Singaporeans upbeat on death

The Lien Foundation has successfully launched its “happy coffins” campaign, with 733 coffin designs submitted from 37 countries by the dying. Said Lien Foundation CEO Lee Poh Wah: “We are turning the coffin from a supreme negative symbol of death into a creative canvas for reflection, inspiration and the positive celebration of life.” He added, somewhat ominously, “We’d also like to be a conduit for interested parties to explore further possibilities.” Bull market psychology is clearly in place in Singapore.

ADB raises Asian growth forecast to 8.2% for 2010

The Asian Development Bank has increased the forecast for Asia ex-Japan from 7.5% to 8.2%. China is forecast at 9.6%, India at 8.5%. Singapore’s forecast has been raised from 6.3% (April) to 14% (today.) (Straits Times, Sept. 29, 2010) This will lead to a gradual acceleration in Europe and the US.

African growth ‘miracle’

Africa’s economies are expected to grow 5% this year. It is interesting that both resource-based and other countries are growing.

Net worth of American households still low

Household net worth peaked at $65.8 trillion before the recession. It bottomed at $48.8 trillion and is now $53.5 trillion. There is still a long way to go.

Asian consumers: the future engine of global growth

Workers across Asia are demanding big pay increases. (The Straits Times, Sept. 20, 2010) A massive strike in the Cambodian garment increase has followed worker rejection of a 20% pay increase; they are demanding +50%, from US$ 61/month to $93. Bangladesh’s three million garment workers have rejected an 80% increase and are striking for more. Independent trade unions are banned in Vietnam, but there have been 139 strikes so far this year. Similar stories are coming from India, China, and Indonesia.

Health insurance in California goes up double digits

The California Dept. of Insurance has approved increase in monthly premiums of 15% to 29%. Anthem Blue Cross’ request for a 39% increase is under review. The department attributes these increases to a number of factors, primarily the requirements of the federal health care bill. In addition to its increase, Blue Shield has announced that it is no longer guaranteeing its rates for a full year but will review them as required. http://insurancenewsnet.com/article.aspx?id=226528&type=newswires (A good health insurance plan for a young family of four is about $1500-$2000/month before the increases.)

22% unemployment rate in China?

China’s Ministry of Human Resources and Social Security has issued a white paper reporting that the unemployment level in China is not the 4.3% reported for urban unemployment but 22% if rural populations were included. This means that 220 million of China’s 1 billion workers are without jobs. This is the first time this has been reported and the data is probably being released to reinforce the government’s view that the currency should not be revalued upward that and restrictions on Chinese exports should not be imposed. (Straits Times, September 11, 2010)