Monday, 19 March 2012

Lee Kuan Yew: Euro Debt Might Be A Good Buy, After All.

Former Singapore Prime Minister Lee Kuan Yew speaks at a dialogue.




Singapore’s founding statesman, Lee Kuan Yew, has long been critical of the profligacy of Western governments, even before the recent debt crises in the U.S. and the Eurozone brought the world’s financial system to its knees.

But now he’s singing a slightly different tune and advising some investors – notably China – to load up on European debt.

Last year was a humbling one for European policymakers, many of whom headed eastward cap-in-hand, seeking to tap the generosity of Asia’s cash-rich governments to shore up troubled balance sheets back home.

While Mr. Lee, who served as Singapore’s prime minister from 1959 to 1990, built the modern city-state with very little in the way of Western-style government handouts to the poor and unemployed, he now sees good reasons for large Asian governments to come to Europe’s rescue – mainly to ensure Europe stays strong enough to keep buying Asian goods.

“China has US$3.18 trillion in foreign exchange reserves. If the EU becomes mired in Greece’s economic difficulties, China’s exports to Europe will decline,” Mr. Lee said in a column published in Singapore’s The Business Times Friday.

“Now is a good time to invest in distressed and undervalued European assets, euro debts and euro bonds,” he wrote in the column, which also appears in the March 26 edition of Forbes Asia.

Mr. Lee, aged 88, last year stepped down as chairman of the Government of Singapore Investment Corp.–a state investment firm which by some external estimates manages a portfolio worth about US$300 billion–but he still serves as an adviser to the board.

Even in his golden years, Mr. Lee continues to regularly air his views on all manner of topics in Singapore, including race, religion and politics.

But his most recent musings contrast somewhat with a more cynical assessment of Europe’s fortunes he made last September.

Back then he said that Singapore, despite its large financial reserves, would not be able to rescue Europe by buying its bonds due to the island nation’s relatively small economic size.

Moreover, he indicated he believed that buying bonds in general would not necessarily solve the structural problems facing the 27-member state region.

“There’s a fundamental problem in the euro in that it makes (each member) country march to the same drummer. Whereas each country has its own tempo, and you cannot expect the Greeks to march like the Germans,” he said in September.

Asian investors have had reason to be less pessimistic about Europe’s financial stability in recent months with the worst-case-scenario of a messy Greek debt default apparently averted – at least for now – and long-term refinancing measures by the European Central Bank boosting liquidity to the region’s banks.

But whether buying European bonds is a good investment in the long run is still unknown.

Wednesday, 11 January 2012

''谷歌准备放低姿态开拓中国市场''


谷歌联合创始人布林(Sergey Brin)在公司与中国政府出现“冲突”时曾说,他力主谷歌采取反审查的态度。布林说,中国审查互联网和压制异己的努力让他想起了前苏联的“极权主义”。布林出生在前苏联。



两年前因与中国政府在审查制度上产生争议而将服务器撤出中国内地的谷歌公司如今更新了其在内地的业务扩张计划。谷歌承认,公司无法承担缺席世界上最大的互联网市场的代价。


谷歌亚太区总裁阿利格瑞(Daniel Alegre)说,这家互联网搜索引擎巨头正在中国雇佣更多的工程师、销售人员和产品经理,并在为向中国用户提供新的服务做准备。

阿利格瑞在一次采访中说,尤其值得一提的是,谷歌正在指望利用其快速增长的应用于移动设备的安卓手机操作系统谋求移动设备、在线广告和产品搜索服务在中国的增长。

他说,谷歌的目标之一就是将安卓市场引入中国,安卓市场为安卓平台的智能手机和平板电脑用户提供数千款移动应用,但是在中国目前还无法使用。

公司还在努力通过一些无需经过官方审查的服务赢得中国顾客,该服务于9月启动,目的是帮助人们搜索提供当地商户折扣的网站。谷歌还在努力加强其产品搜索服务,帮助用户从网上的零售商中找到需要的商品。

