Singapore - East Asia should be able to achieve an annual economic growth of 3 per cent to 5 per cent considering the current global financial crisis, Singapore's Minister Mentor Lee Kuan Yew said, in press reports Saturday.

Giving the assessment, Lee was upbeat about Asian economic growth supported by China and India.

"I would say the rest of Asia might make 3, 4, 5 per cent, which isn't bad for this condition," said Lee, the first prime minister and architect of modern Singapore.

Singapore - Investors shed their shares Friday from the opening bell at the Singapore Exchange for fears of the global downturn's impact on corporate performances and the fate of developing economies.

The Straits Times Index crashed to 1591.48 points towards the closing bell but made a slight flip to close at 1600.28, down by a huge 145.39, or 8.33 per cent.

The STI has lost 278 points this week, having settled at 1878.51 at last Friday's close. The Singapore Exchange ended the day with 513 counters suffering losses and just 90 gainers. Trading volume totaled 1,208.5 million shares.

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Taipei - A Taiwan court Thursday sentenced a Singaporean businessman to two years and four months in prison over the embezzlement of 30 million US dollars intended to be used to persuade Papua New Guinea (PNG) to switch diplomatic recognition to from China Taipei.

"The court has found Wu Shih-tsai guilty of forgery of document(s) and defamation and thus sentenced him to two years and four months in prison," said the Taipei District Court in its verdict.

Singapore - Singapore Exchange Limited (SGX) and Karachi Stock Exchange (KSE) have signed a memorandum of understanding (MoU) to collaborate for the benefit of the financial services industries in Singapore and Pakistan, officials said Thursday.

The MOU aims to foster a closer relationship between the two exchanges.

The pact, which was signed in Singapore on Wednesday, includes sharing best practices regarding each exchange's products as well as the operation and governance of their respective markets.

"This MoU fosters a closer relationship between the two exchanges. We look forward to working with KSE to help develop our respective financial markets," said SGX chief executive officer Hsieh Fu Hua.

Singapore - Singapore shares came under another round of selling pressure Thursday, mostly in line with the downward trend among other Asian bourses.

The Straits Times Index (STI) fell by 75.46 points, or 4.14 per cent to close at 1745.67, with 341 counters reporting losses and 149 gains.

The STI was down by over 68 points at mid-day, with early morning trade nose-diving. However, trading was more somber from late morning through to the rest of the day.

Thursday's selling was in line with what has been happening at the regional bourses and the continuing reaction of the global financial and economic crisis, said Nancy Wei, head of research at brokerage UOB Kay Hian Pte Ltd.