Planned Succession Makes Leadership Transitions In Singapore Stable, Says Chok Tong
Bernama.com, 18 Oct 2008, Zakaria Abdul WahabSINGAPORE, Oct 18 (Bernama) -- The culture of planned political succession of prime ministers and ministers on the basis of merit has made political transitions in Singapore stable, orderly and predictable, Senior Minister Goh Chok Tong said Saturday.He said Singapore had been systematically identifying good men and women with the character, values, drive, motivation and commitment to stand for elections and lead the republic.This was what distinguished Singapore from other countries, he said after being conferred the University of Pretorias honorary doctorate in business administration at the National University of Singapore, here.Read More
Defamation suits necessary, Singapore tells rights group
AFP, 18 Oct 2008SINGAPORE (AFP) — Singapore's government has defended itself against a charge of using defamation suits to stifle dissent, saying they are necessary for protection against unfounded allegations by political opponents.Human Rights Watch on Friday urged Singapore's leaders to stop using libel suits to silence its critics after an opposition party was ordered to pay hundreds of thousands of dollars in damages."In Singapore, opposition politicians have the right to criticise the government and government leaders, but that does not entitle them to tell lies or defame," said information ministry spokeswoman K. Bhavani late Friday.Read More
Singapore's Goh hails China's response to world financial storm
Xinhua, 18 Oct 2008SINGAPORE, Oct. 18 (Xinhua) -- Singapore's Senior Minister Goh Chok Tong has praised China for its response to the Asian financial crisis in 1997 and the current global financial storm, which is believed to have serious impact on the world economy.In a recent interview with China's Central Television Station, Goh said that China held its national currency and did not devalue it in 1997, which would have put further pressure on other currencies, local English newspaper "The Straits Times" reported on Saturday. Read More
Rainbow at the end of the crisis
The Star Online, 18 Oct 2008, Seah Chiang NeeSingapore is confident that it can emerge from the current world financial crisis along with several others, including Hong Kong, Tokyo, Dubai and Shanghai, to form a new global financial bloc.HOW do Singaporeans who have lived a sheltered life cope with the current recession and global dislocation? Answer: Surprisingly well!Judging by the sentiments expressed both in the new and old media, this new generation appears to show a sharp awareness of the potential trouble.If anything, the worries sometimes border on the exaggerated as though the end of world order is nigh, but most of the time Singaporeans are well-informed and realistic.Read More
Singapore Expects Greater Economic Uncertainties Next Year
Bernama.com, 18 Oct 2008SINGAPORE, Oct 17 (Bernama) -- Singapore is expected to have slower economic growth and greater uncertainties at least over the next year, said Prime Minister Lee Hsien Loong Friday."The current global financial turmoil has clouded Singapores economic outlook," he said when opening the republics second major research and development (R&D) hub, Fusionopolis.Its first major hub, Biopolis which focused on biomedical sciences opened five years ago.Read More
In Singapore, an Uphill Battle for Justice and Basic Rights
RobertAmsterdam.com, 17 Oct 2008Many readers of this blog are already familiar with the Singaporean pro-democracy activist and opposition politician Dr. Chee Soon Juan, who has published a number of essays on this blog. His organization's tireless struggle to assert basic constitutional rights has direct parallels to the struggle for justice in Russia, and the similarities between these two illiberal authoritarian capitalist systems are clear and abundant.Like many in Russia, Dr. Chee's efforts have brought about a severe and unjust crackdown from the state, who appear to be seeking to jail him once again following an upcoming trial on Oct. 22nd. I'm pleased to announce that my law firm has agreed to represent Chee Soon Juan and his party on a pro bono basis, to assist him in every way possible to continue his good work to bring democracy to Singapore.Read More
Rights group criticizes Singapore defamation suits