中国官员对于发表评论的请求没有做出回应。

在其宣布不再依照中国法律审查其互联网搜索结果并退出中国两周年之际,谷歌正快马加鞭为其新的计划做准备。

谷歌公司在2010年1月12日宣布的决定和该公司和其他西方科技企业长期服从中国当局的做法迥然不同。当时许多中国人认为此举意味着谷歌将彻底从中国撤出。

在谷歌公开表示,发生在2009年的网络入侵是中国黑客所为之后,一场围绕着审查制度的大戏拉开帷幕。这些黑客窃取了谷歌公司专有的电脑代码并试图监视中国民主活动分子的Gmail账户。中国官员否认与该事件有关。

谷歌随后停止了在其中文网站Google.cn上提供搜索服务,并将用户导航至无需服从政府审查要求的香港搜索站。

但是对于中国内地的用户来说,香港的搜索引擎以及包括邮件在内的其他的谷歌服务因受政府的网络过滤系统影响,总是故障不断。

谷歌联合创始人布林(Sergey Brin)在公司与中国政府出现“冲突”时曾说,他力主谷歌采取反审查的态度。了解当时讨论情况的人说,布林的看法压倒了时任谷歌首席执行长施密特(Eric Schmidt)及其他人的观点,后者起初认为谷歌应保持在中国的发展策略。

布林当时接受本报采访时说,中国审查互联网和压制异己的努力让他想起了前苏联的“极权主义”。布林出生在前苏联。他还说,对于中国的一些政策特别是审查方面的政策,我个人感觉很受困扰。

谷歌2005年在中国设立首个办事处,在决定停止审查搜索结果后,谷歌关闭了很多在中国的重要功能,但表示永远不放弃中国市场。目前谷歌在中国内地仍有500多名员工,其中300多人都是技术人员。

阿利格瑞说,如今随着安卓业务在中国的增长以及更多中国公司希望在网上投放广告,让谷歌掉转航向并在中国增加投资对布林及谷歌联合创始人兼CEO佩奇(Larry Page)来说是个很“务实”的决定。

阿利格瑞说,中国有很大的商机,他们也意识到了这一点。

据政府统计,截至去年9月底,中国互联网用户总数超过5亿。

谷歌此举正值中国互联网业处于关键时期。尽管中国内地的网络内容普遍受到政府审查,但互联网却日益成为中国民众分享信息、表达不满(包括对政府的不满)的渠道。由于中国将在今年开始10年一次的领导换届,有关互联网审查的紧张态势目前有所加剧。

与Twitter类似的新浪微博等微博服务提供商已成为中国网友对争议性话题交换看法、共享信息的广受欢迎的平台,而谷歌却被晾在一旁。据花旗集团(Citigroup Inc.)一份分析报告显示,来自中国的收入目前占谷歌总营收的比例不超过2%,预计谷歌2011年总营收将超过400亿美元。

北京市场研究机构易观国际(Analysys International)表示,谷歌在中国网络搜索市场中所占份额从2009年第四季度的36%大跌至2011年第三季度的17.2%,而这些失去的市场份额主要流向了竞争对手百度。

Sunday, 8 January 2012

'''For PCs, Hope In Slim Profile'''



Intel Corp.'s crusade to redefine the personal computer is entering a crucial phase, as a new breed of sleek skinny portables jostle with tablet-style devices and smartphones for consumer attention.

A host of companies are using next week's Consumer Electronics Show in Las Vegas to show off entries in a new category called Ultrabooks, a term the chip giant coined as part of an effort to spur its customers to make more desirable products.

Manufacturers expected to introduce new thin laptops at the show include Dell Inc., Lenovo Group Ltd. and Acer Inc. The products follow portables using the Ultrabook moniker from companies such as Hewlett-Packard Co., Toshiba Corp. and Asustek Computer Inc.

