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  • July 30, 2014
  • Last updated: 4:00am
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  1. Business - Comment - MONITOR

    Shareholders must have right to hold managers to account

    Posted Oct 28th 2013, 04:32am by Tom Holland

    ... to hold managers to account A dozen years ago, when your columnist was working at the Wall Street Journal, our well-intentioned boss decided that his editorial staff needed to brush up ... investment bankers and management consultants, work for the people who pay them. And it's company managers who sign their cheques, not ordinary shareholders. It's worth remembering ...

  2. Business - Comment - MONITOR

    We don't need a Future Fund. The future is already upon us

    Posted Mar 05th 2014, 01:34am by Tom Holland

    ... infrastructure spending to soar from a record HK$78 billion in the coming financial year to a gobsmacking HK$515 billion in 2041- before factoring in general inflation. Their proposal would lock ... for supporting regular spending, they say, is the HK$394 billion held in the general revenue account. The HK$132 billion of additional reserves squirrelled away in accounts like the Capital Works Reserve ...

  3. Business - Comment - MONITOR

    Fiscal report based on lunatic projection of capital spending

    Posted Mar 04th 2014, 05:09am by Tom Holland

    ... this runaway escalation in infrastructure spending by arguing that construction costs tend to rise faster than general inflation. As a result, the report says that to maintain a constant level ... costs have indeed risen faster than general inflation, but that's largely because the Hong Kong government has been spending so heavily on its pet construction projects that it has pushed ...

  4. Business - Banking & Finance - MONITOR

    Four reasons the yuan will struggle to gain acceptance

    Posted Feb 06th 2014, 04:24am by Tom Holland

    ... share of official reserves by half. Each of these episodes has lessons for China today. To get its currency generally accepted around the world, a country needs more than a widespread ... structure, with policymakers that can demonstrate a track record of successful financial management. And it must have a strong and stable banking system, and solid economic prospects. China looks ...

  5. Business - Comment - MONITOR

    By avoiding a small crisis now China risks a big one in future

    Posted Jan 29th 2014, 05:02am by Tom Holland

    ... investors their principal and avoid a default. Market participants point the finger at various suspects: ICBC, which sold the Credit Equals Gold notes to its customers; Huarong Asset Management ... suffered a general seizure, as international markets did following the implosion of Lehman Brothers in October 2008, would have been minimal. In short, the risk of a default would have been ...

  6. Business - Comment - MONITOR

    Who's more damaging, Hong Kong officials or Occupy Central?

    Posted Feb 25th 2014, 12:32am by Tom Holland

    ... at a time. First, no matter how numerous, disciplined and ably led, the Occupy protesters cannot hope to achieve the sort of snarl-ups the Hong Kong government manages every day simply by refusing ...

  7. Business - Comment - MONITOR

    A nice idea Mr Yam, but it will be a long time before it can fly

    Posted Feb 19th 2014, 01:27am by Tom Holland

    ... defending. Replacing the link to the US dollar with a Singapore-style managed float, he argued, would lead to greater price stability and boost Hong Kong's role as an international financial centre. Few took his advice seriously, which was just as well because neither of Yam's claims stood up well to examination. For one thing, Singapore's managed float has done little ...

  8. Business - Economy - MONITOR

    Immigration and reclamation won't raise living standards

    Posted Feb 18th 2014, 04:34am by Tom Holland

    ... of US$24,000 a year each, while Singaporeans can manage only US$21,000. Actually, I'd argue that Jake exaggerated Singapore's household spending. Believe it or not, stuff is more expensive ...

  9. Business - Comment - MONITOR

    A healthy China would set interest rates at 10 per cent

    Posted Jan 05th 2014, 11:49pm by Tom Holland

    ... To meet their loan to deposit requirements, they time the wealth management products they sell to investors to mature at the end of each quarter or half. When the products mature, cash is paid into investors' deposit accounts, allowing the banks temporarily to meet their regulatory obligations, before they sell yet more wealth management products. Unfortunately, there's a problem ...

  10. Business - Economy - MONITOR

    Continued yuan appreciation is no longer such a sure thing

    Posted Feb 10th 2014, 04:31am by Tom Holland

    ... is still subject to restrictions on its convertibility, it is doubly difficult. But we can still get a good general idea of whether the currency is undervalued or overvalued. At the end of 1993 ...




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