Reuters India, 28 Feb 2009, Kevin Lim
SINGAPORE, Feb 28 (Reuters) - Singapore's trade-dependent economy could shrink by 8 percent this year, much worse than the government's forecast of a contraction of 2-5 percent, Prime Minister Lee Hsien Loong said on CNBC.
"Can it be worse than minus 5? Yes it is possible, because it depends on the global situation," Lee according to transcripts from an interview with the business news channel on Friday.
Read More
Related News:
8pc growth decline in Singapore possible - The Malaysian Insider, 28 Feb 09
Singapore economy may shrink 8pc - Businessday.co.nz, 2 Mar 09
Saturday, February 28, 2009
Lee warns of lengthy downturn
Bangkok Post, 28 Feb 2009, PICHAI CHUENSUKSAWADI
Singapore Prime Minister Lee Hsien Loong has warned that the world could easily be in for several more years of slow economic growth unless the core cause of the crisis - the US banking system - is resolved.
In an exclusive interview with the Bangkok Post prior to the 14th Asean Leaders Summit in Cha-am, Mr Lee said although US President Barack Obama recently unveiled a US$787 billion stimulus package, there are "no good solutions" to the core cause of the crisis.
Read More
Related News:
Singapore PM warns of lengthy global slump - International Herald Tribune, 28 Feb 09
Singapore Prime Minister Lee Hsien Loong has warned that the world could easily be in for several more years of slow economic growth unless the core cause of the crisis - the US banking system - is resolved.
In an exclusive interview with the Bangkok Post prior to the 14th Asean Leaders Summit in Cha-am, Mr Lee said although US President Barack Obama recently unveiled a US$787 billion stimulus package, there are "no good solutions" to the core cause of the crisis.
Read More
Related News:
Singapore PM warns of lengthy global slump - International Herald Tribune, 28 Feb 09
Singapore left with second largest Citi stake
Financial Times, 27 Feb 2009, John Burton
The Government of Singapore Investment Corp on Friday said it would become the second-largest investor in Citigroup with an 11.1 per cent stake after it agreed to convert its preferred shares into common shares.
Under a deal co-ordinated with Citi’s agreement with the US government, GIC will give up a 7 per cent annual dividend provided by the perpetual convertible notes it acquired from Citi in January 2008 for $6.88bn.
GIC will exchange its preferred shares for 2.1bn common shares at a price of $3.25 a share against a conversion price of $26.35 under the original terms of the 2008 investment.
Read More
The Government of Singapore Investment Corp on Friday said it would become the second-largest investor in Citigroup with an 11.1 per cent stake after it agreed to convert its preferred shares into common shares.
Under a deal co-ordinated with Citi’s agreement with the US government, GIC will give up a 7 per cent annual dividend provided by the perpetual convertible notes it acquired from Citi in January 2008 for $6.88bn.
GIC will exchange its preferred shares for 2.1bn common shares at a price of $3.25 a share against a conversion price of $26.35 under the original terms of the 2008 investment.
Read More
Indications That Spore Govt Will Call A Snap Polls This Year
The Star Online, 28 Feb 2009, Seah Chiang Nee
Indications are that the government will call a snap polls this year, although the PAP still holds the mandate till 2010.
HOW do Singaporeans, who have been raised to expect the best from their government, view the S$100bil (RM239.6bil) loss of their invested assets?
Do they attribute it to global factors beyond anyone’s control or blame it on poor government judgement?
The issue could be highlighted in a snap election, if one really takes place this year, in the wake of two quick announcements last week by the Elections Department.
Read More
Indications are that the government will call a snap polls this year, although the PAP still holds the mandate till 2010.
HOW do Singaporeans, who have been raised to expect the best from their government, view the S$100bil (RM239.6bil) loss of their invested assets?
Do they attribute it to global factors beyond anyone’s control or blame it on poor government judgement?
The issue could be highlighted in a snap election, if one really takes place this year, in the wake of two quick announcements last week by the Elections Department.
Read More
Singapore courts prepare for ‘recession crimes’
The Malaysian Insider, 28 Feb 2009
SINGAPORE, Feb 28 — Singapore courts are preparing to cope with more criminal and civil cases during this downturn. In 1999 and 2002, when the country was battling recessions, the courts' workload hit record levels.
Chief Justice Chan Sek Keong expects the numbers to spike again.
Read More
SINGAPORE, Feb 28 — Singapore courts are preparing to cope with more criminal and civil cases during this downturn. In 1999 and 2002, when the country was battling recessions, the courts' workload hit record levels.
Chief Justice Chan Sek Keong expects the numbers to spike again.
Read More
Singapore PM: Asia needs to rethink export model
The Malaysian Insider, 28 Feb 2009
SINGAPORE, Feb 28 — The United States can no longer be the world's customer, said Prime Minister Lee Hsien Loong as he pointed to the need for a rebalancing of how the global economy and countries operated.
In an interview with the CNBC channel aired last night, he acknowledged that this could mean a shift away from Asia's current export-driven model.
Read More
SINGAPORE, Feb 28 — The United States can no longer be the world's customer, said Prime Minister Lee Hsien Loong as he pointed to the need for a rebalancing of how the global economy and countries operated.
In an interview with the CNBC channel aired last night, he acknowledged that this could mean a shift away from Asia's current export-driven model.
Read More
Singapore prime minister sees need for global rebalancing
TopNews.in, 28 Feb 2009, Sahil Nagpal
Singapore - Singapore Prime Minister Lee Hsien Loong said in an TV interview late Friday that there is a need for a rebalancing in the world economy, which could mean a shift away from Asia's current export-driven model.
"There will have to be a global rebalancing because we cannot expect the Americans to be consumers of things made all over the world. And the rest of the world as savers lending money to the US to buy things from you," Lee said in an interview with CNBC television.
Read More
Singapore - Singapore Prime Minister Lee Hsien Loong said in an TV interview late Friday that there is a need for a rebalancing in the world economy, which could mean a shift away from Asia's current export-driven model.
"There will have to be a global rebalancing because we cannot expect the Americans to be consumers of things made all over the world. And the rest of the world as savers lending money to the US to buy things from you," Lee said in an interview with CNBC television.
Read More
TBT Activist Jufri Salim: I'm glad to serve time for the cause
Singapore Democrats, 27 Feb 2009
When the trial for the Tak Boleh Tahan 18 resumed yesterday, Mr Jufri Salim pleaded guilty to the two charges and was fined a total of $1,200. The young protester said that he could not get more time off from work and the trial looks set to drag on for a while yet.
But Mr Jufri refused to pay the fine because he had done no wrong, adding "I am glad to serve time for a cause I believe in." He will serve an eight-day jail term in default beginning tomorrow.
Read More
When the trial for the Tak Boleh Tahan 18 resumed yesterday, Mr Jufri Salim pleaded guilty to the two charges and was fined a total of $1,200. The young protester said that he could not get more time off from work and the trial looks set to drag on for a while yet.
But Mr Jufri refused to pay the fine because he had done no wrong, adding "I am glad to serve time for a cause I believe in." He will serve an eight-day jail term in default beginning tomorrow.
Read More
Chiam ST to Loh Chee Kong: Stop publication
Singapore Democrats, 27 Feb 2009
Mr Chiam See Tong has asked the Today newspaper to stop publication on his interview. Mr Chiam told Today's senior reporter, Mr Loh Chee Kong, that his remarks about the SDP were "off the cuff". Mr Chiam had told Mr Loh -- twice -- not to publish anything he said about Dr Chee Soon Juan and the Singapore Democrats.
Yet, the reporter emailed Dr Chee and quoted Mr Chiam's remarks, wanting a response from the SDP secretary-general. Dr Chee replied to Mr Loh and refused to respond, saying that the intended report is a PAP ploy to put SDP in a bad light. (See here)
Read More
Mr Chiam See Tong has asked the Today newspaper to stop publication on his interview. Mr Chiam told Today's senior reporter, Mr Loh Chee Kong, that his remarks about the SDP were "off the cuff". Mr Chiam had told Mr Loh -- twice -- not to publish anything he said about Dr Chee Soon Juan and the Singapore Democrats.
Yet, the reporter emailed Dr Chee and quoted Mr Chiam's remarks, wanting a response from the SDP secretary-general. Dr Chee replied to Mr Loh and refused to respond, saying that the intended report is a PAP ploy to put SDP in a bad light. (See here)
Read More
Friday, February 27, 2009
Singapore 'is in freefall'
Business24-7.ae, 27 Feb 2009, AFP
The simple sign announces 'South Beach' and calls it 'Singapore's New Lifestyle Quarter' but there is little sign of life at the collection of dilapidated military buildings.
The abandoned camp was to become a $1.1 billion (Dh4bn) luxury hotel, office, retail and residential project known as South Beach.
Instead, it has become a symbol of the global economic downturn. Construction of South Beach has not yet begun.
Read More
The simple sign announces 'South Beach' and calls it 'Singapore's New Lifestyle Quarter' but there is little sign of life at the collection of dilapidated military buildings.
The abandoned camp was to become a $1.1 billion (Dh4bn) luxury hotel, office, retail and residential project known as South Beach.
Instead, it has become a symbol of the global economic downturn. Construction of South Beach has not yet begun.
Read More
Singapore suspect still at large
BBC News, 27 Feb 2009
A year after a suspected Islamist militant leader escaped from jail in Singapore, the authorities there have renewed their promise to catch him.
A worldwide manhunt was sparked after Mas Selamat Kastari fled from custody through a bathroom window.
But Singaporean officials admit they still cannot find him, and analysts believe he will be hiding in a country such as the Philippines or Indonesia.
Read More
Related News:
A Year On The Run For Singapore's Most Wanted Man - Easybourse, 27 Feb 09
A year after a suspected Islamist militant leader escaped from jail in Singapore, the authorities there have renewed their promise to catch him.
A worldwide manhunt was sparked after Mas Selamat Kastari fled from custody through a bathroom window.
But Singaporean officials admit they still cannot find him, and analysts believe he will be hiding in a country such as the Philippines or Indonesia.
Read More
Related News:
A Year On The Run For Singapore's Most Wanted Man - Easybourse, 27 Feb 09
Singapore GIC Converts Preferred Citi Stock Into Common Shares
CNNMoney.com, 27 Feb 2009
SINGAPORE -(Dow Jones)- Government of Singapore Investment Corp. Friday said it has agreed to convert its preferred shares in Citigroup Inc. (C) into common stock at $3.25 a share.
The conversion price is well below the originally agreed conversion price of $ 26.35 a share. GIC said in a statement that after the conversion its stake in the troubled U.S. bank will rise to an estimated 11.1%
According to a Securities and Exchange Commission filing in late January, GIC held a beneficial 5.3% stake, or 303.8 million shares in Citigroup. These include preferred shares that can be converted into 261.1 million common shares.
Read More
Related News:
Singapore's GIC will convert Citi notes to stock - Reuters UK, 27 Feb 09
Singapore GIC converts Citi notes, pays $3.25/shr - Reuters UK, 27 Feb 09
Singapore's GIC will convert Citi notes to stock - Reuters, 27 Feb 09
SINGAPORE -(Dow Jones)- Government of Singapore Investment Corp. Friday said it has agreed to convert its preferred shares in Citigroup Inc. (C) into common stock at $3.25 a share.
The conversion price is well below the originally agreed conversion price of $ 26.35 a share. GIC said in a statement that after the conversion its stake in the troubled U.S. bank will rise to an estimated 11.1%
According to a Securities and Exchange Commission filing in late January, GIC held a beneficial 5.3% stake, or 303.8 million shares in Citigroup. These include preferred shares that can be converted into 261.1 million common shares.
Read More
Related News:
Singapore's GIC will convert Citi notes to stock - Reuters UK, 27 Feb 09
Singapore GIC converts Citi notes, pays $3.25/shr - Reuters UK, 27 Feb 09
Singapore's GIC will convert Citi notes to stock - Reuters, 27 Feb 09
Las Vegas Sands reaffirms commitment for completion of Marina Bay Sands resort
RTTNews, 27 Feb 2009
Casino giant Las Vegas Sands Corp. (LVS: News ) announced that it has planned to reaffirm its commitment to Singapore and the completion of the Marina Bay Sands integrated resort. The company stated that it will use an informal meeting with the Singapore Tourism Board today in Las Vegas to reaffirm its commitment.
Read More
Casino giant Las Vegas Sands Corp. (LVS: News ) announced that it has planned to reaffirm its commitment to Singapore and the completion of the Marina Bay Sands integrated resort. The company stated that it will use an informal meeting with the Singapore Tourism Board today in Las Vegas to reaffirm its commitment.
Read More
Less Malaysians Visited Singapore In Jan
Mysinchew.com, 27 Feb 2009
SINGAPORE: Only about 44,000 Malaysians visited Singapore in Jan compared to the 84,000 during the festive and school holiday period of the preceeding month.
The Singapore Tourism Board (STB) announced Friday (27 Feb) visitor arrivals to the Republic continued to take a knock when it only registered 771,000 in arrivals for Jan, a decline of 12.9% compared to the corresponding month of last year.
Read More
SINGAPORE: Only about 44,000 Malaysians visited Singapore in Jan compared to the 84,000 during the festive and school holiday period of the preceeding month.
The Singapore Tourism Board (STB) announced Friday (27 Feb) visitor arrivals to the Republic continued to take a knock when it only registered 771,000 in arrivals for Jan, a decline of 12.9% compared to the corresponding month of last year.
Read More
Jobless migrant workers protest in Singapore again
Reuters India, 27 Feb 2009
SINGAPORE (Reuters) - A group of around 100 Bangladeshi migrant workers gathered outside Singapore's labour ministry on Friday, urging the government to give them work and retrieve overdue pay after they were laid off by shipping firms.
Protests are rare in Singapore, where public speeches and demonstrations are banned unless they are approved by the government, or take place at a designated place called Speaker's Corner.
Read More
SINGAPORE (Reuters) - A group of around 100 Bangladeshi migrant workers gathered outside Singapore's labour ministry on Friday, urging the government to give them work and retrieve overdue pay after they were laid off by shipping firms.
Protests are rare in Singapore, where public speeches and demonstrations are banned unless they are approved by the government, or take place at a designated place called Speaker's Corner.
Read More
Singaporean delegation to visit Qatar
The Peninsula, 27 Feb 2009
DOHA: Singapore’s Deputy Prime Minister and Minister of Home Affairs, Wong Kan Seng, will lead a high-level delegation to Doha from March 2 to 4.
He will co-chair the third meeting of the Qatar-Singapore High-Level Joint Committee (HLJC) with the Heir Apparent, H H Sheikh Tamim bin Hamad Al Thani.
Read More
DOHA: Singapore’s Deputy Prime Minister and Minister of Home Affairs, Wong Kan Seng, will lead a high-level delegation to Doha from March 2 to 4.
He will co-chair the third meeting of the Qatar-Singapore High-Level Joint Committee (HLJC) with the Heir Apparent, H H Sheikh Tamim bin Hamad Al Thani.
