Merrill Lynch, the world's largest brokerage, lost nearly US$10 billion in the fourth quarter, its biggest quarterly loss since it was founded 94 years ago, after reporting US$14.6 billion write-downs.
Merrill is the third in suffer a loss for the quarter after taking massive write-offs related to securities backed by souring mortgages.
Citigroup, which showed that it had also lost almost US$10 billion for the fourth quarter, the largest lose in the 196-year history.
Merrill has secured almost US$13 billion worth of capital investments, mostly from foreign wealth funds in Singapore, South Korea and Kuwait.
In the meantime, the business in Merrill had significantly reduced its exposure to collateralised debt obligations, or CDSs.
Sunday, January 20, 2008
Toshiba cut prices to save HD DVD
Toshiba and other supporters of the HD DVD format suffered a major blow on Jan 4, 2008, when Hollywood studio Warner Bros announced it would release titles exclusively in Blu-ray starting in June.
Toshiba has slashed the prices of its next generaton HD DVD players int the key US market by as much as half in an apparent last-ditch effort to save the format, after the above announcement.
At least one analyst, however, said Toshiba had little chance of winning, and its bravado was more likely an attempt to save face and create a better negotiation position for when Sony would offer a pay Toshiba to drop HD DVD.
The advantage of an HD DVD model is that it can play a standard DVD at near high-definition quality, which Blu-ray players cannot do.
With the consumers preferring to wait and see, we shall see a clearer outcome comes June 2008.
Toshiba has slashed the prices of its next generaton HD DVD players int the key US market by as much as half in an apparent last-ditch effort to save the format, after the above announcement.
At least one analyst, however, said Toshiba had little chance of winning, and its bravado was more likely an attempt to save face and create a better negotiation position for when Sony would offer a pay Toshiba to drop HD DVD.
The advantage of an HD DVD model is that it can play a standard DVD at near high-definition quality, which Blu-ray players cannot do.
With the consumers preferring to wait and see, we shall see a clearer outcome comes June 2008.
How to be wealthy ?
What will make you more wealthy ? Continually widening the gap between the money that comes in and the money that goes out.
Making money is important, but building wealth is more important. Lots of people make a lot of money, but don't able to keep enough to become wealthy.
Simply put, you must keep more of what you make, which is where assest protection comes in.
What are the issues to consider to protect your assests?
1) Tax Reduction
2) Proctection from lawsuits
3) Estate and retirement planning.
Do you have mor to contribute ? Share your comments with me.
Making money is important, but building wealth is more important. Lots of people make a lot of money, but don't able to keep enough to become wealthy.
Simply put, you must keep more of what you make, which is where assest protection comes in.
What are the issues to consider to protect your assests?
1) Tax Reduction
2) Proctection from lawsuits
3) Estate and retirement planning.
Do you have mor to contribute ? Share your comments with me.
Means testng - a formula to determine the medical bills
Health Mininster Khaw Boon Wan held a discussion with Union leaders on means testing.
What is means testing ?
In a nutshell, means testing means a patient can pick the ward class to stay in at a restructured hospital and the level of the hospital subsidy will be determined using factors such as income.
That will mark a change from the current situation where a person who chooses to be admitted into a Class B2 or C hospital ward receives the full subsidy corresponding with the ward class, regardless of his income level.
The objective of means testing is to ensure that lower-income Singaporeans obtain a higher subsidy than those who are better off.
The exact details of how means testing will be implemented are still being ironed out and the ministry has not decided on the exact critieria yet.
In the meantime, Singaporeans are encouraged
1) to buy the right medical insurance plan to defray the cost of hospitalisation.
2) to have a life time medical insurance plan and put aside enough money for insurance premiums post-retirement.
3) to buy health plans early for insurability. It is best to purchase a health plan while one is still young and healthy. It is advisable to go for the highest health cover that one can afford. This is because insurers allow you to switch to lower-priced plans without under -writting, or assessing your health conditions. However, the reverse is not permitted.
So while awaiting the finalisation of the formula. one should start looking for the different insurance cover in hospitalisation.
What is means testing ?
In a nutshell, means testing means a patient can pick the ward class to stay in at a restructured hospital and the level of the hospital subsidy will be determined using factors such as income.
That will mark a change from the current situation where a person who chooses to be admitted into a Class B2 or C hospital ward receives the full subsidy corresponding with the ward class, regardless of his income level.
