July / Augustus 2009 - Association of Dutch Businessmen

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Business news Sources: Het Financieele Dagblad and Reuters Holland rich in undiscovered gas fields There is ‘significant potential’ to discover large quantities of gas on Dutch territory, particularly in unconventional sources such as shale, coal beds and shallow fields, the oil and gas industry body EBN said. The report ‘Focus on Dutch Gas’ looks at the current state of gas production in the Netherlands and its future potential. ‘Shallow gas has always been avoided because of the drilling risks and is only rarely taken into production,’ according to EBN chairman Jan Dirk Bokhoven. ‘But last year that happened for the first time.’ Bokhoven said that if all the untapped sources of gas are combined, the total could amount to 500,000 cubic metres. ‘That is a very rough estimate, but some of that can be extracted’. The biggest Dutch gas field was found in Slochteren in the northern province of Groningen in 1959 and established the Netherlands as a major gas exporting country. Birthday kiss at work not popular Birthday kisses from colleagues are a major annoyance for a third of people who celebrate their birthday at work, according to research by jobs website NationaleVacaturebank.nl. Next on the list of dislikes is singing (hated by 26%) and bad speeches (disliked by 24%). A gift token is the most common present, if presents are given, the survey showed, while one in eight workers are given something ‘original’. Some 15% of workers are prepared to donate more than €10 towards a present while 23% give between €6 and €10. Jobless benefit claims rise by 11,000 The number of people claiming unemployment benefit rose by 11,000 in April, the sixth successive monthly increase, says the national statistics office CBS. Corrected for seasonal influences, some 203,000 people were on jobless benefits (WW). In October 2008, the jobless total was a record 40,000 lower. Unemployment among men was up 31%, while only 13% more women were without a job of at least 12 hours a week. In particular, people employed through staffing agencies were hard hit, the CBS said ‘Buffer needed between banks and Bos’ Christian Democrat, Labour and Liberal MPs want the government to set up an intermediary body between finance minister Wouter Bos and financial service companies, such as ABN Amro, in which the state has a stake. It is important that Bos does not appear to be both bank manager and finance minsiter at the same time and he should not be held liable for ‘every little move’ made by the banks, the MPs said. ‘That is not in the companies’ interests,’ CDA finance spokesman Frans de Nerée said. The general audit office has already warned the government of these risks. ‘We want a buffer when it comes to exercising shareholders’ rights, investments and managing supervisory board members who are acting on the government’s behalf,’ the MP said. Bos is expected to tell MPs how he plans to deal with his banking role. The minister has already said there are both advantages and disadvantages with setting up an independent foundation. In particular, an intermediary would change the way he reported on the banks to MPs, Bos has said. Labour MP Paul Tang said that he wants to make sure that banks which have been bailed out with government money keep to new guidelines on executive pay and bonuses. ‘I still have my doubts about whether banks have learnt their lessons or should we take the risk that they are [still] gambling with other people’s money?’ he said. Up to 18,000 firms face hard times Some 18,000 Dutch companies may be in financial difficulties because of the recession, according to calculations by Deloitte reports. Half of these companies will depend on credit to get through the next six months, but almost half of them are finding it hard to get new financing, the paper says. And a large proportion have not discussed their difficulties with their bank, the research shows. ‘Doing nothing is not an option,’ Deloitte spokesman Oscar Snijders said. ‘Companies have to sit down with their bank. To make sure their requests for credit run smoothly, firms must be open and transparent.’ While 38% of the firms polled by Deloitte said six months ago they expected the recovery to begin in the third or final quarter of this year, only 29% now think so. Just over half the firms questioned expect the recovery to begin next year. Eneco buys Econcern solar power unit Energy firm Eneco said it is to buy some of the solar power operations of the bankrupt sustainable energy project developer Econcern. Rotterdam-based Eneco, which is owned by local and provincial governments, said it would buy part of Econcern’s consultancy and wind energy businesses. Econcern was declared bankrupt earlier this month. Talks are continuing on the takeover of Econcern’s international solar power activities. Financial details were not disclosed. 26 Vol.19 • No. 6 • July/August 2009
