OCBC offers US$4.95 bn for Wing Hang

Written by admin on 07/30/2019 Categories: 佛山桑拿论坛

Singapore’s Oversea-Chinese Banking Corp (OCBC) says it has offered to buy Hong Kong’s Wing Hang Bank for $US4.

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95 billion ($A5.35 billion) as it seeks to boost its presence in the giant Chinese market.

OCBC said in a statement on Tuesday it had made the “pre-conditional voluntary general offer” to acquire Wing Hang through its wholly owned subsidiary OCBC Pearl Limited.

OCBC offered to buy each Wing Hang share at HK$125, or a total of HK$38.43 billion “in cash”.

The Singapore bank said it has “sufficient financial resources” to finance the deal.

The offer price gives a 1.6 per cent premium to Wing Hang shares as of their last closing price of HK$123, and about 67.3 per cent over the 90-day average price, OCBC said in a statement to the Singapore stock exchange.

OCBC said the acquisition would strengthen its “strategic goal of deepening its presence in its four core markets – Singapore, Malaysia, Indonesia and the greater China region” comprised of the mainland, Hong Kong, Macau and Taiwan.

It said the offer was “subject to certain pre-conditions being satisfied, including the obtaining of regulatory approvals”.

OCBC said it has received “irrevocable undertakings” to accept its offer from key shareholders, including the Fung family and BNY International Financing Corp who hold an aggregate 44.79 per cent of Wing Hang shares.

Other shareholders holding a total 3.37 per cent of Wing Hang have also agreed to accept the offer.

OCBC’s wholly owned subsidiary OCBC Bank (China) Ltd has 16 branches and sub-branches on the mainland.

OCBC also has a branch in Hong Kong and another in Taiwan, while its private banking subsidiary, Bank of Singapore, has a branch in Hong Kong.

Wing Hang has a network of 70 branches in Hong Kong, Macau and China.

“Its expertise in secured and unsecured small and medium enterprises banking in greater China will complement OCBC China’s current focus on corporate banking, and should increase overall asset yield,” OCBC said.

OCBC chief executive Samuel Tsien said the offer to acquire Wing Hang “is a strategic component of our greater China strategy”.

Wing Hang chairman Patrick Fung described OCBC as “the best partner to further grow the Wing Hang business in Hong Kong and the greater China region in the future”.

OCBC shares were trading at Sg$9.60 mid-morning Tuesday, up 0.95 per cent after a trading halt imposed on Friday was lifted.

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Nadal hopes to fine tune for claycourts

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Rafael Nadal says he still has work to do on his game as he gets set to launch a claycourt season the Spaniard hopes will culminate with his ninth French Open title.

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World number one Nadal lost in straight sets in the final of the Miami Masters tournament on Sunday to second seed Novak Djokovic.

Djokovic cruised to a 6-3, 6-3 win as he easily dismantled Nadal, who has been hampered by a back injury that also wrecked his Australian Open bid earlier this year.

Thirteen-time Grand Slam winner Nadal said, despite a loss that dropped him to 0-4 in Miami finals, he feels good about having made it to the final in Miami.

“It is great that I am in the top of the race arriving to the claycourt season,” Nadal said.

“But now we start on clay and I need to be 100 per cent.

“I need to work hard and try to be in better shape for clay.”

Miami is one of just three ATP Tour Masters 1000 events that Nadal has failed to win.

The Miami final started evenly until Djokovic broke Nadal in the first set to go up 3-2. He took the set when Nadal failed to return a serve.

Djokovic broke to open the second set then broke the Spaniard again in the final game of the match.

Nadal, who has two titles in 2014 in Doha and Rio de Janeiro, blasted two aces and won just 59 per cent of his first serve points against Djokovic.

The left-handed Spaniard said he plans to remain in the US for a few days then fly back to Europe and head to Spain where he will train on the clay surface.

“To be able to play in the final here is a lot of points,” Nadal said.