Read More
Singapore's Service Sector Business Receipts Fall In Q4
RTTNews, 27 Feb 2009
Friday, a report by Singapore's Department of Statistics said the overall business receipts in the services sector, excluding the wholesale, retail as also hotels and restaurants, fell 1.3% year-on-year in the fourth quarter. However, after excluding the financial and insurance services, business receipts were up 4% in the fourth quarter.
Read More
Friday, a report by Singapore's Department of Statistics said the overall business receipts in the services sector, excluding the wholesale, retail as also hotels and restaurants, fell 1.3% year-on-year in the fourth quarter. However, after excluding the financial and insurance services, business receipts were up 4% in the fourth quarter.
Read More
UOB Q4 profit falls 34 pct as bad debt charges rise
Reuters, 27 Feb 2009, Saeed Azhar
SINGAPORE, Feb 27 (Reuters) - United Overseas Bank (UOB) (UOBH.SI), Singapore's second-ranked lender, reported a bigger-than-expected 34 percent drop in fourth-quarter profit as writedowns for bad debts trebled and fees from capital markets fell.
The results, UOB's worst since the second quarter of 2003, reflect the growing risks for Singapore banks' earnings as weakening Asian economies threaten to hurt asset quality, slow loan growth and boost credit costs.
Read More
Related News:
United Overseas Bank Net Falls 34% as Economy Slows - Bloomberg, 27 Feb 09
SINGAPORE, Feb 27 (Reuters) - United Overseas Bank (UOB) (UOBH.SI), Singapore's second-ranked lender, reported a bigger-than-expected 34 percent drop in fourth-quarter profit as writedowns for bad debts trebled and fees from capital markets fell.
The results, UOB's worst since the second quarter of 2003, reflect the growing risks for Singapore banks' earnings as weakening Asian economies threaten to hurt asset quality, slow loan growth and boost credit costs.
Read More
Related News:
United Overseas Bank Net Falls 34% as Economy Slows - Bloomberg, 27 Feb 09
Spore visitor arrivals down 12.9% in Jan 09
AsiaTravelTips.com, 27 Feb 2009
Singapore visitor arrivals reached 771,000 in January 2009, registering a decline of 12.9% compared to January 2008. Visitor days were estimated at 3.3 million days, a decrease of 6.9% in comparison with January 2008.
Indonesia (118,000), P.R. China (105,000), Australia (80,000), India (47,000), and Malaysia (44,000), were Singapore’s top five visitor-generating markets. These markets accounted for 51% of total visitor arrivals for the month.
Read More
Related News:
Singapore tourism falls 13 percent in January - International Herald Tribune, 27 Feb 09
Singapore Jan tourist arrivals fall 13 pct - Reuters, 27 Feb 09
Singapore visitor arrivals reached 771,000 in January 2009, registering a decline of 12.9% compared to January 2008. Visitor days were estimated at 3.3 million days, a decrease of 6.9% in comparison with January 2008.
Indonesia (118,000), P.R. China (105,000), Australia (80,000), India (47,000), and Malaysia (44,000), were Singapore’s top five visitor-generating markets. These markets accounted for 51% of total visitor arrivals for the month.
Read More
Related News:
Singapore tourism falls 13 percent in January - International Herald Tribune, 27 Feb 09
Singapore Jan tourist arrivals fall 13 pct - Reuters, 27 Feb 09
Singapore delays rock cavern oil bids to Q2 vs Feb
Reuters, 27 Feb 2009, Jennifer Tan
SINGAPORE, Feb 27 (Reuters) - Singapore's state-owned industrial landlord JTC Corp said on Friday it will again delay the results of bids for the city-state's underground rock cavern oil storage project to the April-June quarter from this month.
JTC had said previously it would appoint the building contractor and operator for the Jurong Rock Cavern facility, located on offshore Jurong Island, by the end of February.
Read More
SINGAPORE, Feb 27 (Reuters) - Singapore's state-owned industrial landlord JTC Corp said on Friday it will again delay the results of bids for the city-state's underground rock cavern oil storage project to the April-June quarter from this month.
JTC had said previously it would appoint the building contractor and operator for the Jurong Rock Cavern facility, located on offshore Jurong Island, by the end of February.
Read More
That shrinking feeling in Singapore gets more acute
The Malaysian Insider, 27 Feb 2009
SINGAPORE, Feb 27 — Singapore's economy shrank 4.2 per cent in the fourth quarter, worse than the 3.7 per cent decline estimated last month, as financial services performed even more poorly than expected.
The Ministry of Trade and Industry in its annual economic survey released yesterday said that the financial sector contracted 8.1 per cent, substantially worse than the 1.8 per cent drop forecast in January, on the back of significant declines in trading activities in foreign exchange and stock brokerage, fund management and Asian Currency Units.
On the whole, services producing industries were down 1.3 per cent in the quarter, substantially below the MTI's previous estimate of a 0.1 per cent fall. Services make up roughly 60 per cent of Singapore's S$257 billion (RM616 billion) economy.
Read More
SINGAPORE, Feb 27 — Singapore's economy shrank 4.2 per cent in the fourth quarter, worse than the 3.7 per cent decline estimated last month, as financial services performed even more poorly than expected.
The Ministry of Trade and Industry in its annual economic survey released yesterday said that the financial sector contracted 8.1 per cent, substantially worse than the 1.8 per cent drop forecast in January, on the back of significant declines in trading activities in foreign exchange and stock brokerage, fund management and Asian Currency Units.
On the whole, services producing industries were down 1.3 per cent in the quarter, substantially below the MTI's previous estimate of a 0.1 per cent fall. Services make up roughly 60 per cent of Singapore's S$257 billion (RM616 billion) economy.
Read More
TODAY wants to know SDP's response to Chiam's criticisms
Singapore Democrats, 26 Feb 2009
This is SDP's reply to TODAY reporter Loh Chee Kong.
Dear Mr Loh,
First, let me say that I have no desire to let myself and my party be dragged by you into a mud-slinging match with another opposition party.
Readers will ask themselves: Why this and why now? The break up with Mr Chiam See Tong in the SDP happened nearly two decades ago. This was extensively covered and utilised by the PAP and its media to criticise the Singapore Democrats.
Yet, your newspaper decides to resurrect the issue today. One need not be a genius to see what motivates this present exercise. You are obviously trying to remind Singaporeans of the episode in the hope that you can turn opinion against the SDP again.
Why now? This is not hard to figure out given two recent developments: One, is that the general elections are expected to be called in the not-too-distant future and the PAP needs to run down the Singapore Democrats.
Two, the SDP has been calling for the opposition to work closer together. The PAP needs to halt this process as a united opposition is not in its interest. The PAP has always depended on the divide-and-conquer tactic to trump the opposition.
Mr Chiam's views of the SDP are not news. If you are truly interested in political fallouts, a story about the "stepping down" of Ms Ho Ching as Temasek's chief and what was really happening behind the scenes would thrill your readers no end, and assuredly send your newspaper's sales to record highs.
Despite such real information that the newspaper should be telling your readers, you choose to write on something that happened in 1993 and which has already been milked dry by your colleagues.
Now that the Singapore Democrats are moving ahead and gaining momentum in attracting support especially on the Internet, the media knows that it needs to do something, however blatant and despicable, to halt our progress.
Thanks but no thanks, we prefer to concentrate our attention on the PAP.
Chee Soon Juan
Secretary-General
Singapore Democratic Party
Read More
This is SDP's reply to TODAY reporter Loh Chee Kong.
Dear Mr Loh,
First, let me say that I have no desire to let myself and my party be dragged by you into a mud-slinging match with another opposition party.
Readers will ask themselves: Why this and why now? The break up with Mr Chiam See Tong in the SDP happened nearly two decades ago. This was extensively covered and utilised by the PAP and its media to criticise the Singapore Democrats.
Yet, your newspaper decides to resurrect the issue today. One need not be a genius to see what motivates this present exercise. You are obviously trying to remind Singaporeans of the episode in the hope that you can turn opinion against the SDP again.
Why now? This is not hard to figure out given two recent developments: One, is that the general elections are expected to be called in the not-too-distant future and the PAP needs to run down the Singapore Democrats.
Two, the SDP has been calling for the opposition to work closer together. The PAP needs to halt this process as a united opposition is not in its interest. The PAP has always depended on the divide-and-conquer tactic to trump the opposition.
Mr Chiam's views of the SDP are not news. If you are truly interested in political fallouts, a story about the "stepping down" of Ms Ho Ching as Temasek's chief and what was really happening behind the scenes would thrill your readers no end, and assuredly send your newspaper's sales to record highs.
Despite such real information that the newspaper should be telling your readers, you choose to write on something that happened in 1993 and which has already been milked dry by your colleagues.
Now that the Singapore Democrats are moving ahead and gaining momentum in attracting support especially on the Internet, the media knows that it needs to do something, however blatant and despicable, to halt our progress.
Thanks but no thanks, we prefer to concentrate our attention on the PAP.
Chee Soon Juan
Secretary-General
Singapore Democratic Party
Read More
Singapore raises its partying profile
USATODAY.com, 26 Feb 2009, Kitty Bean Yancey
SINGAPORE — Around midnight, a female impersonator in a blond wig, heels and fishnet stockings introduces himself as "MiStevious" and points a manicured fingernail at couples canoodling on the white cushioned ledges that line the walls of the 6-month-old restaurant/lounge called supperclub Singapore.
If the party is slow to start, supperclub's host enlivens it by roller-skating and lip-syncing to the disco anthem It's Raining Men. Meanwhile, fashionably dressed women and men will "have a hug and a cuddle, maybe really make out," the U.K. native says. "It's the place to do it."
Singapore? The former British colony famed for banning the sale of gum to eradicate discarded wads and still caning those caught engaging in licentious behavior and other offenses?
Read More
SINGAPORE — Around midnight, a female impersonator in a blond wig, heels and fishnet stockings introduces himself as "MiStevious" and points a manicured fingernail at couples canoodling on the white cushioned ledges that line the walls of the 6-month-old restaurant/lounge called supperclub Singapore.
If the party is slow to start, supperclub's host enlivens it by roller-skating and lip-syncing to the disco anthem It's Raining Men. Meanwhile, fashionably dressed women and men will "have a hug and a cuddle, maybe really make out," the U.K. native says. "It's the place to do it."
Singapore? The former British colony famed for banning the sale of gum to eradicate discarded wads and still caning those caught engaging in licentious behavior and other offenses?
Read More
Jackie Chan says HK govt ignored museum plea
AFP
HONG KONG (AFP) — Action hero Jackie Chan said Thursday a museum dedicated to his career would have been built in Hong Kong rather than Singapore if the government had not ignored his repeated requests for land.
The Hong Kong-born "Rush Hour" star said he had decided to donate his costumes, awards and a collection of antique Chinese houses to Singapore after 10 fruitless years trying to convince the Hong Kong government to host the attraction
Read More
Related News:
Martial Arts Star Threatens to Take His Collection to Singapore - ARTINFO, 26 Feb 09
HONG KONG (AFP) — Action hero Jackie Chan said Thursday a museum dedicated to his career would have been built in Hong Kong rather than Singapore if the government had not ignored his repeated requests for land.
The Hong Kong-born "Rush Hour" star said he had decided to donate his costumes, awards and a collection of antique Chinese houses to Singapore after 10 fruitless years trying to convince the Hong Kong government to host the attraction
Read More
Related News:
Martial Arts Star Threatens to Take His Collection to Singapore - ARTINFO, 26 Feb 09
Singapore’s electronics output short-circuited in January
The Malaysian Insider, 27 Feb 2009
SINGAPORE, Feb 27 — Industrial output in January fell 29.1 per cent from a year ago, the largest plunge recorded so far.
This was worse than economists' consensus forecast of a 24.3 per cent decline, and follows a revised year-on-year decline of 12.8 per cent in December.
Releasing preliminary figures yesterday, the Economic Development Board attributed the manufacturing output decline to “the global economic downturn and Chinese New Year festivities”, which fell in January this year versus February last year, as several plants shut down over the holidays.
Read More
SINGAPORE, Feb 27 — Industrial output in January fell 29.1 per cent from a year ago, the largest plunge recorded so far.
This was worse than economists' consensus forecast of a 24.3 per cent decline, and follows a revised year-on-year decline of 12.8 per cent in December.
Releasing preliminary figures yesterday, the Economic Development Board attributed the manufacturing output decline to “the global economic downturn and Chinese New Year festivities”, which fell in January this year versus February last year, as several plants shut down over the holidays.
Read More
Singapore PM: Jobless Could Hit 5%; Government Ready To Do More
Nasdaq
SINGAPORE -(Dow Jones)- Prime Minister Lee Hsien Loong said Singapore's unemployment rate could rise to 5% this year, but the government is prepared to take further stimulus measures if needed.
"If we need to do more we will do more," Lee said in an interview with CNBC broadcast Friday. "We have the resources - we can do it. But it is not a problem where spending the money will cure you."
Read More
SINGAPORE -(Dow Jones)- Prime Minister Lee Hsien Loong said Singapore's unemployment rate could rise to 5% this year, but the government is prepared to take further stimulus measures if needed.
"If we need to do more we will do more," Lee said in an interview with CNBC broadcast Friday. "We have the resources - we can do it. But it is not a problem where spending the money will cure you."
Read More
Thursday, February 26, 2009
Singapore Jan industrial output falls 4.4 pct m/m
Forbes.com, 26 Feb 2009, Reuters
SINGAPORE, Feb 26 (Reuters) - Singapore's January factory output fell a seasonally adjusted 4.4 percent from December as electronics and drugs production slid amid weak export demand, government data showed on Thursday.
Compared with a year ago, manufacturing output shrank 29.1 percent, the Economic Development Board (EDB) said in a statement, as the city-state feels the effects of a global financial crisis that has led to its worst-ever recession.
Read More
SINGAPORE, Feb 26 (Reuters) - Singapore's January factory output fell a seasonally adjusted 4.4 percent from December as electronics and drugs production slid amid weak export demand, government data showed on Thursday.
Compared with a year ago, manufacturing output shrank 29.1 percent, the Economic Development Board (EDB) said in a statement, as the city-state feels the effects of a global financial crisis that has led to its worst-ever recession.
Read More
Singapore Lowers 2008 GDP Estimate; Retains 2009 Outlook
RTTNews, 26 Feb 2009
Thursday, Singapore's Ministry of Trade and Industry lowered GDP estimate for 2008 and maintained 2009 outlook. The economy may shrink up to 5% this year.
The MTI said economic growth for 2008 eased to 1.1% from 7.8% in 2007. The growth estimate for 2008 was lowered from 1.2%.
Read More
Related News:
Singapore's economy grows by 1.1% in 2008 - Xinhua, 26 Feb 09
Singapore revises fourth-quarter growth to 16.4%, keeps forecast - The Star Online, 27 Feb 09
Thursday, Singapore's Ministry of Trade and Industry lowered GDP estimate for 2008 and maintained 2009 outlook. The economy may shrink up to 5% this year.
The MTI said economic growth for 2008 eased to 1.1% from 7.8% in 2007. The growth estimate for 2008 was lowered from 1.2%.
