The Wall Street Journal, 31 Jul 2009, P.R. VENKAT and MOHAMMED HADI
It is difficult to understand bullishness about Singapore Airlines when the carrier itself is warning of a difficult year.
The airline Thursday posted a $212 million loss for the quarter ended June and said it could be headed for its first ever full-year loss. Analysts collectively expected a near break-even quarterly figure, and still forecast an annual profit.
The surprise in the results was not so much the losses from the carrier's positions on jet-fuel prices but the size of the hit to both passenger and cargo yields, which fell 18% and 33% respectively.
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Friday, July 31, 2009
Family of David Widjaja plans to bring case to international court
The Jakarta Post, 31 Jul 2009, Adianto P. Simamora
The family of David Hartanto Widjaya, an Indonesian student ruled by Singaporean Coroner's Court to have committed suicide, says it will bring the case before an international court to seek justice for David's death.
David's father, Hartono said his family was still discussing the legal process to challenge the Coroners Court's verdict, which he declared was a conspiracy.
"We will keep moving forward to seek justice for David's death and intend to bring the case before an international court, in Singapore or elsewhere," he told The Jakarta Post from Singapore on Thursday.
Read More
Related:
Govt says intervening Singapore's judiciary impossible - The Jakarta Post
The family of David Hartanto Widjaya, an Indonesian student ruled by Singaporean Coroner's Court to have committed suicide, says it will bring the case before an international court to seek justice for David's death.
David's father, Hartono said his family was still discussing the legal process to challenge the Coroners Court's verdict, which he declared was a conspiracy.
"We will keep moving forward to seek justice for David's death and intend to bring the case before an international court, in Singapore or elsewhere," he told The Jakarta Post from Singapore on Thursday.
Read More
Related:
Govt says intervening Singapore's judiciary impossible - The Jakarta Post
Las Vegas Sands Q2 Loss Widens Sharply
TradingMarkets.com, 30 Jul 2009, RTTNews
(RTTNews) - Casino operator Las Vegas Sands Corp. (LVS | Quote | Chart | News | PowerRating) said Thursday after the markets closed that its second quarter loss widened sharply from last year, hurt by difficult operating conditions, a legal settlement, a hefty impairment loss and higher depreciation and amortization expenses. However, the company's quarterly adjusted earnings per share came in above analysts' expectations.
The Las Vegas, Nevada-based company reported a GAAP net loss attributable to common shareholders for the second quarter of $222.2 million or $0.34 per share, compared to a GAAP net loss attributable to common shareholders of $8.8 million or $0.02 per share for the year-ago quarter.
Read More
Related:
Vegas casinos cut costs, slash room prices in 2Q - The Associated Press
No High Rolls for Casino Firms - The Wall Street Journal
Las Vegas Sands loss widens in 2nd qtr - The Associated Press
Las Vegas Sands has second quarter loss, shares slip - Reuters
Las Vegas Sands reports 2nd quarter loss - Las Vegas Sun
(RTTNews) - Casino operator Las Vegas Sands Corp. (LVS | Quote | Chart | News | PowerRating) said Thursday after the markets closed that its second quarter loss widened sharply from last year, hurt by difficult operating conditions, a legal settlement, a hefty impairment loss and higher depreciation and amortization expenses. However, the company's quarterly adjusted earnings per share came in above analysts' expectations.
The Las Vegas, Nevada-based company reported a GAAP net loss attributable to common shareholders for the second quarter of $222.2 million or $0.34 per share, compared to a GAAP net loss attributable to common shareholders of $8.8 million or $0.02 per share for the year-ago quarter.
Read More
Related:
Vegas casinos cut costs, slash room prices in 2Q - The Associated Press
No High Rolls for Casino Firms - The Wall Street Journal
Las Vegas Sands loss widens in 2nd qtr - The Associated Press
Las Vegas Sands has second quarter loss, shares slip - Reuters
Las Vegas Sands reports 2nd quarter loss - Las Vegas Sun
Ho Ching's TLC
Commentary
Financial Times, 30 Jul 2009, Emiliya Mychasuk and Emiko Terazono
emasek ruler Ho Ching is sparing in any interest in investing in Europe, with the fund's most recent public foray in the UK resulting in a loss on a small Barclays stake.
Temasek took an estimated £500m loss, as it reduced a stake of almost 2 per cent early in the year, after first investing in Barclays in mid-2007 when the bank was pitted against RBS in bidding for ABN Amro.
At lunch yesterday at the Singapore Institute of Policy Studies, Ms Ho used the theme of Building a Sustainable Institution. This meant investing in Asia and other emerging markets, with a smaller portion of 20 per cent of the $134bn fund set aside for developed countries.
Read More
Financial Times, 30 Jul 2009, Emiliya Mychasuk and Emiko Terazono
emasek ruler Ho Ching is sparing in any interest in investing in Europe, with the fund's most recent public foray in the UK resulting in a loss on a small Barclays stake.
Temasek took an estimated £500m loss, as it reduced a stake of almost 2 per cent early in the year, after first investing in Barclays in mid-2007 when the bank was pitted against RBS in bidding for ABN Amro.
At lunch yesterday at the Singapore Institute of Policy Studies, Ms Ho used the theme of Building a Sustainable Institution. This meant investing in Asia and other emerging markets, with a smaller portion of 20 per cent of the $134bn fund set aside for developed countries.
Read More
CapitaLand Sells S$1.1 Billion of Convertible Bonds
Bloomberg.com, 31 Jul 2009, Andrea Tan and Katrina Nicholas
July 31 (Bloomberg) -- CapitaLand Ltd., Southeast Asia’s biggest property developer, sold S$1.1 billion ($762 million) of seven-year convertible bonds to refinance maturing debt and help fund new investments.
Sale manager Credit Suisse Group AG may increase the sale of 2.875 percent notes by a further S$100 million, CapitaLand said in a Singapore stock market filing today. The securities will convert to stock at a price of S$4.79, the filing shows.
Read More
Related:
Singapore's Capitaland raises S$1.1 bln from bonds - Reuters
CapitaLand extends debt maturity with S$1.1 billion CB - FinanceAsia.com
July 31 (Bloomberg) -- CapitaLand Ltd., Southeast Asia’s biggest property developer, sold S$1.1 billion ($762 million) of seven-year convertible bonds to refinance maturing debt and help fund new investments.
Sale manager Credit Suisse Group AG may increase the sale of 2.875 percent notes by a further S$100 million, CapitaLand said in a Singapore stock market filing today. The securities will convert to stock at a price of S$4.79, the filing shows.
Read More
Related:
Singapore's Capitaland raises S$1.1 bln from bonds - Reuters
CapitaLand extends debt maturity with S$1.1 billion CB - FinanceAsia.com
Singapore employment sinks in Q2, drop worst since 2003
The Malaysian Insider, 31 Jul 2009, Reuters
SINGAPORE, July 31 — Singapore's overall unemployment rate stood at 3.3 per cent in the second quarter, unchanged from the previous period, government preliminary data showed today.
"Given that employment is a lagging indicator, the extreme weakness in the economy around the turn of the year is yet to pass through to the numbers," said HSBC economist Prakriti Sofat.
Read More
Related:
Singapore Q2 unemployment steady at 3.3% - The Star Online
Singapore prelim Q2 jobless rate at 3.3 pct s/adj - Forbes.com
Singapore's Q2 Jobless Rate Unchanged - RTTNews
Singapore Employers Fire Fewer Workers Amid Signs of Recovery - Bloomberg.com
Singapore's unemployment rate stabilizes at 3.3 per cent - Monsters and Critics
SINGAPORE, July 31 — Singapore's overall unemployment rate stood at 3.3 per cent in the second quarter, unchanged from the previous period, government preliminary data showed today.
"Given that employment is a lagging indicator, the extreme weakness in the economy around the turn of the year is yet to pass through to the numbers," said HSBC economist Prakriti Sofat.
Read More
Related:
Singapore Q2 unemployment steady at 3.3% - The Star Online
Singapore prelim Q2 jobless rate at 3.3 pct s/adj - Forbes.com
Singapore's Q2 Jobless Rate Unchanged - RTTNews
Singapore Employers Fire Fewer Workers Amid Signs of Recovery - Bloomberg.com
Singapore's unemployment rate stabilizes at 3.3 per cent - Monsters and Critics
MDA ties up mobile industry players for media services
Xinhua, 30 Jul 2009
SINGAPORE, July 30 (Xinhua) -- Media Development Authority of Singapore (MDA) is collaborating with key players from the mobile industry to develop on-the-move media services and applications for the global market.
Called the FutureMobile, the initiative comprises industry players such as SingTel, Nokia, Microsoft, MOZAT, Zingmobile, Qualcomm and Huawei, a statement by MDA said on Thursday.
Related:
MDA, Microsoft, Nokia and SingTel join FutureMobile network - BrandRepublic
SINGAPORE, July 30 (Xinhua) -- Media Development Authority of Singapore (MDA) is collaborating with key players from the mobile industry to develop on-the-move media services and applications for the global market.
Called the FutureMobile, the initiative comprises industry players such as SingTel, Nokia, Microsoft, MOZAT, Zingmobile, Qualcomm and Huawei, a statement by MDA said on Thursday.
Related:
MDA, Microsoft, Nokia and SingTel join FutureMobile network - BrandRepublic
DBS and Aviva extend and deepen partnership
The Asian Banker, 31 Jul 2009
Aviva, the world’s number one bancassurance provider and DBS, a leading bank in Asia, have extended their bancassurance partnership from 2010 to 2015, to address customers’ growing need for financial security and to tap on new markets in Asia Pacific.
“Aviva’s research has found that consumers are worried about their financial situation in the current economic volatility. DBS and Aviva's continued partnership will ensure that consumers have a range of quality insurance products to meet their evolving needs”, said Mr. Shaun Meadows, CEO of Aviva in Singapore and Hong Kong.
Read More
Aviva, the world’s number one bancassurance provider and DBS, a leading bank in Asia, have extended their bancassurance partnership from 2010 to 2015, to address customers’ growing need for financial security and to tap on new markets in Asia Pacific.
“Aviva’s research has found that consumers are worried about their financial situation in the current economic volatility. DBS and Aviva's continued partnership will ensure that consumers have a range of quality insurance products to meet their evolving needs”, said Mr. Shaun Meadows, CEO of Aviva in Singapore and Hong Kong.
Read More
Punj Lloyd plans to list Sembawang Engineers & Constructors
The Economic Times, 30 Jul 2009, Abhishek Gupta
Delhi-based infrastructure company Punj Lloyd is looking at listing its Singapore-based subsidiary Sembawang Engineers & Constructors, chairman Atul Punj said. He did not divulge the timeline or the quantum of the issue, but said that the company would ‘definitely’ look at listing Sembawang. The company bagged orders worth Rs 5,904 crore last month.
Read More
Delhi-based infrastructure company Punj Lloyd is looking at listing its Singapore-based subsidiary Sembawang Engineers & Constructors, chairman Atul Punj said. He did not divulge the timeline or the quantum of the issue, but said that the company would ‘definitely’ look at listing Sembawang. The company bagged orders worth Rs 5,904 crore last month.
Read More
Li-Ann Thio and NYU Confront 'Academic Freedom'
Commentary
Politics Daily, 30 Jul 2009
How much should an academic institution sacrifice in the name of lively debate? The instinctive answer, it seems, is pretty much everything. Don't the foundations of academia rely on intellectual discussion, most often fueled by opposing viewpoints? How can true growth be fostered when students and faculty are only exposed to a singular world view? And yet, mustn't this expectation of academic freedom have some limit? New York University School of Law has recently been forced to confront these longstanding questions.
Earlier this month, the appointment of Li-Ann Thio, a prominent law professor from the National University of Singapore, as a visiting professor in the Hauser Global Law School Program, sparked incredible controversy among the NYU community.
Read More
Politics Daily, 30 Jul 2009
How much should an academic institution sacrifice in the name of lively debate? The instinctive answer, it seems, is pretty much everything. Don't the foundations of academia rely on intellectual discussion, most often fueled by opposing viewpoints? How can true growth be fostered when students and faculty are only exposed to a singular world view? And yet, mustn't this expectation of academic freedom have some limit? New York University School of Law has recently been forced to confront these longstanding questions.
Earlier this month, the appointment of Li-Ann Thio, a prominent law professor from the National University of Singapore, as a visiting professor in the Hauser Global Law School Program, sparked incredible controversy among the NYU community.
Read More
Thursday, July 30, 2009
Singapore's tourism industry plummets amid global economic downturn
Monsters and Critics, 30 Jul 2009
Singapore - Singapore's tourism industry plummeted in the first half of 2009 as travellers cut back on their spending because of the global economic crisis, figures released Thursday by the Singapore Tourism Board showed.
Visitor arrivals came to 4.5 million from January to June, a decline of 11.5 per cent from the first half of 2008, the board said.
Tourism receipts were estimated at 6.4 billion Singapore dollars (4.43 billion US dollars), a decline of 13.5 per cent.
Read More
Related:
4.5 million less tourists visited Singapore this year - Ecommerce Journal
Singapore Earns S$6.4 Billion In Tourism - Bernama.com
Singapore tourist arrivals fall 12 pct in 1H - Forbes.com
Singapore visitor arrivals down 11.5% in first half: govt - MSN Malaysia News
Singapore - Singapore's tourism industry plummeted in the first half of 2009 as travellers cut back on their spending because of the global economic crisis, figures released Thursday by the Singapore Tourism Board showed.
Visitor arrivals came to 4.5 million from January to June, a decline of 11.5 per cent from the first half of 2008, the board said.
Tourism receipts were estimated at 6.4 billion Singapore dollars (4.43 billion US dollars), a decline of 13.5 per cent.
Read More
Related:
4.5 million less tourists visited Singapore this year - Ecommerce Journal
Singapore Earns S$6.4 Billion In Tourism - Bernama.com
Singapore tourist arrivals fall 12 pct in 1H - Forbes.com
Singapore visitor arrivals down 11.5% in first half: govt - MSN Malaysia News
CapitaLand to says sell over $690 mln in conv bonds
Reuters, 30 Jul 2009, Saeed Azhar
SINGAPORE, July 30 (Reuters) - CapitaLand (CATL.SI), Southeast Asia's biggest developer, plans to issue over S$1 billion ($693 million) worth of convertible bonds, the company said late on Thursday.
Read More
SINGAPORE, July 30 (Reuters) - CapitaLand (CATL.SI), Southeast Asia's biggest developer, plans to issue over S$1 billion ($693 million) worth of convertible bonds, the company said late on Thursday.
Read More
Temasek Tries a New Tack
The Wall Street Journal, 30 Jul 2009, MOHAMMED HADI
Stung by a botched CEO succession and unprecedented public griping over its losses, Singapore's Temasek Holdings is offering up some radical thinking on the direction of state-run funds.
The fund is considering allowing institutions, and eventually Singapore's public, to team up with it on investments. For now, Temasek is calling the plan a long-term one, and offering few details on how it'll work.
Read More
Stung by a botched CEO succession and unprecedented public griping over its losses, Singapore's Temasek Holdings is offering up some radical thinking on the direction of state-run funds.
The fund is considering allowing institutions, and eventually Singapore's public, to team up with it on investments. For now, Temasek is calling the plan a long-term one, and offering few details on how it'll work.
