怎去分辯 真 Real Genuine 偽 Fake Counterfeit 眼見都未為真。
合法 依法 Legitimate 是否必然包含：公平 公正 和 公義 呢？
The wise speaks when he has something to say. The fool speaks when he has to say something 。 。 。 。 。 。。。。。。
一個沒有內涵的小男人﹐顧名 "the inner space".
瘋人瘋語
「我離港前到過一間精神科醫院。當時有位病人禮貌地問，一個以作為世上最悠久民主政體而自傲的國家，如何能夠將此地交給一個政治制度非常不同的國家，且既沒諮詢當地公民，又沒給予他們民主的前景，好讓他們捍衞自己的將來。一個隨行同事說，奇怪，香港提出最理智問題的人，竟在精神科醫院。」彭定康 金融時報
“During a visit to a mental hospital before I left Hong Kong, a patient politely asked me how a country that prided itself on being the oldest democracy in the world had come to be handing over his city to another country with a very different system of government, without either consulting the citizens or giving them the prospect of democracy to safeguard their future. Strange, said one of my aides, that the man with the sanest question in Hong Kong is in a mental hospital.”Chris Patten Financial Times
Non Chinese literate friends, please simply switch to English Version provided by LOUSY Google Translation
Please participate in the unregistered demography survey of visitors at the right hand side bar. You are: ？
《For your attention 懇請垂注》
Recently，Blogger spam filter has become overly sensitive， your comment may automatically relocate into the spam locker temporarily，awaiting for my discretion. I shall visit the spam locker frequently to unlock your comment，please remain patient.
若閣下的留言突然消失，此乃博格的自動過濾系統過份敏感，留言被掃入廢言儲物箱，需要 嗜悲 審查後作出裁決。愚弟定必每天巡邏多次，儘早釋放返回留言板，謝謝你的耐性。
Sojitz Corporation (Japanese: 双日株式会社 Sōjitsu Kabushiki-gaisha) is a sogo shosha (general trading company) based in Tokyo, Japan.
Sojitz was formed in 2004 by the merger of Nissho Iwai Corporation (日商岩井株式会社 Nisshō Iwai Kabushiki-gaisha) and Nichimen Corporation (ニチメン株式会社 Nichimen Kabushiki-gaisha). The name "Sojitz" is derived from the names of Nissho Iwai and Nichimen, both of which include the character "日" (sun). "Sojitz", literally meaning "twin suns", implies a merger of equals between the two companies.
Did you know that the new NHK serial drama which premiered on September 28th, Asa ga Kita, actually has deep ties to Sojitz history?
The drama is based a novel which draws its inspiration from the life of Asako Hirooka (the basis for the show’s Asa Shiraooka, played by TV personality Haru), a businesswoman and teacher who lived from the Bakumatsu era to the Taisho era. Her husband Shingoro Hirooka (the basis for Shinjiro Shirooka, played by Hiroshi Tamaki) was a founding member of Japan Cotton Trading Company (established in Osaka in 1892; later to become Nichimen), one of the companies to which Sojitz traces its lineage.
Shingoro Hirooka 廣岡信五郎
Asako Hirooka 廣岡淺子
Scholars even say that it was Asako’s dedication to her work which inspired Shingoro, then leader of Kajimaya, to enter the spinning industry. He was later appointed the first president of Amagasaki Spinners Ltd.
At the time, so many spinning factories were being built in the Osaka/Kobe area that it had come to be called “the Manchester of the East.” On the other hand, the industry’s raw material, cotton, was under the exclusive control of a few companies and foreign trading houses.
Many were advocating for Japan to procure its own cotton, leading Kajimaya’s Shingoro Hirooka and other spinning industry leaders to come together with over 20 merchants from the Osaka area to found Japan Cotton Trading Co.
Osaka business tycoons like Ichibei Tanaka, Chubei Kihara, and Jisuke Okahashi numbered among the founders, in addition to the other forerunners who built banks, trains, power companies, cotton spinning companies, and marine transport companies during Japan’s transition into capitalism, thereby contributing to the modernization of Japanese industry. One of these was Kajimaya, a driving force during this era of change. As one of Japan’s great houses rivaling Mitsui or Konoike, it developed from a rice milling business to a money changer during the Edo period, and in the Bakamatsu period, worked hard to establish Hyogo Trading Company, the first “company”-style general trading house in Japan. Their finances provided support to both the Choshu Domain and the new government of the Meiji era.
