spex issue 38

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-China3.0

-GSTinMalaysia:Promotestaxationefficiency,burdensthepoor-Simplicityversuscomplexity(Part1)

TheFortnightInBrief(13 thMayto26thMay)

US:Willtheyorwontthey?

FederalReserveChairmanBernanketestifiedbeforelawmakerslastweek,

defendingthecentralbanksmonetarypolicyamidspeculationofwhetherits

assetpurchasingwillbetaperedfollowingfavorableemploymentjobsnumbersin

thepastmonths.10-yeartreasuryyieldsbrokeabove2%forthefirsttimesince

MarchastheChairmanwarnedthattapertalkcouldoccurinitsnextfew

meetingsiftheUSeconomyshowedsignsofasustainablerecovery,butstressedthatmonetarypolicywouldremainhighlyaccommodative.Newhomesales

reachingitssecond-highestinnearlyfiveyears,coupledwithgainsinhousing

market,autosandordersforU.S.durablegoodsisexpectedtolifttheeconomyin

thesecondhalfoftheyear.

AsiaPacific:PessimismFloodsChinasEconomy

PessimismcontinuestospreadaboutChinaseconomicprospectsasUBScutits

2013GDPforecastfrom8%to7.7%.ThismovefollowsinthestepsofGoldman

Sachs,JPMorgan,RoyalBankofScotland,theWorldBankandIMF.Acombination

offactors,includingwagegrowth,weakconsumptionandtepidexportsamongst

others,hascontributedtothepessimism.HSBCflashPMIforChinafellto49.6inMayfrom50.4inApril.Thisisthefirsttimetheindexhasfallenbelow50since

October2012andcouldputpressureontheChinesegovernmenttocuttaxesand

increasespendingtoreviveitseconomy.

EU:GermanytakesbilateralpathstotackleEUjobscrisis

Germanyisbankingonbilateraldealstofightrecordyouthunemploymentinthe

eurozone,agreeingtocooperatewithseveralcountriestobypasspan-European

bureaucracy.Youthunemploymenthasreachedarecord42percentinPortugal

and57percentinSpainasgovernmentsimplementausteritymeasures.Berlinis

also about to announce a joint plan with Paris to address unemployment,

followingadealannouncedwithSpainlastmonthtochannelmoneyfromprivateinvestorsintocredit-starvedsmallandmedium-sizedbusinesses.Policymakersin

Berlin are frustrated by a lack of urgency at the European Commission,

commentingthateffortstohelpsuchcompaniesareheldupbyEUstateaidrules

meanttopreventunfaircompetition.

INCOLLABORATION

WITH

PROUDLYSUPPORTEDBY

ISSUE 38

27 MAY 2013

SMU Political-EconomicExchange

ANSMUECONOMICSINTELLIGENCECLUBPRODUCTION

1645

1655

1665

1675

S&P500

302

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308

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STOXXEurope600

545

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MSCIACAsiaEx.Japan

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Copyright 2012 SMU Economics Intelligence Club2

China3.0

ByAdamTan,SingaporeManagementUniversity

TheChinesecharacter(numbereight)hasalwaysbeenassociatedwithprosperityand

goodluckinChineseculture.However,eighthasincreasinglybeenagrowthfigureoutofreachfortheslowingChineseeconomy.Fundmanagersandanalystshadrecentlyadmitted

thatitisnowbecomingagrowthceilinginsteadofafloorforthenextdecade.Tepidrecovery

fromtheUnitedStatesandtheon-goingEurozonecrisisisnothelpingtheexport-oriented

Asiangianteither.So,whatcanChinadotokeeptheiradmirablegrowthenginegoingata

sustainablerate?Letsexplorethedifferentpossibleroutesavailabletothem.

StructuralReform

Overthepastyears,wordsofhardlanding1oftheChineseeconomyhavebeengoingaround

wheneverthemarketstartstoturnbearish.Someclaimthatthesearejustnoiseandareofnogenuineconcern.However,sincetheturnoftheyear,thenewlyselectedadministrationhas

acknowledgedtheneedforstructuralreformtopursuequalitygrowth.Thisledtomarket

speculationinsmallcapitalizationtechnologicalandservicessectorstockslistedinShenzhen

formingapossibleassetbubble.Thisspeculationismainlydrivenbytwofundamental

reasons:1)reductionoffixedcapitaltodrivegrowth,and2)shiftawayfromthelowvalue-

addexporttoservicesexportmodel.