GMANews.TV, 17 Oct 2008, APSINGAPORE – An international rights group called Friday on Singapore to stop using defamation lawsuits to stifle criticism and bankrupt opposition politicians.The criticism by Human Rights Watch came in response to the High Court's decision this week to order Chee Soon Juan and his opposition Singapore Democratic Party to pay US$416,000 to Prime Minister Lee Hsien Loong and his father, Lee Kuan Yew, in damages stemming from a 2006 defamation case.Human Rights Watch said the decision was an example of how the city-state's rulers use strict free speech laws to squash political dissent.Read MoreRelated News: Rights group criticizes Singapore defamation suits - International Herald Tribune, 18 Oct 08
Merrill Continues To Pay For Mistakes
Forbes.com, 17 Oct 2008, Maurna DesmondAfter a doozy of a loss, Merrill Lynch isn't looking nearly as attractive as it did when Bank of America agreed to buy the beleaguered investment bank.Merrill Lynch posted a worse-than-expected $5.2 billion quarterly loss Thursday due to write-downs on soured real estate-related investments and asset sales made at a serious discount. Its core wealth management division also stumbled amid the sharp decline in stocks.Investors weren't enthused, but its shares gained slightly, rising 0.6%, or 11 cents, to $18.35. Bank of America, (nyse: BAC - news - people ) which recently agreed to buy Merrill, gained 1.8%, or 43 cents, to close at $24.25. The all-stock transaction has an implied price of $19.72 for each Merrill share which is a 11.2% premium to where it currently trades. This gap suggests some doubt that the deal will go through. (See "Why Merrill May Bail On BofA Deal")Read More
Singapore c.bank says probing banks on Lehman notes
Reuters, 17 Oct 2008, Jennifer TanSINGAPORE, Oct 17 (Reuters) - The Monetary Authority of Singapore (MAS) said on Friday it is investigating allegations that financial institutions mis-sold risky derivatives linked to collapsed U.S. bank Lehman Brothers to retail investors."MAS confirms that we have been conducting formal inquiries into allegations of breaches of the law, inadequate internal controls by the financial institutions or poor sales practices by their respresentatives," its managing director Heng Swee Kiat told a news conference.Read MoreRelated News:Singapore probes misconduct in Lehman bond sales - Forbes.com, 17 Oct 2008Singapore probing misconduct in sale of financial products - 18 Oct 08 Singapore central bank investigates sale of Lehman products - Earthtimes.org, 18 Oct 08
Reason For PAP/MAS Policy Change?
Sg_Review, 17 Oct 2008, Mellanie HewlittIts nice to know that after Hong Kong and Australia initiated guarantee measures, the Singapore PAP Govt has risen to follow in the footsteps and also issue guarantees on deposits in banks licenced by the MAS.Previously, this was a government that had stoutly implemented a miserly capp SGD25,000/- for such guarantees and also given little support to citizens in these difficult times, apart from raising electricity prices, extending ERP gantries and increasing the salaries of its million dollar ministers.So it really begets ths question; Why the sudden magnanimous change of heart? Are we see signs of a more caring and humane PAP?Just so every one is under no false illusions, the latest move by the MAS is not to look after the plight of the average man on the street. As every seasoned banker knows, this was a strategic move to halt the flight of capital to other safe haven countries like Australia.Countries who implemented such guarantees early can still be credited with having the noble intention to safe-guard the savings of the common folks. However, this is not the case for the PAP Government who was only prodded from its state of lethargy to follow sjuite only to prevent what would have been a migration of billions of dollars of deposits and AUMs (Assets Under Management) of the affluent and rich depositers to other private banking accounts maintained offshore in safe havens.The plight of the common average joe (who has 20-30k) is of little relevance. But as the good news is that the average depositer and common man still benefits from the policy change notwithstanding the real reasons behind the change.News Link
Singapore Sun Festival Celebrates Good Living as Markets Fall
