RBS, biggest British stated-owned bank losses of £3.5bn !

Bailed out: Royal Bank of Scotland is set to announce losses of £3.5bn on Friday. It is worth £26bn - and the Government paid £45.5bn

(Bloomberg) -- Royal Bank of Scotland Group Plc, Britain's biggest government-owned lender, posted a wider full- year loss than analysts estimated after writing down Greek debt and compensating customers who were improperly sold insurance.

The net loss for 2011 was 2 billion pounds ($3.1 billion) compared with 1.1 billion pounds a year earlier, the U.K.'s second-largest bank by assets said in a statement today. That was worse than the 1.1 billion-pound median estimate of 11 analysts surveyed by Bloomberg.

The government was forced to rescue RBS at the height of the financial crisis, injecting 45.5 billion pounds of taxpayer money into the lender, making it the costliest bailout of any bank. Chief Executive Officer Stephen Hester, 51, has shrunk the bank's assets by more than 600 billion pounds to 1.66 billion pounds and cut more than 35,000 jobs since he took over from Fred Goodwin in 2007. Hester said earlier this month that restructuring RBS was equivalent to defusing "the biggest time bomb in history."

The company took a sovereign-debt impairment of 1.1 billion pounds, writing off Greek government debt as part of a European Union agreement.

RBS's loss would have been narrower if it hadn't had to set aside 950 million pounds to compensate U.K. customers who were improperly sold personal-loan insurance.

RBS's results were also affected by rising borrowing costs as the bank weans itself off low-interest government loans and takes on costlier funding in wholesale markets. The bank opted in December to go the European Central Bank for an emergency 5 billion euro loan as its own costs of borrowing reached an unsustainable level, according to a person familiar with the matter.

The government was forced to rescue RBS at the height of the financial crisis, injecting 45.5 billion pounds of taxpayer money into the lender, making it the costliest bailout of any bank in the world.

--Editors: Keith Campbell, Francis Harris.

Read more: http://www.dailymail.co.uk/news/article-2105218/RBS-banks-posts-losses-2bn-casino-bankers-enjoy-390m-bonus-pot.html#ixzz1nGtFy7DQ

Mature debates awakening policy makers!

Mature debate the way to go
  ROAMING BEYOND THE FENCE By TUNKU 'ABIDIN MUHRIZ  

Younger, more mature Malaysians have moved on and would like to see more debates, particularly on substantial issues which in the long term can feed the policy makingprocess.

YOUTH and Sports Minister Datuk Seri Ahmad Shabery Cheek is not a bad squash player, and I partially attribute my two wins over him to home ground advantage — we were playing at the Royal Sungei Ujong Club which once served as Seremban’s Istana Hinggap — and also to the fact that he was already rather tired, having already played two sets with the Yang di-Pertuan Besar (of which the outcome for the minister was similar).

It is said that he is the most approachable among the Cabinet ministers, and I can see why.

His name is also nearly uttered in the same breath as Datuk Saifuddin Abdullah, Datuk Abdul Rahman Dahlan, Datuk Nur Jazlan Mohamed, Datuk Shahrir Samad, Khairy Jamaluddin and, of late, Datuk Seri Nazri “Valentine’s Day” Aziz as Umno politicians who have been condemned within their party for being too liberal or independent-minded.

Round one: Dr Chua and Lim speaking to the press after their debate last Saturday.

(Two of these individuals listed mostly the same names when I asked who else in their party broadly agrees with them — even if they don’t enjoy particularly close relationships with one another.)

Among veterans, there’s Tengku Razaleigh Hamzah, recently joined by Tan Sri Abdul Kadir Sheikh Fadzir, in being critical of the party.

Back in 2008, as Information Minister, Shabery Cheek had the courage to face Anwar Ibrahim in a televised debate after the latter’s release from prison.

This was touted as the debate of the century, but now similar superlatives are being applied to the one last weekend between Datuk Seri Dr Chua Soi Lek and Lim Guan Eng.



I have been told that the available translations are poor, so I won’t judge the content, but what struck me was the eagerness in presenting this debate as one concerning only ethnic Chinese in Malaysia, rather than a debate to discuss issues pertinent to all Malaysians.

It is as if one’s ethnic background constrains the subject matter — but I am sure people of all ethnic backgrounds have a view about cars being towed in the late evenings.

Still, the fact that the debate happened at all has been widely appreciated. Of course, such debates for the benefit of Malaysian students abroad have been happening for some time.

The recent one between Khairy and Rafizi Ramli in London has been making the rounds online, but I remember such debates taking place when I was an undergraduate there myself.

Some say such debates are a waste of time, because Malaysians are supposedly too immature.

Well, immature politicians of whatever age can wallow in their own ignorance: younger, more mature Malaysians have moved on and we would like to see more debates, and on substantial issues which in the long term can feed the policy making process.

This change in attitude must have something to do with the active culture of debating in our varsities.

Not too long ago I was a judge at one of these debating events, and if these ladies and gentlemen become parliamentarians in the future there may yet be hope for our Dewan Rakyat to return to the civilised, august chamber that it once was.

The cultivation of public speaking begins at a young age.

Last week, I was at SMK Tuanku Muhammad to close a public speaking competition for schools in Kuala Pilah, and the 15-year-old girl who won spoke as eloquently as the local MP.

In my own speech I mentioned that aptitude in both Malay and English is not only crucial to our nation’s future success, but also in understanding our past; from the time of Tuanku Muhammad, English was widely used in government, business and social circles: a far cry from the termination of the English national-type schools, the PPSMI debate and ministry websites that “poke eyes”.

