Who really wanted to bring Mike over

Image: Thomas Haltner / Aurora Photos




source: Economist

Because the state did not want to take the risk of transporting Merlion, Mike has never made it to Venice Biennale.

But Barclays did make it to Singapore. Lately, they have also successfully been working on the new Cycle scheme for London. Many of Londoners would not bet on its enriching value for the public space. Yet, it does not stop the Group galloping towards further partnerships with state controlled firms.

After selling InterContinental Hotel stakes for £330m , Barclays group was not particularly concerned of a risk, when deciding to unstoppable expansion further East, selling the stakes to corporations supervised by Chenese and Singapore states. Temasek, an investment firm controlled by the Singapore government is investing 1.4 billion euros for 2.1 per sent stake. Finance sure does not threat the globalization, Alphaville confirms: "Western banks are now getting the 'flat' treatment, with the components of what promises to be the biggest banking merger on the planet now being put together in all corners of the globe." Moreover, Barclays are hiring six senior bankers in this Business Mecca, city-state.

The old saying says that 'who does not risk, they do not gain', still I remember that for opening the international student account at Barclays bank one had to deposit £1000. Obviously, risk is here to be taken by the weaker player. Of course they have a whole part of the Group dealing with all sorts of 'wealth service' - acquire, protect, use and enjoy or pass on wealth. Acquiring is particularly interesting, when observed through the links of gambling and the big players like this.

Gambling is illegal in Hong Kong, and although Macau is the Las Vegas of Asia - the potential for new similar centres in this part of the world appears to be spotted by the Western corporations. Singapore, despite its territorial limitation of CBD, pursued the plan of rebranding itself into gambling resort, in expectation of economic gain, naturally. It is planned to become "world's second-largest and most-expensive gaming enclave, spanning 2,600 hotel rooms, 50 restaurants, nearly 300 retail shops".

Interestingly enough - a financial adviser of Merrill Lynch, has been arrested for gambling! One of Merrill's biggest share holders is Temasek Holdings Pte, itself -one of Singapore's two sovereign wealth funds (also: SWF) and the investor of the gambling resort.

If we know that three years ago statistics noted 'over two-thirds of Britain was betting on something or other', this confusion of the internal rules deserves a Singapore sling. Chin chin!