Tag Archives: Lim Hng Kiang

Cloudy global outlook may dampen S’pore growth

THE volatile global outlook has prompted private sector economists to downgrade their forecasts for Singapore's growth this year and the next. They now expect the economy to expand just 3 per cent this year, down from an earlier forecast of 3.3 per cent. The reasons behind the gloomier mood have been making headlines for weeks - the crashing oil price that is driving some producers to despair, a slowdown in China and the faltering economies in Japan and Europe.

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CHIPMAKER MOVES SOME OPERATIONS OUT OF SINGAPORE

A large American chipmaker has moved some operations out of Singapore to Ireland, which is likely to weigh on the already troubled electronics sector here. Broadcom, a Fortune 500 company based in California and listed on Nasdaq, said in its latest annual report that after March 31 this year, it would "utilise (its) Irish trading company for certain foreign operations". The move coincided with the termination of tax incentives that it enjoyed in Singapore, which it said ended in March.

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MAS TELLS BANKS TO PREPARE FOR FINANCIAL COLLAPSE?

Simon Black, an international investor wrote in Sovereign Man, I quote his article in the above title, ‘….the deputy chair of the Monetary Authority of Singapore (Lim Hng Kiang) said last night at a dinner that “an uneasy calm seems to have settled in markets” and that “we remain in uncharted waters.” It was pretty amazing, really, to see such pointed language from a central banking official. Mr. Lim jabbed at the “obvious” risks and said there would be “bumps on the road” ahead. That’s putting it mildly….

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[YOUR LETTERS] COMPETITION COMMISSION OF SINGAPORE SHOULD BE SACKED

All four cinema chains have raised their ticket prices in unison. Although the cinemas do not have a government agency to look after them, the cinemas behaved as if they were transport companies acting under the Public Transport Council's Fare Review Committee where prices go up together! The cinemas' have colluded together in price fixing which put consumers like us at a disadvantage. What is the point of having more players to compete in the market when all of them can gang up, increase prices and Singaporeans are unable to do anything about it?

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THE BIND OF SINGAPORE

It is not surprising that most small city states inevitably are mercantile cities. Without any natural resources, there are only two sources of income for such states, capital and labour. The problem of course is that we are, perilously, dependent upon the state of the world economy and the fickle movements of financial capital. Should a catastrophic global financial meltdown occur, we would be obliterated.

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