Asian Development Bank, 31 Mar 2009
Singapore
Moving closely in line with the global business cycle, growth decelerated during 2008 on a year-on-year basis and contracted in the fourth quarter. The economy is forecast to shrink this year, before bouncing back next year. A significant fiscal stimulus package will help cushion the severity of the recession, although in the highly open economy much of the stimulus will leak abroad. Cushioning externally induced macroeconomic volatility is a particularly difficult challenge in a city-state.
Economic performance
The global downturn hit this exceptionally open economy with full force during 2008. GDP growth was just 1.1%, far short of the 5-year average of 7.3% in 2003–2007 and the slowest since 2001, when GDP contracted during the global information technology slump. Reflecting the high correlation between the global business cycle and Singapore’s economic performance, GDP growth slowed from 6.7% in the first quarter, year on year, until the economy contracted by 4.2% in the fourth (Figure 3.29.1). On a quarter-on-quarter basis, output declined from the second to fourth quarters of 2008.
The net export slump caused by the global slowdown acted as a serious drag on GDP growth, which was driven entirely by domestic demand. In particular, construction investment in the public sector played a key role in boosting domestic demand.
The impact of the global downturn was most evident in international trade, which fell by 11.6% in nominal terms (5.6% in volume terms) in the fourth quarter. Given Singapore’s role as a trade hub that supports trade-related services from transportation to trade finance, the slowdown
of trade had ramifications far beyond the export-oriented manufacturing sector. This helps explain why Singapore has been among the hardest hit economies. Another factor that has magnified the impact of the global slump is the economy’s shift into higher value-added industries, such as biomedical manufacturing. The upgrading helps diversify the industrial
base, but also increases dependence on demand from those industrial countries at the center of the global crisis. Total exports fell by 13.9% in the fourth quarter (Figure 3.29.2), although growth in the first 3 quarters, buoyed by high oil prices that raised prices of petroleum exports, allowed for growth of about 13% for the whole year.
Non-oil domestic exports fell by 19.6% in the fourth quarter, and by 1.9% for the year. External demand weakened in 2008 relative to 2007 for integrated circuits, consumer electronics, telecommunications equipment, and personal computers, as well as for pharmaceuticals, petrochemicals, and primary chemicals. Demand for non-oil exports weakened most notably from the United States (US) and Europe. Petroleum exports fell late in the year but rose for the full year by more than 50%. In volume terms, oil exports expanded by 15.5%.
In the context of domestic demand, robust investment more than offset faltering consumption. Private consumption growth slowed to 2.4% in 2008, less than half the rate of 2007 (Figure 3.29.3). Consumption contracted in the fourth quarter. Deteriorating labor market conditions
have led to concerns over job security and an erosion of consumer confidence. Further denting consumer confidence has been the year-long rout of the stock market.
Higher government consumption bolstered overall consumption growth to 3.6%. Both private and public investment grew at a healthy pace—14% and 13%, respectively. However, private investment contracted by 13% in the fourth quarter as business confidence plummeted in reaction to the fast-deteriorating global outlook. The growth in investment was largely driven by an upturn in construction, which overshadowed generally feeble equipment investment.
From the output perspective, business services, construction, and financial services were the biggest contributors to GDP growth in 2008 (Figure 3.29.4). Construction roared ahead by 20%, while business services and financial services expanded by 7.4% and 5.5%. For the year as a whole, all sectors except manufacturing made positive contributions to GDP growth. However, the financial services industry contracted by 8.1% in the fourth quarter, due to the global financial crisis and the economic slowdown. Trading activities fell substantially in foreign exchange, stock brokerage, and fund management. The fourth quarter also witnessed the contraction of wholesale and retail trade as well as transport and storage, largely as a result of declining world trade volumes.
Manufacturing suffered the biggest contraction, for both the fourth quarter (down 10.7%) and the entire year (down 4.1%). The manufacturing slump was driven by weakening global demand, and was most evident in the electronics and biomedical industries.
Inflation surged to 6.5% in 2008, from 2.1% in the previous year and 1.1% on average in 2003–2007. The surge was sparked by higher global oil and food prices during the first 3 quarters, and inflation eased by late 2008.
Of greater concern was the deterioration of the labor market in line with the worsening economic outlook. Employment rose by about 27,000 in the fourth quarter, less than half the 56,000 growth in the third, and although for the whole year employment increased by a healthy 227,000, most of the gain came in the first half. The number of layoffs, which climbed to 13,400 in 2008 from 7,700 in 2007, also rose sharply in the final quarter.
In the external accounts, lower surpluses were recorded in both goods and services trade. The current account remained in substantial surplus, equivalent to 14.8% of GDP. Gross international reserves rose to $174.2 billion
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Singapore wants a kinder, gentler nation
AFP
SINGAPORE (AFP) — Singapore has launched campaigns to promote everything from more romance to better English. Now, the city-state wants its citizens to just be... nicer.
"Kindness. Bring It On!" -- to be launched this weekend -- is a government-backed initiative aimed at encouraging Singaporeans to be openly gracious to their relatives, colleagues, classmates and neighbours.
The Singapore Kindness Movement (SKM), a partly government-funded charity, plans to recruit "kindness troopers" to deliver its message, and draft movie stars to do public appearances. Teachers will give lessons about graciousness.
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SINGAPORE (AFP) — Singapore has launched campaigns to promote everything from more romance to better English. Now, the city-state wants its citizens to just be... nicer.
"Kindness. Bring It On!" -- to be launched this weekend -- is a government-backed initiative aimed at encouraging Singaporeans to be openly gracious to their relatives, colleagues, classmates and neighbours.
The Singapore Kindness Movement (SKM), a partly government-funded charity, plans to recruit "kindness troopers" to deliver its message, and draft movie stars to do public appearances. Teachers will give lessons about graciousness.
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AirAsia Now The New Girl In Singapore
Bernama.com, 31 Mar 2009
SINGAPORE, March 31 (Bernama) -- "The new girl has finally arrived.
"She's twice the fun and half the price". Don't be mistaken and be easily excited about the cry. It is not about a girl coming to town and soliciting for customers.
It is actually the newly revived tagline of lost-cost carrier AirAsia for its promotion drive to sell its inaugural air services departing from Singapore to four Indonesian cities of Jakarta, Bandung, Yogyakarta and Bali.
AirAsia group chief executive officer (CEO) Datuk Seri Tony Fernandes was here Tuesday together with AirAsia Indonesia CEO Dharmadi to reveal the suggestive catchphrase.
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SINGAPORE, March 31 (Bernama) -- "The new girl has finally arrived.
"She's twice the fun and half the price". Don't be mistaken and be easily excited about the cry. It is not about a girl coming to town and soliciting for customers.
It is actually the newly revived tagline of lost-cost carrier AirAsia for its promotion drive to sell its inaugural air services departing from Singapore to four Indonesian cities of Jakarta, Bandung, Yogyakarta and Bali.
AirAsia group chief executive officer (CEO) Datuk Seri Tony Fernandes was here Tuesday together with AirAsia Indonesia CEO Dharmadi to reveal the suggestive catchphrase.
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Singapore Luxury Home Rents Fall 18.8 Pct in Q1
English.cri.cn, 31 Mar 2009, Xinhua
A recent report showed that rentals of luxury homes in Singapore dropped 18.8 percent in the first quarter of 2009, a level not seen since 2006, local radio reported on Tuesday.
According to local radio 938live, a report released on Tuesday by property consultancy DTZ said that rentals of local luxury homes dropped 18.8 percent to 5.2 Singapore dollars (about 3.42 U. S. dollars) per square foot a month, and average rental values of homes in prime districts fell 16 percent to 3.65 Singapore dollars (about 2.40 U.S. dollars) per square foot a month.
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A recent report showed that rentals of luxury homes in Singapore dropped 18.8 percent in the first quarter of 2009, a level not seen since 2006, local radio reported on Tuesday.
According to local radio 938live, a report released on Tuesday by property consultancy DTZ said that rentals of local luxury homes dropped 18.8 percent to 5.2 Singapore dollars (about 3.42 U. S. dollars) per square foot a month, and average rental values of homes in prime districts fell 16 percent to 3.65 Singapore dollars (about 2.40 U.S. dollars) per square foot a month.
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Singapore to let currency ease, but caution needed
The Malaysian Insider, 31 Mar 2009, Reuters
SINGAPORE, March 31 - Singapore's central bank is likely to allow a modest currency depreciation in coming weeks to help the ailing economy, but has to tread carefully to avoid sparking a domino effect of falling currencies in Asia.
The central bank, whose monetary policy targets the Singapore dollar within a crawling trade-weighted band, has various options to choose from: recentre the band downwards, widen the trading band to give the currency more room to move, or change the slope of the band to allow the unit to move one way or the other more quickly.
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SINGAPORE, March 31 - Singapore's central bank is likely to allow a modest currency depreciation in coming weeks to help the ailing economy, but has to tread carefully to avoid sparking a domino effect of falling currencies in Asia.
The central bank, whose monetary policy targets the Singapore dollar within a crawling trade-weighted band, has various options to choose from: recentre the band downwards, widen the trading band to give the currency more room to move, or change the slope of the band to allow the unit to move one way or the other more quickly.
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Opportunities remain for SMEs even in downturn: Lee Yi Shyan
Xinhua, 31 Mar 2009
SINGAPORE, March 31 (Xinhua) -- Small and medium-sized enterprises (SMEs) can still have opportunities even in the global economic downturn so long as they are quick to adapt and able to seize new opportunities, a senior Singapore official said here on Tuesday.
Singapore's Minister of State for Trade and Industry Lee Yi Shyan said that the Singapore government has enhanced the support for SMEs and start-ups to weather the crisis in three ways, namely providing working capital and equity, encouraging further investments in innovation and providing greater opportunities for student entrepreneurs.
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SINGAPORE, March 31 (Xinhua) -- Small and medium-sized enterprises (SMEs) can still have opportunities even in the global economic downturn so long as they are quick to adapt and able to seize new opportunities, a senior Singapore official said here on Tuesday.
Singapore's Minister of State for Trade and Industry Lee Yi Shyan said that the Singapore government has enhanced the support for SMEs and start-ups to weather the crisis in three ways, namely providing working capital and equity, encouraging further investments in innovation and providing greater opportunities for student entrepreneurs.
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Singapore announces initiatives to develop options market
Earthtimes.org, 31 Mar 2009, DPA
Singapore - Singapore Exchange Limited (SGX) Tuesday announced three initiatives to develop its options market. The plan would enhance the existing SGX Nikkei 225 Index Options and SGX MSCI Taiwan Index Options contracts; launch the SGX MSCI Singapore Index Options contract; and introduce a web-based electronic trade registration system.
The initiatives would be implemented on 6 April 2009, the exchange said in a statement.
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Singapore - Singapore Exchange Limited (SGX) Tuesday announced three initiatives to develop its options market. The plan would enhance the existing SGX Nikkei 225 Index Options and SGX MSCI Taiwan Index Options contracts; launch the SGX MSCI Singapore Index Options contract; and introduce a web-based electronic trade registration system.
The initiatives would be implemented on 6 April 2009, the exchange said in a statement.
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What Asia should expect from G20
Borneo Bulletin, 31 Mar 2009, Jaspal Bindra
Asia has come of age. In a few days, the region's rising powers - China, India, Korea and Indonesia - will be sitting at the global high table to decide on ways to reshape the world's financial and economic order.
As leaders from the Group of 20 nations converge in London at the start of April, there are expectations that the outcome will include concrete steps to revive economic growth, a boost in funding for the International Monetary Fund, and an understanding on the new financial architecture to restore trust in the financial system.
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Asia has come of age. In a few days, the region's rising powers - China, India, Korea and Indonesia - will be sitting at the global high table to decide on ways to reshape the world's financial and economic order.
As leaders from the Group of 20 nations converge in London at the start of April, there are expectations that the outcome will include concrete steps to revive economic growth, a boost in funding for the International Monetary Fund, and an understanding on the new financial architecture to restore trust in the financial system.
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Singapore bank lending slips 0.2 pct in Feb from Jan
Interactive Investor, 31 Mar 2009, Reuters
SINGAPORE, March 31 (Reuters) - Bank lending in Singapore fell for the fourth straight month in February, declining 0.2 percent to S$270.5 billion ($177.8 billion) from S$271.3 billion in January, central bank data showed on Tuesday.
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SINGAPORE, March 31 (Reuters) - Bank lending in Singapore fell for the fourth straight month in February, declining 0.2 percent to S$270.5 billion ($177.8 billion) from S$271.3 billion in January, central bank data showed on Tuesday.
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Singapore hype good lesson for Hong Kong not to fear Shanghai
Asia News Network, 31 Mar 2009, Hong Liang
A favorite story among Hong Kong financial reporters in the 80s and 90s was the competition with Singapore as the region's premier financial center.
That was hyped up by every newspaper in town as an unfolding drama in which the lead players were engaged in a life and death struggle for survival. Alarmists were having a field day dispensing prognoses of doom whenever some obscure research firm published results of dubious surveys showing a tip of the scale in favor of Singapore.
Not anymore. Since the opening of the mainland in the late 70s, the focus of Hong Kong has shifted north. Singapore no longer poses any threat because Hong Kong is having the mainland market all to itself.
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A favorite story among Hong Kong financial reporters in the 80s and 90s was the competition with Singapore as the region's premier financial center.
That was hyped up by every newspaper in town as an unfolding drama in which the lead players were engaged in a life and death struggle for survival. Alarmists were having a field day dispensing prognoses of doom whenever some obscure research firm published results of dubious surveys showing a tip of the scale in favor of Singapore.
Not anymore. Since the opening of the mainland in the late 70s, the focus of Hong Kong has shifted north. Singapore no longer poses any threat because Hong Kong is having the mainland market all to itself.
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Singapore authorities warn of April 1 computer worm
The Star Online, 31 Mar 2009, CHUA HIAN HOU
SINGAPORE: A government information security watchdog here has issued a warning for people to take precautions against a fast-mutating malicious computer program that is poised to strike on Wednesday.
In a bulletin sent out Monday, the Singapore Computer Emergency Response Team (SingCert) warned that the latest variant of the Conficker worm, known as Conficker.C, may “become active on April 1.”
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SINGAPORE: A government information security watchdog here has issued a warning for people to take precautions against a fast-mutating malicious computer program that is poised to strike on Wednesday.
In a bulletin sent out Monday, the Singapore Computer Emergency Response Team (SingCert) warned that the latest variant of the Conficker worm, known as Conficker.C, may “become active on April 1.”
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Father of Singapore Stab Student Asks Indonesian Police for Help
Jakarta Globe, 30 Mar 2009, Farouk Arnaz
The father of a student who reportedly jumped to his death after stabbing his lecturer at the Nanyang Technological University, or NTU, in Singapore has lodged a complaint with the National Police, claiming the circumstances surrounding the death were “peculiar.”
Hartono Widjaja said he had heard nothing from Singaporean authorities since the death of his son, David Hartanto Widjaja, on March 2.
The response to his request to the police was hardly satisfactory, Hartono said. “What the police did is unclear,” he said. “They didn’t refuse my report but they didn’t really accept it either. The officer said he wanted to talk with his commander first.”
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The father of a student who reportedly jumped to his death after stabbing his lecturer at the Nanyang Technological University, or NTU, in Singapore has lodged a complaint with the National Police, claiming the circumstances surrounding the death were “peculiar.”
Hartono Widjaja said he had heard nothing from Singaporean authorities since the death of his son, David Hartanto Widjaja, on March 2.
The response to his request to the police was hardly satisfactory, Hartono said. “What the police did is unclear,” he said. “They didn’t refuse my report but they didn’t really accept it either. The officer said he wanted to talk with his commander first.”
