Saturday, March 21, 2015

Foreign media publish commentaries on Lee Kuan Yew

Foreign media publish commentaries on Lee Kuan Yew

PUBLISHED ON MAR 20, 2015 2:55 PM
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Mr Lee Kuan Yew in a series of interviews for the book Hard Truths To Keep Singapore Going. As Mr Lee remains critically ill in the Intensive Care Unit (ICU) of the Singapore General Hospital, media outlets around the world have begun publishing profiles and commentaries of Singapore's former prime minister. -- ST PHOTO: STEPHANIE YEOW

SINGAPORE - As Mr Lee Kuan Yew remains critically ill in the Intensive Care Unit (ICU) of the Singapore General Hospital, media outlets around the world have begun publishing profiles and commentaries of Singapore's former prime minister.
Mr Lee, 91, has been in hospital since Feb 5, when he was admitted for severe pneumonia. His condition took a turn for the worse on March 18.
Many news outlets noted that although he retired as Prime Minister in 1990, Mr Lee has had a lasting influence on Singapore. He is also respected on the world stage, and his words carried disproportionate weight for the leader of a small nation.
Here are some of the articles that have been published since March 18.
1. Washington Post: Singapore tries to imagine a future without its founder, Lee Kuan Yew
The piece written by Anna Fifield says that Singaporeans are "facing the prospect of a Singapore without Lee".
Singapore is primed for change and at an inflexion point, Fifield says.
The piece quotes Ernest Bower, an expert on South-east Asia at the Center for Strategic and International Studies, as saying: "Just like all the great men who built South-east Asia in the post-colonial period, Lee Kuan Yew is a presence for as long as he breathes".
On his role as an Asian elder statesman, it says that Washington has relied on Mr Lee to interpret events in Asia since US President Richard Nixon, who was in office from 1969 to 1974.
2. The Guardian: Singapore prepares for life after founding father Lee Kuan Yew
The Guardian's Ben Doherty says that Mr Lee "has receded from public life in recent times, but he remains a revered figure in the country he led for 31 years".
The left-leaning British newspaper credits Mr Lee with "transforming Singapore from a sleepy Asian entrepot into a bustling and wealthy financial hub", but adds that "progress came at the expense of civil liberties".
"He is a good man and I've always seen him as the father of modern Singapore," it quotes Singaporean civil servant Asyraf Jalil as saying.
3. Huffington Post: Lee Kuan Yew's Legacy
A piece in the Huffington Post, written by Country Risk Solutions CEO Daniel Wagner, expresses admiration for Singapore because it is "safe, clean, efficient and gets the job done".
The American, who has lived and worked in Singapore, says he wishes "much of what works so well in Singapore" could be applied in the United States, where he has lived for the past eight years.
Of Mr Lee's legacy, he says: "It is a textbook case about how to make something really meaningful out of very little - how to transform a tiny island nation into an economic Goliath. How to create a safe haven in a region filled with churning waters. And how to constantly evolve in order to survive and thrive."
4. Los Angeles Times: With orderly Singapore turning 50, citizens may see a freer society
The Los Angeles Times calls Singapore "an economic miracle built on South-east Asian marshland".
The article by Violet Law explores how Singapore is changing, and says "a new generation of ever more self-assured Singaporeans, who don't have firsthand memories of the elder Lee's 31-year rule and of the country's traumatic founding, are seeking to shape its future with bolder and more diverse voices".
5. Kompas: Lee Kuan Yew still in critical condition
Indonesian newspaper Kompas reported on its website that Mr Lee was a close friend of former president Suharto, and remains one of the longest-serving MPs in the world, having represented Tanjong Pagar since April 2, 1955.
6. Global Times: Lee Kuan Yew's health further deteriorates
China's Global Times says that China's relations with Singapore will not be shaken by Mr Lee's failing health.
Catherine Wong Tsoi-lai writes that Mr Lee was referred by former Chinese president Hu Jintao as "an old friend of China", and he has visited China dozens of times, "developing close economic exchanges with China amid its market reform".
7. Ta Kung Pao: How does Lee Kuan Yew's condition affect the world?
Ta Kung Pao carries a commentary in Chinese by an analyst from the Charhar Institute, a think-tank specialising in diplomacy and international relations.
Zhang Jing Wei writes that Mr Lee will be counted among "global leaders", and that his political legacy is unique.
He credits Singapore with "providing experience" for China's economic transformation under former leader Deng Xiaoping.
Finally he asks, will the political model that Mr Lee has moulded for Singapore be sustained?
 