“I had a few good matches so that gives me confidence to start a very important part of the season for me.”

Asked on Sunday if his back is still bothering him Nadal said, “No. I am fine. Thank you very much.”

Nadal’s success on clay has earned him the nickname “King of Clay”. By winning last year’s French Open, Nadal became the first player to win a single Grand Slam tournament eight times.

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21 facial expressions identified

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Happy, sad and angry do not even begin to cover the range of emotions we express in our faces, a study has found.

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Using new computer software, US scientists mapped no less than 21 emotional states, including apparently contradictory examples such as “happily disgusted” and “sadly angry”.

The research more than triples the number of known emotional facial expressions.

Dr Aleix Martinez, from Ohio State University said: “We’ve gone beyond facial expressions for simple emotions like ‘happy’ or ‘sad’. We found a strong consistency in how people move their facial muscles to express 21 categories of emotions.

“That is simply stunning. That tells us that these 21 emotions are expressed in the same way by nearly everyone, at least in our culture.”

In future, the computer model could aid the diagnosis and treatment of mental conditions such as autism and post-traumatic stress disorder (PTSD), said the researchers.

Since the time of Aristotle, scholars have tried to understand how and why our faces betray our feelings.

Today, cognitive scientists try to link facial expressions to emotions in order to track the genetic and chemical pathways that govern emotion in the brain.

Until now they have focused on six basic emotions – happy, sad, fearful, angry, surprised and disgusted.

But restricting emotions to just six categories is like painting only using primary colours, said Dr Martinez.

The new study, published in the journal Proceedings of the National Academy of Sciences, has tripled the colour palette available to researchers.

“In cognitive science, we have this basic assumption that the brain is a computer,” Dr Martinez added.

“So we want to find the algorithm implemented in our brain that allows us to recognise emotion in facial expressions.

“In the past, when we were trying to decode that algorithm using only those six basic emotion categories, we were having tremendous difficulty. Hopefully with the addition of more categories, we’ll now have a better way of decoding and analysing the algorithm in the brain.”

The scientists photographed 230 mostly student volunteers – 100 male, 130 female – making faces in response to verbal cues designed to trigger emotional states.

This yielded 21 emotions which included subtle combinations of the “basic six”.

Here is the full list of emotional states identified by the scientists from facial expressions: Happy, Sad, Fearful, Angry, Surprised, Disgusted, Happily Surprised, Happily Disgusted, Sadly Fearful, Sadly Angry, Sadly Surprised, Sadly Disgusted, Fearfully Angry, Fearfully Surprised, Fearfully Disgusted, Angrily Surprised, Angrily Disgusted, Disgustedly Surprised, Appalled, Hatred, Awed.

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Work halted at World Cup stadium

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Labour officials are suspending work on part of the World Cup stadium where a worker died this weekend, creating a major headache for Brazilian organisers trying to get the site ready for the tournament’s opening match on June 12.

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Fast Engenharia, the construction company in charge of the stadium’s temporary seats, said in a statement that it received notification from Sao Paulo state’s labour secretariat late on Monday that seat installation must halt until additional safety measures are implemented.

Fabio Hamilton da Cruz, 23, died when he fell about eight metres while working on temporary seats on Saturday at the Sao Paulo stadium. Authorities said an initial investigation showed he hadn’t connected himself to a safety cable.

Fast Engenharia said the worker had all required safety equipment available to him.

According to the labour secretariat’s website, officials said protective netting could have prevented the death even if the worker didn’t use the safety cable.

“Company directors on Tuesday will analyse the technical demands made by (labour officials) and then will make an announcement about the case and its consequences to the construction timetable,” Fast Engenharia said in its statement.

FIFA, world soccer’s governing body, and the local World Cup organising committee did not answer a request for comment Monday.

Construction was already behind schedule at Itaquerao stadium because of damage caused by a crane collapse that killed two workers in late November. A giant roofing structure fell on part of the stadium’s facade, significantly pushing back the stadium’s date of completion.