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HwangDBS Looks to More Loan Deals In Malaysia
American Chronicle, 30 Mar 2009, Chong Pooi Koon
HWANGDBS Investment Bank Bhd plans to arrange more syndicated loans to companies, particularly in the oil and gas sector, taking advantage of the still seized up bond market and stricter bank lending.
The bank is a subsidiary of main board-listed Hwang-DBS Malaysia Bhd, of which Singapore's DBS Group owns 28 per cent.
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HWANGDBS Investment Bank Bhd plans to arrange more syndicated loans to companies, particularly in the oil and gas sector, taking advantage of the still seized up bond market and stricter bank lending.
The bank is a subsidiary of main board-listed Hwang-DBS Malaysia Bhd, of which Singapore's DBS Group owns 28 per cent.
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Liberty tumbles as GIC is at loggerhead with other major shareholders over fund-raising structure
Telegraph.co.uk, 30 Mar 2009, Ben Harrington
Retail property giant Liberty International was under severe pressure on Monday amid concerns about its recapitalisation plans.
Liberty International fell 15pc following several broker downgrades and a slew of contradictory rumours about its cash call, which triggered renewed uncertainty about its financial position.
On Monday, there were two rumours doing the rounds. The first was that the company is set to pull the trigger on a highly dilutive fund-raising that will see the company issue new shares at 250p.
The other tale in the market was that the company and its largest shareholders – which also include Westfield, Simon Property Group and the Singaporean sovereign investor GIC – are still at loggerheads about the structure of the fund-raising.
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Retail property giant Liberty International was under severe pressure on Monday amid concerns about its recapitalisation plans.
Liberty International fell 15pc following several broker downgrades and a slew of contradictory rumours about its cash call, which triggered renewed uncertainty about its financial position.
On Monday, there were two rumours doing the rounds. The first was that the company is set to pull the trigger on a highly dilutive fund-raising that will see the company issue new shares at 250p.
The other tale in the market was that the company and its largest shareholders – which also include Westfield, Simon Property Group and the Singaporean sovereign investor GIC – are still at loggerheads about the structure of the fund-raising.
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Malaysian hospital targets patients from Singapore and Indonesia
Treatment Abroad, 30 Mar 2009
The Regency Specialist Hospital (RSH) in Bandar Seri Alam, Malaysia, aims to attract patients from Singapore and Indonesia.
RSH chairman Dr Gan See Khem says that the hospitals strategic location and state of the art equipment are ideal for foreigners who seek treatment at the 218-bed hospital, “It is also more cost effective for Singaporeans to take an hours drive here to seek treatment.” Singaporeans travelling abroad to seek treatment in Malaysia is not something new due to our close cultural and geographical proximity.
RSH has treated patents from Singapore and its sister hospital, Mahkota Medical Centre, in Malacca treated a few hundred Singaporean patients last year.
News Link
The Regency Specialist Hospital (RSH) in Bandar Seri Alam, Malaysia, aims to attract patients from Singapore and Indonesia.
RSH chairman Dr Gan See Khem says that the hospitals strategic location and state of the art equipment are ideal for foreigners who seek treatment at the 218-bed hospital, “It is also more cost effective for Singaporeans to take an hours drive here to seek treatment.” Singaporeans travelling abroad to seek treatment in Malaysia is not something new due to our close cultural and geographical proximity.
RSH has treated patents from Singapore and its sister hospital, Mahkota Medical Centre, in Malacca treated a few hundred Singaporean patients last year.
News Link
SIA is determine to get what it wants on Australia - US route
The Sydney Morning Herald, 31 Mar 2009, Danny John
Singapore Airlines is determined to push ahead with its campaign to fly between Australia and the United States despite the latest snub by the Federal Government in blocking its hopes to fly on the route.
Responding to the Federal Government's latest green paper on aviation, which has, in effect, again prevented the Singapore flag carrier from competing with Qantas on the trans-Pacific service, Singapore Airlines' chief executive, Chew Choon Seng, said the carrier was used to being "fobbed off" in its desire to fly on from its Australian destinations.
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Singapore Airlines is determined to push ahead with its campaign to fly between Australia and the United States despite the latest snub by the Federal Government in blocking its hopes to fly on the route.
Responding to the Federal Government's latest green paper on aviation, which has, in effect, again prevented the Singapore flag carrier from competing with Qantas on the trans-Pacific service, Singapore Airlines' chief executive, Chew Choon Seng, said the carrier was used to being "fobbed off" in its desire to fly on from its Australian destinations.
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McConnell Dowell awarded Singapore MRT contract
KHL.com, 30 Mar 2009, Richard High
McConnell Dowell South East Asia has been awarded the SG$ 340 million (US$ 224 million) Downtown Line 2 Contract 916 by the Singapore Land Transport Authority (LTA).
The contract includes design and construction of two Mass Rapid Transit (MRT) tunnels - 1.1 km-long bored tunnels with an internal diameter of 5.8 m, two cross passages, and 135 m of cut and cover tunnels. It also includes design and construction of the new Beauty World MRT underground station including station entrances, subway links, architectural finishes and external landscaping.
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McConnell Dowell South East Asia has been awarded the SG$ 340 million (US$ 224 million) Downtown Line 2 Contract 916 by the Singapore Land Transport Authority (LTA).
The contract includes design and construction of two Mass Rapid Transit (MRT) tunnels - 1.1 km-long bored tunnels with an internal diameter of 5.8 m, two cross passages, and 135 m of cut and cover tunnels. It also includes design and construction of the new Beauty World MRT underground station including station entrances, subway links, architectural finishes and external landscaping.
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Nokia Singapore Fears Lay Offs
ScandAsia.com, 30 Mar 2009, Charlotte Lund Dideriksen
Nokia plans to cut 1,700 jobs in sales, marketing and technology units due to falling consumer demand according to todayonline. It is not known how Nokia’s operations in Singapore will be affected by the move.
Its regional headquarters at Alexandra Technopark houses almost 700 staff that provide product support to over 20 markets across the Asia-Pacific region. Nokia will start consultations with unions about the cutbacks, which are part of its previously announced plans to adjust to a shrinking market, the company said in a statement.
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Nokia plans to cut 1,700 jobs in sales, marketing and technology units due to falling consumer demand according to todayonline. It is not known how Nokia’s operations in Singapore will be affected by the move.
Its regional headquarters at Alexandra Technopark houses almost 700 staff that provide product support to over 20 markets across the Asia-Pacific region. Nokia will start consultations with unions about the cutbacks, which are part of its previously announced plans to adjust to a shrinking market, the company said in a statement.
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Temasek plan to raise its stake in China Construction Bank
Reuters, 30 Mar 2009, Clare Jim
HONG KONG, March 30 (Reuters) - China Construction Bank (CCB) (0939.HK), the world's second-largest lender by market value, said on Monday that Singapore state investor Temasek Holdings planned to increase its stake in the Chinese lender.
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HONG KONG, March 30 (Reuters) - China Construction Bank (CCB) (0939.HK), the world's second-largest lender by market value, said on Monday that Singapore state investor Temasek Holdings planned to increase its stake in the Chinese lender.
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Health Minister Khaw urges obese workers to trim the fat
Telegraph.co.uk, 30 Mar 2009, Ben Bland
The relationship between state and society in Singapore is governed by micromanagement, with many people looking to government for advice on how to live their lives and ministers regularly telling people what to do.
In that very spirit, the health minister, Khaw Boon Wan, has urged overweight Singaporeans to get fit if they want to improve their job prospects in these tough times.
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The relationship between state and society in Singapore is governed by micromanagement, with many people looking to government for advice on how to live their lives and ministers regularly telling people what to do.
In that very spirit, the health minister, Khaw Boon Wan, has urged overweight Singaporeans to get fit if they want to improve their job prospects in these tough times.
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Singapore premier says new blood was needed in cabinet
Earthtimes.org, 30 Mar 2009, DPA
Singapore - Singapore Prime Minister Lee Hsien Loong said Monday that he reshuffled his cabinet last week as part of a long process of self-renewal for the island state's political system. Lee told reporters that Singapore has yet to fully assemble the core of its new generation of leaders and it was a critical now to identify, gather and prepare more people to take the reins of power in the city-state to assure Singapore's long-term future, according to a Channel News Asia report.
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Singapore - Singapore Prime Minister Lee Hsien Loong said Monday that he reshuffled his cabinet last week as part of a long process of self-renewal for the island state's political system. Lee told reporters that Singapore has yet to fully assemble the core of its new generation of leaders and it was a critical now to identify, gather and prepare more people to take the reins of power in the city-state to assure Singapore's long-term future, according to a Channel News Asia report.
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Singapore PM: Core of 4th generation leadership not fully assembled
Xinhua, 30 Mar 2009
SINGAPORE, March 30 (Xinhua) -- Singapore's Prime Minister Lee Hsien Loong said on Monday that Singapore has not fully assembled the core of fourth generation leadership, local media reported.
According to TV broadcaster Channel newsasia, Lee said that the recent cabinet reshuffle is another step in the long process of self-renewal, and the critical task now is to identify, gather and prepare more people for the core of future leadership to assure Singapore's long-term future.
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SINGAPORE, March 30 (Xinhua) -- Singapore's Prime Minister Lee Hsien Loong said on Monday that Singapore has not fully assembled the core of fourth generation leadership, local media reported.
According to TV broadcaster Channel newsasia, Lee said that the recent cabinet reshuffle is another step in the long process of self-renewal, and the critical task now is to identify, gather and prepare more people for the core of future leadership to assure Singapore's long-term future.
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Solar energy in Singapore quickly loses its shine
Reuters, 30 Mar 2009, Laurence Tan
SINGAPORE (Reuters Life!) - For a country that's right on the equator, relying on solar energy in Singapore seems like a bright idea. Try and get off the grid, however, and it quickly loses its shine.
The tropical city-state's per capita greenhouse gas emissions are similar to Europe, and it imports all its fuel, which on paper makes solar power attractive.
But in reality, solar panels are so pricey it makes little economic sense to get off the grid.
The bulk of Singapore's almost 5 million people also live in high-rise buildings, rather than houses, which makes putting up cells on the roof nearly impossible for individuals.
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SINGAPORE (Reuters Life!) - For a country that's right on the equator, relying on solar energy in Singapore seems like a bright idea. Try and get off the grid, however, and it quickly loses its shine.
The tropical city-state's per capita greenhouse gas emissions are similar to Europe, and it imports all its fuel, which on paper makes solar power attractive.
But in reality, solar panels are so pricey it makes little economic sense to get off the grid.
The bulk of Singapore's almost 5 million people also live in high-rise buildings, rather than houses, which makes putting up cells on the roof nearly impossible for individuals.
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Financial turmoil and an unrivalled opportunity
Thesundaily.com, 30 Mar 2009, Tan Siok Choo
WITH unbelievable speed, the global financial turmoil is driving an increasing number of East Asian economies into a recession.
Joining the roll call of countries likely to register negative growth this year is Malaysia. Economic growth in this country may be negative in the first half of this year, Bank Negara says in its latest annual report while Singapore’s economy contracted in the fourth quarter last year, a trend that is likely to continue this year.
However, sombre economic prospects offer an unrivalled opportunity for better ties between Malaysia and Singapore. Some may argue if the Asian Financial Crisis in 1998 failed to draw both countries closer, why should the current financial turmoil prove to be different?
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WITH unbelievable speed, the global financial turmoil is driving an increasing number of East Asian economies into a recession.
Joining the roll call of countries likely to register negative growth this year is Malaysia. Economic growth in this country may be negative in the first half of this year, Bank Negara says in its latest annual report while Singapore’s economy contracted in the fourth quarter last year, a trend that is likely to continue this year.
However, sombre economic prospects offer an unrivalled opportunity for better ties between Malaysia and Singapore. Some may argue if the Asian Financial Crisis in 1998 failed to draw both countries closer, why should the current financial turmoil prove to be different?
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East Timor: Singapore group to build tourist resort with golf course in Dili
MacauHub, 30 Mar 2009
Dili, East Timor, 30 March – Singapore's Ock Group plans to build a luxury tourist resort in a coastal area on the outskirts of the East Timor capital of Dili, Asian Gold Business reported citing the company’s chairman, Edward Ong.
The resort will have a hotel with 350 rooms and will be the first five-star accommodation in the country, with a business centre and a 27-hole golf complex.
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Dili, East Timor, 30 March – Singapore's Ock Group plans to build a luxury tourist resort in a coastal area on the outskirts of the East Timor capital of Dili, Asian Gold Business reported citing the company’s chairman, Edward Ong.
The resort will have a hotel with 350 rooms and will be the first five-star accommodation in the country, with a business centre and a 27-hole golf complex.
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Indonesia: a steady democratic light in a dark Southeast Asian tunnel
The Vancouver Sun, 30 Mar 2009, Jonathan Manthorpe
"Singapore is the corporate conglomerate of the extended family of founding leader and now "Minister Mentor" Lee Kuan Yew. But the management of current prime minister, his son Lee Hsien Loong, seems to be enraging more and more of Singapore's voter/shareholders."
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"Singapore is the corporate conglomerate of the extended family of founding leader and now "Minister Mentor" Lee Kuan Yew. But the management of current prime minister, his son Lee Hsien Loong, seems to be enraging more and more of Singapore's voter/shareholders."
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Singapore Promotes Food Companies To Europe, US
Bernama.com, 30 Mar 2009, Zakaria Abdul Wahab
SINGAPORE, March 30 (Bernama) - The global recession may have stumped many export-oriented nations, but some like survivalist Singapore, refuse to let the economic turmoil pull it down.
Towards this end, the city-state has put on its thinking cap long enough to come out with one practical strategy of exploiting its untapped 'forte' in the local food business by exporting it worldwide.
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SINGAPORE, March 30 (Bernama) - The global recession may have stumped many export-oriented nations, but some like survivalist Singapore, refuse to let the economic turmoil pull it down.
Towards this end, the city-state has put on its thinking cap long enough to come out with one practical strategy of exploiting its untapped 'forte' in the local food business by exporting it worldwide.
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China's IT Muscle Stronger than India
CXOtoday.com, 30 Mar 2009
If one needed proof that China is serious about overtaking India in the Information Technology space, here's the smoking gun. According to the Global Information Technology Report 2008-2009, China has sneaked ahead of India by occupying the 46th rank in the Network Readiness Index (NRI). India slipped down to the 54th spot from the 50th spot in 2007-08. In 2006-07 India had occupied the 44th position.
China's rise has been phenomenal, as it jumped up 11 positions to its current rank. The NRI measures a country's "preparedness to leverage ICT advances for increased competitiveness and development". The index is a parameter to judge how a country is positioned to use ICT to effectively further its competitive advantages in the global economy.
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If one needed proof that China is serious about overtaking India in the Information Technology space, here's the smoking gun. According to the Global Information Technology Report 2008-2009, China has sneaked ahead of India by occupying the 46th rank in the Network Readiness Index (NRI). India slipped down to the 54th spot from the 50th spot in 2007-08. In 2006-07 India had occupied the 44th position.
China's rise has been phenomenal, as it jumped up 11 positions to its current rank. The NRI measures a country's "preparedness to leverage ICT advances for increased competitiveness and development". The index is a parameter to judge how a country is positioned to use ICT to effectively further its competitive advantages in the global economy.
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Banned Singapore film hits 40,000 views on Internet
EngageMedia, 29 Mar 2009
A video made by Mr Seelan Palay about the dictatorial control of Singapore has attracted wide viewership on the Internet. Entitled One Nation Under Lee, the 40-minute film also features interviews with the late J B Jeyaretnam and former solicitor-general Mr Francis Seow.
Released last May, the documentary has been viewed more than 40,000 times on YouTube. It has also been screened in film festivals in other countries, especially Malaysia where it toured four states as the featured Singapore film in the Freedom Film Festival 2008.
