviser while it was reported previously that Maybank has gone withNomura Singapore Ltd.
Meanwhile, a Bloomberg report yesterday said Japan's biggest banking group Mitsubishi USJ Financial Group Incplanned to strengthen its capital alliance with CIMB group to boost its banking business in South-East Asia as it sells 29.9% stake in Kim Eng Holdings Ltd for 34 billion yen to CIMB's bigger rival Maybank.
Mitsubishi UFJ, which owns 4.1% of CIMB, wants to increase equity and bond underwriting in the region with its partner's corporate client network, the Japanese's brokerage unit said in a statement yesterday. The Japanese banking group's stake sale in Kim Eng is part of Maybank's takeover of Singaporean stockbroker Kim Eng.
Mitsubishi UFJ is seeking to utilise its stake in CIMB group to maintain a presence in Asean, as its smaller rival Sumitomo Mitsui Financial Groupwas rumoured to be eyeing Abu Dhabi Commercial Bank's (ADCB) 25% stake in RHB Cap.
ADCB's was seeking to sell its stake in RHB Cap as part of its rationalisation programme and also in line with Abu Dhabi's plan to rationalise its banking assets under a single umbrella.

A Maybank-RHB Cap merger would result in an enlarged banking group with assets of RM513bil (based on data as at end-March 2011) and market value of RM86.4bil. It will retain its spot as fourth largest bank by asset size in Asia but narrow the gap with its biggest rivals - Singapore'sDBS Bank, OCBC Bank and United Overseas Bank Group.
A CIMB-RHB Cap merger will lead to an enlarged group with assets of RM405bil, de-throning Maybank as the country's lead banking group based on assets at RM380bil.
The enlarged group will emerge as the fourth largest bank by asset size in the region.
Analysts who had pegged the deal at 2x-2.5x book of RHB Cap based on its net tangible asset per share of RM4.79 as at end March 2011, valued the group at RM9.58 to RM12.

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Maruti Cervo

Maruti Cervo, one of the most awaited small cars in the Indian market, is now expected to hit the Indian roads in October this year. As per industry sources, the car is currently in the testing stage and the company may be rolling out the car near Diwali season. It has been more than a year since the car has been expected to hit the Indian roads, but the company is yet awaited to make an official statement regarding the timeline of the launch of the Cervo in the country.

The Maruti Cervo model will be launched in the price segment of sub Rs 2 lakh where it will be competing with the likes of Tata Nano and its own elder sibling Maruti Alto. The car is expected to be borrowing a number of styling and designing cues from the same Alto model.
As per market speculations, the Cervo model will be launched in the country with an 800 cc engine, delivering a peak power of 54 bhp. The car will come blessed with class-leading comfort and convenience features including leather upholstery, power steering, power windows etc.

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Nouriel Roubini

A “perfect storm” of fiscal woe in the U.S., a slowdown in China, European debt restructuring and stagnation in Japan may converge on the global economy, New York University professor Nouriel Roubini said.
There’s a one-in-three chance the factors will combine to stunt growth from 2013, Roubini said in a June 11 interview in Singapore. Other possible outcomes are “anemic but OK” global growth or an “optimistic” scenario in which the expansion improves.
“There are already elements of fragility,” he said. “Everybody’s kicking the can down the road of too much public and private debt. The can is becoming heavier and heavier, and bigger on debt, and all these problems may come to a head by 2013 at the latest.”
Elevated U.S. unemployment, a surge in oil and food prices, risinginterest rates in Asia and trade disruption from Japan’s record earthquake threaten to sap the world economy. Stocks worldwide have lost more than $3.3 trillion since the beginning of May, and Roubini said financial markets by the middle of next year could start worrying about a convergence of risks in 2013.
The MSCI AC World Index has tumbled 4.9 percent this month on concern recent data, including an increase in the U.S. unemployment rate to 9.1 percent in May, signal the global economy is losing steam.U.S. Treasuries rose last week, pushing two-year note yields down for a ninth week in the longest stretch of decreases since February 2008, on bets the Federal Reserve will maintain monetary stimulus.
Bond Market ‘Revolt’World expansion may slow in the second half of 2011 as “the deleveraging process continues,” fiscal stimulus is withdrawn and confidence ebbs, Roubini also said.
Easing growth may spur demand for dollar assets as a “safe haven,” he said in response to questions after a speech in Singapore today. The Dollar Index, which gauges the U.S. currency’s value against a basket of six counterparts including the euro, yen and British pound, rose 0.1 percent as of 11:35 a.m. in Singapore, bound for a fourth straight daily increase.
Roubini is among analysts who predicted the global financial crisis of 2007-2009 that was triggered by a collapse in the value of U.S. mortgage securities.

Some of his other predictions haven’t panned out, including his call on July 4, 2010, for “market surprises on the downside” in ensuing months and a weakening in economic growth. The MSCI World Index rallied 23 percent in the second half of last year, while U.S. gross domestic product gains accelerated to 2.6 percent in the third quarter and 3.1 percent in the fourth quarter from 1.7 percent in the April-to-June period.
U.S. Bonds
Roubini said two days ago that in the U.S., a failure to address the budget deficit risks a bond market “revolt.” President Barack Obama’s administration has been negotiating with Republicans, who control the House of Representatives, over cutting the federal government’s long-term shortfall and raising the debt ceiling.
“We’re still running over a trillion-dollar budget deficit this year, next year and most likely in 2013,” Roubini said in a speech in Singapore on June 11. “The risk is at some point, the bond market vigilantes are going to wake up in the U.S., like they did in Europe, pushing interest rates higher and crowding out the recovery.”
In Europe, officials need to restructure the debt of Greece, Ireland and Portugal, and waiting too long may result in a “more disorderly” process, Roubini also said.
European officials are racing to find a plan to stem Greece’s debt crisis by June 24 while sharing the cost of a new rescue with bondholders. Saddled with the euro area’s heaviest debt load, Greece is seeking additional loans after last year’s 110 billion-euro ($159 billion) bailout.
Japan’s Contraction
Japan’s economy, the world’s third-largest, slid into a recession last quarter, using the textbook definition of consecutive quarterly declines in GDP, after the March 11 earthquake and tsunami and ensuing nuclear crisis. The government is spending an initial 4 trillion yen ($50 billion) to clean up from the disaster, which is estimated to have caused as much as 25 trillion yen in economic damage.
Bank of Japan Governor Masaaki Shirakawa said on June 1 that supply constraints are easing faster than expected as companies rush to repair their facilities. The risk in Japan is “if growth fizzles out after a short-term reconstruction stimulus,” leading to a renewed struggle to maintain expansion around 2013, Roubini said.
China’s economy may face a “hard landing” after 2013 as government efforts to boost growth through investment cause excess capacity, Roubini told reporters after his June 11 speech.
‘Overcapacity’ in China“China is now relying increasingly not just on net exports but on fixed investment” which has climbed to about 50 percent of GDP, he said. “Down the line, you are going to have two problems: a massive non-performing loan problem in the banking system and a massive amount of overcapacity is going to lead to a hard landing.”
A record $2.7 trillion of loans were extended in China over two years, pushing property prices to all-time highs even as authorities set price ceilings, demanded higher deposits and limited second-home purchases.
The nation’s current challenge is to maintain growth and curb price gains ahead of a leadership change next year, Roubini said. Officials may use administrative steps and price controls, as well as raising rates further and allowing currency appreciation, if inflation becomes a bigger problem, he said.
Political Transition“The policy challenge through next year, where you have a delicate political transition of the leadership, is to maintain growth in the 8 to 9 percent range while pushing inflation below what it is right now,” said Roubini, the co-founder and chairman of New York-based Roubini Global Economics LLC.
After next year, the bigger challenge in China is “to reduce fixed investment and savings and increase consumption. Otherwise after 2013, there will be a hard landing,” he said.
The risk of “outright” deflation and the probability of another recession in the U.S. are lower now than a year ago, and output in Japan could rebound in the second half of the year, Roubini said two days ago. “High-grade” corporations have “very strong” balance sheets, he said.
Roubini in July 2006 predicted a “catastrophic” global financial meltdown that central bankers would be unable to prevent. The collapse of Lehman Brothers Holdings Inc. in 2008 sparked turmoil that led to the worst financial crisis since the 1930s.

