Ordinary Gweilo

It's not big and it's not clever, it's just a Brit in Hong Kong writiing (mainly) about Hong Kong

  • Sky News have been making the most of the lengthy post-election negotiations, and they even have (or had) a helicopter flying around London to try to make it all more exciting. On Monday when Gordon Brown was making his first resignation speech of the week you could clearly hear it overhead. It was a curious speech, presented in such a low-key way that you might almost have missed what he was saying. You could imagine the headmaster saying "Speak up, boy, and apologize properly", but Brown couldn’t quite bring himself to say that he was resigning.

    Predictably, the right-wing newspapers were not happy. They had wanted Brown out, but became even more angry when he confirmed that he would be leaving. Their real fear, of course, was that it increased the chance of a Labour-Liberal Democrat coalition. For a few hours this terrifying prospect did seem to be a real possibility, but thankfully the moment soon passed, and last night Gordon Brown really resigned and David Cameron finally became PM.

    The Liberal Democrats seem to have got a lot of what they wanted, including the promise of a referendum on the Alternative Vote system and various concessions on policy, but is this really an election that anyone would want to win?  You might think not, but 13 years out of power for the Conservatives (and considerably longer for the Liberals) obviously bring a different perspective.

    The difficulty for Sky News is that a “rolling news” channel wants things to be happening all the time – and in public. And when the most exciting thing the Sky helicopter can find is Sky’s own reporters interviewing other journalists outside the Houses of Parliament there’s clearly a bit of a problem – though there has been other excitement on the channel.

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    The Sun really is a ridiculous newspaper.  Their front page today has this nonsense about a ‘Brown Monday’:

    DEFEATED Gordon Brown yesterday sparked fears of a City meltdown after trying to hijack a Tory-Lib Dem deal for a unity government.

    His bid to rise from the dead by persuading the Lib Dems to prop him up raised the prospect of a stock market "Brown Monday".

    World markets were expected to dump the Pound as the deadlock at Westminster continued to cause widespread political and financial chaos.

    A deadline for coming to a coalition deal last night was missed – opening up the prospect of a massive wobble when the markets opened at 7am today.

    Mr Brown made a desperate late bid to get the Lib Dems on side.

    Despite claiming he was acting in the nation’s interests, his meddling was not welcome by City experts as he threatened Nick Clegg’s delicate talks with David Cameron.

    City experts?  Pah..  So how is the Pound?  Here’s The Guardian

    9.49am: Looking at Britain again, and the pound has strengthened against the dollar to a morning high of $1.4984 (from $1.48 last Friday). This has compounded (for now at least) speculation of a ‘Brown Monday’ on the markets as investors ditched the pound because of fears of a Hung Parliament.

    12.04pm: The pound perks up after the Bank of England’s decision to leave interest rates on hold. It rose 1.4% against the dollar to hit the day’s high at $1.5017, but was little changed against the euro.

  • I noticed this nonsense in the SCMP today, and assumed that someone might have spotted the errors and corrected them in the online edition.  No they haven’t…

    Truck drivers in go-slow rally against fee

    About 70 drivers staged a go-slow protest in Yuen Long yesterday to urge Guangdong authorities to cancel the lump sum fee that Hong Kong trucks have been charging to cross the border since 1993. Protest leader Stanley Chiang Chi-wai said the HK$100,000 fee, payable every three years in addition to provincial road fees, was unfair since Macau drivers did not have to. Joyce Ng

  • Prudential’s risky plan to acquire AIA looked as if it was a “done deal”.  Now things seem rather less certain (Prudential must explain AIA strategy):

    The old view here was that Prudential’s proposed $35.5bn (£23.3bn) purchase of AIA is very likely to complete. This was not because the deal is appealing – it’s not, it looks too risky and too expensive.

    Rather, it was because cold cynicism suggested that a company willing to shower $1bn in fees over the City usually gets its way.

    It may be time for a rethink. A senior fund manager within the Pru’s largest investor, Capital Research & Management, owner of 12%, is said to be unhappy with the deal. If that is true (the smoke signals say it is), Tidjane Thiam, the Pru’s chief executive, is in trouble. He needs 75% support from shareholders to secure a green light. Without Capital, the arithmetic becomes tricky, especially as other City fund managers express in private their own misgivings.

    Capital is said to prefer a break-up of the Pru. At the moment, that sounds like wishful thinking. Never mind. The deeper point is that the Pru must explain why betting the firm on one mammoth deal in Asia is an acceptable risk. To many outsiders, the best way to approach the Asian opportunity is via organic growth, where Prudential has enjoyed considerable success. Such a strategy would be lower risk, would save a small fortune in fees and would preserve the break-up option.

    We wait to discover if next week’s prospectus explains why this option was rejected. But Thiam needs to address the question. If he doesn’t, it is easy to imagine how this tentative rebellion could become the real thing.

    The Financial Times points to another big problem with this deal (Pru threatened by mass AIA defections):

    With the long-awaited prospectus from Prudential just days from publication, nervousness is mounting inside AIA, the UK assurer’s $35.5bn (£23bn) takeover target.