Read More
Related News:
Singapore's economy grows by 1.1% in 2008 - Xinhua, 26 Feb 09
Singapore revises fourth-quarter growth to 16.4%, keeps forecast - The Star Online, 27 Feb 09
Abbott Labs Opens $300 Million Plant In Singapore, Inks R&D Deal
CNNMoney.com, 26 Feb 2009, DOW JONES NEWSWIRES
Abbott Laboratories (ABT) opened a plant that makes nutritional products in Singapore and announced plans to open a research facility there, capping the company's largest investment in Asia and its biggest nutritional project.
The plant is to meet increased regional demand for pediatric products, including its Similac formula and Pediasure brand of nutritional items.
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Abbott Laboratories (ABT) opened a plant that makes nutritional products in Singapore and announced plans to open a research facility there, capping the company's largest investment in Asia and its biggest nutritional project.
The plant is to meet increased regional demand for pediatric products, including its Similac formula and Pediasure brand of nutritional items.
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Singapore FM: Persisting regional integration crucial amid economic downturn
Xinhua, 26 Feb 2009, Gao Chuan
SINGAPORE, Feb. 26 (Xinhua) -- Singapore's Foreign Minister George Yeo has said that all countries of the Association of Southeast Asian Nations (ASEAN) should persist regional integration despite their domestic difficulties amid the current global economic crisis.
In an exclusive interview with Xinhua ahead of the 14th ASEAN summit, Yeo said that ASEAN countries must be determined to implement decisions and ensure compliance.
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SINGAPORE, Feb. 26 (Xinhua) -- Singapore's Foreign Minister George Yeo has said that all countries of the Association of Southeast Asian Nations (ASEAN) should persist regional integration despite their domestic difficulties amid the current global economic crisis.
In an exclusive interview with Xinhua ahead of the 14th ASEAN summit, Yeo said that ASEAN countries must be determined to implement decisions and ensure compliance.
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Singapore Economy Shrinks Most in at Least 33 Years
Bloomberg.com, 26 Feb 2009, Shamim Adam
Feb. 26 (Bloomberg) -- Singapore’s economy shrank the most in at least 33 years last quarter as a slump in exports and a weakening financial-services industry pushed the island deeper into recession.
Gross domestic product declined an annualized 16.4 percent last quarter from the previous three months, after shrinking a revised 2.1 percent between July and September, the trade ministry said in the Economic Survey of Singapore report today. The contraction was less than a Jan. 21 estimate of 16.9 percent.
Read More
Related News:
Singapore 4Q GDP -16.4% On Qtr Vs -16.9% Preliminary Estimate - Nasdaq
Singapore economy contracts 16.4% in quarter - MarketWatch, 25 Feb 09
Feb. 26 (Bloomberg) -- Singapore’s economy shrank the most in at least 33 years last quarter as a slump in exports and a weakening financial-services industry pushed the island deeper into recession.
Gross domestic product declined an annualized 16.4 percent last quarter from the previous three months, after shrinking a revised 2.1 percent between July and September, the trade ministry said in the Economic Survey of Singapore report today. The contraction was less than a Jan. 21 estimate of 16.9 percent.
Read More
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Singapore 4Q GDP -16.4% On Qtr Vs -16.9% Preliminary Estimate - Nasdaq
Singapore economy contracts 16.4% in quarter - MarketWatch, 25 Feb 09
Credit card debt in Singapore ballooning
The Malaysian Insider, 26 Feb 2009
SINGAPORE, Feb 26 — Credit card debt in Singapore hit an estimated S$3.4 billion (RM8.2 billion) last December, the highest for that month in 20 years. More people have also sought help in settling their outstanding bills.
Going by figures from the Monetary Authority of Singapore, the number of credit cards rose 11 per cent in the last year, but rollover balances jumped more than 13 per cent.
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SINGAPORE, Feb 26 — Credit card debt in Singapore hit an estimated S$3.4 billion (RM8.2 billion) last December, the highest for that month in 20 years. More people have also sought help in settling their outstanding bills.
Going by figures from the Monetary Authority of Singapore, the number of credit cards rose 11 per cent in the last year, but rollover balances jumped more than 13 per cent.
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Singapore economy shrinks 4.2 pct in 4th quarter
International Herald Tribune, 25 Feb 2009, The Associated Press
SINGAPORE: Singapore said its economy shrank more than previously estimated in the fourth quarter, as a global collapse in trade hit the country's exports.
Singapore's gross domestic product shrank 4.2 percent in the October-December period from the same quarter a year earlier, more than the 3.7 percent contraction the government reported last month, the Trade and Industry Ministry said Thursday.
Read More
Related News:
Singapore economy shrank 4.2 pct in Q4: govt - AFP
Singapore's economy shrinks - CNN.com, 25 Feb 09
Singapore economy shrinks 4.2 pct in 4th quarter - The Associated Press
SINGAPORE: Singapore said its economy shrank more than previously estimated in the fourth quarter, as a global collapse in trade hit the country's exports.
Singapore's gross domestic product shrank 4.2 percent in the October-December period from the same quarter a year earlier, more than the 3.7 percent contraction the government reported last month, the Trade and Industry Ministry said Thursday.
Read More
Related News:
Singapore economy shrank 4.2 pct in Q4: govt - AFP
Singapore's economy shrinks - CNN.com, 25 Feb 09
Singapore economy shrinks 4.2 pct in 4th quarter - The Associated Press
Las Vegas Sands: Battered By The Economic Storm
iStockanalyst, 25 Feb 2009, Salman
The outlook for casino resort company Las Vegas Sands Corp. (NYSE: LVS) keeps getting darker. Shares of the Paradise, Nevada based company have fallen sharply in recent times as challenging economic conditions forced businesses and consumers to cut down drastically on travel and entertainment expenses.
Jeffrey Logsdon of BMO Capital Markets expects the company to report a 2009 loss of 33 cents a share compared to an earlier estimate of a loss of 24 cents a share for the year. Logsdon blames increased competition and severe economic downturn for the revised outlook. He feels that the company will continue to face pressure this year as further weakness is expected in both the Las Vegas and Macau markets.
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The outlook for casino resort company Las Vegas Sands Corp. (NYSE: LVS) keeps getting darker. Shares of the Paradise, Nevada based company have fallen sharply in recent times as challenging economic conditions forced businesses and consumers to cut down drastically on travel and entertainment expenses.
Jeffrey Logsdon of BMO Capital Markets expects the company to report a 2009 loss of 33 cents a share compared to an earlier estimate of a loss of 24 cents a share for the year. Logsdon blames increased competition and severe economic downturn for the revised outlook. He feels that the company will continue to face pressure this year as further weakness is expected in both the Las Vegas and Macau markets.
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China nears deflation trap as rail freight collapses
Telegraph.co.uk, 25 Feb 2009, Ambrose Evans-Pritchard
Railway freight in China’s Shanghai region plunged 31pc in January and industrial production fell 12pc, dashing hopes that Beijing’s stimulus policies will soon begin to fuel recovery.
The country’s central bank said the economic outlook was going to bad to worse was still gathering pace, rains the risk that China could tip into a Japan-style deflation trap.
“External demand is shrinking, some sectors have overcapacity, and urban unemployment is rising. Downward pressure on economic growth is increasing. There exists a big risk of deflation,” said the bank. Factory gate inflation has dropped to minus 3.3pc.
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Railway freight in China’s Shanghai region plunged 31pc in January and industrial production fell 12pc, dashing hopes that Beijing’s stimulus policies will soon begin to fuel recovery.
The country’s central bank said the economic outlook was going to bad to worse was still gathering pace, rains the risk that China could tip into a Japan-style deflation trap.
“External demand is shrinking, some sectors have overcapacity, and urban unemployment is rising. Downward pressure on economic growth is increasing. There exists a big risk of deflation,” said the bank. Factory gate inflation has dropped to minus 3.3pc.
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Singapore's City Developments FY net falls 20 pct
Reuters, 25 Feb 2009, Kevin Lim
SINGAPORE, Feb 26 (Reuters) - City Developments (CityDev) (CTDM.SI), Singapore's second largest property developer, on Thursday posted a 20 percent fall in full-year net profit due to a drop in home sales and lower earnings from its hotel operations.
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SINGAPORE, Feb 26 (Reuters) - City Developments (CityDev) (CTDM.SI), Singapore's second largest property developer, on Thursday posted a 20 percent fall in full-year net profit due to a drop in home sales and lower earnings from its hotel operations.
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Why TBT protesters look forward to going back to court
Singapore Democrats, 25 Feb 2009
The 16 Tak Boleh Tahan activists who protested against escalating costs in Singapore last year are looking forward to the resumption of their trial tomorrow at the Subordinate Courts.
This is because legal battles are one way through which Singaporeans can fight for their rights and work towards the rule of law, however long the process may take.
The trial is heard by District Judge Chia Wee Kiat. It commenced last year from 23 Oct to 7 Nov. But because it could not finish in the allocated period, the hearing was adjourned to 26 Feb to 12 Mar 09. The protesters face two charges: one for participating in an assembly and another for a procession outside Parliament House on 15 Mar 08.
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The 16 Tak Boleh Tahan activists who protested against escalating costs in Singapore last year are looking forward to the resumption of their trial tomorrow at the Subordinate Courts.
This is because legal battles are one way through which Singaporeans can fight for their rights and work towards the rule of law, however long the process may take.
The trial is heard by District Judge Chia Wee Kiat. It commenced last year from 23 Oct to 7 Nov. But because it could not finish in the allocated period, the hearing was adjourned to 26 Feb to 12 Mar 09. The protesters face two charges: one for participating in an assembly and another for a procession outside Parliament House on 15 Mar 08.
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Singapore tops in innovation, competitiveness: ITIF
AFP
WASHINGTON (AFP) — Singapore is the world leader in terms of innovation and competitiveness while South Korea ranks fifth and Japan ninth, according to a report released here on Wednesday.
Other countries in the top 10 of the study by the Information Technology and Innovation Foundation (ITIF) were Sweden (2), Luxembourg (3), Denmark (4), the United States (6), Finland (7), Britain (8) and the North American Free Trade Agreement (NAFTA) region of Canada, Mexico and the United States (10).
Read More
Related News:
Singapore tops global innovation rankings - The Malaysian Insider, 26 Feb 09
WASHINGTON (AFP) — Singapore is the world leader in terms of innovation and competitiveness while South Korea ranks fifth and Japan ninth, according to a report released here on Wednesday.
Other countries in the top 10 of the study by the Information Technology and Innovation Foundation (ITIF) were Sweden (2), Luxembourg (3), Denmark (4), the United States (6), Finland (7), Britain (8) and the North American Free Trade Agreement (NAFTA) region of Canada, Mexico and the United States (10).
Read More
Related News:
Singapore tops global innovation rankings - The Malaysian Insider, 26 Feb 09
Credit Watch: Chartered's survival hinges on Temasek
EETimes.com, 25 Feb 2009, Bolaji Ojo
Chartered Semiconductor Manufacturing Ltd.'s ability to survive the ongoing economic recession and sliding demand for its services will depend largely on the willingness of parent Temasek Holding Pte Ltd. to provide financial support for the wafer foundry, according to Standard & Poor's.
The corporate credit ratings agency on Wednesday (Feb. 25), lowered its ratings on Chartered deeper into junk zone on concerns the company is facing tightening "demand and rising costs," both of which would likely put a squeeze on its financials in 2009 and perhaps well into 2010 if the market does not recover quickly enough.
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Chartered Semiconductor Manufacturing Ltd.'s ability to survive the ongoing economic recession and sliding demand for its services will depend largely on the willingness of parent Temasek Holding Pte Ltd. to provide financial support for the wafer foundry, according to Standard & Poor's.
The corporate credit ratings agency on Wednesday (Feb. 25), lowered its ratings on Chartered deeper into junk zone on concerns the company is facing tightening "demand and rising costs," both of which would likely put a squeeze on its financials in 2009 and perhaps well into 2010 if the market does not recover quickly enough.
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Wednesday, February 25, 2009
The old Asian Way Excuse
Asia Sentinel, 25 Feb 2009, Kan Yuenyong
Last September, an old man died of heart failure in a Singapore local hospital, aged 82.
While not many Thai people know him, he was Joshua Benjamin Jeyaretnam, known universally as JBJ. He was a Singaporean politician, former leader of the Workers' Party of Singapore and the first member of parliament who was not from the People's Action Party (PAP), the ruling party since the independence of Singapore in 1965.
For those who are not familiar with history and should be, JBJ won a by-election for the Anson district in 1981, defeating Pang Kim Him from the People's Action Party by 51.9 percent to 47.1 percent . He thus became the first opposition MP of Singapore, one of only two ever, and broke the "one-party state" of Singapore created by Lee Kuan Yew.
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Last September, an old man died of heart failure in a Singapore local hospital, aged 82.While not many Thai people know him, he was Joshua Benjamin Jeyaretnam, known universally as JBJ. He was a Singaporean politician, former leader of the Workers' Party of Singapore and the first member of parliament who was not from the People's Action Party (PAP), the ruling party since the independence of Singapore in 1965.
For those who are not familiar with history and should be, JBJ won a by-election for the Anson district in 1981, defeating Pang Kim Him from the People's Action Party by 51.9 percent to 47.1 percent . He thus became the first opposition MP of Singapore, one of only two ever, and broke the "one-party state" of Singapore created by Lee Kuan Yew.
Read More
Singapore lowers minimum income requirement for unsecured credit
Xinhua, 25 Feb 2009
SINGAPORE, Feb. 25 (Xinhua) -- The Monetary Authority of Singapore (MAS) announced on Wednesday the revised rules for unsecured credit to financial institutions.
Starting from March 1, 2009, the minimum annual income requirement for unsecured credit facilities will be lowered from 30,000 to 20,000 Singapore dollars (from 19,600 to 13,000 U.S. dollars), the country's central bank said.
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SINGAPORE, Feb. 25 (Xinhua) -- The Monetary Authority of Singapore (MAS) announced on Wednesday the revised rules for unsecured credit to financial institutions.
Starting from March 1, 2009, the minimum annual income requirement for unsecured credit facilities will be lowered from 30,000 to 20,000 Singapore dollars (from 19,600 to 13,000 U.S. dollars), the country's central bank said.
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Should companies pay bonuses in vouchers?
Telegraph.co.uk, 25 Feb 2009, Ben Bland
Singapore's CapitaLand, which is the biggest shopping centre owner in Southeast Asia, is paying out S$1m (£450,000) worth of staff bonuses in shopping vouchers redeemable at its malls.
The move is designed to give a boost to CapitaLand's retail tenants, many of whom have seen sales fall sharply, as well as helping the wider economy.
Singapore is a corporatist state, with Temasek, the sovereign wealth fund, owning significant stakes in many of the nation's leading public companies, including CapitaLand. So it is not surprising to see CapitaLand do something that is partly designed to serve the greater (Singaporean) good.
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Singapore's CapitaLand, which is the biggest shopping centre owner in Southeast Asia, is paying out S$1m (£450,000) worth of staff bonuses in shopping vouchers redeemable at its malls.
The move is designed to give a boost to CapitaLand's retail tenants, many of whom have seen sales fall sharply, as well as helping the wider economy.
