Source : The Business Times, October 18, 2007
WITH businesses around the world increasingly looking to settle their disputes by arbitration rather than in public courtroom battles, the American Arbitration Association (AAA) yesterday opened an office in Singapore - its first in Asia.
The arrival of this leading institution will be a boost for law firms based here, industry players say.
The new office, located at City Hall, is a joint venture between AAA's international arm, the International Centre for Dispute Resolution (ICDR), and the Singapore International Arbitration Centre (SIAC).
SIAC deputy chairman Lawrence Boo said: 'There will be new opportunities for law firms based here and in the region.' This is because foreign companies in Asia which choose to have an ICDR arbitration are likely to choose to hold the hearing in Singapore - where the ICDR office is based - and thus are more likely to use law firms based here.
ICDR senior vice-president Richard Naimark said: 'This is a major step towards the establishment of Singapore as a leading arbitration centre in Asia.'
ICDR is responsible for the administration of all AAA international cases. It said that it saw its Asian caseload increase by 35 per cent last year, from 88 cases in 2005 to 119 last year. The ICDR also has offices in New York, Mexico City and Dublin.
On why the ICDR chose Singapore as its first office in Asia, John Townsend, who chairs the executive committee of AAA's board of directors, said: 'Singapore is the pre-eminent legal and business centre in this part of the world.' He said that while Hong Kong is close to China, Singapore is preferred because of its reach to Asia as a whole.
Jun Bautista has been appointed as the director of ICDR Singapore. He previously was an associate in a law firm in the Philippines and served as a law clerk in the Supreme Court of the Philippines.
Mr Boo of SIAC said: 'We hope to further reach out to US companies doing business in Asia. Outside the Asian region, US parties continue to be the largest user of SIAC arbitration and I am confident that ICDR Singapore will enhance the use of institutional arbitration in Singapore.'
Thursday, October 18, 2007
World Economic Growth Robust But Risks Remain: IMF
Source : The Business Times, October 18, 2007
Asian and other emerging markets still face overheating pressures, it says
+Logo.jpg)
ON present indications, the global economy should weather recent financial market turbulence quite well with the overall world economy growing by a robust 5.2 per cent this year, slackening only to 4.8 per cent next year, says the International Monetary Fund (IMF) in its latest World Economic Outlook published yesterday.
But the risks 'are firmly on the downside', the IMF warns in its latest bi-annual report. The chief reason for this unusually heavy qualification to the global economic outlook 'centres on the concern that financial market strains could deepen and trigger a more pronounced global downturn', says the report. Additional risks include 'potential inflationary pressures, volatile oil markets, and the impact on emerging markets of strong foreign exchange flows', it adds.
Underscoring these warnings, the IMF said in its Global Financial Stability Report Update published on Tuesday that while the worst of the recent turmoil in leading world financial markets appeared to have subsided, 'the period of adjustment will take some time and setbacks are possible'.
The reports came as leading US banks Citigroup, JPMorgan and Bank of America announced they were launching a 'super-fund' to buy US$75-100 billion of financial assets from so-called structured investment vehicles or SIVs set up by major banks and asset management groups with the aim of injecting liquidity and confidence back into financial markets shaken by recent turmoil.
The baseline economic forecast in yesterday's IMF report assumes that market liquidity is gradually restored in coming months and that the interbank market reverts to more normal conditions, although wider credit spreads are expected to persist.
But 'there remains a distinct possibility that turbulent financial market conditions could continue for some time (with) a significant dampening impact on growth', the report says.
'In the United States, tightening lending standards are likely to crimp the overall supply of credit to the housing sector, and weaker borrowers will face higher mortgage rates,' the report suggests. This could feed through to reduce consumption, with an adverse impact upon US import demand which would impact the global economy.
The sharpest downgrade in growth forecast for next year is in the US where the economy is projected by the IMF to expand at 1.9 per cent next year - a near one percentage-point downgrade over its previous forecast.
If signs are that US growth is likely to continue below trend, that would 'justify further interest rate reductions' there, says the report, although US Federal Reserve chairman Ben Bernanke said on Monday that the recent 0.5 per cent cut in rates had reduced risks to the near-term outlook.
Another cause for concerns is the fact that 'oil prices have risen to new highs and a further spike in prices cannot be ruled out, reflecting limited spare production capacity, says the report.
