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| Nov 14, 2008 | |
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Global economic crisis
MPs to raise concerns
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| By Aaron Low | |
| THE financial crisis continues to weigh heavily on the minds of MPs, with several of them set to raise a range of concerns related to the global crisis when Parliament sits on Monday.
One of the issues that will be raised is whether the Government can provide additional help to businesses which are at risk of failure, and individuals in danger of losing their homes in the current climate. Ms Lee Bee Wah, an MP for Ang Mo Kio GRC, wants to know if the Government is monitoring the effects of the credit crunch on local businesses. 'Small construction firms are finding it difficult to get credit from the banks and this will have a detrimental effect on the industry if it continues,' she said. Sembawang GRC MP Lim Wee Kiak said that while he does not expect the Government to give hand-outs, he will ask them not to repossess homes of those who are unable to pay their HDB flat mortgages on time. He also wants to know what help there is for those who face the prospect of retrenchment in the coming months. The financial structured products linked to the failed Lehman Brothers investment bank also continue to be an issue MPs hope the Government will tackle. Nominated MP Siew Kum Hong has asked for an update on the investigations by the Monetary Authority of Singapore into the alleged mis-selling of products to investors, while NMP Eunice Olsen wants to know if there are guidelines for town councils investing in financial products. MPs have also asked about the impact that the financial crisis has had on the planned integrated resorts (IRs) here. Questions have been tabled on the financial viability of the Marina Bay Sands IR project, given that its parent company - casino operator Las Vegas Sands - has said that it was having difficulty raising funds amid the global downturn. The Government has already made it clear that it will not bailout the project, while Sands maintains that it will go ahead with a phased opening of the IR. Read more in Saturday's edition of The Straits Times. | |
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