Read More
SIA reports Q1 loss of S$307 million
Flightglobal, 30 Jul 2009, Siva Govindasamy
Singapore Airlines swung to a net loss of S$307 million ($212 million) during its fiscal first quarter, its first quarterly loss since the SARS crisis in 2003.
The Star Alliance member also warned that it expects to report a net loss for the full year if "adverse business conditions" continue.
The net loss for the three months ended 30 June was in contrast to a S$358.6 million net profit a year before. It recorded an operating loss of S$319 million for the first quarter, against an operating profit of $343 million in 2008.
Read More
Related News:
Singapore Air May Post First Loss in 24 Years as Travel Slumps - Bloomberg.com
Singapore Air sees FY loss if tough conditions last - Reuters
Singapore Air posts first quarterly loss since 2003 - Reuters
Singapore Air Posts First Loss in Six Years - The Wall Street Journal
Singapore Airlines suffers $307 mn quarterly loss - Business Standard
Singapore Airlines posts first quarterly loss in six years - Earth Times
SIA Posts 1st Quarterly Loss In 6 Yrs; Cuts Salaries - The Wall Street Journal
Singapore Air flies into first quarterly loss in six years - MarketWatch
Singapore Airlines posts quarterly loss - AFP
Singapore Airlines swung to a net loss of S$307 million ($212 million) during its fiscal first quarter, its first quarterly loss since the SARS crisis in 2003.
The Star Alliance member also warned that it expects to report a net loss for the full year if "adverse business conditions" continue.
The net loss for the three months ended 30 June was in contrast to a S$358.6 million net profit a year before. It recorded an operating loss of S$319 million for the first quarter, against an operating profit of $343 million in 2008.
Read More
Related News:
Singapore Air May Post First Loss in 24 Years as Travel Slumps - Bloomberg.com
Singapore Air sees FY loss if tough conditions last - Reuters
Singapore Air posts first quarterly loss since 2003 - Reuters
Singapore Air Posts First Loss in Six Years - The Wall Street Journal
Singapore Airlines suffers $307 mn quarterly loss - Business Standard
Singapore Airlines posts first quarterly loss in six years - Earth Times
SIA Posts 1st Quarterly Loss In 6 Yrs; Cuts Salaries - The Wall Street Journal
Singapore Air flies into first quarterly loss in six years - MarketWatch
Singapore Airlines posts quarterly loss - AFP
Fibre Optics Roll Out - Spore Govt Gets Broadband, But Users Don't
Commentary
Silicon.com, 30 Jul 2009, Peter Cochrane
I made enquires and did a few tests on public sites, and it seems 1Mbps is a widespread norm for Singapore. I also tried my 3G dongle but could never get more than about 0.9Mbps. Strangely, a lot of my contacts seemed to accept that this rate is sufficient.
There seemed to be a paradox here. The Singapore government clearly gets it but it might be that some of the public don't - certainly my hotel manager didn't. Contrast this to the UK where the public gets it but the government doesn't.
Read More
Silicon.com, 30 Jul 2009, Peter Cochrane
I made enquires and did a few tests on public sites, and it seems 1Mbps is a widespread norm for Singapore. I also tried my 3G dongle but could never get more than about 0.9Mbps. Strangely, a lot of my contacts seemed to accept that this rate is sufficient.
There seemed to be a paradox here. The Singapore government clearly gets it but it might be that some of the public don't - certainly my hotel manager didn't. Contrast this to the UK where the public gets it but the government doesn't.
Read More
OFW seeks justice vs Singaporean boss’ abuses
Inquirer Global Nation, 30 Jul 2009, Cebu Daily News
ILOILO CITY— The family of an overseas Filipino worker (OFW) will seek justice for the alleged abuse she has suffered at the hands of her employer.
Daniel Tarona said they would file charges against the employers and the recruitment agency of his wife Lea, a domestic helper who worked in Singapore for over a year and returned home on July 8 with signs of repeated abuse all over her body.
Read More
ILOILO CITY— The family of an overseas Filipino worker (OFW) will seek justice for the alleged abuse she has suffered at the hands of her employer.
Daniel Tarona said they would file charges against the employers and the recruitment agency of his wife Lea, a domestic helper who worked in Singapore for over a year and returned home on July 8 with signs of repeated abuse all over her body.
Read More
H1N1 outbreak spreading like wildfire in Singapore
The Malaysian Insider, 30 Jul 2009
SINGAPORE, July 30 — The H1N1 flu bug is spreading like wildfire, more than doubling the number of people down with influenza.
With the outbreak set to peak in the next week or two, polyclinic attendances for upper respiratory tract infections have shot past epidemic levels — pegged at 16,665 cases a week — for the first time in more than three years.
Polyclinic attendances are a yardstick for the number of infectious diseases, such as flu, diarrhoea and conjunctivitis, in the wider community.
Read More
SINGAPORE, July 30 — The H1N1 flu bug is spreading like wildfire, more than doubling the number of people down with influenza.
With the outbreak set to peak in the next week or two, polyclinic attendances for upper respiratory tract infections have shot past epidemic levels — pegged at 16,665 cases a week — for the first time in more than three years.
Polyclinic attendances are a yardstick for the number of infectious diseases, such as flu, diarrhoea and conjunctivitis, in the wider community.
Read More
Lumbered with the boss's wife
The Sydney Morning Herald, 30 Jul 2009, Eric Ellis
SINGAPOREANS aren’t usually given to open criticism of the Lee family that has ruled them for half a century. Rightly or wrongly, some presume that in their tightly controlled island state, walls have ears, and one never knows who is listening.
But this time it’s different. Singaporeans are deeply displeased with their Prime Minister’s wife, Ho Ching. She has run Temasek Holdings, the state-owned fund, since 2002, and has presided over a spectacular series of misjudgments that have lost Singaporeans billions.
Read More
SINGAPOREANS aren’t usually given to open criticism of the Lee family that has ruled them for half a century. Rightly or wrongly, some presume that in their tightly controlled island state, walls have ears, and one never knows who is listening.
But this time it’s different. Singaporeans are deeply displeased with their Prime Minister’s wife, Ho Ching. She has run Temasek Holdings, the state-owned fund, since 2002, and has presided over a spectacular series of misjudgments that have lost Singaporeans billions.
Read More
CapitaLand posts first quarterly loss since 2003
Reuters, 29 Jul 2009, Kevin Lim
SINGAPORE, July 30 (Reuters) - CapitaLand (CATL.SI), Southeast Asia's biggest developer, on Thursday posted its first quarterly loss since 2003 due to writedowns on investments and said the outlook for 2009 was uncertain.
CapitaLand, which is 40 percent held by Singapore state investor Temasek [TEM.UL], reported a net loss of S$156.9 million ($108.4 million) for the three months ended June 30 compared with a net profit of S$515.2 million a year earlier.
Read More
SINGAPORE, July 30 (Reuters) - CapitaLand (CATL.SI), Southeast Asia's biggest developer, on Thursday posted its first quarterly loss since 2003 due to writedowns on investments and said the outlook for 2009 was uncertain.
CapitaLand, which is 40 percent held by Singapore state investor Temasek [TEM.UL], reported a net loss of S$156.9 million ($108.4 million) for the three months ended June 30 compared with a net profit of S$515.2 million a year earlier.
Read More
Temasek CEO Ho Ching talks succession and compensation
FinanceAsia.com, 30 Jul 2009, Sameera Anand
At a lunch in Singapore yesterday Ho Ching, executive director and chief executive officer of Temasek Holdings, discussed Temasek's investment allocation strategy, compensation practices and current thinking about a new CEO after Chip Goodyear's shock exit a few days ago.
She emphasised that Temasek is a long-term investor, driven by enhancing long-term value. "We don't intend to raid the larder, nor sell the family jewels, for short-term gains," said Ho. "We will jealously guard our interests, and will invest, rationalise, consolidate or divest where it makes sense."
Read More
At a lunch in Singapore yesterday Ho Ching, executive director and chief executive officer of Temasek Holdings, discussed Temasek's investment allocation strategy, compensation practices and current thinking about a new CEO after Chip Goodyear's shock exit a few days ago.
She emphasised that Temasek is a long-term investor, driven by enhancing long-term value. "We don't intend to raid the larder, nor sell the family jewels, for short-term gains," said Ho. "We will jealously guard our interests, and will invest, rationalise, consolidate or divest where it makes sense."
Read More
Temasek’s Public Co-Investors Plan May Ease Suspicion
Bloomberg.com, 30 Jul 2009, Shamim Adam
July 30 (Bloomberg) -- Temasek Holdings Pte’s decision to consider managing money for outside investors may help it overcome foreign governments’ concerns about sovereign wealth fund investment and drive expansion over the next decade.
“All sovereign wealth funds are met with suspicion and public investment will dilute the reputational risk,” said Jan Randolph, head of sovereign risk at IHS Global Insight Inc. in London. “It’s blurring the lines between public and private investment. This may be the future of sovereign wealth funds.”
Read More
July 30 (Bloomberg) -- Temasek Holdings Pte’s decision to consider managing money for outside investors may help it overcome foreign governments’ concerns about sovereign wealth fund investment and drive expansion over the next decade.
“All sovereign wealth funds are met with suspicion and public investment will dilute the reputational risk,” said Jan Randolph, head of sovereign risk at IHS Global Insight Inc. in London. “It’s blurring the lines between public and private investment. This may be the future of sovereign wealth funds.”
Read More
Wednesday, July 29, 2009
$2 Million Initiatives To Make Cleaners Out Of More Singaporeans
Xinhua, 29 Jul 2009
SINGAPORE, July 29 (Xinhua) -- Singapore has set aside 2 million Singapore dollars (about 1.4 million U.S. dollars) to fund the cleaning industry, local media reported on Wednesday.
According to local radio 938live, the Workforce Development Agency has set aside the fund for the Best Sourcing Initiative (BSI) Early Adopters Scheme for the cleaning industry. This is a new initiative that awards cleaning contracts based on performance and quality, instead of solely on price.
Read More
SINGAPORE, July 29 (Xinhua) -- Singapore has set aside 2 million Singapore dollars (about 1.4 million U.S. dollars) to fund the cleaning industry, local media reported on Wednesday.
According to local radio 938live, the Workforce Development Agency has set aside the fund for the Best Sourcing Initiative (BSI) Early Adopters Scheme for the cleaning industry. This is a new initiative that awards cleaning contracts based on performance and quality, instead of solely on price.
Read More
S'pore spam rate crosses global average
ZDNet Asia, 29 Jul 2009, Victoria Ho
Singapore's spam rate crossed the global average again in July, after it had dipped below the global rate earlier in April, according to MessageLabs' latest report.
The island-state's spam rate for July stood at 91.9 percent, compared to the global rate of 89.4 percent, the Symantec-owned company said. In June, Singapore had recorded a spam rate of 86.2 percent, against the global average at 90.4 percent.
Read More
Singapore's spam rate crossed the global average again in July, after it had dipped below the global rate earlier in April, according to MessageLabs' latest report.
The island-state's spam rate for July stood at 91.9 percent, compared to the global rate of 89.4 percent, the Symantec-owned company said. In June, Singapore had recorded a spam rate of 86.2 percent, against the global average at 90.4 percent.
Read More
iPhone SMS Vulnerability Open To Hackers
Erictric.com, 29 Jul 2009
Apple doesn’t have too long to react to a potential public embarrassment at the upcoming Black Hat securty conference on Thursday, July 30 with a patch to correct an SMS vulnerability. Apparently, the bug would allow hackers to take over an iPhone but sending an SMS message.
Charlie Miller, the man who discovered the bug initially mentioned this problem at the SyScan conference in Singapore earlier this month, though at that time his finding only produced an iPhone crash. Miller has since been working on the vulnerability, and claims to have finally been able to take over Apple’s flagship mobile device with a few SMS messages.
Read More
Apple doesn’t have too long to react to a potential public embarrassment at the upcoming Black Hat securty conference on Thursday, July 30 with a patch to correct an SMS vulnerability. Apparently, the bug would allow hackers to take over an iPhone but sending an SMS message.
Charlie Miller, the man who discovered the bug initially mentioned this problem at the SyScan conference in Singapore earlier this month, though at that time his finding only produced an iPhone crash. Miller has since been working on the vulnerability, and claims to have finally been able to take over Apple’s flagship mobile device with a few SMS messages.
Read More
Singapore Court Rules Indonesian Student's Death Was Suicide
Jakarta Globe, 29 Jul 2009, Kinanti Pinta Karana
The father of Indonesian student David Hartanto Widjaja said he was “very sad and disappointed” by the Singapore Coroners’ Court ruling on Wednesday that his son’s death was suicide, adding that he felt the Indonesian government had not done enough to help.
David was found dead at the campus of Singapore’s Nanyang Technological University (NTU) in March this year, and his family and supporters believe he may have been murdered. The ruling means that the family’s case will not be heard by a criminal court.
Speaking with the Jakarta Globe on the phone directly after the verdict was delivered, David’s father Hartono Widjaja said he was saddened by the outcome.
Read More
Related:
David committed suicide, not murdered: Singaporean Court - The Jakarta Post
David’s family continues to seek justice - The Jakarta Post
The father of Indonesian student David Hartanto Widjaja said he was “very sad and disappointed” by the Singapore Coroners’ Court ruling on Wednesday that his son’s death was suicide, adding that he felt the Indonesian government had not done enough to help.
David was found dead at the campus of Singapore’s Nanyang Technological University (NTU) in March this year, and his family and supporters believe he may have been murdered. The ruling means that the family’s case will not be heard by a criminal court.
Speaking with the Jakarta Globe on the phone directly after the verdict was delivered, David’s father Hartono Widjaja said he was saddened by the outcome.
Read More
Related:
David committed suicide, not murdered: Singaporean Court - The Jakarta Post
David’s family continues to seek justice - The Jakarta Post
Temasek - When Is An SWF Not An SWF?
Commentary
FT Alphaville, 29 Jul 2009, Gwen Robinson
For a secretive kind of outfit, Temasek is certainly generating a lot of publicity these days. Following the storm of media interest last week over news of the sudden departure of its chief executive-designate Chip Goodyear, the Singaporean state investment agency is again in the news.
Read More
FT Alphaville, 29 Jul 2009, Gwen Robinson
For a secretive kind of outfit, Temasek is certainly generating a lot of publicity these days. Following the storm of media interest last week over news of the sudden departure of its chief executive-designate Chip Goodyear, the Singaporean state investment agency is again in the news.
Read More
Temasek to Hang on to ‘Family Jewels,’ Allow Public to Invest
Bloomberg.com, 29 Jul 2009, Shamim Adam
July 29 (Bloomberg) -- Temasek Holdings Pte vowed to hang on to the “family jewels” as a long-term investor and said it may allow the public to invest in Singapore’s state-run fund.
The value of the company’s assets dropped by more than S$40 billion ($27.8 billion) in the 12 months ended March, Chief Executive Officer Ho Ching said in a speech in Singapore today. The investment firm will act to enhance value over as long as 30 years and will not sell stakes “for divestment’s sake,” Ho said.
Read More
Related:
Temasek may let public invest, retain 'family jewels' - Business Standard
Singapore fund won't sell jewels - The Sydney Morning Herald
July 29 (Bloomberg) -- Temasek Holdings Pte vowed to hang on to the “family jewels” as a long-term investor and said it may allow the public to invest in Singapore’s state-run fund.