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A video made by Mr Seelan Palay about the dictatorial control of Singapore has attracted wide viewership on the Internet. Entitled One Nation Under Lee, the 40-minute film also features interviews with the late J B Jeyaretnam and former solicitor-general Mr Francis Seow.
Released last May, the documentary has been viewed more than 40,000 times on YouTube. It has also been screened in film festivals in other countries, especially Malaysia where it toured four states as the featured Singapore film in the Freedom Film Festival 2008.
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Singapore May Devalue Currency in April, Survey Shows
Bloomberg.com, 30 May 2009, Patricia Lui
March 30 (Bloomberg) -- The Monetary Authority of Singapore may devalue the city’s currency and allow it to drop 4 percent against the U.S. dollar by June 30 to aid exporters and lift the economy out of the worst recession since independence in 1965.
The central bank will shift the mid-point of the Singapore dollar trading band at a twice-yearly review in April, according to 15 of 17 economists surveyed by Bloomberg News. The currency is “extremely and ridiculously overvalued,” Patrick Bennett, Asia foreign-exchange strategist at Societe Generale SA in Hong Kong, said last week.
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March 30 (Bloomberg) -- The Monetary Authority of Singapore may devalue the city’s currency and allow it to drop 4 percent against the U.S. dollar by June 30 to aid exporters and lift the economy out of the worst recession since independence in 1965.
The central bank will shift the mid-point of the Singapore dollar trading band at a twice-yearly review in April, according to 15 of 17 economists surveyed by Bloomberg News. The currency is “extremely and ridiculously overvalued,” Patrick Bennett, Asia foreign-exchange strategist at Societe Generale SA in Hong Kong, said last week.
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Singapore church pays princely sum to leader: report
MSN News, 30 Mar 2009, AFP
A Singapore-based church paid one of its leaders more than 500,000 dollars (329,000 US) in its last financial year, a report said Monday.
The New Creation Church, which raised 19 million Singapore dollars in just one day in February for the construction of its new premises, paid one employee between 500,001 and 550,000 dollars in the financial year ended March 31, 2008, the Straits Times said.
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Singapore church pays princely sum to leader - AFP
A Singapore-based church paid one of its leaders more than 500,000 dollars (329,000 US) in its last financial year, a report said Monday.
The New Creation Church, which raised 19 million Singapore dollars in just one day in February for the construction of its new premises, paid one employee between 500,001 and 550,000 dollars in the financial year ended March 31, 2008, the Straits Times said.
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Singapore church pays princely sum to leader - AFP
Migrants take hit in Singapore recession but more kept coming
M&C, 30 Mar 2009, Kai Portmann
Singapore - Abdur Rouf Abdul Mannan is furious with his boss. The 26-year-old Bangladeshi earns 16 Singapore dollars, or about 11 US dollars, a day as a worker at a Singapore shipyard.
'My boss promised he'll give me 18 dollars after I finished training,' Abdur Rouf said. 'I passed training, but the boss didn't live up to his promise.'
As the global economic downturn hits the city-state hard, conditions for about 750,000 migrant workers in Singapore, who already draw low pay, have become harsher.
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Singapore - Abdur Rouf Abdul Mannan is furious with his boss. The 26-year-old Bangladeshi earns 16 Singapore dollars, or about 11 US dollars, a day as a worker at a Singapore shipyard.
'My boss promised he'll give me 18 dollars after I finished training,' Abdur Rouf said. 'I passed training, but the boss didn't live up to his promise.'
As the global economic downturn hits the city-state hard, conditions for about 750,000 migrant workers in Singapore, who already draw low pay, have become harsher.
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Singapore PM calls for unity to tackle economic crisis
People's Daily Online, 29 Mar 2009, Xinhua
Singapore's Prime Minister Lee Hsien Loong on Saturday night urged Singaporeans to double their efforts to work together to weather the current economic downturn.
Speaking at a trade union celebrations dinner, Lee said that the current economic recession also provides a good opportunity for the city state to improve its service quality, local media reported.
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Singapore's Prime Minister Lee Hsien Loong on Saturday night urged Singaporeans to double their efforts to work together to weather the current economic downturn.
Speaking at a trade union celebrations dinner, Lee said that the current economic recession also provides a good opportunity for the city state to improve its service quality, local media reported.
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Singapore's box traffic dips sharply
Taiwan News, 30 Mar 2009, Bloomberg
Singapore, the world's busiest container port, posted the biggest drop in cargo-box traffic in at least 11 years as the global recession cut demand.
Terminals in the city-state handled 1.85 million twenty-foot equivalent boxes in February, 19.8 percent lower than a year earlier, according to preliminary data on the Maritime & Port Authority's Web site. It's the biggest plunge since at least December 1997, overtaking last month's 19.6 percent drop.
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Singapore, the world's busiest container port, posted the biggest drop in cargo-box traffic in at least 11 years as the global recession cut demand.
Terminals in the city-state handled 1.85 million twenty-foot equivalent boxes in February, 19.8 percent lower than a year earlier, according to preliminary data on the Maritime & Port Authority's Web site. It's the biggest plunge since at least December 1997, overtaking last month's 19.6 percent drop.
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SingTel agrees to $713 mln 3-year credit facilities
Reuters, 30 Mar 2009, Kevin Lim
SINGAPORE, March 30 (Reuters) - Singapore Telecommunications (STEL.SI) (SingTel) said on Monday it signed an agreement for three-year credit facilities of S$1.08 billion ($713.3 million) to refinance existing facilities and for general working capital.
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Related News:
SingTel given 710 million dollar credit facilities - AFP
SingTel Obtains S$1.08 Billion Loan - Bernama.com
SINGAPORE, March 30 (Reuters) - Singapore Telecommunications (STEL.SI) (SingTel) said on Monday it signed an agreement for three-year credit facilities of S$1.08 billion ($713.3 million) to refinance existing facilities and for general working capital.
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Related News:
SingTel given 710 million dollar credit facilities - AFP
SingTel Obtains S$1.08 Billion Loan - Bernama.com
Singapore to consider raising foreign workers' health insurance
Earthtimes.org, 30 Mar 2009, DPA
Singapore - Singapore is considering a health insurance increase for foreign workers following the recent hospitalization of some workers whose medical bills had more than doubled the coverage, it was reported Monday. Health Minister Khaw Boon Wan said he was considering increasing the foreign workers' insurance coverage, citing a case of a Filipino maid whose medical expenses rose to 20,000 Singapore dollars, or four times the maximum.
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Singapore - Singapore is considering a health insurance increase for foreign workers following the recent hospitalization of some workers whose medical bills had more than doubled the coverage, it was reported Monday. Health Minister Khaw Boon Wan said he was considering increasing the foreign workers' insurance coverage, citing a case of a Filipino maid whose medical expenses rose to 20,000 Singapore dollars, or four times the maximum.
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Changi Airport announces four airlines to operate from Terminal 2
IndiaAviation, 30 Mar 2009
Four airlines will operate from Singapore Changi Airport’s Terminal 2 from 29-Mar-09, Sunday. The four are Air India (AI/ IC), Air India Express (IX), Asiana Airlines (OZ) and Korean Air (KE).
CAAS’ Director-General and Chief Executive Officer, Mr Lim Kim Choon said, “By operating from Terminal 2, the four airlines will have more capacity for their future growth and expansion. The airlines’ move from Terminal 1 to Terminal 2 will also better distribute capacity usage across the three main terminals and optimise the usage of airport facilities.”
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Four airlines will operate from Singapore Changi Airport’s Terminal 2 from 29-Mar-09, Sunday. The four are Air India (AI/ IC), Air India Express (IX), Asiana Airlines (OZ) and Korean Air (KE).
CAAS’ Director-General and Chief Executive Officer, Mr Lim Kim Choon said, “By operating from Terminal 2, the four airlines will have more capacity for their future growth and expansion. The airlines’ move from Terminal 1 to Terminal 2 will also better distribute capacity usage across the three main terminals and optimise the usage of airport facilities.”
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Tamil Nadu Teachers' Education University (TNTEU), signs MoUs with Singapore University
newKerala.com, 29 Mar 2009
Tiruchirapalli, Mar 29 : Tamil Nadu Teachers' Education University (TNTEU), Chennai, Vice-Chancellor T Padmanaban today said the University has entered into memorandums of understanding (MoUs) with the Oxford University of Britain and the Singapore University through exchange of academic programmes for mutual benefit.
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Tiruchirapalli, Mar 29 : Tamil Nadu Teachers' Education University (TNTEU), Chennai, Vice-Chancellor T Padmanaban today said the University has entered into memorandums of understanding (MoUs) with the Oxford University of Britain and the Singapore University through exchange of academic programmes for mutual benefit.
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The Fault Lines Emerge
Asia Sentinel, 29 Mar 2009, Peter D Schiff
For a few fleeting, horrifying moments this past week the fault lines that underlie the global economic crisis erupted into plain view. With deft effort leaders in Washington, Europe and Asia papered over the fissures and fears largely subsided. But the shock of plain truths which resulted in violent currency movements are the latest reminder that the 21st century economic order will bear little resemblance to the world we now know.
The tremors began in Beijing, where an essay from the governor of the People's Bank of China seemed to favor the creation of an International Monetary Fund currency to replace the US dollar as the world's reserve. In Europe, the rotating president of the European Union, outgoing Czech Prime Minister Mirek Topolanek, characterized America's plan to combat the widening global recession as the "road to hell." At same time, a British Member of the European Parliament, Daniel Hannan, made world headlines with his stinging rebuke of the inflationary and debt-focused policies of the current UK government.
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For a few fleeting, horrifying moments this past week the fault lines that underlie the global economic crisis erupted into plain view. With deft effort leaders in Washington, Europe and Asia papered over the fissures and fears largely subsided. But the shock of plain truths which resulted in violent currency movements are the latest reminder that the 21st century economic order will bear little resemblance to the world we now know.
The tremors began in Beijing, where an essay from the governor of the People's Bank of China seemed to favor the creation of an International Monetary Fund currency to replace the US dollar as the world's reserve. In Europe, the rotating president of the European Union, outgoing Czech Prime Minister Mirek Topolanek, characterized America's plan to combat the widening global recession as the "road to hell." At same time, a British Member of the European Parliament, Daniel Hannan, made world headlines with his stinging rebuke of the inflationary and debt-focused policies of the current UK government.
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Indian travel agent associations to send 100,000 emails to Spore PM
SamayLive, 29 Mar 2009, Noor Khan
Mumbai, Mar 29 : Travel agents will send one lakh emails to the Singapore Prime Minister on April 1 as part of a campaign to protest against Singapore Airlines' failure in reinstating the agency commission.
Indian travel agents launch 'operation-e' campaign on April 1 and plans to flood the e-mail box of the Singapore Prime Minister with one lakh e-mails to draw his attention towards the issue.
"One lakh e-mails will be sent to the Singapore Prime Minister, Lee Hsien Loong, by all IATA travel agencies on April 1. And this is not going to be an April Fool joke. We want to make the Prime Minister aware of the issue as well as seek his intervention in resolving the issue," IATA Agents Associates of India (IAAI) President Biji Eapen told PTI here.
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Mumbai, Mar 29 : Travel agents will send one lakh emails to the Singapore Prime Minister on April 1 as part of a campaign to protest against Singapore Airlines' failure in reinstating the agency commission.
Indian travel agents launch 'operation-e' campaign on April 1 and plans to flood the e-mail box of the Singapore Prime Minister with one lakh e-mails to draw his attention towards the issue.
"One lakh e-mails will be sent to the Singapore Prime Minister, Lee Hsien Loong, by all IATA travel agencies on April 1. And this is not going to be an April Fool joke. We want to make the Prime Minister aware of the issue as well as seek his intervention in resolving the issue," IATA Agents Associates of India (IAAI) President Biji Eapen told PTI here.
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$1 million disappear mysteriously on way to Singapore
African Press Agency, 29 Mar 2009
APA - Port Louis (Mauritius) Some $1 million which was to be transported from Mauritius to Singapore has disappeared under mysterious circumstances during transportation, APA learns in the Mauritian capital Port Louis on Sunday.
According to official police sources, the Mauritius Post and Cooperative Bank (MPCB) usually sell its excess foreign currency to the United Overseas Bank of Singapore (UOBS) for a fairly good profit.
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APA - Port Louis (Mauritius) Some $1 million which was to be transported from Mauritius to Singapore has disappeared under mysterious circumstances during transportation, APA learns in the Mauritian capital Port Louis on Sunday.
According to official police sources, the Mauritius Post and Cooperative Bank (MPCB) usually sell its excess foreign currency to the United Overseas Bank of Singapore (UOBS) for a fairly good profit.
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Goldplay
Asia Times Online, 28 Mar 2009, Chan Akya
"The old rules of banking apply: owe $1 million to the bank and they got you; owe $1 billion and you got them.
In effect, the weaker party in the relationship between China and the United States is the former not the latter. The noise from Premier Wen and governor Zhou is simply a smokescreen to deflect this reality and create a more palatable situation going forward, at least strategically.
Unfortunately, not even the US Federal Reserve and Treasury are that stupid to buy into the risks of the Chinese offensive. If anything, the two agencies may well be overcompensating for greater weakness from China; in effect laying the groundwork for a significant swell in inflation going forward."
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"The old rules of banking apply: owe $1 million to the bank and they got you; owe $1 billion and you got them.
In effect, the weaker party in the relationship between China and the United States is the former not the latter. The noise from Premier Wen and governor Zhou is simply a smokescreen to deflect this reality and create a more palatable situation going forward, at least strategically.
Unfortunately, not even the US Federal Reserve and Treasury are that stupid to buy into the risks of the Chinese offensive. If anything, the two agencies may well be overcompensating for greater weakness from China; in effect laying the groundwork for a significant swell in inflation going forward."
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Teo Chee Hean - Next Prime Minister?
Littlespeck.com, 28 Mar 2009
For five years since Mr. Lee Hsien Loong became Prime Minister (in 2004), Singaporeans did not have any idea who would take over when he left, or if something were to happen to him.
Now, at last they have a clear idea.
The defence minister and former naval chief, Teo Chee Hean, who at 54, is three years younger than PM Lee, has been promoted as Deputy Prime Minister, and although he has not been officially named as the successor, the official statement made it clear he will fill the PM's place whenever he is away.
In Singapore's system, in which voters have no say on who the becomes the chief of state, this is almost as good as being crowned heir apparent.
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For five years since Mr. Lee Hsien Loong became Prime Minister (in 2004), Singaporeans did not have any idea who would take over when he left, or if something were to happen to him.
Now, at last they have a clear idea.
The defence minister and former naval chief, Teo Chee Hean, who at 54, is three years younger than PM Lee, has been promoted as Deputy Prime Minister, and although he has not been officially named as the successor, the official statement made it clear he will fill the PM's place whenever he is away.
In Singapore's system, in which voters have no say on who the becomes the chief of state, this is almost as good as being crowned heir apparent.
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Baby gloom haunts Senior Lee
The Star Online, 28 Mar 2009, Seah Chiang Nee
True-blue citizens may go the way of the Mohicans with the city-state’s falling marriage and birth rates.
THE rising number of reluctant brides, particularly among the highly educated, has again been highlighted by Singapore’s founding leader Lee Kuan Yew.
In a recent dialogue with undergraduates, Minister Mentor Lee pointed to his own daughter as an example when he talked about the long-term impact of falling marriage and procreation rates.
His concern about Singapore’s population slide had been around for some 25 years, seeing it a threat to its long-term survival.
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True-blue citizens may go the way of the Mohicans with the city-state’s falling marriage and birth rates.
THE rising number of reluctant brides, particularly among the highly educated, has again been highlighted by Singapore’s founding leader Lee Kuan Yew.