The objective of means testing is to ensure that lower-income Singaporeans obtain a higher subsidy than those who are better off.
The exact details of how means testing will be implemented are still being ironed out and the ministry has not decided on the exact critieria yet.
In the meantime, Singaporeans are encouraged
1) to buy the right medical insurance plan to defray the cost of hospitalisation.
2) to have a life time medical insurance plan and put aside enough money for insurance premiums post-retirement.
3) to buy health plans early for insurability. It is best to purchase a health plan while one is still young and healthy. It is advisable to go for the highest health cover that one can afford. This is because insurers allow you to switch to lower-priced plans without under -writting, or assessing your health conditions. However, the reverse is not permitted.
So while awaiting the finalisation of the formula. one should start looking for the different insurance cover in hospitalisation.
Saturday, January 19, 2008
World's second-freest economy, Singapore ranked it again !!!
Singapore scored 87.4 on the Index of Economic Freedom, which is published annually by the The Wall Street Jornal and American conservative think-tank The Heritage Foundation.
The Republic finishing behind Hong Kong for the 14th straight year, but has closed the previous gap from 3.4% to 2.9%. Last year Singapore's lower scores on the degree of freedom in its financial sector and taxation.
This year, the editors of the index lauded Singapore as the top scorer in terms of business and labour freedom. Other types of freedom taken into consideration including trade and monetary, as well as size of the government and freedom from corruption.
Hong Kong and Singapore, two small open economies, dependent on external investment for growth, share very much of the same mindset. That is to be open, transparent, flexible and accommodating in order to attract more business and investment, are some of the factors and foundation of success and progress of the two countries.
Top 10
Index of economies freedom
Economy Overall Score
Hong Kong 90.3
Singapore 87.4
Ireland 82.4
Australia 82.0
United States 80.6
New Zealand 80.2
Canada 80.2
Chile 79.8
Switzerland 79.7
Britain 79.5
With Australia coming in fourth, the Asia-Pacific has three at the world's five freest economies. Well done, Asia-Pacific. I would say that this is a good indicator or signal of the more potential growth and activities in the economy in this region.
The Republic finishing behind Hong Kong for the 14th straight year, but has closed the previous gap from 3.4% to 2.9%. Last year Singapore's lower scores on the degree of freedom in its financial sector and taxation.
This year, the editors of the index lauded Singapore as the top scorer in terms of business and labour freedom. Other types of freedom taken into consideration including trade and monetary, as well as size of the government and freedom from corruption.
Hong Kong and Singapore, two small open economies, dependent on external investment for growth, share very much of the same mindset. That is to be open, transparent, flexible and accommodating in order to attract more business and investment, are some of the factors and foundation of success and progress of the two countries.
Top 10
Index of economies freedom
Economy Overall Score
Hong Kong 90.3
Singapore 87.4
Ireland 82.4
Australia 82.0
United States 80.6
New Zealand 80.2
Canada 80.2
Chile 79.8
Switzerland 79.7
Britain 79.5
With Australia coming in fourth, the Asia-Pacific has three at the world's five freest economies. Well done, Asia-Pacific. I would say that this is a good indicator or signal of the more potential growth and activities in the economy in this region.
Thursday, January 17, 2008
STI - historical records of ups and downs
1) 455,69 (Feb 27, 1973 )
2) 609.54 ( Dec 5, 1985 )
3) 961.50 (Oct 20, 1987 )
4) 1,360.48 (Aug 7, 1990 )
5) 2,426.85 ( Dec 31, 1993 )
July 1997 :began wit0h the devaluation of the Thai Baht - The Index plunged from about 2,000 points in July to 1,073.47 on Jan 12, 1998
31 Aug 1998 - after 30 years, the 30-stock STII made way for the 55-stock STI and at its lowest level - 885.26 points
3 Jan 2000 - STI charged up a whopping 85% for the year, with a index of 2,582,94 . The technology revolution and globalisaton wave plus a cyclical recovery in Asia after the financial crisis sparked a surge in investor confidence. These were the factors helped to fuel the bull run.
The dot.com boom also saw Singapore's Pacific Internet making its successful debut on Nasdaq in February 1999. Creative shares soaring past the $50 mark in early 2000. At the peaks, such as Venture and Chartered Semiconductor hit $28.90 and $18.50 respectively.
The bubble started to burst around Mar 2000 following a sharp selldown on Nasdaq. Eventually, more than US$5 trillion (S$7.2 trillion) of tech firms worldwide was wiped out from that month to Oct 2002.
