Bloomberg.com, 31 Jan 2009, David Yong
Jan. 31 (Bloomberg) -- Institutional investors, including sovereign wealth funds, may play a bigger role in stabilizing the global financial system as leveraged banks and hedge funds stumble, the Government of Singapore Investment Corp. said.
“With many key debt and equity real estate markets pushed to extreme under-valuations, institutional investors like pension funds and SWFs will play an important role in the stabilization and eventual recovery of asset markets,” said Tony Tan, deputy chairman and executive director of GIC. “Real money investors, particularly un-leveraged global institutional investors, would become relatively more important players” in bank recapitalization efforts, he said.
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Saturday, January 31, 2009
Chola DBS Finance goes in for capital restructure
The Hindu, 31 Jan 2009
CHENNAI: Chola DBS Finance, a leading non-deposit taking and non-banking finance company (NBFC), has gone in for a major overhaul of its capital.
The revamp plan, approved by its board here on Friday, envisages the creation of a special one-time standard asset provision of Rs. 200 crore. It also provides for loan losses / write-offs to the extent of Rs. 100 crore. Besides these, it provides for the adjustment of impairment loss in investment of Rs. 23.53 crore in one of its subsidiary companies – DBS Cholamandalam Distribution Ltd.
Read More
CHENNAI: Chola DBS Finance, a leading non-deposit taking and non-banking finance company (NBFC), has gone in for a major overhaul of its capital.
The revamp plan, approved by its board here on Friday, envisages the creation of a special one-time standard asset provision of Rs. 200 crore. It also provides for loan losses / write-offs to the extent of Rs. 100 crore. Besides these, it provides for the adjustment of impairment loss in investment of Rs. 23.53 crore in one of its subsidiary companies – DBS Cholamandalam Distribution Ltd.
Read More
Fewer youths pursuing their dreams
The Star Online, 31 Jan 2009, Seah Chiang Nee
In a shrinking job market, fresh graduates normally further their studies, but with a declining asset base, too, fewer can do so now.
WHAT does a fresh graduate in smallish Singapore do when he can’t find a job in its worst recession in history?
Answer: He tries to do what thousands of his predecessors have done before, go for further studies to enhance his value. But this time there is less of it.
Read More
In a shrinking job market, fresh graduates normally further their studies, but with a declining asset base, too, fewer can do so now.
WHAT does a fresh graduate in smallish Singapore do when he can’t find a job in its worst recession in history?
Answer: He tries to do what thousands of his predecessors have done before, go for further studies to enhance his value. But this time there is less of it.
Read More
Friday, January 30, 2009
Singapore unemployment jumps to 2.6 percent
International Herald Tribune, 30 Jan 2009, The Associated Press
SINGAPORE: Singapore's joblessness jumped in December as a collapse in demand for the city-state's exports triggered manufacturing layoffs.
The unemployment rate rose to 2.6 percent from 2.2 percent in September and 1.7 percent in December 2007, the Manpower Ministry said in a statement on Friday.
The number of new jobs created sank to a net 26,900 in the fourth quarter, about half the 55,700 jobs created in the third quarter, the ministry said.
Related News:
Thousands Laid Off In Singapore In Fourth Quarter '08 - Government - Easybourse, 30 Jan 09
Singapore Q4 Jobless Rate Climbs To 2.6% - RTTNews, 30 Jan 09
Thousands Laid Off In Singapore In Fourth Quarter '08 - Government - Nasdaq
Singapore: Unemployment Jumps To 2.6% - mysinchew.com, 30 Jan 09
SINGAPORE: Singapore's joblessness jumped in December as a collapse in demand for the city-state's exports triggered manufacturing layoffs.
The unemployment rate rose to 2.6 percent from 2.2 percent in September and 1.7 percent in December 2007, the Manpower Ministry said in a statement on Friday.
The number of new jobs created sank to a net 26,900 in the fourth quarter, about half the 55,700 jobs created in the third quarter, the ministry said.
Related News:
Thousands Laid Off In Singapore In Fourth Quarter '08 - Government - Easybourse, 30 Jan 09
Singapore Q4 Jobless Rate Climbs To 2.6% - RTTNews, 30 Jan 09
Thousands Laid Off In Singapore In Fourth Quarter '08 - Government - Nasdaq
Singapore: Unemployment Jumps To 2.6% - mysinchew.com, 30 Jan 09
Singapore manufacturers more bearish on outlook - survey
Reuters India, 30 Jan 2009, Neil Chatterjee
SINGAPORE, Jan 30 (Reuters) - Singapore manufacturers are more pessimistic on their business prospects, a government survey showed on Friday, in the latest sign of the deepening impact of the global downturn on the city-state's economy.
Overall, a net weighted 57 percent of manufacturers said they expect business conditions to deteriorate in the next six months to June 2009, Singapore's Economic Development Board said in a statement.
Read More
Related News:
Singapore manufacturers see weak first half 2009 - M&C, 30 Jan 09
Singapore manufacturers more bearish on outlook - survey - Forbes.com, 30 Jan 09
SINGAPORE, Jan 30 (Reuters) - Singapore manufacturers are more pessimistic on their business prospects, a government survey showed on Friday, in the latest sign of the deepening impact of the global downturn on the city-state's economy.
Overall, a net weighted 57 percent of manufacturers said they expect business conditions to deteriorate in the next six months to June 2009, Singapore's Economic Development Board said in a statement.
Read More
Related News:
Singapore manufacturers see weak first half 2009 - M&C, 30 Jan 09
Singapore manufacturers more bearish on outlook - survey - Forbes.com, 30 Jan 09
Singapore's Service Sector Expects Business Conditions To Deteriorate In Next six Months- Survey Says
RTTNews, 30 Jan 2009
(RTTNews) - Friday, results of the Business Expectation Survey for the Service Sector released by the Department of Statistics Singapore revealed that a net 53% of service sector firms expect business conditions to deteriorate in the next six months ending June compared to the previous six months.
Read More
Related News:
Singapore's Service Sector Expects Business Conditions To Deteriorate In Next six Months- Survey Says - INO.com, 30 Jan 09
(RTTNews) - Friday, results of the Business Expectation Survey for the Service Sector released by the Department of Statistics Singapore revealed that a net 53% of service sector firms expect business conditions to deteriorate in the next six months ending June compared to the previous six months.
Read More
Related News:
Singapore's Service Sector Expects Business Conditions To Deteriorate In Next six Months- Survey Says - INO.com, 30 Jan 09
Singapore bank lending slips 0.4 pct in Dec from Nov
Forbes.com, 29 Jan 2009, Reuters
SINGAPORE, Jan 30 (Reuters) - Bank lending in Singapore fell 0.4 percent to S$272.2 billion ($180.6 billion) in December from S$273.2 billion in November, the second monthly fall, central bank data showed on Friday.
Read More
SINGAPORE, Jan 30 (Reuters) - Bank lending in Singapore fell 0.4 percent to S$272.2 billion ($180.6 billion) in December from S$273.2 billion in November, the second monthly fall, central bank data showed on Friday.
Read More
Singapore Dec M1 Money Supply S$75.70 Billion Vs S$74.39 Billion In Nov-MAS
Nasdaq
SINGAPORE -(Dow Jones)- The Monetary Authority of Singapore Friday released the following provisional money-supply data for December.
December '08 Year Ago November '08
M1 S$ 75.70B S$ 63.94B S$ 74.39 Bln
M2 S$333.41B S$297.56B S$331.84 Bln
M3 S$342.39B S$306.75B S$340.90 Bln
M1 is currency in active circulation and demand deposits.
M2 includes M1 and "quasi money," defined as fixed and
savings deposits as well as certificates of deposit.
M3 comprises M2 plus net deposits at non-bank institutions,
such as finance companies.
News Link
Singapore Dec Bank Loans S$272.18 Billion Vs S$273.19 In Nov - MAS
Nasdaq
SINGAPORE -(Dow Jones)- The Monetary Authority of Singapore Friday released the following provisional bank lending data for December 2008.
SINGAPORE -(Dow Jones)- The Monetary Authority of Singapore Friday released the following provisional bank lending data for December 2008.
December 2008 Year Ago November 2008News Link
Total S$272.18B S$233.39B S$273.19B
Housing/Bridge S$79.58B S$73.14B S$78.90B
Professionals
&Private Individuals S$3.09B S$2.59B S$2.93B
Building/Construction S$49.99B S$37.51B S$50.14B
Manufacturing S$11.74B S$10.22B S$12.50B
240 cases DENGUE FEVER WITHIN 1ST WEEK IN SINGAPORE
PressReleasePoint, 30 Jan 2009
240 cases Dengue Fever reported within first week of this year in Singapore. This is 2 times of last year statistic. Although only 131 cases at 2nd week but the first 2 weeks statistic has increase 57% if compare to last year. Dengue Fever spreads seriously at Boon Lay and Woodlands area.
Mosquito kills more than 1 million people worldwide every year with deadly mosquito diseases such as Malaria, Dengue Fever, Yellow Fever, Japanese Encephalitis, West Nile Encephalitis and Chikungunya. The figure is increasing and every day there is people died of mosquitoes infection disease. Please always take the right mosquito preventions and do not be the next victim of mosquitoes.
News Link
240 cases Dengue Fever reported within first week of this year in Singapore. This is 2 times of last year statistic. Although only 131 cases at 2nd week but the first 2 weeks statistic has increase 57% if compare to last year. Dengue Fever spreads seriously at Boon Lay and Woodlands area.
Mosquito kills more than 1 million people worldwide every year with deadly mosquito diseases such as Malaria, Dengue Fever, Yellow Fever, Japanese Encephalitis, West Nile Encephalitis and Chikungunya. The figure is increasing and every day there is people died of mosquitoes infection disease. Please always take the right mosquito preventions and do not be the next victim of mosquitoes.
News Link
Singapore to unveil rock cavern oil bids in Feb
Reuters UK, 30 Jan 2009, Jennifer Tan and Chua Baizhen
SINGAPORE, Jan 30 (Reuters) - Singapore's state-owned industrial landlord JTC Corp said on Friday it would appoint the building contractor and operator for the city-state's underground rock cavern oil storage project on Jurong Island next month.
JTC is in the final stages of evaluating the bids for the construction and operation of the Jurong Rock Cavern facility and will announce winners of the two separate tenders in February, a spokeswoman told Reuters.
Read More
SINGAPORE, Jan 30 (Reuters) - Singapore's state-owned industrial landlord JTC Corp said on Friday it would appoint the building contractor and operator for the city-state's underground rock cavern oil storage project on Jurong Island next month.
JTC is in the final stages of evaluating the bids for the construction and operation of the Jurong Rock Cavern facility and will announce winners of the two separate tenders in February, a spokeswoman told Reuters.
Read More
Keppel faces Rowan rig order cancellation
Lloyd's List, 30 Jan 2009, Marcus Hand
KEPPEL Offshore and Marine is facing possible cancellation of a $195m jack-up rig order from Rowan Companies at its US yard.
In a filing with US Securities and Exchange Commission said that might cancel the one of four jack-up rigs it ordered for $780m from Keppel’s AmFELs yard in mid-2007.
Read More
KEPPEL Offshore and Marine is facing possible cancellation of a $195m jack-up rig order from Rowan Companies at its US yard.
In a filing with US Securities and Exchange Commission said that might cancel the one of four jack-up rigs it ordered for $780m from Keppel’s AmFELs yard in mid-2007.
Read More
Chartered Semi Forecasts Record Quarterly Loss, to Cut 600 Jobs
Bloomberg.com, 30 Jan 2009, Andrea Tan
Jan. 30 (Bloomberg) -- Chartered Semiconductor Manufacturing Ltd., the world’s third-largest maker of customized chips, forecast a record quarterly loss and will cut more jobs to weather the deepening global recession.
The net loss in the first quarter will probably be $141 million to $153 million, Singapore-based Chartered said today after reporting its largest deficit since the first quarter of 2002. Sales may slump as much as 40 percent to as low as $232 million, it said.
Read More
Related News:
Chartered Semiconductor Posts Loss, Plans to Shed Jobs - The Wall Street Journal, 29 Jan 09
Chartered Semi To Cut Another 600 Jobs; Slashes Cap Ex - Barron's, 29 Jan 09
Chartered Semicon to cut 500 jobs in Singapore - The Star Online, 30 Jan 09
After Q4 loss, Chartered to cut 600 jobs - AFP
Jan. 30 (Bloomberg) -- Chartered Semiconductor Manufacturing Ltd., the world’s third-largest maker of customized chips, forecast a record quarterly loss and will cut more jobs to weather the deepening global recession.
The net loss in the first quarter will probably be $141 million to $153 million, Singapore-based Chartered said today after reporting its largest deficit since the first quarter of 2002. Sales may slump as much as 40 percent to as low as $232 million, it said.
Read More
Related News:
Chartered Semiconductor Posts Loss, Plans to Shed Jobs - The Wall Street Journal, 29 Jan 09
Chartered Semi To Cut Another 600 Jobs; Slashes Cap Ex - Barron's, 29 Jan 09
Chartered Semicon to cut 500 jobs in Singapore - The Star Online, 30 Jan 09
After Q4 loss, Chartered to cut 600 jobs - AFP
Harvey Norman to close up to 10 stores
Wabusinessnews.com.au, 30 Jan 2009
Retail king Gerry Harvey says he will close five to ten Harvey Norman stores in the second half of this financial year as consumers cut back discretionary spending.
"We will be closing a few more stores as the next few months progresses," Mr Harvey told AAP.
"It's the stores that are not making money, they didn't make money when things were good, they're stores that always struggle - there is just no point in having them."
Read More
Retail king Gerry Harvey says he will close five to ten Harvey Norman stores in the second half of this financial year as consumers cut back discretionary spending.
"We will be closing a few more stores as the next few months progresses," Mr Harvey told AAP.
"It's the stores that are not making money, they didn't make money when things were good, they're stores that always struggle - there is just no point in having them."
Read More
Kidney transplant tourism to hit Singapore?
Gadling.com, 29 Jan 2009, Aaron Hotfelder
Last year, Singapore's government, faced with an aging population and a shortage of human kidneys available for transplant, reconsidered its prohibition on the buying and selling of human kidneys. Only the second country to legalize such markets, Singapore is also attempting to stem the tide of illegal, back-alley organ sales that have become increasingly common in parts of Asia.
Under Singapore's new scheme, those willing to donate kidneys will be paid anywhere from US$6,500 to $33,000 in order to compensate for medical expenses and time away from work. In Iran, the only other country where kidney sales are legal, donors are paid several thousand dollars by the recipient for their donation, or, if the recipient is poor, the payment comes from a charitable organization. The implementation of this program has eliminated the wait time for those in need of a kidney transplant in Iran.
Read More
Last year, Singapore's government, faced with an aging population and a shortage of human kidneys available for transplant, reconsidered its prohibition on the buying and selling of human kidneys. Only the second country to legalize such markets, Singapore is also attempting to stem the tide of illegal, back-alley organ sales that have become increasingly common in parts of Asia.
Under Singapore's new scheme, those willing to donate kidneys will be paid anywhere from US$6,500 to $33,000 in order to compensate for medical expenses and time away from work. In Iran, the only other country where kidney sales are legal, donors are paid several thousand dollars by the recipient for their donation, or, if the recipient is poor, the payment comes from a charitable organization. The implementation of this program has eliminated the wait time for those in need of a kidney transplant in Iran.
