Keppel Corp to sell entire 49.99% stake in GE Keppel for S$24.6m

Friday, January 27, 2017 - 13:24

by

Soon Weilunsoonwl@sph.com.sg@SoonWeilunBT

Keppel Corporation has agreed to sell its entire stake in GE Keppel Energy Services to GE Singapore of General Electric for S$24.6 million by February, it said in a filing on Friday afternoon.

PHOTO: BLOOMBERG NEWS

 

KEPPEL Corporation has agreed to sell its entire stake in GE Keppel Energy Services to GE Singapore of General Electric for S$24.6 million by February, it said in a filing on Friday afternoon.

Incorporated in Singapore, GE Keppel's main activity is the repair of electrical, mechanical and marine equipment and the repair of power generation equipment.

Keppel has a 49.99 per cent interest in the issued share capital of GE Keppel.

"The divestment is in line with the company's strategy to regularly review its asset portfolio to identify capital recycling opportunities. The proceeds from the divestment will be used by the company to pursue new growth opportunities," said Keppel.

The purchase consideration was based on the unaudited book value and net tangible assets attributable to a Keppel subsidiary's 49.99 per cent interest in GE Keppel as at Dec 31, 2016.

SEE ALSO: Keppel Reit issues 7.9m new shares as part of distribution reinvestment plan

The subsidiary is Keppel Infrastructure Services, which is wholly owned by Keppel Infrastructure Holdings, itself a wholly-owned subsidiary of Keppel Corp.

Ref;http://www.businesstimes.com.sg/companies-markets/keppel-corp-to-sell-entire-4999-stake-in-ge-keppel-for-s246m

South Korean court declares Hanjin Shipping bankrupt!

• Posted 17 Feb 2017 11:37
• Updated 18 Feb 2017 01:09

Hanjin's bankruptcy filing left much of its fleet of 141 ships banned from docking in many countries due to failure to pay port fees. (Photo: AFP/DAVID MCNEW)

SEOUL: A South Korean court declared Hanjin Shipping bankrupt on Friday (Feb 17), after ruling earlier this month that the firm's liquidation value would be worth more than its value as a going concern.

Hanjin Shipping, which had been the world's seventh-largest container shipper, applied for court receivership in late August after its creditor banks halted further support.

About two-thirds of its cargo fleet became marooned at sea, while some of its ships have been seized at various ports worldwide, including one container vessel in Singapore.

The crisis has badly hit the international shipping industry and has rocked the boats of some businesses in Singapore.

The Seoul Central District Court said in a statement it has chosen a bankruptcy administrator and claims by creditors are due by May 1, 2017. The first meeting of creditors will be held on Jun 1, 2017.

"The court will, through the bankruptcy process, make efforts so the maximum of debt repayment will be conducted in a way that is fair and balanced to the creditors," it said.
On Feb 2, the court had said it had decided to end the receivership process in favour of a bankruptcy.

- Reuters/CNA/mz

Red:http://www.channelnewsasia.com/news/asiapacific/south-korean-court-declares-hanjin-shipping-bankrupt/3526778.html?cid=fbcna

HSBC hit by loss of more than $4 billion

 

by Jethro Mullen   @CNNMoneyInvest February 21, 2017: 3:11 AM ET

Yellen: U.S. banks are lending and globally competitive

The hangover from the murky past of HSBC's private banking business is still lingering.

HSBC (HSBC) on Tuesday reported a net loss of $4.2 billion for the fourth quarter of 2016. The biggest single hit to its battered bottom line came from a $2.4 billion writedown of the value of its private banking business in Europe. 

The global banking giant has spent years shrinking down and cleaning up its private banking operations, notably in Switzerland. The business came under scrutiny over revelations it catered to weapons dealers, tax evaders and dictators.

Related: Credit Suisse to cut up to 6,500 jobs after reporting $2.4 billion loss

HSBC's fourth-quarter results also suffered from lower revenue and higher costs than the same period a year earlier, when it posted a net loss of $1.3 billion. 

The bank's shares were trading down around 5% in Hong Kong after it published the earnings report. 

Its ugly results follow hefty losses reported by other major European banks in recent weeks, including Deutsche Bank (DB) and Credit Suisse (CS). 

Related: Deutsche Bank plunges back into the red with $2 billion loss

 

HSBC has been cutting tens of thousands of jobs in recent years as it tries to overhaul its sprawling businesses to keep up with changes in the global economy. Last year, it sold off its operations in Brazil. 

"We enter 2017 with the restructuring of the group essentially completed, and with a strong capital position and a conservative balance sheet," Chairman Douglas Flint said in a statement. 

But the bank is also facing uncertainty arising from the political shocks last year of Britain's vote to leave the European Union and Donald Trump's victory in the U.S. presidential election. 

Related: Banks begin moving thousands of jobs out of Britain 

 

Flint warned of risks from populism influencing European elections this year, possible protectionist measures from the Trump administration affecting world trade and the big unknown of Britain's negotiations to exit the EU. 

HSBC, Britain's largest bank, has already said it could move about 1,000 jobs from London to Paris to deal with the repercussions of Brexit. 

