Showing posts with label Government. Show all posts
Showing posts with label Government. Show all posts

Sunday, May 30, 2010

Thailand appears back to 'normal': PM

AFP - Sunday, May 30

BANGKOK (AFP) - – Thailand's Prime Minister Abhisit Vejjajiva said Sunday the country appeared to be back to "normal" after the lifting of a curfew imposed in the wake of deadly anti-government protests.

The premier cancelled the curfew Saturday but said emergency rule was still necessary after two months of mass rallies by "Red Shirt" demonstrators that paralysed the capital and left almost 90 people dead.

"The situation last night was normal. Authorities will keep an eye though, then we'll consider lifting the state of emergency," Abhisit said in his weekly television address.

The Reds' street rallies, broken up on May 19 in an army crackdown on their encampment in Bangkok's Ratchaprasong commercial district, sparked outbreaks of violence that left 88 people dead, mostly civilians, and nearly 1,900 injured.

In an address Saturday to foreign diplomats, Abhisit said Thailand needed to "rebuild the social and economic compact between people and the government," but defended the crackdown.

"I can say that when we took that Ratchaprasong intersection, we took Bangkok back for the people," Abhisit said in the speech, which was broadcast on Sunday.

"No matter what their political views may be, I'm still confident that the majority of our people are peaceful and moderate and they were stunned and dismayed" by recent events, he said.

The premier said he was confident the situation could be resolved through the democratic process, despite a history that has seen 18 actual or attempted coups in Thailand since 1932.

"I think if something like this had happened in the past, people would probably think a coup d'etat was around the corner," Abhisit said.

"Clearly this time around I think everybody is determined that the situation should and could be resolved through normal parliamentary and democratic processes," he added.

The Red Shirts were campaigning for elections they hoped would oust the government, which they view as undemocratic because it came to power with the backing of the army after a court ruling threw out the previous administration.

Abhisit had proposed November 14 polls in a bid to end the rally, but he shelved the plan because demonstrators refused to disperse.

Abhisit told diplomats he had not ruled out an early poll but repeated an earlier statement that the environment must be right for elections.

"Clearly given the way things have turned out over the last couple of weeks, the date of November 14 would now look very unlikely," he said.

Thailand declared a state of emergency in Bangkok on April 7 after protesters stormed parliament in an escalation of their street rallies.

After the May 19 army crackdown, unrest spread to several cities in the Red Shirts' stronghold in Thailand's impoverished northeast, and a curfew was imposed in Bangkok and 23 provinces, out of a total of 76.

Authorities on Tuesday extended a midnight-to-4:00 am curfew for four more nights as the government sought to restore order.

Anyone violating the curfew had faced up to two years in jail. The measures made life hard for people who usually work during the night and put a damper on the capital's normally lively nightlife.

The Red Shirts, many of whose leaders have been arrested and are in police custody, are mostly supporters of ex-premier Thaksin Shinawatra, who was ousted in a 2006 coup.

Celebrated for populist policies that benefited the poor, Thaksin was also accused of gross human rights abuses and corruption.

A Thai court last Tuesday approved an arrest warrant for Thaksin on terrorism charges, which carry a maximum penalty of death, in connection with the violent protests.

Tuesday, April 13, 2010

Singaporeans’ preparedness in event of terror attack relatively low: Jayakumar


Channel NewsAsia - Tuesday, April 13


SINGAPORE: How many Singaporeans know exactly what to do in the event of a terrorist attack near them?

According to a 2009 National Security Awareness Survey, less than half of those polled knew the practical steps to take.

This showed that the level of individual preparedness is relatively low, said Singapore Senior Minister and Co—ordinating Minister for National Security, S Jayakumar.

Speaking at a security conference on Monday, Professor Jayakumar said that while 80 per cent were aware of national security efforts, only half of the respondents felt mentally prepared to deal with the consequences of an attack.

He said the public plays a crucial role in enhancing national security, as the first line of contact and casualties are often the public and innocent bystanders.

"Their ability to react and respond effectively, whether in thwarting the attacks, damage control or aiding in subsequent rescue and recovery efforts, depends in large part on their level of preparedness and resilience," Professor Jayakumar said.

Professor Jayakumar also stressed that more needs to be done to get stakeholders involved in counter—terrorism efforts.

One way is through the process of "mainstreaming".

"Mainstreaming is more than just getting non—security related government bodies, private sector companies and the public to cooperate with security agencies," he said.

"It involves, really, a mindset change. It is about engaging the wider community to establish a cultural norm, as it were, of being vigilant and rejecting extremism and violence."

— CNA/yb

Thai poll body says ruling party must be dissolved

AP - Tuesday, April 13

BANGKOK – Thailand's Election Commission has found the ruling party guilty of misusing poll donations, and recommended its dissolution.

The commission's decision will have to be endorsed by the Constitutional Court for the Democrat Party of Prime Minister Abhisit Vejjajiva to be disbanded. No date was set for the court to hear the case.

The Election Commission decision Monday adds a new twist to Thailand's ongoing political crisis over protesters' demands for the government to step down. The crisis erupted into violence in Bangkok on Saturday when 21 people were killed in street clashes with security forces.

World nuclear summit confronts 'growing' threat

AFP - 17 minutes ago

WASHINGTON (AFP) - – Ukraine renounced its bomb-grade uranium on Monday in a boost for President Barack Obama's summit on securing the world's nuclear materials, as a US official warned of the "growing" risk of nuclear terrorism.

Obama organised the 47-nation summit in Washington, the biggest hosted by a US leader since 1945, with the aim of securing loose materials in military and civilian stockpiles worldwide within four years.

The gesture from ex-Soviet republic Ukraine, site of the horrific 1986 Chernobyl nuclear power plant explosion, gave early impetus to the summit.