Read More
Singapore Airlines announces changes to route network
TradingMarkets.com, 29 Jan 2009
Jan 29, 2009 (AIRLINE INDUSTRY INFORMATION via COMTEX)- Singapore Airlines has announced that it is making further adjustments to its route network in order to match capacity with demand.
These changes will take place progressively and will apply for the rest of the Northern Winter schedule, until the end of March 2009.
Read More
Jan 29, 2009 (AIRLINE INDUSTRY INFORMATION via COMTEX)- Singapore Airlines has announced that it is making further adjustments to its route network in order to match capacity with demand.
These changes will take place progressively and will apply for the rest of the Northern Winter schedule, until the end of March 2009.
Read More
Travel agents threaten to boycott Singapore
The Economic Times, 30 Jan 2009, CHINMAYI SHALYA
MUMBAI: Air travel is one of the sectors worst hit by the financial slowdown but South-East Asian destinations, particularly Singapore, seem to have held out.
The zone, including Malaysia and Thailand, kept registering a steady growth throughout 2008 even as both domestic and international travel took a hit. Travel experts said the outbound traffic from India to Singapore was around 8 lakh in 2008, approximately 8% more than the 2007 figure. Citing the steady growth in this sector, travel agents from six major associations met officials of the Singapore Tourism Board on Thursday and threatened to boycott the country as a tourist destination if its national airline refused to pay them the commission that was due to them.
Read More
MUMBAI: Air travel is one of the sectors worst hit by the financial slowdown but South-East Asian destinations, particularly Singapore, seem to have held out.
The zone, including Malaysia and Thailand, kept registering a steady growth throughout 2008 even as both domestic and international travel took a hit. Travel experts said the outbound traffic from India to Singapore was around 8 lakh in 2008, approximately 8% more than the 2007 figure. Citing the steady growth in this sector, travel agents from six major associations met officials of the Singapore Tourism Board on Thursday and threatened to boycott the country as a tourist destination if its national airline refused to pay them the commission that was due to them.
Read More
Singapore registers more dengue cases in January
Xinhua, 30 Jan 2009
SINGAPORE, Jan. 29 (Xinhua) -- Singapore registered more dengue cases in the first three weeks of January over the same period last year, local media reported on Thursday.
Singapore's National Environment Agency (NEA) said that 509 people caught dengue fever in the first three weeks of January, compared to 341 during the same period last year, according to a report by the Straits Times.
Read More
SINGAPORE, Jan. 29 (Xinhua) -- Singapore registered more dengue cases in the first three weeks of January over the same period last year, local media reported on Thursday.
Singapore's National Environment Agency (NEA) said that 509 people caught dengue fever in the first three weeks of January, compared to 341 during the same period last year, according to a report by the Straits Times.
Read More
Looking back, looking ahead: Press Freedom in Southeast Asia
South East Asian Press Alliance
SINGAPORE: Allowing space or just making promises?
On Singapore’s National Day Celebrations on 17 August 2008, Singapore Prime Minister Lee Hsien Loong—acknowledging the advent of new media and perhaps recognizing the futility and irony of trying to control all news and opinion in the Information Age—announced that the government will ease a long-standing ban on political films and outdoor public demonstrations.
"An outright ban is no longer sensible," the Prime Minister said—but he quickly noted that any relaxation of restrictions must still be guided by "safeguards."
Singapore’s community of bloggers were quick to weigh the sincerity of their leaders to open space for free expression and press freedom. Independent filmmaker Martyn See said there was only one way to find out, and that is to apply for the open exhibition of political films. See himself has had at least two of his documentaries prohibited from public screenings.
It will indeed be interesting to see how the Singaporean government will receive such applications in the coming year. Singapore does not hide the fact that in the city state, civil liberties, especially freedom of expression, take a backseat to economic development objectives.
Uncompromising
The Prime Minister’s personal statements notwithstanding, Singapore’s notorious laws impacting on press freedom and freedom of expression will likely remain uncompromising. These include the city-state’s defamation law, the Printing Press Act, the Newspapers and Printing Presses Act, the Undesirable Publications Act, Broadcasting Act, and of course, the Internal Security Act, Films Act, and Official Secrets Act.
The net result of all of the above is that, although the country has 10 newspapers and six magazines, three broadcasting companies that oversee several TV and radio stations, 15 satellite broadcasters and a cable TV provider, they are all effectively monopolized by the government, primarily under the government-owned Singapore Press Holdings and Mediacorp which runs broadcasting operations.
Self-censorship is pervasive and somewhat inevitable. Singaporean journalists, academics, writers, and artists daily refer to “OB markers”—a nebulous, vague, yet all too real concept that is ingrained in the minds of anybody in Singapore who has anything to say. “OB” stands for whatever it is that government may consider “out-of-bounds”, and although (or precisely because) such markers are unofficial, in fact unwritten, its net is cast wide by individual minds, and creates for a suffocating environment where the limits of one’s freedom to express is defined by citizens themselves.
Bankrupt
Where OB markers are ignored, Singapore’s defamation laws and their consequent fines are unforgiving. Singapore Democratic Party leader Dr. Chee Soon Juan has been bankrupted at least twice over by defamation suits brought against him by Singapore’s leaders.
Conservatism is a default mode in any medium presuming a Singaporean audience—whether it be television, radio, print, or the Internet. OB markers are often invoked on the strength of Singapore’s laws on national security, official secrets, and social harmony (none of which have actually been changed by the Prime Minister’s pronouncements), and a judicial system that the International Bar Association in 2008 denounced as politicized and partial when it comes to speech crimes brought to court by political leaders.
Even the foreign media are famously vulnerable in Singapore, having already paid in years past millions of dollars in defamation fees to former Prime Minister Lee Kuan Yew and his handpicked successors, former PM Goh Chok Tong and Lee’s son, the incumbent Lee Hsien Loong. In 2007 the government revised rules governing the circulation and operation of foreign publications in the Singapore, requiring the appointment of a Singaporean citizen in the management structure that, critics say, was stipulated largely for the purpose of creating a pressure point that makes the threat of litigation that much more intimidating.
In September 2008, a Singaporean court found the "Far Easter Economic Review" and its editor, Hugo Restall, guilty of criminal defamation. The lawsuit was filed by former prime minister Lee Kuan Yew and his son the incumbent Prime Minister Lee Hsein Loong. That same month, Singapore-based American lawyer Gopalan Nair was sentenced to 3 months’ imprisonment for criticizing a court decision in his blog.
Singapore’s high court in November found the Hong Kong-based Wall Street Journal Asia in contempt of court and fined it 25,000 Singapore dollars (approx.12,700 euros) for publishing two editorials and a letter by an opposition leader questioning the country's judicial system.
Summary judgments
With the PAP maintaining an iron grip in the city state since it came to power in 1959, the country’s leaders have come up with a panoply of laws to legitimize its suppression of freedom of expression.
Compounding this is the Singaporean judicial mechanism of “summary judgments” where the complainants can petition courts to render decisions without basis of hearings. Summary judgments are perceived to be vulnerable to political bias, particularly when defamation suits, for example, are brought forward by government and/or government officials.
Such cases are in fact not uncommon, with Singaporean government officials winning lawsuits and receiving hundreds of thousands of dollars worth of damages.
The new media offers no haven from the pressures. Singapore does not block content on the Net—save for a token 100 websites that mostly have to do with pornography—but in 2007 and 2008, media and information ministers have thought aloud about extending the strict rules applying to the media, from licensing to criminal defamation, to also be applied to blogs and other online media.
News Link
SINGAPORE: Allowing space or just making promises?
On Singapore’s National Day Celebrations on 17 August 2008, Singapore Prime Minister Lee Hsien Loong—acknowledging the advent of new media and perhaps recognizing the futility and irony of trying to control all news and opinion in the Information Age—announced that the government will ease a long-standing ban on political films and outdoor public demonstrations.
"An outright ban is no longer sensible," the Prime Minister said—but he quickly noted that any relaxation of restrictions must still be guided by "safeguards."
Singapore’s community of bloggers were quick to weigh the sincerity of their leaders to open space for free expression and press freedom. Independent filmmaker Martyn See said there was only one way to find out, and that is to apply for the open exhibition of political films. See himself has had at least two of his documentaries prohibited from public screenings.
It will indeed be interesting to see how the Singaporean government will receive such applications in the coming year. Singapore does not hide the fact that in the city state, civil liberties, especially freedom of expression, take a backseat to economic development objectives.
Uncompromising
The Prime Minister’s personal statements notwithstanding, Singapore’s notorious laws impacting on press freedom and freedom of expression will likely remain uncompromising. These include the city-state’s defamation law, the Printing Press Act, the Newspapers and Printing Presses Act, the Undesirable Publications Act, Broadcasting Act, and of course, the Internal Security Act, Films Act, and Official Secrets Act.
The net result of all of the above is that, although the country has 10 newspapers and six magazines, three broadcasting companies that oversee several TV and radio stations, 15 satellite broadcasters and a cable TV provider, they are all effectively monopolized by the government, primarily under the government-owned Singapore Press Holdings and Mediacorp which runs broadcasting operations.
Self-censorship is pervasive and somewhat inevitable. Singaporean journalists, academics, writers, and artists daily refer to “OB markers”—a nebulous, vague, yet all too real concept that is ingrained in the minds of anybody in Singapore who has anything to say. “OB” stands for whatever it is that government may consider “out-of-bounds”, and although (or precisely because) such markers are unofficial, in fact unwritten, its net is cast wide by individual minds, and creates for a suffocating environment where the limits of one’s freedom to express is defined by citizens themselves.
Bankrupt
Where OB markers are ignored, Singapore’s defamation laws and their consequent fines are unforgiving. Singapore Democratic Party leader Dr. Chee Soon Juan has been bankrupted at least twice over by defamation suits brought against him by Singapore’s leaders.
Conservatism is a default mode in any medium presuming a Singaporean audience—whether it be television, radio, print, or the Internet. OB markers are often invoked on the strength of Singapore’s laws on national security, official secrets, and social harmony (none of which have actually been changed by the Prime Minister’s pronouncements), and a judicial system that the International Bar Association in 2008 denounced as politicized and partial when it comes to speech crimes brought to court by political leaders.
Even the foreign media are famously vulnerable in Singapore, having already paid in years past millions of dollars in defamation fees to former Prime Minister Lee Kuan Yew and his handpicked successors, former PM Goh Chok Tong and Lee’s son, the incumbent Lee Hsien Loong. In 2007 the government revised rules governing the circulation and operation of foreign publications in the Singapore, requiring the appointment of a Singaporean citizen in the management structure that, critics say, was stipulated largely for the purpose of creating a pressure point that makes the threat of litigation that much more intimidating.
In September 2008, a Singaporean court found the "Far Easter Economic Review" and its editor, Hugo Restall, guilty of criminal defamation. The lawsuit was filed by former prime minister Lee Kuan Yew and his son the incumbent Prime Minister Lee Hsein Loong. That same month, Singapore-based American lawyer Gopalan Nair was sentenced to 3 months’ imprisonment for criticizing a court decision in his blog.
Singapore’s high court in November found the Hong Kong-based Wall Street Journal Asia in contempt of court and fined it 25,000 Singapore dollars (approx.12,700 euros) for publishing two editorials and a letter by an opposition leader questioning the country's judicial system.
Summary judgments
With the PAP maintaining an iron grip in the city state since it came to power in 1959, the country’s leaders have come up with a panoply of laws to legitimize its suppression of freedom of expression.
Compounding this is the Singaporean judicial mechanism of “summary judgments” where the complainants can petition courts to render decisions without basis of hearings. Summary judgments are perceived to be vulnerable to political bias, particularly when defamation suits, for example, are brought forward by government and/or government officials.
Such cases are in fact not uncommon, with Singaporean government officials winning lawsuits and receiving hundreds of thousands of dollars worth of damages.
The new media offers no haven from the pressures. Singapore does not block content on the Net—save for a token 100 websites that mostly have to do with pornography—but in 2007 and 2008, media and information ministers have thought aloud about extending the strict rules applying to the media, from licensing to criminal defamation, to also be applied to blogs and other online media.
News Link
Singapore to host Islamic financial services summit
Business Times (Malaysia), 30 Jan 2009
THE Islamic Financial Services Board (IFSB) will organise the 6th IFSB Summit from May 5 to 8 in Singapore. This is the first time the IFSB Summit is being held in Asia.
The theme of the summit is, "The Future of Islamic Financial Services".
Read More
THE Islamic Financial Services Board (IFSB) will organise the 6th IFSB Summit from May 5 to 8 in Singapore. This is the first time the IFSB Summit is being held in Asia.
The theme of the summit is, "The Future of Islamic Financial Services".
Read More
Thursday, January 29, 2009
More sex please, you’re Singaporean
Telegraph.co.uk, 29 Jan 2009, Ben Bland
That is the plea from the Singapore government as its trade-dependent economy slides into an ever-deeper recession. While other governments are focusing solely on fiscal and monetary stimulus packages for their economies, Singapore is also pushing ahead with its sexual stimulus plan as it seeks to shore up its flagging growth prospects.
With one of the most rapidly-ageing populations in the world and fears that as many as 200,000 foreign workers may leave the city-state because of the recession here, Singapore needs its youngsters to start reproducing more if it is to carry on growing in the longer term.
Read More
That is the plea from the Singapore government as its trade-dependent economy slides into an ever-deeper recession. While other governments are focusing solely on fiscal and monetary stimulus packages for their economies, Singapore is also pushing ahead with its sexual stimulus plan as it seeks to shore up its flagging growth prospects.
With one of the most rapidly-ageing populations in the world and fears that as many as 200,000 foreign workers may leave the city-state because of the recession here, Singapore needs its youngsters to start reproducing more if it is to carry on growing in the longer term.
Read More
SingTel gets nod for STD, ISD services in India
The Economic Times, 29 Jan 2009, Joji Thomas Philip
Singapore Telecommunications Limited (SingTel) which has a 31% stake in Bharti Airtel has got government approval to offer long distance services
in India, a communication ministry official and two industry executives said.
SingTel can carry STD and ISD traffic, offer communication and internet services to corporates and institutions. As per the existing policy, foreign direct holdings in telecom services has a cap of 74%. Industry sources said that SingTel has formed a JV with Bharti and Leela Lace Software Solutions of the Leela hospitality group to jointly hold 26% stake in the Indian JV. Bharti will hold 9.9% stake while Leela Lace Software Solutions will hold the rest.
Read More
Singapore Telecommunications Limited (SingTel) which has a 31% stake in Bharti Airtel has got government approval to offer long distance services
in India, a communication ministry official and two industry executives said.
SingTel can carry STD and ISD traffic, offer communication and internet services to corporates and institutions. As per the existing policy, foreign direct holdings in telecom services has a cap of 74%. Industry sources said that SingTel has formed a JV with Bharti and Leela Lace Software Solutions of the Leela hospitality group to jointly hold 26% stake in the Indian JV. Bharti will hold 9.9% stake while Leela Lace Software Solutions will hold the rest.
Read More
CapitaLand: No decision to raise funds
Property-report.com, 29 Jan 2009, Khalil Adis
CapitaLand said it has not made a decision to raise funds via a rights issue following media reports that is seeking to do so.
"CapitaLand wishes to state that it has received and is continuing to receive various proposals for fund raising. These proposals include rights issues. CapitaLand has not made any decisions. If and when there are any material developments, CapitaLand would make the appropriate announcement on the SGX-ST in accordance with the Listing Rules of the SGX-ST," CapitaLand said in a filing to the Singapore stock exchange.