Bloomberg.com, 17 Oct 2008, Adam MajendieOct. 17 (Bloomberg) -- As credit dries up and stocks tumble around the world, Singapore has a response: Live it up a little.Today, the Singapore Sun Festival returns for a second year, mixing theater, art, music, wine, fine dining and tai chi. Opera star Kiri Te Kanawa will sing Puccini; actor Geoffrey Rush (Captain Barbossa in ``Pirates of the Caribbean'') will narrate ``Peter and the Wolf;'' Sergio Mendes will spin his Brazilian melodies; and Chicago chef Charlie Trotter will dish up Kumomoto oysters and venison. Read More
Singapore Sept exports fall, outlook bleak
Guardian.co.uk, 17 Oct 2008, ReutersSINGAPORE, Oct 17 (Reuters) - Singapore's exports eased slightly in September as shipments to the United States and Europe dipped, hurt by a financial crisis that threatens a prolonged recession for the city-state.Analysts said the weakness in exports was consistent with last week's preliminary growth data, which showed Singapore's trade-dependent economy fell into recession for the first time in six years in the third quarter.Exports fell a seasonally adjusted 0.8 percent from August, below economists' forecast for flat growth and following a revised 1.9 percent rise in August.Read More
Singapore Exports Decline for 5th Month; Worst Slump in 6 Years
Bloomberg.com, 17 Oct 2008, Shamim AdamOct. 17 (Bloomberg) -- Singapore's exports declined for the fifth straight month, the longest contraction in six years, as companies shipped fewer electronics and pharmaceuticals to customers in the U.S. and Europe.Non-oil domestic exports slid 5.7 percent last month from a year earlier, after declining a revised 13.9 percent in August, the government's trade promotion agency said in a statement today. Economists had expected a 9.7 percent drop. Read MoreRelated News:Singapore exports fall 5.7 percent in September - Forbes.com, 17 Oct 08Singapore exports fall 5.7 percent in September - International Herald Tribune, 17 Oct 08
Temasek Hires Sipahimalani in Second Pick From Morgan Stanley
Bloomberg.com, 17 Oct 2008, Cathy ChanOct. 17 (Bloomberg) -- Temasek Holdings Pte, the Singapore government-owned investment company, said it hired Rohit Sipahimalani as managing director of investment, its second hire from Morgan Stanley since August.Sipahimalani, 42, will focus on telecoms and media investment. He replaces Alan Thompson, who will be managing director of investment focusing on Latin America, said Mark Lee, a Singapore-based spokesman for Temasek.The hiring follows Michael Dee, former chief executive officer for Southeast Asia at Morgan Stanley in Singapore, who joined Temasek in August. Investment bankers from Goldman Sachs Group Inc. and Citigroup in the region have also switched jobs recently to private equity as Wall Street banks deal with the consequences of the global credit crisis that has produced more than $660 billion in losses and writedowns worldwide. Read More
Malaysia and Singapore Guarantee All Deposits
The Wall Street Journal, 17 Oct 2008, PETER STEINHONG KONG -- Authorities in Malaysia and Singapore announced they would guarantee all foreign-currency and local-currency bank deposits after a similar guarantee by Hong Kong on Tuesday led to outflows of money from elsewhere in Asia and into the territory.The moves are likely to put pressure on other governments in the region to follow suit to prevent an exodus of cash to banking systems covered by the guarantees.Read More
`Safe Haven' Image Sparks Singapore, Switzerland: Chart of Day
Bloomberg.com, 17 Oct 2008, Lee J. MillerSingapore's ``perceived safe-haven status is misplaced -- it is the first regional economy in recession and looks like it will remain so for at least a year,'' Morgan Stanley said in a report last week. Banks, already hurt by investments in products linked to the U.S. housing market, ``will struggle at the end of the cycle when non-performing loans emerge from the deterioration.''Read More
Singapore Defence and Security Report Q3 2008
PR-insider.com, 17 Oct 2008, Companiesandmarket.comSingapore has one of the largest defence budgets in the Asia Pacific region and its armed forces and security services enjoy a high reputation for efficiency although the armed forces lack battle experience. In 2007, the government announced significant increases in spending, mainly on operating equipment. Overall spending rose 5.3% to SGD10.58bn in 2007. The Singaporeangovernment has thus raised spending slightly higher than its typical 4.5%-5% of the budget range. Singapore’s main security threats come from priacy in the crucial Malacca Straits and from regional terrorism. While generally enjoying good relations with its regional neighbours tensions have emerged with its closest neighbour Indonesia.Read More