Itaquerao was one of the six stadiums not finished by the end of 2013 as requested by FIFA. Local organisers say it will be ready in April, but FIFA expects the venue to be completed in mid-May, just weeks before its first match.

Two other stadiums remain under construction for Brazil’s first World Cup since 1950 – one in the wetlands city of Cuiaba and one in the southern city of Curitiba. Infrastructure work across Brazil remains far from completed, but authorities insist the country will be ready for soccer’s showcase event.

Seven workers have died in accidents at World Cup construction sites so far.

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Salvos appear at abuse inquiry

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A survivor of child sexual abuse at the hands of Salvation Army officers has asked Australians to think twice about donating to the organisation.

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Allan Anderson told the royal commission into institutional responses to child sexual abuse that the Salvation Army was not transparent and eliciting accountability was an “ongoing roundabout”.

Mr Anderson was abused while at Bexley Boys’ Home in Sydney between 1966 and 1971.

“I see the Salvation Army as not changed, but hidden a lot, and professing to all that they are a kind and caring organisation,” Mr Anderson said on Tuesday.

“Let me suggest to the public as a whole: think twice before you put your hand in your pocket and give when the Salvation Army Red Shield Appeal comes around, for you should not give so generously.”

Boys and girls lives were damaged, he said, and any compensation should come from the organisation pockets, and “not the public’s”.

During his time at Bexley, Mr Anderson and his brother, now dead, were abused physically, sexually and emotionally.

Mr Anderson, who has developed chronic anxiety as a result of the abuse he suffered, is also seeking specific answers about the abuse of his brother, the death of a friend at the home, and unnecessary dental work done while there.

“Why is it you can’t give us what we require?” Mr Anderson said.

“Why is it you say you don’t have the information, when you get us to painstakingly take days, months, weeks and years to continually write an impact statement?

“I have gone over my story some 10 to 12 times since October 2013 to various parties of the Salvation Army. The Salvation Army took my childhood, and my brother’s and my sister’s.”

He said he had been asked to write numerous statements to the Salvation Army, detailing “both good and bad” experiences in the home, and its impact on his health and employment as well as family, marriage and sexual relationships.

The inquiry continues before Justice Peter McClellan.

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Tunisian policemen jailed for rape

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Two Tunisian policemen have been convicted of raping a young woman and sentenced to seven years in prison in a case that has captured international attention.

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Earlier in court the two policemen had denied the charge, instead accusing the woman of seeking to have sex with them, provoking an emotional outburst from the alleged victim.

“They denied everything,” Radhia Nasraoui, a lawyer of the young woman known by her pseudonym Meriem Ben Mohamed, told AFP.

One of the accused claimed instead that the young woman had tried to perform oral sex, Nasraoui added.

Koutheir Bouallegue, another of the victim’s lawyers, confirmed the policemen denied raping her.

After the verdict Nasraoui said she was “very disappointed” and thought it was too “lenient”.

Three police officers faced trial over the incident, which took place in September 2012, two of them accused of rape.

The defendants say they found the young woman and her boyfriend having sex in their car in a Tunis suburb.

According to the charges, they then took the woman to a police car, where two of them took turns to rape her, while the third policeman allegedly tried to extort money from her fiance at a bank cashpoint. He was given a two-year prison sentence, a judicial source told AFP.

The public prosecutor tried unsuccessfully to bring indecency charges against the couple, sparking a storm of protest and a campaign of support for Ben Mohamed, who was 27 when the incident took place.

Emna Zahrouni, another lawyer representing Ben Mohamed, said a member of the defence team emphasised during the hearing that the unmarried young woman regularly had sex, saying his claim was based on the forensic report.

“Their intention is to tell the court that she was not a virgin. They are attacking her character,” knowing that sex outside marriage is taboo, Zahrouni said.

“The only slur left (to the defence) is to call her a whore,” said Radhia Nasraoui.