Read More
CapitaLand said it has not made a decision to raise funds via a rights issue following media reports that is seeking to do so.
"CapitaLand wishes to state that it has received and is continuing to receive various proposals for fund raising. These proposals include rights issues. CapitaLand has not made any decisions. If and when there are any material developments, CapitaLand would make the appropriate announcement on the SGX-ST in accordance with the Listing Rules of the SGX-ST," CapitaLand said in a filing to the Singapore stock exchange.
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DBS’s Stanley Has Leukemia; Chairman to Manage Bank
Bloomberg.com, 29 Jan 2009, Shamim Adam
an. 29 (Bloomberg) -- DBS Group Holdings Ltd., Southeast Asia’s biggest bank, said Chief Executive Officer Richard Stanley has been diagnosed with leukemia and that Chairman Koh Boon Hwee will oversee management of the company.
Stanley, 48, will begin medical treatment immediately after his illness was confirmed today, the company said in a statement to the Singapore Stock Exchange. Koh, 58, will assume “active management oversight” while Stanley takes a leave of absence that may last as long as six months, the company said.
Read More
Related News:
DBS CEO Stanley diagnosed with leukemia - Earthtimes, 29 Jan 09
UPDATE 3-DBS CEO has leukemia; chairman to run bank - Forbes.com, 29 Jan 09
DBS chief diagnosed with leukaemia - Financial Times, 29 Jan 09
Singapore's DBS says CEO has leukemia, to take leave - Reuters, 29 Jan 09
an. 29 (Bloomberg) -- DBS Group Holdings Ltd., Southeast Asia’s biggest bank, said Chief Executive Officer Richard Stanley has been diagnosed with leukemia and that Chairman Koh Boon Hwee will oversee management of the company.
Stanley, 48, will begin medical treatment immediately after his illness was confirmed today, the company said in a statement to the Singapore Stock Exchange. Koh, 58, will assume “active management oversight” while Stanley takes a leave of absence that may last as long as six months, the company said.
Read More
Related News:
DBS CEO Stanley diagnosed with leukemia - Earthtimes, 29 Jan 09
UPDATE 3-DBS CEO has leukemia; chairman to run bank - Forbes.com, 29 Jan 09
DBS chief diagnosed with leukaemia - Financial Times, 29 Jan 09
Singapore's DBS says CEO has leukemia, to take leave - Reuters, 29 Jan 09
Singapore, Investor in UBS, Citigroup, Says Worst Yet to Come
Bloomberg.com, Jan 2009, Shamim Adam and Haslinda Amin
Jan. 29 (Bloomberg) -- Singapore, whose state-owned funds invested about $24 billion in UBS AG, Citigroup Inc. and Merrill Lynch & Co. in the past 14 months, said the worst of the credit crunch is yet to come.
The world’s biggest banks still have toxic assets on their balance sheets, which are clogging up their ability to lend, Singapore Finance Minister Tharman Shanmugaratnam said in an interview with Bloomberg Television yesterday. The finance ministry oversees Government of Singapore Investment Corp. and Temasek Holdings Pte, each managing more than $100 billion.
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Jan. 29 (Bloomberg) -- Singapore, whose state-owned funds invested about $24 billion in UBS AG, Citigroup Inc. and Merrill Lynch & Co. in the past 14 months, said the worst of the credit crunch is yet to come.
The world’s biggest banks still have toxic assets on their balance sheets, which are clogging up their ability to lend, Singapore Finance Minister Tharman Shanmugaratnam said in an interview with Bloomberg Television yesterday. The finance ministry oversees Government of Singapore Investment Corp. and Temasek Holdings Pte, each managing more than $100 billion.
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Singapore Airlines and Changi fall on hard times
Centre For Asia Pacific Aviation, 29 Jan 2009
Singapore Airlines (SIA) has announced further network cuts amid softening demand for travel across its network until the end of Mar-09, with the exception of the Middle East, where it is adding capacity to Abu Dhabi, Kuwait, Cairo and Dubai.
SIA is reducing capacity to India and Europe and is cutting frequency on the all-Business Class Los Angeles and Newark non-stop routes from daily to five times weekly on each route. According to SIA, the Tuesday and Wednesday services, where demand is lowest, will be suspended - with some media reports this week suggesting load factors in the 30s on some flights.
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Singapore Airlines (SIA) has announced further network cuts amid softening demand for travel across its network until the end of Mar-09, with the exception of the Middle East, where it is adding capacity to Abu Dhabi, Kuwait, Cairo and Dubai.
SIA is reducing capacity to India and Europe and is cutting frequency on the all-Business Class Los Angeles and Newark non-stop routes from daily to five times weekly on each route. According to SIA, the Tuesday and Wednesday services, where demand is lowest, will be suspended - with some media reports this week suggesting load factors in the 30s on some flights.
Read More
Singapore Air meets agents to break deadlock
The Economic Times, 29 Jan 2009, Omkar Sapre & Mithun Roy
PUNE/MUMBAI: Singapore could lose its numerous high-spending Indian travellers, thanks to the zero-commission stance of its national carrier,Singapore Airlines (SQ).
While six tour and travel agents’ associations have already stopped issuing SQ tickets since December 28, indications are they could boycott Singapore as a destination unless the airline reinstates the 5% agency commission.
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PUNE/MUMBAI: Singapore could lose its numerous high-spending Indian travellers, thanks to the zero-commission stance of its national carrier,Singapore Airlines (SQ).
While six tour and travel agents’ associations have already stopped issuing SQ tickets since December 28, indications are they could boycott Singapore as a destination unless the airline reinstates the 5% agency commission.
Read More
Changi Airport takes first steps towards privatisation – 28/01/09
TheMoodieReport.com, 29 Jan 2009, Melody Ng
SINGAPORE. The government has set in motion plans to corporatise Changi Airport through a new joint-stock company, and to create a new, separate organisation to replace the Civil Aviation Authority of Singapore (CAAS). It is potentially the first step towards privatising the airport. The new companies will begin operating from 1 July.
The move is aimed at making Changi more competitive among international hub airports.
The new Civil Aviation Authority will be led by Lee Hsien Yang as Chairman and BG (NS) Yap Ong Heng as Director-General. Lee, the son of Ministor Mentor Lee Kuan Yew, is currently the Director and Chairman of Fraser and Neave Limited, while Yap is the Deputy Secretary in the Ministry of Law.
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SINGAPORE. The government has set in motion plans to corporatise Changi Airport through a new joint-stock company, and to create a new, separate organisation to replace the Civil Aviation Authority of Singapore (CAAS). It is potentially the first step towards privatising the airport. The new companies will begin operating from 1 July.
The move is aimed at making Changi more competitive among international hub airports.
The new Civil Aviation Authority will be led by Lee Hsien Yang as Chairman and BG (NS) Yap Ong Heng as Director-General. Lee, the son of Ministor Mentor Lee Kuan Yew, is currently the Director and Chairman of Fraser and Neave Limited, while Yap is the Deputy Secretary in the Ministry of Law.
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S'pore airport's passenger growth slows-report
Reuters, 28 Jan 2009, Melanie Lee
SINGAPORE, Jan 29 (Reuters) - Passenger traffic at Singapore's Changi Airport grew 2.7 percent last year, its slowest growth in five years as the economic slowdown begins to hurt travel and aviation, the Straits Times reported on Thursday.
Changi Airport, one of Asia's busiest aviation hubs, handled 37.7 million passengers in 2008 with traffic from Indonesia, Malaysia, the Philippines and Vietnam growing while traffic from Thailand and China fell. Passenger traffic grew 23.1 percent in 2004.
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SINGAPORE, Jan 29 (Reuters) - Passenger traffic at Singapore's Changi Airport grew 2.7 percent last year, its slowest growth in five years as the economic slowdown begins to hurt travel and aviation, the Straits Times reported on Thursday.
Changi Airport, one of Asia's busiest aviation hubs, handled 37.7 million passengers in 2008 with traffic from Indonesia, Malaysia, the Philippines and Vietnam growing while traffic from Thailand and China fell. Passenger traffic grew 23.1 percent in 2004.
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AP Fuel Cell technology gathers steam
Fuel Cell Works, 28 Jan 2009, Gerald Wee-MIS Asia
SINGAPORE--Commercial viability of fuel cells were given an added boost as the Singapore Business Federation (SBF) and Temasek Polytechnic (TP) signed a memorandum of understanding last week to launch a Clean Energy Test-bedding Community (CETC) to spur development and adoption of clean energy technologies and solutions.
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SINGAPORE--Commercial viability of fuel cells were given an added boost as the Singapore Business Federation (SBF) and Temasek Polytechnic (TP) signed a memorandum of understanding last week to launch a Clean Energy Test-bedding Community (CETC) to spur development and adoption of clean energy technologies and solutions.
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Singapore representative to deliver document gifts
The China Post, 29 Jan 2009
TAIPEI -- Taiwan's new representative in Singapore will take replicas of historical documents linked to Singapore as a gift to the city-state, a KMT official told the Central News Agency in a recent interview. The documents are currently held in the Kuomintang (KMT) archives museum.
Vanessa Yea-ping Shih, who served as the minister of the Cabinet level Government Information Office until last December, is slated to become Taiwan's representative in Singapore at the end of January.
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TAIPEI -- Taiwan's new representative in Singapore will take replicas of historical documents linked to Singapore as a gift to the city-state, a KMT official told the Central News Agency in a recent interview. The documents are currently held in the Kuomintang (KMT) archives museum.
Vanessa Yea-ping Shih, who served as the minister of the Cabinet level Government Information Office until last December, is slated to become Taiwan's representative in Singapore at the end of January.
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DBS rights issue sets scene for others to follow
FinanceAsia.com, 29 Jan 2009, Anette Jönsson
A generous discount and modest exposure to the financial crisis create strong interest, resulting in Singapore's first rights issue this year being 118% covered.
DBS Group has announced that its S$4.1 billion ($2.7 billion) rights issue was 118.8% subscribed, including excess applications. The news confirms the success of DBS's fundraising exercise at a time when many of its financial peers in Europe and the US have been forced to seek bailout capital from their respective governments.
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A generous discount and modest exposure to the financial crisis create strong interest, resulting in Singapore's first rights issue this year being 118% covered.
DBS Group has announced that its S$4.1 billion ($2.7 billion) rights issue was 118.8% subscribed, including excess applications. The news confirms the success of DBS's fundraising exercise at a time when many of its financial peers in Europe and the US have been forced to seek bailout capital from their respective governments.
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Shameful piece of legislation
Singapore Democrats, 28 Jan 2009
Unbeknownst to most Singaporeans -- as well as police officers apparently -- the Government quietly passed subsidiary legislation a few years ago to ban all forms of political activity.
Under the Miscellaneous Offences (Public Order and Nuisance)(Assemblies and Processions) Rules, permits are required for a group of 5 persons or more to:
(a) demonstrate support for or opposition to the views or actions of any person;
(b) publicise a cause or campaign; or
(c) mark or commemorate any event.
What kind of law makes it illegal for citizens to come together just to express a view or to publicise a cause or campaign? Indeed what kind of a government passes that kind of law?
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Unbeknownst to most Singaporeans -- as well as police officers apparently -- the Government quietly passed subsidiary legislation a few years ago to ban all forms of political activity.
Under the Miscellaneous Offences (Public Order and Nuisance)(Assemblies and Processions) Rules, permits are required for a group of 5 persons or more to:
(a) demonstrate support for or opposition to the views or actions of any person;
(b) publicise a cause or campaign; or
(c) mark or commemorate any event.
What kind of law makes it illegal for citizens to come together just to express a view or to publicise a cause or campaign? Indeed what kind of a government passes that kind of law?
Read More
Wednesday, January 28, 2009
NOL's box volumes tumble
Lloyd's List, 28 Jan 2009, Marcus Hand
NEPTUNE Orient Lines saw its container volumes dip 24% in the last six weeks of 2008.
For the period November 15-December 26 last year, NOL said that its liner arm APL carried 218,100 feu globally, 24% lower than the same period in 2007.
“The decrease in container shipping volumes in period 12 of 2008 is a result of the rapid deterioration in demand on all major trade lanes and pro-active capacity management by the company to reduce costs,” NOL said.
Read More
Related News:
NOL moves 24 pct less cargo in 6 weeks to Dec 26 - Reuters, 28 Jan 09
NEPTUNE Orient Lines saw its container volumes dip 24% in the last six weeks of 2008.
For the period November 15-December 26 last year, NOL said that its liner arm APL carried 218,100 feu globally, 24% lower than the same period in 2007.
“The decrease in container shipping volumes in period 12 of 2008 is a result of the rapid deterioration in demand on all major trade lanes and pro-active capacity management by the company to reduce costs,” NOL said.
Read More
Related News:
NOL moves 24 pct less cargo in 6 weeks to Dec 26 - Reuters, 28 Jan 09
Singapore Air cuts flights to US, Europe, India
Reuters, 28 Jan 2009, Kevin Lim
SINGAPORE, Jan 28 (Reuters) - Singapore Airlines (SIAL.SI) said on Wednesday it will reduce the number of flights connecting the city-state to parts of the United States, Europe, India and Thailand.
Read More
Related News:
Singapore Airlines says will reduce all-business flights - livemint.com, 28 Jan 09
Singapore Airlines cuts flights amid recession - International Herald Tribune, 28 Jan 09
SINGAPORE, Jan 28 (Reuters) - Singapore Airlines (SIAL.SI) said on Wednesday it will reduce the number of flights connecting the city-state to parts of the United States, Europe, India and Thailand.
Read More
Related News:
Singapore Airlines says will reduce all-business flights - livemint.com, 28 Jan 09
Singapore Airlines cuts flights amid recession - International Herald Tribune, 28 Jan 09
Ditching rights for riches
Singapore Democrats, 27 Jan 2009
The Wall Street Journal recently wrote that Singapore's corporatist model needed a rethink. While the newspaper did not elaborate on what corporatism meant, it gave readers a glimpse into how the economy functions under such a model by highlighting, for example, how the PAP Government hoards CPF savings.
It noted that "Singaporean workers and businesses invest a total of 34.5% of wages into the state pension fund, but receive less than a 2% return from the government." Compared to returns by private funds over long investment periods, this payout was "measly".
Such an arrangement is possible only in an autocratic state. In places where free media exist and the people can freely choose their leaders, such exploitation of the state would not last long.
Read More
The Wall Street Journal recently wrote that Singapore's corporatist model needed a rethink. While the newspaper did not elaborate on what corporatism meant, it gave readers a glimpse into how the economy functions under such a model by highlighting, for example, how the PAP Government hoards CPF savings.
It noted that "Singaporean workers and businesses invest a total of 34.5% of wages into the state pension fund, but receive less than a 2% return from the government." Compared to returns by private funds over long investment periods, this payout was "measly".
Such an arrangement is possible only in an autocratic state. In places where free media exist and the people can freely choose their leaders, such exploitation of the state would not last long.
Read More
More Middle East-based visitors choose Singapore
AME Info, 27 Jan 2009
Thanks to new 'must see' attractions and events, Singapore's vision to position itself as the premier family destination in South East Asia is paying dividends, with 2008 visitor numbers from the Middle East at an all-time high.
According to Singapore Tourism Board figures, a total of 113,919 Middle East-based travellers visited Singapore during 2008, which is a 16 percent increase over 2007. Compared with the previous year, 2008 also saw a 33 percent growth in visitors from Iran and a 23 percent growth in visitors from the UAE.