Singapore Airlines ready for A380 battle
The Australian, 17 Ot 2008, Steve CreedyA YEAR after it began service, Singapore Airline's flagship Airbus A380 is still pulling in the crowds.Despite softer load factors across Singapore's wider network, the big bird is still filling about 90 per cent of its seats and the airline is still able to charge extra for its premium cabins, reports The Australian."The A380 has been going great since its inception," said Subhas Menon, Singapore Airlines regional vice-president for the southwest Pacific. Read More
MediaCorp Raintree boards fund
Variety.com, 16 Oct 2008, PATRICK FRATERMediaCorp Raintree Pictures has boarded Irresistible Films, a film production fund for young directors that is being launched from Hong Kong.The Singapore state-backed enterprise will take an equal share in the fund besides its two founding groups Bill Kong’s Edko Films with banker Hugh Simon and Japan’s Avex.Irresistible, run by veteran producer Nansun Shi, is armed with $25 million and aims to deliver four to six commercially oriented films per year, each with budgets in the $1 million - $3 million range.Read More
Singapore: End Efforts to Silence Opposition
Human Rights Watch, 17 Oct 2008New York, October 17, 2008) – Singapore’s leaders should end the practice of using defamation suits to stifle political opposition, Human Rights Watch said today.“Using defamation laws to silence peaceful political speech makes a mockery of Singapore’s claim to be a model democracy,” said Elaine Pearson, deputy Asia director at Human Rights Watch. “Opposition criticism of the government is an essential ingredient of a democratic political system.” Human Rights Watch urged the Singaporean government to lift legal restrictions on freedom of expression to bring the country in line with international law. On October 13, 2008, in Singapore’s latest defamation ruling, the High Court ordered the Singapore Democratic Party (SDP), its secretary general, Dr. Chee Soon Juan, and his sister, Chee Siok Chin, to pay Prime Minister Lee Hsien Loong and his father, Minister Mentor Lee Kuan Yew, a total of SD$610,000 (US$416,000). The suit stemmed from an article in the party’s newsletter comparing the way Singapore is governed to a scandal at a well-known charity. Six other defendants, all SDP central executive committee members, had previously issued an apology and paid a total of SD$340,000 (US$233,000) to the plaintiffs. The ruling threatens to compel the SDP to declare bankruptcy and shut down. The People’s Action Party has been in power since self-governance began in Singapore in 1959. In the last election in May 2006, it won 82 out of 84 parliamentary seats. The SDP has not won any seats in Parliament since 1991, when it captured three seats in its biggest election win. Dr. Chee and Ms. Chee are not the first opposition leaders to be driven into bankruptcy by defamation suits. In 2001, J.B. Jeyaretnam, the first opposition member of Parliament, who died on September 30, 2008, was made bankrupt through damages awarded to the two Lees and former Prime Minister Goh Chok Tong. Bankrupt Singaporean citizens are prohibited from running for office and may not travel abroad without permission from the government’s Insolvency and Public Trustee’s Office. In July 2008, the government refused to permit Ms. Chee to take part in a democracy leadership program at Stanford University in the United States. Dr. Chee’s travel applications have been repeatedly rejected. The assault on free speech by Singapore’s leaders extends to critical foreign publications circulating in Singapore – whether newspapers, magazines or websites. In September 2008, the Lees won a defamation suit against the Far Eastern Economic Review and its editor, Hugo Restall, for comments on the SDP case. Damages are yet to be assessed. In a further action, the government is seeking contempt proceedings against the publisher and two editors of the Asian Wall Street Journal for editorial comments related to the same case. In October 2007, the Financial Times publicly admitted it erred in its allegations that “nepotistic motives” were involved in the appointment of Lee Hsien Loong as prime