RHTLaw Taylor Wessing’s Managing Partner Tan Chong Huat shared his views on "The bull charges on" in this week’s The Business Times’ weekly column, Views from the Top.
This article was first published in The Business Times on 30 October 2017.
The bull charges on
Monday, October 30, 2017
THIS WEEK'S TOPIC: Is the current market 'exuberance' rational and sustainable?
Tan Chong Huat
RHTLaw Taylor Wessing LLP
The latest announcement by Prime Minister Lee Hsien Loong that Singapore's GDP growth for 2017 could reach the upper end of the projected 2 per cent to 3 per cent range is probably the harbinger of more good news coming our way.
There are signs of mild market exuberance, particularly in the equity and property sectors. This could have been prompted by the turnaround in Singapore's economy which has shown sustainable and moderate growth since the fourth quarter of 2016.
If this trend continues into 2018, the mild exuberance could turn into a little celebration as Singapore's economy continues on its recovery path, growing at a sustainable rate of 2 per cent to 4 per cent.
It will also be good news for Singaporeans, especially on the employment front. A growing economy will mean a higher employment rate which spells better spending power. This will bode well for the services industries which form about 70 per cent of Singapore's GDP in 2016.
However, the stronger GDP numbers and exuberance seen in the equity and property sectors over the past few quarters have yet to spill over into the general economy. There are still challenges ahead as we are definitely not completely out of the woods just yet.
The ASEAN Plus Group (APG) congratulates Hanafiah Ponggawa & Partners (HPRP) for winning three prestigious Asian Legal Business (ALB) Indonesia Law Awards 2017.
Under the firm categories, HPRP was awarded by ALB in the following areas:
Maritime Law Firm of the Year
Restructuring and Insolvency Law Firm of the Year
Under the deal categories, HPRP was awarded by ALB in the following area:
Project Finance Deal of the Year
The Project Finance Deal of the Year was awarded for the Palapa Ring Project East Package led by Partner Chadri Jurnalis. In addition to the above, HPRP was the finalist for other categories including Banking & Finance, Litigation, Project Energy Infrastructure, Real Estate, and Technology, Media and Telecommunications.
The ALB Indonesia Law Awards recognize outstanding in-house teams from Indonesia’s top corporations, market-leading private practice firms and rising law firms as well as exceptional individual lawyers from Indonesia’s legal community. The fourth annual award ceremony took place at a black-tie gala at the Hotel Indonesia Kempinski in Jakarta.
To view the full list of the ALB Indonesia Law Award 2017 winners, please visit the Asian Legal Business website.
The ASEAN Plus Group (APG) congratulates Partners from our member firms on making the Asian Legal Business 40 under 40 list.
Melinda Marie D’Angelus, Partner, Azmi & Associates
Hendra Ong, Partner, Hanafiah Ponggawa & Partners (HPRP)
Melinda was recognised for her work in the labour and employment as well as litigation and arbitration areas. In particular, Melinda acted for an oil and gas company in an unfair dismissal claim brought by a former employee in the Industrial Court of Malaysia. Additionally, she provided legal advice on employment law and practices in Malaysia to two individuals for an ongoing arbitration in the Singapore International Arbitration Centre (SIAC).
Hendra has been distinguished for his experience in the resources and infrastructure practices. He acted on the restructuring of PT Mandala Airlines and represented Garuda Indonesia Airlines on its purchase of 50 Boeing 737 MAX 8s aircrafts, valued at $4.9 billion at 2014 list prices. Moreover, he provided legal assistance to the Lonza Group on its $5 billion acquisition of Capsugel as well as to Sriwijaya Air on its IPO plan preparation.
The Asian Legal Business 40 under 40 list shines light on 40 outstanding legal professionals in Asia under the age of 40 who have worked on significant deals and disputes in the past year and have earned accolades from their peer, superiors and clients.
The full ranking can be viewed in the October 2017 issue of the Asia Edition of Asian Legal Business.
RHTLaw Taylor Wessing congratulates Deputy Managing Partner Azman Jaafar on his recent appointment to the National Arts Council (“NAC”).
The NAC champions the creation and appreciation of the arts locally and promotes Singapore arts overseas. The NAC is led by a team representing a broad cross-section of top management of corporate Singapore. The NAC was formed in 1991 from the amalgamation of the Singapore Cultural Foundation, Cultural Division of Ministry of Community Development, Festival of Arts Secretariat and the National Theatre Trust.
Azman grew up immersed in the arts. His late father, Jaafar A. Latiff, was one of Singapore’s pioneer artists. His paintings, both batik and acrylic, adorn the walls of RHTLaw Taylor Wessing’s office. Azman is honoured by the appointment and looks forward to playing his part as a council member of the NAC.