News Line: Is Singapore venerable to a "wall-street like crisis?" & Asian Stocks extend gains in Monday Trading

1) Finance minister Tharman says Singapore's financial institutions stable

SINGAPORE: Singapore’s financial institutions are well capitalised and regulated by the Monetary Authority of Singapore (MAS), says Finance Minister Tharman Shanmugaratnam.

He was speaking to reporters on Sunday at a community event where he joined Muslims to break fast.

Mr Tharman said: "We are glad that overall, if you look at what is happening in Singapore compared to other financial centres, confidence in the market has been retained."

But Mr Tharman said a technical recession — defined by two consecutive quarters of economic contraction — is possible in Singapore.

Nonetheless, he cautioned that it is important for Singapore not to have any knee—jerk reactions, and to continue to monitor the global financial situation closely before announcing any plans.

Singapore’s non—oil domestic exports in August fell 13.8 per cent from the same month in 2007, the largest drop in the last year.

And with the current financial crisis, economists expect this figure to fall even further as global demand slows...

Click here to access the full article from Yahoo Finance - Singapore (News Asia)

2) Asia's stocks extend gains on proposed US bailout

HONG KONG (AP) -- Asian markets rose Monday after the U.S. government proposed a US$700 billion plan to solve the world financial crisis by rescuing banks from billions of dollars in risky mortgage debt.

In Japan, the Nikkei 225 index climbed 1.4 percent to close at 12,090.59 points , while Hong Kong's Hang Seng index rose 1.2 percent.

In China, the Shanghai Composite Index soared 7.8 percent on hopes of a turnaround after government steps to stabilize the country's beaten down shares.

Markets in Australia and Taiwan advanced strongly after regulators in both countries issued curbs on short selling, following similar moves in the U.S, Britain and other countries. The practice, which bets on a stock's decline, has been partly blamed for driving down share prices.

Global markets had rallied Friday on news Washington was likely to announce a bailout plan, calming investors worried that losses from bad bets on mortgages could bring about the collapse of more companies, straining an already weakened financial system and global economy...

Click here to access the full article from Yahoo Finance - Singapore (AP)

News Line: South-South Cooperation -- Asia-Latin America Business Boom

1) Latin Business Chronicle: Asia-Latin Trade Boom - by Joachim Bamrud

With the U.S. economy continuing to show weak results, Latin America is increasingly betting on Asia. Latin American exporters have found eager markets in countries like China, Japan and India, while Asian companies, in turn, are boosting their exports to Latin America.

"The growth of Asia will drive the business with Latin America," says R. Viswanathan, India's ambassador to Argentina, Uruguay and Paraguay and widely considered India's leading expert on Latin America. “Both governments and business have started looking at the potential for complementary cooperation between the two regions....

"Trade will grow despite short-term commodity price fluctuations because demand in Asia remains high for Latin America’s resources," says Michael Diaz, managing partner at U.S.-based law firm Diaz Reus, which serves many clients involved in Asian-Latin American business....

*** You must be a full member of the Latin Business Chronicle to access the full article. Click here for the free expert

2) Gazprom, Total to invest $45 billion in new exploration in Bolivia reports Business News Americas Russian oil company Gazprom and French oil major Total (NYSE: TOT) have signed an MOU with Bolivia's state hydrocarbons company YPFB to invest US$4.5bn in a new natural gas project in Bolivia, a YPFB spokesperson told BNamericas, confirming local press reports.

The three companies will develop the project in the southeast of Bolivia, where Total is already producing natural gas from six wells, the spokesperson said.

Production from the project could reach 26Mm3/d.

Click here to access the full article from Business News Americas

3) Garcia and Lulu discuss increasing bi-lateral trade and investment between Peru and Brazil reports Andina News

Sao Paulo, Sep. 18 (ANDINA).- President Alan García held Thursday evening a meeting with his Brazilian counterpart, Luiz Inácio Lula da Silva, to discuss about bilateral relations and the possibility to attract more investments to Peru....

President Alan Garcia and his Brazilian counterpart
Luiz Inacio da Silva in San Paulo. Photo Sepres

García said Thursday morning that during the meeting he will propose to his Brazilian counterpart “a reinforced bilateral agreement”, a kind of Free Trade Agreement (FTA), which will include speeding up a tariff exemption process....

Click here to access the full story in english from Andina News