Source:WorldBank Source:CEIC

Asseenonthechartontheleft,ChinaleadstheUnitedStatesandJapan(thelargestand3rd

largesteconomyintheworld)intermsoffixedcapitalasapercentageofGDPbymorethan

double.Thisisnotagoodsigngiventhatmosteconomicgrowthforthepastdecadewere

drivenbythecoastalprovincesandcities(Shanghai,Beijing,ZhejiangandGuangdong).

DeleveragingfromrelianceonfixedcapitaltowardsthelevelsoftheUnitedStatesandJapan

willbeapointtonoteforinterestedinvestorsinthelongrun.

30%

40%

50%

60%

70%

80%

90%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Services (%) of GDP

CN US JP

10%

15%

20%

25%

30%

35%

40%

45%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Fixed Capital (%) of GDP

CN US JP

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ThechartontherightshowsthecontributionoftheservicessectortowardsoverallGDP.This

chartprovidestheidealsolutionforChinaslackofalternativegrowthdrivers.Thelargegap

betweentheUnitedStates/JapanandChinasignifieshugegrowthpotentialasChina

eventuallymaturesintoafirstworldeconomy.However,caveattothisliesinhowmarginal

Chinasservicessectorhasgrown(39%to43%)overthepastdecadeandwhethertheywill

beabletoactuallyfulfillthispotential.Thekeydrivertoservicesgrowthwillbecorrelatedto

howquicklythemiddleclassdisposablehouseholdincomegrowthwillbe,whichbringsmeto

mysecondpoint:policyreform.

PolicyReform

Onemajorproblemfacedbyleadersofmanydevelopedcountriesthesedaysseemstocircle

aroundincomeequalityandtheirGiniCoefficient2.ThisproblemisnotuniquetoChinabutis

akeyissuethattheChineseleadersneedtoaddressbeforeitgetsblownoutofproportion.

ChinaslatestGiniCoefficientestimatein2012placedtheminoneofthetopthree(at47.4)

slightlybehindBrazilandMexico.Thisnumberworsensfromthepreviousestimateof42.5backin2005.Thismaybeastatisticalprooftothesayingthat80%oftheincomeismadeby

20%ofthepopulationasevidentlytheincomegaphaswidenedbetweenthetopandbottom

overtheyears.Theurgencytopushforwardtheimplementationofanationwideminimum

wagelawbefore2015shouldcommandthesamepriorityastheneedtotacklegraftand

corruptioninthecurrentadministration.Onlywhengainstrickledownfromthetopofthe

pyramidtothemiddleclass,willtheirdisposableincomeincreaseandhelpdrivegrowthin

theservicessector.

Source:WorldBank

55

48

47

41

40

36

Brazil

Mexico

China

USA

Russia

UK

Gini Coefficient

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LongArduousJourneyAhead

Resistinghotmoney3inflowandtherealestatebubbleareotherchallengesin-progressfor

thecurrentadministration.However,settingthestagerightforthefuturebymakingthehard

decisionofimplementingstructuralandpolicyreformprudentlywillyieldgreatergrowthand

prosperity.QuotingthelateChairmanoftheCommunistPartyofChina,DengXiaoping,the

currentadministrationneedstocrosstheriverbyfeelingthestones.

Sources:

1.Bloomberg2.TheFinancialTimes3. Investopedia

1HardLanding

Aneconomicstatewhereintheeconomyisslowingdownsharplyoristippedinto

outrightrecessionafteraperiodofrapidgrowth,duetogovernmentattemptstoreinininflation.

2GiniCoeeficient

Ameasurementoftheincomedistributionofacountry'sresidentsrangingbetween0

and100.0signifiesperfectequalityand100signifiesperfectinequality.

3HotMoney

Flowoffundsfromonecountrytoanotherinordertoearnashort-termprofitoninterestratedifferencesorexchangerateshifts.Duetoitsfastmovingnature,itcan

potentiallycausemarketinstability.

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GSTinMalaysia:Promotestaxationefficiency,burdens

thepoor

ByLeeGuojun,SingaporeManagementUniversity

WhenMalaysianMinisterinthePrimeMinister'sDepartment,DatukSeriIdrisJalasaidifthenewgoodsandservicestax(GST)weretobeimplementedat7%,itwouldincreasethe

MalaysiasrevenuebyRM27billion,ahugeuproarfromthepublicensued.However,justacrosstheCausewaySingaporeanshavebeenlivingwitha7%GSTsince2007;withsome

starkdifferencesbetweenthetwocountrysGSTschemes,ofcourse.

