A million-dollar dream?

What would you do if you have a million bucks?

Monday Starters – By Soo Ewe Jin

WHAT would you do if you have a million bucks? A poor government clerk from Bihar, a remote and poverty-stricken region of northern India, has become the first person to win 50 million rupees (RM3mil) on the popular Indian version of the gameshow Who Wants to be a Millionaire?

Sushil Kumar’s win is a classic case of life imitating art as the script is similar to that of the 2008 Oscar-winning film Slumdog Millionaire.

According to the Associated Press, Sushil said he would spend some of his prize money to prepare for India’s tough civil service examination, which could lead to a secure and prestigious lifetime job.

He would also buy a new home for his wife, pay off his parents’ debts, give his brothers cash to set up small businesses and build a library in Motihari so the children of his village would have access to books and knowledge.

Real life slumdog millionaire: Sushil (left) says thank you with clasped hands as he receives his US$1mil prize from Bollywood actor Amitabh Bachchan during the fifth season of the Indian version of the Who Wants to be a Millionaire? television quiz in Mumbai on Oct 25. Kumar, a computer operator who earns just US$130 a month, has become the first person to win the top prize. — AFP

Everyone loves a story like this. Although people can become instant millionaires by striking the lottery or pulling the lever on a one-armed bandit at a casino, using one’s talent at a tension-filled gameshow is more admirable.

And I applaud Sushil for his noble attitude in thinking of others to share in his newfound fortune. Bihar is one of the poorest states of India and its remoter areas, such as Motihari, have been largely untouched by India’s phenomenal recent economic growth.

Do you know that there are now at least 39,000 millionaires in Malaysia? According to a recent report by the Credit Suisse Group, 19,000 new millionaires were created over the past 18 months alone.

Meanwhile, the Asia-Pacific Wealth Report 2011 by Merrill Lynch Global Wealth Management and Capgemini, also released recently, revealed that Malaysia’s rich prefer splurging on a fancy new set of wheels, luxurious yachts or private jets.

Up to 46% invested their ringgit in luxury collectibles like cars, boats and jets, the highest percentage of any country within the Asia-Pacific region.

Their counterparts down south seem less interesting and still prefer jewellery and luxury watches.

I know that the CEOs who read the business section of this newspaper may consider a million ringgit small change but to most of us, it is a very faraway goal, not something one can possibly achieve as a regular salaried worker.

But we can all dream and I was wondering to myself, what would I do if I suddenly had a million ringgit in hand? I suppose our wishes would coincide very much with our age, status, and ultimately our character.

To those who believe material pursuits equate to real happiness, a shopping spree would be fantastic.

Those who do not focus too much on material things may want to travel around the world and complete their Bucket List, which may also include going on a religious pilgrimage.

I believe that God never gives us more than we can handle, just as He never lets us go through trials and tribulations beyond our capacity to endure.

And that was when I stopped dreaming. Because I know, seriously, I will never be able to handle so much money at any one time. So I shall be content and count my blessings. I hope you will too.

Deputy executive editor Soo Ewe Jin notes that the world’s population officially hits seven billion today. No one really knows who is Citizen Seven Billion, of course, but by the time he grows up, millionaires and billionaires will probably be a dime a dozen.


Made in China: Country’s new supercomputer uses homegrown chips

China is stepping up its semiconductor manufacturing efforts and using domestic chips for its latest supercomputer. It’s going to be interesting to see how fast China can close in on U.S. supercomputer processor makers Intel, AMD, and Nvidia.

The New York Times reported that a supercomputer called Sunway BlueLight MPP, was installed in September at the National Supercomputer Center in Jinan, China. The details emerged at a technical meeting. The real catch is that China used 8,700 ShenWei SW1600 chips.

Those semiconductors are homegrown and indicate that China is aiming to be a major chip player. The New York Times story was mostly sourced to Jack Dongarra, a computer scientist at the University of Tennessee, but Chinese sites reported on the technical meeting. Dongarra helps manage the list of Top 500 supercomputers. China’s previous supercomputers used Intel and Nvidia chips.

Meanwhile, ZDNet UK highlighted the blog of Hung-Sheng Tsao, founder of HopBit GridComputing, who posted the slides detailing the Sunway BlueLight MPP, which come from IT168.com. IT168.com covered China’s supercomputing powwow extensively this week.

