[UPDATE on May 6 at 3:40pm: We’ve been informed that some of the photos we previously featured were of stores that were under renovation, and have removed them accordingly. We’re sorry for the mistake.]
Photos: Just how empty are Orchard Road malls these days
http://mothership.sg/2016/05/photos-just...hese-days/
I think this is a very good simple article from MAS about gold, silver and NEER:
http://www.mas.gov.sg/~/media/resource/p...Anchor.pdf
As per observed in my other postings, the import cost that was traditionally dampened by SGD appreciation were no longer effective 2010-2014 as the cause of inflation was below the gross margin line ie OPEX which includes cost of labour and which was related to cost of land / property. MAS was right to use more than 7 measures to burst the property bubble and IMHO is bit late but better than never. And today it shouldn't succumb to the pressures from developers to open it again to free-market theorists / speculation rather than meet real domestic demand.
"In the years following the GFC, a number of developments have altered key relative prices in the domestic economy and shifted the structure of production. Ultra-low interest rates imported from abroad led to rising asset prices, especially for property, which was reflected in higher CPI inflation. At the same time, the policy shift towards productivity-driven growth and a reduction in the reliance on cheap foreign labour since 2010 has resulted in stronger wage growth. Singapore has also been rapidly evolving towards the provision of higher value-added services.
Despite these structural shifts, the evidence suggests that the present monetary policy remains “fit for purpose” (Menon, 2013). Empirical studies by MAS suggest that inflation would have been higher in the absence of a tighter exchange rate policy. Although inflation was driven, in large part, by rising imputed rentals on owner-occupied accommodation and the cost of private road transport, the appreciating exchange rate successfully dampened price increases in the broader consumption basket, and served to “temper but not fully offset” the inflationary pressures arising from the economic restructuring process."
It will be an very expansive experience by BSI SA bank...
BSI Bank ordered to shut down by MAS
SINGAPORE (May 24): The Monetary Authority of Singapore (MAS) on Tuesday announced it is withdrawing BSI Bank’s status as a merchant bank in Singapore.
MAS said its decision to shut down BSI Bank in Singapore takes into account “serious breach of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff”.
MAS also served BSI Bank notice to impose financial penalties amounting to $13.3 million for 41 breaches of MAS Notice 1014 - Prevention of Money Laundering and Countering the Financing of Terrorism.
The breaches include failure to perform enhanced customer due diligence on high risk accounts, and to monitor for suspicious customer transactions on an ongoing basis, MAS said.
...
http://www.theedgemarkets.com/sg/article...t-down-mas
(24-05-2016, 03:01 PM)CityFarmer Wrote: [ -> ]It will be an very expansive experience by BSI SA bank...
BSI Bank ordered to shut down by MAS
SINGAPORE (May 24): The Monetary Authority of Singapore (MAS) on Tuesday announced it is withdrawing BSI Bank’s status as a merchant bank in Singapore.
MAS said its decision to shut down BSI Bank in Singapore takes into account “serious breach of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff”.
MAS also served BSI Bank notice to impose financial penalties amounting to $13.3 million for 41 breaches of MAS Notice 1014 - Prevention of Money Laundering and Countering the Financing of Terrorism.
The breaches include failure to perform enhanced customer due diligence on high risk accounts, and to monitor for suspicious customer transactions on an ongoing basis, MAS said.
...
http://www.theedgemarkets.com/sg/article...t-down-mas
The issue is serious enough, to move in a board member immediately...
BSI Group CEO Coduri resigns; board member Isolani to take reins
24 May 2016 14:11
By Kenneth Lim
BSI Group chief executive Stefano Coduri has resigned with immediate effect, the Swiss bank said on Tuesday, following the Monetary Authority of Singapore's (MAS) withdrawal of its merchant banking approval amid allegation of anti-money laundering lapses.
Board member Roberto Isolani has been appointed as the new CEO.
...
Source: Business Times Breaking News
Swiss Financial Market Supervisory Authority, FINMA's enforcement on BSI, together with Singapore MAS. That's it, the BSI, will be dissolved within 12 months...
BSI in serious breach of money laundering regulations: FINMA
http://www.theedgemarkets.com/sg/article...ions-finma
Tip of the iceberg. Sure there is much more money hanky panky elsewhere
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