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Thanks to new 'must see' attractions and events, Singapore's vision to position itself as the premier family destination in South East Asia is paying dividends, with 2008 visitor numbers from the Middle East at an all-time high.
According to Singapore Tourism Board figures, a total of 113,919 Middle East-based travellers visited Singapore during 2008, which is a 16 percent increase over 2007. Compared with the previous year, 2008 also saw a 33 percent growth in visitors from Iran and a 23 percent growth in visitors from the UAE.
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Temasek Not Interested In AIG's Aircraft Leasing Unit-Sources
CNNMoney.com, 27 Jan 2009
SINGAPORE -(Dow Jones)- Singapore's state investment agency Temasek Holdings is not interested in bidding for the aircraft leasing unit of American International Group Inc. (AIG), people familiar with the matter said Tuesday. "There is no interest from Temasek," one of those people said.
Reuters earlier reported that AIG had received bids from sovereign wealth funds in Singapore, China, and the Middle East for its unit, known as International Lease Finance Corp.
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SINGAPORE -(Dow Jones)- Singapore's state investment agency Temasek Holdings is not interested in bidding for the aircraft leasing unit of American International Group Inc. (AIG), people familiar with the matter said Tuesday. "There is no interest from Temasek," one of those people said.
Reuters earlier reported that AIG had received bids from sovereign wealth funds in Singapore, China, and the Middle East for its unit, known as International Lease Finance Corp.
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Singapore Offers World's First Integrated Neuroscience Center
PressMediaWire.com, 27 Jan 2009
PressMediaWire) Singapore -- Singapore’s largest healthcare group, SingHealth, has brought the world's first integrated neuroscience center or “brain lab” to the region – a move that serves to anchor the tiny nation-state as one of the world's leading neurological centers for patient care, education and research.
The cutting edge, digitally-integrated facility was designed by BrainLAB AG and is located at the Singapore General Hospital (SGH), one of Asia’s top teaching hospitals.
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PressMediaWire) Singapore -- Singapore’s largest healthcare group, SingHealth, has brought the world's first integrated neuroscience center or “brain lab” to the region – a move that serves to anchor the tiny nation-state as one of the world's leading neurological centers for patient care, education and research.
The cutting edge, digitally-integrated facility was designed by BrainLAB AG and is located at the Singapore General Hospital (SGH), one of Asia’s top teaching hospitals.
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Singapore increases inspections to keep out bird flu
Xinhua, 27 Jan 2009
SINGAPORE, Jan. 27 (Xinhua) -- The Agri-Food and Veterinary Authority (AVA) of Singapore increased inspections at poultry slaughterhouses to keep bird flu out of the country, local media reported on Tuesday.
Local radio 938 Live said the AVA has been stepping up efforts by doubling inspection rounds to twice a week at poultry slaughterhouses and taking samples to tests for the H5N1 virus.
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SINGAPORE, Jan. 27 (Xinhua) -- The Agri-Food and Veterinary Authority (AVA) of Singapore increased inspections at poultry slaughterhouses to keep bird flu out of the country, local media reported on Tuesday.
Local radio 938 Live said the AVA has been stepping up efforts by doubling inspection rounds to twice a week at poultry slaughterhouses and taking samples to tests for the H5N1 virus.
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China & Russia No Longer Seen As Saviours Of Global Economy
Bloomberg.com, 28 Jan 2009, Lee Spears and Lyubov Pronina
Putin and Wen, ‘Cocky’ No More, Pay Davos Price for Recession
an. 28 (Bloomberg) -- When Wen Jiabao and Vladimir Putin were invited to speak to the World Economic Forum, China and Russia were supposed to be saviors of the global economy as the U.S. fell into recession.
No more.
Today, as the Chinese premier and Russian prime minister address the opening of the annual meeting in Davos, Switzerland, they’re disappointing those who bet their economies would help power the world through the slump and weakening their case for a greater say among global leaders.
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Putin and Wen, ‘Cocky’ No More, Pay Davos Price for Recession
an. 28 (Bloomberg) -- When Wen Jiabao and Vladimir Putin were invited to speak to the World Economic Forum, China and Russia were supposed to be saviors of the global economy as the U.S. fell into recession.
No more.
Today, as the Chinese premier and Russian prime minister address the opening of the annual meeting in Davos, Switzerland, they’re disappointing those who bet their economies would help power the world through the slump and weakening their case for a greater say among global leaders.
Read More
Bank upgrades ATM network to allow stored value card top-up
Networkworld, 27 Jan 2009, CIO Asia
Singapore-based DBS Bank has tied up with EZ-Link Pte Ltd, the provider of contactless stored value cards used by public transport commuters in Singapore.
The alliance involves allowing the latter's stored value contactless cards, commonly known as EZ-Link cards, to be topped up at the bank's network of 900 Automated Teller Machines (ATMs) and 560 subsidiary AXS payment kiosks.
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Singapore-based DBS Bank has tied up with EZ-Link Pte Ltd, the provider of contactless stored value cards used by public transport commuters in Singapore.
The alliance involves allowing the latter's stored value contactless cards, commonly known as EZ-Link cards, to be topped up at the bank's network of 900 Automated Teller Machines (ATMs) and 560 subsidiary AXS payment kiosks.
Read More
Tuesday, January 27, 2009
Temasek To Bid For AIG's IFLC
Forexpros.com, 26 Jan 2009
NEW YORK, Jan 26 (Reuters) - American International Group Inc has received bids from several sovereign wealth funds, including ones from Singapore, China and the Middle East, for its aircraft leasing unit, people familiar with the matter said on Monday.
Initial bidders for the unit, International Lease Finance Corp, include Singapore's Temasek Holdings Pte Ltd, Dubai's investment arm Istithmar World, Kuwait Investment Authority and China Investment Corp, the sources said.
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NEW YORK, Jan 26 (Reuters) - American International Group Inc has received bids from several sovereign wealth funds, including ones from Singapore, China and the Middle East, for its aircraft leasing unit, people familiar with the matter said on Monday.
Initial bidders for the unit, International Lease Finance Corp, include Singapore's Temasek Holdings Pte Ltd, Dubai's investment arm Istithmar World, Kuwait Investment Authority and China Investment Corp, the sources said.
Read More
Monday, January 26, 2009
Retirement, Forget It
LittleSpeck, 25 Jan 2009
When the government recently proposed extending the retirement age from 62 to 65 - and even beyond - Singaporeans reacted negatively.
But this is one issue I can reluctantly agree with, whether I like it or not, because of the fundamental, perhaps permanent, changes in the world economy.
In other words, the traditional concept of workers retiring at 62 or 65 to play with grandchildren may be becoming impossible in matured economies - especially Singapore with its open economy that's dependent on others.
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When the government recently proposed extending the retirement age from 62 to 65 - and even beyond - Singaporeans reacted negatively.
But this is one issue I can reluctantly agree with, whether I like it or not, because of the fundamental, perhaps permanent, changes in the world economy.
In other words, the traditional concept of workers retiring at 62 or 65 to play with grandchildren may be becoming impossible in matured economies - especially Singapore with its open economy that's dependent on others.
Read More
Setbacks mar effort to get University of Hawaii in Singapore
Star Bulletin, 26 Jan 2009
The University of Hawaii's overseas expansion plans have been reined in in part over concerns that it would drain resources from the Manoa campus.
The university, which is already in the thick of expansion plans in West Oahu, had intended to begin a program in Singapore under the auspices of the UH School of Travel Industry Management. The first 35 students were to have been enrolled this summer.
"We still want a presence there," said UH-Manoa Chancellor Virginia Hinshaw, but she added the plans need to be re-examined in light of market changes. Startup costs were estimated at $1 million, with $387,000 coming from Singapore's government.
The University of Hawaii Professional Assembly says it has resolved the issue of union representation for the overseas faculty.
News Link
The University of Hawaii's overseas expansion plans have been reined in in part over concerns that it would drain resources from the Manoa campus.
The university, which is already in the thick of expansion plans in West Oahu, had intended to begin a program in Singapore under the auspices of the UH School of Travel Industry Management. The first 35 students were to have been enrolled this summer.
"We still want a presence there," said UH-Manoa Chancellor Virginia Hinshaw, but she added the plans need to be re-examined in light of market changes. Startup costs were estimated at $1 million, with $387,000 coming from Singapore's government.
The University of Hawaii Professional Assembly says it has resolved the issue of union representation for the overseas faculty.
News Link
Can stimulus, lower rates save Asia's economies?
International Herald Tribune, 26 Jan 2009, The Associated Press
SINGAPORE: Governments across Asia have pledged a combined $700 billion in stimulus spending and central banks have slashed interest rates to spur growth and cushion the blow of plunging export demand from the West.
Will the moves stave off a lengthy regional recession?
Much depends on how Asian consumers and businesses respond to the stimulus measures — which range from construction projects in China to create jobs to cash handouts and loan guarantees in Singapore.
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SINGAPORE: Governments across Asia have pledged a combined $700 billion in stimulus spending and central banks have slashed interest rates to spur growth and cushion the blow of plunging export demand from the West.
Will the moves stave off a lengthy regional recession?
Much depends on how Asian consumers and businesses respond to the stimulus measures — which range from construction projects in China to create jobs to cash handouts and loan guarantees in Singapore.
Read More
Singapore big wheel reopens after fire
AFP
SINGAPORE (AFP) — The world's biggest observation wheel reopened on Monday after a pre-Christmas fire trapped passengers for hours and led to a one-month shutdown of the attraction.
The Singapore Flyer began turning with its first load of at 50 least passengers at about 11:40 am (0340 GMT).
In a press release, the Flyer said it had obtained, late Sunday, the licence allowing it to operate again.
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SINGAPORE (AFP) — The world's biggest observation wheel reopened on Monday after a pre-Christmas fire trapped passengers for hours and led to a one-month shutdown of the attraction.
The Singapore Flyer began turning with its first load of at 50 least passengers at about 11:40 am (0340 GMT).
In a press release, the Flyer said it had obtained, late Sunday, the licence allowing it to operate again.
Read More
Indian Government seeks cap on Temasek, GIC holdings in listed companies
The Economic Times, 26 Jan 2009, Javed Sayed
NEW DELHI: The finance ministry has proposed that a key agreement between India and Singapore be amended to prevent two Singapore government-owned investment entities — Temasek and GIC — from together holding more than 10% equity stake in any publicly-traded Indian company.
Under the current SEBI regulations, a foreign institutional investor (FII) cannot hold more than 10% in a single Indian company. Different FIIs owned by a common entity are classified as an ‘FII group’ and are subject to the 10% cap. GIC and nine wholly-owned subsidiaries of Temasek are registered separately with the market regulator as FIIs, and as they have a common owner, they should have been categorised as an ‘FII group’, according to a note prepared by the ministry.
Read More
Related News:
India may seek cap on Singapore investments - paper - Reuters India, 26 Jan 09
NEW DELHI: The finance ministry has proposed that a key agreement between India and Singapore be amended to prevent two Singapore government-owned investment entities — Temasek and GIC — from together holding more than 10% equity stake in any publicly-traded Indian company.
Under the current SEBI regulations, a foreign institutional investor (FII) cannot hold more than 10% in a single Indian company. Different FIIs owned by a common entity are classified as an ‘FII group’ and are subject to the 10% cap. GIC and nine wholly-owned subsidiaries of Temasek are registered separately with the market regulator as FIIs, and as they have a common owner, they should have been categorised as an ‘FII group’, according to a note prepared by the ministry.
Read More
Related News:
India may seek cap on Singapore investments - paper - Reuters India, 26 Jan 09
Hundreds wait months for approval to work in Singapore
The Star Online, 26 Jan 2009, MEERA VIJAYAN
JOHOR BARU: He is willing to recruit hundreds of locals and give them jobs as security guards in Singapore, but is baffled why the Government is taking longer than usual to issue letters of good conduct.
Future Cisco Training Consultant Sdn Bhd director M. Selvam, 34, said that in the past it used to take about three weeks for the letters to be issued by Wisma Putra.
Since November last year, it has been taking almost double the time to process applications.
Read More
JOHOR BARU: He is willing to recruit hundreds of locals and give them jobs as security guards in Singapore, but is baffled why the Government is taking longer than usual to issue letters of good conduct.Future Cisco Training Consultant Sdn Bhd director M. Selvam, 34, said that in the past it used to take about three weeks for the letters to be issued by Wisma Putra.
Since November last year, it has been taking almost double the time to process applications.
Read More
Support for Youth Olympics stays 'strong'
ZDNet Asia, 26 Jan 2009, Vivian Yeo
SINGAPORE--Despite the economic downturn, interest from potential sponsors in the 2010 Youth Olympic Games (YOG) remains strong, ZDNet Asia has learned.
The inaugural Singapore 2010 Games presents, especially for local companies, a "once-in-a-lifetime opportunity" to be associated with the Olympic brand, a SYOGOC spokesperson said in an e-mail interview. The YOG is scheduled to be held in the island-state next July.
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SINGAPORE--Despite the economic downturn, interest from potential sponsors in the 2010 Youth Olympic Games (YOG) remains strong, ZDNet Asia has learned.
The inaugural Singapore 2010 Games presents, especially for local companies, a "once-in-a-lifetime opportunity" to be associated with the Olympic brand, a SYOGOC spokesperson said in an e-mail interview. The YOG is scheduled to be held in the island-state next July.
Read More
Made in Singapore, made it in Malaysia
The Malaysian Insider, 25 Jan 2009
SINGAPORE, Jan 25 – When he famously declared in 2004 that he was leaving Singapore for better prospects in Kuala Lumpur, the future seemed bleak for local actor Aaron Aziz.
Hunky as he is, Malaysian fans already had a bevy of other actors to drool over.
What chance did a Singaporean have at cracking the notoriously protective Malaysian market?
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SINGAPORE, Jan 25 – When he famously declared in 2004 that he was leaving Singapore for better prospects in Kuala Lumpur, the future seemed bleak for local actor Aaron Aziz.Hunky as he is, Malaysian fans already had a bevy of other actors to drool over.
What chance did a Singaporean have at cracking the notoriously protective Malaysian market?
Read More
Singapore gov’t taking the Ox by its horns
The Malaysian Insider, 25 Jan 2009
SINGAPORE, Jan 25 – By taking the unprecedented step of unlocking Singapore's reserves, the Government is sending out this clear signal: It intends “to respond to the crisis decisively and with all means at our disposal”, said Prime Minister Lee Hsien Loong.
And to underscore its severity, he warns that the crisis is one that could see the economy contract for 'more months, and perhaps for the whole year”.
His remarks in his traditional Chinese New Year message are his first on the Budget since Finance Minister Tharman Shanmugaratnam unveiled it last Thursday.
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SINGAPORE, Jan 25 – By taking the unprecedented step of unlocking Singapore's reserves, the Government is sending out this clear signal: It intends “to respond to the crisis decisively and with all means at our disposal”, said Prime Minister Lee Hsien Loong.
And to underscore its severity, he warns that the crisis is one that could see the economy contract for 'more months, and perhaps for the whole year”.
His remarks in his traditional Chinese New Year message are his first on the Budget since Finance Minister Tharman Shanmugaratnam unveiled it last Thursday.
Read More
Singapore PM says recession may last for whole of 2009
Interactive Investor, 25 Jan 2009
SINGAPORE, Jan 25 (Reuters) - Prime Minister Lee Hsien Loong said on Sunday that the government's S$20.5 billion ($13.7 billion) stimulus package will not immediately lift the country out of a recession, which may possibly last for the whole of 2009.
