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Singapore's economy recovers in Q2




Dios

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Another small open economy recovering, more evidence for FF that our decline was because of homegrown and not international factors.

Singapore's economy recovers in Q2 - The Irish Times - Tue, Jul 14, 2009
Singapore is a city state, and so runs a bit differently to normal economies. I found it interesting that the article said "all eyes are on China" though, since the Chinese are going through an artificial boom of their own as they try to dump as many dollars as they can as fast as possible. Naturally the powers that be will attempt to paint that as a sign of recovery, probably causing more long term damage.

Not to detract from your point however, FF are a blight.
 

jpc

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Singapore has been governed, not run by a shower of cute hoors and their social partners.
 

dermo88

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Harry Lee is the cutest hoor of them all. Hes been there since 1959, his son is the Prime Minister, and his wife runs Temasek Holdings. They lost Billions in their stakes in Lehmans and noone resigned, no heads rolled, and life goes on. Its a fine place.

Don't be fooled, all that glistens is not gold.
 
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HanleyS

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I was there in March and saw all the empty ships anchored off shore. I'm slightly skeptical.
 

Middleaged

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I was there in March and saw all the empty ships anchored off shore. I'm slightly skeptical.
As I am, I was talking to someone recently who lives there with family, and he reckons they are as fck'd as us...
 

Edo

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It would have to be recovering - China's stimulus plan is well underway by now and it will be sucking in resources and talents from everywhere and Singapore is well placed to benefit from this.

I expect to see Germany and France picking up big time in the last quarter this year due to this aswell.
 

Digout

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I was there in March and saw all the empty ships anchored off shore. I'm slightly skeptical.
There are always ships there? I've been there a few times, its a top spot. Were you working there?
 

Middleaged

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I expect to see Germany and France picking up big time in the last quarter this year due to this aswell.
Trichet might disagree with you on this, I also see that Germanys Investor confidence has fallen, and misses forecast, to the downside

Add to all this Geithner saying that the rebound will be un-even due to borrowing, the next 100 days will be interesting..
 

atlantic

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Singapore look after their indigenous industries and promote them.Our baboons knock the shyte out of SMEs in this country with regulation,legislation and use useless busybodies jackboots to enforce them.
Singapore has been governed, not run by a shower of cute hoors and their social partners.
 

Dios

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I expect to see Germany and France picking up big time in the last quarter this year due to this aswell.
How so, countries don't export to China, which is the only way that Germany or France could make any use of their boom, which as mentioned is entirely artifical and internalised.
 

atlantic

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What do mean countries don't export to china ,what about ,steel,cooper,potash,oil,pigs etc?
How so, countries don't export to China, which is the only way that Germany or France could make any use of their boom, which as mentioned is entirely artifical and internalised.
 

Edo

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How so, countries don't export to China, which is the only way that Germany or France could make any use of their boom, which as mentioned is entirely artifical and internalised.
Ah Jaysus Dios! - do I have to spell it out for you!

The Chinese have been absolutely massive importers of capital equipment and technology for the last decade - in particular from countries like Germany and France who are serious manufacturers of said capital equipment - manufacturing machinery,infrastructure machinery and technology and transportation technology and equipment - have you had a look at Airbus's order books recently and see who are buying over 50% of all Airbus 320s ,330s and 340s?

Chinese stimulus plan is predicated around spending the trillions of dollars they saved up during the export boom to the states on massively updating and upgrading their domestic infrastructure - thats where the Germans,French,Swiss and Swedes will cash in, as well as the Yanks.

Some Irish companies will hopefully piggyback on this -not as direct exporters to China, but as component suppliers to Germany and the rest.

All this activity requires lots of raw material inputs too - so I expect the Russian,Aussies and the rest to start picking up here aswell.

Hopefully - all this cash being injected into the Chinese Domestic economy will lead to increased consumer spending by the expanding Chinese middleclass and their appetite for Western goods and western foods - there is going to be a big opportunity here - the Kiwis are doing a bomb with the dairy produce in the place - which is picking up again big time after lasts years scare - whither Ireland Inc?
 

Dios

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What do mean countries don't export to china ,what about ,steel,cooper,potash,oil,pigs etc?
They get most of their raw resources from third world countries, not Europe.

The Chinese have been absolutely massive importers of capital equipment and technology for the last decade - in particular from countries like Germany and France who are serious manufacturers of said capital equipment
Again, they mostly need that equipment to produce goods for export, and since exports are down, they won't be needing those goods. The "recovery" in China is a dumping of the dollar reserves in the domestic economy, its doubtful that it will do any good for the global economy.

Hopefully - all this cash being injected into the Chinese Domestic economy will lead to increased consumer spending by the expanding Chinese middleclass and their appetite for Western goods and western foods - there is going to be a big opportunity here
They can have all the appetite they want, but nothing gets sold in China without the thumbs up from central government, who are very leery of the influence of western culture.
 

atlantic

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There's a middle class rising fast in China and by the looks of it the chinese are on the way to inflate more(They are starting a property bubble in last month) into that sector to reduce savings and get them consuming the products they make for Western countries.The Chinese will in a few years time be the biggest importers of branded goods and cars may suit the German ,Italians and french.
They get most of their raw resources from third world countries, not Europe.


Again, they mostly need that equipment to produce goods for export, and since exports are down, they won't be needing those goods. The "recovery" in China is a dumping of the dollar reserves in the domestic economy, its doubtful that it will do any good for the global economy.


They can have all the appetite they want, but nothing gets sold in China without the thumbs up from central government, who are very leery of the influence of western culture.
 