Ref;http://money.cnn.com/2017/02/21/investing/hsbc-loss-bank-earnings/index.html?sr=fbmoney022217hsbc-loss-bank-earnings0433AMVODtopLink&linkId=34744956

 

As China's doors open, foreign investors worry about exits

Tuesday, February 7, 2017 - 12:35

China's doors to foreign investors may be opening ever wider, but that's not enough for many worried about finding an exit.

PHOTO: REUTERS

 

[HONG KONG] China's doors to foreign investors may be opening ever wider, but that's not enough for many worried about finding an exit.
Fourteen months after qualifying for official reserve-currency status, and after a series of steps opening up domestic markets to overseas funds, the take-up remains below estimates. For all China's attraction as the second-largest economy with large and expanding domestic capital markets, regulators' efforts to tamp down on outflows of money have stoked concerns.
"There's no return lower than not getting your money back," Brad Holzberger, chief money manager of QSuper, an Australian pension fund that oversees the equivalent of US$47 billion, said in a Jan 13 interview.
"We're worried about understanding the transparency of decision making - as well as property rights, rule of law, transmission of capital controls and those sorts of things."

 

It's another case of China's conflicting goals, alongside the Communist leadership's pursuit of both growth and leverage reduction across the economy. By taking increasingly aggressive steps to curtail domestic money from flowing abroad - such as more stringent vetting of cross-border transactions - regulators are effectively counteracting market-opening steps that have included allowing all types of medium to long-term investors into the interbank bond market.

 

SEE ALSO: Malaysia, Saudi Arabia firms sign over RM9b worth of deals

 

China's curbs on money flows stoked anxiety among foreign businesses - read more about that here.
In a sign of how far China has to go to stoke appetite for its assets, Australia's QSuper is happy to put money into Brazil - an emerging market with a turbulent financial past that's featured bailouts from the International Monetary Fund - but not China.
"There's too much discretion by the policy makers, giving foreign investors a lack of a rule-based system," said Shen Jianguang, chief Asia economist at Mizuho Securities Asia in Hong Kong, who previously worked at the IMF and European Central Bank. "It's not a very favourable signal" to implement curbs on money leaving the country, he said. But "for Chinese authorities, the priority is to prevent a financial crisis."
The State Administration of Foreign Exchange, or SAFE, actively protects the legitimate rights and interests of foreign enterprises, the agency said. Dividends and profits can be transferred without restriction, SAFE said. Foreign-invested groups can also transfer shares and withdrawals from banks, with the authentic and complete documents required, it said.
YUAN IMPACT
Broader participation by foreign investors in Chinese markets could help balance its capital flows, offsetting moves by domestic funds and households to diversify some of their holdings overseas.
That in turn could reduce longer term downward pressure on the yuan, which slid the most against the dollar last year in more than two decades.
In a chicken-and-egg situation, more balanced flows would also give regulators space to follow through on the goal set in 2015 to make the yuan convertible by 2020.
 For now, while the inflow of foreign funds shows impressive growth rates, the data are flattered by low starting points. Relative to other big economies, foreign participation in China's financial markets remains limited.
Overseas holdings of Chinese shares rose 41 per cent last year to 649 billion yuan (S$133 billion) - less than half of what Norway's sovereign wealth fund alone holds in American equities as of September. China has expanded access for global funds to its onshore equities, launching two stock exchange links with Hong Kong since 2014.
Bonds held by foreign investors climbed 12 per cent to 853 billion yuan last year, central bank data show. That's little more than India's stockpile of Treasuries as of November, and less than one-eighth of what China officially owns in US government debt.
Overseas investors in January were net sellers of Chinese bonds for the first time since October 2015, which was a month before the IMF gave approval to the yuan to join its Special Drawing Right basket of official currencies."The accelerated yuan depreciation in the fourth quarter and tightening capital controls are affecting overseas investors' interest," said Larry Hu, head of China economics at Macquarie Securities in Hong Kong.
Even so, some foreign investors see curbs on outflows as a worthy price to pay for currency stability. After what Bloomberg estimates as US$1.6 trillion left China from 2015 through last November, the latest indicators suggest a slowing in the outflows.
Data due on Tuesday may show foreign-exchange reserves fell US$7 billion in January, the least since July, to US$3.0035 trillion, according to the median in a Bloomberg survey of analysts. Along with dollar weakness, outflow curbs have helped the yuan rebound 1.2 per cent so far this year.
"More barriers on capital flows always make it more difficult for investors to know what the real price of the currency is," said Rajeev De Mello, head of Asian fixed income in Singapore at Schroder Investment Management, which has onshore Chinese bonds among its holdings. "That's what keeps the market calmer though. They don't have too many policy choices right now."
FEELING SQUEEZE
One concern Mr De Mello does have is the cost of hedging his China holdings. Moves by China to squeeze speculation in the offshore yuan market, part of officials' efforts to avert continual declines in the exchange rate, have involved big swings in money market rates, making it costlier to hedge. China is still in the process of developing an onshore market where all foreign asset managers can hedge.
Another worry among some investors abroad is anecdotes they hear about others having difficulty getting money out.
One case involving a regulator's reported discussions on a withdrawal of funds was linked to Deutsche Bank AG. When the German lender was selling its stake in a Chinese bank, SAFE proposed that the proceeds be remitted in batches, rather than in one go, Bloomberg News reported in September, citing people with knowledge of the matter. SAFE said that media accounts of its talks with Deutsche Bank were untrue.
Also limiting foreign appetite is China's continuing exclusion from major global indexes - a reversal of which could see as much as US$180 billion go onshore, according to HSBC Holdings estimates.
A senior official at China's securities regulator has said the nation is in no rush to win inclusion into an MSCI stock-index and entry into bond indexes isn't a priority.
The conclusion of Song Yu, the top forecaster for Chinese economic indicators since 2012: rising concerns about tightening capital controls are offsetting the benefits of policies encouraging foreign investment.
With more overseas investment, "there will be more professional analysts and traders, more fundamental analysis, less overshooting, more mature institutional investors - which will make China's markets more mature," said Mr Song, chief China economist at Beijing Gao Hua Securities. "This is very significant. It's not just a matter of valuation and price levels."
BLOOMBERG