"The recession is a global one, and we must expect to see exports contract, unemployment rise, and growth remain negative for more months, and perhaps for the whole year," Lee said in a message for the Lunar New Year.
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SINGAPORE, Jan 25 (Reuters) - Prime Minister Lee Hsien Loong said on Sunday that the government's S$20.5 billion ($13.7 billion) stimulus package will not immediately lift the country out of a recession, which may possibly last for the whole of 2009.
"The recession is a global one, and we must expect to see exports contract, unemployment rise, and growth remain negative for more months, and perhaps for the whole year," Lee said in a message for the Lunar New Year.
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Sunday, January 25, 2009
Singapore will allow “room to speak” at APEC summit
Telegraph.co.uk, 25 Jan 2009, Ben Bland
The executive director of APEC (the Asia-Pacific Economic Co-operation grouping) has insisted that there will be room for free speech at this year's annual summit in Singapore despite the government signaling that it will toughen its protest laws ahead of the meeting.
At a lunch organized by the Foreign Correspondents Association of Singapore, I asked Michael Tay, the genial Singaporean diplomat who is executive director of APEC, about the approach to managing protests at the November meeting.
He explained that while security would be paramount because of the presence of world leaders like Barack Obama and Vladimir Putin, "there will be room for people to speak". He suggested that there may be authorised protest areas, as there were for the controversial IMF/World Bank meeting in 2006.
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The executive director of APEC (the Asia-Pacific Economic Co-operation grouping) has insisted that there will be room for free speech at this year's annual summit in Singapore despite the government signaling that it will toughen its protest laws ahead of the meeting.
At a lunch organized by the Foreign Correspondents Association of Singapore, I asked Michael Tay, the genial Singaporean diplomat who is executive director of APEC, about the approach to managing protests at the November meeting.
He explained that while security would be paramount because of the presence of world leaders like Barack Obama and Vladimir Putin, "there will be room for people to speak". He suggested that there may be authorised protest areas, as there were for the controversial IMF/World Bank meeting in 2006.
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Singapore: Executions defy global trend
Think Centre, 24 Jan 2009, Amnesty International
Singapore, estimated to have one of the highest per capita execution rates in the world, should stop its use of the death penalty and instead join the 138 states throughout the world that have ceased executions in law or practice, said Amnesty International.
The city-state, with a population of 4.6 million, has executed at least 420 people since 1991. Singapore has condemned at least three people to die since 18 December, when the United Nations General Assembly overwhelmingly approved the "Moratorium on the use of the death penalty". Singapore strongly criticized the resolution. At least two people have been executed since then.
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Singapore, estimated to have one of the highest per capita execution rates in the world, should stop its use of the death penalty and instead join the 138 states throughout the world that have ceased executions in law or practice, said Amnesty International.
The city-state, with a population of 4.6 million, has executed at least 420 people since 1991. Singapore has condemned at least three people to die since 18 December, when the United Nations General Assembly overwhelmingly approved the "Moratorium on the use of the death penalty". Singapore strongly criticized the resolution. At least two people have been executed since then.
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Singapore PM says recession may last for whole of 2009
Forbes.com, 25 Jan 2009, Reuters
SINGAPORE, Jan 25 (Reuters) - Prime Minister Lee Hsien Loong said on Sunday that the government's S$20.5 billion ($13.7 billion) stimulus package will not immediately lift the country out of a recession, which may possibly last for the whole of 2009.
'The recession is a global one, and we must expect to see exports contract, unemployment rise, and growth remain negative for more months, and perhaps for the whole year,' Lee said in a message for the Lunar New Year.
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SINGAPORE, Jan 25 (Reuters) - Prime Minister Lee Hsien Loong said on Sunday that the government's S$20.5 billion ($13.7 billion) stimulus package will not immediately lift the country out of a recession, which may possibly last for the whole of 2009.
'The recession is a global one, and we must expect to see exports contract, unemployment rise, and growth remain negative for more months, and perhaps for the whole year,' Lee said in a message for the Lunar New Year.
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Singaporeans urged to brace for challenging new yea
Xinhua, 25 Jan 2009
SINGAPORE, Jan. 25 (Xinhua) -- Singapore's Prime Minister Lee Hsien Loong said Singapore has strengths to weather the current recession and he called on Singaporeans to brace themselves for a challenging Year of the Ox.
In his lunar new year message released on Sunday morning, the Prime Minister said there is no need to be despondent about the downturn.
"Singapore has strengths which will let us outlast this recession," he said, "we have the resources, the programs, and the tenacity to ride the storm.
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SINGAPORE, Jan. 25 (Xinhua) -- Singapore's Prime Minister Lee Hsien Loong said Singapore has strengths to weather the current recession and he called on Singaporeans to brace themselves for a challenging Year of the Ox.
In his lunar new year message released on Sunday morning, the Prime Minister said there is no need to be despondent about the downturn.
"Singapore has strengths which will let us outlast this recession," he said, "we have the resources, the programs, and the tenacity to ride the storm.
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Singapore reveals S$20.5bn economic stimulus package
Financial Times, 23 Jan 2009, John Burton
Singapore unveiled a S$20.5bn stimulus package yesterday as the wealthy city-state confronts its worst post-war recession, with the economy expected to shrink up to 5 per cent this year.
"The resilience package will not get us out of recession. But it will help avert an even sharper downturn and more lasting damage to the economy," said Tharman Shanmugaratnam, the finance minister.
The programme's main aim is to save jobs and prevent the current unemployment rate of 2.2 per cent doubling, according to economists. A sharp increase in the jobless rate could provoke a political backlash against the People's Action party government, which celebrates its 50th anniversary in power this year.
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Singapore unveiled a S$20.5bn stimulus package yesterday as the wealthy city-state confronts its worst post-war recession, with the economy expected to shrink up to 5 per cent this year.
"The resilience package will not get us out of recession. But it will help avert an even sharper downturn and more lasting damage to the economy," said Tharman Shanmugaratnam, the finance minister.
The programme's main aim is to save jobs and prevent the current unemployment rate of 2.2 per cent doubling, according to economists. A sharp increase in the jobless rate could provoke a political backlash against the People's Action party government, which celebrates its 50th anniversary in power this year.
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Saturday, January 24, 2009
Geylang - The Unofficial Tourist Attraction
The Star Online, 24 Jan 2009, Seah Chiang Nee
Head to Geylang for a gay time
Building on its history of prostitution and triads, this red light district has evolved into a mini United Nations of sorts.
SEVERAL Singaporean housewives, as strait-laced and as prim-and-proper as they came, surprised me recently when they proposed to organise a bus tour of the city’s hot sex-spot.
“We’ve heard so much about Geylang and we want to see it,” said a retired teacher. Would I — being a know-it-all journalist — be the guide? she asked to the applause of all.
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Head to Geylang for a gay time
Building on its history of prostitution and triads, this red light district has evolved into a mini United Nations of sorts.
SEVERAL Singaporean housewives, as strait-laced and as prim-and-proper as they came, surprised me recently when they proposed to organise a bus tour of the city’s hot sex-spot.
“We’ve heard so much about Geylang and we want to see it,” said a retired teacher. Would I — being a know-it-all journalist — be the guide? she asked to the applause of all.
Read More
Friday, January 23, 2009
Singapore private home prices fell 6.1 pct in Q4
Forbes.com, 23 Jan 2009, Reuters
SINGAPORE, Jan 23 (Reuters) - Singapore private home prices fell 6.1 percent in the fourth quarter as the city-state plunged into its worst ever recession, government data showed on Friday.
The drop marked the second quarterly decline in residential property prices following a 2.4 percent fall in July-September. The decline in prices during the fourth quarter was also steeper than the initial estimate of a 5.7 percent drop made earlier this month.
Read More
Related News:
Singapore private home prices drop 6.1% in Q4, 2008 - Xinhua, 23 Jan 09
Singapore Pvt. Residential Property Prices Fall In Q4 - RTTNews, 23 Jan 09
SINGAPORE, Jan 23 (Reuters) - Singapore private home prices fell 6.1 percent in the fourth quarter as the city-state plunged into its worst ever recession, government data showed on Friday.
The drop marked the second quarterly decline in residential property prices following a 2.4 percent fall in July-September. The decline in prices during the fourth quarter was also steeper than the initial estimate of a 5.7 percent drop made earlier this month.
Read More
Related News:
Singapore private home prices drop 6.1% in Q4, 2008 - Xinhua, 23 Jan 09
Singapore Pvt. Residential Property Prices Fall In Q4 - RTTNews, 23 Jan 09
Sell Singapore Dollar Forwards Versus the Korean Won
Bloomberg.com, 23 Jan 2009, Judy Chen
Jan. 23 (Bloomberg) -- Investors should sell the Singapore dollar against the won via three-month non-deliverable forward contracts, Morgan Stanley said, predicting Korean initiatives to spur economic growth will help the nation’s currency rebound.
Singapore will be “particularly vulnerable” to the global slowdown in growth and foreign trade, adding downward pressure on its currency, the report said. Forwards are agreements in which assets are bought and sold at current prices for delivery at a future specified time and date.
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Jan. 23 (Bloomberg) -- Investors should sell the Singapore dollar against the won via three-month non-deliverable forward contracts, Morgan Stanley said, predicting Korean initiatives to spur economic growth will help the nation’s currency rebound.
Singapore will be “particularly vulnerable” to the global slowdown in growth and foreign trade, adding downward pressure on its currency, the report said. Forwards are agreements in which assets are bought and sold at current prices for delivery at a future specified time and date.
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Singapore Tourism Putting In Corporeal Changes To Achieve Target
1888 Press Release, 23 Jan 2009
(1888PressRelease) January 23, 2009 - A new market research report, “Opportunities in Singapore Tourism Industry (2007-2009)”, by RNCOS says that new infrastructure developments and organization of many mega events will fuel growth into Singapore’s tourism industry, taking the total international tourist arrivals to around 14 Million by 2012.
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(1888PressRelease) January 23, 2009 - A new market research report, “Opportunities in Singapore Tourism Industry (2007-2009)”, by RNCOS says that new infrastructure developments and organization of many mega events will fuel growth into Singapore’s tourism industry, taking the total international tourist arrivals to around 14 Million by 2012.
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Singapore Taps Reserves to Help Battle Recession
The Wall Street Journal, 23 Jan 2008, P.R. VENKAT
SINGAPORE -- Singapore, facing its worst recession on record as the global slowdown batters the trade-dependent city-state, will tap its official reserves for the first time to help fund a record 20.5 billion Singapore dollar (US$13.7 billion) stimulus package.
"The government will implement a major fiscal package in response to this crisis," Finance Minister Tharman Shanmugaratnam said Thursday. "We are likely to experience the deepest recession in the Singapore economy since our independence [in 1965], arising from the worst global economic decline in 60 years."
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SINGAPORE -- Singapore, facing its worst recession on record as the global slowdown batters the trade-dependent city-state, will tap its official reserves for the first time to help fund a record 20.5 billion Singapore dollar (US$13.7 billion) stimulus package.
"The government will implement a major fiscal package in response to this crisis," Finance Minister Tharman Shanmugaratnam said Thursday. "We are likely to experience the deepest recession in the Singapore economy since our independence [in 1965], arising from the worst global economic decline in 60 years."
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Singapore educators visit county schools
Charles County Public School, 20 Jan 2009
East met west in Charles County's classrooms recently when six Singapore educators visited three schools to learn about staff development, use of technology and successful instruction. Charles County and Singapore teachers and administrators shared ideas, experiences and culture in late December as part of a visit to the United States by the eastern educators during a global education conference. The Singapore visitors spent time at William B. Wade Elementary School, C. Paul Barnhart Elementary School and Milton M. Somers Middle School.
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East met west in Charles County's classrooms recently when six Singapore educators visited three schools to learn about staff development, use of technology and successful instruction. Charles County and Singapore teachers and administrators shared ideas, experiences and culture in late December as part of a visit to the United States by the eastern educators during a global education conference. The Singapore visitors spent time at William B. Wade Elementary School, C. Paul Barnhart Elementary School and Milton M. Somers Middle School.
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Singapore's Limits
The Wall Street Journal, 22 Jan 2009
It's not often that a Singaporean official concedes the limits of the city-state's economic engineering. But the downturn is proving so severe that the Finance Minister said in yesterday's budget speech that the government's stimulus package "will not get us out of the recession," but rather "help avert an even sharper downturn."
That ought to be a wake-up call for Singapore, where government built a modern metropolis by hoarding its citizens' capital, plowing those savings into designated industries and opening itself up to foreign trade. Yesterday's S$20.5 billion ($13.7 billion) package -- a whopping 8% of GDP -- looks like past stimulus plans: a broad mix of supply-side measures to help businesses, public-sector spending and cash handouts to stave off social discontent. What it doesn't acknowledge is that Singapore's growth model itself needs rethinking.
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It's not often that a Singaporean official concedes the limits of the city-state's economic engineering. But the downturn is proving so severe that the Finance Minister said in yesterday's budget speech that the government's stimulus package "will not get us out of the recession," but rather "help avert an even sharper downturn."
That ought to be a wake-up call for Singapore, where government built a modern metropolis by hoarding its citizens' capital, plowing those savings into designated industries and opening itself up to foreign trade. Yesterday's S$20.5 billion ($13.7 billion) package -- a whopping 8% of GDP -- looks like past stimulus plans: a broad mix of supply-side measures to help businesses, public-sector spending and cash handouts to stave off social discontent. What it doesn't acknowledge is that Singapore's growth model itself needs rethinking.
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Separation anxiety
South China Morning Post, 23 Jan 2009, Philip Bowring
The clear signal from Chief Justice Andrew Li Kwok-nang that the judiciary must keep itself at arm's length from the executive could not have come at a more appropriate time. Look around Asia and all too often one sees that the huge progress made towards liberal democracy is being undermined by use of the judiciary for political ends, eroding democracy directly or via loss of people's faith in the wider system of government.
Meanwhile, Singapore boasts a clean judiciary but one whose proclaimed independence from political pressures is regarded as a bad joke by many, not just the opposition politicians who have suffered from Minister Mentor Lee Kuan Yew's libel suits.
There are three lessons for the judiciary: the first is that separation from the executive is critical; second, that it must refrain from seeing itself as a maker rather than interpreter of laws; and, third, it must avoid identification with any particular political or economic interest group.
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The clear signal from Chief Justice Andrew Li Kwok-nang that the judiciary must keep itself at arm's length from the executive could not have come at a more appropriate time. Look around Asia and all too often one sees that the huge progress made towards liberal democracy is being undermined by use of the judiciary for political ends, eroding democracy directly or via loss of people's faith in the wider system of government.
Meanwhile, Singapore boasts a clean judiciary but one whose proclaimed independence from political pressures is regarded as a bad joke by many, not just the opposition politicians who have suffered from Minister Mentor Lee Kuan Yew's libel suits.
There are three lessons for the judiciary: the first is that separation from the executive is critical; second, that it must refrain from seeing itself as a maker rather than interpreter of laws; and, third, it must avoid identification with any particular political or economic interest group.
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Singapore Air, Virgin May Win India Investment Rights
Bloomberg.com, 23 Jan 2009, Vipin V. Nair
Jan. 23 (Bloomberg) -- Singapore Airlines Ltd., Virgin Atlantic Airways Ltd. and other carriers may win the right to buy into Indian airlines as the world's second-fastest-growing major economy plans to scrap investment restrictions.
India's government is considering allowing overseas airlines to own stakes in local carriers, Civil Aviation Minister Praful Patel told reporters on Jan. 14. That would reverse a more than a decade-old rule that banned them from owning shares of domestic carriers.
