6,000 job-seekers throng Singapore career fair

6,000 job-seekers throng Singapore career fair

By Shuli Sudderuddin

The fair, held by the Central Singapore Community Development Council (CDC), had 600 positions offered by employers. — ST PHOTO: HOW HWEE YOUNG

Some 120 people found jobs on the spot at a career fair in Ang Mo Kio yesterday.
The fair, held by the Central Singapore Community Development Council (CDC), had 600 positions offered by employers ranging from government agencies and retailers to those in the transportation and food and beverage industries.

Taking precautions
‘It seems people are preparing themselves due to the bad economy and the best way to go in a recession is to get training, something we’ve always advocated.’
MS CHARLOTTE GEORGE, centre manager for the Central Singapore CDC, which held the fair

The eight-hour event also showcased opportunities for training.

Ms Charlotte George, centre manager for the CDC, had expected a turnout of 2,000 people but 6,090 showed up.

‘It seems people are preparing themselves due to the bad economy and the best way to go in a recession is to get training, something we’ve always advocated,’ she said.

In all, 60 per cent of the crowd were estimated to have made inquiries about training and skills upgrading.

Some 700 people attended job interviews. Apart from the 120 who were selected, a further 25 per cent of applicants were shortlisted for a second interview.

The worsening economy was on the minds of the majority of people The Sunday Times spoke to.

Ms Jane Lim, 56, sells vintage clothes online but has seen business slow down recently.

‘I thought it would be good for me to have a secure job with a steady income,’ said Ms Lim, who was eyeing an administrative job at the Land Transport Authority.

Mr Muhammed Taha, 25, has just resigned as a technician with a food and beverage firm because of pay. ‘I want to find a job that will pay me more and then I plan to stick with it,’ he said.

Employers were happy with the response yesterday. Said Ms Didi Yip, assistant front office manager for Hotel Re! @ Pearl’s Hill: ‘Now it feels like job-seekers are much more willing to take anything offered. They even don’t mind working part-time as long as they can get a job.’ The hotel is looking for kitchen helpers, wait staff and front-office executives.

One job-seeker got just the position she was looking for. Ms Ria Nur, 19, will start work as a sales assistant at shoe and accessory chain Charles & Keith on Tuesday.

She said: ‘I was worried because I would have been in financial difficulty if I didn’t get the job…I would like to keep it for a few years at least.’

Source : Straits Times - 26 Oct 2008

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How MAS works to ensure stability

How MAS works to ensure stability

Monetary stability, financial soundness and market conduct: It starts with vigilance

By Ravi Velloor

From his 29th-floor office, Monetary Authority of Singapore (MAS) managing director Heng Swee
Keat’s view stretches over the harbour that made this island the entrepot centre connecting Asia and the wider world.

The MAS tower’s other side looks out on the financial district that has drawn investment bankers, fund managers and other experts who smoothen the global flow of money, their presence contributing a steadily rising share to national wealth.

As a regulator and central bank, MAS has to be both watchdog for the financial industry and watchtower for the larger economy.

And, especially at a time when the world is swept by a financial and economic crisis of unprecedented scale and speed, it is a role that calls for careful thought and deliberate action.

‘Our foremost priorities are monetary stability, financial soundness and market conduct. And overall, the stability of the entire system,’ explained Mr Heng, speaking on Friday evening shortly after Singapore and other Asian markets closed after another week of dramatic losses.

That role is not for the faint-hearted. Nor is it for those prone to hasty judgment or knee-jerk reflexes.

Every little move or comment is keenly absorbed by a skittish market looking for the tiniest cue to push up or beat down stocks, the Singdollar or bonds issued here. And at every step of the way, the island’s larger interests have to be kept in mind, including, for instance, the less-educated folk who may have inadvertently put their trust in banks that sold them high-risk instruments.

‘Our first job is to make sense of the changes happening around us,’ said the Cambridge and Harvard-educated Mr Heng, who was permanent secretary at the Ministry of Trade and Industry before his current post.

‘The second is to be very steadfast and deliberate in decision-making. Decisive, but never hasty or arbitrary. We have to be focused on the outcome that we want to achieve in every situation.’

It is for this reason that MAS was not the first Asian central bank to guarantee bank deposits on the island.

When European central bankers reached for the measure, there were no jitters about any Singaporean bank. Yet, MAS readied its own guarantee as a reserve measure.

Then, as first Australia and New Zealand, then Hong Kong, matched the moves in Europe, MAS had to act or risk seeing a flight of deposits to financial jurisdictions covered by state guarantees. And so Singapore made its own announcement on Oct 16.

‘We came out with a guarantee that we believe is sufficient to maintain the confidence of all depositors, yet prudent,’ he said.