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Nasdaq jumps above 5,000 as dollar retreats

Nasdaq jumps above 5,000 as dollar retreats

PUBLISHED ON MAR 21, 2015 4:34 AM
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The headquarters of Biogen Idec in Cambridge, Massachusetts, in this 2008 file photo. The Nasdaq on Friday bolted above 5,000 following a surge in the biotech company as US stocks gained more broadly on a pullback in the dollar. -- PHOTO: REUTERS
NEW YORK (AFP) - The Nasdaq Friday bolted above 5,000 following a surge in biotech company Biogen as US stocks gained more broadly on a pullback in the dollar.
The tech-rich Nasdaq Composite Index jumped 34.04 (0.68 per cent) to 5,026.42, finishing above 5,000 for only the fourth time in its history.
The Dow Jones Industrial Average jumped 168.62 (0.94 per cent) to 18,127.65, while the broad-based S&P 500 rose 18.79 (0.90 per cent) to 2,108.06.
US stocks got a lift as the dollar retreated following a Federal Reserve statement two days ago that vowed a cautious approach to lifting interest rates.
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“The market is cheering the news that the Fed rate increase will happen later in the year than previously thought,” said David Levy, a portfolio manager at Kenjol Capital Management.
Biogen surged 9.8 per cent after reporting that clinical trials of its aducanumab drug slowed dementia by a significant amount.
Other biotech companies to gain included Celgene (+2.5 per cent) and Gilead Sciences (+0.8 per cent).
Petroleum-linked stocks rallied on stronger oil prices. Dow member Chevron gained 2.2 per cent, Marathon Oil rose 1.9 per cent and Schlumberger tacked on 1.7 per cent.
Dow member Nike jumped 3.7 per cent as earnings for the quarter ending Feb 28 gained 16 per cent to US$791 million (S$1.1 billion).
Shopping mall company Macerich fell 4.6 per cent after rival Simon Property Group raised its bid from its previous US$91 a share to US$95.50 in “its best and final offer” for a deal. Simon rose 2.7 per cent.
Amazon advanced 1.4 per cent following news US aviation officials will permit the online retailer to carry out testing for its drone programme which could be used for quick deliveries.
Jewelry chain Tiffany shed 4 per cent following its forecast of a drop of about 30 per cent in first-quarter earnings.
Bond prices rose.
The yield on the 10-year US Treasury fell to 1.92 per cent from 1.97 per cent Thursday, while the 30-year dropped to 2.50 per cent from 2.53 per cent. Bond prices and yields move inversely.

Canadian refiners set to buy more U.S. oil with wider discount

Canadian refiners set to buy more U.S. oil with wider discount

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Tags: Oil
Cheaper North American oil is poised to replace West African and Middle East cargoes at eastern Canadian refineries with U.S. crude prices at the lowest level compared with the international benchmark in 14 months.
Imports to Canada from outside North America averaged 244,089 barrels a day this month through March 15, down 27 percent from a year earlier, according to New York-based ClipperData, which tracks tanker shipments.
Canada, the world’s fifth-largest oil supplier, produces most of its oil in the western province of Alberta and exports it south to the U.S. A lack of pipelines means Canada’s eastern refineries depend on imports by tanker and train.
U.S. export “volumes have been growing pretty exponentially,” Katherine Spector, a commodities strategist at CIBC World Markets Inc. in New York, said by phone Wednesday. U.S. oil is “going to Eastern Canadian refineries and displacing waterborne light crude.”
U.S. crude oil exports averaged 478,000 barrels a day the week ended March 13, up almost eightfold from a year earlier, preliminary data from the Energy Information Administration show. Canada, the only country that U.S. producers can export to without restrictions, receives the bulk of the shipments.
Oil has flowed north as West Texas Intermediate crude’s discount to Brent averaged $9.43 a barrel this month from $2.41 in January as U.S. stockpiles rose to a 458.5 million barrels, the most in decades.
The U.S. displaced Algeria in 2013 as Canada’s biggest source of imported oil and accounted for about half of imports in the first eight months of last year, the country’s National Energy Board said in a November report. The trend was driven by availability of tight oil from North Dakota as well as Texas, New Mexico and Colorado.
Bakken crude from North Dakota traded at about $40 a barrel today versus $55 for oil from West Africa, according to data compiled by Bloomberg.
“Especially with lower prices, a difference of a dollar or so in transport costs is significant,” Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by phone Wednesday. “If you can bring it in from the U.S. rather than West Africa, it’s a little closer and cheaper.”
Expanded rail capacity has linked U.S. oil producers with Canada, Spector said. The movement parallels the movement of Bakken crude to U.S. East Coast by rail, which cut the region’s imports of crude from Nigeria by half in two years and from Algeria by 81 percent, EIA data show.
“The maritime provinces of eastern Canada do resemble the U.S. East Coast in many ways,” Antoine Halff, head of the International Energy Agency’s oil industry and markets division, said in a March 18 phone interview. “When Bakken crude started being railed to the U.S. East Coast in significant quantities, it displaced imports from West Africa.”