The value of the company’s assets dropped by more than S$40 billion ($27.8 billion) in the 12 months ended March, Chief Executive Officer Ho Ching said in a speech in Singapore today. The investment firm will act to enhance value over as long as 30 years and will not sell stakes “for divestment’s sake,” Ho said.
Read More
Related:
Temasek may let public invest, retain 'family jewels' - Business Standard
Singapore fund won't sell jewels - The Sydney Morning Herald
Singapore govt says ready to stop any property bubble
Reuters, 29 Jul 2009, Nopporn Wong-Anan
SINGAPORE, July 29 (Reuters) - The Singapore government stands ready to step in to prevent a property bubble after signs of speculation in the real estate market, state media quoted a cabinet minister as saying on Wednesday.
National Development Minister Mah Bow Tan told reporters it was not clear if the buying momentum of new private homes in the past few months could be sustained and the government was keeping a negative growth projection for such demand this year.
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SINGAPORE, July 29 (Reuters) - The Singapore government stands ready to step in to prevent a property bubble after signs of speculation in the real estate market, state media quoted a cabinet minister as saying on Wednesday.
National Development Minister Mah Bow Tan told reporters it was not clear if the buying momentum of new private homes in the past few months could be sustained and the government was keeping a negative growth projection for such demand this year.
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Temasek May Create One More Group of Stakeholders
Bloomberg.com, 29 Jul 2009, Shamim Adam
July 29 (Bloomberg) -- Temasek Holdings Pte, a Singapore state-owned investment company, may invite the public to co- invest, Chief Executive Officer Ho Ching said in a speech in Singapore today. It may also seek “sophisticated investors” in five to eight years and retail investors in the next eight to 10 years, she said.
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July 29 (Bloomberg) -- Temasek Holdings Pte, a Singapore state-owned investment company, may invite the public to co- invest, Chief Executive Officer Ho Ching said in a speech in Singapore today. It may also seek “sophisticated investors” in five to eight years and retail investors in the next eight to 10 years, she said.
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Scrapping of Temasek succession "unfortunate" - CEO Ho Ching
AFP
SINGAPORE — The chief executive of Singapore's state investment firm said Wednesday that scrapping a plan to install its first foreign head was "unfortunate" but a succession review was going ahead.
Temasek CEO Ho Ching's comments come after the firm last week said it was rescinding the appointment of US businessman Charles "Chip" Goodyear as her replacement due to differences over strategy.
Read More
Related:
Temasek To Push On With CEO Hunt - Jakarta Globe
SINGAPORE — The chief executive of Singapore's state investment firm said Wednesday that scrapping a plan to install its first foreign head was "unfortunate" but a succession review was going ahead.
Temasek CEO Ho Ching's comments come after the firm last week said it was rescinding the appointment of US businessman Charles "Chip" Goodyear as her replacement due to differences over strategy.
Read More
Related:
Temasek To Push On With CEO Hunt - Jakarta Globe
Temasek Portfolio Lost Over S$40 Billion - Temasek CEO
The Wall Street Journal, 29 Jul 2009, P.R. VENKAT
SINGAPORE -- Singapore state-owned investment company Temasek Holdings Pte. Ltd.'s total portfolio value as of end-March fell more than 40 billion Singapore dollars (US$27.75 billion) from a year earlier, Chief Executive Ho Ching said Wednesday.
The Singapore government had said earlier this year that Temasek's overall portfolio had fallen by 58 billion Singapore dollars to 127 billion Singapore dollars from end-March to November of 2008.
Read More
Related:
Temasek says portfolio falls by a fifth in yr to March - Reuters India
Singapore Temasek's investments lost $28 billion - Sify
Temasek Suffers S$40 Billion Loss In Assets - Bernama.com
Singapore Investment Fund Hit by Bank Losses - The New York Times
Singapore Temasek's investments lost US$28 billion - Mysinchew.com
Temasek portfolio shed $27 bln in year: executive - AFP
SINGAPORE -- Singapore state-owned investment company Temasek Holdings Pte. Ltd.'s total portfolio value as of end-March fell more than 40 billion Singapore dollars (US$27.75 billion) from a year earlier, Chief Executive Ho Ching said Wednesday.
The Singapore government had said earlier this year that Temasek's overall portfolio had fallen by 58 billion Singapore dollars to 127 billion Singapore dollars from end-March to November of 2008.
Read More
Related:
Temasek says portfolio falls by a fifth in yr to March - Reuters India
Singapore Temasek's investments lost $28 billion - Sify
Temasek Suffers S$40 Billion Loss In Assets - Bernama.com
Singapore Investment Fund Hit by Bank Losses - The New York Times
Singapore Temasek's investments lost US$28 billion - Mysinchew.com
Temasek portfolio shed $27 bln in year: executive - AFP
Temasek CEO says looking at food, energy sectors
Reuters India, 29 Jul 2009, Saeed Azhar and Kevin Lim
SINGAPORE, July 29 (Reuters) - Singapore state investor Temasek said on Wednesday it was fairly comfortable with financial services as its core portfolio holding, but was looking at opportunities in the food and energy sectors.
"In terms of sectors specifically, we are agnostic, we don't have a sectoral target," CEO Ho Ching said in a speech.
Read More
Related:
Temasek eyes food, energy after portfolio slump - Forbes.com
SINGAPORE, July 29 (Reuters) - Singapore state investor Temasek said on Wednesday it was fairly comfortable with financial services as its core portfolio holding, but was looking at opportunities in the food and energy sectors.
"In terms of sectors specifically, we are agnostic, we don't have a sectoral target," CEO Ho Ching said in a speech.
Read More
Related:
Temasek eyes food, energy after portfolio slump - Forbes.com
Gifts for the dead could be dying out in Singapore
AFP
SINGAPORE — In Singapore Nam Cheong Limited, a family business makes customised paper effigies burnt as offerings to the dead in the wealth-obsessed city.
The practice originated in Taoism, whose followers believe the paper objects, when burnt, will transcend into the afterlife and provide the same material comfort to the deceased as they would in the real world.
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SINGAPORE — In Singapore Nam Cheong Limited, a family business makes customised paper effigies burnt as offerings to the dead in the wealth-obsessed city.
The practice originated in Taoism, whose followers believe the paper objects, when burnt, will transcend into the afterlife and provide the same material comfort to the deceased as they would in the real world.
Read More
Seelan Palay’s solo art exhibition
Commentary
The Kent Ridge Common, 27 Jul 2009, Melvin Chen
The first thing that strikes you about Seelan’s gallery is its off-the-beaten-track, sequestered nature. Tucked away in a humble corner of Little India, this underground exhibition immediately exudes a certain bad-ass aura, since it is being conducted under the radar of the authorities, and invitation to the gallery is by-appointment-only, and for good reason. Seelan is an artist and political activist who wears his criminal record (for his involvement in local protests for the SDP and the Burmese monks) like an artistic badge of courage. The starkly controversial nature of his work means that its essence may only be faintly discerned by reading between these lines, and will reward a firsthand vewing.
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The Kent Ridge Common, 27 Jul 2009, Melvin Chen
The first thing that strikes you about Seelan’s gallery is its off-the-beaten-track, sequestered nature. Tucked away in a humble corner of Little India, this underground exhibition immediately exudes a certain bad-ass aura, since it is being conducted under the radar of the authorities, and invitation to the gallery is by-appointment-only, and for good reason. Seelan is an artist and political activist who wears his criminal record (for his involvement in local protests for the SDP and the Burmese monks) like an artistic badge of courage. The starkly controversial nature of his work means that its essence may only be faintly discerned by reading between these lines, and will reward a firsthand vewing.
Read More
Simmering bitterness over MAS handling of minibond misselling
Letter
Littlespecks.com, 28 Jul 2009
The following is a letter published in the Tan Kin Lian blog on July, 25 under the headline, 'Cheated in a good reputation country.'
Dear MAS officer,
I would like to share a story with your MAS (Monetary Authority of Singapore) people.
Twenty years ago, my father finished his army service and got a big sum money for his army service in China. The amount is equal to 5 years salary.
He bought 10 years China government bond with that money from a national bank. He thought China government bond was very safe and he only want to use it for his children's education need in the future. He locked those coupon with much care.
Ten years later, when the bond matured, he brought the coupon to bank to cash out, the teller told him the coupon were faked. He can not get anything. What a big shock for him and his family. The teller from national bank sold him the faked coupon.
The bank told him they could not find the teller any more. He was not the only unlucky person. Actually there are quite a lot of people faced the same. They together tried to ask help from bank, government, press, and law firm.
Finally, a lawyer want to take their case. However, somebody threaten the lawyer and the press. The press stopped reporting their story and lawyer didn't dare to take their case.
His daughter thought this was a place without justice. She studied very hard to got in a good university and later left the place for what she thought was a better country.
However, what happened to her? She fell into the same trap. She didn't suspect that the famous Singapore financial institution would cheat people's money also.
She clearly told the FI officer she needed government bond only as she was very conservative and she needed the money for her father's medical need. Her father is paralyzed now. However, The RM sold her toxic complicated product with a faked name "Bond".
She was worse hurt. Her father had to accept the unfair things that happened in a developing country. For her, she didn't prepared for such unfair things in this good reputation country.
If you, MAS people, the best educated and smartest people in Singapore, allowed such unfair things to continue, I won't cry for my money, but cry for your future. If the best educated, smartest people are not looking for justice, what is the future for this country?
Best Regard!
Signed GD
Link
Littlespecks.com, 28 Jul 2009
The following is a letter published in the Tan Kin Lian blog on July, 25 under the headline, 'Cheated in a good reputation country.'
Dear MAS officer,
I would like to share a story with your MAS (Monetary Authority of Singapore) people.
Twenty years ago, my father finished his army service and got a big sum money for his army service in China. The amount is equal to 5 years salary.
He bought 10 years China government bond with that money from a national bank. He thought China government bond was very safe and he only want to use it for his children's education need in the future. He locked those coupon with much care.
Ten years later, when the bond matured, he brought the coupon to bank to cash out, the teller told him the coupon were faked. He can not get anything. What a big shock for him and his family. The teller from national bank sold him the faked coupon.
The bank told him they could not find the teller any more. He was not the only unlucky person. Actually there are quite a lot of people faced the same. They together tried to ask help from bank, government, press, and law firm.
Finally, a lawyer want to take their case. However, somebody threaten the lawyer and the press. The press stopped reporting their story and lawyer didn't dare to take their case.
His daughter thought this was a place without justice. She studied very hard to got in a good university and later left the place for what she thought was a better country.
However, what happened to her? She fell into the same trap. She didn't suspect that the famous Singapore financial institution would cheat people's money also.
She clearly told the FI officer she needed government bond only as she was very conservative and she needed the money for her father's medical need. Her father is paralyzed now. However, The RM sold her toxic complicated product with a faked name "Bond".
She was worse hurt. Her father had to accept the unfair things that happened in a developing country. For her, she didn't prepared for such unfair things in this good reputation country.
If you, MAS people, the best educated and smartest people in Singapore, allowed such unfair things to continue, I won't cry for my money, but cry for your future. If the best educated, smartest people are not looking for justice, what is the future for this country?
Best Regard!
Signed GD
Link
Singapore banks Q2 dented by bad debts
Reuters, 29 Jul 2009, Saeed Azhar
SINGAPORE, July 29 (Reuters) - Singapore's three banks could post sharp declines in quarterly profits from a year earlier, hit by bad debt charges and lower trading income.
DBS Group Holdings (DBSM.SI), Southeast Asia's biggest bank, could see its profit slide 30 percent in the April-June period from a year earlier, according to an average estimate by six analysts in a Thomson Reuters poll.
Read More
SINGAPORE, July 29 (Reuters) - Singapore's three banks could post sharp declines in quarterly profits from a year earlier, hit by bad debt charges and lower trading income.
DBS Group Holdings (DBSM.SI), Southeast Asia's biggest bank, could see its profit slide 30 percent in the April-June period from a year earlier, according to an average estimate by six analysts in a Thomson Reuters poll.
Read More
Singapore to host regional center for intellectual property disputes, UN says
Xinhua, 29 Jul 2009
UNITED NATIONS, July 28 (Xinhua) -- Asia's first center for dealing with disputes related to intellectual property including trademarks, copyright and patent issues will open in Singapore, UN officials said here on Tuesday.
An agreement signed by the United Nations World Intellectual Property Organization (WIPO) and the Singaporean Government will pave the way for training and advice on procedures and provide a dedicated dispute resolution facility in the region, the officials said.
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UNITED NATIONS, July 28 (Xinhua) -- Asia's first center for dealing with disputes related to intellectual property including trademarks, copyright and patent issues will open in Singapore, UN officials said here on Tuesday.
An agreement signed by the United Nations World Intellectual Property Organization (WIPO) and the Singaporean Government will pave the way for training and advice on procedures and provide a dedicated dispute resolution facility in the region, the officials said.
Read More
Rolls-Royce to expand in Singapore
Australia Network News, 29 Jul 2009
The engine maker Rolls-Royce says it will open a new plant in Singapore.
It will also build or extend four factories in Britain, creating new jobs in both countries.
In Singapore, it will build a new factory to make wide chord fan blades for use in commercial aircraft engines.
Read More
The engine maker Rolls-Royce says it will open a new plant in Singapore.
It will also build or extend four factories in Britain, creating new jobs in both countries.
In Singapore, it will build a new factory to make wide chord fan blades for use in commercial aircraft engines.
Read More
Famaks School Adopts Singaporean Math
ThisDay Online, 28 Jul 2009, Mustapha Shehu
Famaks International Nursery/Primary School, which debuted in Abuja this year, has adopted the Mathematic Curriculum from Singapore, a country reputed to be the 'World's Math Leader'.
The Executive Director/CEO of the Schools, Mrs. Mariam Sagir, disclosed this last Saturday, during the school's first family open day at the school's premises in Asokoro, Abuja. She said the adoption of the curriculum was the answer to the phobia for Mathematic as a subject.
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Famaks International Nursery/Primary School, which debuted in Abuja this year, has adopted the Mathematic Curriculum from Singapore, a country reputed to be the 'World's Math Leader'.
The Executive Director/CEO of the Schools, Mrs. Mariam Sagir, disclosed this last Saturday, during the school's first family open day at the school's premises in Asokoro, Abuja. She said the adoption of the curriculum was the answer to the phobia for Mathematic as a subject.
Read More
Tuesday, July 28, 2009
Indonesia VP-elect asks Singapore court for fair verdict in David’s case
The Jakarta Post, 28 Jul 2009, Erwida Maulia
Indonesian vice-president-elect Boediono has asked the Singaporean coroner court trying the case of the death of Indonesian student David Hartanto Widjaya to settle it fairly.
The former central bank government made the call Tuesday at the city-state, while addressing a forum at Nanyang Technological University’s (NTU) S. Rajaratnam School of International Studies.
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Indonesian vice-president-elect Boediono has asked the Singaporean coroner court trying the case of the death of Indonesian student David Hartanto Widjaya to settle it fairly.
The former central bank government made the call Tuesday at the city-state, while addressing a forum at Nanyang Technological University’s (NTU) S. Rajaratnam School of International Studies.