Now, part of MAS’ attention is focused on ensuring that these guarantees do not distort the financial market.

In Australia, for instance, companies like GE Money have cut down on home and auto loans because cash has become more expensive - people have moved their money to the safety of guaranteed bank deposits. ‘We have not seen that sort of dislocation in our market,’ he said.

One less worry for the MAS.

Likewise, when the issue of structured products such as DBS High Notes 5 came up, the priority was to help investors resolve complaints and protect value. Teams of officers were assigned to assess the extent of the issue, the banks involved and the number of people affected. A process for resolving complaints was put in place.

‘I understand that affected investors are anxious and looking for solutions,’ he said. ‘Unfortunately, I think some of the advice they are receiving is not helpful because it has generated anxiety and confusion.’

His assurance to investors: If you have a genuine case of mis-selling, go ahead and launch a complaint. The process will work for you.

He is also firm that the more knowledgeable class of investors should take responsibility for their decisions.

Just three months ago, central bankers were focused on battling inflation. But with inflation easing and the financial crisis biting into the real economy, their attention is moving to protecting jobs and companies. In Singapore’s case, that is best done by making it cheaper for overseas markets to buy made-in-Singapore goods.

Earlier this month, MAS adjusted monetary policy from a strengthening stance to ‘neutral’, a cue that it was prepared to see some easing of the currency’s strength. Last Friday, the Singdollar, which had touched 1.346 to the US dollar on July 15, ended Asian trading at 1.506 to the greenback.

So will the Singdollar give up more strength as MAS moves to keep the island’s exports competitive?

Mr Heng would not tell, pointing out that monetary policy’s role is to provide price stability.

‘We never comment on the level of the Singdollar,’ he said. ‘All I say is that our stance has been appropriate.’

While there is considerable anxiety in the global economic environment, Singapore has weathered setbacks before and this, too, will pass.

The domestic dollar market has functioned smoothly, financial systems are sound and strong economic fundamentals and regulatory standards will help weather the storm.

As a small, open economy, Singapore cannot be insulated from global developments. And so, not just MAS but everyone else - banks, companies, individuals - should maintain a high level of vigilance, he advised.

MAS, for its part, will stay focused on the smooth functioning of the money markets and the stability of the financial system.

‘Together with other government policies targeted at individuals, households and businesses, this will allow the Singapore economy to be on a firm and sound footing for recovery when the outside environment stabilises.’

Markets still jittery
‘Looking ahead, there is considerable uncertainty in the global economic environment given the financial storm. Steep declines in stock markets worldwide reflect, in part, investors’ anxieties over the negative impact on global growth as the ’second-round effects’ of the financial crisis hit real economic activities. All around the world, financial market participants remain nervous and credit market conditions have not returned to normal.’

Mr Heng

Important to be vigilant

‘As a small open economy, Singapore cannot be insulated from global developments. It is therefore critical that all participants - financial institutions, individual and institutional investors and companies - continue to maintain a high level of vigilance.’

Singapore dollar remains healthy

‘MAS will remain focused on the smooth functioning of the money markets and the overall stability of the financial system. Our monetary policy will continue to play an important role to anchor confidence in the Singapore dollar as well as price stability over the medium term. Our domestic Singapore dollar markets have functioned normally throughout this period, and our financial system remains sound. Our strong underlying fundamentals and high regulatory standards have enabled us to weather the storm well. We will build on this and take other steps that may be necessary.’

All components must work well

‘While I have described the smooth functioning of the overall system, ultimately it is depositors, policyholders, investors and businesses that will benefit from it. For the economy to function well and to weather the current crisis, the various parts of the financial system must function properly.’

Source : Straits Times - 26 Oct 2008

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All mis-selling complaints to be reviewed: MAS

All mis-selling complaints to be reviewed: MAS

By Lee Su Shyan, Assistant Money Editor

MAS managing director Heng Swee Keat reiterated that all investors with complaints about mis-selling will have their cases reviewed. — PHOTO: ZAOBAO

All investors in the DBS High Notes 5, Lehman Minibond and Jubilee Series programmes who feel they were mis-sold the product will have their complaints looked into, said the Monetary Authority of Singapore (MAS).

The regulator also said that its upcoming review of the structured products industry will cover areas such as clearer descriptions and better labelling of products and more professionally trained relationship managers.

About 10,000 retail investors here pumped over $500 million into structured products linked to now-bankrupt Lehman Brothers. Last week, DBS Bank, Hong Leong Finance and Maybank said they would look into complaints and fast-track vulnerable cases. This has led to some investors feeling worried about being left out.

However, MAS managing director Heng Swee Keat reiterated that all investors with complaints about mis-selling will have their cases reviewed.

