PRESS DIGEST - Singapore newspapers - May 9
SINGAPORE, May 9 (Reuters) - The following are stories from Singapore newspapers on Friday. Reuters has not verified these stories.
THE STRAITS TIMES
- The Energy Market Co, which runs the wholesale electricity market in Singapore, said the wholesale price that power companies pay for electricity -- known as the Uniform Singapore Energy Price -- jumped 17.7 percent from March to hit S$173 ($126) per megawatt hour last month.
- Two man were nabbed for making prank calls about escaped Jemaah Islamiah leader Mas Selamat Kastari. A 66-year old was jailed for 12 weeks yesterday for identifying himself as "Cobra" to a police officer and saying: "I think Mas Selamat has already committed suicide, and he could be around this area." The second man awaits trial.
- Police have busted what they say is one of Singapore's biggest illegal moneylending syndicates -- one estimated to be giving out S$500,000 ($364,400) in loans every month.
- The United States sub-prime crisis rocking world financial markets is not over by a long shot, warns investment guru Jim Rogers. "I doubt that we're halfway through," he said yesterday, adding that he expects more writedowns from European and U.S. banks for their investments linked to delinquent U.S. mortgages.
THE BUSINESS TIMES
- On the back of the hike in oil prices which almost touched $124 yesterday, electricity tariffs in Singapore have climbed to uncomfortable heights. And ironically, Singapore's oil industry -- which uses a lot of electricity -- is feeling the most pain.
- The Singapore Exchange (SGXL.SI) wants its member firms to maintain a business continuity plan in order to help them cope in the event of disasters and to shore up confidence that the marketplace will bounce back quickly from such eventualities.
