Peace for the World

Peace for the World
First democratic leader of Justice the Godfather of the Sri Lankan Tamil Struggle: Honourable Samuel James Veluppillai Chelvanayakam

Monday, January 28, 2019

A lesson in how not to lose $40 billion in stock overnight


By  | 
LOSING over US$40 billion from a company’s market value almost instantaneously is not something most of us will have to deal with throughout our professional lives, but that’s exactly what Hong Kong-British conglomerate Jardine Matheson experienced on Thursday as they saw an 83 percent drop in share price overnight.
Shares of the centuries-old conglomerate plummeted in pre-market trading on the Singapore Exchange but fully recovered to end the session trading higher than when the day started.
The firm blamed the stark anomaly on an electronic error, a mistake put into the system, informally known as “a fat finger.”
In a financial system as fast-paced as the one today, mistakes are still bound to happen. And they do, sometimes with wildly expensive consequences.
To highlight the problem, Bloomberg compiled a list of some of the worst stock shocks in recent years to remind us, no matter how sophisticated a system, errors can still occur.
Jardine-Matheson-SGX-2
Jardine Matheson’s market value plummeted 83 percent in one day, only to recover before the end of the session. Source: Google

Near death for Samsung

The cost of human error couldn’t be more evident in this example. An employee at Samsung Securities Co. was supposed to pay 1,000 won (93 cents at the time) per share to employees as part of a company compensation plan. This gesture soon turned into calamity as the worker instead gave 1,000 company shares, bringing the total bill to about US$100.3 billion – that’s more than 30 times the company’s market value.
Some smart and quick moving employees saw an opportunity and sold the shares before Samsung had time to do anything about it. This saw “a rout of as much as 12 percent in the space of minutes on April 6, the biggest decline since the global financial crisis,” Bloomberg said.
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A model poses with a Samsung Electronics Co.’s Galaxy S6, right, and Galaxy S6 Edge, left, smartphones during its launch event at company’s headquarter in Seoul, South Korea. Pic: AP

Typo tragedy

We all know the pain of typos, but no one more so than the poor guy at Mizuho Securities Co. responsible for losing US$345 million in market shares.
Rather than sell one share of employment agency J-Com Co. for JPY610,000 (US$5,556), as planned, the company sold 610,000 shares for JPY 1 each. Due to a problem with the Tokyo Stock Exchange’s computer system, the company was unable to rectify the problem and had to live with the consequences, along with stark warnings from Japan’s Financial Services Agency to improve its compliance.

Gold digging

Gold futures fell as much as 1.6 percent on Comex in June 2017 following a huge surge in volume when trading jumped to 1.8 million ounces of gold in just a minute.
As Bloomberg points out, this was an amount bigger than the gold reserves of Finland at the time.
The blip was put down to a measurement mix-up. Rather than trade 18,149 ounces of gold, 100 times that amount was traded in 18,149 lots of a futures contract. But this mix-up is only a theory, and still no one is exactly sure what happened.
“No one has a clue, apart from the unfortunate individual that pressed the wrong button,” David Govett, head of precious metals trading at Marex Spectron Group in London, said at the time of the spike in volume.

The U.S. Sought to Derail Michelle Bachelet’s Bid for Top U.N. Human Rights Job

The Trump administration was troubled by her views on abortion, Israel, and Latin America.

U.N. High Commissioner for Human Rights Michelle Bachelet attends the opening day of the 39th session of the U.N. Human Rights Council in Geneva on Sept. 10, 2018. (Fabrice Coffrini/AFP/Getty Images)U.N. High Commissioner for Human Rights Michelle Bachelet attends the opening day of the 39th session of the U.N. Human Rights Council in Geneva on Sept. 10, 2018. (Fabrice Coffrini/AFP/Getty Images)

No photo description available.
BY 
| The Trump administration mounted an unsuccessful campaign last year to derail the appointment of former Chilean President Michelle Bachelet as the United Nations high commissioner for human rights, claiming her political views on Israel were troubling and citing photographs in which she appeared alongside “Latin American dictators.”

The effort was documented in a confidential Sept. 6 memo that Nikki Haley, then-U.S. ambassador to United Nations, wrote to U.N. Secretary-General António Guterres, detailing U.S. and Israeli objections to Bachelet’s appointment and the manner in which her selection was handled.

In the memo, which was reviewed by Foreign Policy, Haley complained that questions Washington had raised repeatedly about Bachelet’s political qualifications for the job were ignored. While the memo does not say that the United States explicitly called on the U.N. to block Bachelet’s appointment, it makes clear that Washington firmly opposed it and tried to stall the hiring process until it could make its case.