As a backdrop to the IMF warnings, crude oil prices jumped to an all time high of above US$86 a barrel this week amid warnings of tight supplies ahead of the winter peak in demand for energy.
Asian and other emerging market economies, meanwhile, 'still face overheating pressures and rising food prices', the latest IMF report notes. 'Further monetary tightening' may be required in these markets while policy-makers are likely to have to balance the need for higher rates with 'strong foreign exchange inflows' that threaten overheating of some emerging market economies. 'There is no simple formula for dealing with these flows,' the IMF says.
Asian and other emerging markets still face overheating pressures, it says
+Logo.jpg)
ON present indications, the global economy should weather recent financial market turbulence quite well with the overall world economy growing by a robust 5.2 per cent this year, slackening only to 4.8 per cent next year, says the International Monetary Fund (IMF) in its latest World Economic Outlook published yesterday.But the risks 'are firmly on the downside', the IMF warns in its latest bi-annual report. The chief reason for this unusually heavy qualification to the global economic outlook 'centres on the concern that financial market strains could deepen and trigger a more pronounced global downturn', says the report. Additional risks include 'potential inflationary pressures, volatile oil markets, and the impact on emerging markets of strong foreign exchange flows', it adds.
Underscoring these warnings, the IMF said in its Global Financial Stability Report Update published on Tuesday that while the worst of the recent turmoil in leading world financial markets appeared to have subsided, 'the period of adjustment will take some time and setbacks are possible'.
The reports came as leading US banks Citigroup, JPMorgan and Bank of America announced they were launching a 'super-fund' to buy US$75-100 billion of financial assets from so-called structured investment vehicles or SIVs set up by major banks and asset management groups with the aim of injecting liquidity and confidence back into financial markets shaken by recent turmoil.
The baseline economic forecast in yesterday's IMF report assumes that market liquidity is gradually restored in coming months and that the interbank market reverts to more normal conditions, although wider credit spreads are expected to persist.
But 'there remains a distinct possibility that turbulent financial market conditions could continue for some time (with) a significant dampening impact on growth', the report says.
'In the United States, tightening lending standards are likely to crimp the overall supply of credit to the housing sector, and weaker borrowers will face higher mortgage rates,' the report suggests. This could feed through to reduce consumption, with an adverse impact upon US import demand which would impact the global economy.
The sharpest downgrade in growth forecast for next year is in the US where the economy is projected by the IMF to expand at 1.9 per cent next year - a near one percentage-point downgrade over its previous forecast.
If signs are that US growth is likely to continue below trend, that would 'justify further interest rate reductions' there, says the report, although US Federal Reserve chairman Ben Bernanke said on Monday that the recent 0.5 per cent cut in rates had reduced risks to the near-term outlook.
Another cause for concerns is the fact that 'oil prices have risen to new highs and a further spike in prices cannot be ruled out, reflecting limited spare production capacity, says the report.
As a backdrop to the IMF warnings, crude oil prices jumped to an all time high of above US$86 a barrel this week amid warnings of tight supplies ahead of the winter peak in demand for energy.
Asian and other emerging market economies, meanwhile, 'still face overheating pressures and rising food prices', the latest IMF report notes. 'Further monetary tightening' may be required in these markets while policy-makers are likely to have to balance the need for higher rates with 'strong foreign exchange inflows' that threaten overheating of some emerging market economies. 'There is no simple formula for dealing with these flows,' the IMF says.
Economy's Solid Growth To Still Into 2008: NTU
Source : The Business Times, October 18, 2007
It cites uptick in world electronics demand, sizzling construction activity
THANKS to the sustained health of the global economy, an uptick in world electronics demand and sizzling construction activity here, the rosy picture for Singapore's economy will persist into next year, Nanyang Technological University economists said yesterday.
Singapore's gross domestic product is expected to grow 8.3 per cent this year and 7.5 per cent in 2008, the Econometric Modelling Unit (EMU) of the Economic Growth Centre at NTU said in its bi-annual forecast for the economy.
'The expected growth in 2008 is due to external demand conditions, mainly the world economy is expected to remain healthy, China and India are expected to drive growth in Asia and the aggressive policies of the Federal Reserve with regard to the sub-prime mortgage market in the US would likely contain the credit squeeze in the US,' said NTU Associate Professor Joseph Alba.