Ex-Fed Chair Bernanke: wanted to stop AIG default, not punish firm

Ex-Fed Chair Bernanke: wanted to stop AIG default, not punish firm

[WASHINGTON] Former Federal Reserve Chairman Ben Bernanke said on Friday that he was hesitant to bail out American International Group in 2008, but he was primarily concerned that the insurer "was on the brink of default" and not about punishing AIG.
Bernanke's comments came in a fifth day of testimony by former top government officials, who sought to convince a federal judge that their actions in rescuing the insurance company were legal.
Bernanke, on the witness stand for a second day, said he initially hoped that AIG might find a private-sector solution and worried that the insurance giant's management underestimated the extent of its problems.
When the initial US$85 billion loan package for AIG was approved by the Fed, Bernanke, who left the central bank earlier this year, said he was focused on the idea that "our intervention would spare it the discipline of the market." Former AIG Chief Executive Hank Greenberg, who was the company's largest shareholder before the bailout, sued the government in 2011. He argued that the loan, which carried an interest rate of more than 12 per cent and a nearly 80 per cent US stake in AIG, resulted in an illegal takeover from shareholders.
David Boies, Greenberg's lawyer, has sought during the trial to show that AIG got a worse deal than ailing US banks and other institutions that got crisis-era support.
On Friday, Boies pressed Bernanke about how much latitude the Fed had in structuring emergency loans and sought to show that AIG shareholders got short-changed because regulators wanted to punish the insurer for perceived mismanagement in the run-up to the financial crisis.
AIG ran into trouble during the crisis over insurance products it sold banks that were tied to bad mortgage loans. Former Treasury Secretary Henry "Hank" Paulson testified earlier this week that the bailout terms were meant to be punitive.
Boies quizzed Bernanke about why the insurer was not allowed to access other Fed loan programs that already existed at the time.
To show how much discretion the Fed had over such lending, Boies asked whether it legally could have rejected companies' requests for cash because of their political leanings.
Bernanke said he was not directly involved in crafting the loan terms. But he said they needed to be tough so shareholders would not get a "windfall" from a bailout and to reflect the risk of making the loan. "No reasonable person could conclude that it was anything other than a risky loan," he said.
He said Fed officials also worried that AIG did not have a plan to wean itself from government support.
The bailout ultimately rose to US$182.3 billion, an amount AIG repaid in full by December 2012, yielding a US$23 billion profit for the government.
The lawsuit, which is being tried in the Court of Federal Claims in Washington, won class action status in May 2013.- Reuters

AIG investors' US$970.5m settlement wins approva

AIG investors' US$970.5m settlement wins approva


[NEW YORK] American International Group Inc shareholders won approval on Friday of a US$970.5 million settlement resolving claims that they were misled about its subprime mortgage exposure, leading to a liquidity crisis and US$182.3 billion in federal bailouts.
US District Judge Laura Taylor Swain in Manhattan granted final approval at a hearing to what lawyers for the investors call one of the largest class action settlements to come out of the 2008 financial crisis.
It marks the largest shareholder class action settlement in a case where no criminal or regulatory enforcement actions were ever pursued, the plaintiffs' lawyers have said.
REUTERS

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