I am not exactly sure when it began, but as I grew older, I am starting, more and more, to appreciate and admire MM Lee Kuan Yew's leadership in carving out a successful city state in an unstable and convulsing Southeast Asia. The underlying ideology for the Singapore political party as MM Lee remarked in his interview with IHT is driven by a pragmatic purpose - to make this place better and make it work. His interview with the IHT is definitely worth a read.
Thursday, 30 August 2007
Tuesday, 28 August 2007
So, one of DBS bank's off-balance sheet structure has difficulty finding investors. The bank had to inject emergency funds owning to the turmoil created by the sub-prime crisis in the U.S.
The bank had no obligatory provision set up initially as it thought that the structure would be funded wholly by investors. I guess now they are sitting on a pile of loans which nobody wanted and a chunk of credit risk which they did not factor into their books.
Posted by Eaststopper at 12:52
Monday, 27 August 2007
Trade and Industry Minister Lim Hng Kiang. -- ST PHOTO: ASHLEIGH SIM
Well, it is about time that the Singapore economy shows signs of heating, as evident in Mr Lim Hng Kiang's address to the Parliment on Monday.
I was just as surprised to find that our CPI has only increased at an annual rate of 1% over the last three years. Surprisingly, the teh tarik and the kopi had a price increase by almost 15% over the last year. Well maybe teh tarik and kopi just did not make it to the CPI basket. Guess the folks in MTI may have substituted hot beverages with hot tap water.
'We look at an inflation forecast of between 1 to 2 per cent this year, which is a little higher than our previous years, but definitely still reasonable, considering that this is more than 16 quarters of growth,' Mr Lim told MPs.
Given MAS' exchange rate policy for keeping inflation in check, expect a modest strengthening of the Singapore dollar against our main trading partners like U.S, EuroZone and Malaysia.