Japan Cotton Trading Co., was established by Kajimaya and the other ambitious leaders of Osaka.
Years later, this Japan Cotton Trading Company which Shingoro Hirooka had helped found (eventually growing into Nichimen) would merge with Iwai & Co., Ltd. (established in Osaka in 1862) and Suzuki & Co., Ltd. (established in Kobe in 1877) to become what we now know as Sojitz.
《For your attention 懇請垂注》
Recently，Blogger spam filter has become overly sensitive， your comment may automatically relocate into the spam locker temporarily，awaiting for my discretion. I shall visit the spam locker frequently to unlock your comment，please remain patient.
若閣下的留言突然消失，此乃博格的自動過濾系統過份敏感，留言被掃入廢言儲物箱，需要 嗜悲 審查後作出裁決。愚弟定必每天巡邏多次，儘早釋放返回留言板，謝謝你的耐性。
剛巧同一日 Otto Frederick Warmbier, an American college student detained in North Korea confesses on north Korean television 美國學生在北韓電視上告白。真的是 攞景 還是 贈慶！（CNN News）
Hong Kong HQ move unlikely to slash HSBC's tax bill, Reuters analysis shows
【CNBC】HSBC's possible relocation to Hong Kong is unlikely to save the British bank much tax - one of its reasons for maybe moving abroad - and could actually increase its bill, a Reuters analysis of the company's filings shows.
HSBC said last year that it was considering a possible shift overseas from London, citing higher taxes and tighter regulation in Britain and a desire to be closer to faster-growing Asian markets.
Analysts said HSBC's former home Hong Kong, with a corporate tax rate of 16.5 percent against a British rate set to rise to 26 percent, was the most likely destination. Some investors have said weakening growth in Asia and a reduction in a British levy on banks' asset bases announced last year, argues for HSBC to stay put.
But some analysts say Asia's better long-term growth opportunities and Hong Kong's lower tax rate may yet hold attractions for the bank.
A Reuters examination of corporate filings shows that Hong Kong may offer HSBC fewer tax advantages than many believe. That's because HSBC will struggle to move enough profit to Hong Kong to benefit from its lower tax rate.
Indeed, it may have to report more income in Britain if it moves, since many of the overhead and borrowing costs now booked in Britain may in future be offset against more lightly taxed Hong Kong profits. Also, Hong Kong's less generous treatment of share bonuses may cost HSBC millions of dollars in tax deductions each year.
Crawford Spence, Professor of Accounting at Warwick Business School, who has studied international groups' tax planning, said the Reuters analysis showed the "commonsense understanding" that HSBC would receive a big tax benefit was too simplistic.
"They may not be saving much money at all on this particular aspect," he said.
HSBC declined to answer questions on possible changes in its structure and their tax impact.
"The board is considering at least eleven criteria for long term shareholder value, one of which includes the tax system which needs to be transparent, fair and competitive," a spokeswoman said in a statement.
HSBC moved to London from Hong Kong in 1993 after it bought Midland Bank. However the climate for banks in the city has become increasingly hostile since the 2008 crisis with regulators bringing in tougher rules on capital and bankers' pay as well as imposing heavy fines for a litany of misdeeds that has scarred the industry.
While regulators in Asia have followed suit with tighter rules on bank capital and liquidity, the region's relatively strong showing in the 2008 crisis means lenders there have faced less of the public and political backlash seen in Europe.
Low UK profits
HSBC's ability to cut its tax bill by moving from Britain is constrained by the fact that it doesn't declare much taxable profit in Britain.
Britain is a lucrative market for HSBC, generating over $15 billion in net interest income and fees in 2014, the most recent full year for which data is available.
However, the bank reported an accounting loss in Britain in 2014 and had a tax charge of $69 million for the year. This is despite the fact its British retail bank, which has tens of thousands of staff, produces what Chief Executive Stuart Gulliver said last August were "excellent returns".