Read More
Proposed property tax change in Singapore criticised as it could harm recovery
Propertywire.com, 28 Jul 2009
Proposals to change to income tax laws on gains from property sales in Singapore has come under fire as some believe it is a move to curb real estate speculators.
The real estate industry is calling for greater clarity on whether gains from property sales will be taxed. The Ministry of Finance said that there will be no tax on the gains from an individual who sells a property after 1 January 2010, if they have not sold any other property in the previous four years.
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Proposals to change to income tax laws on gains from property sales in Singapore has come under fire as some believe it is a move to curb real estate speculators.
The real estate industry is calling for greater clarity on whether gains from property sales will be taxed. The Ministry of Finance said that there will be no tax on the gains from an individual who sells a property after 1 January 2010, if they have not sold any other property in the previous four years.
Read More
Temasek May Hire Internal Candidate for Goodyear Replacement
Bloomberg.com, 28 Jul 2009, Andreea Papuc and Andrea Tan
July 28 (Bloomberg) -- Temasek Holdings Pte said it will consider promoting an internal manager after abandoning plans to make Charles “Chip” Goodyear the first foreign chief executive officer of Singapore’s state-owned investment fund.
“Temasek has in place a CEO succession planning process,” Temasek said in an e-mailed response to questions. “Our board reviews external and internal candidates over various time horizons.”
Read More
July 28 (Bloomberg) -- Temasek Holdings Pte said it will consider promoting an internal manager after abandoning plans to make Charles “Chip” Goodyear the first foreign chief executive officer of Singapore’s state-owned investment fund.
“Temasek has in place a CEO succession planning process,” Temasek said in an e-mailed response to questions. “Our board reviews external and internal candidates over various time horizons.”
Read More
Singapore bets recession won't dim love for malls
Newsday, 28 Jul 2009, Associated Press
SINGAPORE (AP) — Singapore, where shopping is a beloved national pastime, is betting three massive new malls on the island's main retail strip can thrive despite a limp global economy.
The revamp of the city-state's famous Orchard Road, along with two resorts featuring the country's first casinos opening next year, is part of the government's plans to make Singapore a regional tourist and shopping mecca and fuel a rebound from its worst recession ever.
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SINGAPORE (AP) — Singapore, where shopping is a beloved national pastime, is betting three massive new malls on the island's main retail strip can thrive despite a limp global economy.
The revamp of the city-state's famous Orchard Road, along with two resorts featuring the country's first casinos opening next year, is part of the government's plans to make Singapore a regional tourist and shopping mecca and fuel a rebound from its worst recession ever.
Read More
Anti-Gay Thio Li-Ann Withdrawal From NYU Under scrutiny
Commentary
The Kent Ridge Common, 28 Jul 2009, Kelvin Teo
SINGAPORE – So, Thio Li Ann will be at Bukit Timah instead of Greenwich Village this fall. What an anti-climax ending to the vociferous beginning when her appointment as a Visiting Professor at New York University was announced. Salvos were fired between herself and her detractors initially, and just when things were about to get more interesting, Thio pulled out.
It was a regrettable move on Thio’s part. Any academic worth his salt must be able to to defend his academic opinion. The arduous route to the Doctor of Philosophy (Ph.D.) degree involves this exercise known as thesis defense. Defending an academic position or opinion doesn’t stop after Ph.D. It will become part and parcel of an academic’s life. Encountering individuals who are hostile towards one’s academic views is common place.
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The Kent Ridge Common, 28 Jul 2009, Kelvin Teo
SINGAPORE – So, Thio Li Ann will be at Bukit Timah instead of Greenwich Village this fall. What an anti-climax ending to the vociferous beginning when her appointment as a Visiting Professor at New York University was announced. Salvos were fired between herself and her detractors initially, and just when things were about to get more interesting, Thio pulled out.
It was a regrettable move on Thio’s part. Any academic worth his salt must be able to to defend his academic opinion. The arduous route to the Doctor of Philosophy (Ph.D.) degree involves this exercise known as thesis defense. Defending an academic position or opinion doesn’t stop after Ph.D. It will become part and parcel of an academic’s life. Encountering individuals who are hostile towards one’s academic views is common place.
Read More
Australia to crack down on scams involving Indians
Press Trust Of India, 28 Jul 2009, Natasha Chaku
Melbourne, Jul 28 (PTI) Australia today promised to crack down on migration scams targeting Indian students in the country with Foreign Minister Stephen Smith saying the government will tighten regulation on migration agents.
Smith said the scams about ripping off foreign students would be looked into by immigration and education authorities and dealt with "no tolerance".
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Melbourne, Jul 28 (PTI) Australia today promised to crack down on migration scams targeting Indian students in the country with Foreign Minister Stephen Smith saying the government will tighten regulation on migration agents.
Smith said the scams about ripping off foreign students would be looked into by immigration and education authorities and dealt with "no tolerance".
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Singapore – Worst is over, but recovery remains unsteady
Theedgemalaysia.com, 28 Jul 2009, Standard Chartered Global Research
After a rocky start to 2009, the Singapore economy rebounded strongly in Q2, growing a seasonally adjusted annualised rate (SAAR) of 20.4% q/q, according to the government’s advance estimates released on 14 July.
While this still translated into a 3.7% y/y decline, it was a significant improvement from Q1, when GDP contracted by a revised 12.7% q/q SAAR, or -9.6% y/y.
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After a rocky start to 2009, the Singapore economy rebounded strongly in Q2, growing a seasonally adjusted annualised rate (SAAR) of 20.4% q/q, according to the government’s advance estimates released on 14 July.
While this still translated into a 3.7% y/y decline, it was a significant improvement from Q1, when GDP contracted by a revised 12.7% q/q SAAR, or -9.6% y/y.
Read More
Bomb threat delays SilkAir flight to Singapore
Monsters and Critics, 28 Jul 2009
Manila - A passenger flight to Singapore from the central Philippines was delayed on Tuesday after Filipino aviation officials received information about an alleged bomb on the plane.
The SilkAir flight was allowed to leave more than two hours later than scheduled when no bomb was found on the plane.
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Manila - A passenger flight to Singapore from the central Philippines was delayed on Tuesday after Filipino aviation officials received information about an alleged bomb on the plane.
The SilkAir flight was allowed to leave more than two hours later than scheduled when no bomb was found on the plane.
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DBS sees wealth mgmt business growing in Taiwan
Forbes.com, 28 Jul 2009, Reuters
TAIPEI, July 28 (Reuters) - DBS Group, Southeast Asia's top bank, on Tuesday said it expects its wealth management assets in Taiwan to grow more than 10 percent by the end of 2009 on hopes the global economy will recover from its worst downturn.
DBS, which acquired distressed Taiwan lender Bowa Bank earlier in 2009, also said it would return to profit this year from a T$67 million ($2 million) pretax loss last year.
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TAIPEI, July 28 (Reuters) - DBS Group, Southeast Asia's top bank, on Tuesday said it expects its wealth management assets in Taiwan to grow more than 10 percent by the end of 2009 on hopes the global economy will recover from its worst downturn.
DBS, which acquired distressed Taiwan lender Bowa Bank earlier in 2009, also said it would return to profit this year from a T$67 million ($2 million) pretax loss last year.
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World Intellectual Property Organization to open office in Singapore
People's Daily Online, 28 Jul 2009, Xinhua
The World Intellectual Property Organization (WIPO) has chosen Singapore to set up the Singapore office of the WIPO arbitration and mediation center, according to an official statement on Tuesday.
The only in the region, the center will be officially opened by in January 2010, a joint statement by Singapore's Ministry of Law and Media Development Authority said.
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The World Intellectual Property Organization (WIPO) has chosen Singapore to set up the Singapore office of the WIPO arbitration and mediation center, according to an official statement on Tuesday.
The only in the region, the center will be officially opened by in January 2010, a joint statement by Singapore's Ministry of Law and Media Development Authority said.
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Singapore's Profitable Group withdraw takeover bid of Newcastle
Teletext
The Profitable Group have ended their interest in a takeover of Newcastle.
The group were among a number of bidders interested in the Magpies, and commercial director Steve McMahon has slammed club owner Mike Ashley for a "lack of communication and response".
Read More
Related:
Profitable Group withdraw Magpies bid - ExtraFootie
Profitable withdraw interest in Magpies - The Press Association
Newcastle suffer setback as Profitable Group withdraw takeover interest - Telegraph.co.uk
The Profitable Group have ended their interest in a takeover of Newcastle.
The group were among a number of bidders interested in the Magpies, and commercial director Steve McMahon has slammed club owner Mike Ashley for a "lack of communication and response".
Read More
Related:
Profitable Group withdraw Magpies bid - ExtraFootie
Profitable withdraw interest in Magpies - The Press Association
Newcastle suffer setback as Profitable Group withdraw takeover interest - Telegraph.co.uk
Capitaland's Australand: Big property losses star flowing
International Business Times, 28 Jul 2009, Aireview
The flow of red ink through the Australian property sector has started with a multi-million dollar loss and big capital raising from the Singapore Government-controlled company, Australand Property Group.
Australand reported a quarter of a billion dollar first half loss and lifted its fund raising in the past 10 months to well over $900 million.
Australand is the rump of the old Hooker Corp empire; it's 60% owned by Temasek Holdings,one of the two investment arms of the Singapore Government, through Capitaland, a Singaporean developer (and the biggest in Southeast Asia) that's in turn 40% owned by Temasek.
Temasek has a poor investment record here in Australia: one of its biggest failures was in ABC Learning where it lost well over $400 in the collapse late last year.
Read More
The flow of red ink through the Australian property sector has started with a multi-million dollar loss and big capital raising from the Singapore Government-controlled company, Australand Property Group.
Australand reported a quarter of a billion dollar first half loss and lifted its fund raising in the past 10 months to well over $900 million.
Australand is the rump of the old Hooker Corp empire; it's 60% owned by Temasek Holdings,one of the two investment arms of the Singapore Government, through Capitaland, a Singaporean developer (and the biggest in Southeast Asia) that's in turn 40% owned by Temasek.
Temasek has a poor investment record here in Australia: one of its biggest failures was in ABC Learning where it lost well over $400 in the collapse late last year.
Read More
S Korea, Singapore to hold talks on economic, financial co-op
Xinhua, 28 Jul 2009
SEOUL, July 28 (Xinhua) -- South Korea and Singapore will hold talks this week on ways to step up economic and financial cooperation, Seoul's finance ministry said Tuesday.
Starting from Wednesday, the meeting between South Korea's Deputy Finance Minster Shin Je-yoon and his Singaporean counterpart Teo Ming Kian will run for two days in Seoul, the Ministry of Strategy and Finance said.
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SEOUL, July 28 (Xinhua) -- South Korea and Singapore will hold talks this week on ways to step up economic and financial cooperation, Seoul's finance ministry said Tuesday.
Starting from Wednesday, the meeting between South Korea's Deputy Finance Minster Shin Je-yoon and his Singaporean counterpart Teo Ming Kian will run for two days in Seoul, the Ministry of Strategy and Finance said.
Read More
Monday, July 27, 2009
Singapore Airport Terror Plot Foiled By Indonesian Police
Jakarta Globe, 27 Jul 2009, Candra Malik
Solo. Police say they foiled a terrorist attack on Singapore's Changi Airport by arresting two suspects in Central Java last month.
Authorities believe Sigit Hendrawan, 50, a resident of Malang, East Java, and Husaini, a Singaporean citizen, are connected to highly wanted terror suspect Noordin M Top. They were detained on June 21 by the Detachment 88 counter-terrorism unit.
“Both of them were in Solo preparing to blow up Singapore’s Changi Airport,” said Chief Comr. Joko Irwanto.
Read More
Solo. Police say they foiled a terrorist attack on Singapore's Changi Airport by arresting two suspects in Central Java last month.
Authorities believe Sigit Hendrawan, 50, a resident of Malang, East Java, and Husaini, a Singaporean citizen, are connected to highly wanted terror suspect Noordin M Top. They were detained on June 21 by the Detachment 88 counter-terrorism unit.
“Both of them were in Solo preparing to blow up Singapore’s Changi Airport,” said Chief Comr. Joko Irwanto.
Read More
Lim Hng Kiang: Sharp Econ Decline In 4Q08,1Q09 Won't Repeat
Nasdaq
SINGAPORE -(Dow Jones)- Singapore is unlikely to see a repeat of the sharp economic contraction it went through in the fourth quarter of last year and the first quarter of 2009, a senior official said Monday.
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SINGAPORE -(Dow Jones)- Singapore is unlikely to see a repeat of the sharp economic contraction it went through in the fourth quarter of last year and the first quarter of 2009, a senior official said Monday.
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Singaporean businesspeople look for business in Angola
MacauHub, 27 Jul 2009
Luanda, Angola, 27 July – A group of Singaporean businesspeople are in Angola looking for business in the areas of agriculture, industry and services.
In an initial phase the 15 businesspeople want to set up partnerships with Angolan associates.
The Singaporean businesspeople represent the trade, industry, navel construction, engineering, consulting, telecommunications, oil and gas sectors.
Read More
Luanda, Angola, 27 July – A group of Singaporean businesspeople are in Angola looking for business in the areas of agriculture, industry and services.
In an initial phase the 15 businesspeople want to set up partnerships with Angolan associates.
The Singaporean businesspeople represent the trade, industry, navel construction, engineering, consulting, telecommunications, oil and gas sectors.
Read More
Capitaland to inject in more capital as Australand posts US$269 million losses
The Australian, 27 Jul 2009, Alex Wilson
AUSTRALAND Holdings said today it was launching a seven-for-10 entitlement offer to raise $475 million.
Australand said the raising was not expected to affect control of the group by Singapore's CapitaLand, which it said had confirmed it planned to subscribe for its full entitlement and would continue to hold about 59.27 per cent of the group.
Australand also announced a net loss of $268.8m for the year ended June 30, compared with a net profit of $25.5m a year before.
Read More
Related:
Australand May Raise A$500 Million in Share Offer, Review Says - Bloomberg.com
Australand to raise up to $475m, books H1 loss of $268.8m - Tradingroom.com.au
AUSTRALAND Holdings said today it was launching a seven-for-10 entitlement offer to raise $475 million.
Australand said the raising was not expected to affect control of the group by Singapore's CapitaLand, which it said had confirmed it planned to subscribe for its full entitlement and would continue to hold about 59.27 per cent of the group.
Australand also announced a net loss of $268.8m for the year ended June 30, compared with a net profit of $25.5m a year before.
Read More
Related:
Australand May Raise A$500 Million in Share Offer, Review Says - Bloomberg.com
Australand to raise up to $475m, books H1 loss of $268.8m - Tradingroom.com.au
Economic outlook in Singapore still uncertainty
Xinhua, 27 Jul 2009
SINGAPORE, July 26 (Xinhua) -- Despite the 20 percent improvement in the Gross Domestic Product (GDP) in the second quarter of this year, Singapore's economic outlook is still dependent on other major economies like the United States, Europe and the rest of Asia, a Singapore government official said here on Sunday.
Read More
Related:
Economic outlook in Singapore still uncertainty - People's Daily Online
SINGAPORE, July 26 (Xinhua) -- Despite the 20 percent improvement in the Gross Domestic Product (GDP) in the second quarter of this year, Singapore's economic outlook is still dependent on other major economies like the United States, Europe and the rest of Asia, a Singapore government official said here on Sunday.