The STI was not spared, dropping from 2,582.94 in Jan 2000 to around 1,800 in May 2000 and ending the year just above 1,900.
The Sept 11 terrorist attacks in the US sent shockwaves around stock markets worldwide, and the STI took a belting in its aftermath.
Just a few days before the attacks, the STI was trimmed from 55 component stocks to 45, and changed from a value-weighted index to one based on a free-float method.
The attacks gave the new-look index a nightmare start. By Sept 21, the STI had lost more than 20%, falling to 1,241.29 points.
Stocks that were badly hit then including SIA, which nosedived by $3.55 to $7.45 The effect of the attacks was emplified by the fact that the world economy was then on the brink of a recession anyway.
However, the market's recovery wa swift. By mid-October, the STI had rally about 200 points and closed the year above 1,600
3,875.77 - Oct 11, 2007 - after more than trebling in 4-1/2 years. With Acute Respiratory Syndrome (Sars) and the Iraq war combined to drive the STI down to 1,213.82 points on 10 Mar 2003.
Sound fundamentals, a global trade boom, stable US interest rates and the rise of China and India have helped fuel the bull run seen in recent years. Its 16.6 % surge for the whole of last year marked its fifth straight year of gains.
In between, there was also time for the China Avaition Oil (Singapore) scandal, which erupted in late 2004.
It stunned investors when it chalked up US550 million in losses from oil options trading and had to seek protection from creditors.
2) 609.54 ( Dec 5, 1985 )
3) 961.50 (Oct 20, 1987 )
4) 1,360.48 (Aug 7, 1990 )
5) 2,426.85 ( Dec 31, 1993 )
July 1997 :began wit0h the devaluation of the Thai Baht - The Index plunged from about 2,000 points in July to 1,073.47 on Jan 12, 1998
31 Aug 1998 - after 30 years, the 30-stock STII made way for the 55-stock STI and at its lowest level - 885.26 points
3 Jan 2000 - STI charged up a whopping 85% for the year, with a index of 2,582,94 . The technology revolution and globalisaton wave plus a cyclical recovery in Asia after the financial crisis sparked a surge in investor confidence. These were the factors helped to fuel the bull run.
The dot.com boom also saw Singapore's Pacific Internet making its successful debut on Nasdaq in February 1999. Creative shares soaring past the $50 mark in early 2000. At the peaks, such as Venture and Chartered Semiconductor hit $28.90 and $18.50 respectively.
The bubble started to burst around Mar 2000 following a sharp selldown on Nasdaq. Eventually, more than US$5 trillion (S$7.2 trillion) of tech firms worldwide was wiped out from that month to Oct 2002.
The STI was not spared, dropping from 2,582.94 in Jan 2000 to around 1,800 in May 2000 and ending the year just above 1,900.
The Sept 11 terrorist attacks in the US sent shockwaves around stock markets worldwide, and the STI took a belting in its aftermath.
Just a few days before the attacks, the STI was trimmed from 55 component stocks to 45, and changed from a value-weighted index to one based on a free-float method.
The attacks gave the new-look index a nightmare start. By Sept 21, the STI had lost more than 20%, falling to 1,241.29 points.
Stocks that were badly hit then including SIA, which nosedived by $3.55 to $7.45 The effect of the attacks was emplified by the fact that the world economy was then on the brink of a recession anyway.
However, the market's recovery wa swift. By mid-October, the STI had rally about 200 points and closed the year above 1,600
3,875.77 - Oct 11, 2007 - after more than trebling in 4-1/2 years. With Acute Respiratory Syndrome (Sars) and the Iraq war combined to drive the STI down to 1,213.82 points on 10 Mar 2003.
Sound fundamentals, a global trade boom, stable US interest rates and the rise of China and India have helped fuel the bull run seen in recent years. Its 16.6 % surge for the whole of last year marked its fifth straight year of gains.
In between, there was also time for the China Avaition Oil (Singapore) scandal, which erupted in late 2004.
It stunned investors when it chalked up US550 million in losses from oil options trading and had to seek protection from creditors.
Saturday, January 12, 2008
The Silver Industry Conference And Exhibition (Sicex)
The Silver Industry Conference and Exhibition (SICEX), held at Suntec Convention Centre from Thursday to Sunday ( 10 - 13 Jan 2008 ) aims to explore the opportunities for an ageing Asia. Speakers include Minister Mentor Lee Kuan Yew and Nobel laureate Robert Merton from Harvard Business School.
