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Saturday, November 17, 2012
澳門賽車港車手高速入彎撞欄身亡 (來源: 香港成報)
香港「新車神」丘永材昨在東方彎撞欄後，救援人員趕至拯救。 （新華社）
澳門格蘭披治大賽車接連兩日發生車手死亡意外，繼日前葡籍電單車手卡尼拉撞欄死亡後，本港著名賽車手丘永材（英文名Phillip），昨在澳門電訊房車盃出席排位賽，賽車轉入文華東方彎一刻，疑車輛過快失控，估計以超過200公里的時速撞向圍欄，當下車身嚴重損毀，車內的丘亦承受莫大的撞擊力受傷。救護人員趕抵，戰衣已滿佈血漬的丘永材被救離車廂，送院搶救，可惜抵院不到30分鐘，因傷勢過重終告不治。澳門格蘭披治大賽車委員會對事件表示十分遺憾，而死者家人昨晚隨即抵澳善後，在賽會安排下進行路祭，各人傷心不已。記者林嘉諾報導
40歲的丘永材為香港著名賽車手，曾被稱為「新車神」，曾參加三屆澳門格蘭披治大賽車，在車壇界有一定實力。屬於香港陸方車隊的他，賽前一日更接受訪問，談論自己戰車。他昨駕31號雪佛蘭廠戰車，與數十名車手競逐澳門電訊房車盃排位賽，一時間風馳電掣，驚險萬分。
撞欄扭曲 剪車救人
事發昨午1時11分，丘正準備轉入文華東方彎，速度逾200公里之下疑失控，左邊車頭先撞向圍欄，車身即冒出大量白煙；撞欄後仍駛行一段路程始停下。直接衝擊力加上屬左軚，車輛在撞欄後一直貼著防撞欄滑行，車架完全扭曲，而車底亦冒出火光及黑煙，最後才停下來。
工作人員立即出示紅旗，通知各單位搶救，兩部置有急救醫療設備的搶救車即時趕到，拯救車也緊隨而至，由於當時撞擊力非常猛烈，救援人員圖先打開車門救出丘，但經過四五次嘗試也未能打開。搶救人員用電剪剪開賽車，數分鐘後，至昨午1時19分才將傷者抬出，再由救護車送往澳門仁伯爵綜合醫院搶救，至昨午1時24分到達醫院急症室，經過心肺復甦搶救後，丘於昨午1時51分不治。
丘的車隊領導和家人昨晚到達山頂醫院了解情況。當時身在丘後面目擊情況的隊友鄺海峰接受訪問指出，丘的房車當時應以高速超過200公里入彎，因該房車屬於左駄，撞向防撞欄後，令司機位置直接受衝擊。賽車評述員陳恩能表示，由於進入東方彎前後都是一段直路，不少車手都希望藉這個位置，縮短排位賽時間。
快速入彎 難度極大
而香港賽車學校創辦人冼浩明指出，東方彎是一個高速彎位，需入彎的車速很高，且只有一條行車線，難度亦同時增加，以前在該彎位亦發生過類似意外。他表示，丘永材應有能力應付這個彎位，估計導致意外的原因和天氣有關。對於車手有否意外賠償，他說一般車手在參賽前都會簽「生死狀」，故應沒有賠償。
澳門格蘭披治大賽車委員會對丘永材撞車事件表示遺憾，並對其家人致以深切慰問。他們並表示澳門特區政府會為運送丘永材遺體返港等事宜、費用提供全力協助。澳門格蘭披治大賽車委員會協調員安棟樑表示，不認為賽道出現問題。對於連續兩天發生車手比賽時身亡事件，大會重申賽道符合安全標準，車手裝備亦符合國際汽聯準則。
Friday, November 16, 2012
Fear Of Tax Hike Causes More Selling
Equity stock market extends the fall from previous week. The fear of fiscal cliff is so widely spread that some wealthy investors are afraid of tax hike for their properties. As a consequence, there is a wave of disposal of equity stocks for cash or equivalent among wealthy investors in which a large proportion is long term investor.
In previous post, it is anticipated that selling would stop after day traders sold out the holdings. But the relay of selling from wealthy investors extends market drop in this week. It appears that the second wave of selling has finished. But market may come up with another selling event. There are plenty of possible news that can drive market lower, such as earnings miss, European debt crisis, US rating downgrade, etc. Therefore although the room for further market drop is not much, there is still uncertainty whether market will decline for the third week.
