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Monday, 27 August 2012

US launches financial attacks against its allies!

The United States and Britain have claimed they have “special relations” for a long period. But recently, the United States has cracked down on large British banks successively.

Barclays Bank was accused of manipulating the interest rate. HSBC Bank was charged of laundering money for drug cartels. Presently, Standard Chartered Bank also turns into the target of U.S. Financial Regulatory Agency.

The New York State Department of Financial Services (DFS) said that since Standard Chartered Bank violated the U.S. Anti-Money Laundering Law and sanctions law against Iran, its business license would be revoked. At first, the Standard Chartered Bank denied the accusation and wanted to file a counterclaim. Experts in the City of London also blamed the DFS for its dictatorship. But a dramatic change subsequently occurred. The Standard Chartered Bank accepted the solution of being fined 340 million U.S. dollars and saved its license in the New York City.

Regarding the attack, the British government has not responded.

Why did U.S. Financial Regulatory Agency crack down upon large British banks one after another? Why did British government tolerate these attacks silently? 


For the United States, there are three reasons.

Politically, in the general election year, the United States does not have the energy to launch a military operation against Iran and therefore it pays more attention to the implementation of sanctions against Iran.

Diplomatically, the United States wants to warn large European banks not to take any chance on the sanctions against Iran, which also frightens other European allies of the United States.

Financially, striking large British banks and belittling the role of Britain as the global financial center are favorable for the Wall Street.

On the British side, although the financial circle opposed that the United States attacked the British banks with sanctions law as an excuse, it did not mention the British banks’ pursuit of profits regardless of professional ethics. That is the reason why the Britain still resorted to the fastest resolution of the scandal in face of U.S. “extortion”.

Britain is not the only country having “special relations” with the United States. Recently, U.S. Financial Regulatory Agency pays close attention to the Deutsche Bank. Obviously, neither Standard Chartered Bank nor the Deutsche Bank is the last target of the United States.

Read the Chinese version: 美国向盟友挥起“金融大棒”, source: People's Daily Overseas Edition, author: Li Wenyun

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US launches financial attacks against its allies!

The United States and Britain have claimed they have “special relations” for a long period. But recently, the United States has cracked down on large British banks successively.

Barclays Bank was accused of manipulating the interest rate. HSBC Bank was charged of laundering money for drug cartels. Presently, Standard Chartered Bank also turns into the target of U.S. Financial Regulatory Agency.

The New York State Department of Financial Services (DFS) said that since Standard Chartered Bank violated the U.S. Anti-Money Laundering Law and sanctions law against Iran, its business license would be revoked. At first, the Standard Chartered Bank denied the accusation and wanted to file a counterclaim. Experts in the City of London also blamed the DFS for its dictatorship. But a dramatic change subsequently occurred. The Standard Chartered Bank accepted the solution of being fined 340 million U.S. dollars and saved its license in the New York City.

Regarding the attack, the British government has not responded.

Why did U.S. Financial Regulatory Agency crack down upon large British banks one after another? Why did British government tolerate these attacks silently? 


For the United States, there are three reasons.

Politically, in the general election year, the United States does not have the energy to launch a military operation against Iran and therefore it pays more attention to the implementation of sanctions against Iran.

Diplomatically, the United States wants to warn large European banks not to take any chance on the sanctions against Iran, which also frightens other European allies of the United States.

Financially, striking large British banks and belittling the role of Britain as the global financial center are favorable for the Wall Street.

On the British side, although the financial circle opposed that the United States attacked the British banks with sanctions law as an excuse, it did not mention the British banks’ pursuit of profits regardless of professional ethics. That is the reason why the Britain still resorted to the fastest resolution of the scandal in face of U.S. “extortion”.

Britain is not the only country having “special relations” with the United States. Recently, U.S. Financial Regulatory Agency pays close attention to the Deutsche Bank. Obviously, neither Standard Chartered Bank nor the Deutsche Bank is the last target of the United States.

Read the Chinese version: 美国向盟友挥起“金融大棒”, source: People's Daily Overseas Edition, author: Li Wenyun

 Newscribe : get free news in real time

Related posts:

The Libor fuss! 
The Standard Chartered Debacle; How Not To Go After A Big Bank?
Standard Chartered Bank shares plunge on laundering charges
Anarchy in the financial markets!
Libor scandal blows to British banking system
HSBC exposed: Drug money banking, terror dealings ...
HSBC's US$2b cover Money is for cost of US probe and ...
Moody's downgrades 15 major banks: Citigroup, HSBC ...

