S'pore GDP may shrink up to 5.8% in Q1

Mr Geithner
Dives in with a plan to scrub toxic assets from the books of US banks and to help thaw credit markets
WITH business prospects hitting lows not seen since 2001, the economy could contract 5.8 per cent in the present quarter, according to the latest BT-UniSIM Business Climate Survey. Survey director Chow Kit Boey said that the worst-case scenario could see 18 months of growth wiped out.

PM Lee urges support of Jobs Credit Scheme

PRIME Minister Lee Hsien Loong has thrown threw his weight behind the Jobs Credit Scheme, calling it a major policy which will help Singaporeans keep their jobs and make them 'more attractive to companies'. But he warned against pushing out foreigners because that would raise costs and harm businesses.

Banks expected to post poor Q4 results

INVESTORS and analysts, while bracing for poor fourth-quarter results from banks this month, will mainly be scouring the earnings reports for clues of what lies ahead. Any sharp rise in provisions for bad loans and what the bank chiefs say about the outlook for the coming months are more likely to sway the banks' share prices than what happened in the final three months of last year.

Rights issues to pad up CapitaLand, CMT war chests

CAPITALAND and CapitaMall Trust (CMT) announced on Monday rights issues totalling some $3.07 billion. CapitaLand will raise $1.84 billion to build up its war chest to $6 billion and CMT, $1.23 billion to pay off $956.2 million of debt due this year.

Investment company Ariel goes belly up

A PRIVATE investment vehicle linked to investor Low Shiong Jin which took hefty stakes in listed companies such as Oculus, Enzer Corp and China Yongsheng is going bust. The vehicle, Ariel Singapore, appointed provisional liquidators last Friday.

Scale of China's job woes ballooning: economists

CHINA'S surprise report last week that 20 million migrant rural workers have lost their jobs because of factory closures was a signal of official concern over the problem. However, the figure is understated and is set to grow as the country's economy slows down dramatically.

Geithner goes for US$2 trillion big bang

US Treasury Secretary Timothy Geithner on Tuesday unveiled an aggressive financial rescue plan of up to US$1 trillion to scrub toxic assets from the books of banks. To help thaw credit markets, there will also be government support for US$1 trillion in new consumer and business lending.

2 years of Temasek growth wiped out in months

THE global financial meltdown cost Temasek Holdings a $58 billion paper loss in eight months, the government revealed on Tuesday. And the Government of Singapore Investment Corporation's portfolio is expected to yield a lower than average return this year. Temasek's net portfolio value fell 31 per cent from $185 billion at March 31, 2008, to $127 billion at Nov 30, 2008.

Peter Lim's suit fails; judge ticks off new RTC owners

THE High Court yesterday dismissed a defamation lawsuit by ex-remisier king Peter Lim against the current owners of Raffles Town Club, ruling that the defence of qualified privilege held. However, the judge ticked off the defendants, Lin Jian Wei and Margaret Tung, for 'unabashedly and systematically' bleeding the company dry since they took control in 2001.

DC rates may be cut in unforgiving market

PROPERTY consultants expect the government to make bigger cuts of up to 20 per cent in development charges for the upcoming revision effective March 1. And some observers say that the authorities may even lower the proportion of the enhancement in land value that goes to the state.

Weak brands may stall following COE quota cut

THE new sharply reduced COE quota could lead to a shakeout in the motor industry and drive some brands off the road, say distributors. The annual quota of Certificates of Entitlement for Quota Year 2009 will be 24.1 per cent smaller than last year's, Transport Minister Raymond Lim told Parliament on Thursday.