Newly inaugurated President Viktor Yanukovych told Obama in a bilateral meeting that he would give up 90 kilos (180 pounds) of Ukraine's highly enriched uranium, the equivalent of several bombs, the White House said. Related article: Ukraine to dispose of all highly enriched uranium

But Obama's top terrorism advisor John Brennan warned that Al-Qaeda's interest in nuclear weapons was "strong" and he warned the risk of nuclear terrorism was "real," "serious" and "growing."

Leaders from China, India, Pakistan, Russia and dozens of other countries converged on a heavily guarded conference center for the two-day meeting.

The goal is to make sure that worldwide stocks of separated plutonium and enriched uranium are destroyed or accounted for and therefore unable to fall into the hands of militant groups.

Following Ukraine's pledge, Canada made a similar promise on its own smaller stockpile, as had Chile earlier.

On Tuesday, the United States and Russia were also to sign an accord on tidying up plutonium reserves. The deal spells out elimination of the countries' excess plutonium stores -- enough "for several thousand nuclear weapons," according to the State Department.

Overshadowing the conference was growing tension on Iran, which the United States and its allies accuse of covertly working on a nuclear weapon. Iran says it is pursuing only civilian power.

Obama and Chinese President Hu Jintao agreed their delegations would work together at the United Nations on a US-led push to impose sanctions against Iran, a US official said.

"They are prepared to work with us," said Jeff Bader, Obama's top official responsible for East Asia on the National Security Council.

"The two presidents agreed the two delegations should work together on sanctions," Bader said.

Separately, Obama also used his meeting with Hu to urge China to adopt a more "market-oriented" exchange rate for the Chinese yuan, a senior US official said.

North Korea, which defied international pressure to produce a nuclear weapon, was also likely to loom over the summit. Neither the leaders of North Korea or Iran attended.

Iran's envoy to the UN nuclear watchdog, Ali Asghar Soltanieh, accused Washington of being the "real" threat to global peace given its large nuclear arsenal.

"The outcome of the Washington conference is already known. Any decision taken at the meeting is not binding on those countries who are not represented at the conference," Soltanieh told ISNA news agency.

Another notable absentee from Washington was Israeli Prime Minister Benjamin Netanyahu who dropped plans to attend, reportedly because of concern that Islamic states planned to press for Israel to open its own nuclear facilities to international inspection.

Illustrating the dividing lines in the flashpoint Middle East, Egyptian Foreign Minister Ahmed Abul Gheit said he hoped sanctions could be avoided against Iran, but that Israel should be pressured over its refusal to join the nuclear Non-Proliferation Treaty.

Obama told reporters that his consultations so far with world leaders had been "impressive."

"I think it's an indication of how deeply concerned everybody should be with the possibilities of nuclear traffic.

"I think at the end of this we're going to see some very specific, concrete actions that each nation is taking that will make the world a little bit safer."

Ahead of the summit on Sunday he branded attempts by non-state groups to obtain nuclear devices "the biggest threat to US security, both short-term, medium-term and long-term." Related article: Al-Qaeda interest in nuclear weapons 'strong', says US

"This is something that could change the security landscape of this country and around the world for years to come," Obama said Sunday.

French President Nicolas Sarkozy agreed that keeping fissile material out of the hands of extremist groups was vital, but said he could not abandon his own nation's nuclear weapons program "on a unilateral basis, in a world as dangerous as the one in which we live today." Related article: 'I will not give up nuclear weapons', says French president

"I have inherited the legacy of the efforts made by my predecessors to build up France as a nuclear power. And I could not give up nuclear weapons if I wasn't sure the world was a stable and safe place," Sarkozy told CBS News in Washington.

Sunday, November 29, 2009

MoneySENSE plans to set up financial literacy institute

Channel NewsAsia - Sunday, November 29



SINGAPORE: More financial education will be available for Singaporeans soon. National financial education programme MoneySENSE plans to partner a university or polytechnic to jointly set up a financial literacy institute.
The Monetary Authority of Singapore (MAS) said at the Mind Your Money seminar on Saturday that even though there are many financial education programmes now, more needs to be done.
Heng Swee Keat, managing director of MAS, said: "Building on the work of MoneySENSE, the institute will identify core financial literacy competencies at each stage of our life and develop and conduct programmes that enable us to learn those skills."
Experts said this is timely, with recent green shoots being threatened by the dark clouds of Dubai’s debt crisis.
Shockwaves emerged in global markets after the Dubai government’s investment firm Dubai World asked on Wednesday for a half—year delay in repaying a major portion of its US$80 billion debt.
However, experts said more time is needed to assess the real extent of the damage.
David Gerald, president and CEO, Securities Investors Association of Singapore, said: "We do not know the extent of the involvement of the banks in the loans and in this particular episode. Until the information comes out, you must not assume that things are going to be bad.
"I would want to wait for correct information and just because there are other jurisdictions where the markets have reacted, doesn’t mean we need to react the same way."
While the air of uncertainty lingers on, more than 350 people attended the Mind Your Money seminar, which was presented by MoneySENSE and MediaCorp.
Lucas Chow, CEO of MediaCorp, said: "MediaCorp has always kept our pulse on the financial heartbeat for the benefit of our audience. Apart from the nightly financial reports on Singapore as well as on Asia Business Tonight, our channels produce current affairs programmes that give viewers the insight on how to manage their own investments."
Asia Business Tonight is aired Mondays to Fridays at 10.30pm on Channel NewsAsia.
Besides getting information on investing, those who came for the seminar were also treated to special appearances by local celebrities, some of whom shared their own investment experience with the crowd.
— CNA/so