Sunday, 26 August 2012

No education like British education?

I READ with dismay the report “Consider other countries instead of Britain for further studies” (The Star, Aug 22 - see below) suggesting that Malaysian students turn their backs on British institutions of education because of the adverse impact of the British Security Policy on some students.

Such a notion ignores Malaysia’s association with Britain for over 200 years.

Unlike some colonial powers, Britain has stood the test of time in being a strong ally of Malaysia.

They stood by us in one of the most challenging times of the nation by fighting alongside in defending the country against a formidable communist insurgency in which many of them lost their lives, including Sir Henry Gurney the British High Commissioner who was gunned down in 1951.

Jalan Templer in Petaling Jaya stands as a legacy of the contributions of this general to this cause.

It’s easy enough for those who did not live through those anguishing times to brush this aside as the sentimental musings of the past.

Following independence, instead of abandoning the country like some colonial powers, Britain continued to prepare Malaysians to fill the void by training Malaysians in every sphere of education and training to put the nation on its feet, such as the Colombo Plan and thousands of educational aid in the form of subsidies and sponsorships.

Britain has some of the oldest and highly reputable globally recognised institutions of higher learning that have not lost any quality over time despite present-day economic constraints that have put pressure on educational institutions the world over.

The world is a rapidly changing place, burgeoning populations, factional wars and economic pressures are seeing people movement both legally and illegally in unprecedented numbers.

Most seeking a better life and refuge in developed democracies, are going to desperate lengths to get in, by forged or stolen documents and destroying their identifications so as not be be returned to their country of origin.

Western democracies are in a particularly vulnerable position because of the committed values they hold, of freedom and human rights, against people who grossly abuse those values.

Hardened by defiant illegals, who often challenge immigration policies in court through legal aid funded by taxpayers in host countries, border security authorities who have no way of telling the genuine from the bogus, tend to take a hard line in implementing rules to the letter.

As it is the nature of things, well meaning people sometimes become indignant victims of regulations.

The offence felt by honest people who are affected by the application of these regulations is understandable.

But to suggest that Britain should be bypassed as a centre of learning for self-centred reasons, without understanding the reason for these policies, is to mislead prospective students from securing a time- tested quality of education.

PAT ABRAHAMS
Melbourne, Australia

Consider other countries instead of Britain for further studies

SOON, thousands of our youths will leave for Britain to further their studies either on scholarships or self-funded. A lot of money will be spent.

While the majority of the British educational establishments may give value for the money we are spending, there are other choices with the same or even better institutions where we can send our youngsters.

If we must have English as the medium of higher education, places like Australia, New Zealand, Canada or the United States should be considered instead of Britain.

I am advising Malaysian students to choose Britain last for further studies. I am not anti-British or trying to repeat the call of our fourth Prime Minister.

I am giving this advice simply because since the formation of the British Border Agency to deal with visa applications, things have really deteriorated to a very sad state for anyone trying to go for studies or are already studying in Britain.

The British Border Agency is treating Malaysians and any other non-European students as if we are asylum seekers. The inefficiency of the agency in dealing with visa applications makes one wonder if Britain is still a developed country.

Malaysians can now get our international passports within a couple of hours, but the British Border Agency can take a whole month just to let you know that your application is rejected because you missed out on some information.You then need to make a fresh application and pay new application fees.

While it may be a pain getting a student visa to Britain, one can get an Australian visa through online application. So if there is any doubt, just that alone should make one choose Australia instead of Britain.

For those already in Britain and hope to stay back to gain work experience, again you may be disappointed. Even if you manage to get a job, the Border Agency may make life quite difficult for you.

I know of a medical graduate who got a job for two intern years. The Border Agency gave her a work visa two weeks short of two years.

After working a few years there, the same doctor needed to renew her visa which was expiring. Due to technical error, the visa was denied, and this despite that her job contract was still valid. She had to get a lawyer to seek redress in the court just to stay back in Britain.

The worst and the most cruel case I know involves another student stranded in Britain during the long summer break. This poor girl lost her passport, which was replaced without much hassle.

However as her student visa was in the lost passport, she had to submit an application to have her visa in the new passport. She is there on a valid visa which should be in the system of the British Border Agency, yet her application which was submitted more than two months ago is still pending attention.

The Australian government from next year will allow foreign graduates to stay back up to four years after graduating to work. The immigration office is student-friendly.