Making portables smaller is hardly a new idea. Backers of Ultrabooks, inspired largely by Apple Inc.'s MacBook Air, hope to take stylish designs that typically command a premium to mainstream price points. Though Ultrabooks mostly start at roughly $899 to $1,400, hardware companies expect to soon reach more consumer-friendly prices of $699 or lower.

Ultrabooks also take a page from Apple's iPad tablet computer by booting up more quickly and operating longer on a battery charge than conventional laptops. Backers expect future models to exploit touch screens, with some converting between tablet and clamshell-style configurations.

The stakes are high for many companies -- but particularly for Intel and Microsoft Corp., dominant suppliers to PC makers whose growth rates have been surpassed as demand has swelled for other kinds of mobile devices. Sales of tablets across the globe, for example, are expected to rise nearly 63% in 2012 to more than 103 million units, predicts research firm Gartner Inc. World-wide PC shipments, by contrast, are expected to rise 4.5% to about 370 million units.

Intel helped marshal a response for the broader PC industry by kicking off the Ultrabook initiative in late May at a Taiwan trade show. It has set up a $300 million venture-capital fund to support related technology companies, and is expected to boost its advertising and promotional support to PC makers to drive demand for Ultrabooks.

The chip maker expects the more attractive size and features of Ultrabooks to transform the laptop category, bolstered by plans to roll out successive generations of chips to help drive up performance and battery life. Though not many Ultrabooks are quite as thin as the MacBook Air -- which tapers from a thickness of 0.68 inch to 0.11 inch at one point -- Intel expects dimensions to shrink rapidly.

Intel predicts Ultrabooks will account for about 40% of consumer portable PC sales in 2012. IHS iSuppli sees Ultrabooks hitting 43% of world-wide notebook PC shipments by 2015.

Christopher Columbus :The Lost Voyage

Christopher Columbus was a master navigator and admiral whose four transatlantic voyages (1492–93, 1493–96, 1498–1500 and 1502–04) opened the way for European exploration, exploitation and colonization of the Americas.

He has long been called the “discoverer” of the New World, although Vikings such as Leif Eriksson had visited North America five centuries earlier.
Columbus made his transatlantic voyages under the sponsorship of Ferdinand II and Isabella I of Spain. Despite his accomplishments, however--including being granted the title “Admiral of the Ocean Sea” in April 1492--he died a disappointed man.