Singapore is a corporatist state, with Temasek, the sovereign wealth fund, owning significant stakes in many of the nation's leading public companies, including CapitaLand. So it is not surprising to see CapitaLand do something that is partly designed to serve the greater (Singaporean) good.
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Temasek, Manulife, Prudential To Bid For AIA Stake-Sources
CNNMoney.com, 25 Feb 2009
HONG KONG -(Dow Jones)- Singaporean state investment company Temasek Holdings Pte. Ltd., U.K. insurer Prudential PLC (PRU.LN) and Toronto-based insurance company Manulife Financial Corp. (MFC) are expected to bid for the Asian unit of American International Group Inc. (AIG), two people familiar with the situation said Wednesday.
The three companies will submit their bids by Friday's deadline for final offers, one of the people said.
A third person familiar with the situation said Temasek is "seriously considering" a bid for AIA.
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HONG KONG -(Dow Jones)- Singaporean state investment company Temasek Holdings Pte. Ltd., U.K. insurer Prudential PLC (PRU.LN) and Toronto-based insurance company Manulife Financial Corp. (MFC) are expected to bid for the Asian unit of American International Group Inc. (AIG), two people familiar with the situation said Wednesday.
The three companies will submit their bids by Friday's deadline for final offers, one of the people said.
A third person familiar with the situation said Temasek is "seriously considering" a bid for AIA.
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Temasek Eye Stake In Asciano
The Australian, 26 Feb 2009, Adele Ferguson
"Asciano last year said it hoped to raise more than $1 billion through the sale of half of its its coal haulage business to reduce debt. However, in December it said other assets would also be sold.
The concern is that the longer it takes to do a deal in a deteriorating market, the less the assets will be worth and the bigger the stake the company will have to sell.
Potential buyers are believed to include the Morgan Stanley infrastructure fund, private equity group KKR, the Future Fund, a local pension fund and Singapore Government's Temasek, which has a big appetite for infrastructure assets.
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"Asciano last year said it hoped to raise more than $1 billion through the sale of half of its its coal haulage business to reduce debt. However, in December it said other assets would also be sold.
The concern is that the longer it takes to do a deal in a deteriorating market, the less the assets will be worth and the bigger the stake the company will have to sell.
Potential buyers are believed to include the Morgan Stanley infrastructure fund, private equity group KKR, the Future Fund, a local pension fund and Singapore Government's Temasek, which has a big appetite for infrastructure assets.
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Crisis could cost Singapore 99,000 jobs: DBS
AFP
SINGAPORE (AFP) — Singapore could lose a total of 99,000 jobs during the current recession, with more than half of the cuts in the key manufacturing sector, an analysis by local bank DBS said Wednesday.
"There will be a net loss of about 99,000 jobs due to the current recession and we also expect this to stretch into 2010", the bank said in its report.
Unemployment is likely to hit 4.8 percent this year and peak at 5.0 percent by the middle of 2010, it said.
Read More
Related News:
Singapore may lose 99,000 jobs by mid-2010: DBS Bank - Earthtimes.org, 25 Feb 09
Crisis Could Cost Singapore 99,000 Jobs - DBS - Nasdaq
Crisis could cost Singapore 99,000 jobs - Herald Sun, 25 Feb 09
Global crisis could cost
Singapore 99,000 jobs, says DBS - The Manila Times, 26 Feb 09
SINGAPORE (AFP) — Singapore could lose a total of 99,000 jobs during the current recession, with more than half of the cuts in the key manufacturing sector, an analysis by local bank DBS said Wednesday.
"There will be a net loss of about 99,000 jobs due to the current recession and we also expect this to stretch into 2010", the bank said in its report.
Unemployment is likely to hit 4.8 percent this year and peak at 5.0 percent by the middle of 2010, it said.
Read More
Related News:
Singapore may lose 99,000 jobs by mid-2010: DBS Bank - Earthtimes.org, 25 Feb 09
Crisis Could Cost Singapore 99,000 Jobs - DBS - Nasdaq
Crisis could cost Singapore 99,000 jobs - Herald Sun, 25 Feb 09
Global crisis could cost
Singapore 99,000 jobs, says DBS - The Manila Times, 26 Feb 09
Asia's economic woes deepen as Obama vows to beat crisis
AFP
HONG KONG (AFP) — Japan on Wednesday posted a record trade deficit and Hong Kong said its economy would shrink by up to three percent in 2009 as recession woes deepened across Asia.
US President Barack Obama meanwhile unveiled plans to help pull the world's biggest economy out of recession, but admitted the government would have to spend even more to save the country's troubled banks and ailing auto companies.
Crumbling exports have also undermined Germany, where the statistics office confirmed that the economy, Europe's largest, contracted 2.1 percent in the fourth quarter.
Read More
HONG KONG (AFP) — Japan on Wednesday posted a record trade deficit and Hong Kong said its economy would shrink by up to three percent in 2009 as recession woes deepened across Asia.
US President Barack Obama meanwhile unveiled plans to help pull the world's biggest economy out of recession, but admitted the government would have to spend even more to save the country's troubled banks and ailing auto companies.
Crumbling exports have also undermined Germany, where the statistics office confirmed that the economy, Europe's largest, contracted 2.1 percent in the fourth quarter.
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Singapore's January private property transaction at all time low
Property-report.com, 25 Feb 2009, Khalil Adis
Singapore´s private property transactions for the month of January registered the lowest take-up rate ever, recent data from the Urban Redevelopment Authority (URA) shows.
According to the URA´s data, 204 new units were launched and 107 units were sold in January this year.
This was slightly lower than the 157 new homes launched and 131 units sold in December 2008.
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Singapore´s private property transactions for the month of January registered the lowest take-up rate ever, recent data from the Urban Redevelopment Authority (URA) shows.
According to the URA´s data, 204 new units were launched and 107 units were sold in January this year.
This was slightly lower than the 157 new homes launched and 131 units sold in December 2008.
Read More
Singapore mutual fund assets fall 37 pct in '08 - Lipper
Reuters, 25 Feb 2009, Kevin Lim
SINGAPORE, Feb 25 (Reuters) - Assets under management for Singapore's mutual fund industry fell nearly 40 percent last year as markets plunged and investors withdrew money, fund tracker Lipper said on Wednesday.
On average, mutual funds available for sale in Singapore, saw assets under management fall 37 percent, while equity funds registered a 49 percent drop and bond funds lost 39 percent. Money market funds suffered a 0.1 percent fall in AUM.
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SINGAPORE, Feb 25 (Reuters) - Assets under management for Singapore's mutual fund industry fell nearly 40 percent last year as markets plunged and investors withdrew money, fund tracker Lipper said on Wednesday.
On average, mutual funds available for sale in Singapore, saw assets under management fall 37 percent, while equity funds registered a 49 percent drop and bond funds lost 39 percent. Money market funds suffered a 0.1 percent fall in AUM.
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Can Singapore's building and construction industry attain both?
MENAFN.com, 24 Feb 2009, Khaleej Times
MENAFN - Khaleej Times) Singapore's building and construction industry accounts for about 4% of gross domestic product. Its importance is underscored by projections of between S$27 and S$32 billion construction demand estimated for the sector in 2008.
Recording a year-on-year growth of 17% in the first half of 2008, the continued success of the sector hinges on there being high calibre leaders who have the vision and capability to address the many challenges and steer the industry forward, according to John Keung, CEO of the Building and Construction Authority (BCA) of Singapore.
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MENAFN - Khaleej Times) Singapore's building and construction industry accounts for about 4% of gross domestic product. Its importance is underscored by projections of between S$27 and S$32 billion construction demand estimated for the sector in 2008.
Recording a year-on-year growth of 17% in the first half of 2008, the continued success of the sector hinges on there being high calibre leaders who have the vision and capability to address the many challenges and steer the industry forward, according to John Keung, CEO of the Building and Construction Authority (BCA) of Singapore.
Read More
AIG's fading hope of AIA sale pinned on 3 parties
Reuters, 25 Feb 2009, Michael Flaherty
HONG KONG (Reuters) - Three potential bidders remain for the sale of a large stake in American International Group's AIA Asian life insurance unit, people close to the matter said, as the auction process heads into its final week.
UK insurer Prudential Plc, Canadian insurer Manulife and Singapore sovereign wealth fund, Temasek Holdings are still considering offers for the roughly $20 billion unit, the sources said, although no formal bids have been submitted.
Read More
HONG KONG (Reuters) - Three potential bidders remain for the sale of a large stake in American International Group's AIA Asian life insurance unit, people close to the matter said, as the auction process heads into its final week.
UK insurer Prudential Plc, Canadian insurer Manulife and Singapore sovereign wealth fund, Temasek Holdings are still considering offers for the roughly $20 billion unit, the sources said, although no formal bids have been submitted.
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Singapore math bill moves forward
The Salt Lake Tribune, 24 Feb 2009
SB159 » A bill that would give schools money to teach math using the Singapore method cleared another hurdle on Tuesday.
The bill, SB159, passed its initial Senate floor vote 23-3 Tuesday. It now has to pass in the Senate one more time before moving to the House.
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SB159 » A bill that would give schools money to teach math using the Singapore method cleared another hurdle on Tuesday.
The bill, SB159, passed its initial Senate floor vote 23-3 Tuesday. It now has to pass in the Senate one more time before moving to the House.
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Obama's First Speech To Congress
Youtube, 24 Feb 2009, tegl1n
Part 1 - http://www.youtube.com/watch?v=2A8AYa5JqmU
Part 2 - http://www.youtube.com/watch?v=K6DRc5IaKhg
Part 3 - http://www.youtube.com/watch?v=nRSPTjFRw5k
Part 4 - http://www.youtube.com/watch?v=UY8yFnyszF8
Part 5 - http://www.youtube.com/watch?v=V3LOJwtfTyQ
Part 6 - http://www.youtube.com/watch?v=o-xCVnGnylo
Part 1 - http://www.youtube.com/watch?v=2A8AYa5JqmU
Part 2 - http://www.youtube.com/watch?v=K6DRc5IaKhg
Part 3 - http://www.youtube.com/watch?v=nRSPTjFRw5k
Part 4 - http://www.youtube.com/watch?v=UY8yFnyszF8
Part 5 - http://www.youtube.com/watch?v=V3LOJwtfTyQ
Part 6 - http://www.youtube.com/watch?v=o-xCVnGnylo
Singapore PM Press Secretary Rebut Financial Times's Article
Finance Times, 25 Feb 2009
Sir, John Burton ("Crisis spoils Singapore celebrations", February 12) claimed an undercurrent of public discontent with the People's Action party (PAP) government, as Singapore goes into a sharp recession. Unfortunately, the online poll he cited was from a website devoted to anti-government invective.
Singaporeans may be apprehensive about the financial storm raging around us, but we understand the inescapable vulnerabilities of a small, open economy, and what we must do together to pull through. At the next general elections, voters will decide whether this PAP government has served them well.
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Sir, John Burton ("Crisis spoils Singapore celebrations", February 12) claimed an undercurrent of public discontent with the People's Action party (PAP) government, as Singapore goes into a sharp recession. Unfortunately, the online poll he cited was from a website devoted to anti-government invective.
Singaporeans may be apprehensive about the financial storm raging around us, but we understand the inescapable vulnerabilities of a small, open economy, and what we must do together to pull through. At the next general elections, voters will decide whether this PAP government has served them well.
Read More
Singapore government warms up to new media
The Malaysian Insider, 25 Feb 2009
SINGAPORE, Feb 25 — Singapore Premier Lee Hsien Loong made clear last night that the government recognised the growing reach and influence of the new media and was evolving to deal with it.
In an interview with Channel News Asia on the changing media landscape which aired last night, he said: “We are still learning. It is not easy to make this transition. It is like going from sea to land or vice versa, you are changing your medium and you need to get comfortable with it. But we are working hard at it.”
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SINGAPORE, Feb 25 — Singapore Premier Lee Hsien Loong made clear last night that the government recognised the growing reach and influence of the new media and was evolving to deal with it.
In an interview with Channel News Asia on the changing media landscape which aired last night, he said: “We are still learning. It is not easy to make this transition. It is like going from sea to land or vice versa, you are changing your medium and you need to get comfortable with it. But we are working hard at it.”
Read More
Singapore's public housing to consume less electricity using solar energy
People's Daily Online, 25 Feb 2009
Singapore's public housing estates are expected to consume 10 percent less electricity in the next five years by using solar energy, local media reported on Tuesday.
TV broadcaster Channelnewsasia said a scheme named Energy Save Program, initiated by the country's Housing and Development Board (HDB), the National Environment Agency and the Energy Market Authority, has already shown positive results in two trial projects, where solar panels were implemented across 14 HDB blocks.
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Singapore's public housing estates are expected to consume 10 percent less electricity in the next five years by using solar energy, local media reported on Tuesday.
TV broadcaster Channelnewsasia said a scheme named Energy Save Program, initiated by the country's Housing and Development Board (HDB), the National Environment Agency and the Energy Market Authority, has already shown positive results in two trial projects, where solar panels were implemented across 14 HDB blocks.
Read More
HK, Singapore bear brunt of property slump
The Malaysian Insider, 25 Feb 2009
HONG KONG, Feb 25 – Regional markets will take 12 to 18 months to start recovering as prices continue decline
The worsening global financial crisis has hit the Asian property market across the board over the past six months with cities such as Hong Kong and Singapore suffering the sharpest falls in prices.
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HONG KONG, Feb 25 – Regional markets will take 12 to 18 months to start recovering as prices continue decline
The worsening global financial crisis has hit the Asian property market across the board over the past six months with cities such as Hong Kong and Singapore suffering the sharpest falls in prices.
Read More
DBS opens new outlet in Nanning, Guangxi
Chinaknowledge.com, 25 Feb 2009
Feb. 25, 2009 (China Knowledge) - Singapore-based bank DBS officially opened its new outlet in Nanning, Guangxi Zhuang Autonomous Region on Tuesday, despite the deepening global financial crisis.
The financial turmoil won't stop the bank's network expansion, said Stanley Ku, head of consumer banking of DBS Bank (China) Ltd, adding it will continue enhance its presence on China mainland and attract more clients there. The new branch has been running on a trial basis.
The bank also opened a retail outlet in Shanghai on Monday this week.
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Feb. 25, 2009 (China Knowledge) - Singapore-based bank DBS officially opened its new outlet in Nanning, Guangxi Zhuang Autonomous Region on Tuesday, despite the deepening global financial crisis.
The financial turmoil won't stop the bank's network expansion, said Stanley Ku, head of consumer banking of DBS Bank (China) Ltd, adding it will continue enhance its presence on China mainland and attract more clients there. The new branch has been running on a trial basis.
The bank also opened a retail outlet in Shanghai on Monday this week.
Read More
Don't Flatter Yourself: Why Survey Research Can Be Flawed
ScienceDaily, 25 Feb 2009
We all do things to impress others—exaggerate our accomplishments, downplay our faults, even fib on surveys. A new study in the Journal of Consumer Research sheds light on why we don't tell the strict truth about ourselves in surveys and what, if anything, can be done about it.
