Tag Archives: iceland

LIGHTNING LEAVES A HOLE IN PLANE, WHICH MANAGED TO LAND SAFELY

Passengers of an Icelandair flight to Denver on Tuesday were left in a bit of shock after their plane was struck by lightning shortly after takeoff. Though the Boeing 757 continued its 3,700-mile journey from Reykjavik, Iceland, to Denver, it wasn't until the plane landed that passengers and crew were aware of a gaping hole in the nose of the plane.

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Singapore Set for Icelandic-Style Property Bubble Meltdown; Hype or Reality?

When I arrived in Singapore in 2009 and secured a realtor to help me find an apartment, he told me that Asians were coming from all over the continent with large wads of cash in hand, begging him to find some property. Anything. Anywhere. All they wanted was some property in Singapore to invest in. Eventually I found an apartment, 1,800 sq ft, with a $4.8 million appraised value! (It's probably really worth about $750,000 max). I had to pay $9,800 per month in rent!

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Former Ministry of Finance Director Dismisses Forbes Article

There is one argument from the article that is worth highlighting and which I mostly agree with. And that is booms which are led by real estate development and the financial sector are mostly illusory. They create the impression of economic dynamism without creating any real productive capacity in the economy (think back to Bangkok, KL and Jakarta just before the Asian crisis). They also distort and re-direct resources away from productive activities. Real estate and finance are inherently distributive, not creative, activities – they move money and wealth around, but they don’t lead to any productive capacity and technological capabilities for the economy.

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MAS refutes Forbes.com article on imminent meltdown

The Monetary Authority of Singapore (MAS) today (Jan 14) rejected suggestions that a credit bubble was brewing in the Republic, after an article published on Forbes.com predicting an imminent meltdown of Singapore’s economy went viral. In response to media queries, the MAS reiterated that Singapore is not facing a credit bubble that puts the country or its banking system at any risk of crisis. It added: “Serious observers and investors are not in doubt about the country’s financial health.”

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Why Singapore’s Economy Is Heading For An Iceland-Style Meltdown

Singapore’s unemployment rate is a mere 1.8 percent even as the country’s red hot construction sector has been attracting overseas workers, and a growing number of wealthy citizens are hiring domestic helpers from neighboring countries like the Philippines and Indonesia. The ranks of Singapore’s wealthy are growing rapidly thanks to the country’s asset bubbles, which is helping to fuel a luxury consumption boom in everything from high-end apartments to exotic supercars.

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