<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>From the same goon who proclaimed Peesai in a golden period and who LOST $260B in 8 months with NO REGRET!
& What a gathering of his elite dogs and FTrash pets!
US sees 'green shoots' of recovery but MM doubtful
</TR><!-- headline one : end --><TR>Reason for US optimism may be due to change in data reckoning, he says </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Kor Kian Beng
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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
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->MINISTER Mentor Lee Kuan Yew yesterday 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.
In an interview on CBS' 60 Minutes programme last month, Mr Bernanke said the recession will probably end this year and the US economy will expand next year if the government succeeds in calming financial markets.
He said 'green shoots' were appearing in some markets that received help from the Fed - the central bank - and there had been 'some improvement' in banks.
Mr Geithner, after talks with finance chiefs from the Group of Seven last week, said there were signs that the pace of deterioration in economic activity and trade flows had eased.
MM Lee, in his comments, said one clear sign of a recovery was whether US companies were recruiting workers again.
'Once the companies start hiring again instead of retrenching, then they will spend. Asia will get going because the biggest export market for China, Japan, South Korea, Vietnam and us is America.'
Until that happens, cost-conscious Singaporeans could still have fun exploring Singapore by visiting tourist spots like the Singapore Flyer, said MM Lee.
It was clear that he enjoyed the first of his two rides yesterday - one at sunset, the other at night.
He had a long-standing invitation from the company to ride the Flyer, which began operating in April last year.
MM Lee, who was invited with 140 of his staff, their family members and other guests, listened intently as Flyer chairman Florian Bollen described how the wheel operates and pointed to landmarks and sights in Singapore and beyond that could be seen from the capsule.
MM Lee, in his remarks to reporters, referred to the Dec 23 incident when the Flyer ground to a halt, trapping 173 people for close to six hours. It led to a month-long shutdown.
He said with a laugh: 'I've brought my doctors, my lawyers and my personal staff here. If it stops tonight, he (Mr Bollen) is going to lose a lot of business with bad publicity. So they're quite sure that we'll get down safely.'
Mr Bollen said it was 'obviously a good sign of confidence that MM Lee was coming and taking the flight with us'.
On whether special precautions were taken, he said: 'We've installed all the additional security systems and they're working and tested every day.
'There are no special precautions for today but basic instalments and improvements to ensure that all passengers will enjoy a smooth ride.' [email protected]
& What a gathering of his elite dogs and FTrash pets!
US sees 'green shoots' of recovery but MM doubtful
</TR><!-- headline one : end --><TR>Reason for US optimism may be due to change in data reckoning, he says </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Kor Kian Beng
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
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
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->MINISTER Mentor Lee Kuan Yew yesterday 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.
In an interview on CBS' 60 Minutes programme last month, Mr Bernanke said the recession will probably end this year and the US economy will expand next year if the government succeeds in calming financial markets.
He said 'green shoots' were appearing in some markets that received help from the Fed - the central bank - and there had been 'some improvement' in banks.
Mr Geithner, after talks with finance chiefs from the Group of Seven last week, said there were signs that the pace of deterioration in economic activity and trade flows had eased.
MM Lee, in his comments, said one clear sign of a recovery was whether US companies were recruiting workers again.
'Once the companies start hiring again instead of retrenching, then they will spend. Asia will get going because the biggest export market for China, Japan, South Korea, Vietnam and us is America.'
Until that happens, cost-conscious Singaporeans could still have fun exploring Singapore by visiting tourist spots like the Singapore Flyer, said MM Lee.
It was clear that he enjoyed the first of his two rides yesterday - one at sunset, the other at night.
He had a long-standing invitation from the company to ride the Flyer, which began operating in April last year.
MM Lee, who was invited with 140 of his staff, their family members and other guests, listened intently as Flyer chairman Florian Bollen described how the wheel operates and pointed to landmarks and sights in Singapore and beyond that could be seen from the capsule.
MM Lee, in his remarks to reporters, referred to the Dec 23 incident when the Flyer ground to a halt, trapping 173 people for close to six hours. It led to a month-long shutdown.
He said with a laugh: 'I've brought my doctors, my lawyers and my personal staff here. If it stops tonight, he (Mr Bollen) is going to lose a lot of business with bad publicity. So they're quite sure that we'll get down safely.'
Mr Bollen said it was 'obviously a good sign of confidence that MM Lee was coming and taking the flight with us'.
On whether special precautions were taken, he said: 'We've installed all the additional security systems and they're working and tested every day.
'There are no special precautions for today but basic instalments and improvements to ensure that all passengers will enjoy a smooth ride.' [email protected]
