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PM Lee: Years of slow growth after recession Singapore may face years of slow growth after recession Reuters - Saturday, December 6 By Neil Chatterjee and Kevin Lim SINGAPORE, Dec 5 - Singapore's economy, already in recession, may shrink in 2009 and face slow growth for years to come, the country's prime minister said, as the export-dependent city-state is hit by the fallout from the world economic crisis. Lee Hsien Loong, at a lunch hosted by Singapore's Foreign Correspondents Association, said it was not government policy to weaken its currency -- a move that could help exporters but hurt the country's standing as place for investment. "Singapore must be prepared for several years of slow growth," he said. "Even the most pessismistic bears did not anticipate the consequences of the bubbles," Lee added, referring to U.S. subprime housing woes and global trade imbalances. The central bank, which sets monetary policy by managing the Singapore dollar against a secret basket of currencies, in October switched from allowing a gradual rise in the currency to a neutral stance of zero appreciation. Some commentators expect the central bank to ease policy further by letting the currency weaken ahead of its next scheduled review in April. Lee, the son of Singapore's founding father and former Prime Minister Lee Kuan Yew, is facing his biggest test since taking office four years ago, with the country's top trading partners the United States and Europe in recession and growth in Asian neighbours slowing. Lee said policies to boost the economy would take effect immediately after being announced in an expansionary January budget. The government would partly rely on construction to help growth with project costs coming down, he said. "It makes sense for us to take advantage of that," Lee said. "The budget emphasis will be on jobs." He expects unemployment to rise, particularly in manufacturing, which accounts for about a quarter of the economy. Last month, the government pledged to spend S$2.3 billion to help firms get credit and said it would run a larger budget deficit to support an economy that it said could shrink 1 percent in 2009 and at best would expand 2 percent. BANKING SECRECY The government is trying to diversify away from manufacturing into service industries such as tourism and finance. Singapore's banks have not suffered huge writedowns on risky debts unlike peers in the United States and Europe, though top bank DBS Group <DBSM.SI> said last month it would cut 900 jobs after suffering a 38 percent drop in quarterly profit. Lee said Singapore may face political pressure from the European Union and the United States over its role as a financial centre for rich foreigners, following a landmark deal by offshore haven Liechtenstein with the United States to drop bank secrecy in cases of tax evasion. "I expect Singapore to come under pressure too," he said in response to a question on whether pressure on countries like Liechtenstein and Switzerland will help private banks based in Singapore. The government has previously denied suggestions that the country is a tax haven. It has strict bank secrecy laws and has been promoting itself as a rival financial centre to Hong Kong to attract banks such as UBS <UBSN.VX>, Credit Suisse <CSGN.VX> and Citigroup <C.N> to manage money for rich clients.

World stocks tumble as economic fears deepen AFP - Wednesday, December 3 LONDON (AFP) - - World stock markets tumbled Tuesday, dragged down by heavy losses the previous day on Wall Street after the United States confirmed it was in recession and a raft of grim data suggested worse lay around the corner. A steep interest rate cut by Australia's central bank and fresh steps by Japan to tackle the credit crunch failed to soothe investor fears. Stocks slumped in Asia, with Tokyo closing down 6.35 percent, Hong Kong sliding 5.0 percent, Seoul shedding 3.3 percent and Sydney sliding 4.2. In early European trade, London was down 1.43 percent, Frankfurt lost 1.60 percent and Paris fell 1.41. "We believe that last week's stock rally went too far and markets were ripe for a correction," said Dariusz Kowalczyk, chief investment strategist at CFC Seymour in Hong Kong. "The reason for the rebound in risk aversion was dismal data from across the globe, mostly regarding the manufacturing sector in November," he said. US manufacturing slumped to a 26-year low in November, highlighting the abrupt downturn in the world's biggest economy, a survey showed. The National Bureau of Economic Research (NBER) said the US economy had been in recession since December 2007. Investors were spooked by a report in the Wall Street Journal that investment bank Goldman Sachs -- which has fared better than many rivals during the financial crisis -- is likely to post a quarterly loss of as much as two billion dollars. Australia's central bank slashed interest rates by 100 basis points -- a larger cut than expected that dropped the official cash rate to 4.25 percent, its lowest level in more than six years. But the rate cut "didn't do anything to boost the market," said CommSec market analyst Juliette Saly. Japan's central bank meanwhile outlined new measures to make it easier for commercial banks to borrow money using corporate debt as collateral, aiming to unclog credit markets that are vital to the economy. In the 15-nation eurozone, an index of manufacturing activity hit a record low of 35.6 points last month, data revealed Monday. "I have never before seen a financial system that has been in pain for so long," said Chuo Mitsui Trust Bank strategist Yosuke Hosokawa. "Markets are wondering whether the negative situation will deepen further. My impression is that the recession will last for quite a while," he added. Investors were also keenly watching developments over the fate of the Big Three US carmakers, whose executives return to Washington this week to plead again with lawmakers for financial lifelines to help them survive. Finance ministers from the 15 countries sharing the euro failed to commit to a proposed 200-billion-euro (260 billion dollars) economic stimulus target while agreeing they need a joint anti-recession package. Traders were anticipating big interest rate cuts by the European Central Bank and the Bank of England on Thursday to fight recession in the region.