ZDNet UK’s Jack Clark noted:

According to (Tsao’s) slides, which appear to be from a presentation describing the computer’s capabilities, the ShenWei Sunway BlueLight MPP has 150TB of main storage and 2PB of external storage. Each ShenWei SW1600 processor is 64-bit, has 16-cores and is RISC-based.

Here’s a Google Translate link offering more details via IT168.

The Wall Street Journal noted that the China domestic supercomputing effort is very credible and signals an effort to cut the country’s reliance on western companies. It’s unclear whether China’s chips are completely original blueprints or based on a previous design. One issue for the Sunway chips is power consumption. The Sunway supercomputer apparently doesn’t need that much power relative to rivals.

The New York Times added that that ShenWei chip appears to be based “on some of the same design principles that are favored by Intel’s most advanced microprocessors.”

China’s efforts appear to be a few generations behind, but rest assured the country will try to close any gaps quickly.

This story was originally posted at ZDNet’s Between the Lines under the headline “China steps up its semiconductor game with homegrown supercomputer effort.”

Don’t let the sun go down on our rights; those mess up politics, religion & race!

Elton John


Don’t let the sun go down on our rights

Any secular party would be a better pick than one whose politicians masquerade as religious leaders.

IT’S becoming boringly predictable with PAS as it again plays its self-appointed role of custodian of morality by telling Malaysians what they can watch – mostly cannot watch, unfortunately.

Just a few months ago, the Islamist party had attempted to project a somewhat liberal image, possibly believing that Putrajaya was within its grasp.

That short flirtation has ended and it has now decided to return to its conservative image, rudely awakened by the reality that it was more important to try to hold on to its jewels – Kelantan and Kedah – and that hardcore supporters were loudly voicing their dissatisfaction.

It now wants to be recognised for its main objectives – setting up an Islamic state and implementing hudud laws – and will surely have no tolerance for rock concerts, which it has dismissed as hedonistic.

PAS surely does not want to see its Malay votes, the deciding factor, slipping away for non-Muslim votes.

So it is now back to making the wearing of headscarves compulsory for women and punishing those who disobey the rule in Kelantan, and banning the setting up of cinemas in Bangi, Selangor, simply because a PAS state assemblyman objected.

And the party is not even the dominant player in the Selangor government.

No one can deny that, except for that brief experiment, PAS has always been consistent with its Islamist objectives and has never strayed from its purpose of wanting to set up a religious and puritanical society.

For many, due to their anger with the Barisan Nasional as well as for political expediency, they are prepared to pretend decisions made by PAS will not affect them, brushing them off as minor matters or merely distractions for a larger interest.

That was what the Iranians thought when they dumped their Western-backed but corrupt monarch for the ayatollahs. Thirty-two years later, however, many are wondering whether they gave up their human rights and secular lifestyles too.

There is an elected government in Iran but it is the theologians who call the shots, invoking laws in the name of religion and according to their interpretations, which not many of the faithful are prepared to challenge.

In the case of the minorities, their voices are easily suppressed and they are dismissed curtly for their religious ignorance.

Even in Tunisia, after the euphoria of its recent first elections, secular Tunisians are wary about the Islamist-dominated assembly and fear that their civil rights legislation will be reversed.

In Malaysia, we could head down that dangerous road if we are not careful because some of us are being convinced that PAS alone cannot redraw our legal systems.

PAS has decided to go ahead with the implementation of hudud laws in Kelantan, claiming that non-Muslims would not be affected.

One does not need a doctorate in law to know that there can never be two kinds of laws, particularly in civil and criminal matters. So there is no such thing as hudud laws would not affect non-Muslims.

The PAS Supporters Club has been jolted and it is finally realising that this was not part of the bargain.

Better late than never, it can be said, but then the PAS Supporters Club had organised tours to Kelantan and persuaded voters to elect more PAS candidates by claiming non-Muslims would not be affected, thank you very much.

Any objection to PAS’ agenda these days risk being rubbished as propaganda, abused, rebutted or named-called as abuses involving the Barisan. Objecting is surely not for those wanting to seek popularity.

The point is any secular party, whether Umno, the MCA, the DAP, PKR or PPP, would be a better pick than one whose politicians masquerade as religious leaders, insinuating that their words cannot be questioned because they are “men of God”.

