SCMP Issues & Implications: January 21, 2009
56PAGE 1: "Thais calling for meeting on boatpeople; Bangkok to raise migrants' plight and defend itself"
According to Foreign Minister Kasit Piromya, "The ministry will coordinate with countries who have this minority group to meet and discuss in order to solve this problem urgently".
Implications/Analysis/Comments/Remarks: "urgently" does not necessarily mean quickly
According to a senior official who requested anonymity, "We are still talking to many agencies to get to the bottom of exactly what is happening. It would be wrong to prejudice the outcome by blaming one agency or another".
Implications/Analysis/Comments/Remarks: The Thai authorities have already blamed people: the boatpeople
According to Deputy Prime Minister Suthep Thangsuban, "I was primarily informed that the soldiers did not do that. I believe (that) we can find out the truth. I believe (that) the officers did not do such a thing because Thai people have generosity and kindness".
Implications/Analysis/Comments/Remarks: Thailand is also a country in anarchy/chaos, although Thai government officials would never admit this
According to Kitty McKinsey, regional spokeswoman for the UN HIgh Commission on Refugees, "I don't think we can discuss something like that, although I would stress that we have asked Thailand to live up to international standards".
Implications/Analysis/Comments/Remarks: Only democracies have any respect for international standards and Thailand isn't a democratic country. Therefore it has its own definition/interpretation of what is right and wrong and "international standards"
"Chen hit with more charges at pretrial hearing on graft case"
1. Accepting bribes of NT$300 million (HK$71.4 million) related to the purchase of land for a science park
2. Accepting NT$91.8 million in kickbacks to help a contractor secure work building a big government exhibition center
3. Embezzling NT$104 million from a special presidential office fund
4. Influence peddling
5. Blackmail
6. Money laundering
7. Forgery
Chen could face up to life imprisonment if convicted on all charges
Implications/Analysis/Comments/Remarks: NT$300 million; NT$1.8 million; NT$104 million; these are astronomical numbers. Of course Chen SHOULD get life imprisonment if he is convicted on all counts but will his trial be fair or will he be convicted simply because of the pro-China government that is now in power in Taiwan?
According to the SCMP, "The pre-trial hearing will set the stage for what has been dubbed the trial of the century in Taiwan. Hearings are expected to begin in the next few months".
"HSBC denies talk of UK government bailout"
Headline Implication: Are people at HSBC close to China and saying that essentially 'The fundamentals of the economy are strong' and that 'We don't need any help from the UK or Eu governments' because that's what it sounds like. HSBC shares has declined for 8 straight sessions so they need help from their parent company. Of course this depends on what they hope to achieve: do they just want to please China and a small group of special interest investors or are they interested in long-term viability?
According to a bank statement, "HSBC has not sought capital support from the UK government and cannot envisage circumstances where such actions would become necessary. HSBC has been one of the world's most strongly capitalized banks and is committed to maintaining this position".
Implications/Analysis/Comments/Remarks: So HSBC refuses to ask theb UK for a bailout but is willing to ask CHINA for a baiout? As we know diversification, innovation and having creative ideas is critical in a serious market downturn like we are experiencing now. So it's ill-advised to always ask the same people or as they say 'putting all of your eggs in one basket' because this is precisely what is happening: when the UK parent bank wants to help HSBC, they say no admantly but whenever China says anything they say yes immediately.
According to Ivan Li, a Kim Eng Secuirities analyst, "The issue has come down to investors' confidence. The market demands stronger capital strength than ever (before)".
According to David Eldon, chairman of the Dubai International Finance Center Authority and a former HSBC chairman, "I don't think (that) any companies particularly want to have the government as its larges t shareholders, unless it becomes essential".
Implications/Analysis/Comments/Remarks: This has become the new reality for many firms (Fannie & Freddie, AIG, Lehman Brothers, Wachovia, Bank of America, Wells Fargo, DBS, etc.) Many of these financial entities just invested too much in the US subprime market which is all all good when the property market was experiencing runaway growth. Now that bubble has burst.
INTERNATIONAL: "PM Abhisit seeks to reassure on refugees; Rights groups told not to worry about Rohingya"
Headline Implication: In countries like Thailand, Myanmar and Cambodia whenever the military is involved in a controversy involving refugees, there will almost certainly be human rights abuses.
According to Deputy government spokesman Buddhipongse Punnikanta, "The Prime MInister told the Commission not to worry about the Rohingya case. He assigned all the government authorities to keep him up to date".
Implications/Analysis/Comments/Remarks: This could mean something...or it could mean nothing, especially when we are talking about a government like Thailand's government which is corrupt and very unstable (former Prime Minister Thaksin Shinawatra was in power from February 9, 2001 - September 19, 2006; Thaksin was ousted in a heavily publicized bloodless military coup); Thaksin was succeeded by Surayud Chulanont (October 1, 2006 - Janaury 29, 2008); Surayud was succeeded Samak Sundaravej (January 29, 2008 - September 9, 2008 - he was the famous Thai Prime Minister who was ousted for participating in a cooking show because Samak was in fact a chef instead of a politician); Samak was succeeded by Thaksin's brother-in-law, Somchai Wongsawat, but he had no legitimacy either (in fact he was only in power for less than 3 months - September 18, 2008 - December 2, 2008; in fact Somchai was the Prime Minister during which there were massive riots that shut Bangkok International Airport for weeks which stranded hundreds of thousands of travellers desperate to get home); Somchai was succeeded by current Thai Prime Minister Abhisit Vejjajiva; let's see how long he lasts)
According to Gotham Arya, director of Mahidol University's Center for Peace Building, "He made it clear that we still have to have the facts. The policy is alright but what about the facts? He said he will ask for clarification from the officials. What is important is the followup".
Finally, according to Somchai Hamlaor, a prominent Thai human rights activist, "We hope (that) the government will be a role model for ASEAN to improve democracy and improve human rights, including respecting the human rights of neighboring countries, especially migrants".
Implications/Analysis/Comments/Remarks: Thailand isn't a democracy. It is a country in ANARCHY.
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