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Lead by Example ? Singapore's Temasek cuts pay to combat slowdown Reuters - Saturday, November 22 SINGAPORE, Nov 21 - Singapore's state investor Temasek Holdings [TEM.UL] said on Friday it would cut pay across the board in a bid to slash costs as the firm projects tough economic conditions in 2009 and beyond. Temasek, headed by Ho Ching, the wife of Singapore's Prime Minister Lee Hsien Loong, said senior managers had volunteered to take a pay cut of between 15 and 25 percent. "We anticipate a global recession in 2009 and possibly beyond. Therefore, Temasek will institute a firm-wide wage cut," said Robert Chong, managing director of human resources at Temasek. Chong also said the current crisis "will throw up tremendous opportunities" and that the majority of wage savings will be borne by their key managers. Temasek said it aimed to increase headcount by 15 percent over the next two years. Temasek owns stakes in global banks such as Standard Chartered <STAN.L>, Barclays <BARC.L>, Merrill Lynch <MER.N>, Bank of China <601988.SS> and India's ICICI Bank <ICBK.BO>, the stocks of which have all fallen as the credit crisis unfolded, some of them very sharply. Final government data released on Friday confirmed that Singapore was in recession. The city-state's economy shrank at a worse-than-expected rate of 6.8 percent on an annualised and seasonally adjusted basis in the third quarter, and the government said the economy may shrink next year.

Wah !...Whose real $$$ is it ??? Two town councils invested S$12m in Lehman—related structured products Channel NewsAsia - Wednesday, November 19 SINGAPORE: The financial health of two Singapore town councils remains in the black despite their investments in failed Lehman—linked structured products. Holland—Bukit Panjang and Pasir Ris—Punggol Town Councils invested a combined S$12 million using their sinking funds. Going forward, the co—ordinating chairman of PAP town councils, Dr Teo Ho Pin, said future investments will remain diversified but will be on the conservative side. Just like thousands of Singaporean investors who have lost money on failed Lehman—linked structured products, the Holland—Bukit Panjang Town Council may lose its S$8 million investment. The town council invested 6.7 per cent of its sinking funds available for investment in Lehman Brothers’ Minibond Notes, DBS High Notes 5 and Merrill Lynch’s Jubilee Series 3 Notes. It had invested another S$3 million in Pinnacle Notes Series 6, but this investment was unaffected. For Pasir Ris—Punggol, its S$4 million investments in the Minibond Series 2 and 3 amounted to 2.6 per cent of its funds. Based on the 14 PAP town councils’ latest financial statements submitted to the National Development Ministry, these investments amounted to 0.6 per cent of their total funds of S$2 billion. Like many others, the town councils are anxiously waiting to see if the Lehman Minibond notes will be making dividend payments next month. Dr Teo Ho Pin, chairman, Holland—Bukit Panjang Town Council, said: "If there is a credit event that occurs next month for the Lehman Brothers’ Minibond, then that will be a default and... there’ll be a loss on that investment." Town councils can invest up to 35 per cent of their sinking funds in financial instruments like equities, corporate bonds and funds. Holland—Bukit Panjang Town Council said while its investment income will be reduced as a result of the failed investment, its financial status remains in the black and improvement works will not be affected. During a six—year period starting from 2002, the return on its investments totalled about S$24 million. As of March 31 this year, it also has a total kitty of S$118 million. Over the last six years, the Holland—Bukit Panjang Town Council made a healthy investment return of more than four per cent every year. This is well above the average fixed deposit return of 0.9 per cent. With the investment income, the town council has been able to deal with the impact of inflation. Dr Teo continued: "Our assurance to our residents is that the sinking fund is still intact. We have adopted a very prudent approach in terms of investing our funds. "We have to continue to adopt a diversified investment strategy so we are able to achieve healthy returns for our town council funds, cyclical maintenance purposes and we have to balance between investment risk and returns." Six other PAP—run town councils also have exposure to Lehman Brothers through their fund managers’ investment portfolio. These investments total some S$4 million and account for less than one per cent of each town council’s funds available for investments. The National Development Ministry said it has no plans to amend the investment guidelines it has put in place as town councils are in the best position to decide how to manage the funds. Senior Minister of State for National Development Grace Fu told Parliament on Monday it was not practical nor desirable for the ministry to be overly prescriptive in enforcing the guidelines, which seek to achieve an optimal balance between reasonable returns and financial prudence. Hougang and Potong Pasir Town Councils, the two that are managed by opposition MPs, have earlier said they do not have any investments related to Lehman Brothers products and their sinking funds are not affected by the failed financial instruments. — CNA/vm