‘I understand the anxiety of investors. There are different types of investors, and the way in which these were sold also differed. Hence, each case has to be assessed individually,’ he said in an interview last Friday.

‘The three-step process that MAS has put in place is serious and impartial, and is one that all investors can use if they feel they were mis-sold.’

The complaints resolution process involves investors lodging a complaint with the bank. The next move is to provide full documentation to the bank for it to make an assessment, and then for the investor and bank to resolve the case.

If this does not happen, he can go to Fidrec, the dispute resolution centre, where there will be a mediation process. If that fails, the investor can seek adjudication.

‘We’ve asked the financial institutions to properly resolve each case, and because of the large numbers that are involved, we’ve asked the financial institutions to give priority to the vulnerable investors,’ Mr Heng said.

So it does not mean that non-vulnerable cases will be ignored. Still there will be a group of investors who may not see much of their investment. There will also be a group he described as ‘knowledgeable and experienced’.

‘This group should have understood the risks of investing in these products and take responsibility for their actions,’ he added.

In the upcoming review of the structured products industry, one of the areas to be studied will be stronger suitability requirements for some types of products and investors. This means stricter checks on whether a product is appropriate before an investor buys it.

In addition, ‘we will also look into clearer product labelling and risk rating as well as simpler descriptions which can be more easily understood by investors’, he said. ‘We will also be looking at strengthening the training of persons who market such financial products.’

MAS will focus on how all the different parties involved in such products can work together better. He referred to banks - their boards and senior management - saying that they must be responsible for ensuring that investors get a fair deal.

One other area the review will cover is education of investors.

Source : Straits Times - 26 Oct 2008

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Time for new rules to guide world economy -Beijing

Time for new rules to guide world economy -Beijing

Leaders at Asia-Europe summit also urge IMF to play critical role

By Peh Shing Huei, China Correspondent

Besides the financial meltdown, the leaders also discussed sustainable development, energy security and climate change yesterday. — PHOTO: AFP

Beijing - Asian and European leaders ended their summit in Beijing yesterday with a call for new rules to guide the global economy while China pledged to take an ‘active’ role in a crucial meeting of the world’s biggest economies in Washington next month.

Speaking as the host, Chinese Premier Wen Jiabao pushed for more regulation in the world’s financial system even as he made a pitch for more decisive action from the developed countries.

‘Developed countries should take decisive measures to stabilise financial markets so as to restore confidence,’ he told a press conference at the end of the two-day Asia-Europe Summit (Asem).

‘We are pleased to see that the measures taken by many countries are having preliminary effects, but they aren’t enough.’

The key to a way out, said the leader of the world’s fourth-largest economy, could be summed up in three words - ‘confidence, cooperation and responsibility’.

‘We need financial innovation, but we need financial oversight even more,’ Mr Wen said, stressing that lessons must be drawn from the economic meltdown.

Mr Wen, who confirmed China’s participation in the Nov 15 Washington summit, said Beijing would actively participate in a ‘responsible and pragmatic’ attitude.

He also promised that China would play its part, pointing to the country’s ‘great potential’ in boosting domestic consumption, especially in the rural areas and its less developed western regions.

The Asem leaders, in a statement released late on Friday, called for the International Monetary Fund to step in and play a ‘critical role’.

‘Leaders pledged to undertake effective and comprehensive reform of the international monetary and financial systems,’ the statement said.

‘They agreed to take quickly appropriate initiatives in this respect, in consultation with all stakeholders and the relevant international financial institutions,’ it added.

European Commission president Jose Manuel Barroso said participants would use the statement as the basis of their approach at the Washington summit next month, adding that he was seeing an ‘emerging consensus’ for ‘concrete and important decisions’.

President Nicolas Sarkozy of France, which currently holds the rotating European Union presidency, said he expected concrete decisions to come out of the Washington meeting.

He emphasised that it had to address the underlying causes of the crisis, not just their effects.

He said: ‘We have all understood that it will not be possible to simply meet and have a discussion. We need to turn it into a decision- making forum.’

In Washington, United States President George W. Bush said that agreeing on common principles to reform regulators would be essential to preventing another financial disaster. But in his weekly radio address, he also warned against protectionism, saying that free markets and free trade were fundamental to long-term economic growth..

The ongoing crisis has given the Asem summit rare prominence, as the biennial event has often been seen as just a talk shop with little substance.

Besides the financial meltdown, the leaders also discussed sustainable development, energy security and climate change yesterday.

Singapore Prime Minister Lee Hsien Loong, who was among the 45 leaders at the summit, met Thai Prime Minister Somchai Wongsawat before leaving Beijing for Xi’an in western Shaanxi province yesterday. It is the second leg of his five-day official visit in China.

Source : Straits Times - 26 Oct 2008

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