For his part, Lee wanted to improve disclosure standards to further reassure the public. Deputy PM Lee was quick to note that the Seagate retrenchment was due not to the Asian slump, but the ups and downs of the global computer industry. Hewlett-Packard's regional chief Richard Warmington says the weaker Singapore dollar has helped sales. Demand was down last year and has come off quite a bit this year too. End-users are still looking to buy, but investors are limited.
Prices seem to be still on a downtrend, with interest rates up and regional confidence down.
There are also reports of Indonesian tycoons selling Singapore real estate to raise cash for liquidity-short businesses back home. Deputy PM Lee argues that Singapore is in much better shape than when it weathered a regional recession in 1985. But then, Asia's downturn is also far more virulent this time. All Rights Reserved. Terms under which this service is provided to you.