AccordingtotheMalaysiasMinistryofFinance,GSTisavalue-addedconsumptiontax

imposedongoodsandservicesateveryproductionanddistributionstage,includingthestagewheregoodsandservicesareimported.Thismeansthatimporters,manufacturers,retailers,

andfinallytheendconsumers,wouldbechargedacertainpercentageoftax.However,

businessesthatareregisteredunderGSTwouldbeabletoclaimaninputtaxcredit,whichis

ultimatelybornebytheendusers.Currently,MalaysiaadoptsaSalesandServicesTax(SST)wherethesalestaxisgenerallyfixedat10%dependingonthetypeofgoodssold,andaservicetaxrateof5%imposedonservicesinthefoodandbeverageindustry,healthand

professionalandconsultancyservices.

TherationalebehindtheMalaysiangovernment'splanstoimplementGSTintheeconomyis

toenhancethecapability,effectiveness,andtransparencyofthetaxadministrationand

managementinMalaysia.TheGSTwouldalsobemorecomprehensivethanthecurrentSSTbecauseitwouldofferlesstaxexemptions1thattheSST.AnotherreasonbehindtheGST

implementationistohelpthegovernmentreininitseverincreasingpublicdebt2.WhileMalaysia'sGDPgrowthhasbeenaveragingastrong7%overthepast5yearsdespitethe

globalfinancialcrisisof2008/2009,muchofithasbeenattributedtolargegovernment

spendingonmega-infrastructureprojects.Mostoftheseprojectshoweverareslowlybecomingwhiteelephants.AshortdrivethroughJohorandonewouldnoticethelarge

numberofpartiallyconstructedcommercialbuildingshavenotbeencompletedforseveral

years.Thelarge-scaleabandonmentofinfrastructureprojectshaveproducednearlyzeroreturnoninvestments,andhasleftMalaysiawithanevenlargerpublicdebtburden,asthe

countryedgesclosertowardstheparliamentaryimposed55%ofGDPdebtlimit3.

WhiletheGST'seffectivenessinreininginpublicdebtremainsahotlydebatedtopicin

Malaysia,imposinga7%onallgoodsandserviceswithimmediateeffectwoulddefinitelyharmconsumers,especiallythoseinthelowerincomebracketaslivingcostsarealready

alarminglyhigh.WhileitisimportanttonotethatimplementingtheGSTwouldalter

consumptionpatternsandthusencouragesavingsandinvestment,itmaynotbetruefor78%oftheMalaysianpopulationthatearninglessthanRM2,500permonth,saysthePeople's

JusticePartyTradeandInvestmentBureauChiefWongChen.Spendingondailynecessitiesconstitutesalargepercentageofincomeforthoseinthelowerincomebrackets,andtheGST

wouldleavelittleforthesehouseholdstosave.Introducinga7%"shock"increaseindaily

necessitiescouldpotentiallywipeoutsavingsforthelowerincomegroupsaltogether.

AlthoughthisauthoragreesthattheimplementationoftheGSThasitsbenefitsintermsof

improvingtheefficiencyoftaxadministrationandmanagementandalsoreducingMalaysia's

dependenceondirecttaxes,currentprogresswithintheMalaysiangovernmentleavesmore

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questionsthananswers.ThereareimprovementsthatneedstobedonebeforetheGSTcanbe

rolledoutinMalaysia.OnesuchimprovementthattheMalaysiangovernmentshouldconsideristoexemptdailynecessitiessuchasfood,utilities,andaccommodationfromGSTfor3to5

years,ensuringthatthesavingsoflow-incomehouseholdsarenotadverselyaffectedinthe

shortrun.

SingaporecomesintomindwhenMalaysiansdebatetheimpactofGSTontheirconsumption

andsavingspattern.AstheMalaysianMinistryofFinancecontinuestocrunchnumbersinsearchoftheidealGSTrate(currentresearchhasconcludedthattheGSTrateshouldbe

between4-6%althoughitisunconfirmed),SingaporesversionofGSTofferssomethingtoponderon.OnewayisfortheMalaysiangovernmenttoslowlyadjusttheGSTrateto7%over

aperiodofatleasttenyears.SingaporeintroducedtheGSTin1994startingat3%,whichheld

onfornearly9yearsbeforebeingincreasedto4%,andsubsequentlytothecurrentrateof7%on1stJuly2007.ThisslowadjustmentoftheGSTratehasnotonlymadeiteasierfor

householdstocopewithhigherlivingcosts,buthasalsohelpedSingaporereduceitsreliance

ondirecttaxes,especiallycorporatetax.ThisschemeallowstheSingaporegovernmentmoreroomtocutdirecttaxrates,ensuringthatSingaporeremainscompetitiveinattracting

internationalcapitalandlabortogrowitseconomy.Besidescommittingtoanoincreaseintaxrateforanumberofyearsbeforereadjustment,offsetpackageswerealsoofferedto

householdstohelpallaytheshort-termshockofincreasedlivingcosts.