The tendency of people to portray themselves in a more favorable light than their thoughts or actions, called socially desirable responding, is a problem that affects the validity of statistics and surveys worldwide," writes author Ashok K. Lalwani (University of Texas at San Antonio).
Read More
We all do things to impress others—exaggerate our accomplishments, downplay our faults, even fib on surveys. A new study in the Journal of Consumer Research sheds light on why we don't tell the strict truth about ourselves in surveys and what, if anything, can be done about it.
The tendency of people to portray themselves in a more favorable light than their thoughts or actions, called socially desirable responding, is a problem that affects the validity of statistics and surveys worldwide," writes author Ashok K. Lalwani (University of Texas at San Antonio).
Read More
Singapore's Lee Arrives For Lecture
BruDirect.com, 25 Feb 2009, Sonia K.
Bandar Seri Begawan - Minister Mentor of the Republic of Singapore, Dato Laila Utama Lee Kuan Yew, arrived in Brunei Darussalam yesterday around 6pm at the Brunei International Airport.
Present to welcome Minister Mentor Lee was Minister of Communications, Pehin Orang Kaya Seri Kerna Dato Seri Setia Dr Hj Awang Abu Bakar bin Hj Apong, Director-General of Medical Services of the Ministry of Health, Dr Hj Affendy POKSM DSP Hj Abidin, Managing Director of Yayasan, Dato Paduka Haji Ali Hashim bin Haji Daud, and Vice-Chancellor of UBD, Dr Haji Zulkarnain bin Hj Hanafi as well as other government senior officials.
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Bandar Seri Begawan - Minister Mentor of the Republic of Singapore, Dato Laila Utama Lee Kuan Yew, arrived in Brunei Darussalam yesterday around 6pm at the Brunei International Airport.
Present to welcome Minister Mentor Lee was Minister of Communications, Pehin Orang Kaya Seri Kerna Dato Seri Setia Dr Hj Awang Abu Bakar bin Hj Apong, Director-General of Medical Services of the Ministry of Health, Dr Hj Affendy POKSM DSP Hj Abidin, Managing Director of Yayasan, Dato Paduka Haji Ali Hashim bin Haji Daud, and Vice-Chancellor of UBD, Dr Haji Zulkarnain bin Hj Hanafi as well as other government senior officials.
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Human Rights Watch: Domestic Workers Often Prisoners in a Gilded Cage
Salem-News.com, 24 Feb 2009, Zainab Mineeia
(WASHINGTON D.C.) - On the eve of the International Day for the Elimination of Violence Against Women, a New York-based human rights watchdog group called on the governments of the world to protect domestic workers.
A small number of law enforcement authorities have started to prosecute and punish abusive employers, albeit by varying degrees. In Singapore this year, many employers were convicted of beating domestic workers, receiving sentences ranging from three weeks to 16 years in prison.
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(WASHINGTON D.C.) - On the eve of the International Day for the Elimination of Violence Against Women, a New York-based human rights watchdog group called on the governments of the world to protect domestic workers.
A small number of law enforcement authorities have started to prosecute and punish abusive employers, albeit by varying degrees. In Singapore this year, many employers were convicted of beating domestic workers, receiving sentences ranging from three weeks to 16 years in prison.
Read More
SaaS healthcare solution for Singapore
futureGov, 25 Feb 2009, Alice Kok
Singapore General Hospital (SGH) will introduce an e-health record and management system by the end of 2009. The Community Care Management Solution (CCMS) will be accessible to all wards and polyclinics.
CCMS will be hosted and managed by Singtel—a local communications group—and offered through a Software-as-a-Service (SaaS) model for a monthly subscription fee. The SaaS model will eliminate the need for heavy upfront capital investments and high on-going maintenance costs.
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Singapore General Hospital (SGH) will introduce an e-health record and management system by the end of 2009. The Community Care Management Solution (CCMS) will be accessible to all wards and polyclinics.
CCMS will be hosted and managed by Singtel—a local communications group—and offered through a Software-as-a-Service (SaaS) model for a monthly subscription fee. The SaaS model will eliminate the need for heavy upfront capital investments and high on-going maintenance costs.
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Singapore PM Says Economy May Contract More Than 5%
RTTNews, 23 Feb 2009
Singapore's Prime Minister, Lee Hsien Loong reportedly said the economy may contract more than 5% this year. It could be worse if the global economy worsens, even lower than minus 5% is possible, Lee reportedly said.
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Singapore's Prime Minister, Lee Hsien Loong reportedly said the economy may contract more than 5% this year. It could be worse if the global economy worsens, even lower than minus 5% is possible, Lee reportedly said.
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The UBS Irony
Asia Sentinel, 24 Feb 2009, Alice Poon
A regal brand name and an esoteric image are no guarantee for corporate governance quality, as the UBS tax evasion scandal and other unflattering news stories surrounding the once crown jewel of world-class financiers suggest.
As reported in the New York Times article:
"UBS, the largest bank in Switzerland, agreed on Wednesday to divulge the names of well-heeled Americans whom the authorities suspect of using offshore accounts at the bank to evade taxes. The bank admitted conspiring to defraud the Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities.
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A regal brand name and an esoteric image are no guarantee for corporate governance quality, as the UBS tax evasion scandal and other unflattering news stories surrounding the once crown jewel of world-class financiers suggest.
As reported in the New York Times article:
"UBS, the largest bank in Switzerland, agreed on Wednesday to divulge the names of well-heeled Americans whom the authorities suspect of using offshore accounts at the bank to evade taxes. The bank admitted conspiring to defraud the Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities.
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Sovereign Wealth Funds to Ride Again?
World Politics Review, 24 Feb 2009, Simon Roughneen and Diana Ionescu
"One case in point is Singapore's Temasek, which made headlines several weeks ago by bringing in Chip Goodyear as chief executive, replacing Ho Ching, wife of Singapore's Prime Minister Lee Hsien Loong.
Goodyear's appointment comes after a very bad year: Temasek's portfolio lost 31 percent in value -- declining from S$185 billion to S$127 billion -- by the end of November last year, after its high-profile investments in Merrill Lynch and Barclays. Temasek sunk $5.8 billion into Merrill Lynch, only to see the investment bank's share price fall 78 percent last year, before being de-listed and eventually taken over by Bank of America.
With Singapore facing the sharpest recession in its post-independence history, the government needed to be seen as proactive, hence Goodyear's appointment. Goodyear has a strong commodities background, and Temasek, like other SWFs, may refocus its investment strategy on performing commodities."
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"One case in point is Singapore's Temasek, which made headlines several weeks ago by bringing in Chip Goodyear as chief executive, replacing Ho Ching, wife of Singapore's Prime Minister Lee Hsien Loong.
Goodyear's appointment comes after a very bad year: Temasek's portfolio lost 31 percent in value -- declining from S$185 billion to S$127 billion -- by the end of November last year, after its high-profile investments in Merrill Lynch and Barclays. Temasek sunk $5.8 billion into Merrill Lynch, only to see the investment bank's share price fall 78 percent last year, before being de-listed and eventually taken over by Bank of America.
With Singapore facing the sharpest recession in its post-independence history, the government needed to be seen as proactive, hence Goodyear's appointment. Goodyear has a strong commodities background, and Temasek, like other SWFs, may refocus its investment strategy on performing commodities."
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Hawaii shipbuilder wins Singapore contract
Pacific Business News, 24 Feb 2009
Honolulu shipbuilder Navatek Ltd. has won a $485,000 contract to build an unmanned combat vessel for the Singaporean Navy.
The award from the Singapore Ministry of Defense will be used to build a 30-foot boat that can be operated remotely without humans on board.
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Honolulu shipbuilder Navatek Ltd. has won a $485,000 contract to build an unmanned combat vessel for the Singaporean Navy.
The award from the Singapore Ministry of Defense will be used to build a 30-foot boat that can be operated remotely without humans on board.
Read More
Singapore FM: Strong leadership needed for ASEAN to weather crisis
Xinhua, 24 Feb 2009
SINGAPORE, Feb. 24 (Xinhua) -- Singapore's Foreign Minister George Yeo said on Tuesday that strong leadership is needed for members of the Association of Southeast Asian Nations (ASEAN) to stick to commitments and maintain solidarity to emerge stronger from the crisis.
Speaking at the book launch of "The Making of the ASEAN Charter", Yeo said that the current crisis is not likely to end soon and governments will come under growing domestic political pressure to protect jobs and to favour local businesses.
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SINGAPORE, Feb. 24 (Xinhua) -- Singapore's Foreign Minister George Yeo said on Tuesday that strong leadership is needed for members of the Association of Southeast Asian Nations (ASEAN) to stick to commitments and maintain solidarity to emerge stronger from the crisis.
Speaking at the book launch of "The Making of the ASEAN Charter", Yeo said that the current crisis is not likely to end soon and governments will come under growing domestic political pressure to protect jobs and to favour local businesses.
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Tuesday, February 24, 2009
Sovereign funds lose out after bank bail-out
Finance Standard, 24 Feb 2009
"Aite Group senior analyst Denise Valentine said that the Government of Singapore Investment Corp. (GIC) could face a dilemma if banks such as Citi, believed to be in discussion with US officials on such a deal, become part-owned by the government through the direct share ownership.
"SWFs investing in Citi have watched their investment go from very bad to much worse. US government ownership of the bank will influence Citi's strategy in the future and a conversion of preferred shares to common shares will dilute the SWF's share," she said.
She added, "SWFs may have already mentally written off their investment. SWF investors will likely hold their 7 per cent preferred bond as the prospect of stock ownership for a $2 per share company selling off assets is not good.""
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"Aite Group senior analyst Denise Valentine said that the Government of Singapore Investment Corp. (GIC) could face a dilemma if banks such as Citi, believed to be in discussion with US officials on such a deal, become part-owned by the government through the direct share ownership.
"SWFs investing in Citi have watched their investment go from very bad to much worse. US government ownership of the bank will influence Citi's strategy in the future and a conversion of preferred shares to common shares will dilute the SWF's share," she said.
She added, "SWFs may have already mentally written off their investment. SWF investors will likely hold their 7 per cent preferred bond as the prospect of stock ownership for a $2 per share company selling off assets is not good.""
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Western spectacles - look who's seeing
Singapore Democrats, 24 Feb 2009
For a government as myopic as this one, PM Lee Hsien Loong should be the last to give anyone advice on the kind of spectacles to wear (see report below).
The two organisations that handle the nation's reserves -- one run by his father, the other his wife -- were so short-sighted in their investments in Western banks that we have lost more than $100 billion to-date.
The Minister Mentor and Madam Ho have yet to explain what led them to take the decisions to inject our funds into ailing and corrupt financial institutions.
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For a government as myopic as this one, PM Lee Hsien Loong should be the last to give anyone advice on the kind of spectacles to wear (see report below).
The two organisations that handle the nation's reserves -- one run by his father, the other his wife -- were so short-sighted in their investments in Western banks that we have lost more than $100 billion to-date.
The Minister Mentor and Madam Ho have yet to explain what led them to take the decisions to inject our funds into ailing and corrupt financial institutions.
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Temasek Expands India Operations
The Economic Times, 24 Feb 2009
CHENNAI: Leading Singapore-based investment company Temasek Holdings Advisors India Pvt Ltd (Temasek) has announced the expansion of its India operations with the launch of its Chennai branch office.
While Temasek enjoys a strong presence in the North and West, the Chennai office represents a strategic geographical diversification to focus on the large South India market, providing an ideal base from which to penetrate the untapped areas in the South, a company release here today said.
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Related News:
Temasek expands India operations - Business Standard, 24 Feb 09
CHENNAI: Leading Singapore-based investment company Temasek Holdings Advisors India Pvt Ltd (Temasek) has announced the expansion of its India operations with the launch of its Chennai branch office.
While Temasek enjoys a strong presence in the North and West, the Chennai office represents a strategic geographical diversification to focus on the large South India market, providing an ideal base from which to penetrate the untapped areas in the South, a company release here today said.
Read More
Related News:
Temasek expands India operations - Business Standard, 24 Feb 09
Thaicom Q4 net loss widens, worse than forecasts
Reuters, 24 Feb 2009, Arada Therdthammakun
BANGKOK, Feb 20 (Reuters) - Thailand's only satellite operator, Thaicom PCL THCOM.BK, reported a worse-than-expected net loss in the fourth-quarter on Friday, mainly due to foreign exchange losses and rising operating costs.
Thaicom, 41 percent owned by Shin Corp (SHIN.BK), posted a net loss of 597 million baht ($16.3 million) in October-December, compared with a net loss of 156 million baht a year earlier.
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BANGKOK, Feb 20 (Reuters) - Thailand's only satellite operator, Thaicom PCL THCOM.BK, reported a worse-than-expected net loss in the fourth-quarter on Friday, mainly due to foreign exchange losses and rising operating costs.
Thaicom, 41 percent owned by Shin Corp (SHIN.BK), posted a net loss of 597 million baht ($16.3 million) in October-December, compared with a net loss of 156 million baht a year earlier.
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GIC wants to keep preferred stock
Singapore Democrats, 24 Feb 2009, The Wall Street Journal
Singaporean Fund Is Unlikely to Convert Its Citigroup Shares
Talks over a bigger U.S. government stake in Citigroup Inc. could put Singapore's sovereign wealth fund in the difficult position of having to decide whether to convert its beaten-down Citi stake into common stock and wind up owning more of the troubled bank than it might want.
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Singaporean Fund Is Unlikely to Convert Its Citigroup Shares
Talks over a bigger U.S. government stake in Citigroup Inc. could put Singapore's sovereign wealth fund in the difficult position of having to decide whether to convert its beaten-down Citi stake into common stock and wind up owning more of the troubled bank than it might want.
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Singapore consumer debt woes rise in Q4
Reuters, 24 Feb 2009, Saeed Azhar
SINGAPORE, Feb 24 (Reuters) - The number of consumers in Singapore struggling to pay their credit card bills and personal loans rose in the fourth quarter, data showed on Tuesday, as recession deepened in the city-state.
The proportion of consumers who had delinquent personal loans -- due for 30 or more days -- rose to 5.34 percent in December from 3.73 percent a year earlier, according to private forecaster Credit Bureau Singapore. The rate rose from 4.24 percent in September 2008.
Read More
Related News:
Delinquent Singaporean consumers increase in Q4, 2008 - Xinhua, 24 Feb 09
Singapore consumer debt woes rise in Q4 - LSE.co.uk, 25 Feb 2009
SINGAPORE, Feb 24 (Reuters) - The number of consumers in Singapore struggling to pay their credit card bills and personal loans rose in the fourth quarter, data showed on Tuesday, as recession deepened in the city-state.
The proportion of consumers who had delinquent personal loans -- due for 30 or more days -- rose to 5.34 percent in December from 3.73 percent a year earlier, according to private forecaster Credit Bureau Singapore. The rate rose from 4.24 percent in September 2008.