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PR guru worked with celebrity pervs

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Max Clifford, Britain’s top public relations guru, denied he was a pervert but said he’s worked with many stars who were.

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Clifford, who denies 11 counts of indecent assault against seven girls and women, denied being a sexual pervert.

The 70-year-old PR expert added that “many of the stars I worked with were perverts; they wouldn’t have been bothered if I was a pervert”.

“As long as I was able to create the right image and protect them, that’s all that mattered to them,” he told Southwark Crown Court in London.

Cross-examined by the prosecution, Clifford was questioned about claims he exposed his penis and walked around his office naked.

“I would assume if I got my penis out in the office, a busy office with people all around you, they would either have slapped my face or just walked out,” he said.

“There might have been one of two occasions where I had no clothes on but that would have been very, very rare.”

Clifford said there had been nudity and practical jokes in his office over the decades.

“I was dealing with a lot of famous people, a lot of comedians. There would be sexual jokes, there would be sexual conversations. It’s the nature of the world, particularly in the ’60s and ’70s,” he said.

The court has heard conflicting claims of women, suggesting the PR guru had a “micro-penis” or one that was “enormous”.

The jury has been told that Clifford’s penis has been measured by Doctor Ann Coxon at 13.5cm long, but he had refused to allow another expert to do the same, telling the court: “It’s not something exactly you look forward to.”

Clifford said he was happy with his sex life and did not need to “impress young girls to achieve any kind of sexual satisfaction”.

“I have had some wonderful relationships in my life. I like women; is that a crime?”

He also denied telling one woman he had had sex with US singer Diana Ross.

The six-week trial, which began on March 6, continues on Tuesday.

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April Fools’ prank in hands of NSW police

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The April Fools’ joke about a school burning down in Sydney’s northwest will now become a police matter.

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Pranksters sent an SMS and email to parents of the Castle Hill High School in the early hours of Tuesday stating the school was closed and non-operational because of damage from a fire.

The Department of Education is not amused at the joke and has brought police in to investigate.

Many schools use an SMS and/or email system to contact parents and it was this database on the Castle Hill High School’s IT system that was accessed illegally, according to Mark Davis from the Department of Education.

Some 1400 sets of parents received the text from the school’s broadcast system at about 2.30am (AEDT).

Parent Suzy Tunks said she was woken at 2.30am by the text, and that the school’s principal Vicki Brewer followed up with a corrective email, saying the report was wrong and the school remains open, as reported on News Ltd.

“It’s not amusing to the department at all – it’s very serious on a couple of levels,” Mr Davis told AAP on Tuesday.

He said some parents had also called the police after receiving the false message.

Parents and students, especially those sitting exams on Tuesday, were made unnecessarily anxious, he said.

There was also the stress for parents who thought they had to make alternative arrangements for care.

Then there is the issue of data security, said Mr Davis.

The Department of Education will be investigating how the system was breached and make sure the system is tightened so it doesn’t occur again.

The school is open as usual.

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View from big Vegas Ferris wows riders

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Tourists have started taking in the view from a skyline-changing observation wheel that offers a unique overview of sparkling Las Vegas Strip resorts, wide skies and craggy brown mountains in the distance.

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Van Kim, an airline call-centre employee from Phoenix, declared the experience “unanimously awesome”.

Kim stood in line for six hours to be in the first gondola to complete the 30-minute ride on the 168-metre High Roller. Its height eclipses the 165-metre Singapore Flyer and the nearly 135-metre London Eye.

The High Roller is expected to be the tallest in the world until planned Ferris-style wheels are completed in coming years in New York and Dubai.

“It’s probably the best view of the Strip,” said Kim, who made mental images on a sunny and blustery day of the Bellagio fountain across Las Vegas Boulevard and the stunningly green Wynn Golf Club a short distance away.

Kim compared what he saw from his spherical pod with the panorama from an observation deck at the 350-metre Stratosphere tower, just three kilometres away. He said he liked the view better at the heart of the Strip.