Dios

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There's a middle class rising fast in China and by the looks of it the chinese are on the way to inflate more(They are starting a property bubble in last month) into that sector to reduce savings and get them consuming the products they make for Western countries.The Chinese will in a few years time be the biggest importers of branded goods and cars may suit the German ,Italians and french.
The Chinese middle class is a vastly overstated phenomenon. Thats how they can afford all the manufacturing they do, by the sheer numbers of people being paid tiny amounts. The property bubble isn't to get them buying goods, its to get them buying property and convert some of the reserves into their own currency, and long term I've never seen a property bubble that ended with the population being any richer.

Anyway you said it yourself, they produce the products for western countries, its a whole other story trying to get access to Chinese mass markets as a competitor, foreign companies are literally not allowed in. They hold this in common with many asian economies.
 

Gerard1978

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Harry Lee is the cutest hoor of them all. Hes been there since 1959, his son is the Prime Minister, and his wife runs Temasek Holdings. They lost Billions in their stakes in Lehmans and noone resigned, no heads rolled, and life goes on. Its a fine place.

Don't be fooled, all that glistens is not gold.
Well the wife did resign.

I live there, and it is bad, but it will recover quickly as they are much better run, and the PAP acts in the interest of the nation and not the party.

As regards the ships there are always some tied up, but there is more than usual at the moment.
 

k974

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Well the wife did resign.

I live there, and it is bad, but it will recover quickly as they are much better run, and the PAP acts in the interest of the nation and not the party.

As regards the ships there are always some tied up, but there is more than usual at the moment.
hi is there much work there at the moment? whats life in general like there? i've been there a few times (4or5) always said i'd like to live there for a yr or 2. spent the last 6yrs in australia and would fancy a change for a yr or 2. i'm a civil engineer and herself is a financial advisor. sorry for going off topic.
 

dermo88

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"Well the wife did resign.

I live there, and it is bad, but it will recover quickly as they are much better run, and the PAP acts in the interest of the nation and not the party."

As regards the ships there are always some tied up, but there is more than usual at the moment.

Gerald - you would say that and I cannot blame you. If you say otherwise, then its goodbye work permit, and a wee chat with the boys from the special branch on New Bridge Road. But noone will admit that. For the quality of life in Singapore, you are naturally going to heap on the praise. I will admit, that praise is (generally) deserved.

Ho Ching could not see Lehmans collapsing. In fairness, noone could. When they invested, the very notion of it collapsing was inconceivable, so it was perceived as the financial Rock of Gibraltar as such.

Of course, I'd advise you to go over to Johor Bahru, and post from there, then tell whats really going on. Tell whats going on when you see pensioners collecting rubbish, because they have not enough money for food or medicine. Tell whats going on with the Bengali labourers who are hidden, anonymous and unknown. Don't get me wrong, theres poverty everywhere in Asia, but in Singapore, its hidden beneath the glitter.

As for the PAP leadership, their salaries are the highest in the world. How can they understand ordinary people when they are far removed from their insecurities.

The assertion that Singapores PAP acts in the interests of its people is a fallacy. Look at who holds directorships in the corporate sector. Look at the Casino Project. Look at the crazy real estate prices. Look at the Government linked corporations, and essentially, you will realise that Singapore is an intricately woven web of legalised nepotism and corruption. It works because of the supression of criticism and freedom of speech. It works because of the supression of workers rights. It works because of a tangle of rules and regulations, such as the withdrawals from the CPF and a plethora of levies. It works because of fear and insecurity, that makes many Singaporeans paranoid, so that when they cross the Causeway and get onto the Malaysian side they go a bit nuts and misbehave a little bit lah. You should know Gerald, that it took me around 4 or 5 years to actually realise that. Before, I had this .....wow factor, hypnotised by the exterior shell and superficiality of it all. Beneath it all, Singaporeans are worried, paranoid, stressed out, intelligent, driven and henpecked from a very young age. Whats more, they actually admit that, and have the maturity to laugh at it as well.

Now....I'm a bit more pragmatic, and figured that the Singapore chinese are smarter than the Thais, Indonesians, Malaysians and Filipinos at making money on the side. The corruption is hidden better, simply because Singapore is the biggest hooker in Asia. After all, Suharto, Marcos, Thaksin Shinawatra and other Asian despots all....all had bank accounts in.....

Singapore

If I want a contract in Singapore from the Government, all I have to do is buy a shareholding in a company linked to the minister involved, and that virtually guarantees me that contract. Its legally corrupt. Look at B Jayaretnam (R.I.P)amongst others, who were more patriotic than Lee Kwan Yew, since they actually sacrificed their freedom and their security for what they believed in and in Singapore Theres a lot that is not perfect, but to say otherwise is unpatriotic. Its far more pernicious and insidious than Ireland, where we actually DO have the right to openly say that.

"Brian Cowen is an incompetent prat"

What happens if you said that in Harrys Bar on Clarke Quay while pissed on a few Tigers on a Friday night about Ho Ching, the Ice Queen, Lee Hsien Loongs wife?

Yes, you'd be off to the CID on New Bridge Road lah. Then they sue the arse off you, throw you in Changi Jail for 3 months and then despatch you at the Airport.

And you know it.

So cut the bull$hit, Singapore is good, but it sure is not perfect.

Now meanwhile, I am going to write a letter to the former Malaysian Prime Minister, Ahmed Badawi to come over to Ireland to run our show. He spent most of the time asleep, which is better than Clowen or Coughlan who spend most of the time pissed. Unfortunately, Ahmed Badawi does'nt know the catch.

- Theres nothing left to loot, we don't have Petronas, we are a rock at the edge of Europe, and theres no money for megaprojects
 
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