Read More
Related News:
Delinquent Singaporean consumers increase in Q4, 2008 - Xinhua, 24 Feb 09
Singapore consumer debt woes rise in Q4 - LSE.co.uk, 25 Feb 2009
Singapore's SIA Engineering in Vietnam JV
Reuters, 24 Feb 2009, Kash Cheong
SINGAPORE, Feb 24 (Reuters) - Singapore's SIA Engineering (SIAE.SI) said on Tuesday it will form a joint venture with Vietnam's state-owned Saigon Ground Services to provide technical services at an airport in Ho Chi Minh City.
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SINGAPORE, Feb 24 (Reuters) - Singapore's SIA Engineering (SIAE.SI) said on Tuesday it will form a joint venture with Vietnam's state-owned Saigon Ground Services to provide technical services at an airport in Ho Chi Minh City.
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How to Profit from Singapore the New Switzerland of Asia
The Market Orcale, 24 Feb 2009
The Three Companies Best Poised To Profit from Switzerland's Loss …
The three largest private banks in Singapore, all of which trade on the Singapore stock exchange, stand to make a bundle off this influx of money and are worth checking out …
United Overseas Bank (U11.SI) is a one-stop shop for the wealthy. It offers private banking, trust services, venture capital investment, merchant banking, brokerage services, insurance, fund management, derivatives and precious-metals trading, along with life insurance.
DBS Group Holdings (D05.SI) is the largest bank in Singapore. It provides mortgage financing, funds management and brokerage services. It is also Singapore's primary dealer of the country's government securities.
Oversea-Chinese Banking Corporation (039.SI) provides banking, brokerage, corporate banking, asset management, venture capital, and trustee services.
Read More
The Three Companies Best Poised To Profit from Switzerland's Loss …
The three largest private banks in Singapore, all of which trade on the Singapore stock exchange, stand to make a bundle off this influx of money and are worth checking out …
United Overseas Bank (U11.SI) is a one-stop shop for the wealthy. It offers private banking, trust services, venture capital investment, merchant banking, brokerage services, insurance, fund management, derivatives and precious-metals trading, along with life insurance.
DBS Group Holdings (D05.SI) is the largest bank in Singapore. It provides mortgage financing, funds management and brokerage services. It is also Singapore's primary dealer of the country's government securities.
Oversea-Chinese Banking Corporation (039.SI) provides banking, brokerage, corporate banking, asset management, venture capital, and trustee services.
Read More
Is this the end of globalisation?
The Morung Express, T N Ninan
The world has seen several phases of globalisation, starting with the first migration of homo sapiens from Africa some 70,000 years ago. The last bout of globalisation began in 1870, when there was a burst of trade and human migration; that ended with World War I in 1914. In language that was a foretaste of recent years, people talked at the time of ‘the annihilation of distance’, before the trade and other barriers went up.
The current phase of globalisation acquired momentum in the 1980s. Trade grew twice as fast as global GDP between 1990 and 2005, reaching 30 per cent of the latter. In the same period, the stock of global foreign direct investment grew almost five times as fast as world GDP. Private, cross-border capital flows two years ago reached a stratospheric $929 billion. And people talked once again of the “death of distance”.
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The world has seen several phases of globalisation, starting with the first migration of homo sapiens from Africa some 70,000 years ago. The last bout of globalisation began in 1870, when there was a burst of trade and human migration; that ended with World War I in 1914. In language that was a foretaste of recent years, people talked at the time of ‘the annihilation of distance’, before the trade and other barriers went up.
The current phase of globalisation acquired momentum in the 1980s. Trade grew twice as fast as global GDP between 1990 and 2005, reaching 30 per cent of the latter. In the same period, the stock of global foreign direct investment grew almost five times as fast as world GDP. Private, cross-border capital flows two years ago reached a stratospheric $929 billion. And people talked once again of the “death of distance”.
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Some 40 terrorist detainees released after rehab in Singapore
Xinhua, 24 Feb 2009
SINGAPORE, Feb. 24 (Xinhua) -- Singapore's Ministry for Home Affairs said that about 40, or two-thirds of terrorist detainees arrested since 2001, have been released after rehabilitation, local media reported on Tuesday.
According to local radio 938Live, the above figure was announced by Singapore's Law and Second Minister for Home Affairs K Shanmugam at the opening ceremony of the inaugural Conference on Terrorism Rehabilitation on Tuesday.
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Related News:
Singapore Releases Terrorist Detainees - Bernama, 24 Feb 09
SINGAPORE, Feb. 24 (Xinhua) -- Singapore's Ministry for Home Affairs said that about 40, or two-thirds of terrorist detainees arrested since 2001, have been released after rehabilitation, local media reported on Tuesday.
According to local radio 938Live, the above figure was announced by Singapore's Law and Second Minister for Home Affairs K Shanmugam at the opening ceremony of the inaugural Conference on Terrorism Rehabilitation on Tuesday.
Read More
Related News:
Singapore Releases Terrorist Detainees - Bernama, 24 Feb 09
Singapore, Vietnam ink MOU on government finance
Xinhua, 24 Feb 2009
SINGAPORE, Feb. 24 (Xinhua) -- Singapore and Vietnam Tuesday signed a Memorandum of Understanding (MOU) relating to government finance, according to Singapore's Ministry of Finance.
The ministry said in a statement that the MOU includes strengthening and expanding cooperation in fiscal policy planning, customs, taxation and macro-economic analysis and forecasting.
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SINGAPORE, Feb. 24 (Xinhua) -- Singapore and Vietnam Tuesday signed a Memorandum of Understanding (MOU) relating to government finance, according to Singapore's Ministry of Finance.
The ministry said in a statement that the MOU includes strengthening and expanding cooperation in fiscal policy planning, customs, taxation and macro-economic analysis and forecasting.
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Singapore Parents Invest $190k Per Year In Son’s F1 Dream
Autoracingdaily.com, 23 Feb 2009
He aspires to be a Formula One driver one day. It is anybody’s guess if Suriya Bala Kerisnan Thevar, 16, will achieve his dream, but at least he has the full support of his parents.
Just last year, the Bala Kerisnans, who live in a HDB flat, spent about $190,000 - more than what an average Singaporean earns in a year - to fulfil their son’s racing dreams.
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He aspires to be a Formula One driver one day. It is anybody’s guess if Suriya Bala Kerisnan Thevar, 16, will achieve his dream, but at least he has the full support of his parents.
Just last year, the Bala Kerisnans, who live in a HDB flat, spent about $190,000 - more than what an average Singaporean earns in a year - to fulfil their son’s racing dreams.
Read More
Singapore reduces Manchester flights
Cheapflights.co.uk, 24 Feb 2009
Singapore Airlines has announced that it will reduce its services to Manchester Airport as part of a global initiative to lower its capacity.
The national carrier of Singapore will decrease its flights to the UK's north-west regional airport to three a week, which is down from the current five-weekly schedule.
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Singapore Airlines has announced that it will reduce its services to Manchester Airport as part of a global initiative to lower its capacity.
The national carrier of Singapore will decrease its flights to the UK's north-west regional airport to three a week, which is down from the current five-weekly schedule.
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Singapore firm eyes medical tourism dollar
ZDNet Asia, 24 Feb 2009, Victoria Ho
A Singapore company has launched a Web-based medical service aimed at raising the number of visitors seeking medical care in the region.
Announced Tuesday, the FlyFreeForHealth platform is a "medical concierge network", providing visitors medical advice via its portal. Nurses trained in hospitality, IT and tourism--dubbed iMedical Butlers--will offer the medical advice through the site, according to FlyFreeForHealth. The Singapore startup, which was established in August 2008, provides services designed for foreigners looking to receive medical care in the region
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A Singapore company has launched a Web-based medical service aimed at raising the number of visitors seeking medical care in the region.
Announced Tuesday, the FlyFreeForHealth platform is a "medical concierge network", providing visitors medical advice via its portal. Nurses trained in hospitality, IT and tourism--dubbed iMedical Butlers--will offer the medical advice through the site, according to FlyFreeForHealth. The Singapore startup, which was established in August 2008, provides services designed for foreigners looking to receive medical care in the region
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Police testimony crumbles under cross-examination
Singapore Democrats, 23 Feb 2009
In what might very well be the first of its kind, prosecution witness Mohd Hassan told the court that the charge written by the Attorney-General's Chambers for the WB-IMF protest was "incorrect".
DSP Hassan was testifying on the third day of the current three-day tranche for which Mr Gandhi Ambalam, Ms Chee Siok Chin, Dr Chee Soon Juan, Mr Tan Teck Wee, and Mr Teoh Tian Jing are charged with "attempting to participate in a procession from the Speakers' Corner to Parliament House" on 16 Sep 06.
In a bizarre day of testimony, the officer said that the protesters and the crowd who had gathered on the morning of 16 Sep at Hong Lim Park was illegal as the place was not Speakers' Corner.
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In what might very well be the first of its kind, prosecution witness Mohd Hassan told the court that the charge written by the Attorney-General's Chambers for the WB-IMF protest was "incorrect".
DSP Hassan was testifying on the third day of the current three-day tranche for which Mr Gandhi Ambalam, Ms Chee Siok Chin, Dr Chee Soon Juan, Mr Tan Teck Wee, and Mr Teoh Tian Jing are charged with "attempting to participate in a procession from the Speakers' Corner to Parliament House" on 16 Sep 06.
In a bizarre day of testimony, the officer said that the protesters and the crowd who had gathered on the morning of 16 Sep at Hong Lim Park was illegal as the place was not Speakers' Corner.
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Singapore to engage new media at general elections
Futuregov, 24 Feb 2009, Robin Hicks
Singapore’s government has signalled its intention to embrace new media at the next general election.
More programmes are planned to engage citizens online through social networking channel Facebook and the citizen feedback arm, Reach.
Prime Minister Lee Hsien Loong pointed at US President Barack Obama as an example of a team that used online not only for campaigning, but to collaborate, organise and raise funds.
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Singapore’s government has signalled its intention to embrace new media at the next general election.
More programmes are planned to engage citizens online through social networking channel Facebook and the citizen feedback arm, Reach.
Prime Minister Lee Hsien Loong pointed at US President Barack Obama as an example of a team that used online not only for campaigning, but to collaborate, organise and raise funds.
Read More
Turkey, Singapore Join Efforts to Combat Piracy in Gulf of Aden
Dvidshub.net, 23 Feb 2009, Monique Hilley
AT SEA ABOARD USS VELLA GULF - Turkey and Singapore recently committed forces to join Combined Task Force 151, a naval coalition dedicated to conducting counter-piracy operations in the Gulf of Aden.
Turkey and Singapore will join other nations -- including the United States, the United Kingdom and Denmark -- that have conducted operations as part of the task force.
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AT SEA ABOARD USS VELLA GULF - Turkey and Singapore recently committed forces to join Combined Task Force 151, a naval coalition dedicated to conducting counter-piracy operations in the Gulf of Aden.
Turkey and Singapore will join other nations -- including the United States, the United Kingdom and Denmark -- that have conducted operations as part of the task force.
Read More
Singapore FM urges ASEAN members to resist protectionist pressures
Xinhua, 23 Feb 2009
SINGAPORE, Feb. 23 (Xinhua) -- Singapore's Foreign Minister George Yeo said members of the Association of Southeast Asian Nations (ASEAN) should resist protectionist pressures and ensure all regional and international agreements to be adhered to, local media reported on Monday.
According to local radio 938Live's report, Yeo said he understands the pressures individual governments are facing to protect jobs and businesses within the country and to do so "in various ways."
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SINGAPORE, Feb. 23 (Xinhua) -- Singapore's Foreign Minister George Yeo said members of the Association of Southeast Asian Nations (ASEAN) should resist protectionist pressures and ensure all regional and international agreements to be adhered to, local media reported on Monday.
According to local radio 938Live's report, Yeo said he understands the pressures individual governments are facing to protect jobs and businesses within the country and to do so "in various ways."
Read More
Apax Sells Stake to Singapore’s GIC, Australia’s Future Fund
Bloomberg.com, 23 Feb 2009, Simon Clark
Feb. 23 (Bloomberg) -- Apax Partners Worldwide LLP, a London-based private equity firm, agreed to sell a stake of less than 10 percent to two investors to raise money for investments.
The Government of Singapore Investment Corp.’s private equity unit, GIC Special Investments, and the Australian public pension plan Future Fund acquired the stake for an undisclosed amount, Ben Harding, an Apax spokesman in London, said today.
Read More
Related News:
Apax sells management company stake - Financial Times, 23 Feb 09
Feb. 23 (Bloomberg) -- Apax Partners Worldwide LLP, a London-based private equity firm, agreed to sell a stake of less than 10 percent to two investors to raise money for investments.
The Government of Singapore Investment Corp.’s private equity unit, GIC Special Investments, and the Australian public pension plan Future Fund acquired the stake for an undisclosed amount, Ben Harding, an Apax spokesman in London, said today.
Read More
Related News:
Apax sells management company stake - Financial Times, 23 Feb 09
Singaporean task force concludes exercise
Middle East Times, 23 Feb 2009
SINGAPORE, Feb. 23 (UPI) -- Defense officials in Singapore concluded a validation exercise Monday for a new task force established to counter evolving maritime security threats.
The Ministry of Defense Monday concluded Apex 09, a two-week validation exercise for the new Maritime Security Task Force.
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SINGAPORE, Feb. 23 (UPI) -- Defense officials in Singapore concluded a validation exercise Monday for a new task force established to counter evolving maritime security threats.
The Ministry of Defense Monday concluded Apex 09, a two-week validation exercise for the new Maritime Security Task Force.
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Resorts World at Sentosa on track for 2010 soft opening
e-Travel Blackboard, 24 Feb 2009
The completion of the first Resorts World hotel at Sentosa, Maxims Tower, is expected by the end of the month.
The 11-storey hotel is an early milestone in the development of Resorts World, which has a soft opening planned for the first quarter of 2010.
Maxims Tower will open with three other hotels - Hotel Michael, Festive Hotel and Hard Rock Hotel - as well as the casino, Le Vie Theatre, a 7,300-seat Grand Ballroom, and Universal Studios Singapore.
Read More
The completion of the first Resorts World hotel at Sentosa, Maxims Tower, is expected by the end of the month.
The 11-storey hotel is an early milestone in the development of Resorts World, which has a soft opening planned for the first quarter of 2010.
Maxims Tower will open with three other hotels - Hotel Michael, Festive Hotel and Hard Rock Hotel - as well as the casino, Le Vie Theatre, a 7,300-seat Grand Ballroom, and Universal Studios Singapore.
Read More
Singapore: Singapore's Brace For Worse Times
Mysinchew.com, 23 Feb 2009
SINGAPORE: The next six months will be especially tough for Singapore as there is worse to come in the global economy, Prime Minister Lee Hsien Loong told employers and unionists Sunday (22 Feb).
The US economy is sick, Western Europe has its own problems and Eastern European economies pose another danger because they have borrowed too much in foreign currencies from Western European banks.
Read More
Related News:
PM: Singapore economy may shrink more than expected - Business Times (Malaysia), 24 Feb 09
SINGAPORE: The next six months will be especially tough for Singapore as there is worse to come in the global economy, Prime Minister Lee Hsien Loong told employers and unionists Sunday (22 Feb).
