Monday 27 May 2013

Singapore Launches Yuan-Clearing System


HONG KONG—The two most aggressive players in the offshore yuan market—HSBC Holdings


PLC and Standard Chartered


PLC—plan to sell the first yuan-denominated bonds to be cleared in Singapore, which launched its own yuan-clearing system Monday.


HSBC plans to sell a two-year yuan bond at a yield of about 2.25%, according to a term sheet seen by The Wall Street Journal Monday.


Standard Chartered’s planned yuan bond has a tenor of three years with a roughly 3% yield, a person with knowledge of the matter said.


Both bonds, which will be benchmark in size and arranged by the banks themselves, could be sold as early as Monday. The sales will be cleared through the Central Depository (Pte) Ltd., which provides clearing and settlement services for securities in Singapore.


The launch of the yuan-clearing system in Singapore could enable freer flow of trade in the yuan, also known as the renminbi. Previously, much of the yuan activity in Singapore was handled through correspondent banks based in mainland China, or through Bank of China in Hong Kong, the main testing ground for Beijing as it internationalizes its currency.


In February, Beijing approved Industrial Commercial Bank of China Ltd.


to clear yuan trades in Singapore, which is now up against Taipei, London, Tokyo, Luxembourg and Kuala Lumpur in the fight to become the world’s second-largest offshore yuan-trading hub after Hong Kong.


Last week, DBS Group Holdings Ltd.,


Southeast Asia’s largest bank by assets, said it also plans to issue yuan-denominated bonds to be cleared out of Singapore.




Singapore Launches Yuan-Clearing System

Singapore dollar losing most since 2012

SINGAPORE — Singapore’s dollar is suffering its biggest losses in a year as Asia’s economic slowdown confounds local policy makers whose priority is controlling inflation, the Bloomberg news agency reported.


The Singapore dollar has weakened 3.4 per cent against its US counterpart this year and is lower against all but two of the 10 most-traded Asian currencies tracked by Bloomberg. A weaker exchange rate has the potential to add to inflation by making the cost of imported goods more expensive.



“In Asia, there’s a lot of concern about the region’s economic outlook and the Singapore dollar’s weakness is linked primarily to that,” Mr Hans Redeker, the global head of currency strategy at Morgan Stanley in London, said. The firm called the Singapore dollar “one of our key shorts” in a research report last week, referring to trades that would profit from the currency’s decline.


The Singapore dollar fell as low as S$1.27 per US dollar on May 23, its weakest level since July, before trading at S$1.259 today as of 5pm local time. Over the past 52 weeks the currency has ranged from as low as S$1.2971 in June to as strong as S$1.2152 in October.


This month’s 2.6 per cent drop is its biggest since May 2012. Singapore’s dollar has tumbled against all of its main Asian peers this year except the Japanese yen and South Korean won. It’s down 5.5 per cent versus the Thai baht.


The currency has been appreciating over the past four years, strengthening 19 per cent versus the US dollar from S$1.5582 in March 2009, and climbing against 11 of the 16 most- traded global currencies tracked by Bloomberg.


Arts Education in Singapore Moves to Center Stage


“There’s the conception that art isn’t profitable, and this being Singapore, I thought I should be a good son and get a job to support the family,” said Mr. Lee, 32.



Now, however, his sentiments have changed, and he has gone back to school to study art.



Mr. Lee does so as the art market is beginning to boom in a city-state traditionally known as a buttoned-up financial center, not a hub for creativity.



Governments across Asia are pouring resources into cultural centers, museums, art schools and festivals. Singapore is no exception.



The Art Stage Singapore fair, started in 2011, now draws about 120 galleries; the government has spent about 10 million Singapore dollars, or about $8 million, on an art cluster; and the National Art Gallery is scheduled to open in 2015 with one of the world’s largest collections of Southeast Asian art.



Interest in arts education in Singapore has also grown, from both foreign and domestic institutions.



Last September, the Glasgow School of Art opened its first overseas campus, in partnership with the Singapore Institute of Technology.



Not all international projects have gone smoothly, however. The Glasgow school opening came a few months before the Tisch School of the Arts, part of New York University, announced last November that it would shut its Singapore campus for financial reasons, after operating since 2007.



Still, local schools have been pushing ahead in recent years. The School of Art, Design and Media at Nanyang Technological University opened in 2005. It joined more established institutions like the LaSalle College of the Arts, which opened in 1984, and the
Nanyang Academy of Fine Arts
, founded in 1938, where Mr. Lee is now a third-year student in its diploma of fine art program.



NAFA has long had difficulty in drawing students to its fine art courses. The school accepts more than 700 students a year to study in areas like music and fashion design, but only 60 of them are in the fine art diploma program.



