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Showing posts from January, 2010

American's Bank Failed Corporate Governance, then "V" Shape Economic Recovery? (PART II)

- relevant to P1, P3 of ACCA course

THE global economy is at a turning point but it will take at least another two years before a full recovery can be seen, economist Paul Krugman said. “On “V” shape economic recovery, he said it’s not going to happen this time. USA and the world cannot have an export-led recovery as the world’s economies are having serious difficultie. In addition the current collapse in world trade had debunked the earlier belief that Asia could decouple itself from the West.

Krugman, Nobel Laureate and professor of economics at Princeton University, said, “We have propped it (the banking system) up but not made it clean,” he said, adding that he was currently concerned not so much about the return to equities but the return of exuberance.

5 Lessons
Krugman, was speaking about the severe global financial crisis, five lessons can be learnt:-

a.Financial markets are prone to bubbles. The American recession caused 26 million unemployed! That is equal to Malaysia’s populatio…

Assignment: Corporate Governance

- related to F8 (ACCA)

Bright rims Limited is a major sports rims supplier to Singapore market. It wishes to list on the stock exchange but was told that it must meet up with some governance requirements. Mr Spritzer, CEO has total dominance on Board as he is the major shareholder, with the rest owned by his brothers. He has 3 Executive Directors and 2 independent Non Executive Directors who just graduated from the ACCA. The latter were paid minimal director fee pending Mr Spritzer’s decision to hire them as internal auditors.

Ka Gee Lang Audit firm has been a trusted external auditors for Bright Rims Limited for the past 12 years. Occasionally they were given Consultancy contract to source for new factory workers.

Required:
a) Advise the firm on improving Corporate Governance standards before seeking a listing on Stock Market. [10]
b) Explain the usefulness of independent Non-executive Directors in the context of case study. Suggest improvements based on your identified weaknesses in y…

American's Banks Failed Corporate Governance! (Part I)

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-related to P1 and P3 of ACCA, and to a certain extend American taxpayers

American Capitol Hill interviewing Top 4 largest Banks’ CEO
On January 13, 2010, four bankers of the apocalypse strode into the Congressional hearing room and formed a crooked line. They raised their hands haltingly, looking at one another as if to see whether the other guys were going to do it, too. It was one of the more indecisive swearings-in you will ever see on Capitol Hill.




Pic 01: Super-millionaires CEO taking oath






Wall Street bankers took oaths at Wednesday's hearing, from left, Lloyd Blankfein of Goldman Sachs, Jamie Dimon of JPMorgan Chase, John Mack of Morgan Stanley, and Brian Moynihan of Bank of America.


Pic 02: CEOs who are also Chairmen in their firms







Four of the nation’s highest financial fliers took their places before the 10-member Financial Crisis Inquiry Commission charged with determining the causes of the nation’s financial debacle.

The bankers — Lloyd C. Blankfein of Goldman Sachs, Jamie …

Announcement: Workshop for Oxford Brookes-ACCA Degree Research Project

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Pic 01: Complete degree in Applied Accounting, Oxford Brookes University (United Kingdom)

Why should all ACCA candidates do the RAP to get the BSc. In Applied Accounting in collaboration with ACCA?
1. Recognised University degree in the private sector and accounting firms. With the degree, ACCA-OBU graduates command salaries up to RM2,450 per month in Kuala Lumpur in audit firms.
2. Provide better chance of employment since candidates can have TWO qualifications of OBU and ACCA
3. Enhances students knowledge on P1 (PA), P3 (BA), P5 (APM) and P7 (AAA)depending on Research Topics choice.
4. Degree is recognised overseas employers like China, Singapore, Australia and Hong Kong.

What if my marks enable me to only obtain Third Class in BSc. Degree? Should I still enrol?
1. Yes, because it develops your soft writing skills crucial to theory papers at P-Level of ACCA.
2. If you have borderline marks, say an average score of 65% for Skills Module, and you obtain a Grade A for your research projec…

BIGGEST BUSINESS ON EARTH

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- related to P7 (AAA) of ACCA Examination






Pictures: Food Paradise related to Illegal activities?






HAPPIEST PLACE IN MALAYSIA?

Have you been to Pavillion Mall or Starhill Complex located in Kuala Lumpur’s Golden Triangle? No doubt most of you have and may even say I can get there blindfolded. Understandable as in my opinion its better than Disney World which was dubbed the “happiest place on earth”. I begged to differ, please go to BOTH Pavillion and LOT 10 Mall respective food courts. Both combined has the highest concentration of best food. The operators are carefully selected from the region, namely Malaysia, Singapore and Hong Kong. Eat and be Happy. Heard of “a satisfied filled man is a happy thrilled man”. The happiest place!

After sumptuos fill, go window shopping in the luxury malls and you will notice goods displayed which range from Gucci, Louis Vuitton, Prada and BVLGARI (don’t know how to pronounce this brand). Buy a Gucci watch and it will set you back a cool US$8000 a piece.…