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By YASMINE YAHYA PLANS to develop Singaporean talent for the key finance indus- try will be rolled out, with moves to have more scholarships for young professionals and help with international postings. The Monetary Authority of Singapore (MAS) will work with financial institutions to co-fund courses to groom young Singapo- reans for leadership roles. Deputy Prime Minister Thar- man Shanmugaratnam told a gathering of industry profession- als last night that the sector must build a strong pipeline of poten- tial leaders and specialist talent among Singaporeans even as it stays open to global expertise. “Young Singaporeans especial- ly are mobile and making the most of opportunities – many are working in Hong Kong, New York and London,” noted Mr Tharman, speaking at the Finan- cial Industry Competency Stand- ards (FICS) annual conference. “We must keep growing those op- portunities for them (here).” He said the programmes will give the young bankers greater exposure to different aspects of a bank’s global operations and give them opportunities to be men- tored by their seniors. The Financial Scholarship Pro- gramme will be expanded for young bankers to develop their skills in specialist tracks, such as quantitative finance, risk manage- ment and specialty insurance. Financial institutions will also be helped to create opportunities that allow mid-career bankers to gain more specialist knowledge and international exposure. MAS will even help find solu- tions to problems faced by Singa- poreans taking international post- ings, he said, such as ensuring suitable schooling for their chil- dren, both overseas and when they return, and career opportu- nities abroad for their spouses. As well, MAS will work with the industry to develop the “Asian advantage”. “Singapore is in a unique position, given our growing networks within Asean and with China, India and the Middle East, to develop deep pools of knowledge of these re- gions,” Mr Tharman said. DBS chief executive Piyush Gupta said the measures were timely, as Asia will need a much bigger pipeline of skilled and worldly talent over the next few decades, as the region’s financ- ing needs will grow rapidly. “You cannot expect to run a multi-country regional bank like ours in today’s world without having worked in multiple coun- tries, without having dealt with different cultures, and without having picked up the financial practices of different markets.” Standard Chartered CEO Ray Ferguson noted the bank believes in taking care of its “Singapore core”, where it looks for foreign talent only if there are no suita- ble local candidates. Singapore- ans fill top leadership roles around the region such as the CEO in China and the head of governance for the Middle East, Europe, Africa and the Americas. Mr Tharman added that the In- stitute of Banking and Finance will introduce a revamped pro- gramme for new entrants in are- as such as compliance and corpo- rate banking. He also gave out the Distinguished Financial In- dustry Certified Professional and Friends of FICS awards. [email protected] he group says nothing will hange in the next four years. By 2016, the youth unemploy- ment rate is projected to remain t the same high level,” the ILO aid. With European Union leaders meeting in Brussels today to con- emplate measures to boost rowth, the OECD said “credibili- y and confidence would be en- anced by euro area and EU-wide measures”. On the eve of the summit, the ead of the International Mone- ary Fund (IMF) added her voice o the clamour for decisive moves fter US President Barack Obama alled for more coordination. Speaking in London, IMF chief Christine Lagarde said the euro zone had made a “serious im- provement” in dealing with its cri- sis but “more needs to be done in relation to supporting growth, particularly by way of structural reforms”. Mr Obama said Europe’s lead- ers needed to be on the same page. “What is most important is that Europe recognises this euro project involves more than a cur- rency, it means that there must be more effective coordination” on fiscal and growth policies, he said early this week. AGENCE FRANCE-PRESSE L See World Page A17 of severe recession’ Courses, scholarships among plans for building pipeline of professionals Grooming S’pore talent for finance T O P O F T H E N E W S A3

A2 TOPOFTHENEWS WEDNESDAY, MAY 23, 2012 WEDNESDAY, … · leader Badrul Hisham Shaharin were the others accused of defy-ing a court order barring entry to the historic Merdeka Square

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Page 1: A2 TOPOFTHENEWS WEDNESDAY, MAY 23, 2012 WEDNESDAY, … · leader Badrul Hisham Shaharin were the others accused of defy-ing a court order barring entry to the historic Merdeka Square

By LESTER KONGMALAYSIA CORRESPONDENT

KUALA LUMPUR – Malaysian op-position leader Anwar Ibrahimand two party colleagues havebeen charged over their role inlast month’s election reform rally,in a case that Anwar called yet an-other attempt by the ruling partyto remove him from politics.

“We will fight. This is politicalintimidation,” Anwar, 64, told re-porters as he left the court in Kua-la Lumpur yesterday after plead-ing not guilty. “Najib is afraid toface me in elections.”

Prime Minister Najib Razak isexpected to call for electionssoon, although his government’sterm ends only in April next year.

The three are the first to be

charged under a new law govern-ing public assemblies.

Parti Keadilan Rakyat’s deputypresident Azmin Ali and youthleader Badrul Hisham Shaharinwere the others accused of defy-ing a court order barring entry tothe historic Merdeka Square dur-ing the Bersih protest for electoralreforms on April 28.

The judge scheduled a July 2hearing to set a trial date.