SKULL MAPPING! Antoon is a visual artist.

Skullmapping is an artistic collective run by Filip Sterckx and Antoon Verbeeck.

Filip, who is the creative director of Skullmapping, has gained global recognition with his music videos for (among others) Selah Sue and Willow. He started his first experiments with projection mapping over ten years ago, resulting in poetic art installations in which he projects video and animation on sculptures, such as "Peepshow" and "My Orca". His work can be recognized by his inventive visual style, love for combining live-action and animation, and a tendency to break through the traditional 2D screen.

Antoon is a visual artist. Over the last 25 years he has been working as a succesfull figurative art painter and runs his own gallery in Leuven, Belgium. His paintings can be recognized by a strong 3D illusion. His so called "Lonely subjects", in the middle of a big white space, provoke a meaning that is poetic, evocative, and often with a funny witticism. His urge to experiment has led him into the skullmapping adventure, where he uses his artistic know-how into new media art.

By using a profound artistic knowledge, and combining it with the latest technology, Skullmapping tells stories with stunning bespoke visuals. We conceptualize, produce and direct projects from start to finish. We deal with art in an experimental, technology-related way.

 

 Showreel 2015

Skullmapping is an artistic collective founded in 2010 by Filip Sterckx and Antoon Verbeeck. Filip is an award-winning filmmaker and visual artist, and Antoon is a fine arts painter who runs his own gallery. As Skullmapping we create projection mapping projects, VR experiences and holograms. Our passion is to develop stories and present them in a new way, in order to surprise our audience. As a pair with similar goals in art and story-telling, we love to experiment with the latest technology, and push beyond what has been done before.

.  

Gallery invasion

Experimental project with dynamic projection mapping

  

Dessert

The world's smallest chef prepares a delicious dessert. Bon appétit! Get in touch if you would like to purchase a license for this animation or would like us to develop a customized version of this project for your event, restaurant or hotel.

Bouillabaisse

The world smallest chef cooks a typical fish dish, 'Bouillabaisse'... Bon appétit! Get in touch if you would like to purchase a license for this animation or would like us to develop a customized version of this project for your event, restaurant or hotel.

Le Petit Chef

The world's smallest chef turns your plate into a projected grill. Bon appétit! Get in touch if you would like to purchase a license for this animation or would like us to develop a customized version of this project for your event, restaurant or hotel.

The 1982 Burmese Nationality Law ,The Burma Citizenship Law of 1982, The Burma Citizenship Act! (၁၉၈၂ ခုႏွစ္ ျမန္မာနိုင္ငံသား ဥပေဒ)

             The Burma Citizenship Act

The Burma Citizenship Act of 1982 granted citizenship to individuals residing in Burma who could trace their family residency to prior to 1823, that is, the year of the first British military campaign on Myanmar and with it, a wave of immigration from India and China. The law was deeply problematic, as for many families of various ethnic groups, transnational ties were common and there was rarely documentation to prove whether a person had deep roots in Myanmar.

The law was part of a series of actions taken by the nationalist Burmese government meant to shore up Burmese ethnic power. The law created three categories of citizenship: the first category applied to ethnic Burmans and members of the Kachin, Kayah, Karen, Mon, Arakan Buddhists, Shan, and any other ethnic group present in Myanmar prior to 1823 (though they did not include Rohingya Muslims, rendering them stateless), granted them full citizenship.

The second category granted partial “associate” citizenship to the children of mixed marriages where one parents fell into the first category, as well as to individuals who had lived in Myanmar for five consecutive years, or to individuals who lived in Myanmar for eight out of the ten years prior to independence. Associate citizens could earn an income, but could not serve in political office. The third category applied to the offspring of immigrants who arrived in Myanmar during the period of British colonial rule.

Burma Citizenship Law of 1982

Burma Citizenship Law promulgated.The Chairman of the Council of State on 15, October promulgated the Burma Citizenship Law which was approved and passed by the third session of the Third Pyithu Hluttaw.

The following is the English translation of the Burma Citizenship Law..