Saturday, November 28, 2009

Investors dump stocks over Dubai scare

AFP - Saturday, November 28



LONDON (AFP) - – Investors dumped shares in alarm on Friday, sending markets plunging as fears of debt defaults bred fresh concern for the world economy after Dubai's shock request to suspend major loan repayments.
Investors "headed for the exit door" after the Dubai government's investment vehicle Dubai World sought to suspend debt payments for six months, IG Markets analyst Ben Potter said.
Asian, European and US stock markets fell sharply as investors were spooked by the news, analysts said. The price of oil slumped to a seven-week low point close to 72 dollars and the dollar struck a 14-year low against the yen.
"The news of Dubai World raises some serious questions about where the global economy truly is at the present time and, most importantly, the effect this will have on market sentiment," said Chris De Pury of specialist property law firm Berwin Leighton Paisner.
It has "reminded people that the underlying fundamentals have not changed, but it should not come as a surprise and it won't be the last such large scale default," he added, in a note.
"The question now is the extent of the drag on the wider global economy."
Hong Kong slumped almost five percent by the close and Wall Street indexes fell more than two percent at the open.
Tokyo dived 3.22 percent, hit also by the yen striking a fresh 14-year high point against the dollar, which is bad for Japanese exporters.
Europe's major stock pulled up in late London trading after earlier extending the losses of Thursday, when they had plunged by more than three percent in shock at the Dubai request.
In late afternoon European trading, London's benchmark FTSE 100 index of leading shares was up 1.18 percent at 5,255.45 points, one day after falling by its sharpest amount since March.
Frankfurt's DAX 30 added 1.24 percent to 5,682.77 points, and in Paris the CAC 40 rose 1.46 percent to 3,733.01, pulling back from a drop of almost two percent shortly after the open.
Analysts said the news from Dubai was a major blow to the emirate's image but would have little lasting impact on other Gulf states, and others played down the impact on major banks with loans in the region.
But jittery investors Friday dumped stock in the two foreign banks with the heaviest exposure to Dubai -- HSBC and Standard Chartered -- as ripples from a feared debt default spread worldwide.
In Hong Kong trading HSBC dropped 7.6 percent to 87.00 Hong Kong dollars (11 US dollars) and Standard Chartered fell 8.6 percent to 185.90 Hong Kong dollars.
The Financial Times described Dubai's shock announcement as a "serious misjudgment or, more likely, a breathtaking cock-up."
The financial daily said the Dubai government's decision "leaves a trail of unanswered questions that has done real damage to its reputation." Related article: Foreign banks in the firing line
"Of all the glitzy emirates on the western shore of the Gulf, Dubai is easily the brashest. With the grenade it has just lobbed into the capital markets by calling for a six-month creditor standstill for Dubai World, it is effortlessly living down to that reputation," the FT said.
Analysts at Exane BNP Paribas said that "so far the situation in Dubai seems contained, but a rise in government bond yields due to a higher risk premium because of soaring budget deficits is one of the main risks" for 2010.

Thursday, November 19, 2009

Singapore declares its recession over

AFP - Thursday, November 19


SINGAPORE (AFP) - – Singapore on Thursday declared a severe recession over as data showed its economy grew for the second straight quarter in the three months to September.
Official data released Thursday showed gross domestic product (GDP) expanded 14.2 percent in the July-September period on a quarter-on-quarter annualised basis following a 21.7 percent surge in the previous quarter.
"Effectively, the recession in Singapore is over," Ravi Menon, the permanent secretary with the Ministry of Trade and Industry (MTI), said at a media briefing.
Year-on-year, Singapore's GDP grew 0.6 percent in the third quarter compared with a 3.3 percent contraction in the April-June period, the MTI said in its third quarter economic survey.
In its outlook for 2010, the ministry forecasted economic growth of 3.0-5.0 percent while maintaining its existing projection of a contraction of 2.0-2.5 percent this year.
Singapore's trade-reliant economy was the first in Asia to sink into a recession last year as the global downturn hit demand for its exports, especially from the United States.

Monday, November 16, 2009

US President backs ASEAN’s vision to become Economic Community by 2015

Channel NewsAsia - Monday, November 16

SINGAPORE : The United States has given its support for ASEAN’s vision to become an Economic Community by 2015.

This took place during the first—ever ASEAN—US Leaders meeting held in Singapore after the APEC Leaders’ Summit.

In a joint statement after the meeting, which lasted one and half hours, the leaders also agreed to increase their collaboration and establish an ASEAN—US Eminent Persons Group.
The move is to support enhanced ASEAN—US cooperation in addressing regional and global issues.
The meeting, which included the Myanmar Prime Minister Thein Sein, was the result of a recent change in US policy to directly engage the Myanmar leadership.
This may be the first time the US President is meeting all of the 10 ASEAN leaders. But the United States and ASEAN have been regular dialogue partners. In fact, this has been going on since 1977. This dialogue is held during the ASEAN Ministerial Meeting at the foreign ministers level.

On his part, US President Barack Obama said the US is committed to strengthening its engagement with Southeast Asia.
Mr Obama said: "During our meeting, we talked about how the United States and ASEAN worked together as partners within this region and throughout the world. We discussed the importance of the challenge of climate change, nuclear proliferation and working together to support the G20 efforts to promote a sustained and balance global economic recovery.
"We reaffirmed the policies I put forward in Tokyo yesterday with regards (to) Burma (former name of Myanmar). We also recognised the need to expand high level engagement on these and other major issues."
Abhisit Vejjajiva, ASEAN Chair and Thai Prime Minister, said: "ASEAN also stands ready to be a reliable partner of the US in tackling the various global and regional challenges, whether it is climate change, the Doha round or counter—terrorism and security issues. This has been a historic meeting and we are happy with the progress this enhanced partnership has achieved."
The leaders also discussed Myanmar and welcomed the US policy to engage with the government.