Anwar, a former deputy primeminister who was kicked out ofgovernment in 1998, was twice ac-quitted of sodomy. The latest ac-quittal was just four months ago.

Analysts say while the currentcase may be “minor” in terms ofpenalties compared to the sodomytrial, Anwar could be barred fromcontesting the next elections if he

is sentenced tom o r e t h a n aRM2,000 (S$814)fine or one year’sjail under Malay-sian law.

The three facea maximum jailsentence of sixmonths and finestotallingRM12,000 each ifconvicted.

Anwar scored aminor coup withthe surprising ad-dition of Datuk Yu-sof Zainal Abiden to his defenceteam. Mr Yusof, 57, had led theprosecution against Anwar duringhis second sodomy trial, beforeopting for early retirement in Feb-ruary this year.

Anwar said he did not activelyseek out Mr Yusof but heard thathe was keen to assist. “I’m veryappreciative... He’s committed to

make sure that Iget the justice I de-serve,” he said.

Mr Yusof toldreporters Anwarcalled him and hesaid he was “will-ing and able”.

“I have no polit-ical affiliation,” hesaid. “I’m just aprofessional.”

Bringing on hisformer prosecutorto defend himcould boost An-war’s credibility,

which was dented after a recentvideo surfaced, showing scenesthat suggested Anwar and Azminencouraged others to break a po-lice cordon to enter MerdekaSquare.

“It’s a big positive for Anwar,politically speaking,” said Profes-sor Shaharuddin Baharuddin, a po-litical analyst with Universiti Te-

knologi MARA.The trial will also be a test case

of the new Peaceful AssemblyAct, which critics say is more re-strictive than the law it replaced.

The government yesterday de-nied Anwar’s claim of persecu-tion, saying “charges are decidedon by the public prosecutor follow-ing receipt of police investigationpapers”.

So far, several individuals havebeen charged under other laws, in-cluding two policemen chargedwith beating a news photogra-pher. If convicted, the duo couldbe jailed for up to three months,fined RM1,000 or both.

[email protected]

By YASMINE YAHYA

PLANS to develop Singaporeantalent for the key finance indus-try will be rolled out, with movesto have more scholarships foryoung professionals and helpwith international postings.

The Monetary Authority ofSingapore (MAS) will work withfinancial institutions to co-fundcourses to groom young Singapo-reans for leadership roles.

Deputy Prime Minister Thar-man Shanmugaratnam told agathering of industry profession-als last night that the sector mustbuild a strong pipeline of poten-tial leaders and specialist talentamong Singaporeans even as itstays open to global expertise.

“Young Singaporeans especial-ly are mobile and making the

most of opportunities – manyare working in Hong Kong, NewYork and London,” noted MrTharman, speaking at the Finan-cial Industry Competency Stand-ards (FICS) annual conference.“We must keep growing those op-portunities for them (here).”

He said the programmes willgive the young bankers greaterexposure to different aspects of abank’s global operations and givethem opportunities to be men-tored by their seniors.

The Financial Scholarship Pro-gramme will be expanded foryoung bankers to develop theirskills in specialist tracks, such asquantitative finance, risk manage-ment and specialty insurance.

Financial institutions will alsobe helped to create opportunitiesthat allow mid-career bankers to

gain more specialist knowledgeand international exposure.

MAS will even help find solu-tions to problems faced by Singa-poreans taking international post-ings, he said, such as ensuringsuitable schooling for their chil-dren, both overseas and whenthey return, and career opportu-nities abroad for their spouses.

As well, MAS will work withthe industry to develop the“Asian advantage”. “Singapore isin a unique position, given ourgrowing networks within Aseanand with China, India and theMiddle East, to develop deeppools of knowledge of these re-gions,” Mr Tharman said.

DBS chief executive PiyushGupta said the measures weretimely, as Asia will need a muchbigger pipeline of skilled andworldly talent over the next fewdecades, as the region’s financ-ing needs will grow rapidly.

“You cannot expect to run amulti-country regional bank likeours in today’s world withouthaving worked in multiple coun-tries, without having dealt withdifferent cultures, and withouthaving picked up the financialpractices of different markets.”

Standard Chartered CEO RayFerguson noted the bank believesin taking care of its “Singaporecore”, where it looks for foreigntalent only if there are no suita-ble local candidates. Singapore-ans fill top leadership rolesaround the region such as theCEO in China and the head ofgovernance for the Middle East,Europe, Africa and the Americas.

Mr Tharman added that the In-stitute of Banking and Financewill introduce a revamped pro-gramme for new entrants in are-as such as compliance and corpo-rate banking. He also gave outthe Distinguished Financial In-dustry Certified Professional andFriends of FICS awards.

[email protected]

Anwar surrounded by the pressyesterday. He could be barred fromcontesting the polls if he gets morethan a RM2,000 fine or one year’s jail.