Burma Citizenship Law

(Pyithu Hluttaw Law No. 4 of 1982)

The Pyithu Hluttaw enacts the following Law: 

CONTENTS

Chapter I - Title and Definition

Chapter II - Citizenship

Chapter III - Associate Citizenship

Chapter IV - Naturalized Citizenship

Chapter V - Decision as to Citizenship, Associate Citizenship or Naturalized Citizenship

Chapter VI - Central Body

Chapter VII - Appeals

Chapter VIII - Miscellaneous Chapter I 

Chapter 1

Title and Definition

1. This Law shall be called the Burma citizenship Law.

2. The expressions contained in this Law shall have the following meanings:

(a) "State" means the Socialist Republic of the Union of Burma;

(b) "Citizen" means a Burma citizen;

(c) "Associate Citizen" means an associate citizen prescribed by this Law;

(d) "Naturalized Citizen" means a prescribed by this Law;

(e) "Foreigner" means a person who is not a citizen or an associate citizen or a naturalized citizen;

(f) "Certificate of citizenship" means a certificate of citizenship granted under the Union Citizenship (Election) Act, 1948 or the Union Citizenship Act, 1948 or this Law;

(g) "Certificate of Associate Citizenship" means a certificate of associate citizenship granted under this Law;

(h) "Certificate of Naturalized Citizenship" means a certificate of naturalized citizenship granted under this Law;

(i) "Central Body established under this Law.

Chapter II 

Citizenship

3.  Nationals such as the Kachin, Kayah, Karen, Chin, Burman, Mon, Rakhine or Shan and ethnic groups as have settled in any of the territories included within the State as their permanent home from a period anterior to 1185 B.E., 1823 A.D. are Burma citizens.

4. The Council of State may decide whether any ethnic group is national or not.

5.  Every national and every person born of parents, both of whom are nationals are citizens by birth.

6. A person who is already a citizen on the date this Law cones into force is a citizen. Action, however shall be taken under section 18 for infringement of the provision of that section.

7. The following persons born in or outside the State are also citizens:

(a) persons born of parents, both of whom are citizens;

(b) persons born of parents, one of whom is a citizen and the other an associate citizen;

(c) persons born of parents, one of whom and the other a naturalized citizen;

(d) persons born of parents one of whom is

(i) a citizen; or

(ii) an associate citizen; or

(iii) a naturalized citizen;

and the other is born of parents, both of whom are associate citizens;

(e) persons born of parents, one of whom is

(i) a citizen; or

(ii) an associate citizen; or

(iii) a naturalized citizen;

and the other is born of parents, both of whom are naturalized citizens;

(f) persons born of parents one of whom is

(i) a citizen; or

(ii) an associate citizen; or

(iii) a naturalized citizen;

and the other is born of parents, one of whom is an associate citizen and the other a naturalized citizen.

8. (a) The Council of State may, in the interest of the State confer on any person citizenship or associate citizenship or naturalized citizenship.

    (b) The Council of State may, in the interest of the State revoke the citizenship or associate citizenship or naturalized citizenship of any person except a citizen by birth.

9. A person born in the State shall have his birth registered either by the parent or guardian in the prescribed manner, within year from the date he completes the age of ten years, at the organizations prescribed by the ministry of Home Affairs

Proviso. If registration is not possible within one year from the date he completes the age of ten years, application may be made by the parent or guardian, furnishing sufficient reasons to the organizations prescribed by the Ministry of Home Affairs.

10 A person born outside the State shall have his birth registered either by the parent or guardian in the proscribed manner within one year from the date of birth at the Burmese Embassy or Consulate or organizations prescribed by the Ministry of Home Affairs.

Proviso. If registration is not possible within one year from the date of birth, application may be made by the parent or guardian, furnishing sufficient reasons to the Central Body through the Burmese Embassy or Consulate or organizations prescribed by the Ministry of Home Affairs.

11. (a) A parent or guardian who fails to comply with section 9 or section 10 shall be liable to pay a penalty of kyats fifty per year to the Burmese Embassy or Consulate or an organization prescribed by the Ministry of Home Affairs.

      (b) A parent or guardian who fails for five years in succession to comply with section 9 or section 10 shall be liable to a penalty of kyats one thousand.

12. A citizen shall

(a) respect and abide by the laws of the State;

(b)discharge the duties prescribed by the laws of the State

(c)be entitled to enjoy the rights prescribed by the laws of the State.

13. A citizen shall not as well acquire the citizenship of another country.

14. A citizen shall have no right to divest himself of his citizenship during any war in which the State is engaged.

15.  (a) A citizen shall not automatically lose his citizenship merely by marriage to a foreigner.

      (b) A foreigner shall not automatically acquire citizenship merely by marriage to a citizen.

16. A citizen who leaves the State permanently, or who acquires the citizenship of or registers himself as a citizen of another country, or who takes out a passport or a similar certificate of another country ceases to be a citizen.

17. The citizenship of a citizen by birth shall in no case be revoked except in the case of cessation of citizenship due to infringement of the provision of section 16.

18. A citizen who has acquired citizenship by making a false representation or by concealment shall have his citizenship revoked, and shall also be liable to imprisonment for a term of ton years and to a fine of kyats fifty thousand.