AlthoughtheGSTfacesstiffoppositionfromthepublicandparticularlyMalaysiasopposition

parties,thetaxifimplementedproperly,wouldserveasagreattoolinreininginMalaysia's

publicdebtandreduceitsrelianceonincomethroughdirecttaxes.WithitsASEANneighborssuchasSingaporeandVietnamundergoingeconomicreformtoaddresstheirdomestic

concerns,itishightimethatMalaysiagetsitsGSTimplementationright,inordertoremaincompetitiveintheregion.

Sources:

1.NewsStraitsTimes2.MinistryofFinanceMalaysia3.RoyalMalaysianCustomsDepartment4.FreeMalaysiaToday.com5.TheMalaysianInsider

1TaxExemptionTobefreefrom,ornotsubjectto,taxationbyregulatorsorgovernmententities.Ataxexemptentitycanbeexcusedfromasingleormultipletaxationlawsdueto

variousreasons.

2PublicDebt

Publicdebtisthedebtowedbyacentralgovernmentusuallyusedtofinanceagovernmentdeficit(adifferencebetweengovernmentreceiptsandspending).

3DebtLimitThemaximumdebtagovernmentisallowedtohold.

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Simplicityversuscomplexity:Whatarethelimitsof

structuredfinancialproducts?(Part1)ByShaneAi,SingaporeManagementUniversity

TheParableoftheProdigalSontellsastoryofason,whosquandershisinheritance,onlytorealizehisfollyandreturnhometohisfatherswelcomingarms.Similarly,structured

products,onceheraldedasthepeakoffinancialinnovation,havesufferedtremendousbacklashinrecentyears.Tilltoday,opinionsbetweenregulators,issuersandinvestorson

theircredibilityremaindivided.Whileaddressingthelimitsofstructuredproducts1,perhaps

amorepertinentquestionwouldbe:Shouldtheybewelcomedbackatall?

Afamiliaritywiththeiroriginwillhelpintacklingthisissue.Investmentbanksbeganwithengineeringtheseproductsforinstitutions,whichwereessentiallyvanillainstruments2

wrappedintohighlycustomizedpayoffs.Thisprovedtobewin-winforbothclientsand

issuers,asfirmscouldissuecheaperdebtandbanksenjoyedhighermargins.

Anothersignificantdevelopmentdatesbackto2000,whenthedotcombubbleburst.

Heightenedriskaversionledtoretailinvestorswantingtoparticipateinhigherreturnswithouttherisk,soissuersofferedCapital-ProtectedNotestothepublic,amongothers.

Furtherfanningtheirproliferationweretechnologicaladvancesandfavorablemarketconditions.Inlinewithinvestorsinsatiabledesirestohavetheircakeandeatittoo,financial

engineerscreatedproductsthatoccupiedthemiddlegroundbetweentheimpossibletrinityof

return-seeking,premium-resistantandrisk-aversebehaviors.

Beforeexaminingthe2008crisisfallout,structuredfinanceshouldbeunderstoodonadeeper

level.Conventionalinnovationprovidesdirectutilitytoitsusers,withorwithoutcons.

Proponentsoffinancialinnovationhaveextendedthiscontentiontofinance,whichistoosimplisticatbest.Whilecertainformsoffinancialinnovationdoesmakeliveseasier(thinkATMs),itremainsunclearifeasiercreditconfersanyutilityatall.Toillustratethispoint,the

benefitsofowningawatcharecertain,butsecuritizationsimplyallowsforcredittobe

obtainedinnewerways.Whetherthisleadstooverallpositiveoutcomesdependsoneconomicagentsinvolved.