Malaysia may not have the best system but we have one that works and functions. There are politicians who claim we are already an Islamic country but the Federal Constitution is pretty clear about the fact that we are still secular. Our legal system is also pretty clear and intact.

For sure, I cannot take seriously those who think Elton John’s song Can You Feel The Love Tonight, soundtrack for the film The Lion King, could be a gay anthem. By the way, one of his hit songs is Don’t Let The Sun Go Down On Me – it’s sun, not son.

The accidental entrepreneur

LOOKING back at the last nine years, here are the hard facts I have had to face:

1. Before SPM, I was too lazy to study hard as I knew I had the financial backing of my parents. I never thought about how lucky I was, or how much they sacrificed to put me through college;

All great journeys start with small steps, and I hope anew everyday to have the courage to take them —ANAND PILLAI

2. I finished SPM with dreams of being a hotshot engineer in Silicon Valley riding the dot-com bubble. Of course, I knew shockingly little about what any of those things really entailed; and

3. Up till recently, my knowledge of the world – its problems, its people, and its culture – was severely lacking as it was shaped by commercialised Western television and the Internet. Although I grew up in Malaysia, I had little exposure to folk from other social classes.

My journey began at the dawn of the millennium when I completed my A-Levels and went on to pursue an engineering degree at Northwestern University in Chicago, the United States (US). It was very, very cold there – minus 20 degrees Celsius at times.

Three years after starting college, I was a radically changed person. I realised that my true calling was to devote my life to work that was meaningful to me, and that I did not enjoy engineering in its traditional sense, although I graduated with a Bachelor in Industrial Engineering and Management Sciences.

Upon graduation, I was determined to find employment in the non-profit sector and secured an internship at an organisation that provided food to the homeless in Chicago.

Although I enjoyed my work immensely, I was not able to remain employed there due to my US work visa situation. I had to decide if I was to return to Asia to work in the development/non-profit field, or pursue a corporate career in the US, which was the only way to secure a work visa at the time.

The allure of a large pay cheque, sharp grey suits and expense accounts eventually won me over and I accepted a management consulting position in Philadelphia. I worked there for two years and went on to become a manager at a global pharmaceutical company in Princeton, New Jersey, making more money than I ever thought possible.

Fortunately, throughout my corporate career, I focused on learning from my work environment and saving as much money as I could while pursuing other interests after work hours.

After three years in my cubicle, I left the corporate world and began to work on my own entrepreneurial ventures in Philadelphia and other cities. I wanted to be a small business entrepreneur because it would allow me to live a lifestyle that I cherished. More importantly, I would be able to pursue work that would be meaningful to me – personally and professionally – without being held accountable to someone else’s whims or the profit motives of owners or investors.

Over the years I discovered (due to a combination of part-time work and meeting new people) that my passion lay in “social business”.

This is the model of running profitable, successful companies which at its core takes into account the 3 P’s – people, planet, and profits.

This effectively combined my interests in the traditional business world with providing a social benefit to the communities I worked in.

My entrepreneurial ventures include partnering with an experienced real estate investor on low-income housing in Philadelphia. I also developed an education consulting business where I worked as a career counselor for 20-somethings who were trying to find their place in the world. Most importantly, both endeavours were entrepreneurial in nature and very meaningful to me as they met the objectives I wanted to achieve in my professional career.

After spending close to 10 years in the US pursuing further education and work opportunities, I recently decided to move back to Asia.

Spending time with my family, pursuing meaningful business ventures in Malaysia, and exploring and enjoying my native land was a calling too strong to ignore.

I intend to continue my work in real estate and career guidance here, but also focus my energies on other business ventures including sustainable tourism, fitness, and nutrition – all passions of mine.

As I pause midway through my life and look back at life after SPM, I realise that the road I took was one that I never expected to be on, but I am eternally grateful and humbled by the opportunities I have had. I intend to live the rest of my life building upon that foundation.

I constantly remind myself of my primary goal – creating positive change in the world. All great journeys start with small steps, and I hope anew everyday to have the courage to take them.

Finishing school is a fun time but for most of us, it is a time for some serious thinking about your future. The Star Education Fair’s Options After SPM talk is a good place to help you make your choices easier.

This story is published in What’s After SPM? available at MPH Bookstores.

Some advice on how to be a successful entrepreneur

An illustration of a company's supply chain


Tan Thiam Hock gives some free but useful tips on how to be a successful entrepreneur.