“Realistically, a diploma in fine art is not something that is easily monetized upon graduation,” said Samuel Lee, the school’s academic dean. But he noted that “times have changed and it’s quite heartening to see that we have now support from parents and students.”



Cultural education is also starting earlier. The state-funded School Of The Arts opened in 2008 as one of the few arts high schools in Asia. It started with 80 students a year and now admits 200.



“If you go to online forums, you’ll see parents asking if they need to send their kids to arts enrichment lessons to get in,” said Lim Geok Cheng, the principal.



Students at the School of the Arts are spared the local examination system and take the International Baccalaureate instead. “We don’t have to be so exam-obsessed, so it’s a more fertile environment for the arts,” Ms. Lim said.



There is also a greater concentration of specialized faculty.



“The idea of the practitioner is central to our philosophy,” said Kelly Tang, the dean for arts and a recipient of the Cultural Medallion, Singapore’s highest arts prize. “We have people who are very prominent artists teaching, so students interact with living artists all the time and see the process of creating art.”



Schools are also putting a greater effort into producing graduates with marketable skills. At Nanyang Academy, an illustrator might also learn digital animation, while students are encouraged to take on internships that provide work experience. The school also teaches accounting, event management and how to write business proposals.



“When I came to NAFA, I thought teaching was the only path afterwards,” said Crystal Fong, a 21-year-old student. “But after two years, I realized you could do a lot of other things.”



To promote its students, Nanyang Academy works with a company that connects alumni with corporations that want to commission artwork. The school also sells students’ sculptures and paintings in the campus store.



Nanyang Academy and LaSalle have produced artists like Ming Wong and Vincent Leow who have shown work in major overseas shows like the Venice Biennale. But for now, few local art school graduates have reached the leadership echelons of Singapore’s cultural institutions.



Art Stage Singapore is headed by Lorenzo Rudolf, the Swiss native who founded it. Eugene Tan, who started work this month as the new director of the planned National Art Gallery, is Singaporean, but was educated in Britain.



Singaporeans are also beginning to realize that art courses can benefit even those students who might not end up in a creative field.



“Singapore’s education system is very exam-based,” said Henry Lee, the chemical engineer-turned-art student. “But when we do art history and theory at NAFA, we are challenged to understand what is going on rather just on just memorizing events. They want us to process the facts and make it our own.”



“Our art teachers sit alongside and have regular discussions about the curriculum with teachers from other disciplines,” said Mr. Tang, the School of the Arts dean. “So when students look at the concept of space in art, there’s a link to the concept of density or height in physics. Through things like proportion ratios and how that works in music and dance, students are able to use art as a portal to learn.”



Mr. Tang said that the School of the Arts would be content so long as its students graduated with a well-rounded education.



“We’re more than just about filling symphony seats or galleries,” he said. “It’s about sending people that have flair and a sense of imagination to other aspects of society. To be relevant, an art school has to go beyond the concert hall and permeate a much larger sphere.”



Arts Education in Singapore Moves to Center Stage

Wyndham Hotel Group introduces two hotel brands into Singapore

HONG KONG – Wyndham Hotel Group today announced the company’s entry into Singapore with the opening of two properties: Ramada Singapore at Zhongshan Park and Days Hotel Singapore at Zhongshan Park.


Both hotels, managed by Wyndham Hotel Group, are located at Zhongshan Park, the newest development area in Singapore, and are part of an integrated development that includes a commercial tower and shopping mall. Zhongshan Park is a fundamental component of Singapore’s Identity Plan to rejuvenate the Balestier area and illustrate the culture and history of Singapore.


“Wyndham Hotel Group is proud to be part of Singapore’s development plan for the Balestier area,” said Duane Elledge, executive vice president and managing director of Wyndham Hotel Group in Asia Pacific. “With nearly 650 hotels in the region, these new properties further illustrate our commitment to growing our footprint and showcasing the exceptional services that we provide.”


The convenience and variety of amenities and facilities that travelers often seek at higher-priced four- and five-star hotels can be found at the three-star Days Hotel Singapore at Zhongshan Park and the four-star Ramada Singapore at Zhongshan Park.


Ramada Singapore at Zhongshan Park will have 384 rooms and include a full service restaurant, fitness center, swimming pool, business center and pillarless ballroom for events. Days Hotel Singapore at Zhongshan Park will have 405 rooms, featuring a range of amenities including a full-service restaurant and a fitness center.


Guests staying at the two properties will be able to earn and redeem valuable Wyndham Rewards points for their stay when they join Wyndham Rewards, the guest loyalty program of Wyndham Hotel Group. In addition to free stays, members may redeem their points for hundreds of reward options. For more information, visit www.wyndhamrewards.com.