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Singapore Flyer Printing

I have no idea why you need an A3 + photo printer and graphic art, but why not? You can then print a high quality, A3 size or larger Nicole Seah poster in your room or tones in the rally. (Nicole Seah is popular in Singapore).
Here is a recommendation that can do just that, winning awards 2011 TIPA “best expert printer”; Epson Stylus Photo R3000.
Epson Stylus Photo R3000 is available $ 2,138 (inclusive of GST) between 1 May 2011.

I’m just a graphic or photographic what influence on the following link for the press and the latest Epson printer delete. .

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Panasonic GF3

It took a year and a half for Panasonic to add the GF2 to the wonderful (big) pocket-sized GF1 mirrorless Micro Four Thirds camera. Now, just five months later, we have another one — the GF3. This camera is even smaller and feature lacking than the already cut down GF2, showing that Panasonic is clearly taking this line down to the consumer level.
The camera still has a 12MP sensor, just like its two older (and smarter) brothers. It combines this with a new processor (the Venus Engine found in the bigger GH2 and G3) which allows faster auto focus and generally makes the camera snappier. It also gets some new “Photo Styles” and a new filter called miniature, aka tilt-shift, and focus-tracking when shooting video.
Much bigger is the list of what the camera has lost. Minimum ISO climbs from 100 to 160, the rear click dial has gone, as has the stereo mic of the GF2. The flash is now top center, but the hotshoe has gone, meaning you can’t add an accessory viewfinder or a flash.

For those stepping up from a compact camera the fast response, big sensor and interchangeable lenses will be a huge difference, and many will buy this instead of an SLR. For enthusiasts who loved the GF1, it looks like the end of the GF line in terms of them being useful cameras. Thankfully, all those Micro Four Thirds lenses you bought can be used on Olympus’ Pen EP series cameras, which seem to be taking things a little more seriously.
The GF3 will be on sale in July with the slow and wide 14mm ƒ2.5 pancake lens ($700), and in August with the 14-42mm ƒ3.5-5.6 kit lens ($600).

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Roubini

There is a one in three chance a “perfect storm’’ of fiscal woe in the United States, a slowdown in China, European debt restructuring, and stagnation in Japan will converge to stunt global economic growth beginning in 2013, New York University professor Nouriel Roubini says.
Other possible scenarios are “anemic but OK’’ growth or an “optimistic’’ scenario in which the economy expands.
Stocks worldwide have lost more than $3.3 trillion since the beginning of May, and Roubini said financial markets by mid-2012 could start worrying about a convergence of risks.
The MSCI AC World Index has tumbled 4.7 percent this month on concern that recent data, including an increase in the US unemployment rate to 9.1 percent in May, signal the global economy is losing steam.
Economic expansion may slow this year as “the deleveraging process continues,’’ fiscal stimulus is withdrawn, and confidence ebbs, Roubini said.
He is among analysts who predicted the 2007-2009 financial crisis. It was the worst such episode since the 1930s, triggered by the collapse of US mortgage securities.
Some of his predictions have not panned out, though, including his call on July 4, 2010, for “market surprises on the downside’’ in ensuing months.
Roubini said a failure to address the US budget deficit risks a bond-market “revolt.’’

“We’re still running over a trillion-dollar budget deficit this year, next year, and most likely in 2013,’’ he said in a speech in Singapore on Saturday. “The risk is at some point, the bond market vigilantes are going to wake up in the US, like they did in Europe, pushing interest rates higher and crowding out the recovery.’’
Japan’s economy, the world’s third-largest, slid into a recession last quarter after the March 11 earthquake and tsunami and ensuing nuclear crisis. China’s economy may face a “hard landing’’ after 2013 as government efforts to boost growth through investment cause excess capacity, Roubini told reporters.
A record $2.7 trillion of loans were extended in China over two years, pushing property prices to record highs even as authorities set price ceilings, demanded higher deposits, and limited purchases of second homes.

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NYMEX

U.S. crude futures edged down on Monday, extending losses seen in the previous session on a slightly firmer dollar and news that Saudi was offering more oil to Asian customers, while continuing unrest in the Middle East kept a floor under prices.

FUNDAMENTALS
* U.S. July crude CLc1 fell as much as 59 cents to $98.70 a barrel, but later recouped some of the losses to trade down 6 cents at $99.23 by 0033 GMT on Monday. It dropped $2.64 to settle at $99.29 a barrel on Friday.
* ICE Brent for July delivery LCOc1 edged up 9 cents $118.87 a barrel.
* Top oil exporter Saudi Arabia has offered more crude to Asian refiners in July, evidence that it is taking steps to unilaterally increase supplies after OPEC talks collapsed.
* Saudi Arabia will raise output to 10 million barrels a day in July, Saudi newspaper al-Hayat reported on Friday, as Riyadh goes it alone to pump more outside official OPEC policy.
* But Iran's OPEC governor said over the weekend that an increase in crude output by Saudi will not change market conditions as demand is for lighter oil than it provides, reiterating Tehran's stance that there is no need to boost production.
* Rebels fighting against Libyan leader Muammar Gaddafi launched an offensive on Sunday to retake the oil town of Brega but were repelled in a battle which killed at least four fighters, rebels and doctors said.
* The United Arab Emirates said on Sunday it had recognised Libyan rebels as the sole legitimate representative of the Libyan people, the state news agency reported, becoming the second Arab state to take such a move.
* The main Syrian activist group organising protests said on Sunday a violent crackdown has killed 1,300 civilians and called on President Bashar al-Assad to step down to transform the country into a democracy.
* Talks to resolve Yemen's political crisis have failed after the deputy to wounded President Ali Abdullah Saleh refused to speak with groups demanding he cede power immediately, opposition figures said.