So my advice to all those planning to go overseas to study is, please just exclude Britain.

GCK Ipoh

Related posts:

Malaysian education is too Western-centric, ignorance of Asian values, etc!
Malaysian education heavily politicised, Quality ... 
Malaysian Universities need decolonization, relook the ... 
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Tesco faces £200,000 fine over illegal foreign workers

Tesco could be fined up to £200,000 after foreign students at one of its warehouses were found to be working illegally, The Daily Telegraph can disclose.

Tesco facing huge fines for 'illegally employing' foreign students
Tesco said it was "co-operating fully" with the UKBA, adding that it had tightened procedures to tackle illegal workers, which it did not condone employing. Photo: PA

Authorities found the students, of almost a dozen nationalities, were working significantly longer hours than their visas allowed at the warehouse operated by Britain’s biggest supermarket chain.

The breaches were discovered after immigration officials swooped on the Tesco.com building in Croydon, south London, last month.

UK Border Agency officials arrested 20 of the students for alleged breaches of visa terms that restricted the amount of hours they could work.

It is understood that at least seven of the students, none of whom has been identified, have been deported. It follows Home Office operations to put a stop to “visa abuse”.

Officials discovered the students, who were predominantly of Bangladeshi and Indian origin, had been working up to three-and-a-half times longer than their visas allowed.

No education like British education?

I READ with dismay the report “Consider other countries instead of Britain for further studies” (The Star, Aug 22 - see below) suggesting that Malaysian students turn their backs on British institutions of education because of the adverse impact of the British Security Policy on some students.

Such a notion ignores Malaysia’s association with Britain for over 200 years.

Unlike some colonial powers, Britain has stood the test of time in being a strong ally of Malaysia.

They stood by us in one of the most challenging times of the nation by fighting alongside in defending the country against a formidable communist insurgency in which many of them lost their lives, including Sir Henry Gurney the British High Commissioner who was gunned down in 1951.

Jalan Templer in Petaling Jaya stands as a legacy of the contributions of this general to this cause.

It’s easy enough for those who did not live through those anguishing times to brush this aside as the sentimental musings of the past.

Following independence, instead of abandoning the country like some colonial powers, Britain continued to prepare Malaysians to fill the void by training Malaysians in every sphere of education and training to put the nation on its feet, such as the Colombo Plan and thousands of educational aid in the form of subsidies and sponsorships.

Britain has some of the oldest and highly reputable globally recognised institutions of higher learning that have not lost any quality over time despite present-day economic constraints that have put pressure on educational institutions the world over.

The world is a rapidly changing place, burgeoning populations, factional wars and economic pressures are seeing people movement both legally and illegally in unprecedented numbers.

Most seeking a better life and refuge in developed democracies, are going to desperate lengths to get in, by forged or stolen documents and destroying their identifications so as not be be returned to their country of origin.

Western democracies are in a particularly vulnerable position because of the committed values they hold, of freedom and human rights, against people who grossly abuse those values.

Hardened by defiant illegals, who often challenge immigration policies in court through legal aid funded by taxpayers in host countries, border security authorities who have no way of telling the genuine from the bogus, tend to take a hard line in implementing rules to the letter.

As it is the nature of things, well meaning people sometimes become indignant victims of regulations.

The offence felt by honest people who are affected by the application of these regulations is understandable.

But to suggest that Britain should be bypassed as a centre of learning for self-centred reasons, without understanding the reason for these policies, is to mislead prospective students from securing a time- tested quality of education.

PAT ABRAHAMS
Melbourne, Australia

Consider other countries instead of Britain for further studies

SOON, thousands of our youths will leave for Britain to further their studies either on scholarships or self-funded. A lot of money will be spent.

While the majority of the British educational establishments may give value for the money we are spending, there are other choices with the same or even better institutions where we can send our youngsters.

If we must have English as the medium of higher education, places like Australia, New Zealand, Canada or the United States should be considered instead of Britain.

I am advising Malaysian students to choose Britain last for further studies. I am not anti-British or trying to repeat the call of our fourth Prime Minister.

I am giving this advice simply because since the formation of the British Border Agency to deal with visa applications, things have really deteriorated to a very sad state for anyone trying to go for studies or are already studying in Britain.

The British Border Agency is treating Malaysians and any other non-European students as if we are asylum seekers. The inefficiency of the agency in dealing with visa applications makes one wonder if Britain is still a developed country.

