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On thIs  MAS  nOte,
lOng  USD  ? ? ? ?
wIth  GENTING  HK  ? ? ? ?
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The MAS said that despite the large paper loss it would not be changing its investment strategy.
Mr Menon explained: " The whole purpose of holding foreign reserves is to hold them in foreign currencies to boost your international purchasing power.
" So our investment strategy must remain focused on that to maximise returns in foreign currency on a sustained long-term basis as well as ensure sufficient liquidity.
" Because as a central bank, we also need to make sure that our assets are in fairly liquid form to meet our monetary policy operation needs. So those are the two guiding principles and that will remain so.
" The translation loss is not a factor. It is just a reporting phenomenon where you report in Singdollar, the strength of the Singdollar diminishes the value of the reserves. Like I said, if we had reported our results in foreign currency or US dollar, this is not an issue."
The MAS said that during the year the Singdollar appreciated against most currencies. The Singdollar appreciated 9.9 per cent against the US dollar, some 5.5 per cent against the euro and 4.9 per cent against the sterling pound.
Song Seng Wun, regional economist at CIMB Research, said: " This is the difficulty when we report foreign exchange reserve holding, which is really a holding with a mixture of foreign currencies and assets. You've got US dollars in there, you've got euros, you've got yen, and a number of other currencies as well.
" The problem, as we all know, is that the strong Singdollar has certainly helped for those who do online shopping but for the government who reports reserve currencies in the reporting currency Singdollar, we've got a problem.
" And that is what we have got this time round, in that the US dollar depreciated by over 10 per cent, that is that the Singdollar has strengthened. So when we report any balance sheet in the reporting currency which is stronger, you are going to get exchange losses.
" By our estimate, we probably hold something like 60 per cent of the reserves in US dollar and if that currency depreciates by more than 10 per cent, then you will have an impact. Some of it is in euros as well, and again, many Singaporeans realise that the euro has weakened."
The MAS said that the current monetary policy stance of appreciating the Singdollar nominal effective exchange rate (S$NEER) policy band set in April this year remains appropriate.
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Despite the shocking $10.9 billion dollar loss incurred by the Monetary Authority of Singapore (MAS) in the financial year ending March 2011, it will have negligible impact on Singapore’s reserves.
The loss means that no money will be returned to the Government this year. According to MAS Managing Director Ravi Menon, it would not affect the reserves under the net investment return framework, in which the “Government can draw on a portion of the investment returns from Temasek Holdings, the Government of Singapore Investment Corporation (GIC) and MAS for financing expenditures in the Budget.”
‘(This year) there is no physical cash transfer from MAS to the Government, because there is no cash to be given. But the Government can continue to spend on the expected real returns as it can with Temasek’s and GIC’s returns,’ he said.
Earlier media reports claimed that both Temasek Holdings and GIC have recouped their losses during the 2008 global financial crisis and have posted a ‘healthy profit’ this year.
Mr Menon added that MAS will not change its investment strategy of its foreign reserves despite the net loss last year:
‘Our investment strategy must remain focused on that, to maximise returns in foreign currencies on a sustained long- term basis, as well as to ensure sufficient liquidity. Translation loss is not a factor. It is just a reporting phenomenon.’
On thIs  nOte by MAS,
lOng  USD  ? ? ? ?
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iStock
Chili
While many of us like a little chili-padi on our food to give it a bit of a kick, the compound which causes the heat, capsaicin, is toxic. It has been known to cause burning sensations, inflammation, irritated skin, stomach aches and, on the rare occasion, death.
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Genting HK - 24% Rebound from June Lows |
Stock on the move Yesterday, Genting Hong Kong had its sharpest rally since March. The stock rose 6.3% to close at US$0.42, a level not seen since mid May. As we head into the earnings season, Macquarie Equities Research (MER) expects Genting HK’s turnaround to be visible starting with 1H11 results, with RWS and NCL being the two key drivers.
Code |
Name |
Type |
Expiry |
Exercise Price |
ON1W |
GenHKMBeCW120201@ |
Call |
01-Feb-12 |
US$0.50 |
Resorts World Manila (RWM) According to MER, the monopoly private casino player in Philippines has been making significant strides in the local grind and VIP market in Philippines. 2010 was its first full year of operations. Although MER thinks 1H11 earnings grew by a significant 158% year-on-year, MER expects 2H11 to be even bigger for RWM.
Norwegian Cruise Line (NCL) Post the addition of its new and largest ship “EPIC” at end-2010, MER expects 2011 to be a record EBITDA year for NCL, at US$503m.
In US, third-quarter numbers are by far the strongest seasonally, and thus the first half numbers might not look very strong. However, MER said that there should be a marked improvement over last year, with much better numbers expected to follow next quarter.
MER has an Outperform rating on Genting Hong Kong with a target price of US$0.56.*
* Excerpt from MER report dated 15 July
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stock.xchng
Nuts
Some nuts such as almonds and cashews are a healthy snack and taste great. However, before they reach the supermarket shelves and our mouths, they are treated with heat and processed. This is essential, as the raw form of the nuts contain cyanide.
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Toxic foods
stock.xchng
Rice
While there are many benefits to rice, especially brown rice, it really shouldn't be eaten in large quantities as it contains arsenic which, in high levels, is extremely toxic. The odd rice bowl here or there won't do you harm, but lots of it consistently isn't good as high levels of arsenic have been linked to cancer.