The US economy is sick, Western Europe has its own problems and Eastern European economies pose another danger because they have borrowed too much in foreign currencies from Western European banks.
Read More
Related News:
PM: Singapore economy may shrink more than expected - Business Times (Malaysia), 24 Feb 09
Singapore Airlines' departure a sign of turmoil in Asia
Canada.com, 23 Feb 2009, Joanne Lee-Young
Aficionados are reeling from news that Singapore Airlines is axing its 20-year-old service to Vancouver.
"We just got an e-mail that they are cancelling their flight. We never guessed it could happen," said Ravinder Gaba, a Vancouver-based travel agent who specializes in South Asia.
"I have talked to other agents and no one saw it coming. They have been here for so long. And it is a surprise, because it is a big name."
Read More
Aficionados are reeling from news that Singapore Airlines is axing its 20-year-old service to Vancouver.
"We just got an e-mail that they are cancelling their flight. We never guessed it could happen," said Ravinder Gaba, a Vancouver-based travel agent who specializes in South Asia.
"I have talked to other agents and no one saw it coming. They have been here for so long. And it is a surprise, because it is a big name."
Read More
Monday, February 23, 2009
U.S. to Citi shareholders: Drop dead!
Bloggingstocks.com, 23 Feb 2009, Peter Cohan
"Now, after denying that it plans to nationalize banks, the U.S. is reportedly in discussions with Citigroup (NYSE: C) to convert its $45 billion in preferred shares -- which represents a 7.8% share -- into a 40% stake in Citi common. In the process of making this conversion, Citi will issue new common shares which will further dilute Citi shareholders.
The government's preferred shares are treated as debt for accounting purposes and by converting those shares to common, Citi can reduce its debt and increase its tangible common equity. The U.S. thinks this boost in tangible common equity will give Citi the balance sheet strength it needs to pass the stress test.
This move also puts pressure on the sovereign wealth funds (SWF) that bought Citi preferred. Should they also convert their holdings to common? These SWF investors include the Government of Singapore Investment Corp. (GIC), Abu Dhabi Investment Authority and Kuwait Investment Authority. But if GIC's $6.9 billion stake is converted into 4% of Citi common, it will give up a 7% yield on the preferred and still face the risk of dilution by the U.S."
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"Now, after denying that it plans to nationalize banks, the U.S. is reportedly in discussions with Citigroup (NYSE: C) to convert its $45 billion in preferred shares -- which represents a 7.8% share -- into a 40% stake in Citi common. In the process of making this conversion, Citi will issue new common shares which will further dilute Citi shareholders.
The government's preferred shares are treated as debt for accounting purposes and by converting those shares to common, Citi can reduce its debt and increase its tangible common equity. The U.S. thinks this boost in tangible common equity will give Citi the balance sheet strength it needs to pass the stress test.
This move also puts pressure on the sovereign wealth funds (SWF) that bought Citi preferred. Should they also convert their holdings to common? These SWF investors include the Government of Singapore Investment Corp. (GIC), Abu Dhabi Investment Authority and Kuwait Investment Authority. But if GIC's $6.9 billion stake is converted into 4% of Citi common, it will give up a 7% yield on the preferred and still face the risk of dilution by the U.S."
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Singaporean PM asks news media not to wear western spectacles
Xinhua, 23 Feb 2009
SINGAPORE, Feb. 23 (Xinhua) -- Singapore Prime Minister Lee Hsien Loong said there is a need for news media to present objective reports and not to wear "western spectacles", local media reported on Monday.
In an interview with TV broadcaster Channelnewsasia, which is to celebrate its tenth anniversary on-air, Lee said the challenge that news media is facing is to be able to boil down information and present news neutrally out of Singapore.
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SINGAPORE, Feb. 23 (Xinhua) -- Singapore Prime Minister Lee Hsien Loong said there is a need for news media to present objective reports and not to wear "western spectacles", local media reported on Monday.
In an interview with TV broadcaster Channelnewsasia, which is to celebrate its tenth anniversary on-air, Lee said the challenge that news media is facing is to be able to boil down information and present news neutrally out of Singapore.
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Sovereign Funds Scramble to Assess Impact of U.S.-Citi Talks
The Wall Street Journal, 23 Feb 2009, COSTAS PARIS and NISHA GOPALAN
SINGAPORE -- Talks over a bigger U.S. government stake in Citigroup Inc. could put Singapore's sovereign wealth fund in the difficult position of having to decide whether to convert its beaten-down Citi stake into common stock and wind up owning more of the troubled bank than it might want.
For Singapore's GIC, which earns an annual coupon of 7% on its preferred stock, converting its holding into common stock doesn't remove the risk of being diluted or wiped out if Citigroup needs another capital injection or is nationalized by the U.S. government.
GIC has no current plans to convert the preferred shares it owns in Citigroup Inc. into common stock, two people familiar with the situation said Monday.
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SINGAPORE -- Talks over a bigger U.S. government stake in Citigroup Inc. could put Singapore's sovereign wealth fund in the difficult position of having to decide whether to convert its beaten-down Citi stake into common stock and wind up owning more of the troubled bank than it might want.
For Singapore's GIC, which earns an annual coupon of 7% on its preferred stock, converting its holding into common stock doesn't remove the risk of being diluted or wiped out if Citigroup needs another capital injection or is nationalized by the U.S. government.
GIC has no current plans to convert the preferred shares it owns in Citigroup Inc. into common stock, two people familiar with the situation said Monday.
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India's Reliance "parts ways" with Singapore team
Reuters, 23 Feb 2009, Nidhi Verma
NEW DELHI, Feb 23 (Reuters) - India's Reliance Industries Ltd (RELI.BO) said on Monday its Singapore trading business head Michael Ng and his team had left the company.
"Post our standard review of business, it was mutually decided by us and Michael Ng and his team to part ways," a Reliance spokesman told Reuters in response to an emailed question.
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NEW DELHI, Feb 23 (Reuters) - India's Reliance Industries Ltd (RELI.BO) said on Monday its Singapore trading business head Michael Ng and his team had left the company.
"Post our standard review of business, it was mutually decided by us and Michael Ng and his team to part ways," a Reliance spokesman told Reuters in response to an emailed question.
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Shin takes a kicking in the bottom line for 4Q, but annual profit gets a leg-up
TeleGeography, 23 Feb 2009
Thai communications group Shin Corp, controlled by Singapore's Temasek Holdings, has posted a net loss of THB342 million (USD10 million) in the fourth quarter of 2008 due to lower profits at its domestic mobile subsidiary Advanced Info Service (AIS) and losses from its satellite operations. The negative figure compared with a net profit of THB730 million in October-December 2007.
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Thai communications group Shin Corp, controlled by Singapore's Temasek Holdings, has posted a net loss of THB342 million (USD10 million) in the fourth quarter of 2008 due to lower profits at its domestic mobile subsidiary Advanced Info Service (AIS) and losses from its satellite operations. The negative figure compared with a net profit of THB730 million in October-December 2007.
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Singapore FM urges ASEAN members to resist protectionist pressures
Xinhua, 23 Feb 2009
SINGAPORE, Feb. 23 (Xinhua) -- Singapore's Foreign Minister George Yeo said members of the Association of Southeast Asian Nations (ASEAN) should resist protectionist pressures and ensure all regional and international agreements to be adhered to, local media reported on Monday.
According to local radio 938Live's report, Yeo said he understands the pressures individual governments are facing to protect jobs and businesses within the country and to do so "in various ways."
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SINGAPORE, Feb. 23 (Xinhua) -- Singapore's Foreign Minister George Yeo said members of the Association of Southeast Asian Nations (ASEAN) should resist protectionist pressures and ensure all regional and international agreements to be adhered to, local media reported on Monday.
According to local radio 938Live's report, Yeo said he understands the pressures individual governments are facing to protect jobs and businesses within the country and to do so "in various ways."
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Singapore Defence and Security Report Q1 2009
PR-inside.com, 23 Feb 2009
Singapore has consistently had one of the largest defence budgets in the Asia Pacific region. Given its small population base, the Singaporeans have focused on maintaining their spending on sophisticated and superior weaponry. However, the principal recent development affecting the future of Singapore’s defence spending is the recent rapid deterioration in economic conditions
http://www.companiesandmarkets.com/Summary-Market-Report/Singapore-Defence-and-Security-Report-Q1-2009
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Singapore has consistently had one of the largest defence budgets in the Asia Pacific region. Given its small population base, the Singaporeans have focused on maintaining their spending on sophisticated and superior weaponry. However, the principal recent development affecting the future of Singapore’s defence spending is the recent rapid deterioration in economic conditions
http://www.companiesandmarkets.com/Summary-Market-Report/Singapore-Defence-and-Security-Report-Q1-2009
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Real estate funds tumble on financial crisis
The Nation, 23 Feb 2009
Asian Real Estate Investment Trust (REIT) markets suffered their deepest ever fall in the second half of 2008 as the global financial tsunami intensified and the availability of credit was further squeezed following the September collapse of Lehman Brothers, according to CB Richard Ellis' publication.
The correction in Singapore was among the most severe with S-REIT's posting an average loss of 54 per cent between July and December 2008. Nevertheless, with the exception of Singapore, Asian REIT markets still managed to outperform the broader stock markets.
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Asian Real Estate Investment Trust (REIT) markets suffered their deepest ever fall in the second half of 2008 as the global financial tsunami intensified and the availability of credit was further squeezed following the September collapse of Lehman Brothers, according to CB Richard Ellis' publication.
The correction in Singapore was among the most severe with S-REIT's posting an average loss of 54 per cent between July and December 2008. Nevertheless, with the exception of Singapore, Asian REIT markets still managed to outperform the broader stock markets.
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Singapore Exchange And The Stock Exchange Of Thailand Extend Co-Operation
Mondevisione, 23 Feb 2009
Singapore Exchange Limited (SGX) and The Stock Exchange of Thailand (SET) today renewed the Memorandum of Understanding (MOU) to continue the co-operation between the two exchanges towards the development of both capital markets. The renewed MOU underscores the strong ties between SGX and SET.
The MOU aims to foster closer collaboration in areas including securities trading, promotional activities of their market participants; as well as information sharing regarding the operations and regulatory framework of their respective securities and derivatives markets. The two exchanges will also seek possible co-operation on cross-trading of securities.
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Singapore Exchange Limited (SGX) and The Stock Exchange of Thailand (SET) today renewed the Memorandum of Understanding (MOU) to continue the co-operation between the two exchanges towards the development of both capital markets. The renewed MOU underscores the strong ties between SGX and SET.
The MOU aims to foster closer collaboration in areas including securities trading, promotional activities of their market participants; as well as information sharing regarding the operations and regulatory framework of their respective securities and derivatives markets. The two exchanges will also seek possible co-operation on cross-trading of securities.
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Singapore Inflation Falls Sharply In January
RTTNews, 23 Feb 2009
Singapore's consumer prices rose at the slowest pace in almost 16 months in January, as gasoline prices fell and demand for the country's goods and services cooled amid the global economic downturn.
Monday, Singapore's Department of Statistics said the consumer price index rose 2.9% year-on-year in January, at a much slower pace compared to the 4.3% climb in the previous month. However, consumer prices increased more than economists' expectations for a 2.3% rise.
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Related News:
Singapore: Inflation Eases To 2.9% In Jan - Mysinchew.com, 23 Feb 09
Singapore inflation eases to 2.9 pct in January - Taiwan News, 23 Feb 09
Singapore's consumer prices rose at the slowest pace in almost 16 months in January, as gasoline prices fell and demand for the country's goods and services cooled amid the global economic downturn.
Monday, Singapore's Department of Statistics said the consumer price index rose 2.9% year-on-year in January, at a much slower pace compared to the 4.3% climb in the previous month. However, consumer prices increased more than economists' expectations for a 2.3% rise.
Read More
Related News:
Singapore: Inflation Eases To 2.9% In Jan - Mysinchew.com, 23 Feb 09
Singapore inflation eases to 2.9 pct in January - Taiwan News, 23 Feb 09
Singapore GDP could shrink by over 5% in '09: PM
The Economic Times, 23 Feb 2009, Reuters
SINGAPORE: Singapore's economy could contract by more than a government forecast of between -2 and -5 percent this year if the global economy continues to shrink, the Business Times quoted Prime Minister Lee Hsien Loong as saying.
"Our GDP growth is forecast to be between -2 and -5 percent. It could be worse if the global economy worsens, even lower than -5 percent is possible," Lee was quoted as saying at a government function on Sunday.
Read More
Related News:
Singapore Prime Minister Lee expects slow years ahead - M&C, 23 Feb 09
Singapore Prime Minister Lee expects slow years ahead - Earthtimes.org, 23 Feb 09
Singapore economy could shrink more than 5 pct: PM - AFP
Singapore economy may shrink 5pc, says Lee Hsien Loong - The Australian, 23 Feb 09
SINGAPORE: Singapore's economy could contract by more than a government forecast of between -2 and -5 percent this year if the global economy continues to shrink, the Business Times quoted Prime Minister Lee Hsien Loong as saying.
"Our GDP growth is forecast to be between -2 and -5 percent. It could be worse if the global economy worsens, even lower than -5 percent is possible," Lee was quoted as saying at a government function on Sunday.
Read More
Related News:
Singapore Prime Minister Lee expects slow years ahead - M&C, 23 Feb 09
Singapore Prime Minister Lee expects slow years ahead - Earthtimes.org, 23 Feb 09
Singapore economy could shrink more than 5 pct: PM - AFP
Singapore economy may shrink 5pc, says Lee Hsien Loong - The Australian, 23 Feb 09
Lee Kuan Yew: Obama at the Helm With the World in Recession
Forbes.com, 11 Feb 2009, Lee Kuan Yew
America's recession has spread worldwide, and there has been no decoupling--for any country--from the American economy. If the U.S. does not recover, the EU will not bounce back. Other economies cannot make up the decline in demand. Asia's leaders hope that America's $800 billion-plus stimulus package will create the 3.7 million jobs President Barack Obama is targeting, which in turn will generate a more confident mood. Asians are rooting for the new President and his team to succeed.
Mr. Obama has chosen some of the most experienced and able minds to fill key economic positions in his Administration. Tim Geithner, Larry Summers, Paul Volcker and Christina Romer are four of the most highly respected experts in their fields. The next nine months will give us a fair assessment of how long and how deep this downturn is going to be.
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America's recession has spread worldwide, and there has been no decoupling--for any country--from the American economy. If the U.S. does not recover, the EU will not bounce back. Other economies cannot make up the decline in demand. Asia's leaders hope that America's $800 billion-plus stimulus package will create the 3.7 million jobs President Barack Obama is targeting, which in turn will generate a more confident mood. Asians are rooting for the new President and his team to succeed.
Mr. Obama has chosen some of the most experienced and able minds to fill key economic positions in his Administration. Tim Geithner, Larry Summers, Paul Volcker and Christina Romer are four of the most highly respected experts in their fields. The next nine months will give us a fair assessment of how long and how deep this downturn is going to be.