Malaysians can now get our international passports within a couple of hours, but the British Border Agency can take a whole month just to let you know that your application is rejected because you missed out on some information.You then need to make a fresh application and pay new application fees.

While it may be a pain getting a student visa to Britain, one can get an Australian visa through online application. So if there is any doubt, just that alone should make one choose Australia instead of Britain.

For those already in Britain and hope to stay back to gain work experience, again you may be disappointed. Even if you manage to get a job, the Border Agency may make life quite difficult for you.

I know of a medical graduate who got a job for two intern years. The Border Agency gave her a work visa two weeks short of two years.

After working a few years there, the same doctor needed to renew her visa which was expiring. Due to technical error, the visa was denied, and this despite that her job contract was still valid. She had to get a lawyer to seek redress in the court just to stay back in Britain.

The worst and the most cruel case I know involves another student stranded in Britain during the long summer break. This poor girl lost her passport, which was replaced without much hassle.

However as her student visa was in the lost passport, she had to submit an application to have her visa in the new passport. She is there on a valid visa which should be in the system of the British Border Agency, yet her application which was submitted more than two months ago is still pending attention.

The Australian government from next year will allow foreign graduates to stay back up to four years after graduating to work. The immigration office is student-friendly.

So my advice to all those planning to go overseas to study is, please just exclude Britain.

GCK Ipoh

Related posts:

Malaysian education is too Western-centric, ignorance of Asian values, etc!
Malaysian education heavily politicised, Quality ... 
Malaysian Universities need decolonization, relook the ... 
Top 10 universities in South East Asia, Malaysia not in! 
Malaysia's history, sovereignty violated, semantics need ...

Tesco faces £200,000 fine over illegal foreign workers

Tesco could be fined up to £200,000 after foreign students at one of its warehouses were found to be working illegally, The Daily Telegraph can disclose.

Tesco facing huge fines for 'illegally employing' foreign students
Tesco said it was "co-operating fully" with the UKBA, adding that it had tightened procedures to tackle illegal workers, which it did not condone employing. Photo: PA

Authorities found the students, of almost a dozen nationalities, were working significantly longer hours than their visas allowed at the warehouse operated by Britain’s biggest supermarket chain.

The breaches were discovered after immigration officials swooped on the Tesco.com building in Croydon, south London, last month.

UK Border Agency officials arrested 20 of the students for alleged breaches of visa terms that restricted the amount of hours they could work.

It is understood that at least seven of the students, none of whom has been identified, have been deported. It follows Home Office operations to put a stop to “visa abuse”.

Officials discovered the students, who were predominantly of Bangladeshi and Indian origin, had been working up to three-and-a-half times longer than their visas allowed.

Events in East Asia, stakes and realities

Meaning in the region’s mishmash

In decoding the latest events in East Asia, it is important to know the stakes and the realities.

DAILY news reports span events with their highs, lows and in-betweens. As a whole, they suggest a world of randomly unconnected currents and irrationally contradictory events with insubstantial or unpredictable outcomes.

There may be times when the planet is like that, but most of the time it may look that way while being something else again. If not exactly a method in the madness, there is usually meaning in the mishmash.

That is why policymakers and their advisers have their work to do, acting proactively or retroactively. For sleuths, it is important to expose conspiracies without necessarily resorting to conspiracy theories.

In recent days alone, global society learned that Miss China won the Miss World contest in Ordos, Inner Mongolia. This was the second time that a Miss China won, and the fact that it happened in front of a home crowd made it that much more special.


Meanwhile at the intergovernmental level, China and the US established a Sino-US Partnership on Smoke-free Workplaces to restrict smoking and its consequences in public and private sector workplaces. Several such agreements involving governments and NGOs have emerged between China and the US in recent years.

In economics, much more continue to happen between East Asia and the rest of the world, spurred particularly by China’s spectacular growth profile. Despite ideological differences and occasional bumps over specific trade, investment or currency issues, the Chinese and US economies have never been more closely linked or interdependent, and increasingly so.

Periodic spats continue between countries across national borders, sometimes over where those borders should be. While they gain wider attention with diplomatic forays or military missions, in involving social, economic and political dimensions, these disputes become far more intractable.

The latest dispute to flare again over the week has been rival claims over the Pinnacle Islands in the East China Sea, which Japan calls the Senkaku, China calls the Diaoyu and Taiwan calls the Diaoyutai.

