Daily Singapore News

DBS disclosed on 1 September 2009 that it has appointed veteran banker Piyush Gupta, 49, as CEO. He is a Singapore permanent resident, and has spent over 2/3 of his 27-year career in South East Asia, including 8 years in Singapore. Read more on DBS Appoints Piyush Gupta As Chief Executive Officer (CEO).

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The Ministry of Trade and Industry (MTI) disclosed on 14 July 2009 that it anticipates the Singapore economy to shrink by 4.0% to 6.0% in 2009, an upward change from the contraction of 6.0% to 9.0% that the ministry had estimated on 14 April 2009.

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Minister for Finance of Singapore, Mr Tharman Shanmugaratnam, and Minister for the Budget, Public Accounts, Civil Service and State Reform of France, Mr Eric Woerth met on 13 July 2009 in Singapore. To improve tax cooperation, both Ministers settled that

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Singapore takes up top position (most trade-friendly) in the Enabling Trade Index 2009 by the World Economic Forum (WEF). This is attributed to Singapore’s open market, highly efficient and transparent border administration, well-established transport and communications infrastructure, and an open business environment.

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The Monetary Authority of Singapore (MAS) has concluded its thorough check on the sale and marketing of structured notes linked to Lehman Brothers. As it attracted great interest from the public, MAS has decided to release a report on their investigation findings and the following contains a link it.

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The Monetary Authority of Singapore (MAS) and De Nederlandsche Bank N.V. (DNB) have collectively disclosed on 29 June 2009 the signing of a Memorandum of Understanding (MoU) for an agreement to improve liquidity provision to banks in non-routine situations.

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Over 780,000 HDB households in Singapore will get S$60 million of utility rebates in July 2009. This is the second portion of Utilities Save (U-Save) rebates for this year. Qualified HDB households have collected the first payout in January. In 2009, a total of S$125 million worth of U-Save rebates will be distributed.

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The Ministry of Finance (Singapore) is inviting feedback on the draft Income Tax (Amendment) (Exchange of Information) Bill for the duration between 29 June 2009 and 28 July 2009.

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