In a school named for Tuanku Muhammad’s niece, Tunku Kurshiah, the wind orchestra was rehearsing for its Konsert DiRaja on Sunday. Starting out as a marching band in the 1970s, the orchestra now routinely wins competitions against other schools.

It had invited me to accompany them on the piano, and it was a privilege to play One Republic’s Apologise and the Blues Gang’s Apo Nak Dikato with an orchestra carrying the first Raja Permaisuri Agong’s name in the presence of many of her family members, including the Yang di-Pertuan Besar and the Tunku Panglima Besar of Kedah (herself a TKCian).

I hope in due course the extraordinary commitment to co-curricular activities can be expanded to squash, too.

Preliminary research suggests that Shabery Cheek is the only person in the Cabinet or among senior Opposition figures (there is still, lamentably, and so close to the rumoured general election, no Shadow Cabinet) who plays this game of strategy, stamina, and flexibility.

> Tunku ’Abidin Muhriz is president of IDEAS.

Related posts/articles:

• Malaysian Politics: Chua-Lim Debate Sets New Standard 

• Malaysian Politics: Chua-Lim Debate Sets New Standard (rightways.wordpress.com)

Chinese Outraged by Denial of Nanjing Massacre by Japanese!

The Wall Street,  JOSH CHIN in Hong Kong and YOREE KOH in Tokyo

Chinese Internet users are in an uproar after the mayor of Nagoya told a delegation from Nanjing that he doubted Japanese soldiers had committed atrocities during their World War II occupation of the city.

Agence France-Presse/Getty Images >>

 

This is not the first time Takashi Kawamura has raised the thorny subject. Above, Mr. Kawamura spoke at his campaign office in Nagoya on Feb. 6, 2011.

The southern Chinese city of Nanjing suspended contact with Japanese sister city Nagoya on Tuesday night.

The historical scars left by Japan's wartime occupation remain a flash point in relations between the two East Asian powers. Former Japanese Prime Minister Junichiro Koizumi's annual visits to the Yasukuni shrine—where Class-A war criminals are enshrined along with the war dead—and revisionist textbooks in Japan that gloss over the country's military adventurism in Asia have led to large, and sometimes violent, protests outside the Japanese Embassy in Beijing.



During a meeting with the delegation on Monday, Takashi Kawamura said he thought the murder of vast numbers of civilians by Japanese troops in Nanjing, commonly known as the Nanjing Massacre, "probably never happened."



Mr. Kawamura appeared unbowed by the criticism on Wednesday, reiterating his position at a press event in Tokyo.

"Even since I was a national Diet representative, I have said [repeatedly] there was no [Nanjing] massacre that resulted in murders of several hundred thousands of people," he said, according to Japan's Kyodo news agency. "We need to talk about this publicly without hesitation instead of behind the scenes."

The comments drew heavy fire from Chinese Internet users, who also attacked the Nanjing delegation for being slow to respond to what many described as an unconscionable insult.

"Nanjing should invite Kawamura Takashi to tour the Nanjing Massacre Memorial Hall," one user wrote on popular Twitter-like microblogging service Sina Weibo, where Mr. Kawamura was among the most-discussed topics on Wednesday.

Others, however, directed their ire at Liu Zhiwei, the head of the Nanjing delegation, after Kyodo reported that Mr. Liu shook hands with Mr. Kawamura and didn't directly challenge his denial of an event often described as Asia's equivalent to the Holocaust.

"All the ghosts of the Nanjing Massacre are going to come knocking on Liu Zhiwei's door," wrote one Weibo user.

The Nanjing city government defended Mr. Liu, telling the state-run Global Times newspaper that the delegation leader "responded to Kawamura's claims" without offering further details.

The Japanese army captured Nanjing on Dec. 13, 1937. Over the next six weeks, Japanese soldiers murdered between 200,000 and 300,000, according to various historical accounts.

Tokyo's own estimate for the number of civilian deaths in Nanjing is far less precise, ranging from as little as 20,000 to 200,000.

Nagoya and Nanjing established a sister city relationship in 1978, six years after Japan and China normalized ties.

The Chinese consulate in Nagoya called the Japanese city office on Tuesday to protest the remarks, saying it "cannot understand the mayor's position." The consulate also said it is unfortunate such comments were made as the two countries mark the 40th anniversary since the neighbors normalized diplomatic relations.

But the consulate said it hopes the matter can be resolved. "Mayor Kawamura's remarks are his own, we wonder whether the Nagoya Municipal Office has its own position," said a consulate spokeswoman on Wednesday.

Tokyo is attempting to stay above the fray for now, with Japan's Foreign Ministry saying that the dispute is an issue that should be settled between the cities.

Mr. Kawamura said his opinion stemmed from his father's trip to Nanjing in 1938. Mr. Kawamura said his father was well-received and reasoned that if such murderous acts occurred the people of Nanjing wouldn't have been so hospitable.

This isn't the first time Mr. Kawamura has raised the thorny subject. In September 2009, he told the Nagoya City Council the number of people China claimed were killed in Nanking was dubious. The Nagoya city's department of international exchange said that more recently, in this past December, the mayor made a passing remark to another visiting group from Nanjing suggesting the mass murder never occurred.
 
Related posts/articles:

Japanese Occupation survivors tell their stories
Nanjing Massacre remembered!  
The Nanjing Massacre « Talesfromthelou's Blog
talesfromthelou.wordpress.com/2012/02/21/the-nanj…
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