The U.S. Mission to the United Nations declined to address the specific claims in the memo, but a spokesperson from the mission said U.S. concerns with Bachelet’s nomination were not new. “We appropriately expressed these concerns in addition to our concerns with her appointment process as we would for any high-level U.N. appointee—through direct, private communications with the secretary-general’s office,” the spokesperson said.

A State Department spokesman added that “it should come as no surprise that the United States assesses carefully the qualification of individuals considered for senior U.N. positions. All U.N. member states do so according to their own interests, and none should apologize for it.”

The campaign against Bachelet came at a time when the Trump administration was growing increasingly hostile to U.N. human rights institutions, which it complains are biased against Israel and draw excessive attention to human rights abuses by the United States.

The U.N. scrutinizes the human rights records of all of its member states.

The United States has frequently clashed with previous U.N. high commissioners, including Bachelet’s immediate predecessor, Jordan’s Zeid Ra’ad Al Hussein, who regularly criticized President Donald Trump’s verbal attacks on journalists and migrants.

The Trump administration withdrew from the 47-member Human Rights Council in June 2018, citing what it viewed as a bias against Israel and a history of extending membership to states with atrocious human rights records.

But it also found fault with Bachelet, a former political prisoner who was elected Chile’s first female president in 2006.

In 2010, Bachelet served as the head of U.N. Women, the agency charged with promoting women’s equality. She was elected for a second term as Chile’s president in 2013. Her standing took a hit over allegations that her son used his influence to obtain a loan for a lucrative land deal, but she remained something of a celebrity in diplomatic circles.

Following Bachelet’s inaugural address, Haley issued a stinging denunciation of the former Chilean leader.

“High Commissioner Bachelet continued the failures of the past, further validating the U.S. decision to withdraw, when she criticized both Israel and the United States while ignoring some of the worst human rights violators in the world,” Haley said in a Sept. 12 statement. “With serious human rights crises across the globe, it is highly regrettable that the new High Commissioner is following the same biased path of her predecessors, choosing to bash Israel and the United States.”

While Bachelet’s address included criticism of Israel and the United States, it also took aim at human rights abuses in many other countries, including China, Iran, Nicaragua, Saudi Arabia, and Venezuela.

Last May, Haley’s then-chief of staff, David Glaccum, and another U.S. aide, Morgan Viña, pressed the U.N. secretary-general’s chief of staff, Maria Luiza Ribeiro Viotti, to reveal whether Bachelet was a candidate for the top human rights job at the U.N. “They did not receive an affirmative confirmation,” Haley wrote.

It soon became clear that the U.N. chief was looking for a woman from Latin America to fill the job and that Bachelet had emerged as a leading candidate.

By the middle of July, Kevin Moley, the U.S. assistant secretary of state for international organization affairs, and his senior advisor, Mari Stull, raised concerns about Bachelet’s “political positions” in two different meetings with David Vennett, a former member of Trump’s foreign-policy transition team who was hired by Guterres to help manage his relationship with the White House. And Haley complained that Bachelet hadn’t requested a courtesy visit with the United States in the early stages of the campaign.

“Stull later sent messages to Vennett expressing her objections,” the memo reads. “These included photos of Bachelet side by side with Latin American dictators.” It remains unclear which Latin American leaders she was referring to.

Stull had also expressed concern to a colleague about Bachelet’s role in legalizing abortion in Chile, a conservative Catholic nation, according to a diplomatic source. He maintained that Bachelet “might have been a credible global figure if she hadn’t decided to become the world’s leading advocate for abortion,” the source told FP, adding that it was “impossible to overstate her fixation on that one issue.”

Viña, Haley’s aide, continued to press the U.S. case against Bachelet in a July 23 meeting with Vennett.

“Viña told Vennett that the Israelis communicated that the SG [Secretary General] was considering Bachelet and are not supportive and that we also had concerns,” Haley wrote. “Viña communicated concerns that Bachelet was weak on Latin American dictators and wouldn’t he helpful on Israel issues.”
On Aug. 6, Vennett emailed Viña indicating that Guterres planned to appoint Bachelet despite U.S. reservations.

The following day, Viña pressed Vennett to urge the U.N. chief to slow down the appointment process to allow for further discussion. Haley, meanwhile, placed a call to the U.N. chief to halt the process. But on that same day, Bachelet was offered the job.

The news infuriated Haley, who canceled her request for a phone call to Guterres.