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Hope for S'pore investors MAS wants to focus on helping vulnerable investors Channel NewsAsia - Saturday, October 18 SINGAPORE: Singapore’s central bank has not ruled out buying back minibonds linked to failed investment bank, Lehman Brothers. But the Monetary Authority of Singapore (MAS) said its focus is to help "vulnerable customers". Many investors have asked for a replacement to take on Lehman’s role in the minibond programme and they should know if such a replacement can be found by the end of next week. If no replacement comes along, the assets could be sold so that investors could be paid. It is, however, unclear how much investors would be getting back. This has understandably caused some frustration among Singaporeans. MAS said it is now investigating the matter and could not offer more details. But it added that the probe will look into allegations that financial institutions (FIs) have breached laws or have inadequate internal controls or poor sales practices. Heng Swee Keat, managing director, MAS, said: "For cases where there are sufficient indications that the product was mis—sold or that it was clearly inappropriate given the investor’s profile and circumstances, the FI should take responsibility. Several FIs have assured MAS that they will take full responsibility in such cases." This could mean that the banks may have to compensate some investors if evidence proved that the products were mis—sold. Although thousands have been affected, MAS is more concerned about investors who are most vulnerable, such as retirees above 55 years old, those who are less educated, and first—time investors. The central bank is also reviewing its regulatory framework to cope with the changing global investment environment. About half of older S’poreans want to work for as long as they can Channel NewsAsia - Saturday, October 18 SINGAPORE: About half of Singaporeans, aged between 43 and 60, surveyed want to work for as long as they can, according to a government survey. This has prompted the Council for Third Age, an agency championing active ageing, to urge companies to get their workplaces ready for older employers. The survey also showed that among the other half who plan to retire, three in 10 of them expect to do so beyond the official retirement age. A longer life expectancy is among the factors set to make Singapore the fourth oldest population worldwide by 2050. Thus, there are growing calls for companies to pay attention to how their workforces are aging and to have a wider perspective. Gerard Ee, chairman, Council for Third Age, said: "During boom times, you’re so busy you have no time to send your employees for training. During this quieter downtime, this is the time to invest in training, to train your employees and to be prepared for the upturn." Minister, Prime Minister’s Office, Lim Boon Heng, said: "In these uncertain times, you need people to have experience. The experience would count for how the company responds to the current crisis. "Many employers would find that the older employees are valuable of the insights they have gained from the experience of past downturns." Officials said that before changes can happen, people first need to talk about the issue. That is why an upcoming international conference on reinventing retirement will become increasingly relevant when it is held here next January. The second edition of Reinventing Retirement Asia Conference will be held in Singapore for the first time. In the lead up to the event, two local companies, Alexandra Hospital and SingHealth, have been recognised for their age—friendly workplace practices. — CNA/vm

:confused: PM Lee: Future is 'cloudy' Singapore PM sees slower growth, uncertainty next yr Reuters - Saturday, October 18 SINGAPORE, Oct 17 - Singapore's Prime Minister Lee Hsien Loong said on Friday the city-state had fallen into recession and that the economic outlook over the next 12 months was uncertain. "The current global financial turmoil has clouded Singapore's economic outlook. Our economy has gone into recession," Lee said at the opening of a research and development facility. "We must expect slower growth and greater uncertainty at least over the next year." Singapore last week eased monetary policy for the first time in five years after advance data showed its trade-reliant economy contracted for a second consecutive quarter in the July-September period. The city-state's economy shrank an annualised, seasonally adjusted 6.3 percent in the third quarter, after declining 5.7 percent in the preceding quarter. The Southeast Asian nation last sank into a recession -- defined as two consecutive quarters of economic contractions -- in 2002 in a global downturn after the Sept. 11, 2001 attack.