But ASEAN’s leaders also stressed the importance of achieving national reconciliation and emphasised that the general elections to be held in Myanmar in 2010 must be conducted in a free, fair and transparent manner in order to be credible to the international community.
On climate change, both sides agreed to work closely to ensure the success of the United Nations Climate Change Conference in Copenhagen and that the agreed outcome should incorporate long—term cooperative actions to address climate change.

ASEAN and the US also recognised the critical importance of adapting to the increasingly severe effects of climate change in the region, and agreed to strengthen collaboration in both research on climate impacts, and development and implementation of appropriate policies and measures.
President Obama said he looks forward to a second Leaders’ Meeting next year.

Friday, October 30, 2009

US rebounds from recession

AFP - Friday, October 30



WASHINGTON (AFP) - – The United States rebounded from recession in the third quarter, posting its strongest economic growth in two years as government stimulus spurred consumer spending, official data showed Thursday.
After four negative quarters, the world's largest economy grew at a seasonally adjusted 3.5 percent annual rate in the July-September period from the second quarter, the Commerce Department said.
The increase was the first since the second quarter of 2008 and the strongest expansion since the 2007 third quarter, when a US subprime mortgage crisis triggered a global financial crisis that hammered the world economy.
The expansion followed an unrevised 0.7 percent decline in the second quarter.
The department's first estimate of third-quarter gross domestic product (GDP), a broad measure of the country's output of goods and services, was slightly higher than the 3.2 percent reading expected by most analysts.
President Barack Obama welcomed the data as "an affirmation that this recession is abating and the steps weve taken have made a difference."
But, he warned: "We have a long way to go to fully restore our economy, and recover from what has been the longest and deepest downturn since the Great Depression."
"The benchmark I use to measure the strength of our economy is not just whether our GDP is growing, but whether we are creating jobs, whether families are having an easier time paying their bills, whether our businesses are hiring and doing well."
While a recession is widely regarded as ended by one quarter of economic growth, in the United States the economy will not be officially out of recession until it has been declared by the National Bureau of Economic Research.
Unemployment remains a key hurdle to sustained recovery. The jobless rate rose to a new 26-year high of 9.8 percent in September and is expected to hit double digits. Since the official start of recession in December 2007, the number of unemployed has climbed by 7.6 million to 15.1 million.
The Labor Department reported Thursday that new weekly claims for unemployment benefits fell slightly.
"The recession is over, but don't be fooled by today's number -- the underlying rate of recovery is weaker," said Nariman Behravesh, chief economist at IHS Global Insight.
Behravesh said that underlying growth was closer to 2.0 percent and predicted momentum would only pick up in the second half of next year as consumers and businesses grow more confident.
After shrinking a sharp 6.4 percent in the first quarter, the world's largest economy has been on life support from the federal 787-billion-dollar emergency stimulus and other support measures.
The third-quarter rebound was led by consumer spending, which accounts for two-thirds of US economic activity and added 2.36 percentage points to GDP growth.
Consumer spending surged 3.4 percent after a 0.9 percent drop in the second quarter, a rise the department said "largely reflected" auto purchases under the government's popular "cash-for-clunkers" program in July and August.
Dean Baker, co-director of the Center for Economic and Policy Research, noted that, excluding the auto sector, consumption grew at a 1.0 percent annual rate.
"With disposable income falling due to continued job losses and declining hourly wages, and the reversal of the surge in car sales, consumption growth will almost certainly be negative in the fourth quarter," Baker said.
Other leading drivers of third-quarter growth were business inventories and home building.
The core inflation rate -- which strips out volatile food and energy prices -- fell to 1.4 percent from 2.0 percent, indicating inflationary pressures remain tame amid economic weakness.
The Federal Reserve, which keeps a close eye on the reading, is widely expected to leave its key interest rate unchanged at nearly zero when policymakers meet on November 3-4.
"If we do indeed get a second consecutive quarter of good growth, there will be a lot of pressure on the Fed to start raising rates," said Joel Naroff of Naroff Economic Advisors.
"Indeed, I wouldnt be surprised if the markets start pricing that into bond yields during the rest of the year."

Obama welcomes 'legendary' Lee Kuan Yew

Thu Oct 29, 3:05 pm ET


WASHINGTON (AFP) – US President Barack Obama on Wednesday lauded Singapore's "legendary" founding father Lee Kuan Yew, as he sought advice ahead of his first trip to Asia since taking office.
Obama told reporters before a meeting with Lee that he was looking forward to hearing his views on the evolving situation in the region, before leaving on November 11 for a trip to Japan, Singapore, China and South Korea.
"This is one of the legendary figures of Asia in the 20th and 21st centuries," Obama said as he sat side-by-side with Lee in the Oval Office.
"He is somebody who helped to trigger the Asian economic miracle," Obama said, adding that Singapore had been an outstanding friend and ally of the United States for many years.
Lee, 86, said that he was privileged to visit Obama at a "time of renewal and change in America, and during a period of transition where the world order is changing."
Obama's trip to Singapore includes his inaugural appearances at the Asia Pacific Economic Cooperation (APEC) summit and a meeting with leaders of the Association of Southeast Asian Nations (ASEAN).
Lee, whose official title is Minister Mentor, served as prime minister of Singapore between 1959 to 1990, and is regarded as an expert on Asian affairs and US relations with the region.