 Know your weaknesses and strengths

JAGDEV from StarBiz sent me a cheerful email this morning reminding me of my weekly responsibilities. I am desperately searching for inspiration as I look around the dreary faces of fellow passengers on a train ride from Cambridge to London. Looking out the window, the sunny autumn day looks promising as we pass through the pretty countryside but somehow I had this feeling that it was going to rain in London. It was a hardly an inspiring thought but I do have to persevere and continue, inspired or not.

Since I started this column five weeks ago, I have had quite a number of entrepreneurs writing in, describing their frustrations at their slow progress in achieving success and was searching for nuggets of inspiration from me. Some relate their current business predicaments and asked for advice, others seek direction and even mentorship.

As for me, I was seeking refuge from a deluge of questions tinged with high expectations. I was in trouble, deep trouble. All I wanted to do was share some experiences, make a few jokes about celeb entrepreneurs and show the Star CEO a thing or two about mass marketing. Suddenly, I am expected to give advice and solutions to a vast variety of business scenarios and problems.

Qualified and knowledgeable consultants charge you for advice as much as your wallet can afford. Advice with solutions will cost you twice as much. Solutions with more questions which begets more solutions will result in permanent charges. I believe they call this personal coaching.

Sharing of opinion is free. You do not have to agree with an opinion. But you normally take an advice seriously because you paid for it. For once, I will give you free advice which should save you tonnes of ringgit in consultant fees. Just a few simple opinions for that man in the mirror.

Know your own limitations. Strengths. Weaknesses. Tolerance tests for suffering, humiliation, stress and financial deficits. Only your mum knows more about you than you. Once you have a favourable opinion about yourself, set realistic and achievable targets. Just be yourself. Play to your strengths and be the biggest fish in a small pond.

Be happy with little successes. Each brick of success will inspire you to the next level. Do not always dream of the big day, the one deal that will help you rule the world. It might never come. Besides higher financial rewards, have you built a better reputation with your bankers, suppliers and customers?. Are you happy with what you have achieved or do you still feel that the world owes you a living?

Wealth is relative so do not compare. There is always someone richer than you, bigger than you and smarter than you. Unless you are Bill Gates. Of which you are not. So stay humble. You will have more friends. And you will be a richer person for that.

Do not profit from other people’s misery. Share your profits with your suppliers and your staff. A continuous profitable supply chain ensures long-term business survival. Suppliers and staff stay with you if they trust and respect you. And the only way you earn their trust is through honest engagements and mutual respect.

Behind all successful entrepreneurs, you will find a loyal core team of very capable managers. Ralph Marshall of Astro and Maxis, Kathryn Tan of AirAsia, Tan Sri Tay Ah Lek of Public Bank and countless other professional managers in all the successful corporations. Entrepreneurs hog the limelight with their vision and persona but they need to be complemented by trusted executioners to crystallise their vision. They are the unsung heroes and deserved to be treated with tender loving care by entrepreneurs.

Whether your business is small or big, when you are faced with what seems like insurmountable problems, you will feel really lonely sitting alone on your own little hill. Learn to embrace the solitude. Take this opportunity to reflect on where you have gone wrong. Take responsibility and not blame others. Eat humble pie if you have to. Take a step backward so that you can move two steps forward.

All entrepreneurs make mistakes. A successful entrepreneur does not make fatal mistakes. They just make more right moves than wrong ones. Just make sure the sum of positives exceed the sum of all negatives and you are on the way to a healthy balance sheet.

The Achilles Heel of high flying entrepreneurs has got to be over-confidence. Used to continuous rapid success, they start to believe in their own invincibility and perceived ability to be successful in every new business they wish to undertake.

Over-leveraging to fuel expansion can be fatal if the bleeding from new projects does not stop. So unless you have a bottomless pit of reserves like Genting or Hong Leong, be cautious in your ambitions. Expand, consolidate, strengthen your cash-flow, then expand. You will never be poor again.

I must admit that these opinions or free advice are hardly inspiring to entrepreneur wannabes. If you are seriously looking for guidance, there are many books on entrepreneurship. You could attend many seminars and join the numerous clubs for entrepreneurs. Just Google and you will find enlightenment.

Last piece of free advice.