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Jan. 23 (Bloomberg) -- Singapore Airlines Ltd., Virgin Atlantic Airways Ltd. and other carriers may win the right to buy into Indian airlines as the world's second-fastest-growing major economy plans to scrap investment restrictions.
India's government is considering allowing overseas airlines to own stakes in local carriers, Civil Aviation Minister Praful Patel told reporters on Jan. 14. That would reverse a more than a decade-old rule that banned them from owning shares of domestic carriers.
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Publisher Rethinks the Daily: It’s Free and Printed and Has Blogs All Over
The New York Times, 21 Jan 2009, CLAIRE CAIN MILLER
SAN FRANCISCO — Amid the din of naysayers who insist that newspapers are on the verge of death, a new company wants to start dozens of new ones — with a twist.
The Printed Blog, a Chicago start-up, plans to reprint blog posts on regular paper, surrounded by local ads, and distribute the publications free in big cities.
The first issues of this Internet-era penny-saver will appear in Chicago and San Francisco on Tuesday. They will start as weeklies, but Joshua Karp, the founder and publisher, hopes eventually to publish free neighborhood editions of The Printed Blog twice a day in many cities around the country.
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SAN FRANCISCO — Amid the din of naysayers who insist that newspapers are on the verge of death, a new company wants to start dozens of new ones — with a twist.
The Printed Blog, a Chicago start-up, plans to reprint blog posts on regular paper, surrounded by local ads, and distribute the publications free in big cities.
The first issues of this Internet-era penny-saver will appear in Chicago and San Francisco on Tuesday. They will start as weeklies, but Joshua Karp, the founder and publisher, hopes eventually to publish free neighborhood editions of The Printed Blog twice a day in many cities around the country.
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Singapore reduces top corporate tax rate to battle recession
South China Morning Post, 23 Jan 2009, Bloomberg
Singapore has cut corporate taxes for the second time since 2007 and said it would tap its reserves to fund record spending as it tries to drag the economy out of its deepest recession since independence.
The government would cut the maximum tax rate payable by companies to 17 per cent from 18 per cent this year, Finance Minister Tharman Shanmugaratnam said in a budget address yesterday.
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Singapore has cut corporate taxes for the second time since 2007 and said it would tap its reserves to fund record spending as it tries to drag the economy out of its deepest recession since independence.
The government would cut the maximum tax rate payable by companies to 17 per cent from 18 per cent this year, Finance Minister Tharman Shanmugaratnam said in a budget address yesterday.
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Singapore Airlines cuts Dhaka flights in turmoil
The Daily Star, 23 Jan 2009, Sohel Parvez
Singapore Airlines (SIA) has cut two of its flights from Dhaka as it is receiving less than expected passengers due to the global economic downturn that forced the leading carrier to suspend more than 200 flights worldwide.
The carrier said it would operate five weekly flights from Dhaka from February 16, instead of the present daily flights. Its Monday and Friday flights will remain suspended until March 27.
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Singapore Airlines (SIA) has cut two of its flights from Dhaka as it is receiving less than expected passengers due to the global economic downturn that forced the leading carrier to suspend more than 200 flights worldwide.
The carrier said it would operate five weekly flights from Dhaka from February 16, instead of the present daily flights. Its Monday and Friday flights will remain suspended until March 27.
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Recession-hit Singapore still needs foreigners
BusinessWorld Online, 23 Jan 2009
SINGAPORE — Singapore, which relies heavily on foreign workers, will still need overseas labor despite a recession, a minister said in comments released Tuesday.
With Singapore in recession, the inflow of foreign workers will slow, Acting Minister for Manpower Gan Kim Yong said in a written response to an MP’s question in parliament.
"However, even in a slow-down, our economy still needs foreign workers. Many of them take on jobs that Singaporeans may not want to do or are unable to fill, like in construction and marine," Mr. Gan said.
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SINGAPORE — Singapore, which relies heavily on foreign workers, will still need overseas labor despite a recession, a minister said in comments released Tuesday.
With Singapore in recession, the inflow of foreign workers will slow, Acting Minister for Manpower Gan Kim Yong said in a written response to an MP’s question in parliament.
"However, even in a slow-down, our economy still needs foreign workers. Many of them take on jobs that Singaporeans may not want to do or are unable to fill, like in construction and marine," Mr. Gan said.
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Let's get back to basics
Singapore Democrats, 22 Jan 2009, Han Ming Wen
One need not be a rocket scientist to join the dots to reveal the master plan. First change the finance laws, then formulate almost impregnable secrecy laws, thereafter offer tax reliefs and incentives, and finally build casinos. And voila! Billions of overseas funds (much of it tax evasion and illicit monies) start pouring into our banks.
To the many who benefit from such money the move is a brilliant masterstroke that other countries are too slow to catch on to. Perhaps.
But lest we forget, unscrupulous financial dealings have already eaten up a 158-year old institution (Lehman Brothers), reduced the world’s biggest bank to a 'me too' when it comes to bailouts (Citigroup), crippled England’s largest financial institution (Barclays), and brought the USA and Europe to its knees.
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One need not be a rocket scientist to join the dots to reveal the master plan. First change the finance laws, then formulate almost impregnable secrecy laws, thereafter offer tax reliefs and incentives, and finally build casinos. And voila! Billions of overseas funds (much of it tax evasion and illicit monies) start pouring into our banks.
To the many who benefit from such money the move is a brilliant masterstroke that other countries are too slow to catch on to. Perhaps.
But lest we forget, unscrupulous financial dealings have already eaten up a 158-year old institution (Lehman Brothers), reduced the world’s biggest bank to a 'me too' when it comes to bailouts (Citigroup), crippled England’s largest financial institution (Barclays), and brought the USA and Europe to its knees.
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Obama to influence Singapore & Hongkong as tax havens
International Business Times, 19 Jan 2009
Hong Kong and Singapore may soon come under increased scrutiny from the US, if incoming President Barack Obama follows through with his pledge to crack down on abusive "tax havens" which "peddle secrecy" and "cloak tax evasion and other misconduct,"according to Withers law firm.
In February 2007, then-Senator Obama co-sponsored the Stop Tax Haven Abuse Act (STHAA), which was introduced in both the Senate and the House. Although no action has been taken on either version since then, Obama's aides have indicated that similar legislation will be considered in the early stages of the new administration.
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Hong Kong and Singapore may soon come under increased scrutiny from the US, if incoming President Barack Obama follows through with his pledge to crack down on abusive "tax havens" which "peddle secrecy" and "cloak tax evasion and other misconduct,"according to Withers law firm.
In February 2007, then-Senator Obama co-sponsored the Stop Tax Haven Abuse Act (STHAA), which was introduced in both the Senate and the House. Although no action has been taken on either version since then, Obama's aides have indicated that similar legislation will be considered in the early stages of the new administration.
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Thursday, January 22, 2009
Singapore bond yields jump 10 bps on budget, deficit
Reuters India, 22 Jan 2009, Vidya Ranganathan
SINGAPORE, Jan 22 (Reuters) - Government bonds in Singapore fell, pushing yields across the curve up by 10 to 15 basis points, after the finance minister unveiled a multi-billion dollar stimulus plan and a large fiscal deficit for the coming year.
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SINGAPORE, Jan 22 (Reuters) - Government bonds in Singapore fell, pushing yields across the curve up by 10 to 15 basis points, after the finance minister unveiled a multi-billion dollar stimulus plan and a large fiscal deficit for the coming year.
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Singapore government announces measures to help property market
Property Report, 22 Jan 2009, Khalil Adis
The Singapore government has announced various measures to help the property market in its Budget 2009 announcement in the face of the worsening economic crisis.
Owner-occupied homes will enjoy 40 percent property tax rebate in 2009 that will costs the government S$75 million.
Home buyers will also get more help to pay for their first home.
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The Singapore government has announced various measures to help the property market in its Budget 2009 announcement in the face of the worsening economic crisis.
Owner-occupied homes will enjoy 40 percent property tax rebate in 2009 that will costs the government S$75 million.
Home buyers will also get more help to pay for their first home.
Read More
Temasek's PT Bank Danamon says '08 profit down
Reuters, 21 Jan 2009
JAKARTA, Jan 21 (Reuters) - Indonesia's fifth largest lender, PT Bank Danamon Tbk (BDMN.JK), posted a lower net profit in 2008 amid a slowing domestic economy hit by lower global demand for its key commodities.
The bank said on Wednesday unaudited net profit stood at 1.5 trillion rupiah ($134.2 million) in 2008 against forecasts of 2.2 trillion. It made a net profit in 2007 of 2.1 trillion.
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JAKARTA, Jan 21 (Reuters) - Indonesia's fifth largest lender, PT Bank Danamon Tbk (BDMN.JK), posted a lower net profit in 2008 amid a slowing domestic economy hit by lower global demand for its key commodities.
The bank said on Wednesday unaudited net profit stood at 1.5 trillion rupiah ($134.2 million) in 2008 against forecasts of 2.2 trillion. It made a net profit in 2007 of 2.1 trillion.
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Singapore to Spend S$20.5 Billion to Help Business, Workers
Bloomberg.com, 22 Jan 2009, Shamim Adam and Andrea Tan
Jan. 22 (Bloomberg) -- Singapore, suffering its deepest recession since independence, will spend S$20.5 billion ($13.7 billion) to help businesses and workers, Finance Minister Tharman Shanmugaratnam said today.
Read More
Related News:
Singapore Cuts Company Tax, Taps Reserves Amid Slump - Bloomberg
Singapore taps reserves for budget stimulus, cuts tax - Guardian
Singapore unveils resilience package budget to manage recession - M&C
Singapore announces US$13bln stimulus - AFP
Singapore to spend $US13bil to salvage economy - Australia Network News
Singapore unveils S$20.5 billion “resilience package” to fight worst recession ever - The Malaysian Insider
Singapore Unveils US$13.7 Bln Resilience Package, Corporate Tax Cut - RTTNews
Singapore plans financial stimulus pkg of Sing $20.5Bn - Moneycontrol.com
Singapore budget targets recovery - BBC News
Singapore unveils $13.6 billion stimulus package - Forbes
Singapore shows the benefits of real prudence - Telegraph
Jan. 22 (Bloomberg) -- Singapore, suffering its deepest recession since independence, will spend S$20.5 billion ($13.7 billion) to help businesses and workers, Finance Minister Tharman Shanmugaratnam said today.
Read More
Related News:
Singapore Cuts Company Tax, Taps Reserves Amid Slump - Bloomberg
Singapore taps reserves for budget stimulus, cuts tax - Guardian
Singapore unveils resilience package budget to manage recession - M&C
Singapore announces US$13bln stimulus - AFP
Singapore to spend $US13bil to salvage economy - Australia Network News
Singapore unveils S$20.5 billion “resilience package” to fight worst recession ever - The Malaysian Insider
Singapore Unveils US$13.7 Bln Resilience Package, Corporate Tax Cut - RTTNews
Singapore plans financial stimulus pkg of Sing $20.5Bn - Moneycontrol.com
Singapore budget targets recovery - BBC News
Singapore unveils $13.6 billion stimulus package - Forbes
Singapore shows the benefits of real prudence - Telegraph
Singapore set for extraordinary budget: newspaper
AFP
SINGAPORE (AFP) — Singapore was set Thursday to deliver an extraordinary budget to help it confront the city-state's worst-ever recession, Prime Minister Lee Hsien Loong said in published remarks.
It is "not going to be an ordinary budget -- because this is not an ordinary year -- either in the content of the budget or its overall fiscal stance," Lee was quoted as saying in The Business Times.
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SINGAPORE (AFP) — Singapore was set Thursday to deliver an extraordinary budget to help it confront the city-state's worst-ever recession, Prime Minister Lee Hsien Loong said in published remarks.
It is "not going to be an ordinary budget -- because this is not an ordinary year -- either in the content of the budget or its overall fiscal stance," Lee was quoted as saying in The Business Times.
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Singapore economy to shrink in 2009
CNN.com, 21 Jan 2009
(CNN) -- Singapore's Gross Domestic Product is expected to shrink as much as 5 percent in 2009, far more than the 1 to 2 percent contraction predicted earlier this month, the government said.
The Ministry of Trade and Industry said it expected a GDP reduction of between 2 and 5 percent this year.
Read More
Related News:
Singapore fears up to 5% contraction - Financial Times, 21 Jan 09
(CNN) -- Singapore's Gross Domestic Product is expected to shrink as much as 5 percent in 2009, far more than the 1 to 2 percent contraction predicted earlier this month, the government said.
The Ministry of Trade and Industry said it expected a GDP reduction of between 2 and 5 percent this year.
Read More
Related News:
Singapore fears up to 5% contraction - Financial Times, 21 Jan 09
New Zealand, Singapore conduct exercise
UPI.com, 21 Jan 2009
WELLINGTON, New Zealand, Jan. 21 (UPI) -- A bilateral artillery exercise aimed at strengthening cooperation on regional security is taking place between Singapore and New Zealand.
Approximately 1,000 personnel are taking part in a more than monthlong exercise involving the New Zealand Defense Force and the Singapore armed forces in New Zealand. The annual exercise, which lasts until Feb. 13, is designed to strengthen security ties between the two countries on regional security and "increase mutual understanding among the personnel of both armed forces," the Singapore government reported.
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WELLINGTON, New Zealand, Jan. 21 (UPI) -- A bilateral artillery exercise aimed at strengthening cooperation on regional security is taking place between Singapore and New Zealand.
Approximately 1,000 personnel are taking part in a more than monthlong exercise involving the New Zealand Defense Force and the Singapore armed forces in New Zealand. The annual exercise, which lasts until Feb. 13, is designed to strengthen security ties between the two countries on regional security and "increase mutual understanding among the personnel of both armed forces," the Singapore government reported.
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Singapore launches Sukuk to tap investors in the Gulf
Saudi Gazette, 22 Jan 2009, Ramesh Balan
JEDDAH – The Monetary Authority of Singapore (MAS) has announced a sukuk (Islamic bonds) issuance program to provide Shariah compliant regulatory assets. The development opens up a top-class avenue for investors from the Gulf seeking top-class asset handlers who have to show as an example of their acumen a whole island nation that they have helped build up from scratch as one of the best financial centers in the world – Singapore.
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JEDDAH – The Monetary Authority of Singapore (MAS) has announced a sukuk (Islamic bonds) issuance program to provide Shariah compliant regulatory assets. The development opens up a top-class avenue for investors from the Gulf seeking top-class asset handlers who have to show as an example of their acumen a whole island nation that they have helped build up from scratch as one of the best financial centers in the world – Singapore.
Read More
Obama to receive Singapore plea
BBC News, 21 Jan 2009
Chee Soon Juan, secretary general of the Singapore Democratic Party, posted his "message to President Obama" on the video sharing website YouTube.
Mr Chee said he hopes that the US "will pay more attention to the human rights abuses of the Singapore government".
Mr Chee has been jailed several times and faces multiple charges of defying local protest laws and other offences.
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Chee Soon Juan, secretary general of the Singapore Democratic Party, posted his "message to President Obama" on the video sharing website YouTube.
Mr Chee said he hopes that the US "will pay more attention to the human rights abuses of the Singapore government".
Mr Chee has been jailed several times and faces multiple charges of defying local protest laws and other offences.
