TWO former senior employees of UOB Kay Hian Private Limited (UOBKH) were charged on Wednesday for allegedly lying to the Monetary Authority of Singapore (MAS) in relation to reports on a then Catalist aspirant. Lan Kang Ming, 38, and Wee Toon Lee, 34, each face three charges of providing MAS with false information in October 2018 in relation to due diligence reports on an unidentified company applying to list on the Catalist board of the Singapore Exchange. MAS said in a media statement on Wednesday that it was performing an onsite inspection of UOBKH between June and August 2018, to assess the latter's controls, policies and procedures in relation to its role as an issue manager for Initial Public Offering (IPOs). During the examination, Lan and Wee were said to have provided different versions of a due diligence report relating to background checks on a company applying to be listed on the Catalist board of the Singapore Exchange. UOBKH had acted as the issue manager
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Ansuya Harjani | CNBC Asia
26 June 2012
Economic growth in Asia, which has been slowing in recent months, is set to recover in the second-half of the year, on the back of a rebound in China, say economists at HSBC.
The region’s growth drivers, China and India will hit a bottom over April-June, with economic expansion slowing to 7.8 and 5.3 percent, respectively, before bouncing back to 8.5 percent and 6 percent, in the third quarter, says the bank.
“In China, a generous policy refill should spur local demand, even if exports to the West begin to falter amid Europe’s travails,” Frederic Neumann, Co-Head of Asian Economics Research at HSBC said in a quarterly report published Tuesday.
Over the rest of the year, HSBC forecasts the central bank will lower the reserve requirement ratio for banks by 200 basis points, and cut the benchmark interest rate by a further 25 basis points.
Neumann expects policymakers will also support the economy through fiscal measures including tax cuts and direct spending on public housing and infrastructure projects.
“A combination of fiscal and monetary easing should generate demand, lift business confidence, digest finished goods inventories and promote another cycle of inventory accumulation in the second half,” Neumann said, adding that since China has become the biggest trading partner for many regional economies, “Asia will avoid another collapse in growth.”
South Korea, for example, now exports more to the mainland than to the U.S. and the euro zone combined.
Imports into China are also now being consumed locally instead of being re-exported, says Neumann, highlighting growing domestic demand in the country.
Falling Oil Prices Another Boost
Besides Chinese demand, another positive for Asian economies is falling oil prices, which will increase purchasing power and lead to an increase in consumer spending across the region, says Neumann.
“The drop-off in oil will largely benefit the Southeast Asian economies, like the Philippines and Indonesia, which are domestically driven,” he said.
Lower oil prices also give governments in India and Indonesia more room to cut subsidies and support growth via fiscal stimulus, Neumann said.