No free lunches in business. Chew on that.

he writer is an entrepreneur who hopes to shares his experience and insights with readers who want to take that giant leap into business but are not sure if they should. Email him at thtan@alliancecosmetics.com

Towards a multi-polar international monetary system

IMF nations


IMF cannot create sufficient credit to help resolve growing financial crises 

MOST people think of the international monetary system as an architecturally designed system made in Bretton Woods at the end of the Second World War. This may be true for the international financial institutions like the International Monetary Fund or the World Bank, but the existing system is a messy legacy of rules, regulations and foreign exchange systems and institutions that facilitate trade and payments between countries.

Unlike a national monetary system, where there is one currency issued by the national central bank and national agencies responsible for financial stability, there is currently no global central bank, no global financial regulator and no global finance ministry. In short, we have global financial markets, but no global mechanism to deal with periodic crises, except through the (sporadic) consensus views of national policy-makers.

This was not a problem when the United States was the dominant power in the 1950s and 1960s. But this changed when the United States dropped the link to gold in 1971. From then on, the international monetary system was largely driven by decisions between the United States and Europe, which collectively owned the majority of the voting power in the IMF. Needless to say, the emerging markets had little say, since they were the major beneficiaries of aid and funding from the IMF and the World Bank.

In 1975, the Group of Six (G6) formally came into being, comprising the United States, UK, France, Germany, Japan, Italy, with Canada being added to form G7 the next year. Basically G7 leaders met regularly and decided most of the decisions for the international monetary system. The G7 accounted for roughly half of world GDP, but essentially ran the global financial system.

The grouping was only widened in 1997 when the heads of the United Nations, World Bank, IMF and WTO were invited to join the regular G7 meetings. In 1998, Russia was added to form G8, but with the outbreak of the Asian crisis, the need for more global representation let to the formation of G20 in 1999. The G20 collectively account for 80% of world GDP and two-thirds of the world population.

The reason why the international monetary system is not functioning smoothly is that decision-making lies in the hands of sovereign nations, not the global institutions. A unipolar system is alright as long as the dominant power is stable. This is not necessarily true in a multipolar system, because even obvious decisions cannot have consensus, because of different national interests.

If we keep on thinking about reforming the international monetary system in national terms, can we arrive at a more effective system in promoting global trade and payments and maintaining global financial stability?

For example, the debate over the role of the US dollar and the emergence of the renminbi is seen as threats to the status quo. This is understandable, but money and finance are not ends in themselves, but means to an end of global prosperity and stability.

The real question is what is the global financial system supposed to do, and what is the best way to achieve it?

In the immediate post-war period, there was a shortage of US dollars. Hence, the IMF was created to provide liquidity and foreign exchange reserves for the post-war reconstruction. The United States ran current account surpluses, held most of the world’s gold reserves and everyone wanted dollars. Today, because of the Triffin Dilemma, the continuous US current account deficits gave rise to the Global Imbalance, thought to be the cause of the current crisis.

One theory goes something like this. East Asia went into crisis in the 1990s, built up large foreign exchange reserves and current account surpluses and these surplus savings reduced global interest rates and caused the advanced markets to lose monetary control. However, that is not the complete story. There is increasing awareness that the global shadow banking credit was pumping out leveraged liquidity that may have caused national monetary policies to lose effectiveness.

In other words, instead of shortage of global liquidity, we have too much liquidity sloshing around global financial markets, so much so that most central banks are debating how to prevent such liquidity creating asset bubbles, banking crises or over-appreciation of the exchange rate that haunted Japan and East Asia. You either deal with this through self-insurance, building up large exchange reserves, or you allow the IMF to become the provider of liquidity when you need it.

Most countries do not like IMF imposing stiff conditions and they discovered quickly that the IMF has no teeth when you are not a borrower.

This is the real dilemma of the current international monetary system. Do we seriously want a global institution to re-balance the global economy through carrots and sticks? If so, each nation would have to give up sovereign power to the IMF.

Currently, the IMF cannot fulfill the disciplinary role against the large shareholders nor can it create credit sufficiently to help resolve the growing financial crises. IMF resources are roughly US$400bil and it would have to be increased by a factor of five, before you have enough resources to deal with the European debt crisis. No single country nor group of countries can deal with such exponential growth of the global financial system, last measured as US$250 trillion in conventional financial assets and US$600 trillion in nominal value of derivatives.