* Thousands of Bahrainis shouting "we are victorious" gathered for a rally for political reform on Saturday, in the first large demonstration since the Gulf Arab state crushed a democracy protest movement in March.

MARKETS NEWS
* The dollar index , which tracks the greenback against a basket of currencies, firmed about 0.1 percent.
* The Nikkei benchmark fell on Monday after further signs of a global economic slowdown pushed U.S. stocks lower on Friday, and as weak machinery data soured sentiment. The benchmark Nikkei fell 1.3 percent to 9,391.26.
DATA/EVENTS
* The following data is expected on Monday (GMT):
- 0800 Italy Industrial output Apr 2011
(Reporting by Cho Mee-young)
RECENT CRUDE OIL TRADES
Asia... Europe... Americas...


CRUDE OIL MARKET NEWS
Crude oil tenders in Asia........................

Crude oil supply outages in Asia............

Refinery outages in Asia....................

Global arbitrage news and flows.................

W.African crude imports to Asia, monthly........
REFINERY MAINTENANCE DIARIES
Asia... Middle East... Europe...


NATIONAL CRUDE IMPORT DATA
Japan.............. China..............
India.............. S.Korea............
Indonesia.......

CRUDE OIL INVENTORY DATA
Japan... US... Europe...


CRUDE OIL PRODUCTION/OILFIELD NEWS
OPEC output survey... New Asian fields..
New Africa fields... New Europe fields.

New Americas fields.. New projects....


CRUDE OIL MARKET REPORTS
Middle East........... Asia-Pacific........

West Africa......... North Sea............
Asia outlook....... Europe outlook.....

Global futures report... Technicals report......


PRICES
For all Official Selling Prices......................
For a POLL on oil prices............................

NYMEX and ICE oil futures...........................

TOCOM crude oil futures.............................<0#JCO:>

Dubai, Oman swaps and spread...............

Middle East physical crude diffs...............
Australia physical crude, Tapis swaps..........

Asia-Pacific physical crude....................

All Asian crude oil differentials................<0#C-DIF-A>

All Asian crude oil outright prices..................<0#C-A>

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Pan Pacific Singapore

Gear up to be rewarded like never before this Great Singapore Sale (GSS), as MasterCard returns as the official card for the eighth year running.
In addition to providing MasterCard cardholders with fabulous discounts and exclusive privileges at over 100 shopping, dining, hotel and spa establishments island-wide, purchases made on a MasterCard card can be accumulated for rewards on the MasterCard Shopathon website - coveted items such as designer bags, gadgets and shopping vouchers are available for redemption.
Shoppers can also look forward to fantastic online deals at the MasterCard Flash Sales, a series of limited-time bonanzas that will be on offer at different periods during the sale. MasterCard cardholders can ensure that they are the first to receive news of the Flash Sales by registering on the website and subscribing to SMS or email alerts.
MasterCard cardholders can also make use of the Deal Finder available on the website as well as with the free mCompass iPhone app by MasterCard, to search, track and locate the amazing selection of GSS privileges available to MasterCard cardholders in stores.
Need help deciding what to buy? The MasterCard Shopathon website and mCompass iPhone application also come with a new Shopping Buddy function that allows cardholders to ask for their friends’ opinions or share purchases through Facebook. Add Facebook friends as shopping buddies, post messages on buddies’ Facebook Walls to get their opinions, receive alerts on new buddy opinions, and even create polls to find out what friends have to say – it’s all possible with MasterCard.
Not only do MasterCard cardholders get big savings this GSS, they can also look forward to exciting rewards with the MasterCard Shopathon Rewards program.
Registered MasterCard cardholders can accumulate their spend in Singapore over the course of the sale to redeem rewards ranging from dining and SISTIC vouchers – for MasterCard cardholders who charge a minimum of S$500 to their MasterCard card (maximum of five receipts), to luxury goods and hotel stays for those who charge a minimum of S$12,000, this GSS.
MasterCard cardholders can make multiple redemptions.
No time to redeem? Fret not, as all registered and unredeemed transactions of MasterCard cardholders will be automatically entered into the Grand Prize Draw, with the winner walking away with a trip for two to New York City!
Note:

• • Transactions made in Singapore during the GSS period – 27 May to 24 July 2011 – and registered on the MasterCard Shopathon website are valid for redemptions.
  • The list of redeemable items is available online and on the mCompass iPhone application.
  • Redeemable items will be classified into four categories of minimum spend ($500, $2,000, $5,000, $12,000).
  • MasterCard cardholders must enter receipt and transaction details to qualify for the redemption.
  • Rewards are only available while stocks last. Check in regularly to ensure your favorite items are still available.
  • Each registered account can redeem a maximum of two items per week.
  • For the Grand Prize Draw, chances are on a per-transaction basis, i.e. three receipts will give the cardholder three chances.

• Beyond Deals to Steals

If you thought the GSS deals couldn’t get any better, think again! The savings only get bigger with the MasterCard Flash Sales for MasterCard cardholders.
Don’t blink and don’t hesitate as the clock is ticking. Dining and shopping deals and mobile phones from major brands, such as LG and Samsung, will be up for grabs as part of the Flash Sales, in addition to fashion steals from luxury labels which are available in conjunction with Reebonz.com. On top of enjoying 5% discount on purchases on Reebonz.com, MasterCard cardholders can also look forward to limited time online flash sales on a range of items throughout the sale period, over and above the existing GSS deals!
OR
iPhone users: download the free mCompass application for the complete digital GSS companion right in your pocket!
Deals to Please
Get ready for a great season of bargain hunting as MasterCard gives you a head start on all the best GSS offers this year:
Retail
With a wide selection of choices, a wardrobe makeover will be an ease this GSS for MasterCard cardholders.

• Chances to win a Priceless trip to New York are aplenty when you charge your purchase to your MasterCard! Ten exciting high street fashion labels come together to ramp up your chances - BCBGMAXAZRIA, Karen Millen, Maxstudio.com, Wallis, Ben Sherman, Warehouse, Topshop, Topman, Dorothy Perkins and Miss Selfridge. Furthermore, get 10% off regular-priced items with minimum purchases, or simply get 7% off any purchase of regular-priced items.
• Tell time fashionably with a new timepiece from BCBGMAXZRIA, Cosmopolitan, Katherine Hamnett orKenneth Cole, and be rewarded with a S$30 voucher for your next purchase.
• Suit-up this GSS! Complete the executive look with 10% off regular-priced items at T.M.Lewin and 40% off selected ties at CYC The Custom Shop.
• Do your part in giving back to society when you transact with MasterCard at any of the 22 Perfumes & Cosmetics outlets by Nuance-Watson at the Singapore Changi Airport. MasterCard will make a contribution to UN Women as part of the MasterCard Purchase with Purpose program. In addition, receive a S$40 Perfumes & Cosmetics voucher for your next purchase with a minimum expenditure of S$450 nett in a single receipt.
• Steal the limelight with luxurious accessories and prestigious instruments of time at up to 60% discount from selected brands at Dickson Watch & Jewellery, All Watches, Indo+Suisse, Chow Tai Fook, Lukfook Jewellery, On Cheong Jewellery, RISIS, and Sette. Raise the bar on a personal experience with complimentary local delivery to one destination with any purchase of Bertolucci and Qeelin brands fromDickson.
• A mobile phone upgrade will be irresistible with S$120 off the Nokia E7 (RRP @ S$989), or simply streamline your mobile experience with 10% off regular-priced Nokia accessories. Other models are not left out - get a free Nokia Mini Speaker worth $88 when you purchase a Nokia C6-01, C7 or N8.
• With up to 15% off accessories at Nubox, the tech-savvy can upgrade existing gadgets with a funky new look.
• Seize the chance and get more items to spruce up your living areas with a free S$100 Accessories Voucher for every S$1,000 spent at Mondi Lifestyle, Star Living Mall or Zen Tradition.