In a recent dialogue with undergraduates, Minister Mentor Lee pointed to his own daughter as an example when he talked about the long-term impact of falling marriage and procreation rates.
His concern about Singapore’s population slide had been around for some 25 years, seeing it a threat to its long-term survival.
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Secrets of success - Spore's bank secrecy
Financial Times, 27 Mar 2009, John Burton
Singapore has the ambition to become the Monaco of Asia, with all the attributes for which the European principality is well-known.
The south-east Asian city-state held its first Formula One grand prix last September. Super-yachts are berthed at new luxury harbour facilities. The first casino resort is scheduled to open this year. And dozens of international private banks have sprouted since 2004 as the government has made a concerted push to establish the country as the regional centre for wealth management services.
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Singapore has the ambition to become the Monaco of Asia, with all the attributes for which the European principality is well-known.
The south-east Asian city-state held its first Formula One grand prix last September. Super-yachts are berthed at new luxury harbour facilities. The first casino resort is scheduled to open this year. And dozens of international private banks have sprouted since 2004 as the government has made a concerted push to establish the country as the regional centre for wealth management services.
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Las Vegas Sands lays off 283 workers
Las Vegas Sun, 27 Mar 2009, Steve Green
Layoffs forced 283 people out of work today at Las Vegas Sands Corp. in Las Vegas.
Ron Reese, spokesman for the company, said the affected employees worked in the corporate offices as well as the Venetian and Palazzo resorts on the Strip. He said the company now employs just under 7,000 people in Las Vegas.
The layoffs are part of a broad cost-reduction effort at the company, Reese said. Like many of its competitors, Las Vegas Sands faces huge interest costs because of its massive debt load -- $10.4 billion -- at a time when business at its resorts has been hurt by the recession.
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Layoffs forced 283 people out of work today at Las Vegas Sands Corp. in Las Vegas.
Ron Reese, spokesman for the company, said the affected employees worked in the corporate offices as well as the Venetian and Palazzo resorts on the Strip. He said the company now employs just under 7,000 people in Las Vegas.
The layoffs are part of a broad cost-reduction effort at the company, Reese said. Like many of its competitors, Las Vegas Sands faces huge interest costs because of its massive debt load -- $10.4 billion -- at a time when business at its resorts has been hurt by the recession.
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Singapore heats up with high-def biz
Variety, 27 Mar 2009, PATRICIA LEE
Singapore, a small island nation of 4.8 million people and very limited resources, has built a formidable reputation as a can-do society.
A prime recent example: the city-state's adoption of high-definition television within a short span of three years.
While other Asian countries continue to struggle with various regulatory, technical and commercial issues surrounding HD, viewers in Singapore already have a choice of 12 channels featuring content ranging from sports to docus to movies.
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Singapore, a small island nation of 4.8 million people and very limited resources, has built a formidable reputation as a can-do society.
A prime recent example: the city-state's adoption of high-definition television within a short span of three years.
While other Asian countries continue to struggle with various regulatory, technical and commercial issues surrounding HD, viewers in Singapore already have a choice of 12 channels featuring content ranging from sports to docus to movies.
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Asia loses faith in Uncle Sam
The Sydney Morning Herald, 28 Mar 2009
''So, you're from the home of Notorious AIG! Oh my God - how could that happen?''
That question comes from Manila travel agent Annie Lopez the instant she learns I'm American. It doesn't surprise me; it's an all-too-common experience for US expatriates amid the shameful American International Group Inc. scandal.
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''So, you're from the home of Notorious AIG! Oh my God - how could that happen?''
That question comes from Manila travel agent Annie Lopez the instant she learns I'm American. It doesn't surprise me; it's an all-too-common experience for US expatriates amid the shameful American International Group Inc. scandal.
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Singapore Lightens Up
The Wall Street Journal, 28 Mar 2009, TOM WRIGHT
"As Singapore lost electronics-manufacturing jobs to China and India, it repositioned itself as a global center of financial services, a kind of Dubai in Asia. Now, it is working to make itself attractive to more international tourists and foreign expatriates, by creating a climate where theater and other performing arts can thrive. "The arts and a vibrant culture are needed for Singapore to develop," says Huzir Sulaiman, a Princeton-educated playwright and actor who runs Checkpoint Theatre, a local drama house. In 2006, Checkpoint staged "A Language of Their Own," a play about Asian-American gays by Chay Yew, a U.S.-based Singaporean dramatist. The play was banned here as recently as the mid-1990s."
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"As Singapore lost electronics-manufacturing jobs to China and India, it repositioned itself as a global center of financial services, a kind of Dubai in Asia. Now, it is working to make itself attractive to more international tourists and foreign expatriates, by creating a climate where theater and other performing arts can thrive. "The arts and a vibrant culture are needed for Singapore to develop," says Huzir Sulaiman, a Princeton-educated playwright and actor who runs Checkpoint Theatre, a local drama house. In 2006, Checkpoint staged "A Language of Their Own," a play about Asian-American gays by Chay Yew, a U.S.-based Singaporean dramatist. The play was banned here as recently as the mid-1990s."
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Singapore Finance Minister: Need For National "Anchor Banks"
Easybourse, 27 Mar 2009
LONDON -(Dow Jones)- The global financial crisis has underlined the importance for countries to have some national "anchor banks," which won't exit a market during hard times, Singapore Finance Minister Tharman Shanmugaratham said Friday.
"There is some merit in anchor players and you can only maintain anchor players if you're willing to" think hard about limits on takeovers and "who are the significant shareholders in your banks."
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LONDON -(Dow Jones)- The global financial crisis has underlined the importance for countries to have some national "anchor banks," which won't exit a market during hard times, Singapore Finance Minister Tharman Shanmugaratham said Friday.
"There is some merit in anchor players and you can only maintain anchor players if you're willing to" think hard about limits on takeovers and "who are the significant shareholders in your banks."
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Singapore says must keep financial markets open
Reuters, 27 Mar 2009, Huw Jones
LONDON, March 27 (Reuters) - Asia is still opening up its financial markets to foreign players and countries should not seek to insulate themselves, Singapore's finance minister, Tharman Shanmugaratnam said on Friday.
"In Asia the basic direction of travel is still towards opening up financial markets, allowing for continued increased presence of foreign financial institutions," he told a financial conference.
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LONDON, March 27 (Reuters) - Asia is still opening up its financial markets to foreign players and countries should not seek to insulate themselves, Singapore's finance minister, Tharman Shanmugaratnam said on Friday.
"In Asia the basic direction of travel is still towards opening up financial markets, allowing for continued increased presence of foreign financial institutions," he told a financial conference.
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PSA recorded 'Jekkyl and Hyde' 2008, predicts further horrors ahead
Seatradeasia-online.com, 27 Mar 2009
Singapore: PSA Group saw volumes grew 7.3% in 2008 from a year earlier to reach 63.2m teu at its 28 port projects in 16 countries worldwide. Group ceo Eddie Teh dubbed it a 'Dr Jekkyl and Mr Hyde' year where strong growth up to July 2008 was rapidly eroded by the collapse in demand on major trade lanes in the last quarter of the year.
PSA’s flagship terminal in Singapore handled 29.0m teu in 2008, growing 7.0% year-on-year, helping Singapore maintain its premier position as the world’s busiest container port for the fourth consecutive year, whilst PSA’s terminals outside Singapore recorded a throughput of 34.2m teu in the same period, 7.7% higher than that in 2007. Overall the 63.2m teu total was a new Group high.
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Related News:
Singapore port operator profit down 46% in 2008 on-year - Xinhua
Singapore: PSA Group saw volumes grew 7.3% in 2008 from a year earlier to reach 63.2m teu at its 28 port projects in 16 countries worldwide. Group ceo Eddie Teh dubbed it a 'Dr Jekkyl and Mr Hyde' year where strong growth up to July 2008 was rapidly eroded by the collapse in demand on major trade lanes in the last quarter of the year.
PSA’s flagship terminal in Singapore handled 29.0m teu in 2008, growing 7.0% year-on-year, helping Singapore maintain its premier position as the world’s busiest container port for the fourth consecutive year, whilst PSA’s terminals outside Singapore recorded a throughput of 34.2m teu in the same period, 7.7% higher than that in 2007. Overall the 63.2m teu total was a new Group high.
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Related News:
Singapore port operator profit down 46% in 2008 on-year - Xinhua
Singapore Launches Collective Brand For Its Products
Bernama.com, 27 Mar 2009
SINGAPORE, March 27 (Bernama) - Singapore is taking branding seriously when today it took another initiative to launch a new collective trademark "GET SINGAPORE Brands Ltd" for its locally made products.
Minister of State for Trade and Industry, Lee Yi Shyan, said the collective trademark would showcase well-designed, high quality Singapore brands both here and abroad, and serve as an excellent springboard for its overseas expansion.
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SINGAPORE, March 27 (Bernama) - Singapore is taking branding seriously when today it took another initiative to launch a new collective trademark "GET SINGAPORE Brands Ltd" for its locally made products.
Minister of State for Trade and Industry, Lee Yi Shyan, said the collective trademark would showcase well-designed, high quality Singapore brands both here and abroad, and serve as an excellent springboard for its overseas expansion.
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SM Goh Asks China To Supervise S-chips Firms Listed in Spore
Forbes.com, 26 Mar 2009, Reuters
SINGAPORE, March 27 (Reuters) - Singapore's Senior Minister Goh Chok Tong called on Chinese authorities to maintain 'stringent supervision' over their companies that list in the city-state, the Business Times newspaper reported on Friday.
'It's a way of helping them brand themselves,' Goh told reporters in Shenzhen, the newspaper said. 'If they allow a small percentage of these companies to defraud investors, that's going to spoil the reputation of other Chinese companies, good companies, listed in Singapore.'
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SINGAPORE, March 27 (Reuters) - Singapore's Senior Minister Goh Chok Tong called on Chinese authorities to maintain 'stringent supervision' over their companies that list in the city-state, the Business Times newspaper reported on Friday.
'It's a way of helping them brand themselves,' Goh told reporters in Shenzhen, the newspaper said. 'If they allow a small percentage of these companies to defraud investors, that's going to spoil the reputation of other Chinese companies, good companies, listed in Singapore.'
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A Storm Brewing Between PSA & stevedores in Pakistan's Gwader Port
Business Recorder, 27 Mar 2009
ISLAMABAD (March 27 2009): Conflicts between Port Singapore Authority and stevedores, besides increasing demurrage, left the government with no option but to divert shipments, carrying imported wheat and urea from Gwadar to Karachi port, reliable sources told Business Recorder here on Thursday.
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ISLAMABAD (March 27 2009): Conflicts between Port Singapore Authority and stevedores, besides increasing demurrage, left the government with no option but to divert shipments, carrying imported wheat and urea from Gwadar to Karachi port, reliable sources told Business Recorder here on Thursday.
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Singapore set to introduce tougher regulations for real estate agents
Propertywire.com, 26 Mar 2009
The government in Singapore is considering introducing tougher regulations for real estate agents to stamp out unscrupulous tactics.
The decision follows a high profile court case which highlighted the problem of lack of qualifications and training standards, particulary for older agents.
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The government in Singapore is considering introducing tougher regulations for real estate agents to stamp out unscrupulous tactics.
The decision follows a high profile court case which highlighted the problem of lack of qualifications and training standards, particulary for older agents.
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Walker's World: Europe in disarray again
UPI.com, 26 Mar 2009, MARTIN WALKER
FRANKFURT, Germany, March 25 (UPI) -- Normally the defeat of a Czech government on a vote of confidence would not cause any great stir around the world. Little will change in the Czech Republic since the government of Prime Minister Mirek Topolanek is likely to remain in office as a caretaker at least until the Czech presidency of the European Union comes to an end on June 30.
But the government's defeat now makes it unlikely that the Czech Senate will ratify the EU's Lisbon Treaty, which is supposed to streamline its ponderous decision-making. Hitherto, the biggest threats to Lisbon have been the German Constitutional Court, which may rule that it erodes fundamental German rights, and Ireland's "no" vote in a referendum.
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FRANKFURT, Germany, March 25 (UPI) -- Normally the defeat of a Czech government on a vote of confidence would not cause any great stir around the world. Little will change in the Czech Republic since the government of Prime Minister Mirek Topolanek is likely to remain in office as a caretaker at least until the Czech presidency of the European Union comes to an end on June 30.
But the government's defeat now makes it unlikely that the Czech Senate will ratify the EU's Lisbon Treaty, which is supposed to streamline its ponderous decision-making. Hitherto, the biggest threats to Lisbon have been the German Constitutional Court, which may rule that it erodes fundamental German rights, and Ireland's "no" vote in a referendum.
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ComScore Looks At Web Use In Singapore
Asia Media Journal, 27 Mar 2009
SINGAPORE CITY, Singapore – comScore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today released its first overview of Web usage in Singapore. The report includes a ranking of the most engaging and visited Internet site categories and properties, based on the comScore World Metrix service, and the top search properties, based on the comScore qSearch service. In February 2009, more than 2.5 million people in Singapore age 15 and older accessed the Internet from home and work locations, consuming an average of 1,785 pages of content and accessing the Internet an average of 21 hours per person.
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SINGAPORE CITY, Singapore – comScore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today released its first overview of Web usage in Singapore. The report includes a ranking of the most engaging and visited Internet site categories and properties, based on the comScore World Metrix service, and the top search properties, based on the comScore qSearch service. In February 2009, more than 2.5 million people in Singapore age 15 and older accessed the Internet from home and work locations, consuming an average of 1,785 pages of content and accessing the Internet an average of 21 hours per person.
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Taiwanese heartthrobs conquer gullible Singaporean women's wallets
Taiwan News, 26 Mar 2009
Singapore, March 25 (CNA) Taiwan's male pop stars have won the adoration of many female fans in Southeast Asian countries, including in Singapore, driving a lot of them to travel to Taiwan where they snap up items for which the celebrities act as spokesmen, according to a local newspaper.
The strategy of using Taiwanese male heartthrobs to promote products has apparently racked up impressive business revenues for sponsoring companies, which mainly produce items for women's use, the Singapore-based Lianhe Zaobao reported on Wednesday.
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Singapore, March 25 (CNA) Taiwan's male pop stars have won the adoration of many female fans in Southeast Asian countries, including in Singapore, driving a lot of them to travel to Taiwan where they snap up items for which the celebrities act as spokesmen, according to a local newspaper.
The strategy of using Taiwanese male heartthrobs to promote products has apparently racked up impressive business revenues for sponsoring companies, which mainly produce items for women's use, the Singapore-based Lianhe Zaobao reported on Wednesday.
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A Play On Opposition Member Dr Chee SJ
Singapore Democrats, 26 Mar 2009
An American playwright, Garrett Hughes, recently penned a short "scene" that took place when Dr Chee Soon Juan was imprisoned in 2006. The work is a finalist in a writers' competition in Rochester, New York in December 2008. The author has intentions to develop the scene into a full play.
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An American playwright, Garrett Hughes, recently penned a short "scene" that took place when Dr Chee Soon Juan was imprisoned in 2006. The work is a finalist in a writers' competition in Rochester, New York in December 2008. The author has intentions to develop the scene into a full play.
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Speak Mandarin campaign launches push in Singapore
Brandrepublic, 27 Mar 2009, Kenny Lim
SINGAPORE - The Promote Mandarin Council has unveiled a 10AM Communications-developed integrated drive as part of this year's Speak Mandarin campaign to cultivate Singaporeans' passion for the language.
A series of seven TVCs debuted this week to generate awareness for the campaign, which can be seen throughout the year through print, outdoors, radio and on-ground promotional activities. Another series of TVCs will also premiere at a later stage.
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SINGAPORE - The Promote Mandarin Council has unveiled a 10AM Communications-developed integrated drive as part of this year's Speak Mandarin campaign to cultivate Singaporeans' passion for the language.