In sum, there are structural issues on the global system to be thought through, before you consider the technical question whether surplus country currencies like the renminbi should be included into the SDR basket of currencies as the global reserve currency.

The reality is that no country will forever be in surplus, and sooner or later, deficit countries will have to borrow from the international pool of savings.

In the absence of a coherent global consensus on what to do, muddling through from crisis to crisis seems to be the likely way forward.

In short, don’t expect the dollar dominated system to change a lot unless there is another systems crash.

Andrew Sheng is president of the Fung Global Institute.

Eurozone seeks bailout funds from China

Klaus Regling: ”These are regular consultations at an early stage and there will be no conclusions”

Martin Patience BBC News, Beijing

The head of the eurozone’s bailout fund is beginning attempts to persuade China to invest in a scheme to help rescue member countries facing debt crises.

After meeting Chinese leaders, Klaus Regling said there were no formal negotiations and would be no deal now.

It is thought China may pay about 70bn euros ($100bn) into the fund, which is expected to be boosted to 1tn euros.

Meanwhile French President Nicolas Sarkozy said debt-ridden Greece’s entry to the eurozone was a mistake.

Greece was “not ready” when it joined in 2001, he said, adding that it could be rescued thanks to a new deal on the debt crisis.

European leaders worked into the early hours of Thursday in Brussels to secure an agreement aimed at preventing the crisis from spreading to larger eurozone economies.

The deal triggered a worldwide shares rally.

‘Regular buyer’

Beijing has made it clear that it will demand strong guarantees on the safety of any contribution it might make.

With more than $3tn in foreign reserves there are European hopes that China could ride to the rescue.As the EU’s biggest trade partner Beijing would also be hard hit by any downturn in Europe.

But like other investors, China will want guarantees.

And Beijing may push for other concessions, such as market economy status – a move that would make it harder for European companies to press trade complaints against Chinese rivals.

Any investment will also be fraught with political risk.

China’s fund managers have faced criticism after earlier overseas investments soured.

Despite being the world’s second economy, more than 200m Chinese live in poverty.

China’s leaders won’t want to be seen giving “charity” to countries richer than their own.

Mr Regling, who is chief executive of the European Financial Stability Facility (EFSF), said he was not negotiating with China as a potential investor but holding consultations to decide the terms for raising the money.

“Don’t expect any precise outcome of our talks,” he said, quoted by AFP news agency.

“I cannot say today, and it’s certainly far too early to say what kind of amounts might be envisaged.”

He said China had been a regular buyer of EFSF bonds in the past.

He would present the fund’s bonds as a potential commercial investment to China, he said, adding that Beijing regularly needed to find safe investments for its trade surpluses.

“I am optimistic that we will have a longer term relationship,” he said.

Chinese Vice Finance Minister Zhu Guangyao said there was work still to be done.

“We need to wait for the technicalities to be clear and also to carry out serious studies before we can decide on investment,” he said, quoted by AFP.

“Start Quote

Xu Juan

If we have the ability to help them then we should, but there is no feeling of pride in that”

Xu Juan International trade firm employee in Beijing

“We hope that all these technical and specialised arrangements can be thrashed out at an early date and can be implemented and feasible. That will be very important for the effectiveness” of the fund.

The President of the World Bank, Robert Zoellick, has said he believes China will invest in Europe only if there are incentives for it to do so.

“I don’t think that China will just come in as a white knight to try to provide money just to bail out Europeans,” he told the BBC.

But investor Jim Rogers said China was prepared to help.

“From China’s point of view, it’s cheap foreign aid. They’ll buy goodwill. I guess they’ll put up some money,” he said on BBC Radio 4’s Today programme.

The suggestion that China should use its financial clout to assist the eurozone met with mixed reactions on the streets of Beijing.

“If we have the ability to help them then we should, but there is no feeling of pride in that,” said Xu Juan – a 27-year-old employee of an international trade firm.

We need to focus on doing a good job on developing our own country.”

Wang Xiaodong, a 23-year-old univeristy student, said “With the global economy everybody prospers together or becomes weaker together, so we just have to endure this tough time together.”

The framework for the new EFSF bailout fund is to be put in place in November.

Germany, as the largest economy in eurozone, is expected to be the largest contributor.

Asian markets rose for a second day on Friday and bank stocks in Europe continued to rally, a day after the deal was reached.

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