Dining
Look forward to a Priceless culinary experience with eastern delights and western treats to satisfy the palate.

• With 25% savings on brunch, buffet lunch, high tea, and dinner at 10 at Claymore, foodies will be hard-pressed to find a reason not to indulge themselves.
• Be rewarded with a S$30 return dining voucher when your spend a minimum of S$300 (before taxes) atBrunch,Global Kitchen, Keyaki, Hai Tien Lo, and Zambuca.
• Take 20% off the bill when you have buffet lunch and dinner at the Plaza Brasserie or Spice Brasserie.
• Give your friends a treat on a night-out with a 1-for-1 deal on all housepour drinks all-day at Chances Lounge.

Wellness & Spa
After a busy day of shopping, MasterCard cardholders can unwind and pamper themselves with a rejuvenating session at renowned spas.

• Be spoilt for choice with Rustic Nirvana’s Jamu Massage or Golden Topas Face Spa at only S$30 nett, orThe Ultimate Spa’s Chi Balancing Massage and Lymphatic Drainage Face Spa at $35 nett each. Both retailers are offering 30% off a la carte services as well.
• Beauty treatments will come at a lower tab with up to 60% off selected facials at Glow Couture, Aster Spring Origin of Beauty, and Leonard Drake Skincare & Health Spa. Furthermore, get a Double Chin contouring treatment (using cosmeceutical ingredients) from Angel Face at S$64 only!

Accommodation
The allure of a sweet escape becomes even more irresistible with MasterCard’s value offerings this GSS.

• Be an early bird and catch the worm! Book 10 days in advance and get up to 20% off the Best Available Rates at Pan Pacific Orchard, Pan Pacific Singapore, PARKROYAL on Beach Road, and PARKROYAL on Kitchener Road.
• Enjoy a retreat at Hotel Fort Canning with 10% off Best Available Rate, daily breakfast for two and complimentary Internet access. Complete the experience with 15% off food & beverage at The Glass House and 10% off a la carte treatment at Thann Sanctuary.
• Accor Singapore offers a free one-day hop-on hop-off City Tour, Buffet Breakfast and 24-hr unlimited Internet Access when you make a booking online with Grand Mercure Roxy Hotel, Novotel Clarke Quay, ibis Bencoolen oribis Novena. As part of the 15% off STAY, SPIN & WIN Promotion, you get a chance to Spin & Win great prizes such as an iPad, Blackberry Touch, Universal Studios Tickets, and more.
• A weekend-getaway at Sheraton Towers Singapore Hotel will only come at S$300++ per night for a deluxe room, with a S$50 Food & Beverage credit to be utilized during the stay and a 20% discount off the Eucalyptus Spa Back Massage.

Experience Resorts World Sentosa with MasterCard
Enjoy endless excitement at Resorts World Sentosa, Singapore with MasterCard. With an exciting array of entertainment, shopping and dining experiences plus world-class hotels to stay in, it is your dream destination this GSS.
Special Stay Packages
MasterCard cardholders can avail of an exclusive 3D2N Tropical Special deal at S$598 Nett, which includes a choice of stay at one of three hotels, two tickets to Universal Studios Singapore and 2 category 5 tickets to catch Voyage De La Vie™.
The Best Dining Deals
Visitors can enjoy special privileges at fine-dining restaurants including Fiesta, Palio, Osia and Starz Restaurant. Also enjoy 15% off at Hard Rock Café (drinks and dining), Rang Mahal Pavilion (food bill only) and Chilli’s Grill & Bar (appetisers only). A special 10% discount is also exclusively available to MasterCard cardholders at Singapore Seafood Republic’s GSS set menu.
Enjoy extended happy hours with Daily Special 1-for-1 housepour deals at Festive Lounge, Michael’s Lounge and The Rock Bar.
A Priceless Voyage
Purchase Voyage de la Vie™ tickets and receive Free Seat Upgrades and a S$20 dining voucher.
For Tourists
This year’s GSS will also offer tourists direct access to popular attractions when they use the GSS Fevo Prepaid MasterCard PayPass – their ticket to a seamless shopping and sightseeing experience that combines retail and transport payments in one. Tourists can also shop tax-free at any participating Global Blue affiliated stores and stand to win a return flight to Singapore with a two-night stay at Holiday Inn Singapore Orchard City Centre.
What’s more, SpeedPost will offer MasterCard cardholders discounted shipping fees so that they can focus on grabbing all the good buys this GSS.
MasterCard cardholders can also purchase prepaid voice and data services with M1 that allows access to the internet and iPhone applications so they don’t have to worry about incurring hefty roaming charges.
Discover more rewards with every purchase in Singapore only, with MasterCard.

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SingPost

Singapore Post (SingPost) has bought a 30% stake in Vietnam-based Trans Logistics Corporation (ITL) as it looks to gain a foothold in the South East Asian country.
The deal – which is worth US$180m – was struck through SingPost’s wholly-owned subsidiary, Singapore Post Enterprise Private Limited (SPE).
ITL offers integrated logistics solutions with businesses in air and sea freight forwarding, third-party logistics solutions and distribution, and general sales agency for airlines.
The company, which has offices across key cities in Vietnam, has been in operation since 1999.
Commenting on the news, Dr Wolfgang Baier, SingPost’s CEO International, said: “I am excited with this strategic investment in ITL which gives us a foothold into Vietnam and the Indo-China region which are emerging markets with significant logistics and related opportunities.”

“SingPost has stepped up its efforts to transform and grow and we have been actively pursuing growth beyond our mail business and expanding into the region. We want to grow our overseas revenue and achieve a more  balanced portfolio with bigger contributions from non-mail businesses. Clearly, our key growth drivers will be in the areas of logistics and e-commerce.”
Since embarking on its growth strategy, SingPost has made “several major acquisitions in a bid to diversify its revenue base and expand its business beyond Singapore shores”.
These include mail-logistics solutions provider Quantium Solutions, which operates out of ten countries in the AsPac region, and hybrid mail business DataPost.
The operator also made a 27.08% investment in GDEX Express Carrier Berhad, a leading express carrier service provider in Malaysia.
Furthermore, SingPost took a 30% stake in postal technology company Postea back in 2009.