Pre-2007,severeincentivemisalignmentandunsoundriskassessmentplaguedtheentireUSmortgagesecuritization3chain.Whatisapparentnow,inhindsight,isthattheactionsof

economicagentscatalyzedthecrisis,nottheinnovationinitself.Theeconomicbenefitofsecuritizationisprimarilythedistributionofrisktoabroaderinvestorbase.Ironically,risk

concentrationoccurredinstead,asfinancialinstitutionswereeasilyabletoleveruptheirexposurestothisassetclass.Subsequently,whenthesoundnessofsubprimemortgageswasquestioned,aCDOfiresalewastriggered,resultinginwrite-offsonbankbalancesheetsanda

systemwithlittleliquidity.

Itissafetosaythatstructuredproductshavefoundtheirlimitsinthepotentialforabusein

securitization.Fundamentally,itisnavetoassumethattherewillbeaninexhaustiblesourceoffuturerevenuestreamstopawnlaMBS.Sincethecrisis,thestructuredcreditsectorhas

undergonesignificantdeleveragingandcurrentglobalCDOsoutstandingareat38%oftheir

2007levels.Tougherlendingstandardsandregulationshavealsoledtoissuerphobia,with2011newissuesfalling90%from2007.Hence,currentsystemicdamagepotentialfrom

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securitizationhaslargelybeenstemmedanditisunlikelythatwewillseearepeatof2008

vis--visstructuredcredit.

Movingbeyondstructuredcredit,itiscrucialtoscrutinizethepost-2008structuredproduct

stigma.Afallacyofcomposition,thestructuralshortcomingsofUSstructuredcreditwereextendedtoallstructuredproducts.Viewingthemasoneencompassingassetclassis

erroneous.Besidesannuities(includingCDOs),structuredproductscomeinotherwrappers,

namelyinsuredCDs,notesandfunds.Issuerriskwasinconceivablepre-crisis,giventhecounterpartieswerefinancialtitans.ThisledtomassivepublicoutcriesinSingaporeand

HongKong,whereinvestorswerefuriousthattheirLehman-linkednoteswerenotfullyPrincipal-Protectedasbelieved.Also,structuredproductsoffernotjustprotection,but

variablelevelsofinvestorparticipationaswell.Thus,theflawedproductsandtheir

imperfectionscomprisemerelyasmallsubsetoftheentireproductuniverse.

Populistnotionshavealsodemonizedstructuredproductsbyclaimingthatfinancial

institutionsareusingtheproductstoreaphighmarginsatthepublicsexpense.Uponcloserinspection,thisprovestobeuntrue.Retailincomeonlyaccountedforone-thirdoftotal

incomefromstructuredproductpre-crisissales.Theimportanceofthissharehassincediminished,withthemajorityofproductclientsbeingprivatebanksandinstitutions.

Structuredproductshavebecomethesecond-favorite(2010:24%)amongalternative

investmentsforAsianHNWIs,furtherboostingthesignificanceofthisclientsegment.Next,regulatorypushes,likefurtherproductpricingtransparencyfromBaselIIIandDodd-Frank

andincertainjurisdictions,extremelystringentproductapprovalprocedures,haveledto

greatercostsandcompliancecomplexityforstructurersanddistributors,effectivelymakingretailsalesanimpracticality.Givenhowheavilydistributorswerepenalizedin2008,this

issueisveryprevalentinAsia,wherewhite-labelingdominatesstructuredretail.Combinethiswithhowglobalon-exchangevolumeshavedeclined30%from2011,anditisnotso

ironicthatactivityisdecliningdespitemoreregulation.Lastly,issuerreputationalriskis

extremelyrelevanttoday,giveneverincreasingscrutinybyregulatorsandthepublic.Puttingthisintoperspectiveishowretailnotestook4yearsbeforereappearinginSingaporepost-

Lehman,withonlyoneoffering.

Nextweek,Shanecontinueshisdiscussiononstructuredproductsandtheirviability

1StructuredProductsAstructuredproductisgenerallyapre-packagedinvestmentstrategybasedon

derivatives,suchasasinglesecurity,abasketofsecurities,options,indices,

commodities,debtissuanceand/orforeigncurrencies,andtoalesserextent,swaps.

2VanillaInstrumentsThemostbasicorstandardversionofafinancialinstrument,usuallyoptions,bonds,futuresandswaps.

3MortgageSecuritization

Theturningofamortgageintoasecurityorabondwhichrepresentsaclaimonthe

cashflowsfrommortgageloans.