minister in 2004 and the appointment of his wife, Ho Ching, as chief executive officer of Temasek Holdings, the state investment vehicle, in 2002. The Financial Times agreed to pay costs and damages. It is unclear whether the newspaper settled because the article was in error or because it wished to avoid being banned from distribution in Singapore. In 2002, Bloomberg News settled out of court a defamation suit brought by the Lees and Prime Minister Goh. Bloomberg paid SD$595,000 ($US338,000) over “nepotism” charges similar to those for which the Financial Times apologized. In 1995, Lee Kuan Yew and two others collected US$675,000 in damages from the International Herald Tribune over the nepotism story. Then Prime Minister Lee Kuan Yew also collected US$210,000 from the International Herald Tribune for an October 1994 article stating that “some East Asia governments relied on a ‘compliant’ judiciary to bankrupt opposition politicians.” “The history of defamation in Singapore shows a pattern of making people pay dearly for exercising the basic right of peaceful expression,” said Pearson. “Singapore has nothing to fear from a vocal opposition and its people have everything to gain.”News Link
India urged to emulate Singapore
South Asian Post, 16 Oct 2008 Lee Kuan Yew, the man behind the Singapore success story, has outlined his vision of the route that India should take to fast track its evolution as a developed global power.In an extensive hour-long interaction with participants at the mini Pravasi Bharatiya Divas in Singapore, Minister Mentor Lee called for a dramatic shift of Indian multitudes living in villages to cities and towns.This was the formula that Singapore used to transform this city state from a mosquito-infested swamp to the shining financial metropolis it has become, he said. And this was the route that countries across the globe, whether in Europe or America, South Korea, Japan or Taiwan, took in their struggle to become developed nations.He held up the example of China, where every year more than 10 million people are moved from the countryside to the cities, enabling the country to provide them with education, health care and quality housing.“In 1978, nearly 80 per cent of China’s population was rural and a mere 20 per cent was urban. Today, this proportion had changed to 60 per cent of the Chinese people living in rural areas, while 40 per cent of the people now live in cities and towns,” he said.Lee, who ruled Singapore for 30 years after the country became an independent republic in 1965, said he employed the same formula when he converted Singapore into the financial powerhouse it is today. He described how residents of remote islands were settled in Singapore’s main island and given access to education and housing.“I cheered when the last village in Singapore was demolished in 1980,” he said. “Today there is not a single village in Singapore.” Read More
Retail investors suffer wild ride as markets lurch
Reuters, 16 Oct 2008, Melanie LeeSINGAPORE, Oct 16 (Reuters) - A month of wild financial market swings has taken a hefty toll on retail stock investors, battering not only their portfolios but their nerves too."It's like having a heart attack everyday," said Alice, a day trader in her forties from Singapore.Read More
GIC, No.2 Shareholder of Beijing Capital Int'l Airport
Tradingmarkets.com, 16 Oct 2008Oct 16, 2008 (SinoCast via COMTEX) -- BJCHF | Quote | Chart | News | PowerRating -- Government of Singapore Investment Corp. (GIC), a large international investment institution under the Government of Singapore, has become the largest tradable shareholder of and second largest shareholder of Beijing Capital International Airport Co., Ltd. (SEHK: 0694).GIC bought a stake into the Hong Kong-listed company in secondary market transactions and then subscribed 250 million shares of the company at the end of 2008 when the latter issued 313 million more shares at HKD 7.45 per share.Read More
Merrill posts 3rd-quarter loss of $5.2 billion