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Bangalore Telecom

India’s premier diversified / technology, telecom (and entrepreneurship) research firm CyberMedia Research expects the India telecom services and mobile handsets market to grow at 16.7% in 2012 (over 2011) to touch revenues of Rs 288,832 crore or USD 63 billion.

Bangalore Telecom

Of this, the telecom services (including mobile and fixed line services) will contribute Rs 2,05,454 Crore (USD 45 billion) in 2012. The India mobile handsets market, that includes featurephones and smartphones, will grow at a CAGR of  over 30 percent during 2012 to touch revenues of Rs 83,377 crore (USD 18 billion).

This has been revealed by CMR’s 2-part study of the India ICT Industry titled “India IT, ITeS and Telecom Services and Mobile Handsets Industry MarketViewpoint 2011”.

In the five year period between 2010 and 2014, the India Telecoms industry will grow at a CAGR of 15.8% to touch revenues of Rs 3,77,683 crore or USD 82 billion.

According Mr Anirban Banerjee, Associate Vice President, CyberMedia Research,

"The Telecoms growth story will be a function of the enhanced demand for high speed broadband and data services from both enterprises and consumers, as 3G and BWA /

WiMax services are rolled out by various operators to cover an increasing number of cities and towns,"

The growth in the India domestic mobile handsets market will be fuelled by a more than 150% increment in the value of featurephones and smartphones shipped, from Rs 50,714 Crore in 2010 to Rs 1,28,729 Crore in 2014.

The India Telecom Services sector may see policy changes that could result in market consolidation over the next few quarters.

The key highlights of CMR's MarketViewpoint 2011 for the India Telecoms Services and Products market are as follows:

1) The major growth drivers for the Telecom Services segments would be launch and roll-out of 3G and BWA / WiMax / LTE services and the consequent growth in usage of high speed broadband, VAS and data services.

Establishment of 3G and BWA (WiMax and Long Term Evolution or LTE) will have a positive impact on the India market; however, broadband content will remain in early stages of development through 2011.

With the allocation of 3G and BWA spectrum and rollout of services by private as well as incumbent operators, WiMax/LTE will help in overcoming the infrastructure issues in the country as well as deliver enhanced performance to end-users. 

In terms of broadband content, 2011 will witness early stages of development. However, as WiMax / LTE services gain in popularity, content creation and mobile application development will witness increased focus by vendors, developers and service providers looking to build their own portfolio of unique 'apps'.

Other high growth Telecom Services areas include IP-TV, IP-VPN, VoIP, Mobile VAS etc.

2) India Telecom Products (mobile handsets) segment will witness a high growth rate of 26.2% CAGR over the period 2010-2014 to touch Rs 1,28,729 Crore in 2014.

The smartphones market in India is expected grow to over 10 million units in 2011 from 6 million units in 2010. The Android Operating System will continue to gain acceptance as a mobile operating system (OS) and 12% of all smartphones shipped in India during 2011 are expected to be based on the Android platform.

The 'early adopter' phenomenon in media tablets will become visible in India in 2011, but will fight shy of becoming mainstream. CyberMedia Research expects over 1,00,000 Tablets to ship in 2011 alone, based on the current portfolio of players like Samsung, Apple, Olive and others. However, media tablets in their present form and currently prevailing price points are unlikely to excite the large majority of consumers. A 'game changer' in this space could happen in late 2011 / early 2012 if a players such as Reliance Infotel introduces a 'mass market' Tablet priced lower than Rs. 10,000 per unit.

Backgrounder on Smartphones:

"Smartphones are mobile devices with evolved operating systems, that include Symbian Series 60, Android OS, iPhone OS, Blackberry OS, Linux among others," according to Siddharth Neri, Analyst, Mobile Devices Research, Telecoms Practice, CyberMedia Research.

In addition to voice capability these devices have the ability to download and run applications, and store user data beyond their required personal information management capabilities.

These devices are able to synchronize with a desktop or laptop computer. Smartphones offer users PC-like functionality. These phones have ended the need to carry a separate PDA (Personal Digital Assistant) and a mobile phone. Examples of present day smartphones include the Apple iPhone 4, Motorola Milestone, HTC Desire, Samsung Galaxy, Blackberry Curve etc.

Users can browse the Internet, check mail, blog, share photographs, update their status on social networking sites, play games, download applications with their smartphones. Till the end of 2010, a top-end smartphone used to be equipped with a 1GHz processor.  Starting 2011, with the use of dual core processors in smartphones, these devices have become more powerful as compared to their predecessors.

"Going forward these devices will become as powerful as present day laptops", adds Naveen Mishra, Lead Analyst, Telecoms Practice,  CyberMedia Research.

Smartphones like Motorola Atrix 4G, LG Optimus X2 use dual core processors. A dual core processor is a combination of two 1 GHz processors, which can be used in parallel giving more power and speed to the device. Though these processors enable more power but a smartphone’s overall performance still depends on the integration of its software with its hardware. For example, how closely the phone’s software and applications are able to interact with its hardware taking out the maximum advantage of hardware abilities of the phone. The best example is Apple iPhone 4, which runs on a single core processor but is able to take full advantage of its hardware abilities.

Some of the applications where multi-core processor based smartphones can provide a boost to usage are Gaming, Autostereoscopic 3D enabled handsets, video streaming, HD (high definition) video recording and playback, video conferencing, HDMI user interface.

Autostereoscopic technique is a method of displaying images with perception of 3D depth without requiring the viewer to wear any glasses. This activity needs extra power and the new generation of smartphones is able to deliver this.

The dual core smartphones will also allow users to play advanced games, which need more power. Users will be able to enjoy games or videos on a bigger screen by connecting the

smartphone output to an HDTV through HDMI ports. Again, the increased power of a new generation smartphone will prove helpful in running HDMI applications.

Dual-core processors will enable full HD video playback and recording at 1080p resolution, which is a big leap forward from the 720p video playback currently available in top present day smartphone models. Beyond full HD support, dual-core processors would enable smartphones to run more demanding applications like videoconferencing and video streaming. These smartphones will also provide a significantly higher speed and performance for multitasking in comparison to 'first generation' smartphones.

The market is expected to witness more excitement on the CPU front, with the launch of multi-core processor based smartphones by a number of mobile phone vendors by end 2011.

