HDB’s $2 billion dollar deficit – More Questions than Answers
By Damon Yeo, Business Correspondent HDB’s latest financial report reviewed that the Statutory Board had made a $2bn deficit for the financial year running from 1 April 2008 to 31 March 2009. The deficit had doubled since the previous period. To fully understand the numbers behind HDB’s financial year, one must first understand...
OCBC Acquisition of ING Bank Unit – A risky deal in risky times
By Damon Yeo, Business Correspondent There are two sides to every coin. OCBC’s recent US$1.46billion acquisition of ING Bank’s Asian private banking (IAPB) business is one deal that will definitely split opinions in the financial market. There is little doubt that this deal had propelled OCBC from a fringe player in the...
Irish Luck had ran out – But are we on the same route to disaster?
By Damon Yeo, Business Correspondent Earlier this year, a joke conjured up by some twisted economists became popular online. It goes something like, “What is the difference between Iceland and Ireland? An alphabet and about six months.” This joke surfaced just months after the entire Icelandic economy and banking system...
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