“It’s a wealth center,” said Martyn Schilte, a manager in charge of selling million dollar supercars in Singapore. “If you look at the type of client we sell to, it’s people with a net worth of $50 million-plus.”
The city-state has its sights on attracting the world’s wealthy to its palm-tree-lined coastline where some apartments come with a private yacht berth. Its plan is working.
As Asia’s elite move billions to the country, assets under management soared by a third last year to more than $800 billion.
The amount may be small compared to Switzerland. Singapore had $500 billion in offshore assets under management last year, according to the Boston Consulting Group, compared to four times as much in Switzerland
Recommended by Selfrevolution: “In this climate of financial meltdown, will the long-term reputation of Singapore be affected by our hurry to become the world banking sector’s Plan B for secrecy?”
Singapore is poised to be emerging Asia’s worst-performing economy next year, when it is likely to remain entrenched in recession as the global downturn erodes demand for its exports, a Reuters poll shows.
The poll predicts the island state’s gross domestic product (GDP) will contract 1.1 percent in 2009. That marks a rapid deterioration in the economic environment from two months ago as the global financial crisis has deepened — a similar poll in late September forecast 4.6 percent GDP growth in 2009.
These pictures say it all. For those who don’t know what these are about… Those paint patches are by the Town Council people who are trying to cover up spray paint marks by loansharks. Loansharks often spray “O$P$” owe money pay money… and the debtor’s name, IC and a phone number on the walls of HDB. When Bobo went to her new place today, she saw all these on the main lift landing. She walked up the stairs and saw all these patches on EVERY staircase landing… all the way up the stairs and EVERY lift landing on the way up. Even some of the neighbours’ plants have blue paint on them. She took a peep at the supposed unit and saw blue paint on their windows.
This is a song dedicated to all Singaporeans! My ex-boss penned the lyrics and I think the tune is very catchy, yet down to earth. Would you like to join me and try to may this one of NDP 2009 songs? Come and join us on facebook! It will not be complete without your support!
Be part of the Museum of Broken Relationships, a traveling exhibition revolving around the concept of failed relationships and their ruins. Unlike “destructive” self-help instructions for recovery from failed loves, the Museum offers you the chance to overcome any emotional collapse through art creation: by contributing to the holdings of the Museum. Through giving away these “controversial objects” embedded with memories and emotions of the past to be exhibited as artefacts of the Museum, we hope to create a space for “secure memory” and “protected remembrance” through the preservation of our collective scarred emotional history.
Recommended by mr.udders: “Another free and interesting event you might want to go to… But definitely not on a first date!”
Why then is there a dearth of candidates to make a multi-party system possible? This is because the PAP government has, over the years, not only discouraged the evolution towards a multi-party system, it has in fact strangled and stunted it almost to the point of extinction. Before it came into power in 1959, Singapore had a healthy multi-party system.
Recommended by Anonymous Coward: “The question each and every one of us must ask is: What is my role as a Singaporean? Is this my country, or is this a hotel where I sleep, a working place where I earn my living, a shopping place where I spend what I earn, or a country club where I can just give up my membership when it no longer provides me the fun?”
This story started with an abusive employer, but what got me interested was the role played by the government departments. From this, you can see that they were not at all interested in helping workers. Mediation became story-telling in the hope of discouraging the workers from pressing their claims. No mention is made of the company being prosecuted for violating our Employment Act. The police held people for overstaying without a shred of evidence that they were overstayers. The ICA held people in an armlock, getting them to fund their own flight home, with or without being paid their wages. They all just want to get rid of the problem, with no regard for justice, law or rights.
Recommended by Anonymous Coward: “The building of Singapore’s Integrated Resorts (IR) is reported to be wrecked by economic uncertainties, but little do we know about the foreign workers who are denied wages, and the governmental inaction when it comes to helping them.”
Fresh from the news of the coordinated bombings and attacks on Mumbai, it was no ordinary Thursday for a large bank’s IT group, who, apart from having to bear the terrible news, considered it a day of reckoning, one that would determine their fate at work. It was to the day that some of them had to be let go.
Recommended by Anonymous Coward: “it’s about retrenchment during this time of recession and job permanence”
“Falling asset prices, people feel poorer, they can’t pay their mortgages, home values are down, credit cards can’t be paid up, installments due on cars, they’re fearful of being retrenched, so there’s a spiral downwards. It started with the subprime mortgages, a floor must be put on that, I don’t know how to do it. … People feel poorer, they don’t spend, their assets keep on sinking, their debts become more and more unrepayable, and you’re down the drain!”
Recommended by Anonymous Coward: “Lee Kuan Yew tells us what he really thinks about the economy. And how does Channel News Asia summarize those views? “Mr Lee expressed confidence that the US Treasury would be able to revive the economy. “”
After months of consultation with various sectors of society and organizations, the Advisory Council on the Impact of New Media on Society (AIMs), finally presented its report on Internet regulations this morning.
“If the Government warmly embrace what we are suggesting…it will lead to more diversity, more choices, more space for political discussion,” AIMs chairman, Mr Cheong Yip Seng, said at the press conference which was held at the Grand Copthorne Waterfront Hotel at Kim Seng Road.
The report, titled “Engaging New Media, Challenging Old Assumptions”, is a 224-page document, neatly packaged and given out to the media. It comes after consultation with groups such as the Law Society, Government Parliamentary Committees, businesses, bloggers and individuals.
Recommended by Anonymous Coward: “This may change the landscape of the internet for Singaporeans.”