“[This] is not a good way to build trust and confidence. You know we can’t support Bachelet for OHCHR [Office of the High Commissioner for Human Rights], right?” Kelley Currie, the U.S. representative to the U.N. Economic and Social Council, wrote in a text message to Vennett. But by then, Bachelet’s appointment had already been announced to the press.

Guterres sought to smooth things over in an Aug. 8 email to Haley, telling the top U.S. diplomat that “he only became aware of U.S. concerns surrounding the OHCHR candidate selection process” two days earlier—several weeks after the United States began raising concerns.

It didn’t appear to satisfy Haley, who concluded her memo, saying: “I hope this timeline provides clarification for you and your team and reflects how important consultations on this appointment were to us and our disappointment on how this was poorly handled.”

No-deal Brexit poses risk to food supplies, say retailers


-28 Jan 2019Economics Correspondent
The supermarkets and take-away chains have, until now, held back from voicing fears about Brexit. They didn’t want to alienate customers who voted to leave the EU.
But with the distinct possibility of a no-deal departure in just 60 days, Marks and Spencer, Waitrose, KFC, the Co-op, and others joined forces to warn of the effects of delays at ports.
Price rises and empty shelves will follow, they say. And Eurotunnel has warned it still needs to know from the government what sort of checks it will need for the trucks running through the Channel Tunnel.

Former Malaysian PM Najib faces three more money laundering charges

Malaysia's former Prime Minister Najib Razak leaves a court in Kuala Lumpur, Malaysia October 4, 2018. REUTERS/Lai Seng Sin

JANUARY 28, 2019

KUALA LUMPUR (Reuters) - Malaysian prosecutors on Monday charged former prime minister Najib Razak with three more counts of money laundering, allegedly receiving the proceeds of illegal activities in his personal bank accounts.

After unexpectedly losing an election to Mahathir Mohamad in May last year, Najib has been slapped with a series of corruption charges, mostly tied to losses at now-defunct state fund 1MDB.

The latest charges bring the total number against him to 42.

Najib has pleaded not guilty to all the charges and has consistently denied wrongdoing. The first of his four trials starts on Feb. 12.

Prosecutors on Monday alleged that Najib received in his private bank account a total of 47 million ringgit ($11.44 million) in proceeds of illegal activities, according to charge sheets seen by Reuters.

A conviction on each charge would involve a maximum fine of 5 million ringgit or imprisonment of up to five years or both.

After unexpectedly losing an election to Mahathir Mohamad in May last year, Najib has been slapped with a series of corruption charges, mostly tied to losses at now-defunct state fund 1MDB.

The latest charges bring the total number against him to 42.
Najib has pleaded not guilty to all the charges and has consistently denied wrongdoing. The first of his four trials starts on Feb. 12.

Prosecutors on Monday alleged that Najib received in his private bank account a total of 47 million ringgit ($11.44 million) in proceeds of illegal activities, according to charge sheets seen by Reuters.
A conviction on each charge would involve a maximum fine of 5 million ringgit or imprisonment of up to five years or both.

Goldman Sachs has consistently denied wrongdoing and said certain members of the former Malaysian government and 1MDB lied to the bank about the proceeds of the bond sales.
($1 = 4.1080 ringgit)

Reporting by Rozanna Latiff, Writing by A. Ananthalakshmi; Editing by Nick Macfie

Real Junk Food Project turns supermarket waste into tasty meals

London cafes bring people together while tackling the UK’s food waste problem


Pearl Cooper at the Etna cafe, a pop-up space that uses food waste destined for landfill. Photograph: Jill Mead for the Guardian



Mothers with toddlers at their ankles sit beside elderly men and women out for a welcome bit of company on a Monday lunchtime. Plates are piled with steaming pasta, couscous salad and warm bread rolls as the chefs wipe sweat from their foreheads in a galley kitchen next door.

This is a bustling local restaurant in an affluent area of south-west London, but there is one big difference from the many fashionable cafes that line the streets of this London “village”. The food has all been saved from the bin.

On Thursday Tesco announced it would be working with the charity FareShare to try to reduce food waste, but across the country a growing environmental movement has been taking matters into their own hands for months to collect and use waste food.

Collected earlier that morning from a number of supermarkets which have been persuaded to hand over their waste food rather than dump it into the dustbin, the ingredients for the latest Real Junk Food Cafe in Twickenham are used to create wholesome lunchtime meals at a pop-up restaurant.
The Real Junk Food Project (RJFP), aims to save as much food from the bins as possible by encouraging supermarkets to hand it to the cafes instead. Where supermarkets might have been slow to act the RJFP has gone door to door to collect waste from stores to force the issue.