A series of seven TVCs debuted this week to generate awareness for the campaign, which can be seen throughout the year through print, outdoors, radio and on-ground promotional activities. Another series of TVCs will also premiere at a later stage.
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Lee: Spore might have to rethink it's export-led growth strategy
Asia Times Online 26 Mar 2009, Kalinga Seneviratne
"But, the impact of the global financial turmoil on such a strategy has been such that Lee raised the unthinkable here when he said in an interview with the CNBC network, earlier this month, that Singapore might have to rethink its export-led growth strategy.
"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 with the rest of the world as savers, lending money to the US to buy things from you."
He acknowledged that this would mean a shift away from Asia's export-driven economic development model."
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"But, the impact of the global financial turmoil on such a strategy has been such that Lee raised the unthinkable here when he said in an interview with the CNBC network, earlier this month, that Singapore might have to rethink its export-led growth strategy.
"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 with the rest of the world as savers, lending money to the US to buy things from you."
He acknowledged that this would mean a shift away from Asia's export-driven economic development model."
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Singapore PM gets his first younger deputy
Reuters India, 26 Mar 2009
SINGAPORE (Reuters) - Singapore named Defence Minister Teo Chee Hean as deputy prime minister on Thursday, handing 57-year-old Prime Minister Lee Hsien Loong his first younger number two.
Teo, 54, will retain his defence portfolio and will also take on the deputy's role from April 1, the prime minister's office said in a statement. Singapore has two deputy prime ministers but Teo will be acting prime minister in Lee's absence.
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Related News:
Singapore PM Names New Deputy In Reshuffle - Easybourse
Singapore names new deputy prime minister - M&C
SINGAPORE (Reuters) - Singapore named Defence Minister Teo Chee Hean as deputy prime minister on Thursday, handing 57-year-old Prime Minister Lee Hsien Loong his first younger number two.
Teo, 54, will retain his defence portfolio and will also take on the deputy's role from April 1, the prime minister's office said in a statement. Singapore has two deputy prime ministers but Teo will be acting prime minister in Lee's absence.
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Related News:
Singapore PM Names New Deputy In Reshuffle - Easybourse
Singapore names new deputy prime minister - M&C
Singapore visitors down sharply
MICEBTN, 26 Mar 2009
Visitor arrivals to Singapore fell a whopping 15.2 per cent, compared with the same month in 2008.
Top five visiting nations were Indonesia (103,000), China (80,000), Australia (51,000), UK (47,000) and Malaysia (46,000). These markets accounted for 48 per cent of total visitor arrivals for the month.
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Related News:
Singapore visitor arrivals fall 15.2 pct in Feb - Reuters
Visitor arrivals to Singapore fell a whopping 15.2 per cent, compared with the same month in 2008.
Top five visiting nations were Indonesia (103,000), China (80,000), Australia (51,000), UK (47,000) and Malaysia (46,000). These markets accounted for 48 per cent of total visitor arrivals for the month.
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Related News:
Singapore visitor arrivals fall 15.2 pct in Feb - Reuters
Visiting Singapore? Visa in 24 hours
Rediff News, 26 Mar 2009
If you are planning to visit Singapore, you can now abandon the thought of long visa waits. Beginning April 1, Singapore will introduce the e-visa concept across the country. The initiative by the Singapore government is aimed at enhancing the processing of visa applications.
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If you are planning to visit Singapore, you can now abandon the thought of long visa waits. Beginning April 1, Singapore will introduce the e-visa concept across the country. The initiative by the Singapore government is aimed at enhancing the processing of visa applications.
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Malaysia Promotes Outsourcing In Singapore
Bernama.com, 26 Mar 2009
SINGAPORE, March 26 (Bernama) -- "Turn bad situation into better opportunity!" This is probably the most quoted phrase now among many during the current global economic recession that it has almost become a cliche.
But to about 30 Malaysian outsourcing companies, the phrase has become a good strategy for them to look for new businesses in the current dimmed business climate.
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SINGAPORE, March 26 (Bernama) -- "Turn bad situation into better opportunity!" This is probably the most quoted phrase now among many during the current global economic recession that it has almost become a cliche.
But to about 30 Malaysian outsourcing companies, the phrase has become a good strategy for them to look for new businesses in the current dimmed business climate.
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Singapore has become one of Vietnam’s top trading partners
Viet Nam News, 26 Mar 2009
HA NOI — Prime Minister Nguyen Tan Dung affirmed the friendly relationship and increased development between Viet Nam and Singapore since the two countries signed an economic co-operation agreement in 2005.
Speaking at a meeting yesterday with Singapore’s newly-appointed ambassador Simon Wong Wie Kuen, Dung said Singapore had become one of Viet Nam’s leading trade partners. He noted that two-way trade reached US$12 billion in 2008 – an increase of 22 per cent compared with that of 2007.
Singapore’s investment in Viet Nam was more than $16 billion, the Prime Minister added.
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HA NOI — Prime Minister Nguyen Tan Dung affirmed the friendly relationship and increased development between Viet Nam and Singapore since the two countries signed an economic co-operation agreement in 2005.
Speaking at a meeting yesterday with Singapore’s newly-appointed ambassador Simon Wong Wie Kuen, Dung said Singapore had become one of Viet Nam’s leading trade partners. He noted that two-way trade reached US$12 billion in 2008 – an increase of 22 per cent compared with that of 2007.
Singapore’s investment in Viet Nam was more than $16 billion, the Prime Minister added.
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Singapore business people look to re-bury people in NZ
3news.co.nz, 26 Mar 2009
Singapore business people are looking for plots in New Zealand to re-bury people from Asia currently buried in their homeland.
The business people appointed an agent to look for plots, and decided on a spot in Orewa, north of Auckland.
"Honouring their ancestors is an important aspect of most Asian cultures, and the group is also hoping that this cemetery project will give immigrants the opportunity to bring the remains of their ancestors to New Zealand," the agent, who did not want to be named, told the New Zealand Herald.
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Singapore business people are looking for plots in New Zealand to re-bury people from Asia currently buried in their homeland.
The business people appointed an agent to look for plots, and decided on a spot in Orewa, north of Auckland.
"Honouring their ancestors is an important aspect of most Asian cultures, and the group is also hoping that this cemetery project will give immigrants the opportunity to bring the remains of their ancestors to New Zealand," the agent, who did not want to be named, told the New Zealand Herald.
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Temasek hires CEO for oil exploration unit Orchard
Reuters, 26 Mar 2009, Kevin Lim and Saeed Azhar
SINGAPORE, March 26 (Reuters) - Singapore state investor Temasek Holdings [TEM.UL] has hired a CEO for its year-old offshore oil and gas exploration unit, indicating the state investor is preparing to invest in the energy sector.
Tony Tan, who previously headed exploration and production at Singapore Petroleum Co (SPCS.SI), has joined Orchard Energy as chief executive, a source familiar with the 100 percent-owned unit of Temasek said on Thursday.
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SINGAPORE, March 26 (Reuters) - Singapore state investor Temasek Holdings [TEM.UL] has hired a CEO for its year-old offshore oil and gas exploration unit, indicating the state investor is preparing to invest in the energy sector.
Tony Tan, who previously headed exploration and production at Singapore Petroleum Co (SPCS.SI), has joined Orchard Energy as chief executive, a source familiar with the 100 percent-owned unit of Temasek said on Thursday.
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Singapore’s Production Falls for Fifth Month Amid Global Slump
Bloomberg.com, 26 Mar 2009, Shamim Adam
March 26 (Bloomberg) -- Singapore’s industrial production fell for a fifth straight month in February, the longest slump in eight years, as shrinking global demand for electronics and pharmaceuticals forced manufacturers to cut output.
Manufacturing, which accounts for about a quarter of Singapore’s economy, dropped 22.4 percent from a year earlier, following a revised 29.8 percent decline in January, the Economic Development Board said today. The median estimate of 10 economists surveyed by Bloomberg News was for a 23 percent fall.
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March 26 (Bloomberg) -- Singapore’s industrial production fell for a fifth straight month in February, the longest slump in eight years, as shrinking global demand for electronics and pharmaceuticals forced manufacturers to cut output.
Manufacturing, which accounts for about a quarter of Singapore’s economy, dropped 22.4 percent from a year earlier, following a revised 29.8 percent decline in January, the Economic Development Board said today. The median estimate of 10 economists surveyed by Bloomberg News was for a 23 percent fall.
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Myanmar national alleges Singapore prison beating
Earthtimes.org, 26 Mar 2009
Singapore - Singapore police is investigating a report by a Myanmar national that he was beaten up in a local prison, the Straits Times reported Thursday. Hong Guo, who served one year in Changi Prison and received cane strokes for slashing a taxi driver, was hospitalized with a head injury that required surgery to remove part of his skull last November.
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Singapore - Singapore police is investigating a report by a Myanmar national that he was beaten up in a local prison, the Straits Times reported Thursday. Hong Guo, who served one year in Changi Prison and received cane strokes for slashing a taxi driver, was hospitalized with a head injury that required surgery to remove part of his skull last November.
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UK-trained physiotherapist gets immediate job offer from NUH
Times Online, 26 Mar 2009
Mujeeb-ul-Rehman Shaikh, a UK-trained physiotherapist, made the move to Singapore little more than six months ago, Roger Dobson writes. The 24-year-old who was born and grew up in the UK, wrote to the major hospitals and had a job offer almost immediately from Singapore’s National University Hospital.
“The whole process from application to starting work only took about two weeks,” he said. “That included getting the work pass and standard medical examination. I believe there are more career opportunities in Singapore as there is a shortage of therapists.
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Mujeeb-ul-Rehman Shaikh, a UK-trained physiotherapist, made the move to Singapore little more than six months ago, Roger Dobson writes. The 24-year-old who was born and grew up in the UK, wrote to the major hospitals and had a job offer almost immediately from Singapore’s National University Hospital.
“The whole process from application to starting work only took about two weeks,” he said. “That included getting the work pass and standard medical examination. I believe there are more career opportunities in Singapore as there is a shortage of therapists.
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Are Asian economies bottoming out?
2point6billion.com, 26 Mar 2009, Nazia Vasi
A recent rise in shipments for Taiwan and Singapore and a growth in exports for Vietnam, South Korea and Thailand have lead analysts to think the worst for Asia might be over. The decline in exports of most Asian nations eased in February as regional trade resuscitated for South Korea, Taiwan, Singapore and Vietnam.
Nonetheless, economists warn of being over optimistic. The trade numbers could be misleading due to several factors. One reason could be that the week long lunar new year holiday celebrated in Korea, China, Taiwan and Vietnam fell in January this year, rather than February like last year
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A recent rise in shipments for Taiwan and Singapore and a growth in exports for Vietnam, South Korea and Thailand have lead analysts to think the worst for Asia might be over. The decline in exports of most Asian nations eased in February as regional trade resuscitated for South Korea, Taiwan, Singapore and Vietnam.
Nonetheless, economists warn of being over optimistic. The trade numbers could be misleading due to several factors. One reason could be that the week long lunar new year holiday celebrated in Korea, China, Taiwan and Vietnam fell in January this year, rather than February like last year
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NATO warships to visit Singapore
Hindustan Times, 26 Mar 2009, Indo-Asian News Service
NATO warships will for the first time visit South East Asia, including Karachi, Pakistan and Singapore later this month, the 26-member alliance has said in Brussels in a statement.
"The deployment of warships in South East Asia demonstrates the high value NATO places on its relationship with other partners across the globe. It will include a visit to Karachi in Pakistan, before sailing on to Singapore to take part in the IMDEX 2009 Exhibition and Conference at the invitation of the Republic of Singapore Navy," it noted.
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NATO warships will for the first time visit South East Asia, including Karachi, Pakistan and Singapore later this month, the 26-member alliance has said in Brussels in a statement.
"The deployment of warships in South East Asia demonstrates the high value NATO places on its relationship with other partners across the globe. It will include a visit to Karachi in Pakistan, before sailing on to Singapore to take part in the IMDEX 2009 Exhibition and Conference at the invitation of the Republic of Singapore Navy," it noted.
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STB appoints Bates141 Singapore for World Expo 2010
Brandrepublic, 26 Mar 2009, Kenny Lim
SINGAPORE - The Singapore Tourism Board (STB) has appointed Bates141 Singapore to conceptualise and manage the content of the Singapore Pavilion at the World Expo 2010 in Shanghai.
Working together with leading architects Kay Ngee Tan and its partners plus engineers, music and multi-media experts, the WPP firm will manage “the visitor journey experience” to the Singapore pavilion.
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SINGAPORE - The Singapore Tourism Board (STB) has appointed Bates141 Singapore to conceptualise and manage the content of the Singapore Pavilion at the World Expo 2010 in Shanghai.
Working together with leading architects Kay Ngee Tan and its partners plus engineers, music and multi-media experts, the WPP firm will manage “the visitor journey experience” to the Singapore pavilion.
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Science Centre Singapore looks for media agency
Brandrepublic, 26 Mar 2009, Kenny Lim
SINGAPORE - The Science Centre has put out a tender for a media agency to manage its advertisement placements in Singapore.
According to the tender document, the agency “must agree to serve as the advertising agency to handle the booking of advertisement for all exhibitions, events and activities at the Science Centre Singapore, Omni-Theatre and Snow City across different mediums” but “this is not an exclusive appointment as some events will have official partners with existing media contracts.”
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SINGAPORE - The Science Centre has put out a tender for a media agency to manage its advertisement placements in Singapore.
According to the tender document, the agency “must agree to serve as the advertising agency to handle the booking of advertisement for all exhibitions, events and activities at the Science Centre Singapore, Omni-Theatre and Snow City across different mediums” but “this is not an exclusive appointment as some events will have official partners with existing media contracts.”
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Free upgrades for Singapore Airlines frequent flyers
e-Travel Blackboard, 26 Mar 2009
You could be getting a free upgrade on your next Singapore Airlines trip, with as few as two round-trips1 in Economy Class!
The offer is open to all members of the Airline’s frequent flyer programme, KrisFlyer. Customers who are not KrisFlyer members can simply sign up online at krisflyer.com to enjoy the same benefits.
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You could be getting a free upgrade on your next Singapore Airlines trip, with as few as two round-trips1 in Economy Class!
The offer is open to all members of the Airline’s frequent flyer programme, KrisFlyer. Customers who are not KrisFlyer members can simply sign up online at krisflyer.com to enjoy the same benefits.
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It's not just the economy
Asia Times Online, 26 Mar 2009, Michael J Green and Steven P Schrage
Facing the worst economic crisis since the Great Depression, analysts at the World Bank and the US Central Intelligence Agency are just beginning to contemplate the ramifications for international stability if there is not a recovery in the next year. For the most part, the focus has been on fragile states such as some in Eastern Europe.
However, the Great Depression taught us that a downward global economic spiral can even have jarring impacts on great powers. It is no mere coincidence that the last great global economic downturn was followed by the most destructive war in human history.
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Facing the worst economic crisis since the Great Depression, analysts at the World Bank and the US Central Intelligence Agency are just beginning to contemplate the ramifications for international stability if there is not a recovery in the next year. For the most part, the focus has been on fragile states such as some in Eastern Europe.
However, the Great Depression taught us that a downward global economic spiral can even have jarring impacts on great powers. It is no mere coincidence that the last great global economic downturn was followed by the most destructive war in human history.
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UBS Predicts Asia Private-Banking Industry ‘Shakeout’
Bloomberg.com, 25 Mar 2009, Netty Ismail
March 25 (Bloomberg) -- Asia’s private-banking industry will experience a “big shakeout” as a global recession saps investors’ appetite for risk and drives down fees, according to UBS AG.
