Monday, October 20, 2008

Today's Singapore News

The following are stories that are making the headlines over at Topix Singapore News today, edited by yours truly.

-10,000 new employees wanted: It will open its doors only at the end of next year, but Marina Bay Sands is beginning its hunt today for the 10,000 employees it will need.
-Firms studying feasibility of floating dorms & storage structures: With rising construction costs and a space crunch in Singapore, local researchers are exploring cheaper alternatives to land reclamation.
-Are banks tightening up on housing loans?: In a bid to avoid mistakes that sent the American banking industry into a tailspin, Singapore banks have tightened their criteria for approving housing loans.
-Mums-to-be fear being laid off: With Singapore’s economy now in a technical recession and businesses expected to start slashing costs to remain viable, the threat of retrenchment is worrying some working mothers who are going on or already on maternity leave.
-Singaporeans find their voice in crisis: They clapped and cheered, about 600 of them, in the biggest outdoor rally Singapore had seen in years to openly vent their anger at financial institutions.
-Singapore guarantees bank deposits to curb flight of deposits: The Government's move last week to guarantee bank deposits in Singapore was necessary to keep local banks competitive and to prevent deposits from flowing out to other countries.
-Some budget cuts expected: Budgets for environmental programmes in Singapore that have an impact on public health will not be affected despite the recession here.
-Singapore economy to be weak for several quarters: Singapore's economy, which fell into a recession in the third quarter, will see growth remaining weak for "several quarters" though inflationary pressures will take time to ease.
-Singaporeans heading abroad for cheaper medical care: Singaporeans have been heading to places such as Thailand and Malaysia for less pricey treatments, including Lasik and plastic surgery, for several years now.
-Defamation suits necessary, Singapore tells rights group: Singapore's government has defended itself against a charge of using defamation suits to stifle dissent, saying they are necessary for protection against unfounded allegations by political opponents.

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