“We didn’t feel the wind at all,” he added.

The Las Vegas wheel is part of $US550 million ($A594.95 million) restaurant, bar, retail and entertainment development built by casino giant Caesars Entertainment between its Flamingo, Harrah’s and renamed Quad hotel-casinos. The Quad used to be the Imperial Palace.

The outdoor pedestrian mall – dubbed LINQ – is across the Strip from the company’s flagship Caesars Palace resort. The walkway features beer bars, shops and a trendy “Cupcake ATM” at a Sprinkles sweets store, anchored by a Brooklyn Bowl venue offering concert, nightclub, bar, bowling alley and restaurant experiences.

It leads to the High Roller, resembling a big white bicycle wheel with spoke-like cables. It sits between two stations of the nearly decade-old Las Vegas monorail line, which runs 6.3 kilometres and connects several hotels and the Las Vegas Convention Center.

From a distance, the motion of the wheel is nearly imperceptible. Its profile is unmistakeable.

At night, it changes hues from blue to red to green to purple. Each of the Ferris wheel’s 28 glass-enclosed and air-conditioned gondolas can hold up to 40 people. Tickets are $US24.95 ($A26.99) during the day and $US34.95 ($A37.81) at night, with front-of-the-line VIP passes selling for $US59.95 ($A64.85).

About 10,000 people, mostly Caesars employees, took preview rides in recent days before project chief David Codiga and a Caesars executive, Tariq Shaukat, broke champagne bottles at Monday’s midday ceremony. They were surrounded by elected officials and dignitaries who then rode the wheel.

Steve Sisolak, chairman of the seven-member Clark County Commission that governs the Strip, emerged afterward and called the view spectacular. He said the two years of construction had provided an important jobs boost.

“You can see the entire valley,” Sisolak said. “This is going to be one of those things everyone who comes to Las Vegas is going to want to do.”

Another developer’s effort to build a 152-metre wheel called SkyVue near McCarran International Airport has proceeded slowly, leaving twin support spires marking the site across the Strip from the Mandalay Bay resort.

Officials with that company, Compass Investments, say it could open next year.

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Sydney rioter to serve six months in jail

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A Sydney man will serve six months in jail for his role in a violent Muslim protest after a court rejected his appeal.

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Mohammed Issai Issaka, 44, was sentenced to a minimum of six months’ jail in November but launched an appeal an hour later and was granted bail.

District Court Chief Judge Reg Blanch dismissed Issaka’s appeal against the sentence’s severity, despite the man saying he was now “very, very sorry” for his actions and would avoid attending protests.

He will be eligible for parole on September 30.

The father of eight claims he suffered a fractured jaw, a chipped tooth and injuries from police batons in the riot, but has forgiven police.

He had pleaded not guilty to rioting and resisting arrest in the September 2012 protest in Sydney’s city centre.

About 500 people took to the CBD on that day to rally against a controversial anti-Islam film produced in the US.

The rally turned violent with police arresting a number of protesters and calling in the riot squad.

Issaka told the court he had reflected on his actions since pleading not guilty and was now sorry.

He asked for leniency given he was his family’s sole breadwinner.

“I pondered on what I have done and I changed my mind,” he said.

“I am very, very sorry and remorseful for what I have done.

“Since that day in the protest, I haven’t attended any protests and I am not thinking of attending any.”

Justice Blanch said he accepted that Issaka, who was involved in charity work in his community, was “otherwise a decent person” and a good father and husband.

But he warned that people involved in rioting must understand there would be “serious consequences” to their actions.

He said Issaka was entitled to feel strongly about the film.

“But joining a protest is one thing and participating in a riot is something entirely different,” the judge said.

Justice Blanch also noted that Issaka assaulted a police officer as he was being arrested.

“Police are entitled to go about their business without fear of being assaulted in the course of their normal duties,” he told the court.

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