The Zurich-based bank, Switzerland’s biggest, and other firms will have to cut compensation, the biggest cost component of the business, said Tee Fong Seng, Head for Key Clients in Asia-Pacific at UBS’s wealth-management unit. Costs haven’t declined with revenue after the industry grew, “maybe a bit too aggressively,” in the last few years, he said.
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March 25 (Bloomberg) -- Asia’s private-banking industry will experience a “big shakeout” as a global recession saps investors’ appetite for risk and drives down fees, according to UBS AG.
The Zurich-based bank, Switzerland’s biggest, and other firms will have to cut compensation, the biggest cost component of the business, said Tee Fong Seng, Head for Key Clients in Asia-Pacific at UBS’s wealth-management unit. Costs haven’t declined with revenue after the industry grew, “maybe a bit too aggressively,” in the last few years, he said.
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Singapore’s Central Bank Will Lower Currency Band, DBS Says.
Bloomberg.com, 25 Mar 2009, Patricia Lui
March 25 (Bloomberg) -- Singapore’s central bank will “re- center” the trading band for the local dollar to allow a one-off depreciation at a twice-yearly review next month to attest a slump in exports, says DBS Group Holdings Inc.
Singapore’s dollar will decline 3 percent to S$1.56 to the U.S. currency by the end of June from a spot rate of S$1.5135 as of 4:13 p.m. local time, Philip Wee, a Singapore-based senior foreign-exchange economist at Southeast Asia’s largest bank, wrote in a research note today.
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March 25 (Bloomberg) -- Singapore’s central bank will “re- center” the trading band for the local dollar to allow a one-off depreciation at a twice-yearly review next month to attest a slump in exports, says DBS Group Holdings Inc.
Singapore’s dollar will decline 3 percent to S$1.56 to the U.S. currency by the end of June from a spot rate of S$1.5135 as of 4:13 p.m. local time, Philip Wee, a Singapore-based senior foreign-exchange economist at Southeast Asia’s largest bank, wrote in a research note today.
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The export trap - Asia's failing export-led growth model
Economist.com, 25 Mar 2009
JAPAN developed rapidly after American gunboats opened it to trade in the late 19th century. Within 40 years, Emperor Meiji led his once-feudal country into the modern world economically (and, alas, militarily). To do so, the state bought Western technology such as factory machines, railroads and telegraph lines. But until the turn of the 20th century it did so by eschewing foreign loans, which were equated with a loss of sovereignty.
How did a poor country like Japan obtain the foreign currency to pay for such products? The answer was exports: first, of light industrial goods such as raw silk and pottery; later, of heavier materials, including steel and chemicals. It was a huge success. In the 1860s Japan’s small-scale cotton-textile industry was nearly decimated by European imports. By 1914, however, after buying automated cotton spinners, the country sold half of its yarn production abroad, which accounted for one-quarter of the world’s cotton yarn exports.
Thus the “Asian model” of export-led growth was born.
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JAPAN developed rapidly after American gunboats opened it to trade in the late 19th century. Within 40 years, Emperor Meiji led his once-feudal country into the modern world economically (and, alas, militarily). To do so, the state bought Western technology such as factory machines, railroads and telegraph lines. But until the turn of the 20th century it did so by eschewing foreign loans, which were equated with a loss of sovereignty.
How did a poor country like Japan obtain the foreign currency to pay for such products? The answer was exports: first, of light industrial goods such as raw silk and pottery; later, of heavier materials, including steel and chemicals. It was a huge success. In the 1860s Japan’s small-scale cotton-textile industry was nearly decimated by European imports. By 1914, however, after buying automated cotton spinners, the country sold half of its yarn production abroad, which accounted for one-quarter of the world’s cotton yarn exports.
Thus the “Asian model” of export-led growth was born.
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India, Singapores annual naval exercise begins
Newsport Online, 25 Mar 2009
New Delhi, Mar. 25 (ANI): The annual bilateral naval exercises between the Indian Navy and the Republic of Singapore Navy SIMBEX 2009 commenced in the Andaman Sea on Wednesday.
SIMBEX, an acronym for Singapore India Maritime Bilateral Exercise, was formalised a decade-and-a-half ago, when RSN ships began training in Anti-Submarine Warfare (ASW) with the Indian Navy, in 1994.
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New Delhi, Mar. 25 (ANI): The annual bilateral naval exercises between the Indian Navy and the Republic of Singapore Navy SIMBEX 2009 commenced in the Andaman Sea on Wednesday.
SIMBEX, an acronym for Singapore India Maritime Bilateral Exercise, was formalised a decade-and-a-half ago, when RSN ships began training in Anti-Submarine Warfare (ASW) with the Indian Navy, in 1994.
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Singapore unveils pavilion design for World Expo Shanghai 2010
Xinhua, 25 Mar 2009
SINGAPORE, March 25 (Xinhua) -- Singapore Wednesday unveiled the theme and design of the Singapore pavilion for World Expo Shanghai 2010.
According to a statement released by the Singapore Tourism Board (STB), the theme of the pavilion, Urban Symphony, pays tribute to Singapore symbolizing its harmony of culture, progress and sustainability. The 3,000 square-meter Singapore pavilion is designed to demonstrate the viability and benefits of urban planning in building sustainable cities.
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SINGAPORE, March 25 (Xinhua) -- Singapore Wednesday unveiled the theme and design of the Singapore pavilion for World Expo Shanghai 2010.
According to a statement released by the Singapore Tourism Board (STB), the theme of the pavilion, Urban Symphony, pays tribute to Singapore symbolizing its harmony of culture, progress and sustainability. The 3,000 square-meter Singapore pavilion is designed to demonstrate the viability and benefits of urban planning in building sustainable cities.
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2nd senior executive to leave LV Sands in a month
ReviewJournal.com, 25 Mar 2009, HOWARD STUTZ
Las Vegas Sands Executive Vice President Brad Stone, who was overseeing construction of the company's $5 billion Singapore resort, has resigned.
Stone is the second top executive to leave the casino operator this month.
Stone, who also held the title of president of global operations and construction, told the company's board of directors on March 18 he was leaving.
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Las Vegas Sands Executive Vice President Brad Stone, who was overseeing construction of the company's $5 billion Singapore resort, has resigned.
Stone is the second top executive to leave the casino operator this month.
Stone, who also held the title of president of global operations and construction, told the company's board of directors on March 18 he was leaving.
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Singapore’s prime retail rents down 3.3%
Property-report.com, 25 Mar 2009, Khalil Adis
Retail rents in Singapore fell in the first quarter of 2009 due to poor consumer sentiment as a result of the weakening economy as well as shrinking tourist arrivals, according to CB Richard Ellis (CBRE).
Prime retail rents in Singapore eased by 3.3 percent quarter-on-quarter and down 4.0 percent from the same period last year, averaging S$34.90 per sq ft.
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Retail rents in Singapore fell in the first quarter of 2009 due to poor consumer sentiment as a result of the weakening economy as well as shrinking tourist arrivals, according to CB Richard Ellis (CBRE).
Prime retail rents in Singapore eased by 3.3 percent quarter-on-quarter and down 4.0 percent from the same period last year, averaging S$34.90 per sq ft.
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Singapore's Boomtown Dream Gets Hazy
The Wall Street Journal, 25 Mar 2009, TOM WRIGHT
SINGAPORE -- On almost any major street of this affluent Southeast Asian city-state, cranes tower overhead -- a reminder of an incredible three-year building boom that now is turning into a bust.
Residential property prices rose 60% between 2005 and the middle of 2008, fueled by a massive influx of U.S., European and Asian expatriates drawn by Singapore's goal of reinventing itself as a financial and entertainment hub like Dubai or Monte Carlo.
The global financial crisis has shattered that vision. Many of those foreign bankers and lawyers -- now without work amid Singapore's sharpest economic contraction ever -- are returning home, weighing on demand just as a slew of new luxury properties are nearing completion.
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SINGAPORE -- On almost any major street of this affluent Southeast Asian city-state, cranes tower overhead -- a reminder of an incredible three-year building boom that now is turning into a bust.
Residential property prices rose 60% between 2005 and the middle of 2008, fueled by a massive influx of U.S., European and Asian expatriates drawn by Singapore's goal of reinventing itself as a financial and entertainment hub like Dubai or Monte Carlo.
The global financial crisis has shattered that vision. Many of those foreign bankers and lawyers -- now without work amid Singapore's sharpest economic contraction ever -- are returning home, weighing on demand just as a slew of new luxury properties are nearing completion.
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Spore Judgement Will Not Deter Dow Jones From Reporting
The Wall Street Journal, 24 Mar 2009
"Following is Dow Jones's statement on the ruling: "Dow Jones remains extremely disappointed with the Court's ruling against the company in November, and strongly disagrees with the Court's finding that the complained-of editorials and letter to the editor constitute contempt of court. It is regrettable that although the Court already imposed a fine against Dow Jones, the Attorney General still chose to pursue additional contempt charges. Melanie Kirkpatrick agreed not to reargue the Court's previous interpretation of the publications in order to resolve this matter in its entirety. But neither Ms. Kirkpatrick nor Dow Jones agrees with the substance of the charges or the contempt judgment. Dow Jones is committed to defending the right of The Wall Street Journal Asia to report and comment on matters of international importance, including matters concerning Singapore.""
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"Following is Dow Jones's statement on the ruling: "Dow Jones remains extremely disappointed with the Court's ruling against the company in November, and strongly disagrees with the Court's finding that the complained-of editorials and letter to the editor constitute contempt of court. It is regrettable that although the Court already imposed a fine against Dow Jones, the Attorney General still chose to pursue additional contempt charges. Melanie Kirkpatrick agreed not to reargue the Court's previous interpretation of the publications in order to resolve this matter in its entirety. But neither Ms. Kirkpatrick nor Dow Jones agrees with the substance of the charges or the contempt judgment. Dow Jones is committed to defending the right of The Wall Street Journal Asia to report and comment on matters of international importance, including matters concerning Singapore.""
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Indonesia seeks 20 yrs for Singapore terror suspect
AFP
JAKARTA (AFP) — Indonesian prosecutors demanded 20 years' jail on Tuesday for an alleged terrorist from Singapore who has confessed to killing a teacher and plotting an attack against Western tourists.
Mohammad Hasan bin Saynudin laughed and giggled as the prosecution announced it would not seek the maximum sentence of death.
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JAKARTA (AFP) — Indonesian prosecutors demanded 20 years' jail on Tuesday for an alleged terrorist from Singapore who has confessed to killing a teacher and plotting an attack against Western tourists.
Mohammad Hasan bin Saynudin laughed and giggled as the prosecution announced it would not seek the maximum sentence of death.
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Recession-hit Singapore takes hard line on protests
AFP
SINGAPORE (AFP) — Singapore is tightening its rules on outdoor protests as the city state prepares to host its largest international summit amid its worst recession yet, analysts say.
The Ministry of Home Affairs tabled a proposed law in parliament Monday to strengthen police powers against illegal protests and other acts of civil disobedience.
One of the objectives of the Public Order Act is to ensure that security at international meetings will not be compromised, it said.
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SINGAPORE (AFP) — Singapore is tightening its rules on outdoor protests as the city state prepares to host its largest international summit amid its worst recession yet, analysts say.
The Ministry of Home Affairs tabled a proposed law in parliament Monday to strengthen police powers against illegal protests and other acts of civil disobedience.
One of the objectives of the Public Order Act is to ensure that security at international meetings will not be compromised, it said.
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Finance Minister Tharman: Economy To Bottom By End Of 3Q
Nasdaq
SINGAPORE -(Dow Jones)- Singapore's economy is expected to bottom by the end of the third quarter, with growth weak after that, possibly through 2010, the finance minister said.
"On current indications we expect to see a bottom in the economy within the next two quarters," Finance Minister Tharman Shanmugaratnam said in a speech late Tuesday.
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SINGAPORE -(Dow Jones)- Singapore's economy is expected to bottom by the end of the third quarter, with growth weak after that, possibly through 2010, the finance minister said.
"On current indications we expect to see a bottom in the economy within the next two quarters," Finance Minister Tharman Shanmugaratnam said in a speech late Tuesday.
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China Becoming the World's Malware Factory
PCWorld, 24 Mar 2009, Robert McMillan
With China's economy cooling down, some of the country's IT professionals are turning to cybercrime, according to a Beijing-based security expert.
Speaking at the CanSecWest security conference last week, Wei Zhao, CEO of Knownsec, a Beijing security company, said that while many Chinese workers may be feeling hard times, business is still booming in the country's cybercrime industry. "As the stock market dropped like a stone, a lot of IT professionals lost lots of money on the stock market," he said. "So sometimes they sell 0days," he said, referring to previously unknown software bugs.
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With China's economy cooling down, some of the country's IT professionals are turning to cybercrime, according to a Beijing-based security expert.
Speaking at the CanSecWest security conference last week, Wei Zhao, CEO of Knownsec, a Beijing security company, said that while many Chinese workers may be feeling hard times, business is still booming in the country's cybercrime industry. "As the stock market dropped like a stone, a lot of IT professionals lost lots of money on the stock market," he said. "So sometimes they sell 0days," he said, referring to previously unknown software bugs.
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Hedge funds won’t be allowed to die. Temasek comes to the aid
Ecommerce Journal, 24 Mar 2009
Shirin Ismail, head of absolute returns investment strategies at Fullerton Fund Management unit of Temasek, told at the Reuters Private Equity and Hedge Funds Summit in Singapore that the company would be allocating more money into hedge funds. “This is an area we will add on because this is where we think it will give us that level of capital preservation that we need,” she said.
A year after hedge fund withdrawals reached a record $159bn, and some commentators even predicted that half of existing hedge fund managers could be shutting down, Fullerton plans to allocate more funds to hedge funds as they provide greater downside protection comparing to equities.
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Shirin Ismail, head of absolute returns investment strategies at Fullerton Fund Management unit of Temasek, told at the Reuters Private Equity and Hedge Funds Summit in Singapore that the company would be allocating more money into hedge funds. “This is an area we will add on because this is where we think it will give us that level of capital preservation that we need,” she said.
A year after hedge fund withdrawals reached a record $159bn, and some commentators even predicted that half of existing hedge fund managers could be shutting down, Fullerton plans to allocate more funds to hedge funds as they provide greater downside protection comparing to equities.
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Balaji: Spore will not accept Rohingyas refugees to its shores
Bernama.com, 24 Mar 2009, Zakaria Abdul Wahab
SINGAPORE, March 24 (Bernama) -- Singapore authorities have so far not encountered any Rohingya refugee seeking to enter the island republic's waters, its Parliament was told today.
Senior Minister of State for Foreign Affairs Balaji Sadasivan said, as a responsible government, Singapore would treat the Rohingyas and other illegal migrants in a humane manner if they came to its shores.
"Given our limited land and natural resources, Singapore is not in a position to accept persons seeking political asylum or refugee status," Balaji said, adding that it had been Singapore's policy for decades.
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SINGAPORE, March 24 (Bernama) -- Singapore authorities have so far not encountered any Rohingya refugee seeking to enter the island republic's waters, its Parliament was told today.
Senior Minister of State for Foreign Affairs Balaji Sadasivan said, as a responsible government, Singapore would treat the Rohingyas and other illegal migrants in a humane manner if they came to its shores.
"Given our limited land and natural resources, Singapore is not in a position to accept persons seeking political asylum or refugee status," Balaji said, adding that it had been Singapore's policy for decades.
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UAE, Singapore sign MoU on banking cooperation
WAM, 24 Mar 2009
WAM Abu Dhabi, Mar. 24, 2009 (WAM) -- The UAE Central Bank and the Monetary Authority of Singapore Tuesday signed here a memorandum of understanding (MoU) on a mechanism of cooperation in the area of monitoring and supervision of banks and financial institutions operating the two countries.