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Harley Davidson

Milwaukee is home to plenty of unique things to do and see, but most people know this already. What many people don't know, however, is that the Harley-Davidson Museum has been sitting on a treasure trove of crazy cool stuff, which has been stored away from the public eye for over a century – until now.
The Harley-Davidson Museum is ready to open up the oddities of its archives to the public starting today with the summer exhibit, "Collection X: Weird, Wild Wonders of the Harley-Davidson Museum."
Last week, OnMilwaukee.com took a tour of the exhibit while it was still being built. Curator Kristen Jones offered a peek at some of the more notable oddities that will be included in the show and explained some of the significance of Harley-Davidson opening its archives.
"The exhibit appeals to people on so many levels," said Jones. "It's not only part of industrial history, it's part of Milwaukee history as well."
The Harley-Davidson archives hold around 500 vehicles, 140 of which are on permanent and rotating display in the general museum. "Collection X" is an opportunity for Harley-Davidson to show off some of very cool pieces that wouldn't otherwise fit into the museum.
The exhibit opens with a collection of Harley-Davidson prototypes and concept vehicles from throughout the history of the company. The prototypes are a great way to begin "Collection X" since they're not only great, unusual eye candy, they also show a side of the Harley-Davidson creativity that this exhibit is all about.
Included in the collection are prototypes that eventually made it to production (the original V-Rod prototypes) and some that didn't make it past the prototype phase (a vehicle with two front wheels and one rear wheel from the early 2000s).
If the prototypes represent the industrial history, the next section traces Harley-Davidson's Milwaukee history. Guests are led through the prototype entrance to the factory relics area, which lends a glimpse into factory worker life through Harley-Davidson history from the 1910s (the oldest piece in the exhibit was estimated to be from about 1910), all the way up to the largest piece, an 8,000-pound electrical transformer that powered the factory from the 1940s through the '90s and was used as backup power until just a few months ago.
Also included in the factory relic area is a milk can labeled with what appears to be "HDMCO." Further research proved that the canister was originally used as a beer canister for "beer breaks" that were popular back in the early 1900s. Factory workers would choose between beer and milk for a short break in their day. The canister in the exhibit was dated to 1917.

The exhibit has a wide variety – in both size and age – of pieces on display. Included in the exhibit is the M50, the smallest motorcycle Harley-Davidson has ever produced. Weighing just 103 pounds, it will be presented in contrast with a full-size Harley-Davidson motorcycle.
What "Collection X" is really about, however, is the oddball creations that have come into the Harley-Davidson archives. Many of these oddities have been made by inventive Harley-Davidson users and tinkerers throughout the last century, including a mining cart from California that was fitted with a Harley-Davidson engine and transmission to get in and out of mines faster.
In the same vein as the mining cart is the Harley-Davidson engine-powered ice saw. Before the days of high tech, Twitter-integrated refrigerators, people would purchase ice to preserve food. This saw meant less hard labor, but probably fewer arms and legs on the neighborhood iceman, as well.
One of the gems that Jones was excited to show was "Pop's Trolley,"a motorized canvas sled powered with a Harley-Davidson engine. Popular in the 1930s, these sleds could be made via a kit that sold for $38.50 and included everything except the countershaft, propeller and engine. Many of the engines came from Harley-Davidson motorcycles that weren't being used in the cold winter months.
A major part of "Collection X" is the culture surrounding the Harley-Davidson lifestyle and the donations the archives have received over the years. The folk art section of "Collection X" holds canvas paintings, hand carvings and even homemade rugs from the devoted Harley-Davidson faithful.
The true piece de resistance (which had yet to be brought on site for the preview) is a gigantic eagle sculpture with a 20-foot wingspan made from Harley-Davidson motorcycle parts.
The Harley-Davidson Museum worked with graphic artist and graphic novel designer Jacob Covey to get a "sci-fi" feel to "Collection X," and has capitalized on the exhibit's overall "American Pickers"atmosphere by inviting the co-host of the History Channel series, Frank Fritz, to share his picking adventures during a special meet-and-greet program Saturday, July 23 at 7 p.m.
"Collection X: Weird, Wild Wonders of the Harley-Davidson Museum" runs June 11–August 21. Admission to the exhibit, on display in the museum's 10,000-square-foot exhibition hall, is included with general admission to the museum at large.
"Collection X" is can't-miss entertainment this summer, so set aside one of those hot, humid Milwaukee summer days to enjoy a cool peek into Harley-Davidson's history.

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CHA

Last month, we found out that the Chicago Housing Authority wanted torequire drug testing for all its adult residents. Now, the CHA is making headlines as its CEO, Lewis Jordan, might be in hot water with Mayor Emanuel.

After promising to "bring a new level of accountability, transparency, and ethics to Chicago government," Rahm has decided to hold off on giving Jordan a vote of confidence until he sees the results of an audit on CHA's credit card use. Although Emanuel ordered an audit of the credit card use at CHA as well as some other agencies, it appears that Emanuel has been keeping tabs on the CHA and Jordan. According to the Chicago Tribune, Emanuel "took away Jordan's use of two CHA cars and the police officers assigned to drive them."
The push-and-pull between Emanuel and the CHA has been surrounding the latter's questionable spending habits. What has Jordan been buying with the city's hard plastic? Well, ">it looks like he's been buying a whole lot:
Mayoral spokeswoman Chris Mather said the bulk of what the administration characterized as inappropriate credit card use was found at the CHA. According to select information the administration posted online, Jordan paid for flowers and gift cards for employees using the card.

Jordan also charged more than $12,800 in meals between March 2008 and early April 2011, according to a Tribune tally. He picked up a $1,008 tab for 14 people at Carmine's in March, a meal described in credit card documents as a business meeting with city officials to discuss "supportive housing initiatives and planning in Chicago."
The meals were related to his work at the agency, according to brief descriptions posted online.
Although the results of the audit won't be released after a few more days, Jordan and some of his staff members are confident that the results will prove that Jordan has been following city guidelines and that he hasn't been abusing his privileges. We hope that Rahmbo won't have to bring out the big guns for this, but we're sure glad he's being proactive.

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Under Armour

Shares of Under Armour Inc. gave up early gains Friday, a down day for the market, a day after revealing growth plans and new products that impressed some analysts.
The company, which sells athletic clothing, shoes and accessories at its own stores and other sporting goods stores, told analysts on Thursday about its plans to double 2010 sales, which were at about $1 billion, by 2013.
Under Armour also outlined plans for new products including water-repellent hoodies, according to analysts who attended Thursday's presentation at the company's Baltimore headquarters. Under Armour also hopes to expand in women's clothing with yoga pants and new sports bras.
The company also said it plans to remodel its stores and could open more. It also plans to update its fixtures and add floor space at some of the retailers where it sells its gear, including Dicks Sporting Goods Inc. and Sports Authority. It also plans to launch a new website to drive online shopping, according to William Blair & Co. analysts.
Stifel Nicolaus analysts upgraded the stock from "Hold" to "Buy," saying they were impressed by greater "management depth" and the detail of the company's growth plans.

But KeyBanc analysts Edward Yruma and Charu Sharma sounded a note of caution. They said that the push into women's clothing will put Under Armour in direct competition with fast-growing Lululemon Athletica Inc. They also noted that Under Armour, like other companies, faces rising costs for the raw materials it needs to make and transport its products. The company, they wrote, "has solid growth prospects, but ... there is not much room for error."
In April, the company said that first-quarter revenue rose 36 percent, and net income rose 69 percent.
Friday, the company's shares were trading down about 1 percent to $64.57 at midday after peaking as high as $67.07. Shares are still above Wednesday's closing price. The Dow Jones industrial average and the S&P 500 also were down about 1 percent.