According to the Department of Statistics, one in 5 residents in Singapore will be 65 years or older in 2030. Those moving into their late 50s and 60s have more spending power and hence represent a rich market for " silver" products.
Singapore is a good launchpad for the silver industry. Three industry experts at the SICEX gave this endorsement.
Dr Joseph Coughlin, founder and director of the Agelab in the Massachusetts Institute of Technology - the high standard of living here made the country a good example for active ageing. Ageing is about extended quality of life. Singapore could be a living laboratory for the rest of the world to understand how longevity could be good living, not just longer living.
Mr Paul Hancock, Prudential Asia's head of pensions - how his insurance company chose Singapore out of a list of 12 countries as a place to a new financial product. The reason : the legislative framework.
The 3rd expert - Prof Robert Merton, a Nobel laureate in economics, gave the most fulsome praise on Singapore's strategic advantage. One feature he highlighted was the country's good reputation, which Singapore has this "reputational capital"
This is something of great feeling. As somebody looking at us from outside, he has seen a number of strengths that we have and we think these are valid strengths, and Singapore should make use of these strengths to develop the silver industry so businesses can tap the silver market.
Dr Joseph Coughlin also shared his tips on how businesses can tap the opportunities of an ageing Singapore and how people can age well.
Seven ways to rethink longevity and age well.
1) Focus on health and wellness across one's lifespan - not disease.
2) Redefine old age as "quality living".
3) Embed technology into education, health, leisure and daily life to help people live longer.
4) Do not develop products specially for the old. Design services instead for "convenience" that can be used by people as they turn 50, 60, 70 and older.
5) Keep working. Redesign your work, like, a more flexible work arrangement. Or try a different job.
6) Instil lifelong education. A degree from 40 years ago may not be relevant, so get back to school.
7) Institutionise the idea of innovation. Build it around stakeholders and industrialise the process. Export it to the rest of the world.
According to the Department of Statistics, one in 5 residents in Singapore will be 65 years or older in 2030. Those moving into their late 50s and 60s have more spending power and hence represent a rich market for " silver" products.
Singapore is a good launchpad for the silver industry. Three industry experts at the SICEX gave this endorsement.
Dr Joseph Coughlin, founder and director of the Agelab in the Massachusetts Institute of Technology - the high standard of living here made the country a good example for active ageing. Ageing is about extended quality of life. Singapore could be a living laboratory for the rest of the world to understand how longevity could be good living, not just longer living.
Mr Paul Hancock, Prudential Asia's head of pensions - how his insurance company chose Singapore out of a list of 12 countries as a place to a new financial product. The reason : the legislative framework.
The 3rd expert - Prof Robert Merton, a Nobel laureate in economics, gave the most fulsome praise on Singapore's strategic advantage. One feature he highlighted was the country's good reputation, which Singapore has this "reputational capital"
This is something of great feeling. As somebody looking at us from outside, he has seen a number of strengths that we have and we think these are valid strengths, and Singapore should make use of these strengths to develop the silver industry so businesses can tap the silver market.
Dr Joseph Coughlin also shared his tips on how businesses can tap the opportunities of an ageing Singapore and how people can age well.
Seven ways to rethink longevity and age well.
1) Focus on health and wellness across one's lifespan - not disease.
2) Redefine old age as "quality living".
3) Embed technology into education, health, leisure and daily life to help people live longer.
4) Do not develop products specially for the old. Design services instead for "convenience" that can be used by people as they turn 50, 60, 70 and older.
5) Keep working. Redesign your work, like, a more flexible work arrangement. Or try a different job.
6) Instil lifelong education. A degree from 40 years ago may not be relevant, so get back to school.
7) Institutionise the idea of innovation. Build it around stakeholders and industrialise the process. Export it to the rest of the world.
Singapore STI Revamped And Launched 10 Jan2008
On Thursday, the Straits Time Index (STI) got a new look and 18 other sub-indexes (covering mid-sized stocks has launched to cater to watchers of Singapore's booming stock market. The revamped version comprises 30 blue-chip stocks instead of the current 47. The new STI has got 21 companies departing and 4 companies joining.
Those joining are aircraft maintenance firm SIA Engineering, Wilmar International (palm oil giant) , Yangzijiang Shipbuilding Holdings and Yanlord Land Group(high-end property developer that focuses on the Shanghai area).