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CapitaLand pays staff bonuses in shopping vouchers
Reuters, 23 Feb 2009, Kevin Lim
SINGAPORE, Feb 23 (Reuters) - CapitaLand (CATL.SI), Southeast Asia's largest developer and Singapore's biggest mall operator, will pay part of its managers' bonuses this year in shopping vouchers.
"Staff will receive shopping vouchers in March, and the amounts range from S$750 to S$10,000," a CapitaLand spokeswoman said. "About S$1 million ($654,000) worth of vouchers will be distributed in total."
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SINGAPORE, Feb 23 (Reuters) - CapitaLand (CATL.SI), Southeast Asia's largest developer and Singapore's biggest mall operator, will pay part of its managers' bonuses this year in shopping vouchers.
"Staff will receive shopping vouchers in March, and the amounts range from S$750 to S$10,000," a CapitaLand spokeswoman said. "About S$1 million ($654,000) worth of vouchers will be distributed in total."
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Temasek's stake in Tata Teleservices set to dip
The Times Of India, 23 Feb 2009, Reeba Zachariah
MUMBAI: NRI businessman C Sivasankaran and the Singapore government's private equity arm, Temasek, will see their stakes fall in Tata Teleservices, as the telecom major brings in NTT DoCoMo as its strategic partner.
There was speculation that Sivasankaran might not wish to dilute his 8.6% stake in the mobile phone operator for which he paid Rs 1,200 crore in 2006. It was the same with Temasek too. The Singapore company holds 9.9%, purchased at Rs 1,500 crore, also in 2006. DoCoMo is investing $2.7 billion for a 26% stake in Tata Teleservices, India's second largest CDMA operator.
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MUMBAI: NRI businessman C Sivasankaran and the Singapore government's private equity arm, Temasek, will see their stakes fall in Tata Teleservices, as the telecom major brings in NTT DoCoMo as its strategic partner.
There was speculation that Sivasankaran might not wish to dilute his 8.6% stake in the mobile phone operator for which he paid Rs 1,200 crore in 2006. It was the same with Temasek too. The Singapore company holds 9.9%, purchased at Rs 1,500 crore, also in 2006. DoCoMo is investing $2.7 billion for a 26% stake in Tata Teleservices, India's second largest CDMA operator.
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NCC urges Singaporean entrepreneurs to invest in Nepal
Nepalnews.com, 22 Feb 2009
The Nepal Chamber of Commerce (NCC) has asked entrepreneurs from Singapore to pour their investment in Nepal.
The NCC officials forwarded the appeal to this effect during their recent meeting with Singaporean industrialists in the capital.
The NCC urged them to invest in promising sectors like hydropower, alternative energy, tourism, physical infrastructure, IT (Information and Technology) and agriculture.
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The Nepal Chamber of Commerce (NCC) has asked entrepreneurs from Singapore to pour their investment in Nepal.
The NCC officials forwarded the appeal to this effect during their recent meeting with Singaporean industrialists in the capital.
The NCC urged them to invest in promising sectors like hydropower, alternative energy, tourism, physical infrastructure, IT (Information and Technology) and agriculture.
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Sex and the Singapore girl
Littlespeck.com, 21 Feb 2009
IN GOOD times or bad, the emerging New Singapore Woman out-performs the man in many areas – and more than holds up “half the heaven” (as Mao Zedong once said of China).
During the past decade or two, this young confident, better-educated and increasingly independent-minded person has become as sophisticated as her sister in the West.
But there has also been a controversial part of the transformation; her sexual values, too, have closed the gap with other global cities.
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IN GOOD times or bad, the emerging New Singapore Woman out-performs the man in many areas – and more than holds up “half the heaven” (as Mao Zedong once said of China).
During the past decade or two, this young confident, better-educated and increasingly independent-minded person has become as sophisticated as her sister in the West.
But there has also been a controversial part of the transformation; her sexual values, too, have closed the gap with other global cities.
Read More
Sunday, February 22, 2009
Singapore Casino Construction Moving Along At A High Price
Casino Gambling Web, 21 Feb 2009, Tom Jones
It seemed like such a good idea at the time, and may soon turn out to be such. The casino projects, however, for Las Vegas Sands and Genting International in Singapore are costing much more than both companies planned to spend.
"The cost of construction has gone up to the point where these companies are experiencing high costs, much more than they anticipated going in. Still, when the casino resorts are complete it should pay off ten fold for both Genting and Las Vegas Sands,' said observer Brent Flacco.
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It seemed like such a good idea at the time, and may soon turn out to be such. The casino projects, however, for Las Vegas Sands and Genting International in Singapore are costing much more than both companies planned to spend.
"The cost of construction has gone up to the point where these companies are experiencing high costs, much more than they anticipated going in. Still, when the casino resorts are complete it should pay off ten fold for both Genting and Las Vegas Sands,' said observer Brent Flacco.
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India's Gwadar Port: to revise accord with PSA
Daily Times, 22 Feb 2009
KARACHI: The agreement signed with Singapore firm on Gwadar Port needs to be revised. State Minister for Ports and Shipping, Sardar Nabil Ahmed Gabol said this on Saturday.
The Minister said making Gwadar Port operational is a big success of the present democratic government and this port would soon emerge as one of the best ports in the world, says an official statement here. He said Gwadar Port would prove as an instrument for strengthening the country’s economy, promotion of regional trade and socio-economic uplift of the people.
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KARACHI: The agreement signed with Singapore firm on Gwadar Port needs to be revised. State Minister for Ports and Shipping, Sardar Nabil Ahmed Gabol said this on Saturday.
The Minister said making Gwadar Port operational is a big success of the present democratic government and this port would soon emerge as one of the best ports in the world, says an official statement here. He said Gwadar Port would prove as an instrument for strengthening the country’s economy, promotion of regional trade and socio-economic uplift of the people.
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Temasek bows out of AIG's aircraft leasing bid
Guardian.co.uk, 20 Feb 2009, Reuters
NEW YORK, Feb 20 (Reuters) - At least two consortia are emerging to bid for American International Group Inc's aircraft leasing business, while two large potential suitors have lost interest, sources familiar with the matter said.
Carlyle Group is a member of one group interested in International Lease Finance Corp; another group is led by private equity firms Greenbriar Equity Group LLC and Onex Corp , two of the sources said.
Kohlberg Kravis Roberts & Co and Singapore's Temasek Holdings Pte Ltd are no longer interested, other sources said.
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NEW YORK, Feb 20 (Reuters) - At least two consortia are emerging to bid for American International Group Inc's aircraft leasing business, while two large potential suitors have lost interest, sources familiar with the matter said.
Carlyle Group is a member of one group interested in International Lease Finance Corp; another group is led by private equity firms Greenbriar Equity Group LLC and Onex Corp , two of the sources said.
Kohlberg Kravis Roberts & Co and Singapore's Temasek Holdings Pte Ltd are no longer interested, other sources said.
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Saturday, February 21, 2009
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Pirates seize two Singapore barge crew in Malacca Strait
Gulfnews.com, 21 Feb 2009
Kuala Lumpur: A maritime watchdog says armed pirates have kidnapped two crew of a Singapore-managed tug and barge in the Malacca Strait.
Noel Choong, head of the International Maritime Bureau's piracy reporting center in Kuala Lumpur, says it is the first abduction of seafarers after a long lull in kidnap-and-ransom cases that once afflicted the waterway between peninsular Malaysia and Indonesia's Sumatra island.
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Related News:
Singapore crew kidnapped by pirates - Heraldsun.com.au, 21 Feb 09
Kuala Lumpur: A maritime watchdog says armed pirates have kidnapped two crew of a Singapore-managed tug and barge in the Malacca Strait.
Noel Choong, head of the International Maritime Bureau's piracy reporting center in Kuala Lumpur, says it is the first abduction of seafarers after a long lull in kidnap-and-ransom cases that once afflicted the waterway between peninsular Malaysia and Indonesia's Sumatra island.
Read More
Related News:
Singapore crew kidnapped by pirates - Heraldsun.com.au, 21 Feb 09
Sands, Genting In A Singapore Sling
Forbes.com, 20 Feb 2009, Miriam Marcus
It's a sure bet that casino companies have to keep expenses in line as their revenues dwindle. Las Vegas Sands and Genting International came up short Friday on talk that their over-budget Singapore projects are even more over-budget than had been thought.
Both companies saw their stock-market values tumble while other casino operators with Asian operations had a good day as China loosened visa restrictions on potential gamblers.
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It's a sure bet that casino companies have to keep expenses in line as their revenues dwindle. Las Vegas Sands and Genting International came up short Friday on talk that their over-budget Singapore projects are even more over-budget than had been thought.
Both companies saw their stock-market values tumble while other casino operators with Asian operations had a good day as China loosened visa restrictions on potential gamblers.
Read More
Singapore polls this year?
The Malaysian Insider, 21 Feb 2009
SINGAPORE, Feb 21 — Two announcements made by the Elections Department this week have got political pundits astir about the possibility of an early election. The department said it is updating voter registers, and making consequential changes to the boundaries of polling districts.
Even though it hastened to add that both were routine exercises, many people have started to predict just when the election will be held. Some have even started to place bets.
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SINGAPORE, Feb 21 — Two announcements made by the Elections Department this week have got political pundits astir about the possibility of an early election. The department said it is updating voter registers, and making consequential changes to the boundaries of polling districts.
Even though it hastened to add that both were routine exercises, many people have started to predict just when the election will be held. Some have even started to place bets.
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Singapore partners Israel in scientific research
The Malaysian Insider, 21 Feb 2009
SINGAPORE, Feb 21 — Singapore and Israel have joined forces in scientific research. The National Research Foundation (NRF) announced yesterday that it has tied up with two top Israeli universities — the Technion-Israel Institute of Technology (Technion) and the Weizmann Institute of Science — to combat heart disease; and study how tissues and organs are formed.
Explaining the decision to partner Israel in the S$40 million (RM96 million) collaboration, NRF's chief executive Francis Yeoh said that it stemmed from Singapore's long friendship with the nation over many years, especially in defence work.
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SINGAPORE, Feb 21 — Singapore and Israel have joined forces in scientific research. The National Research Foundation (NRF) announced yesterday that it has tied up with two top Israeli universities — the Technion-Israel Institute of Technology (Technion) and the Weizmann Institute of Science — to combat heart disease; and study how tissues and organs are formed.
Explaining the decision to partner Israel in the S$40 million (RM96 million) collaboration, NRF's chief executive Francis Yeoh said that it stemmed from Singapore's long friendship with the nation over many years, especially in defence work.
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Gulf told Singapore among world top 10 medical care destinations
AME Info, 21 Feb 2009
Singapore has solidified its position as one of the world's leading healthcare destinations for medical tourists seeking affordable, high quality medical attention, following elaborate market research conducted to measure the quality in its healthcare.
Each year Singapore receives more than half a million international visitors seeking a wide array of medical procedures.
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Singapore has solidified its position as one of the world's leading healthcare destinations for medical tourists seeking affordable, high quality medical attention, following elaborate market research conducted to measure the quality in its healthcare.
Each year Singapore receives more than half a million international visitors seeking a wide array of medical procedures.
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Nimble Singapore law firms can compete with foreign ones
The Malaysian Insider, 21 Feb 2009
SINGAPORE, Feb 21 — Looming competition from mega international law firms will be fierce, but Singapore law firms that are nimble and make the right moves will be able to compete, Law Minister K. Shanmugam said yesterday.
He was speaking at a dialogue session with law students at Singapore Management University and later opened an internship fair for the students, attended by more than 20 law firms.
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SINGAPORE, Feb 21 — Looming competition from mega international law firms will be fierce, but Singapore law firms that are nimble and make the right moves will be able to compete, Law Minister K. Shanmugam said yesterday.
He was speaking at a dialogue session with law students at Singapore Management University and later opened an internship fair for the students, attended by more than 20 law firms.
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Singapore offers tax incentive in wealth play
Wealth-Bulletin.com, 20 Feb 2009, Matt Turner
Singapore has boosted its effort to attract wealth managers, hedge funds and private equity funds to the country with a new tax incentive, as a US justice department suit against UBS raises questions over Swiss private bank's ability to protect their clients' details.
Under the new regulations, funds with assets under management of S$50m (€25.8m) will benefit from a new exhanced tax tier.
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Singapore has boosted its effort to attract wealth managers, hedge funds and private equity funds to the country with a new tax incentive, as a US justice department suit against UBS raises questions over Swiss private bank's ability to protect their clients' details.
Under the new regulations, funds with assets under management of S$50m (€25.8m) will benefit from a new exhanced tax tier.
Read More
Friday, February 20, 2009
Singapore gets first new early-warning jet
The Malaysian Insider, 20 Feb 2009
SINGAPORE, Feb 20 — The Republic of Singapore Air Force (RSAF) received the first of its new early-warning aircraft yesterday evening. The Gulfstream550 Airborne Early Warning, or G550-AEW, will replace the RSAF's ageing E-2C Hawkeye aircraft, which have been in service for more than 20 years.
The new jet-powered planes will be used to detect, identify and keep track of targets in the sky.
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SINGAPORE, Feb 20 — The Republic of Singapore Air Force (RSAF) received the first of its new early-warning aircraft yesterday evening. The Gulfstream550 Airborne Early Warning, or G550-AEW, will replace the RSAF's ageing E-2C Hawkeye aircraft, which have been in service for more than 20 years.
The new jet-powered planes will be used to detect, identify and keep track of targets in the sky.
Read More
HIV rates soar among gay men in Asia
International Herald Tribune, 20 Feb 2009, Reuters
Unprotected sex among gay and bisexual men is fuelling the spread of HIV/AIDS in Asia, public health experts said urging governments to do more to fight the problem.
Discriminatory laws criminalising certain sexual behaviours, such as sodomy, ought to be repealed so these men can more easily obtain information on disease prevention, drugs and treatment, they told an HIV/AIDS seminar this week in Hong Kong.
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Unprotected sex among gay and bisexual men is fuelling the spread of HIV/AIDS in Asia, public health experts said urging governments to do more to fight the problem.
Discriminatory laws criminalising certain sexual behaviours, such as sodomy, ought to be repealed so these men can more easily obtain information on disease prevention, drugs and treatment, they told an HIV/AIDS seminar this week in Hong Kong.
Read More
Singapore Recalls Wyeth Milk Formulas Over Nutrient Approval
Cattlenetwork, 20 Feb 2009
SINGAPORE (Dow Jones)--Singapore's Agri-Food and Veterinary Authority has recalled Wyeth (WYE) milk formulas containing a nutrient that hasn't been approved for such use on the island, the government said Friday.
The Singapore-manufactured milk formulas, which are exported to other markets and re-imported to the country independently, contains lutein, a nutrient still undergoing evaluation by the AVA, the agency said. Lutein is a permitted food color, it added.
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SINGAPORE (Dow Jones)--Singapore's Agri-Food and Veterinary Authority has recalled Wyeth (WYE) milk formulas containing a nutrient that hasn't been approved for such use on the island, the government said Friday.
The Singapore-manufactured milk formulas, which are exported to other markets and re-imported to the country independently, contains lutein, a nutrient still undergoing evaluation by the AVA, the agency said. Lutein is a permitted food color, it added.
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