TR EMERITUS

From The Age   DEWI COOKE   March 12, 2010 - 7:47AM A further 4500 affordable rental properties will be built in Victoria as part of the state government's plan to tackle Melbourne's record-low vacancy rates and rising rents. The government is expected to this morning announce that Victoria will contribute $177 million in incentives to encourage investors to build the properties under the federal government's National Rental Affordability Scheme. Under the scheme, properties are earmarked for rental to low-income individuals and families while private investors or community housing associations are provided with tax-breaks and subsidies from both the Commonwealth and state governments over a 10-year period. The announcement will be made as part of the launch of the long-awaited Victorian Integrated Housing Strategy. However, it is understood that the strategy does not include any plans for "inclusionary zoning" - a planning tool mandating the amount of new housing stock to be set aside as social or affordable housing - despite the efforts of lobby groups to convince the government. Housing Minister Richard Wynne and Consumer Affairs Minister Tony Robinson will launch the plan at 9am. Source: http://www.theage.com.au/victoria/4500-new-affordable-rental-properties-for-victoria-20100312-q20m.html Related website: http://www.fahcsia.gov.au/sa/housing/overview/Pages/default.aspx  Read More →

Written by Our Correspondent Beleaguered PBM Jack Neo, who continued to be flamed mercilessly by the media and netizens alike for his "insincere" press conference now claimed (via Mark Lee) that he was forced to cut the press conference short "when his wife became too upset." Jack was embroiled in a series of sensational sex scandals when it was leaked to the press last week that a mistress of his had gone to his place at Pasir Ris to confront him and his wife. The 22 year old model Wendy Chong subsequently alerted the media of a meeting held at Crowne Plaza between her family and the couple. Following the stunning relevation which drew an immediate response from Foreign Minister George Yeo who called on Singaporeans to "rally" around his good friend Jack Neo, more and more women stepped forward to accuse Jack of "sexual harrassment" including a 16 year old girl of French descent. The much anticipated press conference was held yesterday morning for Jack to explain his actions and clarify matters to the public, but it ended even before it began. Soon after Jack's wife Irene Kng finished her speech, she stood up to leave before "fainting" on her way out. Jack was holding her and heard shouting to the journalists following them to "go away". Jack was nowhere to be seen or heard after the "aborted" press conference, but sent his pal Mark Lee to deal with the media instead. Mark Lee was earlier rapped by netizens for employing large number of PRC workers at his "Old Town White Coffee" chains. In an interview with Straits Times, Mark claimed that Jack was planning to apologize, but he "couldn't do it" because his wife stood up to leave. "Jack told me in the car this morning that he was prepared to apologise to his fans, his parents, his siblings, his father-in-law, his church friends, the parents of the women and everyone who has been affected in any way by this," he said. Though Jack admitted his fault in the entire fracas, he did not offer a public apology to his wife or fans. "He knew that Ah Bu stood up because she could not take it any more. The pressure and all the camera flashes were too much for her. So when she wanted to leave, Jack had to accompany her," Mark Lee added. The dramatic press conference leaves more questions than answers as the "fainting" episode becomes a major talking point among Singaporeans. As your correspondent was watching the Channel 8 News last evening at a neighborhood kopitiam, an Ah Pek sitting nearby exclaimed - "Gei (fake in hokkien) lah! Pian (deceive) gin lan (children) ah!" drawing a round of laughter from the surrounding spectators as the scene was shown. Whether the drama was staged or not, PBM Jack Neo remains a crowd-puller even when he himself is embroiled in a scandal in real life. Perhaps he can derive some inspiration from his own personal misfortune in the next movie - "Sex No Enough" which will surely be a box office hit.   Jack Neo and wife Irene Kng’s press conference on 11 March 2010: 1. Video recording of press conference 2. Irene Kng fainted at press conference 3. Photo Gallery 4. Field Report: Jack Neo and wife broke down in tears 5. Live coverage of press conference   Related articles: 1. George Yeo slammed by netizens for supporting Jack Neo 2. Jack Neo makes advances to 16 year old French girl 3.Jack Neo’s 10 other flings after Wendy Chong 4. Wendy Chong on how Jack Neo initiated sex with her in his car 5. George Yeo supports PBM Jack Neo 6. Foyce accuses PBM Jack Neo of sexual harrassment 7. Wendy Chong: I had sex with Jack Neo twice a week 8. Jack Neo’s wife forgives him for extra marital affair 9. Jack Neo begged Wendy Chong to let him off  Read More →

By Jamie McGhee from Bloomberg Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc. who pays the company for postage and personal phone calls, received a $100,000 salary for a 29th straight year as he arranged a $27 billion acquisition. Berkshire’s shareholder equity, a measure of assets minus liabilities, rose 20 percent to $131.1 billion in 2009 and annual net income climbed 61 percent to $8.06 billion. Buffett received no bonus in 2009 and he doesn’t get stock options or grants, Omaha, Nebraska-based Berkshire said late yesterday in a regulatory filing. “Considering that far-more-mortal executives have been paid far more for delivering far less, the standards of comparisons would warrant a monumental increase,” said Tom Russo, partner at Gardner Russo & Gardner in Lancaster, Pennsylvania, which holds Berkshire stock. “He could say, ‘I’m worth a billion a year,’” Russo said. “That’s not Buffett.” Buffett reimbursed Berkshire $50,000 last year to cover the cost of postage stamps, phone calls and staff time used for personal tasks, the company said in the filing. Vice Chairman Charles Munger, who also made a $100,000 salary, paid $5,500. Buffett and Munger don’t use company cars or belong to clubs paid for by Berkshire. Security Costs Berkshire reported $344,490 in costs for Buffett’s personal and home security. That’s up 9.1 percent from $315,709 in 2008. Buffett, 79, completed the purchase last month of railroad Burlington Northern Santa Fe Corp. for $27 billion, the biggest acquisition of his career. He built Berkshire into a $200 billion company over four decades, transforming a failing maker of men’s suit linings into an enterprise with businesses ranging from car insurance and underwear to power plants and corporate jet leasing. Buffett is also Berkshire’s chief executive officer as well as its largest shareholder. Since 2004, Berkshire’s compensation committee has determined salaries. Prior to that, Buffett recommended his own salary to the board. “He views the shareholders of Berkshire Hathaway as partners,” said Jeff Matthews, author of “Pilgrimage to Warren Buffett’s Omaha” and founder of the hedge fund Ram Partners LP. “If you have your own skin in the game, you own the shares of stock alongside your fellow shareholders and you make them a ton of money, you will make yourself a ton of money, and that’s the proper way to do it in his mind.” Read rest of the article here  Read More →