Singapore Press Holdings, the Singapore Exchange and Britain's FTSE Group are spearheading this revamp.
The revamped STI is expected to be more robust and is a widely-used benchmark for the local market for investors. With about 15% of total warrant turnover on the Singapore market, it shows the level of interest in STI warrants. Another closely-watched index is likely to be the FTSE ST China Index, comprising 50 China plays.
Industry players expected a fuss-free, smooth transition, as this has been planned for since last year and the index calculations have already been running for a couple of months. To-date, it did really been $a smooth changeover.
Those joining are aircraft maintenance firm SIA Engineering, Wilmar International (palm oil giant) , Yangzijiang Shipbuilding Holdings and Yanlord Land Group(high-end property developer that focuses on the Shanghai area).
Singapore Press Holdings, the Singapore Exchange and Britain's FTSE Group are spearheading this revamp.
The revamped STI is expected to be more robust and is a widely-used benchmark for the local market for investors. With about 15% of total warrant turnover on the Singapore market, it shows the level of interest in STI warrants. Another closely-watched index is likely to be the FTSE ST China Index, comprising 50 China plays.
Industry players expected a fuss-free, smooth transition, as this has been planned for since last year and the index calculations have already been running for a couple of months. To-date, it did really been $a smooth changeover.
Thursday, January 10, 2008
Singapore Changi Airport - Terminal 3
SIA Flight SQ001 from San Francisco via Seoul, first to land at our new Terminal 3 on 9 Jan, 2008, Wednesday, is also one of the proudest moment in Singapore's aviation history.
The S$1.75 billion, seven-storey building - with three basement levels and four above ground levels - can handle up to 22 million passengers a year, lifting Changi's total capacity to 70 million.
Some already called T3 a "garden terminal" because of ite extensive use of indoor plants and eco-friendly features. Some of its unique features, include the high speed 3-1/2-minute Skytrain system that runs on this with a size of 63 football fields, with a "world-class retail oasis at the transit area" featuring over 140 retail shops and dining outlets.
SIA will be the first to operate out of the new terminal, although the national airline will also continue to use T2. Four other airlines - China Eastern Airlines, Jet Airlines, Qatar Airways and United Airlines - will begin operations there from around March.
See you at our new Terminal 3.
The S$1.75 billion, seven-storey building - with three basement levels and four above ground levels - can handle up to 22 million passengers a year, lifting Changi's total capacity to 70 million.
Some already called T3 a "garden terminal" because of ite extensive use of indoor plants and eco-friendly features. Some of its unique features, include the high speed 3-1/2-minute Skytrain system that runs on this with a size of 63 football fields, with a "world-class retail oasis at the transit area" featuring over 140 retail shops and dining outlets.
SIA will be the first to operate out of the new terminal, although the national airline will also continue to use T2. Four other airlines - China Eastern Airlines, Jet Airlines, Qatar Airways and United Airlines - will begin operations there from around March.
See you at our new Terminal 3.
Singapore - My Paper - Revamped
Freshly revamped - out on 8 Jan, 2008, Tuesday.
Bilingual freesheet by Singapore Press Holdings, now sports 2 covers, one in English (left) and the other in Chinese. It used to be a predomoninantly in Chinese, with English translations for a few reports.
It is richer in, double, and more impact full in content. The newspaper, with a print run of 300,000, up from 180,000 before the revamp, will have news-driven reports in English while the Chinese section will "take care of the more human interests, entertainment and lifestyle reads.
Grab a copy, a total of 47 pages or more on my life, my thoughts and my say. Let us hear some comments from you.
Bilingual freesheet by Singapore Press Holdings, now sports 2 covers, one in English (left) and the other in Chinese. It used to be a predomoninantly in Chinese, with English translations for a few reports.
It is richer in, double, and more impact full in content. The newspaper, with a print run of 300,000, up from 180,000 before the revamp, will have news-driven reports in English while the Chinese section will "take care of the more human interests, entertainment and lifestyle reads.
Grab a copy, a total of 47 pages or more on my life, my thoughts and my say. Let us hear some comments from you.
Blu-ray Vs HD DVD Technology
Straits Times - 8 Jan 2008, Tuesday, reported the announcement of Sony's rival Blu-ray Technology exclusively backed by Warner Bro's, one of the World's largest film studios.
Despite being dealt a major setback, Toshiba insisted that its HD DVD high definition video format is far from dead. This was being told by Mr Akiyo Ozaka, president of Toshiba America Consumer Products, during a briefing at the Consumer Electronics Show in LA Vegas on Sunday 6, Jan 2008.