Read More
Related:
Economic outlook in Singapore still uncertainty - People's Daily Online
India vegetables heading for Singapore market
Express India, 27 Jul 2009, Ranjani Raghavan
By October, a farmers’ collective based outside Pune city expects to send its first consignment of exotic vegetables to Europe. “We have received around seven-eight enquiries from clients from UK, Singapore, and Dubai. As of now, they are eager for around seven tonne vegetables, two days each week. The most popular varieties are coloured capsicum, lettuce, red and Chinese cabbage, cherry tomatoe, baby corn and sweet corn,” said Dnyaneshwar Bodke, chief convener, Abhinav Farmers Club, a farmers body set up in 2000.
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By October, a farmers’ collective based outside Pune city expects to send its first consignment of exotic vegetables to Europe. “We have received around seven-eight enquiries from clients from UK, Singapore, and Dubai. As of now, they are eager for around seven tonne vegetables, two days each week. The most popular varieties are coloured capsicum, lettuce, red and Chinese cabbage, cherry tomatoe, baby corn and sweet corn,” said Dnyaneshwar Bodke, chief convener, Abhinav Farmers Club, a farmers body set up in 2000.
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Govt Bonds Not A Safe Bet
Vernon Morning Star, 26 Jul 2009, Dave Ellis
Government bonds are always very liquid. So let’s focus on why it is possible that informed investors are wary of government bonds. Today, a 10-year government of Canada bond yields 3.29 per cent. It trades every day, and trades for $100 and comes due for $100. When a bond fund buys that bond for their portfolio, they will earn 3.29 per cent in interest by year end. But if interest rates were to increase by one per cent, so that investor demand was in the 4.29 per cent range, the price of that bond would decline to $92. It would trade for $92, so that a buyer at that level would get 4.29 per cent to maturity. So a one per cent increase in yield will cause an eight per cent drop in price. The volatility of that relationship, something bond traders refer to as duration risk, increases as the term to maturity increases. A one per cent increase in yields on a 20-year bond drops the price to $87.50, or a decline of 12.5 per cent.
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Government bonds are always very liquid. So let’s focus on why it is possible that informed investors are wary of government bonds. Today, a 10-year government of Canada bond yields 3.29 per cent. It trades every day, and trades for $100 and comes due for $100. When a bond fund buys that bond for their portfolio, they will earn 3.29 per cent in interest by year end. But if interest rates were to increase by one per cent, so that investor demand was in the 4.29 per cent range, the price of that bond would decline to $92. It would trade for $92, so that a buyer at that level would get 4.29 per cent to maturity. So a one per cent increase in yield will cause an eight per cent drop in price. The volatility of that relationship, something bond traders refer to as duration risk, increases as the term to maturity increases. A one per cent increase in yields on a 20-year bond drops the price to $87.50, or a decline of 12.5 per cent.
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Singaporeans urged to stay united against any challenge
Xinhua, 26 Jul 2009
SINGAPORE, July 26 (Xinhua) -- Singapore's Prime Minister Lee Hsien Loong on Sunday called on the nation to stay united to meet all challenges the country may face.
According to Channel NewsAsia reports on Sunday night, speaking at the opening of a local sports and recreation center and a National Day carnival, Lee said that Singaporeans cannot just bondonce a year on National Day and around this period.
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SINGAPORE, July 26 (Xinhua) -- Singapore's Prime Minister Lee Hsien Loong on Sunday called on the nation to stay united to meet all challenges the country may face.
According to Channel NewsAsia reports on Sunday night, speaking at the opening of a local sports and recreation center and a National Day carnival, Lee said that Singaporeans cannot just bondonce a year on National Day and around this period.
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Sunday, July 26, 2009
SPH's STOMP going towards the path of Sammyboy Sex Forum
Commentary
The Kent Ridge Common, 26 Jul 2009, Kelvin Teo
Some of the readers may be familiar with Sammyboy forums. At least, the reporters or journalists from The Straits Times and The New Paper should be, having quoted from Sammyboy forummers on certain occasions. The Sammyboy forum had erotic beginnings as a sex forum initially. At a certain point of time, forummers began to discuss and exchange views on non-sexual related topics ranging from sociopolitical issues to hobbies. Thus, the forum host set up the Sammyboy Alfresco Coffeeshop/Kopitiam to meet this end.
Stomp is attempting to emulate Sammyboy in this respect. It came up with a StarBlog section that comprises celebrities and mini-celebrities such as Maia Lee, Jamie Yeo and Dawn Yang. From the very outset, this Starblog section was meant to be a crowd puller. But there is more. Sometime back, each celebrity shared their sexual experiences or opinion of sex, something that was a usual feature in Sammyboy sex forums (Not Sammyboy Alfresco Coffeeshop). One of the eye-catchers was Jamie’s account of her first sexual experience and her first act of masturbation at 6.
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The Kent Ridge Common, 26 Jul 2009, Kelvin Teo
Some of the readers may be familiar with Sammyboy forums. At least, the reporters or journalists from The Straits Times and The New Paper should be, having quoted from Sammyboy forummers on certain occasions. The Sammyboy forum had erotic beginnings as a sex forum initially. At a certain point of time, forummers began to discuss and exchange views on non-sexual related topics ranging from sociopolitical issues to hobbies. Thus, the forum host set up the Sammyboy Alfresco Coffeeshop/Kopitiam to meet this end.
Stomp is attempting to emulate Sammyboy in this respect. It came up with a StarBlog section that comprises celebrities and mini-celebrities such as Maia Lee, Jamie Yeo and Dawn Yang. From the very outset, this Starblog section was meant to be a crowd puller. But there is more. Sometime back, each celebrity shared their sexual experiences or opinion of sex, something that was a usual feature in Sammyboy sex forums (Not Sammyboy Alfresco Coffeeshop). One of the eye-catchers was Jamie’s account of her first sexual experience and her first act of masturbation at 6.
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British Gurkhas: A disowned biotic community
Commentary
MYREPUBLICA.com, 26 Jul 2009, PETER J KARTHAK
“Gurkha” is a magic word the world over for bravery, humble modesty in peacetime, steadfastness in war, practicing non-partisanship, maintaining apolitical outlooks, with no blemishes of rape, plunder, religious fundamentalism, no court martial on records, and no “unnatural” homosexual tendencies evident among their ranks and file.
“Lee Kuan Yew doesn’t trust us Chinese, Malays or Indians,” the taxi driver told me at the Changi Airport of Singapore. “He trusts only the Gurkhas!”
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MYREPUBLICA.com, 26 Jul 2009, PETER J KARTHAK
“Gurkha” is a magic word the world over for bravery, humble modesty in peacetime, steadfastness in war, practicing non-partisanship, maintaining apolitical outlooks, with no blemishes of rape, plunder, religious fundamentalism, no court martial on records, and no “unnatural” homosexual tendencies evident among their ranks and file.
“Lee Kuan Yew doesn’t trust us Chinese, Malays or Indians,” the taxi driver told me at the Changi Airport of Singapore. “He trusts only the Gurkhas!”
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Ven. Ming Yi’s trial: Let us not be moral police
Commentary
The Kent Ridge Common, 26 Jul 2009, Christopher Ong
SINGAPORE - The ongoing trial of Venerable Ming Yi, formerly the head of Ren Ci Charity, has grabbed the news headlines of late, and details of his possessions were splayed over pages of reports, with some going as far as labeling him the ‘modern monk’ with 5Cs – possessing cash, credit card, car, country club membership and condo.
The case surrounds a $50,000 loan which he made to his former aide, Yeung, under the accounts of Ren Ci Hospital, and the subsequent presenting of false information to the Commissioner of Charities.
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The Kent Ridge Common, 26 Jul 2009, Christopher Ong
SINGAPORE - The ongoing trial of Venerable Ming Yi, formerly the head of Ren Ci Charity, has grabbed the news headlines of late, and details of his possessions were splayed over pages of reports, with some going as far as labeling him the ‘modern monk’ with 5Cs – possessing cash, credit card, car, country club membership and condo.
The case surrounds a $50,000 loan which he made to his former aide, Yeung, under the accounts of Ren Ci Hospital, and the subsequent presenting of false information to the Commissioner of Charities.
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More female lawmakers in Singapore, thanks to men
The Star Online, 26 Jul 2009, FOONG PEK YEE
SINGAPORE: Women lawmakers here are thanking the men for the 325% jump in their numbers.
The People’s Action Party (PAP) women’s wing chairman, Lim Hwee Hua (pic), attributed the rise in the numbers to efforts not just from the women but those of the men as well.
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SINGAPORE: Women lawmakers here are thanking the men for the 325% jump in their numbers.
The People’s Action Party (PAP) women’s wing chairman, Lim Hwee Hua (pic), attributed the rise in the numbers to efforts not just from the women but those of the men as well.
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Singapore fans prompt Alonso change of heart as Anfield star weighs up Real Madrid switch
Daily Mail, 25 Jul 2009, Bob Cass
Liverpool fans on Merseyside will have Reds fans on the other side of the world to thank if Xabi Alonso decides to stay.
Rafa Benitez confirmed that the thousands of supporters here in Singapore prompted a possible change of heart by the Spain midfielder, who is weighing up a move to Real Madrid.
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Related:
Liverpool's Benitez Wowed By Singapore Fans' Adulation - The New York Times
Liverpool fans on Merseyside will have Reds fans on the other side of the world to thank if Xabi Alonso decides to stay.
Rafa Benitez confirmed that the thousands of supporters here in Singapore prompted a possible change of heart by the Spain midfielder, who is weighing up a move to Real Madrid.
Read More
Related:
Liverpool's Benitez Wowed By Singapore Fans' Adulation - The New York Times
Two Singaporean Charged In Australia For Smuggling Heroin In Shoes
Livenews.com.au, 26 Jul 2009, Australian Associated Press
Two Singaporean men have been charged with drug importation after heroin was found hidden inside shoes at Sydney airport, police say.
The men, aged 27 and 38, were stopped by Customs and Border Protection officers after they arriving on a flight from Kuala Lumpur on Saturday.
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Two Singaporean men have been charged with drug importation after heroin was found hidden inside shoes at Sydney airport, police say.
The men, aged 27 and 38, were stopped by Customs and Border Protection officers after they arriving on a flight from Kuala Lumpur on Saturday.
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Singaporean set up fast food restaurant in North Korea
AFP
SEOUL — While North Korea has little appetite for "US imperialism," its people are finally able to get a taste of that iconic American food the hamburger at the country's first fast-food restaurant.
The Samtaeseong restaurant opened in the capital Pyongyang last month in cooperation with a Singaporean firm, Choson Sinbo, a Japan-based newspaper for ethnic North Koreans, reported at the weekend.
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SEOUL — While North Korea has little appetite for "US imperialism," its people are finally able to get a taste of that iconic American food the hamburger at the country's first fast-food restaurant.
The Samtaeseong restaurant opened in the capital Pyongyang last month in cooperation with a Singaporean firm, Choson Sinbo, a Japan-based newspaper for ethnic North Koreans, reported at the weekend.
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U.S. Fed in the Hot Seat - Andy Xie
Asia Sentinel, 23 Jul 2009, Alice Poon
Xie’s article entitled "Tight Spot for Fed, Blind Spot for Investors" explains succinctly how the U.S. Federal Reserve is caught between a rock and a hard place, after committing to a US$12 trillion stimulus package to bail out the financial system. It is caught in a dilemma on whether to keep interest rates artificially low, which might further depress the already weak dollar caused by a steady outflow of smart money that is wary of the massive money supply overhang (the author thinks) and hence force inflation expectations even higher, or to hint a rate raise, which might stamp out any so-called green shoots in the still ailing economy.
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Xie’s article entitled "Tight Spot for Fed, Blind Spot for Investors" explains succinctly how the U.S. Federal Reserve is caught between a rock and a hard place, after committing to a US$12 trillion stimulus package to bail out the financial system. It is caught in a dilemma on whether to keep interest rates artificially low, which might further depress the already weak dollar caused by a steady outflow of smart money that is wary of the massive money supply overhang (the author thinks) and hence force inflation expectations even higher, or to hint a rate raise, which might stamp out any so-called green shoots in the still ailing economy.
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Saturday, July 25, 2009
Singapore Fans Unhappy With Aloof Treatment From Liverpool Stars
Liverpool Echo.co.uk, 25 Jul 2009, James Pearce
IN THAILAND it seemed Liverpool could do no wrong but here in Singapore they have come in for some stick.
Fans are unhappy that unlike eight years ago they weren’t able to welcome the players at Changi Airport.
Back then around 500 camped out to get a glimpse of their heroes but this time the squad arrived on a chartered flight at the VIP terminal where access is restricted.
Supporters have also hit out at the ring of steel around the team’s Mandarin Oriental Hotel.
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IN THAILAND it seemed Liverpool could do no wrong but here in Singapore they have come in for some stick.
Fans are unhappy that unlike eight years ago they weren’t able to welcome the players at Changi Airport.
Back then around 500 camped out to get a glimpse of their heroes but this time the squad arrived on a chartered flight at the VIP terminal where access is restricted.
Supporters have also hit out at the ring of steel around the team’s Mandarin Oriental Hotel.
Read More
Spore's Dream Of Education Hub Scuttled By Scams
The Star Online, 25 Jul 2009, Seah Chiang Nee
SINGAPORE’S bid to turn the dream of millions of Asians for a 21st century education into a big business has run into a snag.
Two news headlines last week explained part of it: the first read, “Business school shut down for selling fake degrees”, and then a day later, “A second case of bogus certificates”.
Hundreds of students found their higher studies rudely interrupted when the two rogue schools were ordered to close, forcing them to scramble for alternatives or drop their study pursuits.
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SINGAPORE’S bid to turn the dream of millions of Asians for a 21st century education into a big business has run into a snag.
Two news headlines last week explained part of it: the first read, “Business school shut down for selling fake degrees”, and then a day later, “A second case of bogus certificates”.
Hundreds of students found their higher studies rudely interrupted when the two rogue schools were ordered to close, forcing them to scramble for alternatives or drop their study pursuits.
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Merrill Lynch upgrades Singapore banks
Business Times (Malaysia), 25 Jul 2009, Bloomberg
SINGAPORE: DBS Group Holdings Ltd and Oversea-Chinese Banking Corp shares had their ratings upgraded to “buy” from “neutral” at Bank of America’s Merrill Lynch & Co unit on optimism earnings will improve as Singapore’s economy recovers.
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SINGAPORE: DBS Group Holdings Ltd and Oversea-Chinese Banking Corp shares had their ratings upgraded to “buy” from “neutral” at Bank of America’s Merrill Lynch & Co unit on optimism earnings will improve as Singapore’s economy recovers.
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Friday, July 24, 2009
Singapore’s Production Falls as Electronics, Chemicals Slide
Bloomberg.com, 24 Jul 2009, Shamim Adam
July 24 (Bloomberg) -- Singapore’s industrial production fell for the first time in three months in June as electronics and chemicals output dropped and a surge in pharmaceuticals manufacturing eased.
Manufacturing, which accounts for about a quarter of Singapore’s economy, declined 9.3 percent from a year earlier following a revised 2.1 percent gain in May, the Economic Development Board said today. The median forecast in a Bloomberg survey of nine economists was for a 6.4 percent drop.