Earlier this month, a group of Japanese lawmakers and right-wing NGO members had planned a trip to the islands to reaffirm Japanese sovereignty as well as to commemorate Japanese victims of the Second World War. This followed spats between China and the Philippines, and Vietnam, earlier in the year over rival claims to other islands in the South China Sea.

Japan had already been administering the Pinnacles with its presence. The government of Prime Minister Yoshihiko Noda felt the nationalists’ trip would be unduly provocative and tried to stop it, earning the rebuke of nationalist groups and the right-wing mayor of Tokyo.

In the event, some 150 Japanese activists aboard 20 boats landed in the Pinnacles last Sunday. By then, Chinese activists from the Hong Kong-based Action Committee for Defending the Diaoyu Islands had landed on the Pinnacles’ biggest island four days before.

The activists were detained by Japanese authorities, who had earlier failed to dissuade them with water cannons and ramming their boat, Kai Fung No. 2. As Chinese protesters insisted on the activists’ release and Japanese nationalists demanded their imprisonment, Japan deported them.

Earlier in January, Hong Kong authorities had refused Kai Fung No. 2 permission to leave port “because the Marine Department had grounds to believe that the vessel would not be used for fishing and fishing-related purposes”. The boat’s owner is a known Chinese nationalist activist.

But during the week, Chinese activists on board the boat returned to Hong Kong to a public hero’s welcome. The governments in Beijing and Taipei protested when Japan detained the activists, but once they were freed, the general public in China and Taiwan took over the spotlight.

The governments involved wanted to show a measure of restraint without halting such activism altogether. It helps to keep popular support for official claims alive, without allowing it to overwhelm official policy or relations.

The Chinese activists had planted the flags of both China and Taiwan, symbolising a unity of the claims by the “two Chinas”. While previously both claims were handled separately by their respective governments, they lately appear to merge in relation to other countries.

The common misperception remains that Chinese communism is an evil that compounds differences with other countries. That classic ideological posture from the Cold War ill serves anyone in the present era.

As communist ideology wanes and the Chinese Communist Party’s grip nationwide recedes, the only framework that Beijing can access to mitigate the country’s multiple challenges is nationalism. And on the other side of the Taiwan Straits, the Kuomintang party in government is defined by Chinese nationalism.

If and when single party rule on the mainland ceases, a much more nationalist government is likely to emerge. A party in such a government would be more amenable to popular nationalist sentiment, while also less inclined to limit nationalist activism, creating new challenges for other countries.

China already has to confront multiple rival claims over territory with other countries. It behoves Chinese policymakers to minimise and streamline the issues for easier handling, such as by neutralising the dispute over sovereignty between Beijing and Taipei.

Until recent years, the Taiwan Straits and the South China Sea had been persistent flashpoints in East Asia. Now that cross-straits relations have improved, disputes in the South China Sea simmer while East China Sea territory is being contested again.

There is an apparent trade-off in flashpoint potential between sub-regions. China’s immediate neighbours have at the same time contributed to friction in the adjoining waters.

Two weeks ago, South Korean President Lee Myung-bak visited the Dokdo islands occupied by his country but which are also claimed by Japan. While there, Lee declared that the Japanese Emperor had to apologise to Koreans for Japan’s wartime misconduct before he could visit South Korea.

The Japanese Foreign Minister replied by calling South Korea’s presence in Dokdo an “illegal occupation”. The spat continued for weeks, with Seoul filing a formal protest against Tokyo two days ago.

However dramatic, these disputes are unlikely to cause a major conflagration. While China always looms larger because of size and potential, there are also opportunities amid the risks.

China’s historic transition is led by econo­mics, but not without social and political ramifications. One feature here is the transformation of the foreign policymaking elite.

Maoist China’s policymakers in the Foreign Ministry had long been typical party ideologues. But as its economy blossomed, a new array of inputs have come to constitute an elite sourced from both the private and government sectors.

Meanwhile, the People’s Liberation Army (PLA) has still been less amenable to change. It is still constitutionally required to serve in the defence of the nation without interfering politically, but there is a growing temptation to signal its political positions.

So far the party and the state have mitigated this by allocating bigger budgets for defence, while also keeping PLA pressure on policymaking at bay. A party or government more vulnerable to populist pressure or lobbying may have to give the military more leeway.

The challenge for other countries is to work constructively with the more progressive elements in China’s political establishment towards more agreeable foreign relations. But from some of the latest events in the region, that challenge may be very difficult to meet.

Behind The Headlines By Bunn Nagara

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