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Singapore debates legalizing payment to voluntary organ donors
Asia Sentinel, 21 Jan 2009, Ben Bland
I Lost My Kidney/To a Guy Named Sidney
Across Asia, the going rate for a kidney is usually agreed in the backstreet surgery of some unscrupulous doctor but in Singapore the government will soon be setting the price for this much in-demand organ. A controversial amendment to legalize the payment of compensation to organ donors was put before the Singapore parliament this week and while the health ministry is yet to decide on the upper limit for reimbursement, it is expected to be at least S$50,000 (US$33,000).
The move is designed to help put an end to the illegal practice of organ trading that is prevalent in so many Asian countries, driven by a large supply of desperately poor people and a small core of wealthy individuals willing to pay any price to preserve their faltering health.
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I Lost My Kidney/To a Guy Named Sidney
Across Asia, the going rate for a kidney is usually agreed in the backstreet surgery of some unscrupulous doctor but in Singapore the government will soon be setting the price for this much in-demand organ. A controversial amendment to legalize the payment of compensation to organ donors was put before the Singapore parliament this week and while the health ministry is yet to decide on the upper limit for reimbursement, it is expected to be at least S$50,000 (US$33,000).
The move is designed to help put an end to the illegal practice of organ trading that is prevalent in so many Asian countries, driven by a large supply of desperately poor people and a small core of wealthy individuals willing to pay any price to preserve their faltering health.
Read More
Singapore DBS's $2.7 bln rights issue oversubscribed
Reuters, 21 Jan 2009, Saeed Azhar
SINGAPORE, Jan 21 (Reuters) - Singapore's DBS Group (DBSM.SI), Southeast Asia's biggest bank, said on Wednesday its S$4 billion ($2.7 billion) rights issue to boost its capital had been oversubscribed.
The rights issue came as banks across Asia look to shore up their balance sheets in readiness for a tougher business environment amid the global economic downturn.
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SINGAPORE, Jan 21 (Reuters) - Singapore's DBS Group (DBSM.SI), Southeast Asia's biggest bank, said on Wednesday its S$4 billion ($2.7 billion) rights issue to boost its capital had been oversubscribed.
The rights issue came as banks across Asia look to shore up their balance sheets in readiness for a tougher business environment amid the global economic downturn.
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Temasek chief drops into London
Financial Times, 21 Jan 2009
As the new chief of Temasek's international operations, former Morgan Stanley banker Michael Dee has a hefty portfolio of bank shares to monitor.
He was in London on Tuesday addressing a London School of Economics conference on emerging markets, having joined the Singaporean sovereign wealth fund in August.
The 52-year-old US former amateur ice-skating champion was hired as a senior managing director to run Temasek's newly created international arm, as it expands beyond Asia.
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As the new chief of Temasek's international operations, former Morgan Stanley banker Michael Dee has a hefty portfolio of bank shares to monitor.
He was in London on Tuesday addressing a London School of Economics conference on emerging markets, having joined the Singaporean sovereign wealth fund in August.
The 52-year-old US former amateur ice-skating champion was hired as a senior managing director to run Temasek's newly created international arm, as it expands beyond Asia.
Read More
Dissident urges Obama to push Singapore on rights
Taiwan News, 21 Jan 2009, The Associated Press
A Singapore opposition leader has called on President Barack Obama to take steps to encourage the island nation's government to stop committing human rights abuses.
Chee Soon Juan, the leader of the Singapore Democratic Party, praised Obama's record as a civil rights lawyer and said he hoped the new "administration's foreign policy will be as enlightened."
"I have every confidence that the U.S. will pay more attention to the human rights abuses of the Singapore government and take positive steps to help Singapore join the community of democracies," Chee said in a five-minute video posted on YouTube and his party's Web site on Tuesday.
Read More
Related News:
Singapore: Dissident Urges Obama To Push Singapore On Rights - Mysinchew.com
Dissident urges Obama to push Singapore on rights - MSNBC
A Singapore opposition leader has called on President Barack Obama to take steps to encourage the island nation's government to stop committing human rights abuses.
Chee Soon Juan, the leader of the Singapore Democratic Party, praised Obama's record as a civil rights lawyer and said he hoped the new "administration's foreign policy will be as enlightened."
"I have every confidence that the U.S. will pay more attention to the human rights abuses of the Singapore government and take positive steps to help Singapore join the community of democracies," Chee said in a five-minute video posted on YouTube and his party's Web site on Tuesday.
Read More
Related News:
Singapore: Dissident Urges Obama To Push Singapore On Rights - Mysinchew.com
Dissident urges Obama to push Singapore on rights - MSNBC
Singapore: Brunei Prince Visits Singapore's Military Institute
Mysinchew.com, 21 Jan 2009
SINGAPORE: Brunei Crown Prince Haji Al-Muhtadee Billah, who is on a four-day official visit to Singapore, visited the Singapore Armed Forces' (SAF) Armour Training Institute at Sungei Gedong Camp here Wednesday (21 Jan).
The prince, who arrived Monday (19 Jan), took a ride in the SAF's recent acquisition, the Leopard 2A4 main battle tank.
Read More
SINGAPORE: Brunei Crown Prince Haji Al-Muhtadee Billah, who is on a four-day official visit to Singapore, visited the Singapore Armed Forces' (SAF) Armour Training Institute at Sungei Gedong Camp here Wednesday (21 Jan).
The prince, who arrived Monday (19 Jan), took a ride in the SAF's recent acquisition, the Leopard 2A4 main battle tank.
Read More
Singapore president congratulates Obama on inauguration
Xinhua, 21 Jan 2009
SINGAPORE, Jan. 21 (Xinhua) -- Singapore's President S. R. Nathan Tuesday night sent a congratulation letter to Barack Obama on his inauguration as the 44th President of the United States.
The President said that Obama's inauguration comes at a time when there are many challenges facing the United States and the rest of the world.
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SINGAPORE, Jan. 21 (Xinhua) -- Singapore's President S. R. Nathan Tuesday night sent a congratulation letter to Barack Obama on his inauguration as the 44th President of the United States.
The President said that Obama's inauguration comes at a time when there are many challenges facing the United States and the rest of the world.
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Global conditions force Singapore to revise economic forecast
International Herald Tribune, 21 Jan 2009, Bettina Wassener
HONG KONG: Singapore lowered its 2009 growth forecast for the second time in only three weeks Wednesday, illustrating how steeply the global economic downturn is pushing down export-dependent Asian economies.
One of the most important financial hubs in the region, Singapore slid into recession earlier than most of its neighbors as the financial crisis developed into a full-fledged global economic crisis last year.
Read More
Related News:
Singapore downgrades its forecast again - International Herald Tribune, 21 Jan 09
Singapore battens down for tough 2009 - LiveNews, 22 Jan 09
HONG KONG: Singapore lowered its 2009 growth forecast for the second time in only three weeks Wednesday, illustrating how steeply the global economic downturn is pushing down export-dependent Asian economies.
One of the most important financial hubs in the region, Singapore slid into recession earlier than most of its neighbors as the financial crisis developed into a full-fledged global economic crisis last year.
Read More
Related News:
Singapore downgrades its forecast again - International Herald Tribune, 21 Jan 09
Singapore battens down for tough 2009 - LiveNews, 22 Jan 09
Singapore Economy May Fall by Record, Spurring Public Spending
Bloomberg.com, 21 Jan 2009, Shamim Adam and Chen Shiyin
Jan. 21 (Bloomberg) -- Singapore said its economy may shrink an unprecedented 5 percent this year, fanning speculation the government will announce record spending in its budget tomorrow to help companies hurt by the global recession.
Finance Minister Tharman Shanmugaratnam may outlay as much as S$20 billion ($13.3 billion), or 8 percent of gross domestic product, to help households and businesses survive the slump, Macquarie Capital Securities predicts. The government may also say it plans to tap into its reserves for the first time to fund its expenditure.
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Jan. 21 (Bloomberg) -- Singapore said its economy may shrink an unprecedented 5 percent this year, fanning speculation the government will announce record spending in its budget tomorrow to help companies hurt by the global recession.
Finance Minister Tharman Shanmugaratnam may outlay as much as S$20 billion ($13.3 billion), or 8 percent of gross domestic product, to help households and businesses survive the slump, Macquarie Capital Securities predicts. The government may also say it plans to tap into its reserves for the first time to fund its expenditure.
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Temasek's PT Bank Danamon taps banks for issue-sources
Reuters, 21 Jan 2009, Michael Flaherty and Harry Suhartono
HONG KONG/JAKARTA, Jan 21 (Reuters) - PT Bank Danamon Tbk (BDMN.JK), Indonesia's fifth-largest lender, has hired two investment banks to conduct a rights offering, two sources said on Wednesday, as the company's stock takes a beating amid tough economic conditions for the country's banks.
Temasek, Singapore's government owned investment group, owns a 58 percent stake in Bank Danamon through its wholly owned subsidiary, Fullerton Financial Holdings.
Read More
Related News:
Traders Crush Bank Danamon on Concerns of Possible Forex Losses - Jakarta Globe, 21 Jan 09
Indonesia's Danamon taps banks for issue-sources - Forbes.com, 21 Jan 09
HONG KONG/JAKARTA, Jan 21 (Reuters) - PT Bank Danamon Tbk (BDMN.JK), Indonesia's fifth-largest lender, has hired two investment banks to conduct a rights offering, two sources said on Wednesday, as the company's stock takes a beating amid tough economic conditions for the country's banks.
Temasek, Singapore's government owned investment group, owns a 58 percent stake in Bank Danamon through its wholly owned subsidiary, Fullerton Financial Holdings.
Read More
Related News:
Traders Crush Bank Danamon on Concerns of Possible Forex Losses - Jakarta Globe, 21 Jan 09
Indonesia's Danamon taps banks for issue-sources - Forbes.com, 21 Jan 09
Singapore may weaken currency to tackle recession
Guardian.co.uk, 21 Jan 2009, Reuters
SINGAPORE, Jan 21 (Reuters) - Singapore's economy shrank the most on record in the last quarter of 2008 and the government forecast a 5 percent contraction this year and a possible fall in consumer prices, which may prompt a one-off currency devaluation.
A government declaration that the economy was suffering its worst ever recession and official forecasts of a continued slump suggested to analysts the central bank could push down the centre of the trading band for the Singapore dollar, effectively devaluing it to help the key export sector.
Read More
SINGAPORE, Jan 21 (Reuters) - Singapore's economy shrank the most on record in the last quarter of 2008 and the government forecast a 5 percent contraction this year and a possible fall in consumer prices, which may prompt a one-off currency devaluation.
A government declaration that the economy was suffering its worst ever recession and official forecasts of a continued slump suggested to analysts the central bank could push down the centre of the trading band for the Singapore dollar, effectively devaluing it to help the key export sector.
Read More
Wednesday, January 21, 2009
Freedom and fear
Singapore Democrats, 20 Jan 2009
"Free at last! Free at last! Thank God Almighty we're free at last!" And so the prescient words of the American Negro spiritual cascaded from the lips of Martin Luther King Jr.
1963 was a time when the civil rights leader inspired a generation of Americans to overcome injustice with truth, oppression with defiance, hate with love. He appealed to the “better angels” of his fellow Americans.
That same year in Singapore Mr Lee Kuan Yew ordered the mass arrests of his political opponents as the crackdown against democracy went into full swing under Operation Cold Store.
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"Free at last! Free at last! Thank God Almighty we're free at last!" And so the prescient words of the American Negro spiritual cascaded from the lips of Martin Luther King Jr.
1963 was a time when the civil rights leader inspired a generation of Americans to overcome injustice with truth, oppression with defiance, hate with love. He appealed to the “better angels” of his fellow Americans.
That same year in Singapore Mr Lee Kuan Yew ordered the mass arrests of his political opponents as the crackdown against democracy went into full swing under Operation Cold Store.
Read More
Southeast Asia's Wounded Tigers
Far Eastern Economic Review, 20 Jan 2009, Abe De Ramos
As the extent of the U.S.-led financial crisis unfolds globally, developing Southeast Asian countries are finding themselves in the position of suffering the collateral damage. While not directly hit by the liquidity crunch like their larger and wealthier neighbors, they’re also not immune to the slowdown, being part of the chain that supplies goods to consumers in the West who are now crimping on their spending. Indeed, the crisis highlights how developing economies in the Association of Southeast Asian Nations (Asean) are being reduced to a fringe role in the global economic landscape, and how they’re facing the hard truth that they won’t be able to regain the “tiger economy” status they once held without building a stronger domestic base.
Read More
As the extent of the U.S.-led financial crisis unfolds globally, developing Southeast Asian countries are finding themselves in the position of suffering the collateral damage. While not directly hit by the liquidity crunch like their larger and wealthier neighbors, they’re also not immune to the slowdown, being part of the chain that supplies goods to consumers in the West who are now crimping on their spending. Indeed, the crisis highlights how developing economies in the Association of Southeast Asian Nations (Asean) are being reduced to a fringe role in the global economic landscape, and how they’re facing the hard truth that they won’t be able to regain the “tiger economy” status they once held without building a stronger domestic base.
Read More
Democrats' message to President Obama
Singapore Democrats, 20 Jan 2009
Dear President Obama,
An occasion of great moment has come upon America this 20th day of January 2009. It is a day summoned by history to what is good and noble as you are inaugurated President of the United States.
My colleagues and I at the Singapore Democratic Party, extend to you our heartfelt congratulations.
We are especially encouraged by what you said on Human Rights Day in December last year: “When the United States stands up for human rights, by example at home and by effort abroad, we align ourselves with men and women around the world who struggle for the right to speak their minds, to choose their leaders, and to be treated with dignity and respect.”
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Dear President Obama,
An occasion of great moment has come upon America this 20th day of January 2009. It is a day summoned by history to what is good and noble as you are inaugurated President of the United States.
My colleagues and I at the Singapore Democratic Party, extend to you our heartfelt congratulations.
We are especially encouraged by what you said on Human Rights Day in December last year: “When the United States stands up for human rights, by example at home and by effort abroad, we align ourselves with men and women around the world who struggle for the right to speak their minds, to choose their leaders, and to be treated with dignity and respect.”
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Singapore faces devastating exodus of foreigners
Times Online, 21 Jan 2009, Leo Lewis
Singapore faces an exodus of 200,000 foreigners as the financial services and manufacturing industries scythe through their workforces and the city-state grinds towards the worst recession in its 43-year history.
The expected exodus, predict analysts at Credit Suisse, could see the number of people living in the tiny but economically powerful island shrink more than 3 per cent to just 4.68 million by 2010 in a shift that would severely undermine the government’s 22-year efforts to boost the population through immigration.
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Singapore faces an exodus of 200,000 foreigners as the financial services and manufacturing industries scythe through their workforces and the city-state grinds towards the worst recession in its 43-year history.
The expected exodus, predict analysts at Credit Suisse, could see the number of people living in the tiny but economically powerful island shrink more than 3 per cent to just 4.68 million by 2010 in a shift that would severely undermine the government’s 22-year efforts to boost the population through immigration.
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Singapore Forecasts Deflation in 2009 as Prices Cool Further
Bloomberg.com, 21 Jan 2009, Shamim Adam
Jan. 21 (Bloomberg) -- Singapore’s government forecast consumer prices may fall this year after inflation eased in December for a third month, giving the central bank room to allow the currency to weaken further and boost the economy.
Consumer prices may hold steady or fall 1 percent this year, the government said today. The consumer price index increased 4.3 percent last month from a year earlier, after gaining 5.5 percent in November, the Department of Statistics said. That was slower than the 4.7 percent median forecast of 12 economists in a Bloomberg News survey.