HSBC's investment bank, which is headquartered in London, had profits of $8 billion in 2014, while its commercial bank, which also has a significant British presence, had profits of $9 billion.
A key reason for the modest British taxable result is that much of the group's overhead costs are booked in Britain, such as top management salaries and central support functions.
Also, since HSBC borrows most of its debt via British-registered companies, its annual report shows, it is also entitled to British tax deductions on bond coupons and other interest costs.
HSBC's accounts show group overhead expenses of around $9 billion a year.
Hong Kong, which does not bear the same share of group overhead costs as London, generated over $8 billion in profit on almost $13 billion of revenue in 2014, filings show.
The bank declined to say how much of its group costs would be booked in Hong Kong as part of any overseas move. However, analysts said the change could be significant.
Chris Wheeler, banks analyst at Atlantic Securities, said regulatory rules mean that if HSBC moved its main holding company to Hong Kong, it would have to raise more debt there, rather than in Britain.
"It would have to be in Hong Kong. It would have to be in the holding company," he said.
If these costs were no longer booked against UK income, the UK profits would rise and face UK tax.
Of course, booking costs in Hong Kong would depress taxable profits there, reducing the tax bill there. However, that's not the kind of tax arbitrage companies usually target.
"You're better issuing (debt) out of a higher tax jurisdiction than a lower tax jurisdiction," said Gary Greenwood, an analyst at Shore Capital who covers HSBC.
Banker bonuses
In the area of executive pay, HSBC could find itself losing UK tax deductions without any corresponding saving in Hong Kong. In response pressure from investors and regulators, banks are increasingly paying senior bank executives their bonuses - often worth millions a year - in shares.
Britain allows companies to take tax deductions in relation to newly issued shares paid to employees, even though this does not represent a cost to the company itself. Hong Kong does not, according to its Inland Revenue Department.
All this means that HSBC will have to shift much more UK profit than costs to Hong Kong in the coming years or face an increase in its tax bill. That could be a hard task to manage.
That's because HSBC's average annual British tax bill of $100 million in the past three years suggests an annual taxable profit of just $440 million, based on prevailing tax rates.
One area where HSBC won't make any tax saving by moving to Hong Kong is on the bank levy. Following extensive lobbying, the British finance minister, George Osborne, said in July that he would halve the levy and, crucially for HSBC, no longer apply it to the overseas assets of British banks.
HSBC's levy charge was $1.1 billion in 2014 and previously planned increases in the rate were set to lift this to around $1.5 billion a year.
Gulliver said last year that half the levy charge related to non-British assets. That meant an overseas move might have shaved $750 million a year off HSBC's levy. The fact non-British assets will in future be exempt means this part of the charge will no longer apply.
"The board is considering at least eleven criteria for long term shareholder value, one of which includes the tax system which needs to be transparent, fair and competitive," a spokeswoman said in a statement.
HSBC moved to London from Hong Kong in 1993 after it bought Midland Bank. However the climate for banks in the city has become increasingly hostile since the 2008 crisis with regulators bringing in tougher rules on capital and bankers' pay as well as imposing heavy fines for a litany of misdeeds that has scarred the industry.
CNBC 引述 Reuters 但 嗜悲 找了兩天 才找到 路透社 篇原文
HSBC board to meet, China's role in Hong Kong a factor in HQ debate
* HSBC board meets on Jan 27-28 to discuss HQ move, strategy
* Decision on relocation possible as early as this week
* Concerns about rule of law in Hong Kong growing-HSBC source
By Lawrence White
HONG KONG, Jan 26 (Reuters) HSBC's board meets on Wednesday to consider moving headquarters to Hong Kong, and concerns about China's increasing influence over the financial hub and its independent status may be a factor in the decision, said a senior source at the bank.
At the two-day meeting, directors will also focus on the bank's strategy, with a decision on the domicile issue possibly coming as early as this week.
Chief Executive Stuart Gulliver will lead the board in assessing the results of a nine-month review into a potential relocation, drawn up amid worries over tighter regulation and higher taxes in Britain.