19. A citizen who has committed abetment of obtaining, in a fraudulent manner, a certificate of citizenship or a certificate of associate citizenship or a certificate of naturalized citizenship for another person shall be liable to imprisonment for a term of seven years and to a fine of kyats ten thousand.

20. (a) The certificate of citizenship of a person whose citizenship has ceased or has been revoked shall be cancelled. A person holding such a cancelled certificate shall surrender it in the manner prescribed by the Ministry of Home Affairs.

      (b) Failure to surrender a cancelled certificate of citizenship or continued use of it or transfer of it in a fraudulent manner to another person shall entail imprisonment for a term of ten years and a fine of kyats twenty thousand.

     (c) Whoever holds and uses a cancelled certificate of citizenship or the certificate of a deceased citizen shall be liable to imprisonment for a term of ten years and to a fine of kyats twenty thousand.

21.  Whoever forges a certificate of citizenship or abets such act shall be liable to imprisonment for a term of fifteen years to a fine of kyats fifty thousand.

22. A person whose citizenship has ceased or has been revoked shall have no right to apply again for citizenship or associate citizenship or naturalized citizenship.

Chapter III 

Associate Citizenship

23. Applicants for citizenship under the Union Citizenship Act, 1948, conforming to the stipulations and qualifications may be determined as associate citizens by the Central Body.

24. A person who has been determined is an associate citizen by the Central Body shall appear in person before an organization prescribed by the Ministry of Home Affairs, and shall make an affirmation in writing that he owes allegiance to the State, that, he will respect and abide by the laws of the State and that he is aware of the prescribed duties and rights.

25. The Central Body may include in the certificate of associate citizenship the names of children mentioned in the application. The child whose name is so included is an associate citizen.

26. The child whose name is included under section 25, and who has completed the age of eighteen years shall make an affirmation in accordance with section 24, along with the parents.

27. (a) The child whose name is included under section 25 and who has not completed the age of eighteen years shall, within one year from the date he completes the age of eighteen years appear in person before an organization prescribed by the Ministry of Home Affairs and make an affirmation in accordance with section 24.

      (b) A person who fails to comply with sub-section (a) shall be liable to pay a penalty of kyats fifty per year to an organization prescribed by the Ministry of Home Affairs.

28. If affirmation is not possible within one year, application may be made, furnishing sufficient reasons to the Central Body, through the organizations prescribed by the Ministry of Home Affairs. If there are no sufficient reasons after the date on which he completes the age of twenty-two years, he shall lose his associate citizenship.

29. (a) When both the parents, of the children included in their certificate of associate of associate citizenship, lose their associate citizenship, the child who has not completed the age of eighteen years, and the child who has completed the age of eighteen years, but has not made an affirmation cease to be associate citizens.

     (b) Where one of the parents, of the children included in the certificate hold by her or him, is an associate citizen and the other a foreigner, and if the mother or father who is an associate citizen loses her or his associate citizenship the child who has not completed the age of eighteen years, and the child who has completed the age of eighteen years, but has not made an affirmation cease to be associate citizens.

30. An associate citizen shall

(a) respect and abide by the laws of the State;

(b) discharge the duties prescribed by the laws of the State;

(c) be entitled to enjoy the rights of a citizen under the laws of the State, with the exception of the rights stipulated from time to time by, the Council of State.

31. An associate citizen shall not as well acquire the citizenship of another country.

32. An associate citizen shall have no right to divest himself of his associate citizenship during any war in which the State is engaged.

 33. An associate citizen shall not automatically acquire citizenship merely by marriage to a citizen.

34. An associate citizen who leaves the State permanently or, who acquires the citizenship of or registers himself as a citizen of another country, or who takes out a passport or a similar certificate of another country ceases to be an associate citizen.

35. The Central Body may revoke the associate citizenship of a person if he infringes any of the following provisions:

(a) trading or communicating with enemy countries or with countries assisting the enemy country, or with citizens or organizations of such countries during a war in which the State is engaged or abetting such an act;

(b) trading or communicating with an organization or with a member of such organization which is hostile to the State, or abetting such an act;

(c) committing an act likely to endanger the sovereignty and security of the State or public peace and tranquillity or giving rise to the reasonable belief that he is about to commit such an act;

(d) showing disaffection or disloyalty to the State by any act or speech or otherwise;

(e) giving information relating to a state secret to any person, or to any organization, or to any other country or countries,, or abetting such an act;

(f) committing an offence involving moral turpitude for which he has been sentenced to imprisonment for a minimum term of one year or to a minimum fine of kyats one thousand.

36. An associate citizen who has acquired such citizenship by making a false representation or by concealment shall have his associate citizenship revoked, and shall also be liable to imprisonment for a term of ten years and to a fine of kyats fifty thousand.

37. An associate citizen who has committed abetment of obtaining in a fraudulent manners a certificate of citizenship or a certificate of associate citizenship or a certificate of naturalized citizenship for another person shall have his associate citizenship revoked; and shall also be liable to imprisonment for a term of seven years and to a fine of kyats ton thousand.