Sunday, October 18, 2009

U.S. must live within its means: Geithner

Reuters - Sunday, October 18


By Glenn Somerville and Walter Brandimarte
WASHINGTON - The United States must live within its means once its economy recovers if it is to preserve global confidence in the U.S. dollar's status, Treasury Secretary Timothy Geithner said on Friday.
The comments came as the Obama administration reported a record U.S. budget deficit for the fiscal year ended September of $1.4 trillion. At 10 percent of gross domestic product, it was the biggest U.S. fiscal shortfall since World War Two.
Rescuing the economy and some of the country's biggest banks from the worst recession since the Great Depression took a toll on U.S. finances, and the White House has forecast deficits of more than $1 trillion through fiscal 2011.
"Future deficits are too high, and the president is committed to working with Congress to bring them down to a sustainable level as the economy recovers," Geithner said in a statement accompanying the fiscal data.
Separately, White House economic adviser Lawrence Summers said financial firms that helped precipitate two years of economic crisis are going to have to bow to stiffer oversight of their activities to prevent it happening again.
Geithner and other policymakers will discuss the U.S. economic and budget outlook, and prospects for financial regulatory reform, at the Reuters Washington Summit on October 19-21.
FISCAL OUTLOOK AFFECTS U.S. DOLLAR
On Friday, Geithner said the U.S. dollar's status as a key reserve currency carries special responsibilities that include keeping spending under control, Geithner said earlier on Friday in an interview on CNBC television.
"It is very important that Americans understand that we need to do everything possible to sustain confidence in our ability to keep inflation low and stable over time and to make sure we're getting our fiscal house in order," Geithner said.
Developments over the past year, when many investors put their money into U.S. Treasury securities and the dollar rose at times, showed there was still a great deal of confidence in U.S. economic management.
"The world wanted to be in Treasuries, in the safest and most liquid markets, and you saw the dollar rose when people were most concerned about the future of the world," he said.
"That is a very important thing. It's not something you can count on. It's something we can understand, and we can continue to foster, and we're going to do that," Geithner added.
The administration has to be careful not to withdraw economic stimulus too fast though, Geithner added. But he denied that the administration was ready to consider a second economic stimulus program.
Geithner said access to credit in the overall economy has improved dramatically but many small businesses that typically create many jobs still face borrowing constraints.
The Obama administration is working on measures to help small businesses get easier access to credit -- possibly by diverting some bank bailout funds to them -- but hasn't yet announced a program to do so.
BANKING NEEDS TO CHANGE
Summers also argued for change to the banking system.
After two years of economic crisis and government rescue efforts, he said the banks at the center of the credit debacle had a moral imperative to be part of the solution.
"Financial institutions that have benefited from government support can, should, and must use this moment to think about what they can do for their country -- by accepting the necessary regulation to protect the American people," Summers told an audience of financial market participants. "Wall Street was no small part of the cause of the crisis and Wall Street needs to be part of the solution."
Summers, chairman of the National Economic Council, suggested banks had little choice in the matter.
"There is no financial institution that exists today that is not the direct or indirect beneficiary of trillions of dollars of taxpayer support," he said. "This has direct relevance on the changing nature of the social compact between the financial sector and the broader economy."
The Obama administration has been pressing for wide-ranging reforms in U.S. financial regulations. It scored a victory on Thursday when a House of Representatives' panel passed a bill to tighten regulation of financial derivatives -- contracts derived from existing securities or transactions that are blamed for amplifying the 2008 crisis.
New, tighter regulation doesn't mean, however, that financial firms will never go bust again. In fact, Summers said that such firms must be able to fail for market discipline to work.
In addition to that, though, profitability and prudence should be reconciled under any framework of financial regulation.
"The financial system has to be safe for failure," said Summers.
Summers also said officials need to avoid prematurely withdrawing measures meant to stimulate the economy after the worst recession in decades, noting discussion of any "exit strategy" would be different on Main Street than it would on Wall Street.

Thursday, September 24, 2009

Large proportion of new citizens, PRs feel welcomed here: REACH survey


By S Ramesh, Channel NewsAsia Posted: 23 September 2009 1417 2009 1417 hrs


SINGAPORE: A survey of new citizens and Permanent Residents has thrown up some positive results. Of the 360 newcomers polled by a work group from government feedback vehicle REACH, close to 78 per cent said they feel welcomed in Singapore. New citizens, who have to pledge their allegiance at such ceremonies have been in the spotlight recently. The Singapore government is now focused on getting them to integrate better into society. Of the 360 surveyed, 88 per cent said they don't have problems communicating with Singaporeans. 95 per cent said they would recommend Singapore as a place to live in and another 91 per cent intend to work here over the next five years. The survey also found that many of them did not have any problems adjusting to Singapore's political system and the civic rules and regulations in the country. Furthermore eight of ten surveyed supported the concept of national service in Singapore. However, some of them came up against some resistance. Dr Terence Chong, REACH Workgroup on Population and Integration, said: "There are still some new citizens who feel that they are unwanted competition in the workplace. They also feel that there are higher expectations placed on them because they are new citizens and PRs and so these needs to be addressed. “You need a variety of ways. Education is important. You need to foster a sense of inclusiveness and for new citizens it is important to get them to realise Singapore's historical heritage and the importance of multiculturalism as well.” The workplace is also the subject of another work group on economic issues. It is urging the government to go easy on withdrawing the fiscal stimulus measures announced in the government's Budget. Dr Chua Hak Bin, REACH Workgroup on Economic and Employment Opportunities, said: "With the recent property measures, there is fear that there would be a double blow if you withdraw a lot of stimulus measures introduced in February and there are already hints that the Jobs Credit scheme would be withdrawn and that's quite a big component - nearly four billion. "We have to bear in mind that could have a negative impact on the economy, perhaps a gradual withdrawal is in order." On Tuesday, the government had said that it will announce whether to extend the Jobs Credit scheme next month. Moving forward, REACH has decided to form three new policy work groups to address the dynamic changes in Singapore society. They will gather feedback on healthcare, manpower and national integration and present the findings in a year. Minister for Community Development, Youth and Sports, Dr Vivian Balakrishnan, said: “We owe it to you to respond equally conscientiously to your proposals. We will ask the relevant ministries to say 'Yes', 'No' or 'Maybe' and to give your reasons for the responses. “REACH has evolved beyond merely being a channel for feedback although feedback remains important. Today, REACH is part of the concept of deliberative democracy - a platform for responsible citizens to come together, identify the key issues, analyse data, formulate innovative policy options and ultimately co-create solutions to the many fundamental challenges we face.” - CNA/vm