The bank may also want to be closer to faster-growing Asian markets, which account for around two thirds of its profits.
Reuters reported that a relocation to Hong Kong is unlikely to save the British bank much tax, and may actually increase its bill, while signs Beijing is encroaching on Hong Kong's partial autonomy are further playing on directors' minds.
"The situation in Hong Kong appears to be getting worse. You have to wonder if the city will remain a suitable base for an independent-minded, top global financial institution," said an HSBC insider, who asked not to be named due to the sensitivity of the matter.
Since independence from British rule in 1997, Hong Kong has been governed under a "one country, two systems" formula, which gives it partial autonomy from mainland China.
That has ensured judicial independence, a key attraction for international companies seeking an Asian base, and prevented mainland police from operating in the financial centre.
But a series of disappearances among Hong Kong's bookseller community has prompted fears that mainland Chinese authorities may be using shadowy tactics that erode that formula.
AT LEAST 11 FACTORS
Lee Bo, one of the owners of a publisher and bookshop specialising in books critical of China's Communist Party leaders, vanished in December amid widespread speculation that Chinese authorities may have abducted him in Hong Kong and spirited him across to China for an investigation.
Lee, a British passport holder, surfaced on Saturday, meeting his wife at a guesthouse in mainland China, Hong Kong police said.
HSBC in Hong Kong declined to comment on whether Lee's disappearance could be a factor in the domicile decision.
Earlier this month, thousands of people took to the streets of Hong Kong demanding to know the whereabouts of the men, who were all linked to a publisher that was reportedly planning a new book on the private life of Chinese leader Xi Jinping.
So far, Chinese authorities have not responded to multiple requests for comment from Reuters, nor have they made any substantial statements explaining Beijing's role in the disappearances nor the fate of the men.
HSBC's review of whether to relocate considers at least 11 factors, the bank has said, including the transparency and robustness of the business and legal environments in a given city as well as its long-term stability.
The bank has never publicly said which financial centres it is considering for a possible relocation, but Hong Kong, HSBC's main base since its creation 150 years ago until 1993, is viewed as the favourite by analysts and investors.
Staying in London would mean the bank remains in one of the world's largest financial centres, although that might be affected by Britain's possible exit from the European Union following a referendum that could take place later this year.
Local regulators including the Hong Kong Monetary Authority have said they would welcome a move to the Asian city, a major source of global revenues for HSBC.
Yet, as Chinese growth slows to its weakest in a quarter of a century and Hong Kong's own growth suffers, those revenues' contribution may be eroded. (Editing by Mike Collett-White)
路透社 指明 李波事件，將會是 HSBC 考慮考慮的 factor 因子，雖然 HSBC in Hong Kong declined to comment on whether Lee's disappearance could be a factor in the domicile decision.
《For your attention 懇請垂注》
Recently，Blogger spam filter has become overly sensitive， your comment may automatically relocate into the spam locker temporarily，awaiting for my discretion. I shall visit the spam locker frequently to unlock your comment，please remain patient.
若閣下的留言突然消失，此乃博格的自動過濾系統過份敏感，留言被掃入廢言儲物箱，需要 嗜悲 審查後作出裁決。愚弟定必每天巡邏多次，儘早釋放返回留言板，謝謝你的耐性。
最多人說的是李教授任教育局長時涉嫌干預教育學院學術自由。但根據2007年政府委任的調查委員會的調查結果，沒有證據證明李教授曾對教院的院校自主作出任何不當的干預。調查委員會不認為李教授曾以削減對教育學院的資源來迫其就範、也不認為李教授曾說：「I'll remember this. You will pay」的指控成立。
《For your attention 懇請垂注》
Recently，Blogger spam filter has become overly sensitive， your comment may automatically relocate into the spam locker temporarily，awaiting for my discretion. I shall visit the spam locker frequently to unlock your comment，please remain patient.
若閣下的留言突然消失，此乃博格的自動過濾系統過份敏感，留言被掃入廢言儲物箱，需要 嗜悲 審查後作出裁決。愚弟定必每天巡邏多次，儘早釋放返回留言板，謝謝你的耐性。