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WAM Abu Dhabi, Mar. 24, 2009 (WAM) -- The UAE Central Bank and the Monetary Authority of Singapore Tuesday signed here a memorandum of understanding (MoU) on a mechanism of cooperation in the area of monitoring and supervision of banks and financial institutions operating the two countries.
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RI, Singapore agree to intensify military cooperation
The Jakarta Post, 24 Mar 2009
The Indonesian Army and the Singapore Armed Force (SAF) have agreed to intensify cooperation, among other things, by encouraging exchange of visits by their officers in all ranks.
"The exchange of visits by TNI AD and SAF officers is part of the efforts to increase bilateral cooperation," Brigadier General Lodewijk F Paulus, army training and education command director, said when receiving 36 SAF officers in Bandung, West Java, on Tuesday, Antara newswire reported.
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The Indonesian Army and the Singapore Armed Force (SAF) have agreed to intensify cooperation, among other things, by encouraging exchange of visits by their officers in all ranks.
"The exchange of visits by TNI AD and SAF officers is part of the efforts to increase bilateral cooperation," Brigadier General Lodewijk F Paulus, army training and education command director, said when receiving 36 SAF officers in Bandung, West Java, on Tuesday, Antara newswire reported.
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SINGAPORE: Perils of Globalisation
IPS, 24 Mar 2009, Kalinga Seneviratne
SINGAPORE, Mar 24 (IPS) - This tiny island republic sits on trillions of dollars in foreign reserves. Yet, Prime Minister Lee Hsien Loong said in a BBC interview this month that his country cannot spend its way out of the economic downturn, until the global economy heals.
Singapore, which has no natural resources and a population of only four million has been badly bruised by the global economic turmoil and the latest figures by the Development Bank of Singapore says 99,000 people will be laid off this year.
For the first time since its founding in 1965, Singapore has had to dip into its foreign reserves to help fund a 13.7 billion US dollar ‘Resilience Package’ announced in the budget in January.
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SINGAPORE, Mar 24 (IPS) - This tiny island republic sits on trillions of dollars in foreign reserves. Yet, Prime Minister Lee Hsien Loong said in a BBC interview this month that his country cannot spend its way out of the economic downturn, until the global economy heals.
Singapore, which has no natural resources and a population of only four million has been badly bruised by the global economic turmoil and the latest figures by the Development Bank of Singapore says 99,000 people will be laid off this year.
For the first time since its founding in 1965, Singapore has had to dip into its foreign reserves to help fund a 13.7 billion US dollar ‘Resilience Package’ announced in the budget in January.
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Singapore cash-for-organs plan raises concern
AFP
SINGAPORE (AFP) — Plans by Singapore to allow payments to living organ donors have run into opposition from some lawmakers who fear they may draw indebted foreign workers, according to press reports Tuesday.
One deputy, Halimah Yacob, said the large pool of unskilled foreign workers affected by the financial crisis may turn to donating organs to pay off debts they incurred to get jobs in this affluent city-state.
Read More
Related News:
Singapore Cash-For-Organs Proposal Raises Concerns: Report - Nasdaq
Singapore allows payment for living organ donors - Thesundaily.com
SINGAPORE (AFP) — Plans by Singapore to allow payments to living organ donors have run into opposition from some lawmakers who fear they may draw indebted foreign workers, according to press reports Tuesday.
One deputy, Halimah Yacob, said the large pool of unskilled foreign workers affected by the financial crisis may turn to donating organs to pay off debts they incurred to get jobs in this affluent city-state.
Read More
Related News:
Singapore Cash-For-Organs Proposal Raises Concerns: Report - Nasdaq
Singapore allows payment for living organ donors - Thesundaily.com
Singapore gov't to pay $610 mln to employers to save jobs
Xinhua, 24 Mar 2009
SINGAPORE, March 24 (Xinhua) -- The Singapore government will pay out a total of 920 million Singapore dollars (about 610 million U.S. dollars) at the end of the month as part of the country's plan to save jobs during the economic downturn, local media reported on Tuesday.
According to local radio 938live, the money will be paid out to some 100,000 employers employing some 1.3 million local workers, and it is the first quarterly payment of the one-year Jobs Credit scheme, which is newly introduced in the country's 20.5 billion Singapore dollars (about 13.7 billion U.S. dollars) budget for fiscal year 2009.
Read More
Related News:
Singapore Govt to give 920 million dollars to 1 lakh employees - newKerala.com
Singapore Pays $920 Million To Save Local Workers - Bernama.com
SINGAPORE, March 24 (Xinhua) -- The Singapore government will pay out a total of 920 million Singapore dollars (about 610 million U.S. dollars) at the end of the month as part of the country's plan to save jobs during the economic downturn, local media reported on Tuesday.
According to local radio 938live, the money will be paid out to some 100,000 employers employing some 1.3 million local workers, and it is the first quarterly payment of the one-year Jobs Credit scheme, which is newly introduced in the country's 20.5 billion Singapore dollars (about 13.7 billion U.S. dollars) budget for fiscal year 2009.
Read More
Related News:
Singapore Govt to give 920 million dollars to 1 lakh employees - newKerala.com
Singapore Pays $920 Million To Save Local Workers - Bernama.com
Singapore reveals plan behind Jobs Credit Scheme
futureGov, 24 Mar 2009, Robin Hicks
Singapore’s Ministry of Finance (MOF) has revealed details of the plan behind the Jobs Credit Scheme, the S$4.5 billion (US$3 billion) initiative introduced earlier this year to save jobs by subsidising part of employers’ wage bills.
The Jobs Credit Scheme raised eyebrows not only because the scale of the measure to bail-out companies and protect jobs, but the speed with which it was rolled out – it was finalised only a week before the 2009 Budget was announced on January 22nd.
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Singapore’s Ministry of Finance (MOF) has revealed details of the plan behind the Jobs Credit Scheme, the S$4.5 billion (US$3 billion) initiative introduced earlier this year to save jobs by subsidising part of employers’ wage bills.
The Jobs Credit Scheme raised eyebrows not only because the scale of the measure to bail-out companies and protect jobs, but the speed with which it was rolled out – it was finalised only a week before the 2009 Budget was announced on January 22nd.
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Singapore to launch tougher public order law
Reuters India, 24 Mar 2009
SINGAPORE (Reuters) - Singapore, which already has tough restrictions on freedom of assembly, plans to tighten them further ahead of a major Asia-Pacific summit in the city-state.
The Public Order Bill, introduced in parliament on Monday before the Asia-Pacific Economic Cooperation (APEC) summit in November, was needed to "squarely address gaps in the current framework to enhance the ability of the police to ensure security during major events", the Ministry of Home Affairs said.
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SINGAPORE (Reuters) - Singapore, which already has tough restrictions on freedom of assembly, plans to tighten them further ahead of a major Asia-Pacific summit in the city-state.
The Public Order Bill, introduced in parliament on Monday before the Asia-Pacific Economic Cooperation (APEC) summit in November, was needed to "squarely address gaps in the current framework to enhance the ability of the police to ensure security during major events", the Ministry of Home Affairs said.
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Singapore's Property Investment Sales Drop to over Decade Low
English.cri.cn, 24 Mar 2009, Xinhua
Singapore's property investment sales amounted to about 185 million Singapore dollar (about 123 million U.S. dollars) in the first quarter of 2009, the lowest quarterly investment sales figure since 1998, local media reported on Tuesday.
According to local radio 938live, a report by property consultancy CB Richard Ellis showed that property investment sales figure in the first quarter of 2009 was 56 percent lower than the previous quarter.
"This is also the lowest quarterly investment sales figure since 1998," the report said.
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Singapore's property investment sales amounted to about 185 million Singapore dollar (about 123 million U.S. dollars) in the first quarter of 2009, the lowest quarterly investment sales figure since 1998, local media reported on Tuesday.
According to local radio 938live, a report by property consultancy CB Richard Ellis showed that property investment sales figure in the first quarter of 2009 was 56 percent lower than the previous quarter.
"This is also the lowest quarterly investment sales figure since 1998," the report said.
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Temasek Mulls ‘Opportunistic’ Mining Investments
Bloomberg.com, 24 Mar 2009, Netty Ismail and Jesse Riseborough
March 24 (Bloomberg) -- Temasek Holdings Pte, the Singapore sovereign fund that hired BHP Billiton Ltd.’s former chief executive officer, will consider further mining investments as slumping prices force producers to seek partners.
“We’re opportunistic,” Nagi Hamiyeh, managing director of investments, said in an interview while attending a conference. “The resource sector is going to be a very good proxy for economic growth, especially of emerging economies of Asia and the rest of the world.”
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March 24 (Bloomberg) -- Temasek Holdings Pte, the Singapore sovereign fund that hired BHP Billiton Ltd.’s former chief executive officer, will consider further mining investments as slumping prices force producers to seek partners.
“We’re opportunistic,” Nagi Hamiyeh, managing director of investments, said in an interview while attending a conference. “The resource sector is going to be a very good proxy for economic growth, especially of emerging economies of Asia and the rest of the world.”
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Temasek's FountainVest eyes China consumers with US$1 billion commitment
Reuters, 24 Mar 2009, George Chen
HONG KONG (Reuters) - Private equity firm FountainVest, backed by Singapore state investor Temasek, will focus on Chinese consumer demand, urbanization and sustainable development as it puts its first $1 billion fund to work.
FountainVest will look to take minority stakes in privately held firms that will benefit from Beijing's moves to boost domestic consumption, Chief Executive Frank Tang told the Reuters Private Equity and Hedge Funds Summit.
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HONG KONG (Reuters) - Private equity firm FountainVest, backed by Singapore state investor Temasek, will focus on Chinese consumer demand, urbanization and sustainable development as it puts its first $1 billion fund to work.
FountainVest will look to take minority stakes in privately held firms that will benefit from Beijing's moves to boost domestic consumption, Chief Executive Frank Tang told the Reuters Private Equity and Hedge Funds Summit.
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SINGAPOREANS STILL KEEN TO BUY HOMES IN MALAYSIA
TradingMarkets.com, 24 Mar 2009
JOHOR BAHARU (Malaysia), Mar 24, 2009 (AsiaPulse via COMTEX) Buying a residential property in Malaysia, especially in Johor Baharu, is still an attractive option for Singaporeans.
Property developer, SP Setia Bhd (KLSE:8664), said this was despite the negative perception about the state capital and the current tough economic conditions the Republic was going through.
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JOHOR BAHARU (Malaysia), Mar 24, 2009 (AsiaPulse via COMTEX) Buying a residential property in Malaysia, especially in Johor Baharu, is still an attractive option for Singaporeans.
Property developer, SP Setia Bhd (KLSE:8664), said this was despite the negative perception about the state capital and the current tough economic conditions the Republic was going through.
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Asean Human Rights Body - A Political Compromise
Bernama.com, 24 Mar 2009, Zakaria Abdul Wahab
SINGAPORE, March 24 (Bernama) -- Singapore says the final document on the proposed human rights body of the Association of Southeast Asian Nations (Asean) will be a "political compromise".
Foreign Affairs Minister George Yeo said the document would reflect the current state of consensus on human rights in Asean member countries at a particular time although "it will not be a perfect document".
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SINGAPORE, March 24 (Bernama) -- Singapore says the final document on the proposed human rights body of the Association of Southeast Asian Nations (Asean) will be a "political compromise".
Foreign Affairs Minister George Yeo said the document would reflect the current state of consensus on human rights in Asean member countries at a particular time although "it will not be a perfect document".
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Singapore Gives New Sight to the Blind
PRWeb, 24 Mar 2009
Singapore (PRWEB) March 24, 2009 -- The Singapore National Eye Center (SNEC) has given new sight to 25 blind patients with 100 percent success through a medical procedure called Osteo-Odonto-Keratoprosthesis, or tooth-in-eye.
This procedure is highly complex and is to date only performed in two Western European countries, Singapore, India and Japan.
"The tooth-in-eye surgery is a difficult operation that is done in two stages and requires a team of 15 specialists from the radiology, dental and eye division," says Professor Donald Tan, Head of Corneal Service and Director at SNEC.
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Singapore (PRWEB) March 24, 2009 -- The Singapore National Eye Center (SNEC) has given new sight to 25 blind patients with 100 percent success through a medical procedure called Osteo-Odonto-Keratoprosthesis, or tooth-in-eye.
This procedure is highly complex and is to date only performed in two Western European countries, Singapore, India and Japan.
"The tooth-in-eye surgery is a difficult operation that is done in two stages and requires a team of 15 specialists from the radiology, dental and eye division," says Professor Donald Tan, Head of Corneal Service and Director at SNEC.
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Singapore promising partner for Russia - Lavrov
Interfax, 24 Mar 2009
MOSCOW. March 24 (Interfax) - Russia views Singapore as a promising
partner in the Asian Pacific region and hopes that the Singaporean side
has similar attitudes, Russian Foreign Minister Sergei Lavrov said.
"I am glad that I have a chance to synchronize watches on major
items on the bilateral agenda, as well as regional affairs in the Asian
Pacific region. We consider Singapore as a promising partner here,"
Lavrov said at talks with his Singaporean counterpart George Yong-Boon
Yeo.
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MOSCOW. March 24 (Interfax) - Russia views Singapore as a promising
partner in the Asian Pacific region and hopes that the Singaporean side
has similar attitudes, Russian Foreign Minister Sergei Lavrov said.
"I am glad that I have a chance to synchronize watches on major
items on the bilateral agenda, as well as regional affairs in the Asian
Pacific region. We consider Singapore as a promising partner here,"
Lavrov said at talks with his Singaporean counterpart George Yong-Boon
Yeo.
Read More
Asian youths can't live without TV, Web: poll
Reuters, 24 Mar 2009, Miral Fahmy
SINGAPORE (Reuters) - Want to get across to Asia's youth? Do it through media or music, with a survey revealing that most spend on average 10 hours a day watching TV, on the Internet, reading magazines or listening to the radio.
In findings bound to cheer advertisers, the annual Synovate Young Asians survey, which polled some 13,000 people aged between 8 and 24, also showed many of these youth have a say over a variety of purchases ranging from their own snacks and clothes to the family holiday and even the family car.
Read More
SINGAPORE (Reuters) - Want to get across to Asia's youth? Do it through media or music, with a survey revealing that most spend on average 10 hours a day watching TV, on the Internet, reading magazines or listening to the radio.
In findings bound to cheer advertisers, the annual Synovate Young Asians survey, which polled some 13,000 people aged between 8 and 24, also showed many of these youth have a say over a variety of purchases ranging from their own snacks and clothes to the family holiday and even the family car.
Read More
Hit Singapore director Jack Neo plans ghost story triptych
Screen Daily, 23 Mar 2009, Jean Noh
Record-breaking Singaporean hit director Jack Neo (I Not Stupid) has announced a new project Got Ghost Meh (working title) in development.
Neo plans to make a 90-minute feature film made up of three parts - each a 30-minute-long ghost story filled with horror and comedy elements.
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Record-breaking Singaporean hit director Jack Neo (I Not Stupid) has announced a new project Got Ghost Meh (working title) in development.
Neo plans to make a 90-minute feature film made up of three parts - each a 30-minute-long ghost story filled with horror and comedy elements.
Read More
Why Corruption Will Never End in China
Asia Sentinel, 24 Mar 2009, Alice Poon
An article by 陳奉孝 on Observechina.net entitled "Let Me Also Talk About the Issue of Officials Declaring Their Assets".
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An article by 陳奉孝 on Observechina.net entitled "Let Me Also Talk About the Issue of Officials Declaring Their Assets".
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Debt headache for China's leaders
Asia Times Online, 24 Mar 2009, Russell Hsiao
A string of recent pronouncements from Beijing leaders capped off with a strong statement by Premier Wen Jiabao over his concerns for the value of China's US$681.9 billion investment in US Treasury bonds has highlighted a troubled Chinese leadership's outlook for 2009.