38. An associate citizen who has personal knowledge of an offence committed by any person under section 36 or section 37, or as an accomplice who has committed such an act, discloses or admits the offence before organizations prescribed by the Ministry of Home Affairs within one year from the date this Law comes into force, or within one year from the date of commission of the offence shall be exempted from the penal provisions relating to such offence.

39. (a) The certificate of associate citizenship of a person whose associate citizenship has ceased or has been revoked shall be cancelled. A person holding such a cancelled certificate shall surrender it in the manner prescribed by the Ministry of Home Affairs.

     (b) Failure to surrender a cancelled certificate of associate citizenship or continued use of it or transfer of it in a fraudulent manner to another person shall entail imprisonment for a term of ten years and a fine of kyats twenty thousand.

      (c) Whoever holds and uses a cancelled certificate of associate citizenship or the certificate of a deceased associate citizen shall be liable to imprisonment for a term of ten years and to a fine of kyats twenty thousand.

40. Whoever forges a certificate of associate citizenship or abets such act shall be liable to imprisonment for a term of fifteen years and to a fine of kyats fifty thousand.

41. A person whose associate citizenship has ceased or has been revoked shall have no right to apply again for associate citizenship or naturalized citizenship.

Chapter IV  

Naturalized Citizenship

 42. Persons who have entered and resided in the State anterior to 4th January, 1948, and their offsprings born Within the State may, if they have not yet applied under the union Citizenship Act, 1948, apply for naturalized citizenship to the Central Body, furnishing conclusive evidence.

43. The following persons born in or outside the State from the date this Law comes into force may also apply for naturalized citizenship:

(a) persons born of Parents one of whom is a citizen and the other a foreigner;

(b) persons barn of parents, one of whom is an associate citizen and the other a naturalized citizen;

(c) persons born of parents one of whom is an associate citizen and the other a foreigner;

(d) persons born of parents, both of whom are naturalized citizens;

(e) persons born of parents, one of whom is a naturalized citizen and the other a foreigner.

44. An applicant for naturalized citizenship shall have the following qualifications:

(a) be a person who conforms to the provisions of section 42 or section 43;

(b) have completed the age of eighteen years;

(c) be able to speak well one of the national languages;

(d) be of good character;

(e) be of sound mind.

45. A person married to a citizen or to an associate citizen or to a naturalized citizen, who is holding a Foreigner's Registration Certificate anterior to the date this Law comes into force shall have the following qualifications to apply for naturalized citizenship:

(a) have completed the age of eighteen years;

(b) be of good character;

(c) be of sound mind;

(d) be the only husband or wife;

(e) have resided continuously in the State for at least three years is the lawful wife or husband.

46.  (a) A person who has been determined as a naturalized citizen by the Central Body shall appear in person before an organization prescribed by the Ministry of Home Affairs, and shall make an affirmation in writing that he owes allegiance to the State, that he will respect and abide by the laws of the State and that he is aware of the prescribed duties and rights.

      (b) A person who has been determined as a naturalized citizen by the Central Body and holding a Foreigner's Registration Certificate shall appear in person before an organization prescribed by the Ministry of Home Affairs, and shall make an affirmation in writing that he renounces his foreign citizenship, that he owes allegiance to the State, that ha will respect and abide by the laws of the State and that he is aware of the prescribed duties and rights.

47. The Central Body may include in the certificate of naturalized citizenship the name of a child mentioned in the application. The child whose name is so included is a naturalized citizen.

48. The child whose name is included under section 47, and who has completed the age of eighteen years shall make an affirmation in accordance with sub-section (a) of section 46, along with the parents.

49. (a) The child whose name is included under section 47, and who has not completed the age of eighteen years shall, with in one year from the date on which he completes the age of eighteen years appear in person before an organization prescribed by the Ministry of Home Affairs and make an affirmation in accordance with sub-section (a) of section 46.

     (b) A person who fails to comply with sub-section (a) shall be liable to pay a penalty of kyats fifty per year to an organization prescribed by the Ministry of Home Affairs.

50. If affirmation is not possible within one year, application may be made, furnishing sufficient reasons to the Central Body, through the organizations prescribed by the Ministry of Home Affairs. If there are no sufficient reasons after the date on which he completes the age of twenty-two years, he shall lose his naturalized citizenship.

51. (a) When both the parents, of the children included in their certificate of naturalized citizenship, lose their naturalized citizenship the child who has not completed the age of eighteen years, and the child who has completed the age of eighteen years, but has not made an affirmation cease to be naturalized citizens.

      (b) Where one of the parents of the children included in the certificate held by her or him, is a citizen and the other a foreigner, and if the mother or father who is a citizen loses her or his citizenship, the child who has not completed the age of eighteen years and the child who has completed the age of eighteen years, but has not made an affirmation cease to be naturalized citizen.

      (c) There one of the parents, of the children included in the certificate hold by her or him, is an associate citizen and the other a foreigner, and if the mother or father who is associate citizen loses her or his associate citizenship, the child who has not completed the age of eighteen years, and the child who has completed the age of eighteen years, but has not made in affirmation cease to be naturalized citizens.