'No MONEY, No HONEY' ! Singapore men put love on hold on financial worry Reuters - Friday, October 17 By Koh Gui Qing SINGAPORE, Oct 16 - "No money no honey" seems to be ringing true for Singapore's bridal agencies, which are seeing slowing business as the financial crisis and a looming recession hit love in the country. Matchmaking agencies in the Southeast Asian country said the financial meltdown has forced some men to think twice about spending thousands of dollars to get a wife. "About 10 percent of my customers say 'The economy is slowing down, I have no money,'" said Mark Lin, who runs the Vietnam Brides International Matchmaker in Singapore. "In the past, girls used to get married in one to two weeks. Now it takes one to two months," he said, in a tiny office along Singapore's main shopping belt where five Vietnamese women chatted under walls covered with pictures of smiling newly weds. Three to four customers pull out of their marriages each month now, forfeiting deposits paid to agencies, up from one to two clients before, Lin said. The crisis, which sparked banking turmoil from the United States to Iceland, has traversed beyond financial markets into the real economy as falling home prices and fears of losing jobs force consumers to tighten their belts. "Business has been very badly hit by the crisis. In the past, I would get around 20 calls a day. Now there are hardly any calls," said Hannah, who works at Truelove International Matchmaker in Singapore. She declined to give her last name. "Some say the financial pressures from a marriage are just too great," she said, in a country that was booming last year but is expected to see a recession in the third quarter. Couples in Singapore typically spend thousands of dollars when they tie the knot as newly weds host family and friends at a lavish dinner to mark the occasion. Matchmaking is not uncommon in the country, which has a population of 4.8 million and a low birth rate, as older men turn to professionals to find a wife. Some agencies help link up singles, while others -- like Lin's -- help customers find a prospective wife from abroad. For S$8,000 , a man can pick a wife from among the women in Lin's shop, send her to the doctor, and get his marriage registered -- all in 12 hours, but only if the woman fancies him too. If he does not fancy the women in the shop, he can pay another S$2,000 to fly to Ho Chi Minh City and meet 50-100 women in a hotel, but Lin warns customers this is illegal. "My customers are usually over 35. That is when they get disappointed with Singapore women, whom they say have too high expectations," he said. The women can stay in Singapore for only two months on visitor's passes if they are not married to a local, Lin said. But as business slows to a crawl amid a sagging economy, some women have to go home without a husband. "I hope to get married," said 19-year-old Nguyen Thi Hue, who returns to Vietnam on Thursday after two months in Singapore. "I want a husband who can dote on me and love me."

HK chief: meltdown worse than '97 Asian crisis By JEREMIAH MARQUEZ, AP Business Writer AP - Wednesday, October 15 HONG KONG - The world financial meltdown is worse than the 1997 Asian financial crisis and will take a far bigger toll on the global economy, Hong Kong's leader said Wednesday. "Its destructive force is much stronger and more widespread than the Asian financial turmoil," the territory's chief executive, Donald Tsang, said in a policy address. "The recovery will take longer, be more difficult and certainly cannot be taken lightly," he said, adding that "the worst is yet to pass." While better positioned to weather a global slump, Hong Kong's economy won't come out unscathed, he said. The local economy grew at a slower-than-expected 4.2 percent pace in the second quarter, posting its first quarter-on-quarter decline in years. "We expect the economy to slow further," said Tsang, who was elected to a five-year term last year. "As a small, open economy and a global financial center, Hong Kong is not immune to the impact of this financial tsunami." Tsang said he would set up and head a task force of government officials, industry experts and economists to monitor international markets and devise ways to bolster the government and local businesses. The move comes a day after Hong Kong announced extra measures to further support the banking system in line with global efforts. The territory's de facto central bank, the Hong Kong Monetary Authority, said it would use exchange fund reserves to guarantee the repayment of all bank deposits until 2010, regardless of the amount. The government also established a fund to make more capital available to local banks, though authorities said they didn't believe many institutions would need to tap it. Also Wednesday, Tsang pressed banks to respond within a week to a government proposal under which local banks and other sellers of Lehman Brothers-backed bonds would buy back the products from investors. The bonds' values have been in doubt since the U.S. investment bank collapsed last month, leading to street protests and widespread outrage among tens of thousands of Hong Kong investors.