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Jan. 21 (Bloomberg) -- Singapore’s government forecast consumer prices may fall this year after inflation eased in December for a third month, giving the central bank room to allow the currency to weaken further and boost the economy.
Consumer prices may hold steady or fall 1 percent this year, the government said today. The consumer price index increased 4.3 percent last month from a year earlier, after gaining 5.5 percent in November, the Department of Statistics said. That was slower than the 4.7 percent median forecast of 12 economists in a Bloomberg News survey.
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Singapore GDP Plummets 16.9% In Q4
Nasdaq
(RTTNews) - The economy of Singapore contracted by a record amount in the 4th quarter of 2008, and the government is predicting more of the same.
The Ministry of Trade and Industry reported Wednesday that the economy shrank in the fourth quarter at a seasonally adjusted annualized rate of 16.9 percent.
Read More
Related News:
Singapore in worst-ever recession - Inquirer.net, 21 Jan 09
(RTTNews) - The economy of Singapore contracted by a record amount in the 4th quarter of 2008, and the government is predicting more of the same.
The Ministry of Trade and Industry reported Wednesday that the economy shrank in the fourth quarter at a seasonally adjusted annualized rate of 16.9 percent.
Read More
Related News:
Singapore in worst-ever recession - Inquirer.net, 21 Jan 09
Singapore c.bank sees no reason for FX to weaken
Fxstreet.com, 21 Jan 2009
SINGAPORE, Jan 21 (Reuters) - Singapore's central bank said on Wednesday that its monetary policy stance announced last October was intact and that there was no reason for the Singapore dollar to weaken against other currencies.
"There is no reason, in our view, for a persistent weakening of the Singapore dollar," Ong Chong Tee, deputy managing director at the Monetary Authority of Singapore, told journalists.
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SINGAPORE, Jan 21 (Reuters) - Singapore's central bank said on Wednesday that its monetary policy stance announced last October was intact and that there was no reason for the Singapore dollar to weaken against other currencies.
"There is no reason, in our view, for a persistent weakening of the Singapore dollar," Ong Chong Tee, deputy managing director at the Monetary Authority of Singapore, told journalists.
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Singapore's Dec inflation slows to 4.3 pct yr/yr
Fxstreet.com, 21 Jan 2009, Thomson Reuters
SINGAPORE, Jan 21 (Reuters) - Singapore's annual inflation slowed to 4.3 percent in December from 5.5 percent in November, helped by a drop in fuel prices.
Consumer prices fell 0.6 percent after seasonal adjustments month-on-month following a drop of 0.2 percent in November, the Department of Statistics said in a statement on Wednesday.
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SINGAPORE, Jan 21 (Reuters) - Singapore's annual inflation slowed to 4.3 percent in December from 5.5 percent in November, helped by a drop in fuel prices.
Consumer prices fell 0.6 percent after seasonal adjustments month-on-month following a drop of 0.2 percent in November, the Department of Statistics said in a statement on Wednesday.
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Singapore Airlines Dec load factor slips
Business Times (Malaysia), 21 Jan 2009, Reuters
SINGAPORE: Singapore Airlines, the world’s biggest airline by market value, filled 65.8 per cent of the space available on its planes for passengers and cargo in December, down from 70.7 per cent a year ago, it said yesterday.
That compares with 67.3 per cent in November. Singapore Air said overall passenger load for December stood at 79.9 per cent.
News Link
SINGAPORE: Singapore Airlines, the world’s biggest airline by market value, filled 65.8 per cent of the space available on its planes for passengers and cargo in December, down from 70.7 per cent a year ago, it said yesterday.
That compares with 67.3 per cent in November. Singapore Air said overall passenger load for December stood at 79.9 per cent.
News Link
Singapore Economy May Post Biggest Decline on Record
Bloomberg.com, 21 Jan 2009, Shamim Adam and Chen Shiyin
Jan. 21 (Bloomberg) -- Singapore’s economy may shrink a record 5 percent this year as exports slump, increasing pressure on the government to take steps to help businesses and consumers.
Singapore is going through its sharpest and deepest recession, which may be the longest in the country’s history, said Ravi Menon, an official at the trade ministry. Gross domestic product may shrink 2 percent to 5 percent this year, the ministry said today.
Read More
Related News:
Singapore economy to shrink in 2009 - CNN, 20 Jan 09
Singapore says economy to shrink 2-5 pct in 2009 - Fxstreet.com 21 Jan 09
Singapore revises GDP growth as economy shrinks - The Malaysian Insider, 21 Jan 09
SINGAPORE REVISES GDP GROWTH AS ECONOMY SHRINKS - Bernama, 21 Jan 09
Singapore: S'pore Says Economy To Shrink Up To 5% In 2009 - Mysinchew.com, 21 Jan 09
Singapore 2009 GDP growth forecast revised downwards - The New Straits Times, 21 Jan 09
Jan. 21 (Bloomberg) -- Singapore’s economy may shrink a record 5 percent this year as exports slump, increasing pressure on the government to take steps to help businesses and consumers.
Singapore is going through its sharpest and deepest recession, which may be the longest in the country’s history, said Ravi Menon, an official at the trade ministry. Gross domestic product may shrink 2 percent to 5 percent this year, the ministry said today.
Read More
Related News:
Singapore economy to shrink in 2009 - CNN, 20 Jan 09
Singapore says economy to shrink 2-5 pct in 2009 - Fxstreet.com 21 Jan 09
Singapore revises GDP growth as economy shrinks - The Malaysian Insider, 21 Jan 09
SINGAPORE REVISES GDP GROWTH AS ECONOMY SHRINKS - Bernama, 21 Jan 09
Singapore: S'pore Says Economy To Shrink Up To 5% In 2009 - Mysinchew.com, 21 Jan 09
Singapore 2009 GDP growth forecast revised downwards - The New Straits Times, 21 Jan 09
Singapore Amends Law to Help People Avoid Bankruptcy Amid Slump
Bloomberg.com, 20 Jan 2009, Luzi Ann Javier
Jan. 20 (Bloomberg) -- Singapore, facing its worst economic slump in four decades, changed its law to help people avoid bankruptcy as job losses and loan defaults rise.
The nation’s parliament passed a bill yesterday that will allow people with debt of as much as S$100,000 ($66,600) to work out a repayment plan with their creditors without being declared bankrupt, avoiding what the government calls the “attendant disabilities and social stigma” that come with insolvency.
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Jan. 20 (Bloomberg) -- Singapore, facing its worst economic slump in four decades, changed its law to help people avoid bankruptcy as job losses and loan defaults rise.
The nation’s parliament passed a bill yesterday that will allow people with debt of as much as S$100,000 ($66,600) to work out a repayment plan with their creditors without being declared bankrupt, avoiding what the government calls the “attendant disabilities and social stigma” that come with insolvency.
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Economy, piracy at top of France-Singapore talks
International Herald Tribune, 20 Jan 2009, The Associated Press
PARIS: The international financial crisis and fighting piracy are topping the agenda of a meeting between the foreign ministers of France and Singapore.
France also is seeking to deepen its ties with ASEAN, the 10-member Association of Southeast Asian Nations.
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PARIS: The international financial crisis and fighting piracy are topping the agenda of a meeting between the foreign ministers of France and Singapore.
France also is seeking to deepen its ties with ASEAN, the 10-member Association of Southeast Asian Nations.
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Recession-hit Singapore still needs foreigners: minister
AFP
SINGAPORE (AFP) — Singapore, which relies heavily on foreign workers, will still need overseas labour despite a recession, a minister said in comments released Tuesday.
With Singapore in recession, the inflow of foreign workers will slow, Acting Minister for Manpower Gan Kim Yong said in a written response to an MP's question in parliament.
"However, even in a slowdown, our economy still needs foreign workers. Many of them take on jobs that Singaporeans may not want to do or are unable to fill, like in construction and marine," Gan said.
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SINGAPORE (AFP) — Singapore, which relies heavily on foreign workers, will still need overseas labour despite a recession, a minister said in comments released Tuesday.
With Singapore in recession, the inflow of foreign workers will slow, Acting Minister for Manpower Gan Kim Yong said in a written response to an MP's question in parliament.
"However, even in a slowdown, our economy still needs foreign workers. Many of them take on jobs that Singaporeans may not want to do or are unable to fill, like in construction and marine," Gan said.
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Singapore May See 200,000 Foreigners Leave, Credit Suisse Says
Bloomberg.com, 20 Jan 2009, Shamim Adam
Jan. 20 (Bloomberg) -- Singapore’s population may shrink in the next two years as “sizeable” job losses amid the city- state’s deepest recession force 200,000 foreigners to leave, Credit Suisse Group said.
About 300,000 jobs may be lost by 2010, two-thirds of which are held by foreigners and permanent residents, economists Cem Karacadag and Kun Lung Wu wrote in a report received today. The number of people on the island nation may fall by about 3.3 percent to 4.68 million by 2010, Credit Suisse said.
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Jan. 20 (Bloomberg) -- Singapore’s population may shrink in the next two years as “sizeable” job losses amid the city- state’s deepest recession force 200,000 foreigners to leave, Credit Suisse Group said.
About 300,000 jobs may be lost by 2010, two-thirds of which are held by foreigners and permanent residents, economists Cem Karacadag and Kun Lung Wu wrote in a report received today. The number of people on the island nation may fall by about 3.3 percent to 4.68 million by 2010, Credit Suisse said.
Read More
Tuesday, January 20, 2009
Spore's FTAs and How It Affect The Workers
rrstar.com, 17 Jan 2009, Tim Mills
Addressing free trade and its affects on workers worldwide
Given the continuing evaporation of millions of American jobs, we must have a public discourse on the cost of free trade and its twin — runaway corporations.
Singapore, for example, has been hailed by business executives as one of free trade’s success stories. The whole truth, however, is quite different. As a Hamilton Sundstrand employee, I learned about the downside of such a success story as I watched machinery and good jobs being uprooted in Rockford — destined for Singapore.
In 2003, the governments of the United States and Singapore signed the U.S.-Singapore Free Trade Agreement. The agreement gave the green light to corporations seeking to exploit the great disparities between the two nations and poverty-stricken South Asia. Corporations setting up shop in Singapore may hire from a pool of 600,000 immigrants, representing 30 percent of the work force.
Read More
Addressing free trade and its affects on workers worldwide
Given the continuing evaporation of millions of American jobs, we must have a public discourse on the cost of free trade and its twin — runaway corporations.
Singapore, for example, has been hailed by business executives as one of free trade’s success stories. The whole truth, however, is quite different. As a Hamilton Sundstrand employee, I learned about the downside of such a success story as I watched machinery and good jobs being uprooted in Rockford — destined for Singapore.
In 2003, the governments of the United States and Singapore signed the U.S.-Singapore Free Trade Agreement. The agreement gave the green light to corporations seeking to exploit the great disparities between the two nations and poverty-stricken South Asia. Corporations setting up shop in Singapore may hire from a pool of 600,000 immigrants, representing 30 percent of the work force.
Read More
CapitaCommercial Trust Payout Rises 16% on Rents
Bloomberg.com, 20 Jan 2009, Netty Ismail
Jan. 20 (Bloomberg) -- CapitaCommercial Trust, the office landlord partly owned by Singapore’s largest developer, said it will pay investors 16 percent more in dividends for the fourth quarter because of higher rental income.
Shareholders will receive S$38 million ($25 million), or 2.71 cents a share, for the three months ended Dec. 31, from 2.33 cents a year earlier, the company, controlled by CapitaLand Ltd., said in a statement to the Singapore exchange today.
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Jan. 20 (Bloomberg) -- CapitaCommercial Trust, the office landlord partly owned by Singapore’s largest developer, said it will pay investors 16 percent more in dividends for the fourth quarter because of higher rental income.
Shareholders will receive S$38 million ($25 million), or 2.71 cents a share, for the three months ended Dec. 31, from 2.33 cents a year earlier, the company, controlled by CapitaLand Ltd., said in a statement to the Singapore exchange today.
Read More
S'pore ministers' pay may be cut 20 pct this year-media
Reuters, 19 Jan 2009, Kevin Lim
SINGAPORE, Jan 20 (Reuters) - The annual salaries of Singapore's ministers and senior civil servants are expected to fall by 12 to 20 percent this year in line with the shrinking economy, local media reported on Tuesday.
Defence Minister Teo Chee Hean, who is also minister in charge of the civil service, told Parliament on Monday that senior permanent secretaries and entry-grade ministers will likely receive S$1.54 million ($1.03 million), which is a drop of 20 percent from last year.
Read More
Related News:
Ministers take a pay cut - The New Straits Times Online, 20 Jan 09
SINGAPORE, Jan 20 (Reuters) - The annual salaries of Singapore's ministers and senior civil servants are expected to fall by 12 to 20 percent this year in line with the shrinking economy, local media reported on Tuesday.
Defence Minister Teo Chee Hean, who is also minister in charge of the civil service, told Parliament on Monday that senior permanent secretaries and entry-grade ministers will likely receive S$1.54 million ($1.03 million), which is a drop of 20 percent from last year.
Read More
Related News:
Ministers take a pay cut - The New Straits Times Online, 20 Jan 09
Singapore Airlines massively cuts capacity
e-Travel Blackboard, 20 Jan 2009
After massively growing capacity last year, and as such suffering from much lower load factors, Singapore Airlines has entered into the new year by announcing massive capacity cuts.
To be undertaken gradually from now until March, Singapore Airlines intends to cut 214 flights, or around 3% of its current scheduled services.
Read More
After massively growing capacity last year, and as such suffering from much lower load factors, Singapore Airlines has entered into the new year by announcing massive capacity cuts.
To be undertaken gradually from now until March, Singapore Airlines intends to cut 214 flights, or around 3% of its current scheduled services.
Read More
Vietnamese doctors to receive free oncology training in Singapore
Thanhnien News, 20 Jan 2009
Vietnam has been chosen as the first country to benefit from a Singaporean-funded medical training program for doctors in developing Asian countries.
Three Vietnamese doctors specializing in cancer diagnosis and treatment will be sponsored with €90,000 (US$118,380) to attend a three-year post-graduate program at the National Cancer Center Singapore (NCCS).
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Vietnam has been chosen as the first country to benefit from a Singaporean-funded medical training program for doctors in developing Asian countries.
Three Vietnamese doctors specializing in cancer diagnosis and treatment will be sponsored with €90,000 (US$118,380) to attend a three-year post-graduate program at the National Cancer Center Singapore (NCCS).
Read More
Jurong completes turnkey construction of PetroRig I
EnergyCurrent, 19 Jan 2009
SINGAPORE: Sembcorp Marine subsidiary Jurong Shipyard has completed turnkey construction of Larsen Oil & Gas ultra-deepwater semisubmersible PetroRig I. The semi is the first of four Larsen semisubmersibles on order with Jurong.
PetroRig I is owned by Larsen-managed PetroMena. Following a naming ceremony at the Jurong Shipyard in Singapore, the rig has set off to anchorage for thruster installation and commissioning, then a sea trial.
Read More
SINGAPORE: Sembcorp Marine subsidiary Jurong Shipyard has completed turnkey construction of Larsen Oil & Gas ultra-deepwater semisubmersible PetroRig I. The semi is the first of four Larsen semisubmersibles on order with Jurong.
PetroRig I is owned by Larsen-managed PetroMena. Following a naming ceremony at the Jurong Shipyard in Singapore, the rig has set off to anchorage for thruster installation and commissioning, then a sea trial.
Read More
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