SINGAPORE (Reuters) – A resolution to the problems engulfing Europe and its debt crisis will be found, Deutsche Bank’s DKBGn.DE co-CEO designate said on Thursday, though the road to finding an outcome is layered with risks and uncertainty.
“We are therefore positive that a resolution will be found, but there is real risk of an accident in the meantime, and the path will be uncertain and markets will remain volatile,” Anshu Jain, the German lender’s global head of the corporate and investment bank, said in prepared remarks at Deutsche Bank-sponsored conference in Singapore.
By Kevin Lim
(Reuters) – As the ranks of middle-class art buyers in wealthy Singapore grow, galleries representing artists such as Damien Hirst — best known for works featuring preserved animal corpses that cost millions — are aiming lower, taking advantage of an art-buying boom.
Around ten pieces by Hirst, all of them prints, will be offered for less than $8,000 along with thousands of other works of art at the Affordable Art Fair Singapore in November.
SINGAPORE/BEIJING Sept 6 (Reuters) – Singapore’s finance
minister said on Tuesday a global recession looked more likely
than not and a Chinese official acknowledged China’s growth may
slow to a 10-year low, highlighting Asia’s rising concern over
its exposure to U.S. and European risks.
If Europe’s debt troubles deepen or the United States slips
into another recession, Asia’s export-driven economies would be
vulnerable through both trade and investment channels.
Economists have already begun marking down growth forecasts
while stocks have fallen across the region.
SINGAPORE (Reuters) – Former Deputy Prime Minister Tony Tan’s narrow win during Singapore’s presidential election shows many voters are still unhappy with the long-ruling People’s Action Party (PAP), but that they favour moderate rather than radical alternatives.
Tan’s low share of Saturday’s vote, unlikely to affect financial markets, was partly due to closest rival Tan Cheng Bock’s ability to attract PAP supporters, who analysts say would not have endorsed candidates set on shaking up a regimented political system that has been key to Singapore’s economic success.
SINGAPORE (Reuters) – The top official behind Standard & Poor’s downgrade of the United States said on Friday it was not to blame for August’s stock market rout, and warned that developed nations still needed to “get their act together” to tackle their mountains of debt.
S&P cut the United States’ prized triple-AAA rating one notch to AA+ on August 5, exacerbating a rout in global stock markets that had already been hit by Europe’s growing sovereign debt crisis and fears of a renewed U.S. recession.
SINGAPORE (Reuters) – Singapore’s most hotly contested presidential poll since the office became an elected post 18 years ago kicked off on Wednesday, with the winner slated to be President Tan regardless as all four candidates share the same surname.
Tan is the most common family name in the Southeast Asian city-state, where ethnic Chinese make up about 75 percent of the 3.3 million citizens and 1.8 million other residents. The 10-day election is seen as a referendum on the ruling People’s Action Party (PAP), which has held power since independence in 1965.
SINGAPORE, Aug 17 (Reuters) – Singapore is attracting an
unwelcome flood of U.S. dollars that has caused a key interest
rate to turn negative, complicating efforts to dampen inflation
and prompting speculation the central bank will tweak its policy
to slow the rapid rise in the country’s currency.
While Singapore prides itself on having a highly globalised
and open economy, the stream of investors seeking refuge from
international market turmoil in recent weeks could fuel price
pressures on the tiny island, adding to fears of a potential
property bubble, even as the economy shows signs of slowing.
SINGAPORE, Aug 8 (Reuters) – Britain and several euro zone
countries are likely to have their credit ratings cut in coming
months as debt problems worsen, and Western policymakers are
bound to embark on more quantitive easing to get their economies
moving, American investor Jim Rogers said on Monday.
He also said Standard & Poor’s acted too slowly in stripping
the United States of its AAA rating on Friday, and that he
remained bullish on commodities as investors turn to real assets
amid fears of further quantitative easing by the U.S. and
European central banks.
SINGAPORE (Reuters) – The credit ratings of most Asian nations remain sound despite the debt problems in Europe and the United States, with the notable exception of Japan, a senior official at Standard and Poor’s ratings agency said on Wednesday.
Takahira Ogawa, S&P’s director of Asian sovereign ratings, said the substantial holdings of Asian nations of U.S. Treasury notes and bonds may be affected by a possible U.S. downgrade, but it would not affect their credit standing.
SINGAPORE (Reuters) – Singapore wealth fund GIC said U.S. government bonds remain a safe investment despite fears of a looming debt default, but noted longer-term concerns about fiscal strains in the U.S. and Europe were prompting it to shift more money into emerging markets.
GIC, the world’s eighth-largest sovereign fund with an estimated $300 billion in assets, said U.S. Treasuries “are still in global terms the most liquid and safe assets”, despite uncertainty over whether Washington can gain control over its spending in the long run.