Nat’l Development Ministry creates checklist to assess town councils


By Hoe Yeen Nie, Channel NewsAsia Posted: 23 September 2009 1614 2009 1614 hrs



SINGAPORE: After months of public consultation, the government has come up with a checklist to grade the performance of Singapore's 16 town councils. The six items on the list cover four areas - cleanliness, estate maintenance, lift maintenance and financial management. How clean is your housing estate and how often do lifts break down? These are some of the issues that affect residents on a daily basis and they will be part of a report card on town councils. Councils will also be graded on how effectively they collect service and conservancy charges from residents. Assessments will be jointly carried out by the Housing Development Board and the town councils from October 1. The estates will not be ranked, but they will be graded against a common scale, from levels one to five. Authorities said they want to be objective, but there are concerns on how grading will be carried out. Inspectors will not be counting every single piece of litter, stain or graffiti in an estate. Instead, what they will do is measure the average number of what they call "cleanliness defects" in an area. Town councils hope the report, when it's out in the middle of next year, will give residents a better sense of ownership over their estate. Denise Phua, chairman, Jalan Besar Town Council, said: "This whole system is meant to be a platform for both the town councils and the residents to engage more, to communicate, to be able to identify where the gaps are and determine the areas by which the town can be improved." But some residents don't agree. One of them said: "I will not read the report. I think it's not relevant to us residents. I think it's more useful for the town councils." "If there's this comparison, at least you know how efficient one town council is relative to another town council. Also then you'll know whether the money you pay every month, whether it's money well spent or not," said another resident. The use of sinking funds will not be covered in the initial report, but the National Development Ministry said such information is already available in each council's financial statements. But it is not ruling out including them in the future. - CNA/vm

Obama to world: Don't expect America to fix it all

By JENNIFER LOVEN, AP White House Correspondent Jennifer Loven, Ap White House Correspondent – Wed Sep 23, 6:17 pm ET



UNITED NATIONS – President Barack Obama challenged world leaders Wednesday to shoulder more of the globe's critical burdens, promising a newly cooperative partner in America but sternly warning they can no longer castigate the U.S. as a go-it-alone bully while still demanding it cure all ills.
"Those who used to chastise America for acting alone in the world cannot now stand by and wait for America to solve the world's problems alone," said Obama in put-up-or-shut-up comments before a packed U.N. General Assembly hall. "Now is the time for all of us to take our share of responsibility for a global response to global challenges."
In his first appearance before the group, Obama promised the U.S. would reach out in "a new era of engagement based on mutual interest and mutual respect," but he also wagged a rhetorical finger at leaders who spend much of their time at international gatherings excoriating the U.S. He said "an almost reflexive anti-Americanism" that swept the globe under the administration of his predecessor, George W. Bush, is not "an excuse for collective inaction."
"Nothing is easier than blaming others for our troubles and absolving ourselves of responsibility for our choices and our actions," he said.
And yet, directly following Obama at the podium was Libyan leader Moammar Gadhafi, who railed against the U.N. Security Council, which includes the U.S., calling it a "terror council" and accusing it of treating smaller nations as "second class, despised."
U.S. presidents — Bush included — have come to the United Nations year after year with a wish list of action items and preaching the gospel of working together. The U.S. is rich and powerful, but cannot solve problems without help, they say, whether Democrat or Republican.
So Obama's message was not new.
But it was delivered in an unmistakably new, more humble tone.
Following a president criticized for making my-way-or-the-highway "requests" of allies, Obama didn't demand so much as he chided and cajoled. It's now an inextricably interconnected world, he said, so that each country's problems become the others'.
"In the year 2009 — more than at any point in human history — the interests of nations and peoples are shared," Obama said.
Following a president pilloried for arrogance, Obama talked more modestly about the United States.
To be sure, he listed American contributions. But this was no chest-thumping bragging; instead it was a more lawyerly argument aimed at convincing the jury of Obama's world peers that the U.S. has heard the complaints and, under his leadership, is addressing them. That ranges from banning torture to winding down the Iraq war, working to rid the world of nuclear weapons, aggressively pursuing Mideast peace and bringing new energy to the battle against climate change.
And he delivered the message that America will not behave as if it is better.
"No one nation can or should try to dominate another nation," Obama said. "That is the future America wants — a future of peace and prosperity that we can only reach if we recognize that all nations have rights, but all nations have responsibilities as well."
At home, it remains to be seen whether Obama's critics on the right will see this sort of talk as giving away some of America's accepted status as the globe's lone superpower.
Many were already criticizing Obama along these lines after previous speeches meant to reach out a conciliatory hand — such as during his inauguration or in Cairo to the Muslim world. As John Bolton, a U.S. ambassador to the U.N. under Bush, said before Obama's trip: "Why should we not expect a visible demonstration of Obamamania at the U.N.? He is giving them pretty much what they ask for."
The president's reception in the traditionally staid U.N. hall was hardly Obamamania. But he received several rounds of applause, something rarely afforded to Bush. Iranian President Mahmoud Ahmadinejad, perhaps Obama's chief foe in the room who was delivering his own address later, listened intently but did not clap.
Even while offering new cooperation from Washington, Obama was blunt that others must step up or face dire consequences: "extremists sowing terror in pockets of the world, protracted conflicts that grind on and on, genocide, mass atrocities, more nations with nuclear weapons, melting ice caps and ravaged populations, persistent poverty and pandemic disease."
At the top of Obama's urgent challenges are the nuclear programs of North Korea and Iran, the first having already produced several atomic bombs, the second suspected of moving rapidly in that direction and both in defiance of repeated international demands. He said the two nations "must be held accountable" if they continue, without mentioning the tougher sanctions that are his preferred penalties.
"The world must stand together to demonstrate that international law is not an empty promise," Obama said.
The president was particularly muscular on the need to tackle global warming, declaring that America's days of dragging its feet on the issue are over. "If we continue down our current course, every member of this assembly will see irreversible changes within their borders," he said.
And, seeking to build on his three-way meeting in New York on Tuesday with Israeli and Palestinian leaders, Obama urged nations aligned with either side to abandon old divides — by speaking honestly to the Israelis about the Palestinians' legitimate claims to land and livelihood and to Palestinians and Arab nations about Israel's right to exist.
"All of us must decide whether we are serious about peace, or whether we only lend it lip service," Obama said.
He said that all leaders will be held accountable by their citizens. "They will not long tolerate those who are on the wrong side of history," he said.
And yet the problems he said require action are enormously complex and have bedeviled the world for decades. Also, when national interests collide with global priorities, leaders almost always choose the former, or pay a steep price politically. Obama himself said, "I will never apologize for" acting in America's interests.
Indeed, the president saw two tests of this firsthand on Wednesday, as his U.N. speech was bracketed by meetings with the leaders of Japan and Russia.
Talks with Russian President Dmitry Medvedev focused almost entirely on Iran, with Obama seeking support for tougher U.N. action if multilateral talks with Tehran next month yield unsatisfying progress. Russia, which has strong economic ties with Iran, has stood in the way of such stronger action in the past.
Emerging from the talks at Obama's hotel, Medvedev gave at least some ground, saying sanctions are usually unproductive but opening the door to more nonetheless. "In some cases, sanctions are inevitable," the Russian leader said.
The White House was thrilled at even this muted support, and said that Obama's decision last week to scrap a plan for a new U.S. missile defense shield in Eastern Europe that deeply angered the Kremlin, while not designed to increase cooperation from Russia, may well have made it more possible. "The notion that we needed to do what we did as a concession for Russia never came up," said Obama Russia adviser Mike McFaul. "But is it the case that it changes the climate — I think that's true, of course."
Japan, meanwhile, just elected a leader who campaigned on shifting its diplomatic stance to one less centered on Washington. In public remarks, Obama and Japanese Prime Minister Yukio Hatoyama reaffirmed the importance of the traditional U.S.-Japan alliance.