The First Voyage

The ships for the first voyage—the Niña, Pinta, and Santa María —were fitted out at Palos, on the Tinto River in Spain. Consortia put together by a royal treasury official and composed mainly of Genoese and Florentine bankers in Sevilla (Seville) provided at least 1,140,000 maravedis to outfit the expedition, and Columbus supplied more than a third of the sum contributed by the king and queen. Queen Isabella did not, then, have to pawn her jewels (a myth first put about by Bartolomé de Las Casas in the 16th century).
The little fleet left on August 3, 1492. The admiral's navigational genius showed itself immediately, for they sailed southward to the Canary Islands, off the northwest African mainland, rather than sailing due west to the islands of the Azores. The westerlies prevailing in the Azores had defeated previous attempts to sail to the west, but in the Canaries the three ships could pick up the northeast trade winds; supposedly, they could trust to the westerlies for their return. After nearly a month in the Canaries the ships set out from San Sebastián de la Gomera on September 6. On several occasions in September and early October, sailors spotted floating vegetation and various types of birds—all taken as signs that land was nearby. But by October 10 the crew had begun to lose patience, complaining that with their failure to make landfall, contrary winds and a shortage of provisions would keep them from returning home. Columbus allayed their fears, at least temporarily, and on October 12 land was sighted from the Pinta (though Columbus, on the Niña, later claimed the privilege for himself). The place of the first Caribbean landfall is hotly disputed, but San Salvador, or Watling, Island is currently preferred to Samana Cay, Rum Cay, the Plana Cays, or the Turks and Caicos Islands. Beyond planting the royal banner, however, Columbus spent little time there, being anxious to press on to Cipango, or Cipangu (Japan).
He thought that he had found it in Cuba, where he landed on October 28, but he convinced himself by November 1 that Cuba was the Cathay mainland itself, though he had yet to see evidence of great cities. Thus, on December 5, he turned back southeastward to search for the fabled city of Zaiton, missing through this decision his sole chance of setting foot on Florida soil.
Adverse winds carried the fleet to an island called Ayti (Haiti) by its Taino inhabitants; on December 6 Columbus renamed it La Isla Española, or Hispaniola. He seems to have thought that Hispaniola might be Cipango or, if not Cipango, then perhaps one of the legendarily rich isles from which King Solomon's triennial fleet brought back gold, gems, and spices to Jerusalem (1 Kings 10:11, 22); alternatively, he reasoned that the island could be related to the biblical kingdom of Sheba ( Saba'). There Columbus found at least enough gold and prosperity to save him from ridicule on his return to Spain. With the help of a Taino cacique, or Indian chief, named Guacanagarí, he set up a stockade on the northern coast of the island, named it La Navidad, and posted 39 men to guard it until his return. The accidental running aground of the Santa María provided additional planks and provisions for the garrison.
On January 16, 1493, Columbus left with his remaining two ships for Spain. The journey back was a nightmare. The westerlies did indeed direct them homeward, but in mid-February a terrible storm engulfed the fleet. The Niña was driven to seek harbour at Santa Maria in the Azores, where Columbus led a pilgrimage of thanksgiving to the shrine of the Virgin; however, hostile Portuguese authorities temporarily imprisoned the group. After securing their freedom Columbus sailed on, stormbound, and the damaged ship limped to port in Lisbon. There he was obliged to interview with King John II. These events left Columbus under the suspicion of collaborating with Spain's enemies and cast a shadow on his return to Palos on March 15.
On this first voyage many tensions built up that were to remain through all of Columbus's succeeding efforts. First and perhaps most damaging of all, the admiral's apparently high religious and even mystical aspirations were incompatible with the realities of trading, competition, and colonization. Columbus never openly acknowledged this gulf and so was quite incapable of bridging it.
The admiral also adopted a mode of sanctification and autocratic leadership that made him many enemies. Moreover, Columbus was determined to take back both material and human cargo to his sovereigns and for himself, and this could be accomplished only if his sailors carried on looting, kidnapping, and other violent acts, especially on Hispaniola. Although he did control some of his men's excesses, these developments blunted his ability to retain the high moral ground and the claim in particular that his “discoveries” were divinely ordained. Further, the Spanish court revived its latent doubts about the foreigner Columbus's loyalty to Spain, and some of Columbus's companions set themselves against him. Captain Pinzón had disputed the route as the fleet reached the Bahamas; he had later sailed the Pinta away from Cuba, and Columbus, on November 21, failing to rejoin him until January 6. The Pinta made port at Bayona on its homeward journey, separately from Columbus and the Niña. Had Pinzón not died so soon after his return, Columbus's command of the second voyage might have been less than assured. As it was, the Pinzón family became his rivals for reward.

Tuesday, 4 October 2011

'''New i-Phone Bows But Fails To Wow'''



Apple Inc.'s Tim Cook stepped into the spotlight for the first time as chief executive to unveil a new iPhone that was more fizzle than pop.

At a keynote address at Apple's Cupertino, Calif., headquarters, the new CEO introduced the fifth-generation of the company's smartphone, dubbed the 4S, which features a faster processor and a better camera, as well as voice-command services.

But despite upgrades to its internal components and some new software capabilities, the iPhone 4S looks like its predecessor physically and doesn't make a big leap in its overall capabilities. Many of its features are also already available on competitors' phones. That left some analysts, investors and customers wanting more.

'Underwhelming is the word that hit me,' said Endpoint Technologies Associates analyst Roger Kay. Many of the new software features, such as syncing media among devices over the Internet, are 'really interesting,' he said, 'but when it comes to packaging that for excitement, it is really hard to show people why that is so cool.'