As mentioned in earlier post, long term investors are most likely the dominant sellers in coming sell-off events. Institutional and individual investors, besides very rich households, are waiting for market bottom. There is symptom that smart investors are beginning to accumulate shares. Market may rebound strongly when selling from wealthy investors ends and cash on the sideline begins to enter market. Nevertheless, market participants should be aware of news that can drive long term investors to dump stocks again.
Why Investors Are Dumping Dividend Stocks
The fear of higher taxes has put a chill on dividend-paying stocks, in what some analysts say could be an overreaction to the "fiscal cliff."
The Bush-era tax cuts on dividends and capital gains, to 15 percent, are in the cross hairs, as congressional leaders and President Barack Obama this week start work on reshaping the tax and spending components of the so-called fiscal cliff.
"If an investor wants yield, and they also want an investment vehicle linked to growth, then dividend stocks would still seem to be a good place to be," said John Stoltzfus, chief market strategist at Oppenheimer Asset Management. "In an environment where a market continues to be fairly prone to move from 'risk on' to 'risk off,' it's nice to have an investment to pay you while you wait."
Why Muni Bonds Are Suddenly So Popular
Investors are barreling into municipal bonds, driving yields to record lows and hoping for a safe hiding place at a time when taxes are almost certain to rise.
The charge by investors into the tax-free securities has been creating a surge in demand that is not quite being met by supply and is causing some to question whether the muni bond market could be heading for a bubble.
One trader described the muni market as being at a "high-water mark" for momentum, where this new hunt for tax free investments coincided with typical year-end buying, though some of the insurers and hedge funds appear to be less active. "Mutual funds are getting a lot of money in. That positive cash flow needs to be spent, so I don't believe we're creating a bubble. This isn't speculative money. It's real money chasing after it," he said.
Condon also sees no sign of a bubble, but he is concerned that investors at some point will find themselves overly invested in bonds in general. The ratio of the 10-year triple-A-rated muni Tuesday was 97 percent, meaning that security was paying 97 percent of the equivalent Treasury, well above the long-term average in the low to mid 80s.
U.S. credit rating could again take hit in 2013
In 2011, the United States emerged from a damaging budget battle with a downgrade of its pristine triple-A rating for the first time in history. In 2013, it could be dealt even a bigger blow.
Should that happen, it could have a detrimental effect on the country's cost of borrowing and could also shift some investment away from the United States, though the country's big markets and attractiveness as a safe haven are likely to limit those effects.
When S&P cut the United States last year, markets reacted badly. The benchmark S&P 500 index slumped the Monday following, falling 6.7 percent to an 11-month low.
Paradoxically, U.S. Treasury yields plunged as spooked investors stampeded to safe havens. The yield on the benchmark 10-year note fell to 2.32 percent on August 8 from 2.56 percent on August 5 - and is now around 1.6 percent.
That same knee-jerk response could be repeated.
"Investors need to hold billions and billions of dollars," said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co. "Where else are they going to go? Noise out of a rating agency is not going to change that."
In previous post, it is anticipated that selling would stop after day traders sold out the holdings. But the relay of selling from wealthy investors extends market drop in this week. It appears that the second wave of selling has finished. But market may come up with another selling event. There are plenty of possible news that can drive market lower, such as earnings miss, European debt crisis, US rating downgrade, etc. Therefore although the room for further market drop is not much, there is still uncertainty whether market will decline for the third week.
As mentioned in earlier post, long term investors are most likely the dominant sellers in coming sell-off events. Institutional and individual investors, besides very rich households, are waiting for market bottom. There is symptom that smart investors are beginning to accumulate shares. Market may rebound strongly when selling from wealthy investors ends and cash on the sideline begins to enter market. Nevertheless, market participants should be aware of news that can drive long term investors to dump stocks again.
Why Investors Are Dumping Dividend Stocks
The fear of higher taxes has put a chill on dividend-paying stocks, in what some analysts say could be an overreaction to the "fiscal cliff."
The Bush-era tax cuts on dividends and capital gains, to 15 percent, are in the cross hairs, as congressional leaders and President Barack Obama this week start work on reshaping the tax and spending components of the so-called fiscal cliff.
"If an investor wants yield, and they also want an investment vehicle linked to growth, then dividend stocks would still seem to be a good place to be," said John Stoltzfus, chief market strategist at Oppenheimer Asset Management. "In an environment where a market continues to be fairly prone to move from 'risk on' to 'risk off,' it's nice to have an investment to pay you while you wait."