PHOTO: THE STAR/ASIA NEWS NETWORK

PARIS – Europe is coming undermounting pressure to take actionto boost growth after two sepa-rate reports presented a grim out-look for the health of the globaleconomy and jobs.

The Organisation for Econom-ic Cooperation and Development(OECD) warned that the 17-coun-try euro zone risks falling into a“severe recession that could dragdown the global economy”.

OECD chief economist PierCarlo Padoan said the euro zoneeconomy could contract by asmuch as 2 per cent this year, a fig-ure that the Paris-based thinktank of 34 countries had laid outas its worst-case scenario in No-

vember. “The crisis in the euro ar-ea has become more serious re-cently, and it remains the mostimportant source of risk to theglobal economy,” he said.

There was more gloomy datafrom the International Labour Or-ganisation (ILO), which said near-ly 75 million of the world’s youngpeople or 12.7 per cent of thoseaged 15 to 24 would be out ofwork this year, up from 12.6 percent last year.

The jobless total is creeping to-wards the 75.4 million unem-ployed in 2009 when the finan-cial crisis caused the number tosoar, it said.

Of even more concern is that

the group says nothing willchange in the next four years.“By 2016, the youth unemploy-ment rate is projected to remainat the same high level,” the ILOsaid.

With European Union leadersmeeting in Brussels today to con-template measures to boostgrowth, the OECD said “credibili-ty and confidence would be en-hanced by euro area and EU-widemeasures”.

On the eve of the summit, thehead of the International Mone-tary Fund (IMF) added her voiceto the clamour for decisive movesafter US President Barack Obamacalled for more coordination.

Speaking in London, IMF chiefChristine Lagarde said the eurozone had made a “serious im-provement” in dealing with its cri-sis but “more needs to be done inrelation to supporting growth,particularly by way of structuralreforms”.

Mr Obama said Europe’s lead-ers needed to be on the samepage. “What is most important isthat Europe recognises this europroject involves more than a cur-rency, it means that there mustbe more effective coordination”on fiscal and growth policies, hesaid early this week.AGENCE FRANCE-PRESSEL See World Page A17

By THAM YUEN-C

THE man behind the online vicering through which 48 men alleg-edly engaged an underage prosti-tute now faces 60 fresh charges.

The bulk of the charges againstTang Boon Thiew, 39, are for abet-ting those men in their trysts withthe girl.

As he already had 35 chargeslaid before him last November, henow faces 95 in all.

Of the 60 charges tenderedagainst him in closed-door pro-ceedings two weeks ago, 56 werefor abetting commercial sex witha minor under 18.

The remaining four were for of-

fences under the Women’s Char-ter – one each for procuring a27-year-old Singaporean and25-year-old Malaysian for prosti-tution here, and two for living offtheir earnings.

His 48 alleged clients werecharged last month with havingpaid for sex with the girl, who was17 when the offences are said tohave taken place.

Court papers said they hiredthe Singaporean girl through Tangbetween September 2010 and Feb-ruary last year.

Believed to have been herpimp, he apparently advertisedher services through a social es-cort website he set up.

In the hearing against formerschool principal Lee Lip Hong –who has since pleaded guilty andbeen jailed nine weeks – itemerged that Tang arranged forLee’s sessions with the girl, usingtext messages to fix details of theprice and meeting place.

Tang is believed to have donethe same for the rest of the men.

The girl, who cannot benamed, commanded $450 to $850a session, from which Tang alleg-edly took a cut.

Besides her, he is believed tohave represented at least 15 otherprostitutes.

Of the 35 charges against himlast November, 34 involved his liv-

ing off their earnings – an offencethat carries a jail term of up tofive years, and a fine of up to$10,000; the remaining chargewas for having paid sex with a mi-nor, believed to be the 17-year-old.

Prostitution is not illegal here,but having paid sex with someoneunder 18 is. The penalty is jail ofup to seven years and a fine.

Apart from Lee, the other menare due to return to court for a dis-closure conference next month.

Meanwhile, investigations intoanother 14 men who allegedlypaid for sex with the same girl areongoing.

[email protected]

Opposition leader pleads not guilty;ex-prosecutor joins his defence team

Euro zone ‘faces risk of severe recession’

Anwar slams chargesas political intimidation

OECD chief economist Pier CarloPadoan (right) says the euro zoneeconomy could contract by asmuch as 2 per cent this year, whileIMF chief Christine Lagarde (above)says more needs to be done tosupport growth, especially throughstructural reforms.

PHOTOS: AGENCE FRANCE-PRESSE

Courses, scholarships among plansfor building pipeline of professionals“ELECTIONS LOOMING

It is clearly apoliticallymotivated charge.Elections arearound the corner.– Anwar to reporters

Alleged pimp in online ring faces new charges

Grooming S’poretalent for finance

A2 TTOOPP OOFF TTHHEE NNEEWWSS W E D N E S D A Y , M A Y 2 3 , 2 0 1 2 W E D N E S D A Y , M A Y 2 3 , 2 0 1 2 TTOOPP OOFF TTHHEE NNEEWWSS A3

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