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Acer Singapore

To improve its Singapore cash-rebate programme and increase customer acquisition and loyalty, Acer Singapore has adopted Citi’s Prepaid Card programmes which reduce administration costs while offering easy and secure solutions for customers.
Citi’s prepaid services, a division of the bank’s global transaction services (GTS) business, provides customized client-branded Visa and MasterCard prepaid card solutions for brands looking for more effective and convenient ways to deliver key payments, including customer incentives and compensation, consumer rewards and refunds, and sales commissions. For the recipient, a prepaid card-based payment offers convenience and flexibility beyond competing delivery methods. Brands, meanwhile, benefit from the low costs of a completely electronic payment solution, plus the branding and loyalty options inherent in a card format.
Citi’s prepaid services help Acer drive increased customer acquisition and loyalty by delivering incentive payments, combining ease of use with comprehensive branding.

“Citi’s prepaid services has gained valuable experience by serving over 50 of the Fortune 100 and more than 1,500 corporations globally. We have the ability to offer Asia-Pacific-based companies the cost and operational efficiencies, and the branding advantages they need to succeed in a competitive marketplace,” says Jason Tiede, regional head of wholesale cards for global transaction services, Asia-Pacific.
“By adopting Citi’s prepaid card services as providers of our cash-rebate program, we have not only increased our financial and operational efficiencies, we are able to offer customers a simple, convenient, and secure cash-rebate solution,” adds Florence Koh, senior director, marketing and channel sales division, Acer. It also increases our brand impressions and provides valuable insight through robust tracking and payment reporting.”

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Brent Crude Oil

Crude oil declined in New York, trimming the biggest weekly increase in four, amid speculation fuel demand will falter as Asia’s central banks raise interest rates to curb inflation and the U.S. job market weakens.
Futures slipped as much as 0.6 percent, after earlier climbing 0.2 percent. South Korea’s central bank raised rates for a third time this year and U.S. jobless claims unexpectedly increased. Prices climbed yesterday after the U.S. Commerce Department said the nation’s trade gap shrank 6.7 percent to $43.7 billion, the lowest since December.
“The bulls and bears are firmly entrenched in a tug-of- war,” said Jonathan Barratt, managing director of Commodity Broking Services Pty in Sydney, who predicted crude will average $100 a barrel this year. “The market will be quite happy to take it higher if they see good economic grounds but we don’t have a lot of data to suggest that’s the case.”
Crude for July delivery slid as much as 62 cents to $101.31 a barrel in electronic trading on theNew York Mercantile Exchange and was at $101.43 at 8:54 a.m. London time. Prices are up 1.2 percent this week and 34 percent the past year.
Brent crude for July delivery was at $119.27 a barrel, down 30 cents, on the London-based ICE Futures Europe exchange. The contract yesterday increased $1.72, or 1.5 percent, to $119.57. It was the highest settlement since May 4.

The European benchmark contract traded at a premium of $17.91 a barrel to U.S. futures today on the ICE exchange.
Korean Interest RatesThe Bank of Korea raised its benchmark seven-day repurchase rate to 3.25 percent from 3 percent to rein in inflation that has exceeded its target range and curb record household debt. Eight of 17 economists surveyed by Bloomberg News predicted the decision with the rest expecting no change.
U.S. jobless claims rose by 1,000 to 427,000 last week, Labor Department figures showed yesterday. Economists surveyed by Bloomberg News projected a drop in claims to 419,000. The number of people on unemployment benefit rolls and those receiving extended payments decreased.
U.S. oil imports declined by $2.42 billion in April, contributing to the narrower trade deficit, the Commerce Department said. The nation imported 8.41 million barrels a day on average, the fewest since October.
The Organization of Petroleum Exporting Countries on June 8 was unable to reach an accord on targets for the first time in at least 20 years after six countries opposed a Saudi Arabian push to increase supply.
OPEC Weakened“The economic news out of the U.S. is a bigger driver of near-term oil direction than OPEC changing their output targets,” said Victor Shum, senior principal at consultants Purvin & Gertz Inc. Singapore. “The market has seemed to realize that supply issues among OPEC may not really matter that much in the near term. At the end of the day what matters is actual supply and the Saudis said that they would unilaterally put more barrels on to the market.”
OPEC’s quota system has been weakened by the need to replace lost oil from Libya, the group’s secretary general said after this week’s divided meeting. “I don’t want to say it is dead,” Abdalla el-Badri said yesterday in Vienna, referring to the group’s overall production target. “It is there, but we have to see how to replace Libya.”
A rebellion against Libyan leader Muammar Qaddafi has cut production in the North African country by almost 90 percent, according to Bloomberg estimates. Output slumped to 200,000 barrels a day last month, from an average of 1.55 million last year, according to data compiled by Bloomberg.
Saudi Arabia, OPEC’s biggest producer, Kuwait, Qatar and the United Arab Emirates were ready to supply more oil to the market, Saudi Oil Minister Ali al-Naimi said after the meeting. The four nations proposed a 1.5 million-barrel-a-day increase.
Libya, Angola, Ecuador, Algeria, Iran and Venezuela were opposed to higher limits, according to al-Naimi. Iraq is exempt from the targets.

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Chhaya Momaya

Billionaire business tycoon Mukesh Ambani's 27-storey residence Antilla has come in for much flak and censure. But when someone like fellow industrialist and Tata Group chairman Ratan Tatasays that the Ambani residence is an example of rich Indians' lack of empathy for the poor, the debate spills over into the public domain.

The big questions are: Are the wealthy obliged to share their wealth with the underprivileged? Should such blatant and unabashed displays of wealth be avoided? Do the moneyed folk have to be bleeding heart do-gooders to avoid being caught in the guilt trap once their lifestyles come under scrutiny?

Noblesse Oblige?
Rohini Nilekani, chairperson of Arghyam, says, "There can be nothing mandatory about this; but people should share to ensure a stable and prosperous society, which benefits even the rich!"

Philanthropy, believes Adi Godrej, chairman of the Godrej Group, comes from the heart of the people and their desire to give back to society. "I don't think it's something that should be expected by others, but it's always welcome."

Elaborates Harsh Goenka, chairman of RPG Enterprises, " Philanthropy, at one level, is a personal thing. Businessmen and CEOs often promote causes that are close to their heart, and many have become closely identified with those causes and are doing very good work."

The definition of wealth, argues, Shailendra Singh, joint managing director of Percept Limited, has to extend beyond money. "We need to bring into its ambit knowledge and experience too. We've all benefitted from the wealth of experiences that has been passed down to us through generations. That's the legacy we need to create and share."

"Doing charity, contends image consultant and life coach Chhaya Momaya, who's close to Mukesh Ambani and his family, "is a matter of one's personal choice."

However, Anu Aga, director of Thermax Limited, believes otherwise. "I don't think I've the right to use wealth only for my personal enjoyment. I'm a trustee of that wealth and a part of it has to be shared with the community from which I've derived it," she says.

Wealth shouldn't be seen
Would Mukesh Ambani have been at the receiving end had his mansion not been so magnificent? Probably not. Is there, then, a case to be made for toning down?