     (d) Where one of the parents, of the children included in the certificate held by her or him, is a naturalized citizen and the other a foreigner, and if the mother or father who is a naturalized citizen loses her or his naturalized citizenship, the child who has not completed the age of eighteen years, and the child who has completed the age of eighteen years, but has not made an affirmation cease to be naturalized citizens.

52. If a person married to a citizen or to an associate citizen or to a naturalized citizen, who is holding a Foreigner's Registration Certificate anterior to the date this Law comes into force applies for naturalized citizenship and the husband or wife of such a person dies or is divorced from such a person before acquiring naturalized citizenship, the application for naturalized citizenship of such a person shall lapse.

53. A naturalized citizen shall

(a) respect and abide by the laws of the State;

(b) discharge the duties prescribed by the laws of the State;

(c) be entitled to enjoy the rights of a citizen under the laws of the State with the exception of the rights stipulated from time to time by the Council of State.

54. A naturalized citizen shall not as well acquire the citizenship of another country.

55. A naturalized citizen shall have no right to divest himself of his naturalized citizenship during any war in which the State is engaged.

56. A naturalized citizen shall not Automatically acquire citizenship or associate citizenship merely by marriage to a citizen or to an associate citizen.

57. A naturalized citizen who leaves the State permanently, or who acquires the citizenship of or registers himself as a citizen of another country, or who takes out a passport or a similar certificate of another country ceases to be a naturalized citizen.

58. The Central Body may revoke the naturalized citizenship of a person if he infringes any of the following provisions:

(a) trading or communicating with enemy countries Or with countries assisting the enemy country, or with citizens or organizations of such countries during a war in which the State is engaged, or abetting such an act;

(b) trading or communicating with an organization or with a member of such organization which is hostile to the State, or abetting such an act;

(c) committing an act likely to endanger the sovereignty and security of the State or Public peace and tranquillity or giving rise to the reasonable belief that he is about to commit such an act;

(d) showing disaffection or disloyalty to the State by any act or speech or otherwise;

(e) giving information relating to a State secret to any person, or to any organization, or to any other country or countries, or abetting such an act;

(f) committing an offence involving moral turpitude for which he has been sentenced to imprisonment for a minimum term of one year or to a minimum fine of kyats one thousand.

59. A naturalized citizen who has acquired such citizenship by making a false representation or by concealment shall have his naturalized citizenship revoked, and shall also be liable to imprisonment for a term of ten years and to a fine of kyats fifty thousand.

60. A naturalized citizen who has committed abetment of obtaining in a fraudulent manner, a certificate of citizenship or a certificate of associate citizenship or a certificate of naturalized citizenship for another person shall have his naturalized citizenship revoked, and shall also be liable to imprisonment for a term of seven years and to a fine of kyats ten thousand.

61.  A naturalized citizen who has personal knowledge of an offence committed by any person under section 59 or section 60, or as an accomplice who has committed such an act, discloses or admits the offence before organizations prescribed by the Ministry of Home Affairs within one year from the date this Law comes into force, or within one year from the date of commission of the offence shall be exempted from the penal provisions relating to such offence.

62. (a) The certificate of naturalized citizenship of a person, whose naturalized citizenship has ceased or has been revoked, shall be cancelled. A person holding such a cancelled certificate shall surrender it in the manner prescribed by the Ministry of Home Affairs.

      (b) Failure to surrender a cancelled certificate of naturalized citizenship or continued use of it or transfer of it, in a fraudulent manner, to another person shall entail imprisonment for a term of ten years and a fine of kyats twenty thousand.

      (c) Whoever holds and uses a cancelled certificate of naturalized citizenship or the certificate of a deceased naturalilzed citizen shall be liable to imprisonment for a term of ten years and to a fine of kyats twenty thousand.

63. Whoever forges a certificate of naturalized citizenship or abets such act shall be liable to imprisoment for a term of fifteen years and to a fine of kyats fifty thousand.

64. A person whose naturalized citizenship has ceased or has been revoked shall have no right to apply again for naturalized citizenship.

Chapter V  

Decision as to Citizenship, Associate Citizenship or Naturalized Citizenship

65. Any person may apply to the Central Body when it is necessary for a decision as to his citizenship, associate citizenship or naturalized citizenship.

66. The Central Body shall

(a) permit the applicant the submission of application with supporting evidence;

(b) decide in accordance with law;

(c) inform its decision to the applicant.

Chapter VI 

Central Body

67. The Council of Ministers shall form the Central Body as follows:

(a) Minister Chairman Ministry of Home Affairs

(b) Minister Member Ministry of Defence

(c) Minister Member Ministry of Foreign Affairs

68. The Central Body has the authority:

(a) to decide if a person is a citizen, or an associate citizen or a naturalized citizen;

(b) to decide upon an application for associate citizenship or naturalized citizenship;

(c) to terminate citizenship or associate citizenship or naturalized citizenship;

(d) to revoke citizenship or associate citizenship or naturalized citizenship;

(e) to decide upon an application regarding failure as to registration or affirmation.

69. The Central Body shall give the right of defence to a person against whom action is taken.

Chapter VII 

Appeals

70. (a) A person dissatisfied with the decision of the Central Body may appeal to the Council of Ministers in accordance with the procedure laid down.

      (b) The decision of the Council of Ministers is final.