Why Muni Bonds Are Suddenly So Popular
Investors are barreling into municipal bonds, driving yields to record lows and hoping for a safe hiding place at a time when taxes are almost certain to rise.
The charge by investors into the tax-free securities has been creating a surge in demand that is not quite being met by supply and is causing some to question whether the muni bond market could be heading for a bubble.
One trader described the muni market as being at a "high-water mark" for momentum, where this new hunt for tax free investments coincided with typical year-end buying, though some of the insurers and hedge funds appear to be less active. "Mutual funds are getting a lot of money in. That positive cash flow needs to be spent, so I don't believe we're creating a bubble. This isn't speculative money. It's real money chasing after it," he said.
Condon also sees no sign of a bubble, but he is concerned that investors at some point will find themselves overly invested in bonds in general. The ratio of the 10-year triple-A-rated muni Tuesday was 97 percent, meaning that security was paying 97 percent of the equivalent Treasury, well above the long-term average in the low to mid 80s.
U.S. credit rating could again take hit in 2013
In 2011, the United States emerged from a damaging budget battle with a downgrade of its pristine triple-A rating for the first time in history. In 2013, it could be dealt even a bigger blow.
Should that happen, it could have a detrimental effect on the country's cost of borrowing and could also shift some investment away from the United States, though the country's big markets and attractiveness as a safe haven are likely to limit those effects.
When S&P cut the United States last year, markets reacted badly. The benchmark S&P 500 index slumped the Monday following, falling 6.7 percent to an 11-month low.
Paradoxically, U.S. Treasury yields plunged as spooked investors stampeded to safe havens. The yield on the benchmark 10-year note fell to 2.32 percent on August 8 from 2.56 percent on August 5 - and is now around 1.6 percent.
That same knee-jerk response could be repeated.
"Investors need to hold billions and billions of dollars," said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co. "Where else are they going to go? Noise out of a rating agency is not going to change that."
Thursday, November 15, 2012
Tuesday, November 13, 2012
每秒運算17.6億次 超腦「泰坦」最強 (原載《星島日報》)
【星島日報報道】美國能源部旗下橡樹嶺國家實驗室的超級電腦「泰坦」（Titan），以每秒十七點五九千萬億次的運算速度，登上超級電腦排行榜「TOP500」榜首，成為全球最快的超級電腦。
「泰坦」佔地面積與標準籃球場相若，消耗的電力足以供應一個小城鎮，它擁有五十六萬多個處理器，今後將用於氣候變化、可再生能源以及核能研究的模擬計算。
「TOP500」是全球最權威的超級電腦排行榜，由一九九三年起每年兩次公布全球最快五百部超級電腦的排名。曾在二○一○年排名第一的中國「天河-1A」今次已跌落第八位。
「泰坦」佔地面積與標準籃球場相若，消耗的電力足以供應一個小城鎮，它擁有五十六萬多個處理器，今後將用於氣候變化、可再生能源以及核能研究的模擬計算。
「TOP500」是全球最權威的超級電腦排行榜，由一九九三年起每年兩次公布全球最快五百部超級電腦的排名。曾在二○一○年排名第一的中國「天河-1A」今次已跌落第八位。
Monday, November 12, 2012
網上騙案大幅上升 (原載《星島日報》)
警方表示，互聯網騙案大幅上升，尤其是利用電郵騙案和網上拍賣的案件。
警方指出，今年首9個月，共接獲2100宗科技罪案舉報，當中超過1400宗屬於網上騙案，網上騙案較去年同期上升近2倍，涉及的金額更增加4倍。其中網上拍賣的騙案有500多宗，涉及金額405萬元。除買家付款後收不到貨品，亦有一些賣家出售貨物後收不到錢。
另外，利用電郵的騙案亦大幅上升，很多時騙徒收集受害人資料後，進一步行騙。商業罪案調查科總督察孔慶勳表示，在網上騙案中，較嚴重的案件包括電郵騙案，有受害公司被騙將款額匯到海外戶口。
警方指出，今年首9個月，共接獲2100宗科技罪案舉報，當中超過1400宗屬於網上騙案，網上騙案較去年同期上升近2倍，涉及的金額更增加4倍。其中網上拍賣的騙案有500多宗，涉及金額405萬元。除買家付款後收不到貨品，亦有一些賣家出售貨物後收不到錢。
另外，利用電郵的騙案亦大幅上升，很多時騙徒收集受害人資料後，進一步行騙。商業罪案調查科總督察孔慶勳表示，在網上騙案中，較嚴重的案件包括電郵騙案，有受害公司被騙將款額匯到海外戶口。
Friday, November 9, 2012
Fiscal Cliff' Fear Sinks Stocks
Equity stock market sank for two days after election day. After the drop, market sentiment is still low as fear of fiscal cliff remains a dominant factor for market direction.