Based on leading indicators for the electronics cluster, the upturn in global electronics demand will likely gather pace in 2008, while construction activity amid buoyant property prices and spillover effects from the building of the two integrated resorts here will provide further stimulus, he added.
The forecasts were made barring additional risks in the Middle East that could cause oil prices to spike further, but assumed high oil prices of US$80 a barrel.
Assoc Prof Choy Keen Meng, who has been spearheading the macro-economic forecasts since 2001, said the impact of oil price spikes on economic growth is not discernable as there are offsetting factors.
'Historically, the impact of oil price increases on the Singapore economy has been ambiguous,' said Assoc Prof Choy.
For the fourth quarter of this year, EMU expects Singapore's economy to grow 8.6 per cent after the government's advance estimates showed the economy growing 9.4 per cent in Q3.
Giving a sectoral breakdown, Assoc Prof Alba said growth in manufacturing, hotels and restaurants, transport and storage and information and communications is expected to accelerate in 2008 from 2007. But sectors like construction and financial services could see slightly slower growth in 2008 given the high base of comparison in 2007.
EMU also projects that one-off impact of the two percentage-point hike in the Goods and Services Tax will likely blow over by 2008, with the Consumer Price Index (CPI) to be 2.6 per cent in Q4, 1.6 per cent for the whole year and 2.4 per cent in 2008.
This falls within the official CPI forecast by the Monetary Authority of Singapore of 1.5-2 per cent for 2007 and 2-3 per cent for 2008.
The buoyant economic outlook is expected to put more pressure on inflation as labour costs increase, EMU said, but added that these wage pressures may moderate in 2008 as productivity growth accelerates or employment is allowed to grow through Singapore's flexible foreign labour policy.
It estimates that job creation will reach a record of 200,000 this year, after an all-time high of 176,000 last year.
EMU's projected job creation would take the unemployment rate to 2.3 per cent for 2007 and 2 per cent for 2008 - the lowest level in a decade.
It cites uptick in world electronics demand, sizzling construction activity
THANKS to the sustained health of the global economy, an uptick in world electronics demand and sizzling construction activity here, the rosy picture for Singapore's economy will persist into next year, Nanyang Technological University economists said yesterday.
Singapore's gross domestic product is expected to grow 8.3 per cent this year and 7.5 per cent in 2008, the Econometric Modelling Unit (EMU) of the Economic Growth Centre at NTU said in its bi-annual forecast for the economy.
'The expected growth in 2008 is due to external demand conditions, mainly the world economy is expected to remain healthy, China and India are expected to drive growth in Asia and the aggressive policies of the Federal Reserve with regard to the sub-prime mortgage market in the US would likely contain the credit squeeze in the US,' said NTU Associate Professor Joseph Alba.
Based on leading indicators for the electronics cluster, the upturn in global electronics demand will likely gather pace in 2008, while construction activity amid buoyant property prices and spillover effects from the building of the two integrated resorts here will provide further stimulus, he added.
The forecasts were made barring additional risks in the Middle East that could cause oil prices to spike further, but assumed high oil prices of US$80 a barrel.
Assoc Prof Choy Keen Meng, who has been spearheading the macro-economic forecasts since 2001, said the impact of oil price spikes on economic growth is not discernable as there are offsetting factors.
'Historically, the impact of oil price increases on the Singapore economy has been ambiguous,' said Assoc Prof Choy.
For the fourth quarter of this year, EMU expects Singapore's economy to grow 8.6 per cent after the government's advance estimates showed the economy growing 9.4 per cent in Q3.
Giving a sectoral breakdown, Assoc Prof Alba said growth in manufacturing, hotels and restaurants, transport and storage and information and communications is expected to accelerate in 2008 from 2007. But sectors like construction and financial services could see slightly slower growth in 2008 given the high base of comparison in 2007.
EMU also projects that one-off impact of the two percentage-point hike in the Goods and Services Tax will likely blow over by 2008, with the Consumer Price Index (CPI) to be 2.6 per cent in Q4, 1.6 per cent for the whole year and 2.4 per cent in 2008.
This falls within the official CPI forecast by the Monetary Authority of Singapore of 1.5-2 per cent for 2007 and 2-3 per cent for 2008.