71. Organizations conferred with authority under this Law shall give no reasons in matters carried out under this Law. 

Chapter VIII  

Miscellaneous

72. Except under any of the provisions of this Law, no foreigner shall have the right to apply for naturalized citizenship from the date this Law comes into force.

73. A foreigner who is adopted by a citizen or by an associate citizen or by a naturalized citizen shall not acquire citizenship or associate citizenship or naturalized citizenship.

74. Except on penal matters, all matters relating to this Law shall be decided by the only organizations which are conferred with authority to do so.

75. The Council of Ministers, shall, for the purpose of carrying out the provisions of this Law, lay down necessary procedures with the approval of the Council of State.

76. The following Acts are repealed by this Law:

(a) The Union Citizenship (Election) Act, 1948;

(b) The Union Citizenship Act, 1

[This text is derived from/checked against the version published in the official "Working People's Daily" of 16 October 1982 and the version on the UNHCR website.]

The Burma Citizenship Act 1982 by Than Han on Scribd

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၁၉၈၂ ျမန္မာႏိူင္ငံသား ဥပေဒပါ ..

ျမန္မာလူမ်ိဳးတိုင္း ေလ့လာထားသင့္ပါတယ္..

၁၉၈၂ ခုႏွစ္ ျမန္မာနိုင္ငံသား ဥပေဒ

၁၉၈၂ ခုႏွစ္ ျမန္မာနိုင္ငံသား ဥပေဒ ( 1982 Burmese Nationality Law Myanmar Version) by Than Han on Scribd

Creating A Portfolio Like Temasek Holdings

If you can’t beat them, join them.

By DollarsAndSense.sg on July 29, 2015 

 

Singaporeans who are keen to invest in the market but have yet to decide on an investment strategy can consider this idea – forming a portfolio that mimic the investments made by Temasek Holdings (“Temasek”).

For clarification purpose, it is impossible for individuals to entirely replicate Temasek’s investment because the state-owned fund does invest in private companies that are not accessible for retail investors.

Nonetheless, there are ways in to get similar exposure to the companies that Temasek invests in. By doing so, one can technically “free-ride” on the selection criterias made by Temasek fund managers. As the saying goes, if you can’t beat them, join them.

Temasek is a feasible choice for Singaporeans mainly due to the investment mandate, which would include (1) protecting wealth, and (2) having a long-term investment horizon. Temasek is mandated to protect our past reserves. Similarly, Singaporeans would prefer to protect our wealth against inflation.

Read also: 6 Things That We Know About Temasek Holdings From Their Latest Results

How do I start?

We can first start with Singapore based stocks that can be added into the “My-Temasek Portfolio”

Exhibit 1: Sectorial Breakdown of Temasek’s Portfolio

Source: Temasek Review 2015

Exhibit 2: Sample Companies Within The Sector Breakdown

These are some examples of companies that Temasek has invested in which are tradable on the Singapore Stock Exchange.

How long will it take for me to form this portfolio?

For the average person, it is unlikely that we will have $100,000 in cash to form a meaningful portfolio consisting of these stocks immediately. Our advice is to take your time to save up and buy into the sectorial stocks bit-by-bit, company-by-company. It is possible to form this portfolio over a span of 3 to 5 years.

How do I start choosing my first few stocks?

Choose the companies that you cannot do without. Companies that are critical to the everyday lives of Singaporeans have in our opinion, the lowest probability of crashing and disappearing overnight.

Examples include DBS, SingTel, Comfort Delgro & CapitaLand.

What about the small stocks in the sectorial breakdown?

For wealth protection purpose, we would advocate to have the majority of your portfolio to be invested in larger, well-known companies. If you have additional cash and don’t mind taking some extra risks, you can consider allocating some money to smaller companies.

Do I need to change the percentage within the sector regularly?

You do not need to change it regularly, as you are already spreading your eggs thin into various sectors (e.g. 28% in financial services and 24% in telecommunications, media and technology).

However, if you are following Temasek’s investment strategies, you should review their portfolio exposures annually. Make changes only when there are drastic differences in the exposures (e.g. Financial services decrease from 28% to 10%).

Will I be able to make 16% annually like Temasek?

Temasek’s portfolio has multiple advantages over us. They include, (1) Professional management of assets, (2) Size advantage of SG$405.8 billion in assets, (3) First-mover advantage – into emerging markets and many others.

Therefore, the probability of us achieving an average of 16% total shareholder return (since inception) is very low.

However, as Singapore’s long-term inflation is relatively low at ≤3% per annum, we should be aiming to earn > 5% average total return over a long investment horizon. In our opinion, we do not expect following Temasek’s investment strategies to give you returns less than inflation over the long haul.

As usual, we recommend that you do your own research and seek for proper advice before making any investment decisions. At the end of the day, no one, not even Temasek, can guarantee you that their past performances can be translated into similar future performances.

What do you think of following Temasek’s investment strategies and portfolio? Do share with us your thoughts on our Facebook page.

DollarsAndSense.sg is a website that aims to help people make better financial decisions.

Ref:http://dollarsandsense.sg/creating-a-portfolio-like-temasek-holdings/