The letdown was echoed in the early performance of Apple's shares, which fell as much as 5% Tuesday and finished down 0.6% at $372.50 at 4 p.m. trading even as the broader market rose.

Piper Jaffray analyst Gene Munster said there will inevitably be long lines for the new iPhone, which will arrive at stores in the U.S., Japan and several other countries on Oct. 14. 'But those lines could have been longer if they would've just gone to a four-inch screen,' instead of keeping it at 3 1/2 inches, he said.

Mr. Munster estimates Apple sold 22 million iPhones in the quarter that ended in September and will sell 25 million in the next quarter.

The iPhone 4S is Apple's first overhaul of its popular smartphone in nearly 16 months and comes at a vastly different time for the company and the market. Apple now faces a considerable rival in the form of phones running Google Inc.'s Android software, which is also touch operated and offers users access to thousands of apps.

The new iPhone, which comes in black or white, will have an Apple A5 processor, the same chip found in the company's iPad 2 tablet. The new chip can download data twice as fast and can handle graphics seven times faster, making it better for videogames, Apple said. Users can also go directly to the camera even when the phone is locked and take a photo within 1.1 seconds. The phone's battery offers eight hours of 3G talk time, nine hours of Wi-Fi browsing and 10 hours of video.

But with Tuesday's announcement, Apple also sought to focus attention on its software. The new phone will run Apple's latest mobile operating system, iOS 5, which features new messaging and data-synchronization tools and is part of a wider ecosystem of software and services designed to work together, so that, for example, photos taken on the iPhone show up automatically on a user's iPad.

Some Apple followers -- and more than a few avid customers -- had expected Apple's fifth-generation phone to be called the iPhone 5. But Apple chose to follow the strategy it used in upgrading its iPhone 3G. That phone was called the 3GS and included improvements to software and services but retained the same basic form.

Saturday, 1 October 2011

'''Apple Sets iPhone Event Oct. 4, 2011'''



Apple Inc. invited reporters to an iPhone-related event Oct. 4, setting the stage for the widely anticipated launch of its latest smartphone.

On Tuesday, Apple sent reporters an email with the message, 'Let's talk iPhone,' inviting them to an event at its Cupertino, Calif., headquarters. Apple has traditionally held an event in the early fall to update iPod products, as well as its iTunes digital music jukebox software.

Apple shares recently were up $2.14 at $405.31.

'The company will likely announce a redesigned iPhone 5 with a larger screen and thinner form-factor for $199/$299, and may drop the iPhone 4 to $99, possibly with slightly upgraded components and a new name, iPhone 4S,' Piper Jaffray analyst Gene Munster said in a note Tuesday.

He added that the invitation's phrase of 'Let's talk iPhone' may 'refer to new speech-based features for the iPhone.'

Mr. Munster, who rates Apple at outperform with a $607 price target, estimates sales of 25 million iPhones in the December quarter. He noted that demand from Verizon Wireless subscribers could be strong because iPhone 4 had been available on other carriers for more than six months when the carrier got it in February.

The event next week follows what analysts say has been a blowout quarter for Apple's iPhone 4. The device, which was released in June 2010, has been a hit with consumers despite initial customer complaints that the device's antenna was prone to malfunctioning when held a certain way.

Overall, the iPhone has helped to drive Apple's revenue and profit growth to record levels and has become the best-selling smartphone in the world.

Despite its high ranking, however, the iPhone's sales pale in comparison to the mountain of devices sold around the world that are powered by Google Inc.'s Android operating system. The software, which powers phones made by Samsung Electronics Co. Ltd., HTC Corp. and Dell Inc., is used by 43% of U.S. smartphone subscribers, according to the latest surveys by Nielsen. The iPhone, by comparison, represents 28%.

Still, analysts expect the new iPhone will likely follow a similar path of success as its predecessor, drawing enthusiastic customers to its stores on its release day.