“This is not a cafe for the homeless, or a cafe for the elderly, it is not a food bank. The cafe starts from an environmental stance, to stop all this food going into landfill, and the social element of people coming together to eat and chat comes out of that,” said Chrissy Weller, who set up the cafe with her friend Clare Box. “We welcome anyone here to pay as much as they feel for the food, or nothing at all. So you get a big mix of people sitting around a table talking and eating together.”

Emma Green and her daughter Eira at the Etna cafe. Photograph: Jill Mead for the Guardian

The cafe in Twickenham is one of the latest to be set up under the RJFP banner in an attempt to tackle the mountain of food waste in the UK, where 1.9 million tonnes of food are thrown away each year.

Lifestyle guru B. Smith has Alzheimer’s. Her husband has a girlfriend. Her fans aren’t having it.

Dan Gasby says his relationship with another woman helped him become a better caretaker to his wife who has Alzheimer’s. (Ashleigh Joplin /The Washington Post)

Screen time 'may harm toddlers'


Boy using a screen

Letting a toddler spend lots of time using screens may delay their development of skills such as language and sociability, according to a large Canadian study.
The research, which tracked nearly 2,500 two-year-olds, is the latest piece of evidence in the debate about how much screen time is safe for kids.
In Canada and the US, experts say children should not use screens before they are at least 18 months old.
The Royal College of Paediatrics and Child Health says there is not enough evidence, even when you include this new study, for a "direct toxic effect".

What did the new research find?

Mums were surveyed (between 2011 and 2016) about screen use, and filled out questionnaires about their child's skills and development at ages two, three and five.
Screen time included watching TV programmes, films or videos, gaming, and using a computer, tablet, phone or any other screen-based device.
At the age of two, the children were clocking up around 17 hours of screen time per week.
This increased to around 25 hours a week by the age of three but dropped to around 11 hours a week at the age of five, when the children started primary school.
The findings, published in the JAMA Paediatrics, suggest increased viewing begins before any delay in development can be seen, rather than children with poor developmental performance then going on to have more screen time.
But it is not clear whether screen time - including how much or what type - is directly to blame. Screen use might just go hand-in-hand with other things linked to delayed development, such as upbringing and how a child's remaining leisure time is spent.

What do the researchers think?

When young children are observing screens, they may be missing important opportunities to practise and master other important skills.
In theory, it could get in the way of social interactions and may limit how much time young children spend running, climbing and practising other physical skills - although they may still eventually catch up.
infant using a screen
Even without solid proof of harm, Dr Sheri Madigan and colleagues say it still makes sense to moderate children's screen time and make sure it doesn't interfere with "face-to-face interactions or family time".
They also said that, with hindsight, perhaps they should have followed the children from an even younger age because it is becoming increasingly common for 12-month-old babies to be watching and using screens.

How much is too much?

It is a good question, without a satisfactory answer.
The new study does not make any recommendation about how much is too much. Some of the two-year-olds were getting more than four hours a day or 28 hours a week of screen use, according to their mums.
  • For children younger than 18 months, avoid use of screen media other than video-chatting
  • Parents of children 18 to 24 months of age who want to introduce digital media should choose high-quality programming, and watch it with their children to help them understand what they are seeing
  • For children ages two to five years, limit screen use to one hour per day of high-quality programmes. Again, parents should be watching it with their children.
  • For children ages six and older, place consistent limits, making sure screen time does not get in the way of sleep and physical activity.
The Canadian Paediatric Society goes further, saying screen time for children younger than two is not recommended.
Bar chart showing rising internet use amongst all children 15 and under
Image copyrightSImage caption
Data for the UK shows internet use among children has increased in recent years
The UK's Royal College of Paediatrics and Child Health (RCPCH) put out guidelines earlier this year, but sets no limit.
It says "evidence is weak for a threshold to guide children and parents to the appropriate level of screen time, and we are unable to recommend a cut-off for children's screen time overall".
Instead, it advises families to ask themselves:
  • Is screen time in your household controlled?
  • Does screen use interfere with what your family want to do?
  • Does screen use interfere with sleep?
  • Are you able to control snacking during screen time?
If a family can ask themselves these questions, and are satisfied with the answers, then they can be reassured that they are "likely to be doing as well as they can with this tricky issue", says the RCPCH.

Tips on cutting back

The AAP advises families to designate media-free times together, such as dinner or driving, as well as media-free locations at home, such as bedrooms.
The RCPCH says adults should consider their own use of screens and set a good example.
Most experts also advise that children are not exposed to screens for an hour before bed, so that their brains have time to wind down for sleep.