You aren’t going to find the worst economic quarter in Singapore’s modern history in either 2008 or 2009. It was actually posted in 2010. During the third quarter of that year, GDP declined by a whopping 11% annual rate. While that’s the biggest contraction still on record, initial government estimates thought it was closer to -20%. Singapore’s Monetary Authority wasn’t [...]
In a stroke of immensely fortuitous timing, India’s largest automaker Tata Motors was able to raise funds by selling bonds on offshore markets. Faced with an increasing cash crunch and unable to finance working capital needs via strictly Indian banks, the company turned to Singapore. On May 10, 2013, Tata raised S$ 350 million (Singapore dollars) Regulation S bonds paying [...]
Reuters reports this morning that RBC has joined with several other banks (only Goldman Sachs and Interactive Brokers were named by Reuters; Coutts & Co were named in a Bloomberg BusinessWeek article from yesterday) in a lawsuit against Blumont Group Ltd. At issue, apparently, are shares several executives and owners pledged as collateral to the financial firms securing credit lines. [...]
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