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Sources:

1.Europe'sUnemploymentProblemsWorsen,publishedbyWorldStreetJournal,byArtPatnaudeandWilliamHorobin

2.Capgemini.(2011).Asia-PacificWealthReport2011.Retrievedfromhttp://www.ml.com/media/114333.pdf

3.Mgge,D.(2009).Talesoftailsanddogs:Derivativesandfinancializationincontemporarycapitalism,ReviewofInternationalPoliticalEconomy,16:3,514-526

4. Johnson,S.(2009,April18).Financialinnovationforbeginners.Retrievedfromhttp://baselinescenario.com/2009/04/18/financial-innovation-for-beginners/

5.Zeisberger,C.(2007).Pervasivenessofstructuredproductstoomuchstructuretoolittlestrength?.Retrievedfrom

http://www.insead.edu.sg/asiafinance/documents/StructuredProducts_May07_JW.pdf

6.Enskog,D.(2012,October30).Structuredproductsadapttothenewmarketenvironment.Retrievedfromhttps://infocus.credit-

suisse.com/app/article/index.cfm?fuseaction=OpenArticle&aoid=371687&coid=118&lang

=EN

7.Moiseiwitsch,J.(2012,August20).Thedeclineandfallofstructuredproducts.Retrievedfromhttp://www.scmp.com/business/money/investment-

products/article/1018369/decline-and-fall-structured-products

8.Collins,H.(2012,November13).Structuredproductseurope:Investorsunawareofregulatoryimprovements,sayspeakers.Retrievedfromhttp://www.risk.net/structured-

products/news/2224515/structured-products-europe-investors-unaware-of-regulatory-

improvements-say-speakers

9.HKSFC.(2006).Stockinvestorsurvey.Retrievedfromhttp://www.sfc.hk/web/doc/EN/speeches/public/surveys/06/stock_investor_survey_060602.pdf

10. Chew,V.(2010).Lehmanbrothersminibondsaga.Retrievedfromhttp://infopedia.nl.sg/articles/SIP_1654_2010-03-19.html

11. Millers,V.(2012,November5).Structuredproductscouldleadthewayinnewnomenclaturestandards.Retrievedfromhttp://www.risk.net/structured-

products/news/2222494/structured-products-could-lead-the-way-in-new-nomenclature-

standards

12. SIFMA.(2012).Statistics.Retrievedfromhttp://www.sifma.org/research/statistics.aspx

13. Anderson,J.(2012,January).http://media.pimco.com/documents/featuredsolutionandersonpetersonstructuredcreditjan2012.pdf.Retrievedfrom

http://media.pimco.com/Documents/FeaturedSolutionAndersonPeterson

StructuredCreditJan2012.pdf

14. Bhat,S.(2009,November27).Takingstockofstructuredproducts.Retrievedfromhttp://business.asiaone.com/Business/My+Money/Building+Your+Nest+Egg/Investments

+And+Savings/Story/A1Story20091125-182276.html

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TheS&P500isafree-floatcapitalization-weightedindexpublishedsince1957ofthepricesof500large-capcommonstocksactivelytradedin

theUnitedStates.IthasbeenwidelyregardedasagaugeforthelargecapUSequitiesmarket

TheMSCI Asiaex Japan Index is a freefloat-adjustedmarket capitalization indexconsisting of10developedand emergingmarketcountry

indices:China,HongKong,India,Indonesia,Korea,Malaysia,Philippines,Singapore,Taiwan,andThailand.

The STOXXEurope 600 Index is regardedasa benchmark for European equity markets. It represents large, mid and small capitalization

companiesacross18 countriesof theEuropean region:Austria,Belgium,Denmark, Finland,France,Germany,Greece, Iceland,Ireland,Italy,

Luxembourg,theNetherlands,Norway,Portugal,Spain,Sweden,SwitzerlandandtheUnitedKingdom.

Correspondents:

VeraSoh(VicePresident,Publication)

[email protected]

SingaporeManagementUniversity

Singapore

NgJiaWei(VicePresident,Operations)

[email protected]


Singapore

SamuelOng(PublicationsDirector/Editor)

[email protected]

SingaporeManagementUniversitySingapore

YingyuZeng(LiaisonOfficer)

[email protected]

SingaporeManagementUniversitySingapore

NgYongxiang(MarketingDeputy)

[email protected]

Singapore

DarrenGohXianYong(Editor)

[email protected]

Singapore

AdamTan(Writer)

Undergraduate

LeeKongChianSchoolofBusiness


[email protected]

ShaneAi(Writer)

Undergraduate

SchoolofEconomics


[email protected]

LeeGuojun(Writer)

Undergraduate

SchoolofEconomics


[email protected]

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