CREDIT RATINGS AGENCY Standard & Poor’s has released a revised set of ratings criteria for banks. As banks around the world begin to be re-rated in line with these new standards, the local players stand to gain.

SINGAPORE HAS ESCAPED a technical recession, with GDP for 3Q coming in slightly better than most expectations at 1.3% q-o-q on a seasonally adjusted basis. In 2Q, the seasonally adjusted GDP had fallen 5.8% q-o-q. Nevertheless, the Ministry of Trade and Industry (MTI) has lowered its full-year growth forecast to 5%, from a range of 5% to 6% previously.

PRESIDENT BARACK OBAMA has unveiled the American Jobs Act, calling it “a comprehensive plan to put America back to work.” The plan includes tax benefits to encourage hiring and help small businesses grow, investments into education and infrastructure, reforms to the unemployment insurance programme and help for those who need to refinance their mortgages. Among the budgeted initiatives: US$175 billion ($213 billion) to extend and expand the employee payroll tax holiday, US$85 billion to aid state and local governments, US$65 billion to reduce employer payroll taxes on the first US$5 million paid in wages, and US$50 billion to build and repair roads, railways, airports and waterways.