No, says Rohini. "It is no use playing down your wealth if all it means is that you stash it away in your safes and lockers. If it's not going to be given away to build a more just society anyway, you might as well spend it openly and let it become part of the national economy at least."

Social commentator Pritsh Nandy, while conceding that it's nobody's case that the rich shouldn't live luxuriously, believes they should curb their urge to be ostentatious, lest it attract bad vibes from those not so privileged.

Echoing the same thought is Aga, who says, "I don't feel comfortable with opulent lifestyles because in the midst of poverty it's not in good taste." Begging to disagree, Momaya, pipes in, "Why can't one be allowed to enjoy the wealth one has created through hard work and enterprise? What's so outrageous about wanting to lead a lavish life if it's your own wealth that's being used to fund it?"

Concurs Singh, "We've earned the right to live the lives we want to. Look at Richard Branson. He's made his billions and he lives it up in great style. And he continues to be an inspiration. Our lifestyles can motivate the youth. Why be contrite?" Wealth creation, explains Godrej, includes economic activity and employment, which are very valuable to society.

Whither our Warren Buffetts, Bill Gates and Paul Allens?
Though there's much work happening on the Corporate Social Responsibility (CSR) front, when it comes to personal philanthropy, there aren't that many Azim Premjis around in our corporate world. Why?

Nandy has an answer. " In the western world since the state seizes most of your assets in death and inheritance taxes, many people prefer to write off their wealth to charities, and , not so uncommonly now, even to their dogs! Our compulsions are more moral."

What is needed, says Aga, is a change in mindset. "The wealthy in India have come out of a crippling tax structure quite recently and there's a mindset that we have given enough to the Government. Today, our taxes are most reasonable and yet, it's possible the rich are operating with the old mindset."

The new wealthy are just learning to give away their wealth, says Rohini. She continues, "Let's not forget, many Indians do not like to talk of their philanthropy." Agrees Goenka, "In a country like India where inclusive growth is an imperative, industrialists are increasingly becoming conscious of their social responsibilities."

Both Aga and Godrej point to the Tatas as a shining example of personal philanthropy. "We've our Tatas who've been philanthropists par excellence for long," says Godrej.

Giving her take on this concern, Momaya says, "Warren Buffett and Bill Gates come from a land of plenty. They've never known hunger, illiteracy, power and water shortage, so it's easy for them to propagate the virtues of giving. But for us it's different. Only when we're sure that our stomachs are full for a few generations can we start thinking about others. You'll see greater personal philanthropy from the third generation Ambanis. I already see this giving nature in Akash, Mukesh's son. Mukesh does a lot of philanthropy at his individual level, but he's not one to crow about it."

While lauding Buffett and Gates, Goenka avers, "I think Indian industrialists and corporate houses have their own home-grown, successful and time-tested models of both philanthropy and CSR."

Singh, however, strikes a note of caution. "If we're looking for Bill Gates and Warren Buffett from amongst us, we'll first have to get rid of the corruption that besets all our systems and polity."

Bottom Line!
When Momaya says Mukesh is a modern king and he's entitled to his palace, you can't but tut-tut in agreement. But we need to remember that the king has his subjects too. Corporate philanthropy has pushed ahead with gusto. Personal philanthropy could well do with a leg up, and move beyond temples and religious institutions to causes that are more urgent and pressing. "Whatever the reasons, it is time for a change in outlook and for the rich in India to practise true generosity of spirit," Aga concludes.

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Turf Club Singapore

The various Racing Gold Card Schemes are available and subscription fees start from $590.
The benefits for the Cardholders includes:
On Singapore racedays

• Gold Card Room (Level 2 of Grandstand)
  • Complimentary unlimited admission to Gold Card Room
  • Admission for up to eight accompanying guests with admission charges for the first two guests waived
  • Free flow of coffee and tea in the Gold Card Room
  • 10% discount at food kiosk in the Gold Card Room
  • Complimentary parking*
• Off-course Betting Centres
  • Complimentary Admission on a first-come-first-serve basis to all Off-Course Betting Centres (including Lounge Area at selected centres)

On Malaysia racedays

• @Hibiscus (Level 3 of Grandstand)
  • Complimentary unlimited admission to @Hibiscus
  • Admission for up to eight accompanying guests with admission for the first two guests waived
  • Complimentary parking*
• Off-course Betting Centres
  • Complimentary Admission on a first-come-first-serve basis to all Off-Course Betting Centres (including Lounge Area at selected centres)

On Hong Kong racedays

• Lower Grandstand (Level 1 of Grandstand)
  • Complimentary unlimited admission to Lower Grandstand
  • Complimentary parking*
• Off-course Betting Centres
  • Complimentary Admission on a first-come-first-serve basis to all Off-Course Betting Centres (including Lounge Area at selected centres)

* Conditions apply
Gold Card Room
The Gold Card Room, with its cosy ambience, is specially set aside for Racing Gold Cardholders and guests. It can house 1,800 patrons.
Situated at level 2 of the Grandstand, it will bring you closer to the action at the tracks and it is the best place to feel the sensation of racing.
Additional features include plush carpeting, clear coverage of every race on our plasma screens, ample betting counters.
Buffet can be arranged for group bookings (min 30 pax).
Apply now! The one card with privileges and entertainment you want.For enquiries on Racing Gold Card, please call our hotlines at (65) 68791716 / (65) 68791717/ (65) 68791714, fax to (65) 6879 1730 ,or email marketing@turfclub.com.sg

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LeMans

 LeMans

The 24 Hours of LeMans doesn't actually start until today at 3pm French time, but as anyone here will tell you the festivities began much earlier in the week. Friday I had the opportunity to visit the Driver's Parade and car show in downtown LeMans, a five-hour festival that brings out what appeared to be half the town, plus many race enthusiasts from around the globe.
Check out these photos from France, and stop by throughout the day for updates from around the track and out in the crowd at Circuit de la Sarthe; I'll also be Tweeting images and quick takes as they happen, so be sure to follow @andrewstoy along with @AutoWeekUSA for the latest from LeMans.

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Worlds Fair

Rummaging through a dusty cardboard box at the New-York Historical Society, Marilyn Kushner found the world.
She gingerly fingered black-and-white photos of foreign displays, corporate exhibits and rides from the 1939-1940 World's Fair in Queens, which were recently bequeathed to the society.
It's one of the most extensive gifts of fair images the museum has ever received, instantly making its two-year-old photo collection 10 times larger.
"This far outweighs anything we've had," Kushner said. "You'll be able to walk through the World's Fair now."

Researchers will review the 1,000-plus images this summer, while historians wait to learn what secrets may be unlocked in the potential treasure trove.
Fair collectors wonder if the stash contains rare photos inside hundreds of pavilions that once dotted Flushing Meadows-Corona Park.
"That's stuff you don't see," said noted fair collector John Riccardelli.
Richard Post, who leads tours of the park, said the photos are valuable because they may present a never-before-seen perspective.
"Every point of view is a refreshing point of view," he said.

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