Premier Wen's statement was received by analysts as a strong warning to Washington. It follows a revision in the US$588 billion Chinese fiscal stimulus package at the recently concluded National People's Congress (China's parliament) and the release of a joint communique at the close of the Group of 20 finance minister meeting by Brazil, India, Russia and China. The timing of these pronouncements outlines the silhouette of China's nascent comprehensive economic strategy at home and abroad. Moreover, it is an outlay of the on-going heated debate within China over its roadmap for economic recovery and a test of Sino-US relations, given China's massive $2 trillion of foreign exchange reserves.
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A string of recent pronouncements from Beijing leaders capped off with a strong statement by Premier Wen Jiabao over his concerns for the value of China's US$681.9 billion investment in US Treasury bonds has highlighted a troubled Chinese leadership's outlook for 2009.
Premier Wen's statement was received by analysts as a strong warning to Washington. It follows a revision in the US$588 billion Chinese fiscal stimulus package at the recently concluded National People's Congress (China's parliament) and the release of a joint communique at the close of the Group of 20 finance minister meeting by Brazil, India, Russia and China. The timing of these pronouncements outlines the silhouette of China's nascent comprehensive economic strategy at home and abroad. Moreover, it is an outlay of the on-going heated debate within China over its roadmap for economic recovery and a test of Sino-US relations, given China's massive $2 trillion of foreign exchange reserves.
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Singapore Air’s Empty Business Class Cost It Top Rank
Bloomberg.com, 24 Mar 2009, Chan Sue Ling
March 24 (Bloomberg) -- Singapore Airlines Ltd.’s biggest drop in passengers in more than five years cost the carrier its ranking as the world’s most valuable airline. Tan Teng Boo is enjoying the empty seats.
“Before the slowdown, it was always difficult to get a seat,” said Tan, who oversees $200 million as managing director at Kuala Lumpur-based iCapital Global and flies at least three times a month.
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March 24 (Bloomberg) -- Singapore Airlines Ltd.’s biggest drop in passengers in more than five years cost the carrier its ranking as the world’s most valuable airline. Tan Teng Boo is enjoying the empty seats.
“Before the slowdown, it was always difficult to get a seat,” said Tan, who oversees $200 million as managing director at Kuala Lumpur-based iCapital Global and flies at least three times a month.
Read More
Singapore To Tighten Protest Laws
Easybourse, 23 Mar 2009
SINGAPORE (AFP)--Singapore on Monday moved to tighten laws against outdoor protests eight months before the city-state hosts a summit of Asia-Pacific leaders including U.S. President Barack Obama.
Deputy Prime Minister Wong Kan Seng, who is also the home affairs minister, tabled a bill in parliament seeking to enhance police powers to deal with illegal protests and other acts of civil disobedience.
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SINGAPORE (AFP)--Singapore on Monday moved to tighten laws against outdoor protests eight months before the city-state hosts a summit of Asia-Pacific leaders including U.S. President Barack Obama.
Deputy Prime Minister Wong Kan Seng, who is also the home affairs minister, tabled a bill in parliament seeking to enhance police powers to deal with illegal protests and other acts of civil disobedience.
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Asia leads global rise in executions
Inthenews.co.uk, 23 Mar 2009
The number of executions around the world rose significantly last year, with more countries in Asia using the death penalty than anywhere else.
The figure released by Amnesty International today show there were 2,390 executions worldwide in 2008, up from 1,252 the year before.
Today's figures show that China alone carried out nearly three-quarters (72 per cent) of the world’s executions (1,718), and that ten other countries from Asia - Afghanistan, Bangladesh, Indonesia, Japan, North Korea, Malaysia, Mongolia, Pakistan, Singapore and Vietnam - also carried out judicial killings.
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The number of executions around the world rose significantly last year, with more countries in Asia using the death penalty than anywhere else.
The figure released by Amnesty International today show there were 2,390 executions worldwide in 2008, up from 1,252 the year before.
Today's figures show that China alone carried out nearly three-quarters (72 per cent) of the world’s executions (1,718), and that ten other countries from Asia - Afghanistan, Bangladesh, Indonesia, Japan, North Korea, Malaysia, Mongolia, Pakistan, Singapore and Vietnam - also carried out judicial killings.
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Fed sends wrong message
Asia Times Online, 23 Mar 2009, Antal E Fekete
The United States Federal Reserve delivered another handsome gift to the bond bulls on Wednesday, March 18, with the announcement that the Fed's Open Market Committee has made a unanimous decision for the US central bank to buy US$300 billion in long-term Treasury bonds and notes over the next six months.
The yield on the 30-year Treasury bond immediately fell from 3.8% to 3.5%, while the yield on the benchmark 10-year Treasury note fell more, from 3% to 2.53%, increasing the price of the note by 42/32, the biggest one-day rise in years. The gift of risk-free profits is granted to the bond bulls courtesy of the Fed, in telling them in advance about its intention of buying long-dated government debt.
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The United States Federal Reserve delivered another handsome gift to the bond bulls on Wednesday, March 18, with the announcement that the Fed's Open Market Committee has made a unanimous decision for the US central bank to buy US$300 billion in long-term Treasury bonds and notes over the next six months.
The yield on the 30-year Treasury bond immediately fell from 3.8% to 3.5%, while the yield on the benchmark 10-year Treasury note fell more, from 3% to 2.53%, increasing the price of the note by 42/32, the biggest one-day rise in years. The gift of risk-free profits is granted to the bond bulls courtesy of the Fed, in telling them in advance about its intention of buying long-dated government debt.
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A Paper Fit For Peasants
The Lady Melissa, 23 Mar 2009
I have been busy and so distracted by my real life that I have not been able to come here to participate in inane conversations with morons. A very close friend of mine was a very close friend of Dr. Allan Ooi, the SAF scholar doctor who committed suicide, and comforting her day and night has left me emotionally drained as well.
Needless to say, readers of my blog must have seen his suicide note all over the internet. First of all, I must confirm that the SAF bond is, for all intents and purposes, is unbreakable. Do not ask me for details - if any of you have SAF scholar friends, you can ask them. That was also probably the main reason for Allan's suicide.
But that is not the point of this post. The point of this post is to express my utter disgust at the idiots who run especially The Straits Times, and all the SPH papers. A few days after the suicide, the Straits Times, OUR NATIONAL BROADSHEET, printed a full page article on PAGE THREE, speculating that Allan had committed suicide because he played too many computer games. Notwithstanding the fact that by then, a copy of the letter had already been emailed to them, that article was so utterly banal, puerile and noxiously unbelievable I doubt it would have even made it to The News of the World. Yet, it appeared on PAGE THREE of our NATIONAL BROADSHEET, who regularly awards prizes to itself for 'superb journalism'. Other papers like Sin Min, The New Paper etc also ran equally moronic articles, but at least they do not labour under the responsibility of being our nation's only broadsheet. As such, I do not hold them to equally high standards of journalistic ability, even if they do exhibit the same level of intellectual disability.
Read More
I have been busy and so distracted by my real life that I have not been able to come here to participate in inane conversations with morons. A very close friend of mine was a very close friend of Dr. Allan Ooi, the SAF scholar doctor who committed suicide, and comforting her day and night has left me emotionally drained as well.
Needless to say, readers of my blog must have seen his suicide note all over the internet. First of all, I must confirm that the SAF bond is, for all intents and purposes, is unbreakable. Do not ask me for details - if any of you have SAF scholar friends, you can ask them. That was also probably the main reason for Allan's suicide.
But that is not the point of this post. The point of this post is to express my utter disgust at the idiots who run especially The Straits Times, and all the SPH papers. A few days after the suicide, the Straits Times, OUR NATIONAL BROADSHEET, printed a full page article on PAGE THREE, speculating that Allan had committed suicide because he played too many computer games. Notwithstanding the fact that by then, a copy of the letter had already been emailed to them, that article was so utterly banal, puerile and noxiously unbelievable I doubt it would have even made it to The News of the World. Yet, it appeared on PAGE THREE of our NATIONAL BROADSHEET, who regularly awards prizes to itself for 'superb journalism'. Other papers like Sin Min, The New Paper etc also ran equally moronic articles, but at least they do not labour under the responsibility of being our nation's only broadsheet. As such, I do not hold them to equally high standards of journalistic ability, even if they do exhibit the same level of intellectual disability.
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Temasek unit Fullerton backs hedge funds despite 11-12% loss in value
Reuters, 23 Mar 2009, Kevin Lim
SINGAPORE (Reuters) - Fullerton Fund Management, a unit of Singapore state investor Temasek, is handing hedge funds a vote of confidence, saying it will allocate more money to the beleaguered products this year as it sees them offering greater downside protection relative to equities.
Hedge funds are under the gun, with record withdrawals by investors and the threat of greater regulation. Fullerton's absolute returns funds -- mainly funds of hedge funds -- lost 11-12 percent of their value last year.
Read More
Related News:
Temasek offers hedge funds hope - Telegraph.co.uk
SINGAPORE (Reuters) - Fullerton Fund Management, a unit of Singapore state investor Temasek, is handing hedge funds a vote of confidence, saying it will allocate more money to the beleaguered products this year as it sees them offering greater downside protection relative to equities.
Hedge funds are under the gun, with record withdrawals by investors and the threat of greater regulation. Fullerton's absolute returns funds -- mainly funds of hedge funds -- lost 11-12 percent of their value last year.
Read More
Related News:
Temasek offers hedge funds hope - Telegraph.co.uk
Singapore eases law on political films
Reuters, 23 Mar 2009, Nopporn Wong-Anan
SINGAPORE (Reuters) - Singapore passed an amended law on Monday to ease an 11-year-old ban on films that promote a politician or political party, but the amendments also introduce restrictions on dramatized political videos.
The relaxation of rules on political films was meant to keep up with the spread of video and other news content on the Internet, but these had to be "held in accordance with the law," Lui Tuck Yew, a junior minister at the Ministry of Information, Communications and the Arts, told parliament.
Read More
Related News:
Singapore relaxes regulations on political films - People's Daily Online
SINGAPORE (Reuters) - Singapore passed an amended law on Monday to ease an 11-year-old ban on films that promote a politician or political party, but the amendments also introduce restrictions on dramatized political videos.
The relaxation of rules on political films was meant to keep up with the spread of video and other news content on the Internet, but these had to be "held in accordance with the law," Lui Tuck Yew, a junior minister at the Ministry of Information, Communications and the Arts, told parliament.
Read More
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Singapore relaxes regulations on political films - People's Daily Online
Why Obama's Big Spending, Big Taxing Regime Will Cripple the U.S. Economy
Seeking Alpha, 23 Mar 2009, Gerard Jackson
Obama is ideologically wedded to the cult of big government. This of course requires increased taxation as well as a fundamental belief in the intellectual superiority of those doing the taxing and spending. And as we all know, Obama and his advisors are the smartest clowns in town.
Unlike leftists, conservatives tend to instinctively realise that tax cuts stimulate savings and production. On the other hand, Obama and his merry band of economic vandals who usually go by the moniker of Democrats fully grasp that significant tax cuts weaken their power to bribe and punish and so they oppose cuts with specious economic arguments.
Public understanding of the relationship between taxation and growth is very poor. When this issue comes up I invariably think of a 1993 World Bank Study that concluded that "growth drives savings rather than the other way round". Quite a few years ago Brian Toohey, a leftwing Australian journalist, used the same study, following with another study carried out by two American economists, Christopher Carroll and David Weil, who claimed to have demonstrated that rapid growth in Japan, Hong Kong, South Korea and Singapore had preceded increases in savings.
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Obama is ideologically wedded to the cult of big government. This of course requires increased taxation as well as a fundamental belief in the intellectual superiority of those doing the taxing and spending. And as we all know, Obama and his advisors are the smartest clowns in town.
Unlike leftists, conservatives tend to instinctively realise that tax cuts stimulate savings and production. On the other hand, Obama and his merry band of economic vandals who usually go by the moniker of Democrats fully grasp that significant tax cuts weaken their power to bribe and punish and so they oppose cuts with specious economic arguments.
Public understanding of the relationship between taxation and growth is very poor. When this issue comes up I invariably think of a 1993 World Bank Study that concluded that "growth drives savings rather than the other way round". Quite a few years ago Brian Toohey, a leftwing Australian journalist, used the same study, following with another study carried out by two American economists, Christopher Carroll and David Weil, who claimed to have demonstrated that rapid growth in Japan, Hong Kong, South Korea and Singapore had preceded increases in savings.
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KL Still Waiting Singapore Report On West Ponggol Incident
Bernama.com, 23 Mar 2009
KUALA LUMPUR, March 23 (Bernama) -- Wisma Putra is still waiting for Singapore's official statement on the West Ponggol incident which reportedly killed a Malaysian and the arrest of his former brother-in-law nine days ago.
"Usually, when an incident such as this happens, our High Commissioner there will be informed but so far, the republic's authority has not done so.
"We will follow up so that the family get a clearer explanation," said Foreign Minister Datuk Seri Dr Rais Yatim after launching an autobiography entitled "Dari Dunia Kampung Ke Dunia Diplomatik" by Prof Datuk Dr Ismail Ibrahim here today.
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KUALA LUMPUR, March 23 (Bernama) -- Wisma Putra is still waiting for Singapore's official statement on the West Ponggol incident which reportedly killed a Malaysian and the arrest of his former brother-in-law nine days ago.
"Usually, when an incident such as this happens, our High Commissioner there will be informed but so far, the republic's authority has not done so.
"We will follow up so that the family get a clearer explanation," said Foreign Minister Datuk Seri Dr Rais Yatim after launching an autobiography entitled "Dari Dunia Kampung Ke Dunia Diplomatik" by Prof Datuk Dr Ismail Ibrahim here today.
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UBS lays off six private bankers in Singapore: sources
Reuters, 23 Mar 2009, Jan Dahinten and Saeed Azhar
SINGAPORE (Reuters) - UBS (UBSN.VX), the world's biggest wealth manager, has laid off a team of six private bankers in Singapore who were managing wealth for Turkish clients, sources told Reuters on Monday.
The team was managing clients' assets worth between $200 million to $300 million and was hired from Swiss rival Credit Suisse (CSGN.VX) two years ago, a source briefed on the situation told Reuters.
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SINGAPORE (Reuters) - UBS (UBSN.VX), the world's biggest wealth manager, has laid off a team of six private bankers in Singapore who were managing wealth for Turkish clients, sources told Reuters on Monday.
The team was managing clients' assets worth between $200 million to $300 million and was hired from Swiss rival Credit Suisse (CSGN.VX) two years ago, a source briefed on the situation told Reuters.
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Singapore GIC to make lower long-term return-finmin
Forbes.com, 23 Mar 2009, Reuters
SINGAPORE, March 23 (Reuters) - Singapore's Finance Minister Tharman Shanmugaratnam said on Monday the expected rate of return for the investment of Singapore's reserves over the next 20 years would be lower than in the past two decades.
Singapore's GIC, one of the world's largest sovereign wealth funds that was set up to manage the country's foreign reserves, managed an average return of 7.8 percent annually in U.S. dollar terms over the past 20 years, it said in its first performance report last September.
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Related News:
Singapore Expects Lower Investment Return on Reserves - Bloomberg
SINGAPORE, March 23 (Reuters) - Singapore's Finance Minister Tharman Shanmugaratnam said on Monday the expected rate of return for the investment of Singapore's reserves over the next 20 years would be lower than in the past two decades.
Singapore's GIC, one of the world's largest sovereign wealth funds that was set up to manage the country's foreign reserves, managed an average return of 7.8 percent annually in U.S. dollar terms over the past 20 years, it said in its first performance report last September.
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Related News:
Singapore Expects Lower Investment Return on Reserves - Bloomberg
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