The Straits Times
Oct 15, 2008

 

MAS move to secure deposits could be on the cards
By Michelle Tay

 

THE Monetary Authority of Singapore (MAS) said last night that it will ensure local banks are 'not disadvantaged', adding that it is studying measures other countries have taken to shore up confidence in their financial systems.

 

Its statement came a few hours after Hong Kong guaranteed all bank deposits, a move that has put pressure on Singapore's authorities to follow suit.

 

It also came after a second day of surging share markets driven by growing investor confidence that the financial crisis may finally be at a turning point.

 

The central bank said it 'is assessing the impact of the extraordinary measures taken elsewhere. We will take the necessary steps to ensure that banks in Singapore are not disadvantaged and are able to operate on an equal footing with other banking systems internationally'.

 

Banking sources here told The Straits Times it is a sign that MAS is considering securing all bank deposits in Singapore. Several governments have already done so: Germany and France are trying to rebuild trust in banks with state guarantees worth more than &yen1 trillion (S$2 trillion) combined, while Australia and New Zealand have also fully backed bank deposits. The US announced yesterday it is investing US$250 billion (S$366 billion) in banks as 'an essential short-term measure'.

 

But the final impetus for MAS appears to be Hong Kong's move to guarantee all deposits until 2010. A local banker, who declined to be named, said: 'Imagine if rich people, who are able to move funds freely, want to place their money in Hong Kong instead.

 

'We're not saying Singapore is not safe. But given the current situation, people might be thinking about moving their funds where there is greater assurance.'

 

Bankers were unsure how long MAS would guarantee deposits for - if at all - but they said the objective would 'just be to calm nerves'.

 

All savings in a full bank in Singapore are insured for up to $20,000 under the Deposit Insurance Scheme of the Singapore Deposit Insurance Corporation.

 

MAS reiterated that Singapore's financial system remains stable and robust, with institutions here sound and operating normally.

 

It said: 'Our domestic Singapore dollar money and foreign exchange market have been calm and banks have been able to obtain funding in the interbank market. Confidence in Singapore's markets and financial institutions remains high.

 

'We have not had to take any exceptional measures.'

 

michtay@sph.com.sg

JB Jeyaretnam pass away!

I read the news from my colleague's SMS (from CNA).

He was 82 years old and had recently form a new political party called the Reform Party.

He will always be remembered by people of Singapore for contribution Singapore as an opposition MP.

RIP.

Gopalan Nair arrested again!

From CNA news below, I personally felt that Gopalan Nair's behaviour cannot be accepted here in Singapore.

Singapore has worked very hard to built a harmony multi-racial society. We should be sensitive and should not passed racist remarks.

Here is the news:

Channel News Asia
Ex-Singaporean Gopalan Nair arrested
Posted: 05 July 2008 1921 hrs

SINGAPORE: Gopalan Nair, a former Singaporean who currently faces two charges for insulting two High Court judges, has been arrested for disorderly behaviour in public and for using abusive words against police officers.

Responding to media queries, a police spokesman confirmed that Nair was arrested on Friday night following an incident at the junction of Race Course Road and Bukit Timah Road.

The spokesman said plainclothes officers on routine anti-crime operations in the area heard a loud knock on their vehicle after stopping at the traffic light.

They saw an Indian man walking away. When the officers identified themselves and interviewed the person, he became abusive and refused to furnish his particulars, saying he is an American citizen and the Police has no right to check on him.

Despite repeated warnings to stop his verbal abuse, including a racist slur against one of the Malay officers, he continued to be uncooperative and persisted in his abuse.

The commotion attracted a crowd of over 25 onlookers, which created a risk of public disorder due to the inflammatory remarks used by the Indian man.

The police officers, after giving the man repeated warnings to calm down and not to cause a public disturbance, had no choice but to arrest him for disorderly behaviour and for using abusive words towards public servants.

The man resisted arrest by putting up a fierce struggle, during which his and a police officer's glasses were broken.

It was only back at the police station that Nair disclosed his identity.

A medical examination by a doctor was conducted and a blood sample was taken with Nair's consent to be tested for alcohol.

Nair, who is out on police bail, could face a fine of up to $5,000 or a jail term of up to a year if convicted under the Miscellaneous Offences (Public Order & Nuisance) Act.

Nair is currently facing two charges under the Penal Code. These charges relate to an email sent by him to Justice Lai Siu Chiu in 2006, and a posting on his blog relating to Justice Belinda Ang in May 2008. Both Justice Lai and Justice Ang are High Court Judges. - CNA/ir

ping

Ping.sg 

"Man" gives birth to a girl

There is an article in The Straits Times carried the title "Woman-turned-man gives birth to a girl". [link]

Currently the "man", Mr Thomas Beatie, 34 who was born a woman before undergoing gender realignment surgery has given birth to a baby girl.

So, what are the challenges that "he" will be facing ?

"The only thing different about me is that I can't breast-feed my baby."

What about the challenges facing in the society?

'Our situation sparks legal, political and social unknowns,' he wrote, adding that he and his wife had experienced opposition from health-care professionals, friends and family.

Lastly, I will end here and will not comment on this news as in Singapore, the law does not permit "man" and man marriage. heee ....

Watermelon has effects similar to Viagra

"Watermelons contain an ingredient called citrulline that can trigger production of a compound that helps relax the body's blood vessels, similar to what happens when a man takes Viagra, said scientists in Texas, one of the United States' top producers of the seedless variety."

"'Watermelon may not be as organ-specific as Viagra, but it's a great way to relax blood vessels without any drug side effects.' Mr Todd Wehner, who studies watermelon breeding at North Carolina State University, said anyone taking Viagra shouldn't expect the same result from watermelon."


There is one article from The Straits Times with title "Ingredient in watermelon has effects similar to Viagra". Interested to read more ? [link]

jean.sg is closed

I just discovered that jean.sg is closed. Jean.sg became famous after a posting claims that she was molested while asleep by a friend who accompanied her to Korea. It was subsequently reported in various newspaper in Singapore. Since then, many comments were being made by bloggers visiting the blog. Apparently, there is no news on the reasons behind closing the blog. In the meantime, just tune in.