http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_370139.html
MM doubts 'green shoots'
Reason for US optimism may be due to change in data reckoning, he says
By Kor Kian Beng
MM Lee chatting with Singapore Flyer chairman Florian Bollen (right) during his first ride on the observatory wheel yesterday. Also present were his grandson Lee Yi Peng (second from left) and former chief justice Yong Pung How (seated) --ST PHOTO: LIM WUI LIANG
MINISTER Mentor Lee Kuan Yew on Tuesday expressed doubts about the 'green shoots' pointing to a possible recovery in the United States economy by the year's end - one that could revive Asian economies, including Singapore's.
But it was good that the Americans were 'always optimistic', he said.
He was speaking to reporters during his first-ever ride on the Singapore Flyer observatory wheel.
He was asked about the global economic downturn's impact on the tourism industry, which has seen a dip in arrivals.
The Singapore Tourism Board estimates there will be between nine and 9.5 million visitors this year - an annual drop of between 6 per cent and 11 per cent.
This is a result of people worldwide tightening their belts by going to nearer holiday destinations, MM Lee said.
'Everyone does that. Not that they've become poorer overnight, but they have become cautious about spending overnight,' he explained.
'But if you believe what Bernanke and Geithner say, there are 'green shoots'; American banks are beginning to show a little bit of profit. But that may be because they've changed their method of reckoning, per quarter instead of December which counts from January.
'So I have my doubts. But anyway, it's good to be optimistic. The Americans are always optimistic, which is good.'
MM Lee was referring to comments by US Federal Reserve chairman Ben Bernanke and Treasury Secretary Timothy Geithner about the possibility of an earlier US economic recovery.
Read the full story in The Straits Times today.
MM rides the Flyer
THE Singapore Flyer had a special guest yesterday - Minister Mentor Lee Kuan Yew (above right, with Flyer chairman Florian Bollen), who boarded the world's largest observatory wheel to experience both the sunset and night rides.
MM Lee, on his first visit to the 165m high, $240-million Flyer which opened a year ago, had a long-standing invitation from its management to ride in it.
But he had been busy, he told reporters. 'And it was new. So I thought, I like others to test new things first,' he said.
Mr Lee was invited with 140 of his staff, their family members and other guests. Those present included his brother Freddy, his younger son, Fraser & Neave chairman Lee Hsien Yang, Senior Minister S. Jayakumar and former chief justice Yong Pung How.
MM Lee signed the visitors' book, saying: 'My first view of Singapore city from a flyer - the largest for the time being in the world.'
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MM doubts 'green shoots'
Reason for US optimism may be due to change in data reckoning, he says
By Kor Kian Beng
MM Lee chatting with Singapore Flyer chairman Florian Bollen (right) during his first ride on the observatory wheel yesterday. Also present were his grandson Lee Yi Peng (second from left) and former chief justice Yong Pung How (seated) --ST PHOTO: LIM WUI LIANG
MINISTER Mentor Lee Kuan Yew on Tuesday expressed doubts about the 'green shoots' pointing to a possible recovery in the United States economy by the year's end - one that could revive Asian economies, including Singapore's.
But it was good that the Americans were 'always optimistic', he said.
He was speaking to reporters during his first-ever ride on the Singapore Flyer observatory wheel.
He was asked about the global economic downturn's impact on the tourism industry, which has seen a dip in arrivals.
The Singapore Tourism Board estimates there will be between nine and 9.5 million visitors this year - an annual drop of between 6 per cent and 11 per cent.
This is a result of people worldwide tightening their belts by going to nearer holiday destinations, MM Lee said.
'Everyone does that. Not that they've become poorer overnight, but they have become cautious about spending overnight,' he explained.
'But if you believe what Bernanke and Geithner say, there are 'green shoots'; American banks are beginning to show a little bit of profit. But that may be because they've changed their method of reckoning, per quarter instead of December which counts from January.
'So I have my doubts. But anyway, it's good to be optimistic. The Americans are always optimistic, which is good.'
MM Lee was referring to comments by US Federal Reserve chairman Ben Bernanke and Treasury Secretary Timothy Geithner about the possibility of an earlier US economic recovery.
Read the full story in The Straits Times today.
MM rides the Flyer
THE Singapore Flyer had a special guest yesterday - Minister Mentor Lee Kuan Yew (above right, with Flyer chairman Florian Bollen), who boarded the world's largest observatory wheel to experience both the sunset and night rides.
MM Lee, on his first visit to the 165m high, $240-million Flyer which opened a year ago, had a long-standing invitation from its management to ride in it.
But he had been busy, he told reporters. 'And it was new. So I thought, I like others to test new things first,' he said.
Mr Lee was invited with 140 of his staff, their family members and other guests. Those present included his brother Freddy, his younger son, Fraser & Neave chairman Lee Hsien Yang, Senior Minister S. Jayakumar and former chief justice Yong Pung How.
MM Lee signed the visitors' book, saying: 'My first view of Singapore city from a flyer - the largest for the time being in the world.'
See Singapore
