Year 1965
MAS Told DBS To Set Aside Money
Wednesday, 4th August 2010
The Monetary Authority of Singapore (MAS) has instructed DBS Bank to set aside additional SGD $230 million in regulatory capital for operational risk, as part of its supervisory action against the service outage of the lender's online and branch banking system suffered recently.
DBS Banking System Crashed
Monday, 5th July 2010
DBS Computer System crashed in the early morning which affected their front office, internet banking and even ATMs. The more than seven-hour outage caused significant inconvenience to the bank's customers. The breakdown was in part a result of the failure by the bank to put in place a robust technology risk management framework.
Singapore Airshow 2010
Tuesday, 2nd February 2010
The Singapore Airshow 2010 is a 6-day event, taking place from 2 to 7 February 2010. The first 4 days of the Singapore Airshow are exclusively for trade attendees and the final 2 weekend days are open to general public at large. Show visitors are treated to an extra 30-minute aerobatic flying display taking place at this year’s Singapore Airshow over the public weekend on 6 and 7 February. This is in addition to the 60-minute aerial display.
COE crashes to $2
Wednesday, 19th November 2008
What was thought to be impossible, the COE (open bidding system for car buyer) had crashed. At the close of the tender, COE premium for cars was at an unprecedented $2. Motor traders were shocked. All said the market was soft, but no one expected the price to crash. The number of bids submitted exceeded the COE supply of 1,851 by only one. The last time it crashed was in 1997 when the bid was stopped at 50 bucks .
China Free trade pact signed
Wednesday, 22nd October 2008
The landmark free trade agreement (FTA) between China and Singapore, which is the Chinese government's first with an Asian country, will eliminate tariffs for 85 per cent of Singapore's exports to China from January 2009. An additional 10 per cent of exports, or 95 per cent of Singapore's exports to China, will be duty-free from 2010 onwards. The Singapore exports covered by the FTA, which include such items as instant coffee, aviation kerosene and ornamental fish, have a total trade value of over $18 billion. As part of the China-Singapore FTA , Singapore will lift tariffs for all Chinese exports to Singapore. Prime Minister Lee Hsien Loon and his Chinese counterpart Wen Jiabao signed the FTA in Beijing.
Singapore government to guarantee banks
Thursday, 16th October 2008
Singapore government sets aside SGD $150 billion to guarantee all Singdollar and foreign currency deposits of individual & non-bank customers in licensed banks, finance companies and credit co-operatives. For the guarantee to be called, two things have to happen: a bank has to fail, and at the same time its assets must be worth so little there is not even enough to repay its depositors. Singapore government has assured that its banking system continues to be sound and resilient, but it said precautionary action must be taken to avoid an erosion of the banks' deposit base.
Singapore Economy in Recession
Friday, 10th October 2008
The Singapore is in a technical recession dragged down by a slump in exports and a weak property market. The real recession which usually cause job losses, will probably come 2009 when Singapore feels the full impact of the global economic slowdown. It is Singapore first technical recession since 2002, after the dot-com bubble busted. The week ending 10 October 2008, saw the Singapore Stock Index drop by more than 15% from 6 October 2008.
Singapore shares dive after Lehman Brothers collapse
Wednesday, 17th September 2008
Singapore stock markets went into a dizzying fall as the collapse of US investment bank Lehman Brothers sparked fears that more bad news is on the horizon for the finance sector and the economy. The collapse of Lehman Brothers has sent a major jolt through global financial markets as it is by far the biggest victim of the credit crisis that started in August 2007. It had been previously considered that firm like Lehman Brothers are too big to fail.
Mas Selamat bin Kastari Escaped
Wednesday, 27th February 2008
At 4.05pm Mas Selamat bin Kastari, the JI leader, escaped from the Internal Security Department's Whitley Detention Camp where he was being detained. His family was visiting him at the time, and he was being led to a room to meet them when he asked for a toilet break. Mas Selamat had escaped through an unsecured bathroom window and fled. A massive manhunt comprising personnel from the Singapore Police Force, the Gurkha Contingent, the Police Tactical Unit and the Police National Service Key Installation Protection Unit were deployed in the vicinity of the area immediately after the escape. Followed by thousands of Singapore Armed Forces Personnel combing the forested area (very much like time the black panther escaped from the Singapore Zoo).
Host Inaugural Youth Olympic Games
Friday, 22nd February 2008
Singapore was declared host of the inaugural Youth Olympic Games (YOG) 2010. In all, 26 sports will be contested. YOG are planned to be an international multi-sport event held every four years in staggered summer and winter events consistent with the current Olympic Games format. Each participating country would send at least four athletes. 170 countries are expected to participate in the 2010 Youth Summer Olympics. (There are over 200 National Olympic Committees, most of which participate at the regular Games).
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