Traders and market manipulators pushed market down after president election. Despite a significant drop in broad market index, market participants are not selling in panic. Institutional and individual investors are especially calm while day traders are selling in a herd. Although market has dropped below the level when long term investors took profit before the Federal Reserve announcement of open-ended MBS buying program, there is no symptom that long term investors are taking profit again on market fear.
Since institutional and individual investors are waiting for market bottom and long term investors are still patient on market, day traders will finish selling soon. There is much speculation on market swing. The outlook for market is strong because of ample liquidity and low interest rate environment. market participants can make use of this opportunity to strengthen the portfolio for short term trading or long term appreciation.
Awaiting the End of Uncertainty? Don’t Hold Your Breath
A well worn adage about Wall Street suggests that markets can adjust to almost any circumstance, as long there are no surprises. "We don't like the idea of higher taxes," investors often say, "but we can deal with it (within reason) as long as you leave things alone after that."
Not only will any changes in the balance of power in the House and/or Senate have a major impact on the tone and outcome of lame duck session negotiations to address the fiscal cliff, but would also completely alter the agenda of the first two years for the next President.
Add in another election in Greece on Wednesday that could rekindle fears of a Eurozone breakup, as well as the start of China's 18th National Party Congress on Thursday, and it's conceivable that worries from beyond our borders could begin to intrude upon investors again too.
So as much as tomorrow's voting is set to mark the end of some uncertainty, if you're expecting markets to suddenly move into the HOV-lane and burst higher, you're sure to be disappointed. Politics are clearly a factor, but ultimately, it's earnings that matter most to Wall Street.
Beware of 'Trap Door' for Stocks: Pro
Investors should brace themselves for a sharp drop in stocks following a rally that started in June and moved towards a peak following the announcement of a third round of quantitative easing (QE3) in the United States, David Murrin, CEO at Emergent Asset Management said on Tuesday.
"There seems to be an assumption that because of QE3 and a program from the ECB that there is no downside risk to equity markets. If you look at leading stocks and the way that the S&P and the Dow have been trading there is the risk of a trap door to the downside and that's something people have ignored." Murrin added that he was skeptical about U.S. equities' ability to continue rising.
"I have a downside bias and in my opinion you should sell corrections to the upside. I think the downside could be very aggressive. People are very biased to the upside and have been complacent when it comes to Western stock markets," Murrin said.
Obama win has U.S. investors staring at fiscal cliff
U.S. investors will hit trading floors this morning with the same president and the same problems in gridlocked Washington. First up: a looming budget crisis that could send the U.S. economy reeling.
Steven Englander, Citigroup's head of G10 foreign exchange strategy, said markets could panic toward yearend if it looks as though no deal is imminent to avoid the fiscal cliff.
If that happens, investors will think twice about lending the U.S. government money at low interest rates, which would strain the economy, widen the deficit and hurt the dollar. It also raises the possibility that major credit-rating agencies will cut the U.S. debt rating.
Why US May Be Headed for Another Recession
All the problems investors face-from a fiscal meltdown to the various economic woes around the world-add up to one daunting prospect: Another possible recession just over the horizon.
As the financial world puts Tuesday's presidential election behind it, the light in the tunnel could be an economic freight train.
In the week prior to the election, investors pulled cash both from stocks and bonds. Equity-based mutual funds lost $1.4 billion while bond funds saw outflows of $895 million, according to Lipper fund flow data.
Continued accommodation from Federal Reserve monetary policy has been the antidote to fear of risk.
This week's market drop "does reflect real worry about the fiscal cliff" but "we view this as anxiety as an opportunity to buy, not sell," said Bernard Baumohl, chief global economist at the Economic Outlook Group.
"We have a situation where the range of outcomes is extremely wide," he said. "What that tells me from an investing standpoint is that we have to be fully diversified right now. I would not be taking concentrated bets across any asset class."