Read More
Related:
Singapore manufacturing recovery stalls - Forbes.com
Singapore Industrial Output Falls In June - RTTNews
Singapore manufacturing recovery stalls - Mysinchew.com
S’pore manufacturing rebound fizzles out - Business Times (Malaysia)
July 24 (Bloomberg) -- Singapore’s industrial production fell for the first time in three months in June as electronics and chemicals output dropped and a surge in pharmaceuticals manufacturing eased.
Manufacturing, which accounts for about a quarter of Singapore’s economy, declined 9.3 percent from a year earlier following a revised 2.1 percent gain in May, the Economic Development Board said today. The median forecast in a Bloomberg survey of nine economists was for a 6.4 percent drop.
Read More
Related:
Singapore manufacturing recovery stalls - Forbes.com
Singapore Industrial Output Falls In June - RTTNews
Singapore manufacturing recovery stalls - Mysinchew.com
S’pore manufacturing rebound fizzles out - Business Times (Malaysia)
Fall In Singapore Private Home Prices Moderates In Q2
RTTNews, 24 Jul 2009
Private home prices in Singapore fell 4.7% in the second quarter, compared with the previous three months, the Urban Redevelopment Authority said Friday. That was less than the initial estimate of a 5.9% drop.
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Private home prices in Singapore fell 4.7% in the second quarter, compared with the previous three months, the Urban Redevelopment Authority said Friday. That was less than the initial estimate of a 5.9% drop.
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Singapore keeps top spot in expat survey, HK slips
Reuters, 24 Jul 2009, Susan Fenton
HONG KONG (Reuters) - Singapore has retained its status as the best location for expatriates in Asia while Hong Kong has fallen behind Tokyo because of bad air pollution, an annual survey released on Wednesday shows.
Singapore was ranked the best location for the 10th straight year, followed by Japanese cities Kobe, Yokohama and Tokyo, according to the survey by London-based ECA, which ranks cities by climate, air quality, health services, housing and personal safety, among other categories.
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HONG KONG (Reuters) - Singapore has retained its status as the best location for expatriates in Asia while Hong Kong has fallen behind Tokyo because of bad air pollution, an annual survey released on Wednesday shows.
Singapore was ranked the best location for the 10th straight year, followed by Japanese cities Kobe, Yokohama and Tokyo, according to the survey by London-based ECA, which ranks cities by climate, air quality, health services, housing and personal safety, among other categories.
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David’s Singapore trial fair and transparent: Foreign Ministry
The Jakarta Post, 24 Jul 2009, Ary Hermawan
The Indonesian government will not interfere with the verdict of the Singaporean coroner’s court, which is currently hearing the case of an Indonesian student who died at Nanyang Technological University in March, the Foreign Ministry said Friday.
“We believe the trial was carried out fairly and with transparency,” ministry spokesperson Teuku Faizasyah said. “Indonesians, including David’s close friends, testified at the court.”
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Related:
Family of Indonesian Student Dead in Singapore Await Coroner's Verdict - Jakarta Globe
The Indonesian government will not interfere with the verdict of the Singaporean coroner’s court, which is currently hearing the case of an Indonesian student who died at Nanyang Technological University in March, the Foreign Ministry said Friday.
“We believe the trial was carried out fairly and with transparency,” ministry spokesperson Teuku Faizasyah said. “Indonesians, including David’s close friends, testified at the court.”
Read More
Related:
Family of Indonesian Student Dead in Singapore Await Coroner's Verdict - Jakarta Globe
SingTel CEO: Evaluating Investment Opportunities In China
The Wall Street Journal, 24 Jul 2009, Dow Jones
SINGAPORE (Dow Jones)--Singapore Telecommunications Ltd.'s (Z74.SG) chief executive, Chua Sock Koong, said Friday that the company continues to evaluate investment opportunities in China.
She was speaking to shareholders at the company's annual general meeting.
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SINGAPORE (Dow Jones)--Singapore Telecommunications Ltd.'s (Z74.SG) chief executive, Chua Sock Koong, said Friday that the company continues to evaluate investment opportunities in China.
She was speaking to shareholders at the company's annual general meeting.
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SingTel says hard to gain market share in downturn
Reuters, 24 Jul 2009, Harry Suhartono
SINGAPORE, July 24 (Reuters) - Singapore Telecommunications (STEL.SI), Southeast Asia's largest telco, said on Friday it would be difficult to gain market share in the current economic environment.
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SINGAPORE, July 24 (Reuters) - Singapore Telecommunications (STEL.SI), Southeast Asia's largest telco, said on Friday it would be difficult to gain market share in the current economic environment.
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SGX and Singapore locals form association to promote trading
Futures and Options Intelligence, 24 Jul 2009
Singapore Exchange and a group of its members have launched the Association of Financial and Commodity Traders (Singapore), to represent the interests of SGX traders and help them with professional training.
The new organisation said in a statement on Thursday July 23 that it wanted to create “a unified platform” representing the interests of professional derivatives traders on SGX, previously known as locals.
Link
Singapore Exchange and a group of its members have launched the Association of Financial and Commodity Traders (Singapore), to represent the interests of SGX traders and help them with professional training.
The new organisation said in a statement on Thursday July 23 that it wanted to create “a unified platform” representing the interests of professional derivatives traders on SGX, previously known as locals.
Link
Police put up camera at Speakers' Corner
Singapore Democrats, 23 Jul 2009
Just when you thought that freedom of expression could not become any more farcical in Singapore, the police install a CCTV at Hong Lim Park.
Already, public speaking is banned in Singapore, a group of 5 or more persons gathered to "support or oppose the views of any person" require a permit (that the police categorically state they will not grant), and even one person conducting a protest can be considered an illegal assembly and ordered to disperse.
Freedom of expression is strictly confined to Speakers' Corner. On Tuesday this week, however, workmen were seen installing surveillance cameras at the venue.
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Just when you thought that freedom of expression could not become any more farcical in Singapore, the police install a CCTV at Hong Lim Park.
Already, public speaking is banned in Singapore, a group of 5 or more persons gathered to "support or oppose the views of any person" require a permit (that the police categorically state they will not grant), and even one person conducting a protest can be considered an illegal assembly and ordered to disperse.
Freedom of expression is strictly confined to Speakers' Corner. On Tuesday this week, however, workmen were seen installing surveillance cameras at the venue.
Read More
Dato Leila Mama Lee Kuan Yew?
BruDirect.com, 24 Jul 2009
Bandar Seri Begawan - To commemorate the historic Sultan Omar 'Ali Saifuddien (SOAS) Memorial Lecture held in conjunction with the National Day Silver Jubilee, two photo-story books containing pictures taken of that day were donated to two agencies at the Yayasan Sultan Haji Hassanal Bolkiah (SHHB) headquarters yesterday.
Published by York Imaging Sdn Bhd, the books were donated to the two agencies that had a major role in the event, namely Yayasan SHHB and the Singapore High Commission for inviting Singapore's Minister Mentor, Dato Leila Mama Lee Kuan Yew to host and deliver a lecture at the event.
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Bandar Seri Begawan - To commemorate the historic Sultan Omar 'Ali Saifuddien (SOAS) Memorial Lecture held in conjunction with the National Day Silver Jubilee, two photo-story books containing pictures taken of that day were donated to two agencies at the Yayasan Sultan Haji Hassanal Bolkiah (SHHB) headquarters yesterday.
Published by York Imaging Sdn Bhd, the books were donated to the two agencies that had a major role in the event, namely Yayasan SHHB and the Singapore High Commission for inviting Singapore's Minister Mentor, Dato Leila Mama Lee Kuan Yew to host and deliver a lecture at the event.
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Singapore Air Loses Passengers to ‘McDonald’s Model’ Airlines
Bloomberg.com, 24 Jul 2009, Chan Sue Ling
uly 24 (Bloomberg) -- Jimmy Lim Chin Hwa abandoned Singapore Airlines Ltd.’s coach class for budget carrier Jetstar Asia Airways Pte two years ago to save 65 percent on the cost of flying. He’s noticed more people following suit.
“Normally, the flights are half full but since the start of the year it’s packed,” said Lim, 50, a marketing manager at Unicane Furniture Pte, waiting to board a flight at Singapore’s Changi airport to Indonesia. “The bigger airlines are just too expensive.”
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uly 24 (Bloomberg) -- Jimmy Lim Chin Hwa abandoned Singapore Airlines Ltd.’s coach class for budget carrier Jetstar Asia Airways Pte two years ago to save 65 percent on the cost of flying. He’s noticed more people following suit.
“Normally, the flights are half full but since the start of the year it’s packed,” said Lim, 50, a marketing manager at Unicane Furniture Pte, waiting to board a flight at Singapore’s Changi airport to Indonesia. “The bigger airlines are just too expensive.”
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Law firms form first China-Singapore JV to target India
ALB Legal News, 24 Jul 2009, Rashida Yosufzai
Singapore's Central Chambers and China's largest firm by headcount, Dacheng, have formed a JV designed to capture clients expanding to India and China.
The firm, named Dacheng Central Chambers, is based within Central Chambers' Singapore office and currently counts 14 lawyers and seven partners qualified to advise on Singapore, China, India and Thailand laws. It is the first China-Singapore JV firm, and one of the few Chinese firms with Indian lawyers.
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Singapore's Central Chambers and China's largest firm by headcount, Dacheng, have formed a JV designed to capture clients expanding to India and China.
The firm, named Dacheng Central Chambers, is based within Central Chambers' Singapore office and currently counts 14 lawyers and seven partners qualified to advise on Singapore, China, India and Thailand laws. It is the first China-Singapore JV firm, and one of the few Chinese firms with Indian lawyers.
Read More
Hwang-DBS opens banking unit in Phnom Penh
The Star Online, 24 Jul 2009
PETALING JAYA: Integrated financial services group Hwang-DBS (M) Bhd launched its flagship commercial entity, the HwangDBS Commercial Bank Plc (HwangDBS CB), in Phnom Penh yesterday.
In a statement, Hwang-DBS Malaysia said Cambodia’s position as an increasingly attractive international destination for business and foreign direct investments met the group’s strategic positioning goals for HwangDBS CB.
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PETALING JAYA: Integrated financial services group Hwang-DBS (M) Bhd launched its flagship commercial entity, the HwangDBS Commercial Bank Plc (HwangDBS CB), in Phnom Penh yesterday.
In a statement, Hwang-DBS Malaysia said Cambodia’s position as an increasingly attractive international destination for business and foreign direct investments met the group’s strategic positioning goals for HwangDBS CB.
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Perks Trimmed for Expatriate Financiers in Hong Kong
The New York Times, 23 Jul 2009, Reuters
For most financial market professionals in this city and other hubs across Asia, the days of extravagant expatriate life have ended. For now, at least.
The standard housing allowance of 200,000 Hong Kong dollars, or $25,641, per month for top bankers is gone or going, in most cases.
Paid-for chauffeurs to carry executives and their families around the steep hills of Hong Kong are scarcer, as are free memberships to exclusive country, golf or dinner clubs that may otherwise cost more than 2.1 million dollars to join.
Read More
For most financial market professionals in this city and other hubs across Asia, the days of extravagant expatriate life have ended. For now, at least.
The standard housing allowance of 200,000 Hong Kong dollars, or $25,641, per month for top bankers is gone or going, in most cases.
Paid-for chauffeurs to carry executives and their families around the steep hills of Hong Kong are scarcer, as are free memberships to exclusive country, golf or dinner clubs that may otherwise cost more than 2.1 million dollars to join.
Read More
One-Year Countdown To Singapore 2010 Youth Games
GamesBids.com, 23 Jul 2009
The Singapore 2010 Youth Games will be celebrating the one-year countdown August 14 to the first ever Youth Olympic Games being held August 14, 2010.
Five thousand athletes and officials from the 205 National Olympic Committees will be at the event along with an estimated 800 media representatives, 20,000 local and international volunteers, and more than 500,000 spectators.
Read More
The Singapore 2010 Youth Games will be celebrating the one-year countdown August 14 to the first ever Youth Olympic Games being held August 14, 2010.
Five thousand athletes and officials from the 205 National Olympic Committees will be at the event along with an estimated 800 media representatives, 20,000 local and international volunteers, and more than 500,000 spectators.
Read More
Thursday, July 23, 2009
Official figures show steep decline in property prices in Singapore
Property Wire, 22 Jul 2009
Residential property prices in Singapore have suffered an unexpected further decline in the second quarter of 2009 despite a frenzy of buying, according to the latest official figures.
Prices fell 5.9% from April to June following an even steeper 14.1% decline in the first quarter of the year, the data from the Urban Redevelopment Authority show.
Read More
Related:
Singapore's Real Estate Prices Plummet - Nuwireinvestor.com
Residential property prices in Singapore have suffered an unexpected further decline in the second quarter of 2009 despite a frenzy of buying, according to the latest official figures.
Prices fell 5.9% from April to June following an even steeper 14.1% decline in the first quarter of the year, the data from the Urban Redevelopment Authority show.
Read More
Related:
Singapore's Real Estate Prices Plummet - Nuwireinvestor.com
CEO & MD of Temasek's Fullerton India Quits
The Economic Times, 23 Jul 2009
NEW DELHI: After establishing Fullerton India’s operations in the country and growing it from the pilot stage in 2006 into one of India’s largest retail finance companies, G S Sundararajan, managing director & CEO of Fullerton India, has decided to step down from his position in the company to pursue other professional goals.
Sundararajan came on board to establish Fullerton India Credit Company Ltd in 2005. Fullerton India, a subsidiary of Fullerton Financial Holdings, a subsidiary of Temasek Holdings, Singapore, was established to set up a financial services network in India to cater to the vast under-served urban mass market.
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NEW DELHI: After establishing Fullerton India’s operations in the country and growing it from the pilot stage in 2006 into one of India’s largest retail finance companies, G S Sundararajan, managing director & CEO of Fullerton India, has decided to step down from his position in the company to pursue other professional goals.
Sundararajan came on board to establish Fullerton India Credit Company Ltd in 2005. Fullerton India, a subsidiary of Fullerton Financial Holdings, a subsidiary of Temasek Holdings, Singapore, was established to set up a financial services network in India to cater to the vast under-served urban mass market.
Read More
Anti-Gay Thio Li-Ann Withdraws From NYU Appointment
Press Statement
The New York Times, 22 Jul 2009
Statement from Dean Richard L. Revesz of the New York University School of Law
I am writing to let you know that Professor Li-ann Thio informed me today that she is canceling her Fall visit to NYU Law School as a Global Visiting Professor as a result of the controversy surrounding her views regarding homosexuality and gay rights. She explained that she was disappointed by what she called the atmosphere of hostility by some members of our community towards her views and by the low enrollments in her classes. The Law School will therefore cancel the course on Human Rights in Asia and the seminar on Constitutionalism in Asia, which she had been scheduled to teach.
