SINGAPORE: The Singapore government on Friday revised its full

SINGAPORE: The Singapore government on Friday revised its full year economic growth forecast to between two and four percent, up from the previous projections of between one and three percent.

The upwards revision of the growth target comes on the heels of an improvement in the global economy, particularly the United States which is the biggest export market for the trade-dependent island, Deputy Prime Minister Lee Hsien Loong said.

"The external environment has picked up in the last few months," Lee told parliament as he delivered his maiden budget.

Lee was appointed to head the finance ministry after the November 3 polls last year.

Singapore sank into a recession last year after nearly 10 percent growth in 2000. --AFP--

Bankruptcies in HK still high in April

HONG KONG: The number of bankruptcy cases in Hong Kong remained high in April as the economy struggled to emerge from recession.

Hong Kong recorded 1,769 personal and corporate bankruptcies last month, off slightly from 1,790 cases reported in March but up 265 percent from the same month last year, Secretary for Financial Services Stephen Ip told reporters on Friday.

For the first four months of the year, bankruptcy cases reached 5,810 and look set to break last year's record high of 9,151.

Bankers have blamed the surge on the government's decision in 1998 to change certain laws, which now allow bankrupt individuals to start borrowing again after four years instead of the previous eight.

But analysts have also attributed the increase to certain moves by the banks themselves. In a bid to offset weak mortgage demand, they have aggressively increased consumer lending and given away credit cards with all kinds of discounts and freebies. personal credit information would violate their privacy.

But Hong Kong Monetary Authority chief executive Joseph Yam last week reassured that the public of the plan and said banks would be able to provide better pricing to responsible borrowers if lenders can share their information.

The HKMA said credit card write-off rate reached nine percent in February. The charge-off rate was 8.27 percent in the fourth quarter of last year. --Reuters

Taiwan's forex reserves hit new high

TAIPEI: Taiwan's foreign exchange reserves hit a new high of US$132.93 billion at the end of April, the central bank here said Friday.

The record figure was $4.90 billion higher than the previous month and was up $10.72 billion dollars from the end of 2001, the bank said in a statement.

It attributed the growth in forex reserves to foreign capital inflows and euro and yen appreciation against the U.S. dollar.

Taiwan's reserves are among the world's largest. --AFP--