Both properties have been developed by HH Properties Pte Ltd, a property development group with more than three decades of experience in construction and building. HH Properties Pte Ltd is responsible for a variety of distinguished residential projects in Singapore including Treasure on Balmoral, Waterscape at Cavenagh, Skyline 360 0 and Cuscaden Royale.



Wyndham Hotel Group introduces two hotel brands into Singapore

Agoda.com offers hotel deals in the lead up to the Great Singapore Sale

SINGAPORE – Agoda.com, Asia’s leading hotel booking site and part of Nasdaq-listed Priceline Group (Nasdaq:PCLN), has announced a variety of hotel deals in the leadup to the Great Singapore Sale, one of the island nation’s biggest yearly events.


Celebrating its 20th year and taking place from May 31 to July 28, the sale – often abbreviated simply as GSS – is an annual event centered on the one thing that Singapore is known best for – shopping. Sales, specials, and super-saver deals by some of the country’s best-known retail names are spread out across the city offering shoppers a great way to stock up on their favorite brands while seeing some of the city’s most dynamic neighborhoods.


Of course, most people familiar with Singapore have heard of Orchard Road, the central shopping district of the city and one of the most iconic commercial destinations in Asia. With endless stores, huge shopping malls, and below- and above-ground connections linking them all together, the biggest crowds will undoubtedly be here seeking out deals. This includes the massive ION Orchard mall and the Mandarin Gallery.


Other areas heaving with shoppers will be favorite commercial neighborhoods such as Chinatown, Kampong Glam, Holland Village, or Little India, where shoppers can find unique objects, novelties, and handcrafted items that reflect the unique personality of the neighborhood they’re sold in. Many of these neighborhoods also offer eclectic restaurants, live music, and funky coffee shops to help shoppers recharge during their long day.


Shoppers can also check out the inaugural Singapore International Jewelry Expo 2013 at the Marina Bay Sands Expo Convention Center from July 4-7, which will showcase displays from leading designers, brands, and gemstone suppliers from around the world across 8,000 square meters of floor space.


The best part of the festival is that in order to accommodate the crowds of deal seekers, many of the stores and malls will be staying open late to maximize the shopping opportunities. No more rushing to get everything done before the stores close!


To top it all off, the grand prize of the event is the MasterCard Biggest Spender Reward, in which the biggest spender of the festival can win S$20,000 [US$15,771]. Details are available on the GSS website, but if that’s not an incentive to stock up on new supplies, nothing is! Check out the festival’s official website here: http://www.greatsingaporesale.com.sg


Don’t miss this great opportunity to see some of Singapore’s best sights, and to take advantage of some of the lowest prices the retail hub of Asia can offer. Browse the fantastic hotel deals below and get a comfortable pair of shoes ready for action!


To connect with Agoda.com for special deals on hotels worldwide, please visit www.agoda.com. Like Agoda.com on Facebook at www.facebook.com/agoda or follow Agoda.com on Google+ at http://plus.google.com/+agoda


The Sentosa Resort and Spa 5*

Early bird special! Book 21 days in advance and enjoy 15% off. Expires December 31, 2013.


Hotel Re Pearl’s Hill 4*

Limited time rate – only US$104! Expires June 30, 2013


Resorts World Sentosa – Equarius Hotel 5*

Flash Deal – enjoy 60% off! Expires December 31, 2013.


Fairmont Singapore 5*

Early bird special – book 2 days in advance and enjoy 20% off! Expires December 31, 2013.


Orchard Hotel Singapore 5*

Limited time rate – 25% off! Expires July 31, 2013.


Royal Plaza on Scotts 5*

Stay a minimum of 3 nights and enjoy 20% off! Expires July 31, 2013.


Grand Park Orchard 5*

Early bird special! Book 14 days in advance and enjoy 20% off! Expires December 31, 2013.


Rendezvous Grand Hotel Singapore 4*

Limited time rate – 30% off! Expires December 31, 2013.



Agoda.com offers hotel deals in the lead up to the Great Singapore Sale

Getting social on the carpet

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Getting social on the carpet

SingPost to release set of stamps featuring Marina Bay landmarks

SingPost is releasing a set of mint stamps worth $3.23 to celebrate Marina Bay’s status as the heart of Singapore’s city centre.


The Marina Bay Skyline stamp issue comprises four unique stamps, each featuring a significant landmark in the Marina Bay area.


The landmarks are: the Fullerton Hotel, the Singapore Flyer, Esplanande – Theatres on the Bay and Marina Bay Sands.


The stamps will be on sale from Tuesday at all post offices and the Singapore Philatelic Museum. The public can also visit the Skyline of Singapore exhibit at the Singapore Flyer which also opens on Tuesday.



SingPost to release set of stamps featuring Marina Bay landmarks