Year 2008
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.
PM Lee, MM Lee awarded 6-figure sums in libel case
Monday, 13th October 2008
The Singapore High Court has awarded six-figure sums to both Prime Minister Lee Hsien Loong and his father, Minister Mentor Lee Kuan Yew, in their libel case against the Singapore Democratic Party and its leaders. The Judge came to the conclusion that a fair and reasonable figure for damages was S$500,000 for Mr Lee Hsien Loong and S$450,000 to his father for defamatory remarks which appeared in an SDP publication during the 2006 General Election. The Judge said the amount was commensurate with and proportionate to the gravity of the libel and the "egregious behaviour" of the defendants Dr. Chee Soon Juan and his sister, Chee Siok Chin.
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.
Ministry of Sound closes for good
Monday, 6th October 2008
Ministry of Sound (MOS) outlet in the Singapore's Clarke Quay area closed its door today. The licensing agreement LifeBrandz, a Singapore-based operator of bars and nightclubs, held with UK-based Ministry of Sound International Ltd was terminated. Two industry insiders said that the barely-three-year-old superclub would be closed for renovations and reopen with a brand-new concept and a new name. A veteran DJ said he had been informed that the current 40,000 square feet (about the size of 10 basketball courts) venue at Clarke Quay would sport a band-cum-DJ concept in its next life but not as MOS.
DHL Ballon Goes Down
Monday, 6th October 2008
The red and yellow DHL Balloon at Tan Quee Lan Street was deflated this morning, ending its two and half year flight. When the land lease expired, balloon owner Singapore Ducktours tried finding other suitable sites but have been unsuccessful so far (Singapore Flyer Effect). The balloon has to go to make way for the new Bugis MRT station. According to its owner, the DHL balloon, has brought more than 200,000 passengers to the skies. It will be packed and shipped to France for cleaning and servicing. Thereafter may be shipped to its new home in Sydney, Australia.
Two Jailed for exposing breasts
Monday, 6th October 2008
Two Filipina were fined $1,000 each on Monday for exposing their breasts in a pub in Duxton Road. Ms. Camela Dimante Brucal, 24, and Ms. Mariecel Jusi Eballa, 29, pleaded guilly to committing an obscene act in a public place. A district court heard that the two pub hostesses had displayed their breasts to two men last Thursday, 2 October 2008, at Club Genova at 10.30pm. Police caught them in the act as they were carrying out a check at the pub. Pleading for leniency, both women said that they were very remorseful and would not re-offend. Both Ms. Camela Dimante Brucal and Ms. Mariecel Jusi Eballa will serve five days in jail as they could not pay the fine.
Singapore Grand Prix 2008
Sunday, 28th September 2008
The Singapore Grand Prix is a Formula One race staged in the Marina Bay area of Singapore. The first race, which was also Formula One's first night race, was won by Spanish driver Fernando Alonso of the Renault F1 Team. The official name of the event is FORMULA 1 SingTel Singapore Grand Prix 2008. The race was co-funded by the Government of Singapore, footing 60% of the total bill, or about SGD $100 million, out of a total tab of SGD $160 million. Around 110,000 tickets sold Singapore's first Formula One night race and about 2.5 billion people watched the Singapore Grand Prix on television across the world.
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.
Boeing rolled out Singapore's F-15SG fighters
Tuesday, 16th September 2008
The Boeing Company completed its first flight of the new Republic of Singapore Air Force (RSAF) new F-15SG from Lambert International Airport in St. Louis. The F-15SG is a variant of the highly capable, combat-proven F-15E. According to Boeing spokeperson, the rollout of F-15SG1 is on schedule and demonstrates that Boeing is off to a great start as the RSAF builds to a procurement of 24 F-15SG aircraft. The aircraft now will undergo a one-year flight test program to confirm aircraft performance. Flight testing will take place at Boeing facilities in St. Louis and in Palmdale, Calif. F-15SG production deliveries will begin in the second quarter of 2009. The final aircraft in this procurement will be delivered to the RSAF in 2012. The capabilities of the F-15SG are a blend of speed, power and agility - a combination that makes the aircraft the ultimate multirole fighter, versatile in all missions.
Ex-Car Owners Can Encash Their COE or PARF Rebates
Monday, 1st September 2008
Vehicle owners may apply to the LTA to encash their unused and valid PARF/COE rebates. This is to make it easier for car owners to give up their cars and switch to public transport. This ties in with the overall effort to make public transport a choice mode for all commuters, including current car owners.
Major Events 8 Nation Building 10 People 33 Places 47 Politics 10 Religion 1
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