International Herald Tribune, 16 Oct 2008, BloombergNEW YORK: Merrill Lynch, the investment bank being taken over by Bank of America, reported Thursday a fifth straight quarterly loss as the credit crisis saddled the firm with at least $9.5 billion of write-downs.The third-quarter net loss of $5.15 billion, or $5.58 a share, compared with a deficit of $2.24 billion, or $2.82, a year earlier, Merrill said in a statement. The average estimate of 15 analysts in a Bloomberg survey was for a loss of $5.18.Merrill had to pay Temasek Holdings $2.5 billion to offset losses the Singapore-owned fund incurred after acquiring shares of the U.S. company in December. The purchase made Temasek Merrill's biggest shareholder.Read MoreRelated News:Merrill Lynch Q3 loss widens - Update 1 - RTTNews, 16 Oct 08Merrill's Cleanup Costlier Than Expected - Forbes.com, 16 Oct 08
Singapore GIC says UBS stake will be slightly diluted
Reuters, 16 Oct 2008, Kevin LimSINGAPORE, Oct 16 (Reuters) - The Government of Singapore Investment Corp (GIC) said on Thursday its over 9 percent stake in UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) will be diluted by the Swiss government's move to invest 6 billion francs in the embattled lender."Upon conversion of the MCNs (mandatory convertible notes) held by the Swiss government, GIC's percentage interest in UBS will be slightly reduced," a GIC spokesman said in response to a Reuters query.Read More
Singapore guarantees US$102 billion of deposits
International Herald Tribune, 16 Oct 2008, The Associated PressSINGAPORE: Singapore said Thursday it will guarantee 150 billion Singapore dollars (US$102 billion) of foreign currency bank deposits for more than two years after regional finance rival Hong Kong moved to protect its deposits earlier this week.The government committed S$150 billion of its reserves to guarantee all dollar deposits of individual and nonbank customers of banks, financial companies and merchant banks until December 31, 2010, the Finance Ministry and central bank said in a joint statement.Read MoreRelated News:Singapore central bank guarantees deposits - Financial Post, 16 Oct 08Singapore Sets Aside S$150 Billion Of To Guarantee Currency Deposits - Bernama.com, 16 Oct 08Singapore, Malaysia to guarantee all bank deposits - Yahoo Asia News, 16 Oct 08Singapore Guarantees S$150 billion in Bank Deposits - RTTNews, 16 Oct 08UPDATE: Singapore, Malaysia Guarantee All Bank Deposits - CNNMoney.com, 16 Oct 2008Singapore to guarantee all bank deposits till end-2010 - AFPMalaysia and Singapore to guarantee all bank deposits - thestar online, 17 Oct 08 Singapore protects Singdollar deposits with 101.4 billion dollars - Earthtimes.org, 17 Oct 08
Singapore Offers Cut-Rent Prime Buildings for Private Museums
Bloomberg.com, 15 Oct 2008, Adam MajendieOct. 15 (Bloomberg) -- Singapore is offering state-owned properties in prime locations at reduced rent to encourage art collectors to open private museums in the city-state.The National Heritage Board, or NHB, which runs the country's museums, and the Singapore Land Authority have held preliminary discussions with collectors in Southeast Asia and are calling for applications to rent three vacant buildings, including a former catholic school and a sports hall, said Michael Koh, NHB's chief executive officer, at a media briefing. Read More
DBS Group's India Venture to Scale Back Personal Loans Business
Bloomberg.com, 15 Oct 2008, Chen ShiyinOct. 15 (Bloomberg) -- DBS Group Holdings Ltd., Southeast Asia's biggest bank, said its Indian venture will close some branches and scale back on its personal loans business.The Cholamandalam DBS Finance venture, in which Singapore- based DBS Group owns a 37.5 percent stake, is closing 75 branches within its personal loans business, the company said in an e- mailed statement today. The venture plans to focus on vehicle finance, asset management, corporate lending and home equity instead, according to the statement. Read More
SingTel Drops to Two-Year Low on Australian Dollar (Update1)
Bloomberg.com, 15 Oct 2008, Andrea TanOct. 15 (Bloomberg) -- Singapore Telecommunications Ltd. fell to the lowest in almost two years in Singapore trading on concern profit will be eroded by a drop in the Australian dollar, the currency in which the company earns two-thirds of revenue.SingTel slid 6.6 percent to close at S$2.71 on the city's stock exchange, the lowest since Nov. 6, 2006. The shares have slid 32 percent this year, compared with a 41 percent drop by the benchmark Straits Times Index. Read More
Fewer passengers for Singapore Airlines
AviationRecord.com, 16 Oct 2008SYDNEY: Singapore Airlines had a 1.6% decline in passenger numbers to 1.51 million last month compared with September last year, according to figures released in Sydney.Read More