Read More
Related:
Dr. Thio Is Not Coming To NYU Law - Above the Law
Singapore professor won't teach at NY school - Newsday.com
Professor Thio’s withdrawal from her stint at NYU – Differences in educational cultures - The Kent Ridge Common
Anti-Gay Scholar Rejects NYU - Inside Higher Ed
Anti-Gay Singapore Prof Li-Ann Thio Won't Be Coming to NYU. So, That's Good? - Queerty
Anti-gay Singapore prof cancels NYU stint after uproar - AFP
The New York Times, 22 Jul 2009
Statement from Dean Richard L. Revesz of the New York University School of Law
I am writing to let you know that Professor Li-ann Thio informed me today that she is canceling her Fall visit to NYU Law School as a Global Visiting Professor as a result of the controversy surrounding her views regarding homosexuality and gay rights. She explained that she was disappointed by what she called the atmosphere of hostility by some members of our community towards her views and by the low enrollments in her classes. The Law School will therefore cancel the course on Human Rights in Asia and the seminar on Constitutionalism in Asia, which she had been scheduled to teach.
Read More
Related:
Dr. Thio Is Not Coming To NYU Law - Above the Law
Singapore professor won't teach at NY school - Newsday.com
Professor Thio’s withdrawal from her stint at NYU – Differences in educational cultures - The Kent Ridge Common
Anti-Gay Scholar Rejects NYU - Inside Higher Ed
Anti-Gay Singapore Prof Li-Ann Thio Won't Be Coming to NYU. So, That's Good? - Queerty
Anti-gay Singapore prof cancels NYU stint after uproar - AFP
Chip Goodyear - The Goodbye Guy
Asia Sentinel, 23 Jul 2009
The resignation of Charles "Chip" Goodyear halfway through the period between his appointment in March as chief executive designate of Temasek and his assumption of the post in October is yet another illustration of a long established principle: never disagree with a member of the ruling family.
Whether or not he was a good choice for the job, the appointment of this investment banker and former boss of BHP-Billiton was hailed as a sincere effort to bring fresh thinking to the management of a massive fund which had suffered badly from Ho Ching's overenthusiasm for financial sector – particularly western financial sector – assets. Not only were many of these acquired at high prices, some such as Barclays and Bank of America (which had acquired the bankrupt Merrill Lynch) were sold off near the bottom of the market earlier this year while with UBS Temasek had to help out with rescue packages.
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The resignation of Charles "Chip" Goodyear halfway through the period between his appointment in March as chief executive designate of Temasek and his assumption of the post in October is yet another illustration of a long established principle: never disagree with a member of the ruling family.
Whether or not he was a good choice for the job, the appointment of this investment banker and former boss of BHP-Billiton was hailed as a sincere effort to bring fresh thinking to the management of a massive fund which had suffered badly from Ho Ching's overenthusiasm for financial sector – particularly western financial sector – assets. Not only were many of these acquired at high prices, some such as Barclays and Bank of America (which had acquired the bankrupt Merrill Lynch) were sold off near the bottom of the market earlier this year while with UBS Temasek had to help out with rescue packages.
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Singapore Exchange outlines pay, perks for new CEO
Reuters, 23 Jul 2009, Kevin Lim
SINGAPORE, July 23 (Reuters) - Singapore Exchange (SGXL.SI), Asia's second largest listed bourse, will pay incoming CEO Magnus Bocker a guaranteed base salary of S$750,000 ($520,800) a year and a minimum variable bonus of S$933,000 for his first seven months, the firm said on Thursday.
Bocker, who is currently president of Nasdaq OMX (NDAQ.O), will also get S$4.77 million over three years as compensation for loss of long-term incentives and bonuses at his present job.
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SINGAPORE, July 23 (Reuters) - Singapore Exchange (SGXL.SI), Asia's second largest listed bourse, will pay incoming CEO Magnus Bocker a guaranteed base salary of S$750,000 ($520,800) a year and a minimum variable bonus of S$933,000 for his first seven months, the firm said on Thursday.
Bocker, who is currently president of Nasdaq OMX (NDAQ.O), will also get S$4.77 million over three years as compensation for loss of long-term incentives and bonuses at his present job.
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Thin is in for Singapore youth
AFP, Philip Lim
SINGAPORE — Fauzi Rassull is a slim 20-year-old blogger, popular among Singapore's fashionable youngsters, who flaunts his 1.73-metre (5-foot 8-inch), 60-kilogram (132-pound) frame in glamour shots splashed on his sites.
Followers share tips on eating and Fauzi himself swears by his regimen of two meals a day consisting of bread, instant noodles and salad.
Thanks in part to anti-fat advocates like Fauzi, thin is in among Singapore teens and young adults, but experts warn that the fad is behind a worrying spike in the number of people developing eating disorders.
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SINGAPORE — Fauzi Rassull is a slim 20-year-old blogger, popular among Singapore's fashionable youngsters, who flaunts his 1.73-metre (5-foot 8-inch), 60-kilogram (132-pound) frame in glamour shots splashed on his sites.
Followers share tips on eating and Fauzi himself swears by his regimen of two meals a day consisting of bread, instant noodles and salad.
Thanks in part to anti-fat advocates like Fauzi, thin is in among Singapore teens and young adults, but experts warn that the fad is behind a worrying spike in the number of people developing eating disorders.
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Singapore consumer prices fall for third month
Forbes.com, 23 Jul 2009, Associated Press
SINGAPORE -- Singapore's consumer prices fell in June as a steep drop in crude oil reduced transportation costs and helped trigger a third month of deflation.
The consumer price index fell 0.5 percent in the 12 months through June after a 0.3 percent drop in the 12 months to May, the statistics department said Thursday. Compared to May, June's CPI also slipped 0.5 percent.
Read More
Related:
Singapore consumer prices fall for third month - Mysinchew.com
Singapore’s Consumer Prices Fall for Third Month on Transport - Bloomberg.com
Singapore's CPI Dips 0.5 Pct In June - Bernama.com
SINGAPORE -- Singapore's consumer prices fell in June as a steep drop in crude oil reduced transportation costs and helped trigger a third month of deflation.
The consumer price index fell 0.5 percent in the 12 months through June after a 0.3 percent drop in the 12 months to May, the statistics department said Thursday. Compared to May, June's CPI also slipped 0.5 percent.
Read More
Related:
Singapore consumer prices fall for third month - Mysinchew.com
Singapore’s Consumer Prices Fall for Third Month on Transport - Bloomberg.com
Singapore's CPI Dips 0.5 Pct In June - Bernama.com
Temasek, IDA - Issue of non-transparency
Commentary
Telecomasia.net, 23 Jul 2009, Robert Clark
The IDA is tipping S$1 billion ($693 million) in public money into the next-gen broadband project. That’s a lot of cash – equivalent to 12% of the revenue from the entire telecom sector last year.
IDA chief Ronnie Tay declines to say how much of this money has been spent and how and by whom, and says he has no intention of doing so. For someone whose air-conditioned office, government-issued vehicle and generous salary are part if not wholly taxpayer-funded, this seems ungrateful to say the least.
No one doubts that it is within the spirit of the Singapore ruling ethos, but you have to wonder whether is within the spirit of the 21st century.
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Telecomasia.net, 23 Jul 2009, Robert Clark
The IDA is tipping S$1 billion ($693 million) in public money into the next-gen broadband project. That’s a lot of cash – equivalent to 12% of the revenue from the entire telecom sector last year.
IDA chief Ronnie Tay declines to say how much of this money has been spent and how and by whom, and says he has no intention of doing so. For someone whose air-conditioned office, government-issued vehicle and generous salary are part if not wholly taxpayer-funded, this seems ungrateful to say the least.
No one doubts that it is within the spirit of the Singapore ruling ethos, but you have to wonder whether is within the spirit of the 21st century.
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Goodyear’s exit ‘unfortunate’, says Singapore Finance Ministry
The Malaysian Insider, 23 Jul 2009
SINGAPORE, July 23 — The Singapore Ministry of Finance (MOF) said yesterday it was “unfortunate” that Temasek Holdings' plan to install a new chief executive (CEO) had not worked out despite considerable efforts by its board and the present CEO, Ho Ching.
MOF is the parent of Temasek, the state-linked investment agency.
Read More
Related:
Temasek and US's Goodyear part ways - Financial Times
Singapore Temasek, new CEO part over strategy - The China Post
SINGAPORE, July 23 — The Singapore Ministry of Finance (MOF) said yesterday it was “unfortunate” that Temasek Holdings' plan to install a new chief executive (CEO) had not worked out despite considerable efforts by its board and the present CEO, Ho Ching.
MOF is the parent of Temasek, the state-linked investment agency.
Read More
Related:
Temasek and US's Goodyear part ways - Financial Times
Singapore Temasek, new CEO part over strategy - The China Post
Wednesday, July 22, 2009
Temasek: Bruised, or battered by Goodyear's exit?
Reuters, 22 Jul 2009, Saeed Azhar
SINGAPORE July 22 (Reuters) - Singapore state investor Temasek's plan to bring in its first foreign CEO lies in tatters as CEO-designate Chip Goodyear walked out less than six months after he was named to the top post. The departure of American Goodyear, a former BHP Billiton (BHP.AX) head, is a setback for Temasek as it tries to present a more international image, after its close government links meant its investments in Southeast Asia and the West drew fire from the public, regulators and lawmakers outside the city-state.
Read More
Related:
Chip Goodyear drops Singapore plans - The Australian
Goodyear's Shock Exit from Temasek - BusinessWeek
Goodyear’s departure from Temasek Holdings and the days ahead - The Kent Ridge Common
SINGAPORE July 22 (Reuters) - Singapore state investor Temasek's plan to bring in its first foreign CEO lies in tatters as CEO-designate Chip Goodyear walked out less than six months after he was named to the top post. The departure of American Goodyear, a former BHP Billiton (BHP.AX) head, is a setback for Temasek as it tries to present a more international image, after its close government links meant its investments in Southeast Asia and the West drew fire from the public, regulators and lawmakers outside the city-state.
Read More
Related:
Chip Goodyear drops Singapore plans - The Australian
Goodyear's Shock Exit from Temasek - BusinessWeek
Goodyear’s departure from Temasek Holdings and the days ahead - The Kent Ridge Common
Singapore to cease full guarantee on bank deposits by 2010
Reuters, 22 Jul 2009, Kevin Plumberg
Monetary authorities from Hong Kong, Singapore and Malaysia said on Wednesday they will coordinate a scheduled exit from full guarantees offered on bank deposits during the financial crisis by the end of 2010.
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Monetary authorities from Hong Kong, Singapore and Malaysia said on Wednesday they will coordinate a scheduled exit from full guarantees offered on bank deposits during the financial crisis by the end of 2010.
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Singapore reports two more deaths related to influenza H1N1
Earth Times, 22 Jul 2009, DPA
Singapore - Singapore on Wednesday reported two more fatalities related to H1N1 influenza. A 13-year-old boy suffering from epilepsy died of a prolonged epileptic seizure with influenza H1N1 infection as a contributing factor, the Health Ministry said.
The other victim, a 55-year-old man with an advanced motor neuron disease, died of severe pneumonia and H1N1 influenza.
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Singapore - Singapore on Wednesday reported two more fatalities related to H1N1 influenza. A 13-year-old boy suffering from epilepsy died of a prolonged epileptic seizure with influenza H1N1 infection as a contributing factor, the Health Ministry said.
The other victim, a 55-year-old man with an advanced motor neuron disease, died of severe pneumonia and H1N1 influenza.
Read More
Hong Kong Banks Agree to Repurchase Lehman Minibonds
Bloomberg.com, 22 Jul 2009, Kelvin Wong, Theresa Tang and Sophie Leung
July 22 (Bloomberg) -- BOC Hong Kong Holdings Ltd. and 15 other banks agreed to pay at least 60 cents on the dollar to investors in notes linked to failed Lehman Brothers Holdings Inc. after a 10-month dispute that stirred street protests and forced lenders to change the way they sell investment products.
The banks will repurchase the so-called Lehman minibonds in two stages, Securities and Futures Commission Chief Executive Martin Wheatley said at a press conference today. The total compensation will amount to about HK$6.3 billion ($813 million), said central bank Deputy Chief Executive Y.K. Choi.
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July 22 (Bloomberg) -- BOC Hong Kong Holdings Ltd. and 15 other banks agreed to pay at least 60 cents on the dollar to investors in notes linked to failed Lehman Brothers Holdings Inc. after a 10-month dispute that stirred street protests and forced lenders to change the way they sell investment products.
The banks will repurchase the so-called Lehman minibonds in two stages, Securities and Futures Commission Chief Executive Martin Wheatley said at a press conference today. The total compensation will amount to about HK$6.3 billion ($813 million), said central bank Deputy Chief Executive Y.K. Choi.
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MDA To Sponsor US$2.5 Million For Korean Monster Movie Sequel
ScreenDaily.com, 22 Jul 2009, Jean Noh
Singaporean production company Boku Films has signed an MOU with Korea’s Chungeorahm to co-produce and invest $5m in the Korean sequel to hit monster movie The Host.
Chungeorahm CEO Choi Yong-bae signed the deal with Boku Films head Kelvin Tong last night at the Puchon International Fantastic Film Festival (PiFan) during the Network of Asian Fantastic Films (NAFF) Singapore Spotlight event.
Also present was Kenneth Tan, head of Singapore’s Media Development Authority (MDA), which will contribute 50% or $2.5m of Boku Films’ investment.
Read More
Related:
'Host 2' gets Singapore backer - Hollywoodreporter.com
Singaporean production company Boku Films has signed an MOU with Korea’s Chungeorahm to co-produce and invest $5m in the Korean sequel to hit monster movie The Host.
Chungeorahm CEO Choi Yong-bae signed the deal with Boku Films head Kelvin Tong last night at the Puchon International Fantastic Film Festival (PiFan) during the Network of Asian Fantastic Films (NAFF) Singapore Spotlight event.
Also present was Kenneth Tan, head of Singapore’s Media Development Authority (MDA), which will contribute 50% or $2.5m of Boku Films’ investment.
Read More
Related:
'Host 2' gets Singapore backer - Hollywoodreporter.com
Temasek to Stick With Ho After Ending Goodyear Hire
Bloomberg.com, 22 Jul 2009, Netty Ismail
July 22 (Bloomberg) -- Five months after Temasek Holdings Pte named its first foreigner as chief executive officer, the collapse of Charles “Chip” Goodyear’s appointment leaves the Singapore state-owned investment fund with Ho Ching at the helm.
“It does raise questions about whether Singapore and Temasek really wanted to take a new direction,” said Brad Setser, a fellow for geoeconomics at the Council on Foreign Relations in New York. “But we won’t know the answer to that until we know who the new leader of Temasek will be and what policies will be put in place.”
Read More
Related:
Temasek Scraps Plan for American Chief - DealBook Blog NYTimes.com
Goodyear's Singapore sling - Business Spectator
Singapore Temasek, new CEO part over strategy - The Star Online
Temasek about-turn on Goodyear - BusinessDay
At Temasek, a Foreign CEO-to-Be Won't - The Wall Street Journal
July 22 (Bloomberg) -- Five months after Temasek Holdings Pte named its first foreigner as chief executive officer, the collapse of Charles “Chip” Goodyear’s appointment leaves the Singapore state-owned investment fund with Ho Ching at the helm.
“It does raise questions about whether Singapore and Temasek really wanted to take a new direction,” said Brad Setser, a fellow for geoeconomics at the Council on Foreign Relations in New York. “But we won’t know the answer to that until we know who the new leader of Temasek will be and what policies will be put in place.”