Business news Sources: Het Financieele Dagblad and Reuters Fortis court case verdict in September Amsterdam district court will announce in September whether key players in the decision to fully nationalise Fortis Holding’s Dutch interests should be forced to testify. A foundation known as FortisEffect, which represents some 1,200 shareholders in Fortis Holding, wants to hear evidence from people such as finance minister Wouter Bos who were involved in the nationalisation last year. The case is one stage in complicated legal proceedings which shareholders hope will lead to the nationalisation process being reversed. FortisEffect argues that the state gave the impression that the company was safe following the partial nationalisation in September. But shareholders who bought into the company on that basis found their investments practically worthless when the company was fully nationalised in October 2008. Banks abandon ‘difficult’ neighbourhoods Banks have all but stopped extending mortgages in problem neighbourhoods of Rotterdam and The Hague, quoting estate agents and notaries. A number of run-down areas in both cities have been singled out for extra investment in term of housing, employment and quality of life. The government has made stimulating home ownership a central part of its urban renewal efforts, but this is now under threat. ‘The lack of financing is threatening to paralyse these neighbourhoods,’ Rotterdam notary Vic van Heeswijk, who organises compulsory house sales. Mortgages ‘Banks only want to give safe mortgages. Difficult areas and difficult buyers are out of favour. It doesn’t say anywhere in black and white that urban renewal areas are no-go zones for mortgages but that is what is happening in practise,’ he said. Rob Wassenaar, chairman of the Rotterdam NVM estate agents, said house prices were falling in these areas faster than elsewhere. ‘We are seeing bigger price drops in neighbourhoods where finance is more difficult,’ he said. Mortgage market leader Rabobank denies it rejected mortgages on the basis of postcodes, as do other banks. Housing minister Eberhard van der Laan told NOS TV that he would look into the Volkskrant’s claims. Embassy Info His Royal Highness Prince Willem-Alexander, The Prince of Orange, visited Singapore His Royal Highness Prince W i l l e m - A l e x a n d e r, The Prince of Orange, visited Singapore in his capacity as Chair of the Advisory Board on Water and Sanitation of the Secretary General of the United Nations. On Monday 23 and Tuesday 24 of june, H.R.H. attendend the Singapore International Water Week 2009, where he delivered an Opening Address. He also visited the Marina Barrage and the Lee Kuan Yew School of Public Policy for a meeting with the management and students of the Institute of Water Policy. In the Istana H.R.H. was received by the President H.E. S.R. Nathan and by the Prime Minister, H.E. Lee Hsien Loong. He also had a separate meeting with the Minister for the Environment and Water Resources, Mr. Yaacob Ibrahim. Prince Willem Alexander attended the official opening of the Changi Water Reclamation Plant by the Singapore Prime Minister, before returning to the Netherlands. Public holiday for August Sunday 9 August - National Day of Singapore (Monday 10 August - Embassy closed) 27 Vol.19 • No. 6 • July/August 2009
Page 1 and 2: July / August 2009 MITA 373/03/2001
Page 3 and 4: Prologue Dear Members, And so we ar
Page 5 and 6: Review The Supreme Court By Richard
Page 7 and 8: Business The workspace of… By Kar
Page 9 and 10: Singapore This year’s edition of
Page 11 and 12: Special Singaporean companies in th
Page 13 and 14: Special STATS ChipPAC Ltd. - Stats
Page 15 and 16: Special Proud to be Dutch - but do
Page 17 and 18: Special be found all over the Nethe
Page 19 and 20: Special Taste of Singapore back hom
Page 21 and 22: Special before I could begin my ‘
Page 23 and 24: Special wrong attire when I am out.
Page 25 and 26: Column By… Dutch Managers want…
Page 27: Event Agenda World Cinema Series En
Page 31: Unique Jewelery made to measure!

July / Augustus 2009 - Association of Dutch Businessmen

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