Bloomberg.com, 17 Oct 2008, Lee J. Miller
Singapore's ``perceived safe-haven status is misplaced -- it is the first regional economy in recession and looks like it will remain so for at least a year,'' Morgan Stanley said in a report last week. Banks, already hurt by investments in products linked to the U.S. housing market, ``will struggle at the end of the cycle when non-performing loans emerge from the deterioration.''
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