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No need for off-Budget measures to cushion the effects of inflation yet
TEO XUA NWEI
xuanwei@mediacorp.com.sg
SINGAPORE
They cited various reasons, including the full employment situation, moves to cool the property market, as well as downward pressures on oil and commodity prices.
Noting the full employment situation, Sembawang GRC MP Ellen Lee said: “By and large, most people will be able to cope although they may feel the pain when they have to pay more than what they used to.”
MPs  dOn't  eliminate the PAIN but just let their customers  COPE & BEAR   it.
The  PAY And PAIN  is  AlAwAys  there  ? ? ? ? — Even as headline inflation is projected to creep slightly higher, analysts and Members of Parliament (MPs) do not see a need for the Government to roll out off-Budget measures, for now.
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MAS revises inflation forecast upwards
Higher COE and housing prices prompt move, which economists say was within expectations
Teo Xuanwei
xuanwei@mediacorp.com.sg
sIngApOre  InflAtIOn  Is
DomesticAlly  drIven.
I N T E R A L    INFLATION
hIgh  S$ exchange rate is  prOven  nOt  the  sOlutiOn
hIgh  bAnk sAvIng  Interest rAtes  Is  THE  SOLUTION 
SINGAPORE — Higher property prices, rentals and car prices are among the factors that have prompted the Monetary Authority of Singapore (MAS) to revise its inflation forecast for this year to between 4 and 5 per cent, up from between 3 and 4 per cent.
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DO  THEY  COUNT  ONLY  THE  PROFITS  ? ? ? ?
BUT  THE  L O S S E S  ? ? ? ?
ZERO    BONUS  ? ? ? ?
CUT  SALARIES  ? ? ? ?
 
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Search Results
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Business Recorder |
TODAYonline - 5 hours ago
The Monetary Authority of Singapore (MAS) posted a record loss of S$10.9 billion in the fiscal year through March as the strength of its currency depleted ... 39 related articles
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26   JULY  2011  Tuesday
Las Vegas Sands
? ? ? ?
Citigold ( Date: 21-Jul-2011 21:58) Posted:
We shall have a glimpse of GenSp Q2 result on 26 of July as Las Vegas Sands will be releasing their Q2 result.From there we will roughly know how GenSp Q2 result will fare.
iPunter ( Date: 21-Jul-2011 19:28) Posted:
It may even rebound higher than that...
      A quick charge up to 2.00 is not unthinkable..
              And that will be when ecstacy and confidence takes over... 
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An investigation carried out by French women's magazine Journal des Femmes found that 75 percent of people regained the weight they'd lost within two years. And last year, the French Agency for Food, Environmental and Occupational Health & Safety slammed the diet for depriving the body of certain nutrients like magnesium and being overly high in others, like calcium and sodium.
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iStock
This week, for example, Dukan took his archrival and another best-selling diet book author Dr. Jean-Michel Cohen to court, suing him for libel. Last year, Cohen, who advocates a 1,600-calorie diet in his book Savoir Maigrir (" Know how to lose weight" ), slammed the Dukan diet to a French magazine, saying it can lead to future health problems and heart disease.
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AFP Photo_The Dukan Diet ©All rights reserved
Meanwhile, Pierre Dukan, the French equivalent of Robert Atkins for also touting a high-protein diet, has been busy lately putting out fires set by archrivals, doctors and French food authorities who have slammed his low-carb diet as dangerous. Disciples of The Dukan Diet include Carole Middleton, Jennifer Lopez and Gisele Bundchen. The book was launched in North America in April.
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AP Photo
A second study that will also be presented separately at the conference found that after feeding participants high-fat breakfast meals from McDonald's, no immediate or short-term impact on vascular health was detected. In fact, the study found that participants' blood vessels were less stiff when tested four hours after the meal. Participants ate two muffin sandwiches -- one with egg and one with sausage -- hash browns and decaf coffee.
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By AFP Relax News, 13/07/2011
Low-carb diet poses no risk to heart health, say new studies
New studies suggest that low-carb, high fat diets are effective weight-loss mechanisms that pose no vascular risk.
  (Relaxnews) - Though low-carb, high-fat diets have suffered a bad rap for being a health hazard, a pair of new studies suggests they pose no immediate risk to vascular health in obese people. It's a finding that's likely to drum up more debate about the effectiveness of high-protein diets, which yield quick, visible results but are much maligned for being high in fat.
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InsUrAnce  is  LIE  ? ? ? ?
Insurance cOmpanIes  are 
nOt  InsUred  by the gOvernment  ? ? ? ?
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By Channel NewsAsia, Updated: 21/07/2011
Some Singaporeans don’t see the need for insurance: AIA
 
 
SINGAPORE: A survey by American International Assurance Singapore (AIA) showed that only a little more than one in 10 Singaporeans are adequately insured.
One—fifth of these uninsured Singaporeans also said that they do not see the need for insurance.
Nearly half of the respondents polled felt it is an acceptable outcome that their spouse/future spouse remarries to make up for the loss of income in the event of their demise.
The " 2011 AIA Singapore Nationwide Protection" survey polled over 1,000 Singaporeans and permanent residents, aged between 20 and 60, on their understanding of financial protection and perceptions.
A common reason for not buying insurance was that many believed life insurance is expensive and are unable to afford the premiums.
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