HD DVD technology debuted broadlyin the US in 2006 but has not become a big hit consumer. HD DVD player, including movie drives in Microsoft's XBox 360, totalled one million in the last year, 2006.
Toshiba Marketing Executive, Jodi Sally told the audience that HD DVD remained the best technology, but she acknowledged that the Warner Bros' announcement on Friday took her by surprise.
However, she declared that they have been declared dead before but the reality is they have ended 2007 with a majority of the year-t0-date market share.
Let the challenge goes on. The consumers will enjoy the best of both worlds.
Despite being dealt a major setback, Toshiba insisted that its HD DVD high definition video format is far from dead. This was being told by Mr Akiyo Ozaka, president of Toshiba America Consumer Products, during a briefing at the Consumer Electronics Show in LA Vegas on Sunday 6, Jan 2008.
HD DVD technology debuted broadlyin the US in 2006 but has not become a big hit consumer. HD DVD player, including movie drives in Microsoft's XBox 360, totalled one million in the last year, 2006.
Toshiba Marketing Executive, Jodi Sally told the audience that HD DVD remained the best technology, but she acknowledged that the Warner Bros' announcement on Friday took her by surprise.
However, she declared that they have been declared dead before but the reality is they have ended 2007 with a majority of the year-t0-date market share.
Let the challenge goes on. The consumers will enjoy the best of both worlds.
Saturday, January 5, 2008
How popular in online buying with Singaporeans ?
MasterCard Global and Ipsos-Insight did a pre-festive period survey. 60% of respondents said they would buy holdiay gifts online, up from 35% the previous year. They would spend marginally more than they would in the shops.
In Britain and USA, the proportion was at least 75% with sales estimates at GBP $15 b ( S$43b) and US$42 b (S$60 b) respectively in the year-end boliday season just past.
With incomes rise, better and easy access of Internet and with irresistible choices on the Web, Singapore is well positioned to set a new wave of consumer demand.
The need to build up trust and confidence among both sellers and buyers in a marketplace are among the foremost important criteria to move the new wave upward. Credit card fraud and fly-by-night habits are few problematic areas need attention. Further improvement in area such as able to offer and stand by hassle-free return, refund, rebate, repair and replacement warranty.
With our Singapore Government alloting big budget to build next generation national broadband network, we hope to see ourselves nearer to becoming an international or even a regional e-commerce centre. The infrastructure is there for entrepreneurs to make a go, big time, of online commerce. How big is the market, is for you to guess.
In Britain and USA, the proportion was at least 75% with sales estimates at GBP $15 b ( S$43b) and US$42 b (S$60 b) respectively in the year-end boliday season just past.
With incomes rise, better and easy access of Internet and with irresistible choices on the Web, Singapore is well positioned to set a new wave of consumer demand.
The need to build up trust and confidence among both sellers and buyers in a marketplace are among the foremost important criteria to move the new wave upward. Credit card fraud and fly-by-night habits are few problematic areas need attention. Further improvement in area such as able to offer and stand by hassle-free return, refund, rebate, repair and replacement warranty.
With our Singapore Government alloting big budget to build next generation national broadband network, we hope to see ourselves nearer to becoming an international or even a regional e-commerce centre. The infrastructure is there for entrepreneurs to make a go, big time, of online commerce. How big is the market, is for you to guess.
Wednesday, January 2, 2008
Google Search For Possible Technology Tie-ups In Singapore
Google's CEO, Mr Eric Schmidt, was in the Singapore late Dec 2007, to explore possible technology collaboration.Speaking to The Straits Times at Google's office at One Raffles Quay, Mr Schmidt, 52, said Singapore's importance had grown from being a hub of the world's shipping lanes, and the Internet, too, needs such hubs. Singapore could be such an exchange point for networks, allowing data to be redirected from one point to another.With the iN2015 infocomm master plan unveiled last year, it painted a vision to connect an islandwide ultra-fast broadband network.It is these speedy networks that have piqued Google's interest.Google opened its South-east Asian office in Singapore in May 2007, to handle its online advertising business in the region. HQ in Mountain View, California, the company derives its revenue from two sources : search services and online advertising.With searches on Google hit 3.6 billion, up 40% from a year earlier, with a strong high growth in Asian countries. we definitely can expect a more aggressive Google's presence
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