Saturday, September 19, 2009

Labour movement gives S$1.1m to NTUC Eldercare Trust

By S Ramesh, Channel NewsAsia Posted: 18 September 2009 1730 hrs


SINGAPORE : NTUC's eldercare programmes got a boost on Friday, with the labour movement giving S$1.1 million towards the Eldercare Trust.
The amount is S$600,000 more than last year's disbursement. Nearly half the amount will be for day-care services to cater for the more frail seniors. The balance will go towards subsidising part of day-care fees, making it more affordable for middle-lower income families who send their elderly parents to these centres.
Families whose incomes are affected by retrenchments in view of the current economic crisis or face financial hardships will also be helped through an additional level of financial subsidy. Besides day-care services, the centres will also provide wound dressings, administration of medication and other related services that could only be administered by nurses.
Meanwhile, 50 people from the NTUC Eldercare centres at Pasir Ris and Punggol South received influenza vaccines to help protect them from the recent string of influenza viruses.
NTUC Eldercare also wants to have step-down services within easy reach of the community, and some 300 elderly and caregivers are expected to benefit from this exercise.
NTUC Eldercare General Manager, Lim Sia Hoe, said: "Singapore is facing an ageing population and the demand for integrated care services will grow.
As such, NTUC Eldercare has been working with partners such as Changi General Hospital and local general practitioners to support the nursing component, so that families can continue to care for their elderly parents responsibly through our affordable step-down care services.

"Starting with Pasir Ris Day Care Centre, we hope to eventually implement a sustainable form of nursing care and pain management in all our five centres." - CNA/ms

Thursday, September 17, 2009

Minister Mentor Lee turns 86, in London

By Olly Barratt, Channel NewsAsia Posted: 17 September 2009 1429 hrs

LONDON: Singapore's Minister Mentor Lee Kuan Yew has been celebrating his 86th birthday in London where he is on an official visit. Mr Lee, who turned 86 on 16 September, has held talks with top-level British politicians including Foreign Secretary David Miliband and other governing Labour Party figures. He also met the opposition Conservative Party, which looks set for an upcoming general election victory in Britain. Giving Mr Lee a warm welcome at the Foreign Office, Mr Miliband said: "We, one of our biggest interests is to work closely with Singapore. What for? For economy, culture, education, climate - we've got a lot to do together," Mr Lee also met Business Secretary Lord Mandelson to discuss the economic crisis and signs of recovery in the global economy. Lord Chancellor and Justice Secretary Jack Straw, hosting a lunch for Mr Lee, paid tribute to the Minister Mentor's continued energy despite his age. "I'd like to know what tablets you are on," remarked Mr Straw. Mr Lee also met the man whom polls say will be the next British prime minister - Conservative Party leader David Cameron. There will be a general election in the UK by early summer next year, and Mr Cameron said his Conservatives could learn something from the success of Mr Lee's People's Action Party. But Mr Lee told Mr Cameron 'it's yours to lose', before the two moved onto talking about the difficult times ahead as Singapore and the UK head into economic recovery. Also attending the meeting were Shadow Foreign Secretary William Hague and Shadow Chancellor George Osborne. Minister Mentor Lee has left London for Armenia.