Read More
Related:
Temasek Scraps Plan for American Chief - DealBook Blog NYTimes.com
Goodyear's Singapore sling - Business Spectator
Singapore Temasek, new CEO part over strategy - The Star Online
Temasek about-turn on Goodyear - BusinessDay
At Temasek, a Foreign CEO-to-Be Won't - The Wall Street Journal
Temasek and Transparency—II
The Wall Street Journal, 21 Jul 2009
‘We hired the best,” Singapore founder Lee Kuan Yew said last month, referring to the incoming head of state-owned investment firm Temasek, Chip Goodyear. Yesterday, Temasek released a statement saying Mr. Goodyear wouldn’t be taking the job after all. Given that Temasek manages about $84 billion in taxpayer monies, Singaporeans deserve to know what happened.
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‘We hired the best,” Singapore founder Lee Kuan Yew said last month, referring to the incoming head of state-owned investment firm Temasek, Chip Goodyear. Yesterday, Temasek released a statement saying Mr. Goodyear wouldn’t be taking the job after all. Given that Temasek manages about $84 billion in taxpayer monies, Singaporeans deserve to know what happened.
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Goodyear quits Temasek over differences with board members
Reuters India, 21 Jul 2009, Saeed Azhar
SINGAPORE, July 21 (Reuters) - Singapore's Temasek Holdings [TEM.UL] said Charles (Chip) Goodyear has decided not to become the chief executive of the state investment firm due to differences over strategy, less than six months after accepting the post. Ho Ching, the wife of Singapore's prime minister and the current CEO, will continue to remain executive director and chief executive, Temasek said in a statement on Tuesday.
Read More
Related:
Ho Ching to remain CEO of Temasek - Forbes.com
Temasek says Goodyear will not be CEO - Financial Times
Temasek, Ex-CEO Designate Differed On New Invest Focus - Capital.gr
Goodyear will not become CEO of Singapore's state holding Temasek - Earth Times
Goodyear in shock exit from Singapore's Temasek - Reuters
In Reversal, Temasek Scraps Plan for American Chief - The New York Times
Singapore Temasek, new CEO part over strategy - ajc.com
Temasek abandons plan to install Chip Goodyear as chief executive - Guardian.co.uk
Goodyear will not be CEO of Temasek - MarketWatch
Top Temasek Job Shock as Former BHP Boss Passes - The Jakarta Globe
Singapore scraps plan to appoint American CEO - MSN News
Temasek Says Goodyear Won’t Be CEO After Differences - Bloomberg.com
Goodyear steps back from Temasek over 'differences' - Times Online
Singapore Temasek, new CEO part over strategy - WCAX.com
Temasek has much to explain over Goodyear - Singapore Democrats
Chip Goodyear and Temasek part company - Telegraph.co.uk
Singapore SWF switches gears on new chief - Pensions & Investments
Temasek spurns former BHP boss 'Chip' Goodyear - The Australian
SINGAPORE, July 21 (Reuters) - Singapore's Temasek Holdings [TEM.UL] said Charles (Chip) Goodyear has decided not to become the chief executive of the state investment firm due to differences over strategy, less than six months after accepting the post. Ho Ching, the wife of Singapore's prime minister and the current CEO, will continue to remain executive director and chief executive, Temasek said in a statement on Tuesday.
Read More
Related:
Ho Ching to remain CEO of Temasek - Forbes.com
Temasek says Goodyear will not be CEO - Financial Times
Temasek, Ex-CEO Designate Differed On New Invest Focus - Capital.gr
Goodyear will not become CEO of Singapore's state holding Temasek - Earth Times
Goodyear in shock exit from Singapore's Temasek - Reuters
In Reversal, Temasek Scraps Plan for American Chief - The New York Times
Singapore Temasek, new CEO part over strategy - ajc.com
Temasek abandons plan to install Chip Goodyear as chief executive - Guardian.co.uk
Goodyear will not be CEO of Temasek - MarketWatch
Top Temasek Job Shock as Former BHP Boss Passes - The Jakarta Globe
Singapore scraps plan to appoint American CEO - MSN News
Temasek Says Goodyear Won’t Be CEO After Differences - Bloomberg.com
Goodyear steps back from Temasek over 'differences' - Times Online
Singapore Temasek, new CEO part over strategy - WCAX.com
Temasek has much to explain over Goodyear - Singapore Democrats
Chip Goodyear and Temasek part company - Telegraph.co.uk
Singapore SWF switches gears on new chief - Pensions & Investments
Temasek spurns former BHP boss 'Chip' Goodyear - The Australian
Singapore Education: Embracing websites telling an alternative viewpoint
Commentary
The Kent Ridge Common, 21 Jul 2009, Kelvin Teo
SINGAPORE – The current generation of students are generally more Internet-savvy than the previous generation. They have to be. Even at the lower secondary level, the learning syllabus already has Information Technology (IT) components that require students to conduct independent research. And the Internet as we all know is a haven of viewpoints contrary to that of the establishment’s.
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The Kent Ridge Common, 21 Jul 2009, Kelvin Teo
SINGAPORE – The current generation of students are generally more Internet-savvy than the previous generation. They have to be. Even at the lower secondary level, the learning syllabus already has Information Technology (IT) components that require students to conduct independent research. And the Internet as we all know is a haven of viewpoints contrary to that of the establishment’s.
Read More
Tax Free World Association (TFWA) Closes Singapore Office
DFNIonline.com, 21 Jul 2009
Tax Free World Association (TFWA) has decided to close its administrative office in Singapore and re-allocate the costs of maintaining it to “improving the commercial coverage of the region”. The association said in a statement that it had carried out a detailed re-evaluation of how it served the Asia/Pacific region, with the results discussed by the TFWA Management Committee at its June meeting.
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Tax Free World Association (TFWA) has decided to close its administrative office in Singapore and re-allocate the costs of maintaining it to “improving the commercial coverage of the region”. The association said in a statement that it had carried out a detailed re-evaluation of how it served the Asia/Pacific region, with the results discussed by the TFWA Management Committee at its June meeting.
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Pandemic (H1N1) 2009 now the dominant flu strain in Singapore, Taiwan (China)
ReliefWeb, 21 Jul 2009, World Health Organisation
Pandemic (H1N1) 2009 has become the dominant strain of influenza in Singapore and Taiwan (China), local health authorities said, as Guam and Tonga reported their first deaths associated with the virus.
Pandemic (H1N1) 2009 makes up 53% of reported flu cases in Singapore, health officials said, reinforcing the need for continued vigilance. Local media reports quoted Health Minister Khaw Boon Wan as saying that more Singaporeans would be infected in coming weeks, and hospitals would remain alert to minimize the risks of severe illness, especially among high-risk groups.
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Pandemic (H1N1) 2009 has become the dominant strain of influenza in Singapore and Taiwan (China), local health authorities said, as Guam and Tonga reported their first deaths associated with the virus.
Pandemic (H1N1) 2009 makes up 53% of reported flu cases in Singapore, health officials said, reinforcing the need for continued vigilance. Local media reports quoted Health Minister Khaw Boon Wan as saying that more Singaporeans would be infected in coming weeks, and hospitals would remain alert to minimize the risks of severe illness, especially among high-risk groups.
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Singaporeans invest less after financial meltdown
Xinhua, 21 Jul 2009
SINGAPORE, July 21 (Xinhua) -- More than half of high-income earners in Singapore are saving more and investing less after the financial crisis struck, local media reported on Tuesday.
According to TV broadcaster Channel NewsAsia, a poll by Nielson Company showed that before the crisis, close to 39 percent from the high-income group saved most of their money.
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SINGAPORE, July 21 (Xinhua) -- More than half of high-income earners in Singapore are saving more and investing less after the financial crisis struck, local media reported on Tuesday.
According to TV broadcaster Channel NewsAsia, a poll by Nielson Company showed that before the crisis, close to 39 percent from the high-income group saved most of their money.
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Tuesday, July 21, 2009
China's sportswear brand Li-Ning opens flagship store in Singapore
Xinhua, 21 Jul 2009
SINGAPORE, July 21 (Xinhua) -- Singapore's Minister of State for Trade and Industry Lee Yi Shyan officiated at the opening of Li-Ning's badminton flagship store in Singapore, its first store in Asia outside China.
The sportswear giant Li-Ning, founded by top China gymnast Li Ning, set up its Southeast Asia regional headquarters in Singapore's newest shopping mall, Ion Orchard, according to a statement by Singapore's Ministry of State for Trade and Industry.
Read More
Related:
China's sportswear brand Li-Ning opens flagship store in Singapore - People's Daily Online
SINGAPORE, July 21 (Xinhua) -- Singapore's Minister of State for Trade and Industry Lee Yi Shyan officiated at the opening of Li-Ning's badminton flagship store in Singapore, its first store in Asia outside China.
The sportswear giant Li-Ning, founded by top China gymnast Li Ning, set up its Southeast Asia regional headquarters in Singapore's newest shopping mall, Ion Orchard, according to a statement by Singapore's Ministry of State for Trade and Industry.
Read More
Related:
China's sportswear brand Li-Ning opens flagship store in Singapore - People's Daily Online
MAS Reject Criticisms On Its Ban Decision
Thanh Nien Daily, 21 Jul 2009
The Monetary Authority of Singapore (MAS) rejected criticism that it didn’t take sufficient action against financial institutions that sold structured products tied to now bankrupt-Lehman Brothers Holdings Inc.
The MAS, as the central bank is known, said its decision to publish the results of an investigation into the sales and to ban 10 financial institutions in Singapore from selling structured notes was “unprecedented,” Lim Hng Kiang, the island’s trade minister and deputy chairman for MAS, said in parliament Monday.
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Zecotek Phonotics Received 4th Grant From EDB
Marketwire, 21 Jul 2009
Zecotek Photonics Inc. (TSX VENTURE:ZMS)(FRANKFURT:W1I), a developer of leading-edge photonics technologies for medical, industrial and scientific markets, today announced it has received another grant payment under the previously announced Government of Singapore Economic Development Board's (EDB) Research Incentive Scheme for Companies. The payments cover a portion of Zecotek's operational expenses in research and development and under the terms of the agreement, grant details remain confidential.
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Zecotek Photonics Inc. (TSX VENTURE:ZMS)(FRANKFURT:W1I), a developer of leading-edge photonics technologies for medical, industrial and scientific markets, today announced it has received another grant payment under the previously announced Government of Singapore Economic Development Board's (EDB) Research Incentive Scheme for Companies. The payments cover a portion of Zecotek's operational expenses in research and development and under the terms of the agreement, grant details remain confidential.
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Americans Spending the Most at Great Singapore Sale
AsiaTravelTips.com, 21 Jul 2009
Both local and visiting MasterCard cardholders combined, spent US$368.5 million over the first month of the Great Singapore Sale (GSS) between 29 May and 27 June 2009, an increase of 1% versus the same period last year (23 May - 21 June 2008). Overall, the number of transactions rose 14% to 3,151,586 this year.Tourist spending was up 3% compared to the same period last year, with visiting cardholders buying US$130.8 million worth of goods and services. Cardholders from the US, Australia, UK and Malaysia were the biggest spenders.
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Both local and visiting MasterCard cardholders combined, spent US$368.5 million over the first month of the Great Singapore Sale (GSS) between 29 May and 27 June 2009, an increase of 1% versus the same period last year (23 May - 21 June 2008). Overall, the number of transactions rose 14% to 3,151,586 this year.Tourist spending was up 3% compared to the same period last year, with visiting cardholders buying US$130.8 million worth of goods and services. Cardholders from the US, Australia, UK and Malaysia were the biggest spenders.
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Singapore medical monk's bizarre Perth connection
WAtoday.com.au, 21 Jul 2009, Chalpat Sonti
He's the medical monk with a lifestyle that was anything but spartan - and it has been claimed Perth was a beneficiary of his largesse.
The Venerable Shi Ming Yi is his name, and the founder of a charitable Singaporean hospital is something of a celebrity in his homeland.
Awarded the country's public service medal for his charitable healthcare work, Ming Yi, 47, once abseiled down a 45-storey tower to help raise S$6.4 million ($5.46 million).
Ming Yi, also the abbott of the Foo Hai Ch'an monastery, is accused of loaning a friend S$50,000 ($42,700) from the coffers of the Ren Ci hospital.
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He's the medical monk with a lifestyle that was anything but spartan - and it has been claimed Perth was a beneficiary of his largesse.
The Venerable Shi Ming Yi is his name, and the founder of a charitable Singaporean hospital is something of a celebrity in his homeland.
Awarded the country's public service medal for his charitable healthcare work, Ming Yi, 47, once abseiled down a 45-storey tower to help raise S$6.4 million ($5.46 million).
Ming Yi, also the abbott of the Foo Hai Ch'an monastery, is accused of loaning a friend S$50,000 ($42,700) from the coffers of the Ren Ci hospital.
Read More
Beer-drinking Singaporean model faces caning in Malaysia
AFP
KUALA LUMPUR — A religious court in Malaysia has sentenced a tearful Singaporean Muslim model to six strokes of the cane after she drank beer in a nightclub, reports said Tuesday.
Kartika Sari Dewi Shukarno, 32, pleaded guilty to consuming alcohol at a hotel nightclub in the eastern state of Pahang last year, the New Straits Times newspaper reported.
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KUALA LUMPUR — A religious court in Malaysia has sentenced a tearful Singaporean Muslim model to six strokes of the cane after she drank beer in a nightclub, reports said Tuesday.
Kartika Sari Dewi Shukarno, 32, pleaded guilty to consuming alcohol at a hotel nightclub in the eastern state of Pahang last year, the New Straits Times newspaper reported.
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APEC trade ministers discuss crisis recovery in Singapore
Xinhua, 21 Jul 2009
SINGAPORE, July 21 (Xinhua) -- Trade ministers from 21 Asia-Pacific Economic Cooperation (APEC) economies gathered here on Tuesday to discuss policy responses to the economic crisis as well as preparing for recovery in the longer-term.
The two-day Ministers Responsible for Trade meeting is the first APEC Ministerial Meeting of APEC 2009 chaired by Singapore.
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SINGAPORE, July 21 (Xinhua) -- Trade ministers from 21 Asia-Pacific Economic Cooperation (APEC) economies gathered here on Tuesday to discuss policy responses to the economic crisis as well as preparing for recovery in the longer-term.
The two-day Ministers Responsible for Trade meeting is the first APEC Ministerial Meeting of APEC 2009 chaired by Singapore.
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Critics dismiss ASEAN human rights charter
ABC Radio Australia, 21 Jul 2009
ASEAN, meeting on the Thai island resort of Phuket this week, had hoped to be recognised for its new Human Rights Commission, which it sees as a huge step in its 42-year existence.
But document details released so far have been criticised as being too vague and lacking bite.
Link
Click Here To Listen
ASEAN, meeting on the Thai island resort of Phuket this week, had hoped to be recognised for its new Human Rights Commission, which it sees as a huge step in its 42-year existence.
But document details released so far have been criticised as being too vague and lacking bite.
Link
Click Here To Listen
Singapore Airlines loss 'almost certain'
Blogging Stocks, 20 Jul 2008, Tom Johansmeyer
Staff cuts are coming for Singapore Airlines (OTC: SINGF) with calendar Q2 "almost certain" to be a money-loser. This won't be a first for the carrier, but it's definitely rare. Since going public in 1985, SINGF has only had one quarterly loss until now. It took the SARS epidemic to put this company into the red for three months, back in 2003. According to four of the five analysts polled, there was little the company could do to avert the situation.
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