TR EMERITUS

(12 May)   The wealthy economies of Singapore and Hong Kong are perhaps not the first that analysts associate with instability, but according to international research house Capital Economics, they're the ones most likely to be burned by U.S. Federal Reserve rate hikes. Most analysts expect the Fed will raise interest rates in mid-2015 once it has finished winding down its tapering program. With their domestic interest rates tied to the Fed, Daniel Martin, emerging markets economist at Capital Economics, said Singapore and Hong Kong are particularly vulnerable to such moves. "These countries are the only two countries that we cover that have the dual problems of rapid recent credit growth and a lack of exchange rate flexibility," Martin told CNBC. Read more: www.cnbc.com/id/101657908  Read More →

(Or “PR spinning goes mad” or “‘Ponding’ revisited”) There was “no breach of security measures” by the Bishan-Toa Payoh Town Council in relation to the vandalism case in Toa Payoh … said Dr Teo Ho Pin* (CNA).  Graffiti was found along the rooftop of Block 85A at Toa Payoh Lorong 4, on 8 May and five 17-year-olds have been charged with vandalism. Earlier, on 5 May, a train at the Bishan depot was spray-painted with graffiti. This is the third time vandals have struck a key transport facility in four years, and the second time a train in Bishan depot has been vandalised. In the latest case, reports said the depot’s perimeter fence was intact, and SMRT has yet to confirm any security breach, CNA reported. So how did the vandals get in undetected to deface the property and then get out again undetected? Goh Meng Seng** allowed the vandals to use his UFO’s teleporting machine to get in and out of the secured premises, is it? Come on SMRT and Dr Teo, if vandals can get in and out of secured premises, then there were breaches of security. Let’s not indulge in word games to try look gd. These semantics only make you look stupid, and remind S’poreans that only the PM has cockles with a certain dish. Dr VivianB put an end to claims by his officials that Orchard Rd wasn’t flooded, it was juz “ponded”. He sneered at their claims of “ponding”. Much credit we netizens gave him, showing how much he is disliked in cyberspace. Mr Teo Chee Hean should show SMRT and Dr Teo why he was brought in as Home Minister. It had become a sex holiday camp during Wong Kan Seng’s long tenure there and Mr Teo made it fit for purpose again, looney M’sians breaching borders excepted. He should publicly take SMRT and Dr Teo to task for trying to PR their way out of security failures that could have jeopardise lives, and further damage the PAP govt. If terrorists had breached these premises, and people had died, S’poreans would know that the PAP govt is a paper tiger when it comes to protecting S’poreans against terrorists. Worse, imagine if the terrorists were the people Gilbert Goh or Goh Meng Seng love to trash, and MoM Tan, PM and his ministers, Kirsten Han and Maruah love to embrace: FTs? All hell would break lose, and rightly so given that the PAP govt prides itself on keeping S’pore safe and on its love of FTs. S’poreans would be rational in thinking that when security and FT policies contradict one another, the security of S’pore and S’poreans suffer. So pls Mr Teo, pls wake up and go wake up Dr Teo’s and General Kuek’s ideas. It’s OK to sleep in Party (white elephant only) but not on the day-job of keeping S’pore safe. —– *          CNA tells us how the vandals got in: Channel NewsAsia has been trying to figure out how the vandals could have reached the rooftop without using the trap door. Looking at the place, one can see a small opening which leads to the roof. There are also stains on the walls, which could mean that the vandals could have placed a ladder against the walls to get to the opening. If allowing a small opening to remain is not a security breach, what is, Dr Teo? Dr Teo stressed that the PAP town councils take a serious view of the security and safety of roofs and water tanks at HDB blocks. He said that over the last three years, the town councils have set up a security protocol on rooftop access. Dr Teo said: “The town councils have set up three lines of defence to make sure that (only) authorised personnel can go up to the rooftop of our HDB flats. “So we have, first of all, secured locks to make sure that all the trap doors and all the doors are properly locked using a very robust lock system. “We also make sure that our water tanks are all with brackets — they are all bolted down to make sure that nobody can vandalise (them). “At the same time, we have an authorised access system where only authorised persons can go up the roof.” The town councils believe the present security system is adequate to prevent any unauthorised access to the roofs. However, they will need to evaluate if the breach is caused by other factors. How can measures be adequate, yet there is a breach, causing a need to evaluate if the breach is caused by other factors. **        Maybe taz why GMS is AWOL or MIA yet again. He was leading the charge against the Pinoys’ party but has gone quiet. Maybe modifying his teleporter (with the help of Tan kin Lian) to zap Pinoys who party at his sacred spot and transfer to Filipino Lucky Plaza, where the Pinoys have de-facto sovereignty? Have a gd weekend. Tune in next week. Plenty on garang Pinoys planning on taking on GG and GMS. Cynical Investor Source: Thoughts of a Cynical Investor  Read More →

Shoppers outside luxury retail stores in a shopping mall along Singapore's Orchard Road, the city-state's largest commercial area. The sale of luxury goods in Singapore is expected to reach $2.7 billion this year, while the Asia-Pacific region is set to drive the world's luxury market for the foreseeable future. (Photo: AFP) (May 12) Asia's affluent middle class is rising rapidly as wealth in China is set to overtake Japan's by 2015 No matter how you try to measure it, Asians are becoming wealthier. Fly into any capital city in the region and at once you will be struck by the display of wealth. From flashy condominiums to shopping precincts that cater to the surging middle class, Asia's affluent are growing. It has been estimated by HSBC that by 2015 financial wealth in China will overtake Japan's, while emerging Asia is on course to eclipse the United States. Singapore is being tipped to overtake Switzerland as the wealth capital of the world within this decade. Read more: www.chinadaily.com.cn/bizchina/2014-05/12/content_17499565.htm  Read More →