Temasek's portfolio value falls 30% on-year to S$130b as of March 2009

By May Wong, Channel NewsAsia Posted: 17 September 2009 1551 hrs

SINGAPORE: The market turmoil last year and earlier this year has hit the returns of Singapore investment company Temasek Holdings. According to its latest annual report – the Temasek Review – its one-year total shareholder return (TSR) by market value came in at -30 per cent as of March 31, compared with +7 per cent the year before. Its portfolio value for the financial year to March 2009 fell 30 per cent on-year to S$130 billion. This means the portfolio has shrunk back to levels seen three years ago when its value was worth S$129 billion. It is also the first time that its TSR has been negative and its portfolio value has dropped since the Temasek Review was published in 2004. However, Temasek said its TSR since inception in 1974 by both shareholder funds and market value held steady at 16 per cent. Despite the global credit crunch, Temasek said it remained cautiously active in the market, making S$9 billion of investments and S$16 billion in divestments during the year. As for the group's net profit, Temasek raked in S$6 billion as of end-March this year, down two-thirds compared to last year. The company said the decline reflected the generally weaker operating performances of its portfolio companies. But it said markets have since stabilised and its portfolio has risen 32 per cent since April to S$172 billion as at end-July. Closely followed benchmarks such as the MSCI World Index rebounded 25 per cent, while the MSCI Asia ex-Japan Index rose 42 per cent in the four-month period. Looking ahead, Temasek said the worst of the meltdown risks is over, but it expects risks of inflation and asset misallocations in the medium term. It added that structural issues still need to be resolved due to continued deleveraging. However, the sovereign wealth fund remains optimistic about Asia's potential for the long term and has maintained an "overweight" call on the region. As of end-March this year, its exposure to Asian markets stood at 43 per cent, while its Singapore exposure was 31 per cent. The Organisation for Economic Co-operation and Development (OECD) economies accounted for just over 20 per cent of its portfolio and new markets like Latin America and Russia made up four per cent. Temasek had said in the past that it aims to keep 40 per cent of its investments in Asia, 30 per cent in Singapore, 20 per cent in the OCED countries and 10 per cent in Latin America, Eastern Europe, the Middle East and Africa.

Thursday, September 3, 2009

S'pore's Lee Kuan Yew: Party will win next 2 votes

AP - Thursday, September 3

SINGAPORE - Singapore's elder statesman Lee Kuan Yew said Wednesday that he expects his People's Action Party to win the next two elections to extend its grip on power by as much as 10 more years.

"I don't see any problem in the next election or probably in the next one after that," Lee, 85, said at a dinner to mark the fifth anniversary of a college named after him.

"But if we don't find a good team in the election after that, and the opposition gets a good team together, we are at risk."

Lee, who founded the PAP and was Singapore's first prime minister from 1959 to 1990, remains a powerful figure in the Cabinet and in the party. The PAP is the only party to have ruled Singapore.

The current government was elected in 2006. The next elections are set for 2011.

Lee, who now has the title of mentor minister, said even if the opposition took power by a "freak result," it won't be allowed to fire top police, army and other officials without the approval of the president, who is appointed by a committee of government officials.

Lee, who is the father of Prime Minister Lee Hsien Loong, said an opposition government would by law also need the president's approval to tap international reserves, indicating it would not be given.

Otherwise "all our hard-earned savings could go in five years," he said. "I spent 15 years thinking up these safeguards."

Political leaders cannot be trained, but must be found, says MM Lee

Channel NewsAsia - Thursday, September 3

SINGAPORE: Political leaders cannot be trained, but must be found and be people with passion, says Minister Mentor Lee Kuan Yew.

And that’s one reason why, unlike corporate leaders, they are so much harder to get.

Mr Lee was speaking on leadership transition and other issues in a wide—ranging dialogue session at the fifth anniversary of the Lee Kuan Yew School of Public Policy.

It was a mixed 800—strong crowd of corporate head honchos, policy analysts, international students and half the Cabinet.

They were all present to celebrate a school that has grown from just 40 students from a handful of countries, to over 300 students from 52 countries and territories.

At the dialogue session, when asked what he would do if there was a freak election result locally, Mr Lee said he had ensured safeguards were in place.

"Many voters now tell us openly — "my family, three of us vote for you but two of us voted against you". Just to let you know we want an opposition voice and we don’t want you to be so overwhelming. So in that case you may have a freak result and that worries me. So we have a president with blocking powers," said Mr Lee.

Which means a new party cannot raid the reserves or change top officials, such as the police commander, without the president’s consent.

Mr Lee said: "I spent 15 years thinking out these safeguards and finally persuaded my younger colleagues that we needed this because they can’t guarantee that they’ll each time provide a better team than the opposition, just because it has been done in the past. No problem in next election, but maybe after that — if we don’t find a good team in elections after that — we are at risk."

But concerns about the global economy were also very much on people’s minds and questions were asked as to Mr Lee’s views on what could have led to the fallout.

Mr Lee believes the excesses of the liberal system and the belief that a completely free market will allow great benefits, were contributing factors.

"However we learn, whatever lesson we learnt, I believe that the free market system from time to time you must expect a glitch and a failure in the market. It happens regularly ... you will learn the lesson from this ever after, no more crisis and I think certainly it will happen again. That’s the way of the free market economies," he said.

Mr Lee also fielded questions on his views on developments in India and China.

But it wasn’t all serious as he refused to take one question.

One man asked: "I believe that Indonesia currently faces a situation you have often warned against. Which is when there are too many voices in the marketplace, it is too easily swayed by public opinion. How do you think a country like Indonesia should deal with this type of situation?"

"You expect me to endorse your statement? My business is to maintain friendly relations. I think I’ll pass that question," he replied.

The school, also gave mementoes to donors. It had successfully raised $16.5 million, which with the government’s matching grant, would make it $33 million, far higher than the initial aim of $5 million. — CNA/de