For Baum, the most important thing for investors to watch is not letting their emotions overcome their choices. He thinks Washington will come to a resolution that, at some point, will placate markets.
"You can't keep kicking things down the road," he said. "Once you get more certainty you get markets that will react and act more like markets, as opposed to emotional roller coasters."
Traders and market manipulators pushed market down after president election. Despite a significant drop in broad market index, market participants are not selling in panic. Institutional and individual investors are especially calm while day traders are selling in a herd. Although market has dropped below the level when long term investors took profit before the Federal Reserve announcement of open-ended MBS buying program, there is no symptom that long term investors are taking profit again on market fear.
Since institutional and individual investors are waiting for market bottom and long term investors are still patient on market, day traders will finish selling soon. There is much speculation on market swing. The outlook for market is strong because of ample liquidity and low interest rate environment. market participants can make use of this opportunity to strengthen the portfolio for short term trading or long term appreciation.
Awaiting the End of Uncertainty? Don’t Hold Your Breath
A well worn adage about Wall Street suggests that markets can adjust to almost any circumstance, as long there are no surprises. "We don't like the idea of higher taxes," investors often say, "but we can deal with it (within reason) as long as you leave things alone after that."
Not only will any changes in the balance of power in the House and/or Senate have a major impact on the tone and outcome of lame duck session negotiations to address the fiscal cliff, but would also completely alter the agenda of the first two years for the next President.
Add in another election in Greece on Wednesday that could rekindle fears of a Eurozone breakup, as well as the start of China's 18th National Party Congress on Thursday, and it's conceivable that worries from beyond our borders could begin to intrude upon investors again too.
So as much as tomorrow's voting is set to mark the end of some uncertainty, if you're expecting markets to suddenly move into the HOV-lane and burst higher, you're sure to be disappointed. Politics are clearly a factor, but ultimately, it's earnings that matter most to Wall Street.
Beware of 'Trap Door' for Stocks: Pro
Investors should brace themselves for a sharp drop in stocks following a rally that started in June and moved towards a peak following the announcement of a third round of quantitative easing (QE3) in the United States, David Murrin, CEO at Emergent Asset Management said on Tuesday.
"There seems to be an assumption that because of QE3 and a program from the ECB that there is no downside risk to equity markets. If you look at leading stocks and the way that the S&P and the Dow have been trading there is the risk of a trap door to the downside and that's something people have ignored." Murrin added that he was skeptical about U.S. equities' ability to continue rising.
"I have a downside bias and in my opinion you should sell corrections to the upside. I think the downside could be very aggressive. People are very biased to the upside and have been complacent when it comes to Western stock markets," Murrin said.
Obama win has U.S. investors staring at fiscal cliff
U.S. investors will hit trading floors this morning with the same president and the same problems in gridlocked Washington. First up: a looming budget crisis that could send the U.S. economy reeling.
Steven Englander, Citigroup's head of G10 foreign exchange strategy, said markets could panic toward yearend if it looks as though no deal is imminent to avoid the fiscal cliff.
If that happens, investors will think twice about lending the U.S. government money at low interest rates, which would strain the economy, widen the deficit and hurt the dollar. It also raises the possibility that major credit-rating agencies will cut the U.S. debt rating.
Why US May Be Headed for Another Recession
All the problems investors face-from a fiscal meltdown to the various economic woes around the world-add up to one daunting prospect: Another possible recession just over the horizon.
As the financial world puts Tuesday's presidential election behind it, the light in the tunnel could be an economic freight train.
In the week prior to the election, investors pulled cash both from stocks and bonds. Equity-based mutual funds lost $1.4 billion while bond funds saw outflows of $895 million, according to Lipper fund flow data.
Continued accommodation from Federal Reserve monetary policy has been the antidote to fear of risk.
This week's market drop "does reflect real worry about the fiscal cliff" but "we view this as anxiety as an opportunity to buy, not sell," said Bernard Baumohl, chief global economist at the Economic Outlook Group.
"We have a situation where the range of outcomes is extremely wide," he said. "What that tells me from an investing standpoint is that we have to be fully diversified right now. I would not be taking concentrated bets across any asset class."
For Baum, the most important thing for investors to watch is not letting their emotions overcome their choices. He thinks Washington will come to a resolution that, at some point, will placate markets.
"You can't keep kicking things down the road," he said. "Once you get more certainty you get markets that will react and act more like markets, as opposed to emotional roller coasters."
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