There is such a thing as Sense and Sensibility.
Also Credit and Credibility.
If you are wise, you will discern subtlty.
If you are not, just say you are beyond my territory.
From the NST business section cometh:
Genting unit to review Macau deal
March 2 2007
GENTING Bhd said its unit, Star Cruises Ltd, wants to review a deal that could be a hurdle to its lucrative casino resort development in Singapore.
Star Cruises told the Hong Kong Stock Exchange late on Wednesday that it would ask for more time to review the structure of a proposed deal in Macau which involves gambling mogul Stanley Ho.
"Both announcements could be an early sign that says Genting exits Macau or restructures the deal in order to secure the Singapore casino licence," said an analyst.
The Hong Kong announcement also came not long after an announcement by Genting International plc which expressed its full commitment to the Singapore project and it is working closely with authorities to qualify for a casino licence.
Both statements were made a day after the Singapore Government said that both Genting subsidiaries have yet to secure a casino licence in the republic.
Genting International and Star Cruises signed the Development Agreement with Sentosa Development Corp yesterday, which allows them to proceed with the construction of the integrated resort.
However, the signing does not automatically qualify Genting for the casino licence, which is needed before it can operate the future casino, the Singapore Home Ministry Affairs' casino regulation division said in a press statement on Tuesday.
Genting International said that it fully understands the requirements and added that it will only apply for the licence once it has fulfilled them.
Analysts said that Singapore appears to be concerned over the group's partnership with the Macau tycoon.
Ho, along with other investors, plans to hold 6.99 per cent of Star Cruises, which in turn owns 25 per cent of the second integrated resort.
In return, Star Cruises and Genting International would get 75 per cent of a casino hotel to be operated by Ho.
The Singapore Government had said that gaming licences will not be granted unless the operator and its associates have good reputation and sound financial background.
Also, applicants can only apply for the gaming licence when the development is substantially completed and ready to receive visitors, and at least half of the committed investment has been expended.
Genting International and Star Cruises hold the rights to develop the second integrated resort, a S$5.2 billion (RM12 billion) project.
The project, dubbed Resorts World at Sentosa, will include a casino, 1,830 hotel rooms, the world's largest aquarium, a Universal Studio theme park and a DreamWorks movie studio.
Genting shares were marginally down yesterday, after an 8.4 per cent fall on Wednesday. Its shares on Bursa Malaysia Bhd fell 50 sen, or 1.4 per cent, to RM35.
"While, issues with the Sentosa casino licence may cause some concerns to the stock in the near term, the company is still undeniably undervalued as compared to its global peers," OSK Research Sdn Bhd analyst Arhnue Tan said in a research note.
"We maintain our 'buy' call with a target price of RM43.10. However, just to note, should Macau be taken out of the equation, our target price adjusts down to RM39.70," said Tan.
DESI: Please note the highlights (BOLDED THUS) on the various Players involved and the pertinent and salient points you ought to discern by now. If you not, just say Desi has not been very clear, or the earlier inference -- just say you are beyond my territory -- still holds.
Here's a case of ACTION SPEAKING LOUDER THAN WORDS.
The Singapore authorities brooks NO NONSENSE from any corporate or individual wanting to do busioness in the island republic because it has an internatyional reputation to foster and maintain at all costs. Any mi-step could spell the beginning of a slide, and a nation without much natural resources except for human capital inherent in five million brains is a "priceless" asset worth the sky in protecting and preserving.
CONtrast with a homefront happening.
From The Star today frontpage:
Mind your
friends
CJ ticks off judges who do not behave properly
PUTRAJAYA: Judges who behave in a manner unbecoming of members of the Bench give a bad name to the judiciary and should just step down, Chief Justice Tun Ahmad Fairuz Sheikh Abdul Halim said.
He lashed out at judges who were often seen socialising with lawyers, prosecutors and corporate figures while hearing their cases in court.
“Those who continue to display such inappropriate behaviour in the course of their duty should leave the judiciary,” he said in his speech during the swearing-in ceremony of eight new Judicial Commissioners here yesterday.
Ahmad Fairuz said judges who displayed “inappropriate behaviour” were those “constantly angry and foul-tempered,” who portrayed themselves as being the most brilliant or perfect judge in court and those seen to be socialising with lawyers, prosecutors or corporate figures whose cases were being heard by these judges.
He also hit out at judges who accept bribes.
“It is only logical that such despicable characteristics would only kill the possibility of justice and impartiality shown by the rest of the judges. Therefore, if these judges are unable to tear away from such bad characteristics, it would be best for them to withdraw from the judiciary.
“Such a behaviour gives honour to the Malay proverb: 'Janganlah kerana nila setitik rosak susu sebelanga (Because of a drop of dye, the whole pot of milk is ruined),” he said.
He advised the Judicial Commissioners to abide by the laws, noting Article 10 of the Universal Declaration of Human Rights where everyone was entitled to a fair and public hearing by an independent and impartial tribunal.
“Evidently, those who appear before us (judges) must be treated fairly,” he said.
On judicial independence, Ahmad Fairuz said he was proud of the judges, pointing out that they carried out their duties in administering justice without expecting to be acknowledged.
“It will not be appropriate for any judge to be regarded as a hero or champion of judicial independence in any case, whether a poor person won or the Government lost,” he said.
Ahmad Fairuz also urged judges to continue to show dedication to their jobs with fairness and integrity besides being “very patient” with those who criticise them.
The Chief Justice said he hoped to dispose of all pre-2006 criminal cases by the end of this year.
DESI: I seem to hear lots of admonishment by topguns of non-performing subordinates or political underlings in NegaraKu. Witness the "ticking off" of MP for Jasin Yusof Said for his Close-One-Eye famous act (some may say it's the "infamous State Assemblyman", but does Yusof think so?); the ticking off of Zakaria Md Deros for building his "small" house with no planning approvals in the royal city of Port Klang. This guy was given not just a dressing down by his State chief, the famous Menteri Besar Khir Toyo (some may say it's the "infamous MB", but does Khir think so?), but also by the State Ruler.
Was any real ACTION taken against clear-cut cases of delinquency and law-breaking?
Desi would like to be proven wrong, but after yesterday's tongue-lashing of the judges by the CJ, the "errant" judges would just lie low for a certain period. Weeks, or months later, things will be "back" to business as usual.
Is Desi becoming more cynical like many of his Young&Articulate readers, esteemed or steamed?
I don't even have the answer myself because I'm still trying hard to distinguish between Sense and Sensibility, Credit and Credibility too.
Dear ER, art thou in my terrortry now?
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