    Until a few weeks ago, pan-Asian insurer AIA, which has century-old roots across the region, was sailing towards a Hong Kong listing with a potential market capitalisation of up to $40bn. Now senior AIA executives sit silent, unable or unwilling to give their views on the Pru deal.

    How many senior AIA executives, actuaries and agents remain following a takeover is extremely important for the combined group if it is to deliver the sales increase being flagged to investors to justify the price and the $21bn rights issue that will fund the deal.

    To hit its growth targets, the Pru wants 300,000 new agents to increase its sales force to almost 1m. So any exodus of AIA staff would be painful.

    AIA, which is owned by AIG, the stricken US insurer, has been a fierce rival of the Pru for decades in Asia, home to the world’s fastest-growing markets for life assurance.

    Analysts at CLSA, the Asia-focused brokerage, this month described the situation in evocative terms. “This isn’t a friendly merger,” they said. “It’s more like parents forcing the daughter to marry someone she doesn’t like for money. The integration will be an uphill battle.”

    Indeed it will – but we already knew that (Prudential bold or barmy?).  Oh, and if you can’t negotiate the FT paywall, the same story is over at the New York Times (Pru Takeover May Be Undermined by Exodus). 

  • Sky News presenter to Lord Adonis, the transport minister, about the volcanic ash problem:

    “Do you have a contingency plan for this unprecedented state of affairs”

    Adonis just ignored the question.

  • The SCMP seems to have been hoist by its own petard.

    img004They have a  policy of printing the Chinese characters for people and places.  And another policy of cutting costs.  The unsurprising result is that  sometimes they get things wrong.

    Yesterday they somehow mixed up the Chinese characters for Chinese President Hu Jintao and another Mr Hu (Hong Kong’s SCMP Botches Hu’s Chinese Characters, Apologizes):

    Instead of the Chinese characters for Hu’s name, the English-language Post printed the characters for “Hu Jia” which is the same name of a prominent mainland activist serving a three-and-a-half year jail term for subversion, Radio Television Hong Kong said on its Web site.

    A spokeswoman for the paper said the error occurred due to a mistake in proof-reading carried out by an expatriate who does not understand Chinese, RTHK said.

    img007  Today they have a very prominent but very vague apology, and no further mention of their blunder.

  • Now TV have 9 sports channels.  However, they don’t have enough sport to fill all these channel 24 hours per day and by the time you get to channel 638 (Now Sports 8) there’s usually just a blank screen.  OK, fair enough.

    But hang on, there are several Premier League games tonight.  Shouldn’t one of them be on 638 or 639?  You might think so, but actually Blackburn vs. Manchester United is on channel 898 (TVB Pay Vision Info).  This is not advertised anywhere on their website, and it’s hardly an obvious channel to try.

    It’s possible that if you watched the football on Now Sports 2 they might be explaining (in Cantonese) that this game is on 898, but apart from that viewers are left totally in the dark.  Very puzzling.  

  • Imagine for a moment that you have booked a flight and reserved your seat.  You turn up at the airport ready to check in.  You produce your passport and frequent flyer membership card.  What happens next?

    (a) Check-in is complete in 3 minutes and off you go.

    (b) The check-in agent gives you someone else’s boarding pass.  When you question this, agent says she couldn’t find your booking in the system.

    (c) The agent prints out a boarding pass for a window seat (you requested an aisle seat).

    (d) Long wait

    (e) Agent discusses the problem with supervisor.  You get the boarding pass for the seat you reserved.

    It could more than one of the above options.

  • Appropriately enough, it was while waiting to travel in cattle class that I read this article in Newsweek about flying in a first class suite on the new Airbus A380 (A Room of One’s Own).

    What really horrified me was this part:

    From the moment you arrive (generally in a dedicated hall decked out like a fancy hotel), you are greeted by a personal attendant, a kind of butler/sherpa who quietly whisks you toward your aircraft, sending you sailing through exclusive check-in, passport control, and security lanes so fast you barely have time to unlace your shoes.

    Such personal attention is seductive—and dangerous, as I discovered on the first leg of my journey. On my way out of New York, I was so distracted by the presence of my minder that I temporarily forgot my suitcase on the X-ray belt.

    Oddly, the online edition goes no further, but if you read the print edition you will know that the journalist only realized his mistake as the plane was about to take off.  That’s unlucky, you might think.  Well, yes, except that Singapore Airlines allowed him to disembark and go back to pick up his bag.  This delayed the takeoff by 40 minutes.

    Now, if I were onboard an A380 waiting to fly long-haul, I would feel very upset if I had to wait that long because an absent-minded passenger had left something behind.

    So is it just coincidence that this tale (which I think reflects badly on both the journalist and the airline) is missing from the online edition?

  • Another year goes by, and we still have the same old problem.  TVB are apparently unable to provide an English language commentary for the Rugby Sevens on Jade HD.  You can choose TVB Pearl, but with a fuzzy picture, or HD with no English.

    What really puzzles me about this is that the picture quality on the digital version of TVB Pearl is more than adequate for US dramas, so if they have an HD feed why can’t they at least manage to have good quality standard definition for the rugby?