The buoyant economic outlook is expected to put more pressure on inflation as labour costs increase, EMU said, but added that these wage pressures may moderate in 2008 as productivity growth accelerates or employment is allowed to grow through Singapore's flexible foreign labour policy.
It estimates that job creation will reach a record of 200,000 this year, after an all-time high of 176,000 last year.
EMU's projected job creation would take the unemployment rate to 2.3 per cent for 2007 and 2 per cent for 2008 - the lowest level in a decade.
S'pore Presses On With F1 Night Race Plans
Source : The Business Times, October 18, 2007
SAO PAULO - Singapore is pressing ahead with plans to host Formula One's first night race next year, with local promoters announcing on Wednesday a deal with a lighting contractor.
Singapore GP said in a statement they had signed a letter of intent with Italy's Valerio Maioli Spa to design and construct the lighting system after two tests in July and September at Le Castellet circuit in southern France.
The proposed system was presented to the governing International Automobile Federation (FIA) in Paris on Oct 10.
The plans envisage installing nearly 1,500 lighting projectors, powered by 12 twin-power generators, around the Singapore circuit.
'An overall average of about 3000lux levels is required to illuminate the circuit, which is enough to meet High Definition Television broadcast standards,' the promoters said. 'As a result, the track will be almost four times brighter than a typical stadium.'
The statement said the lights will be transported to Singapore in early January for testing in an environment similar to what would be expected on race day.
The grand prix is scheduled for Sept 28 on public roads around the Marina Bay area, making it Formula One's first street race in Asia.
'Valerio Maioli Spa estimates that the set up would take about two to three months. The system is likely to be set up in the second quarter of 2008,' the statement said.
The FIA gave the go-ahead last month for construction of the planned 5.067km Singapore circuit. Singapore agreed a five-year deal for the race in May. -- REUTERS
SAO PAULO - Singapore is pressing ahead with plans to host Formula One's first night race next year, with local promoters announcing on Wednesday a deal with a lighting contractor. Singapore GP said in a statement they had signed a letter of intent with Italy's Valerio Maioli Spa to design and construct the lighting system after two tests in July and September at Le Castellet circuit in southern France.
The proposed system was presented to the governing International Automobile Federation (FIA) in Paris on Oct 10.
The plans envisage installing nearly 1,500 lighting projectors, powered by 12 twin-power generators, around the Singapore circuit.
'An overall average of about 3000lux levels is required to illuminate the circuit, which is enough to meet High Definition Television broadcast standards,' the promoters said. 'As a result, the track will be almost four times brighter than a typical stadium.'
The statement said the lights will be transported to Singapore in early January for testing in an environment similar to what would be expected on race day.
The grand prix is scheduled for Sept 28 on public roads around the Marina Bay area, making it Formula One's first street race in Asia.
'Valerio Maioli Spa estimates that the set up would take about two to three months. The system is likely to be set up in the second quarter of 2008,' the statement said.
The FIA gave the go-ahead last month for construction of the planned 5.067km Singapore circuit. Singapore agreed a five-year deal for the race in May. -- REUTERS
CapitaRetail China To Buy Beijing Mall For $336m
Source : The Business Times, October 18, 2007
CapitaRetail China Trust, a shopping mall trust managed by Singapore developer CapitaLand, said on Thursday it plans to buy a mall in Beijing for $336 million (US$230 million).
Related Link - http://tinyurl.com/2uwmvs
CapitaRetail China Trust's news release
The Xizhimen Mall, located near Beijing's west second ring road in Xicheng district, is held by CapitaLand's CapitaRetail China Incubator Fund.
The mall has a gross rentable area of 73,857 sq m. -- REUTERS
CapitaRetail China Trust, a shopping mall trust managed by Singapore developer CapitaLand, said on Thursday it plans to buy a mall in Beijing for $336 million (US$230 million). Related Link - http://tinyurl.com/2uwmvs
CapitaRetail China Trust's news release
The Xizhimen Mall, located near Beijing's west second ring road in Xicheng district, is held by CapitaLand's CapitaRetail China Incubator Fund.
The mall has a gross rentable area of 73,857 sq m. -- REUTERS
Subscribe to:
Posts (Atom)
.jpg)
