Brace for worse times
PM Lee warns of a domino effect from Eastern Europe to Asia
By Clarissa Oon, Senior Political Correspondent
THE next six months will be especially tough for Singapore as there is worse to come in the global economy, Prime Minister Lee Hsien Loong told employers and unionists yesterday.
The US economy is sick, Western Europe has its own problems and Eastern European economies pose another danger because they have borrowed too much in foreign currencies from Western European banks.
PM Lee says: On losses by govt investment firms
'In a year like this, the only way not to lose money is to take it all out and then lock it up in a safe deposit in the bank. If you've invested in shares, if you've invested in real estate, if you've invested in nearly anything in the world, in a year like this, the value will go down.
'But what you must make sure is that you have an investment strategy which will see you through good years and bad years on a long-term basis. Not to make money every year, year by year, because that is impossible.
If Eastern European economies crash, 'it's a big problem for the European banks who are exposed to Eastern Europe, (and) it's a problem for Asia too because these same European banks are very active and big lenders in Asia'.
The domino effect from Eastern Europe would be another example of 'something far away...coming back to our part of the world' and affecting business here, he said in a speech at the NTUC Centre.
One sector which has already felt the effects of such a chain reaction is manufacturing, which makes up a quarter of Singapore's gross domestic product.
Almost everything Singapore produces is exported, so with exports down by a third due to falling global demand, manufacturing also declines by almost a third and GDP goes down by one-twelfth, the Prime Minister noted.
Trade volumes are so dismal that 'containers are being shipped from China to Europe for free' and two-thirds of the cranes at the Port of Singapore Authority are sometimes standing idle, he added.
The financial crisis has created a global industrial crisis, the latest issue of financial news weekly The Economist reported. Industrial production has fallen year-on-year by 13.8 per cent and 16.4 per cent in the United States and Britain respectively.
'Half-empty freighters are just one sign of a worldwide collapse in manufacturing,' said The Economist, which observed that half of China's 9,000 toy exporters have gone bust and that Taiwan's shipments of notebook computers fell by a third last month.
Mr Lee noted that Asian economies have been badly affected by the crisis, putting paid to Singapore's initial hopes that 'Asia, further away from ground zero, would be immune'.
- http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_341829.html
- wong chee tat :)
Monday, February 23, 2009
Nalanda University project has implications on globalised world
Nalanda University project has implications on globalised world
By Hoe Yeen Nie, Channel NewsAsia
SINGAPORE: The Nalanda University (pics from google and others )in India's Bihar state is part of a larger Asian renaissance, says Singapore's Foreign Minister George Yeo. And its emphasis on the free exchange of ideas has implications on today's globalised world.
Some paintings by Singapore artist Tan Swie Hian are inspired by India's Nalanda University, a centre of intellectual open-mindedness in the ancient world.
Its modern-day revival is driven by the desire to bring back that spirit of enlightenment.
The Nalanda University of the fifth century was, for many years, the seat of Buddhist learning, attracting scholars from all over Asia. (See Ancient universities in India)
And in a nod to this ancient heritage, the Nalanda of the 21st century hopes to be a centre for inter-faith dialogue, and a bridge between South and East Asia.
The secular varsity will have six faculties, offering post-graduate studies in philosophy, tourism and Asian history.
Singapore's foreign minister - who is a member of a multi-national steering group behind the project, called the Nalanda Mentor Group - said it is part of a larger Asian renaissance. But it will take some years to bear fruit.
Mr Yeo said: "There'll be many practical problems, because Nalanda will be established in the state of Bihar, which is one of the more backward states in India. Infrastructure is woeful. But the plans are there, it will take time, the important thing is support from the highest levels in India."
The steering group's first meeting was in Singapore two years ago. Since then, discussions have been held in Tokyo, New York and New Delhi.
The final meeting will take place in Bihar, India, on Thursday, and a proposal will be presented at the East Asian Summit in Thailand at the end of the month.
The university was initially set to admit its first students this year, but Mr Yeo said that would not be likely now because of administrative issues.
- CNA/de
- wong chee tat :)
By Hoe Yeen Nie, Channel NewsAsia
SINGAPORE: The Nalanda University (pics from google and others )in India's Bihar state is part of a larger Asian renaissance, says Singapore's Foreign Minister George Yeo. And its emphasis on the free exchange of ideas has implications on today's globalised world.
Some paintings by Singapore artist Tan Swie Hian are inspired by India's Nalanda University, a centre of intellectual open-mindedness in the ancient world.
Its modern-day revival is driven by the desire to bring back that spirit of enlightenment.
The Nalanda University of the fifth century was, for many years, the seat of Buddhist learning, attracting scholars from all over Asia. (See Ancient universities in India)
And in a nod to this ancient heritage, the Nalanda of the 21st century hopes to be a centre for inter-faith dialogue, and a bridge between South and East Asia.
The secular varsity will have six faculties, offering post-graduate studies in philosophy, tourism and Asian history.
Singapore's foreign minister - who is a member of a multi-national steering group behind the project, called the Nalanda Mentor Group - said it is part of a larger Asian renaissance. But it will take some years to bear fruit.
Mr Yeo said: "There'll be many practical problems, because Nalanda will be established in the state of Bihar, which is one of the more backward states in India. Infrastructure is woeful. But the plans are there, it will take time, the important thing is support from the highest levels in India."
The steering group's first meeting was in Singapore two years ago. Since then, discussions have been held in Tokyo, New York and New Delhi.
The final meeting will take place in Bihar, India, on Thursday, and a proposal will be presented at the East Asian Summit in Thailand at the end of the month.
The university was initially set to admit its first students this year, but Mr Yeo said that would not be likely now because of administrative issues.
- CNA/de
- wong chee tat :)
Raffles Medical to hire 100 Raffles Medical to hire 100
Raffles Medical to hire 100 Raffles Medical to hire 100
Mon, Feb 23, 2009
The Straits Times
By Jessica Cheam
AMID the wosening downturn, private healthcare provider Raffles Medical Group is defying expectations by hiring up to 100 more staff this year.
The group's executive chairman Loo Choon Yong on Monday said the firm is in a 'healthy cash position' and will not shed any staff conduct any layoffs this year.
Instead, it is hiring about 50 to 100 staff 'across the board' - from nurses to specialists - as the group's healthcare business continues to grow.
Group to hire across the board from nurses to specialists.
- http://business.asiaone.com/Business/News/Office/Story/A1Story20090223-123940.html
- wong chee tat :)
Mon, Feb 23, 2009
The Straits Times
By Jessica Cheam
AMID the wosening downturn, private healthcare provider Raffles Medical Group is defying expectations by hiring up to 100 more staff this year.
The group's executive chairman Loo Choon Yong on Monday said the firm is in a 'healthy cash position' and will not shed any staff conduct any layoffs this year.
Instead, it is hiring about 50 to 100 staff 'across the board' - from nurses to specialists - as the group's healthcare business continues to grow.
Group to hire across the board from nurses to specialists.
- http://business.asiaone.com/Business/News/Office/Story/A1Story20090223-123940.html
- wong chee tat :)
Subscribe to:
Posts (Atom)