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Summons filed to order PM Lee to court hearing on by-election http://sg.news.yahoo.com/blogs/singaporesc...-102601051.html In yet another twist to the court case over the Prime Minister's (PM) discretionary powers to call by-elections, the Attorney General's Chambers (AGC) has filed an application to dismiss the application by Hougang resident Vellama Marie Muthu. Vellama had sought the court to order the PM to call a by-election in Hougang within three months or any such time as the court deems fit. She also asked the court to declare that the PM does not have "unfettered discretion" in deciding whether and when to call by-elections. The AGC's press release on Thursday said Vellama's application is "frivolous or vexatious and/or an abuse of the process of the court". The AGC added: "Given the calling of the by-election on May 9, and the by-election on May 26, the AGC maintains the view that the entire substratum of the proceedings has gone and it would be an abuse of the process of court for the plaintiff to continue the proceedings." This latest twist comes after the AGC itself had withdrawn its appeal
Temasek undecided on Merrill Lynch stake From correspondents in Singapore Article from: Agence France-Presse / September 15, 2008 02:38pm STATE-LINKED Singapore investment firm Temasek has not yet decided on what to do with its stake in Merrill Lynch, which is to be bought by Bank of America, sources said. Temasek Holdings, which holds about 13 to 14 per cent in the US investment bank was not available for comment but Dow Jones Newswires, citing unnamed sources, said the Singapore firm was holding a meeting to discuss the matter. "The investment team is meeting now. Their decision on how to handle the Bank of America shares will depend on how they view the long-term prospects of the bank,'' the source said. "Temasek always looks at the long term.'' The Wall Street Journal reported that Merrill Lynch has agreed to sell itself to Bank of America for $US50 billion ($61 billion) in an all-stock deal that values the former Wall Street titan at $US29 a share. Temasek is the single largest investor in Merrill Lynch after making investments totalling $US8.3 billion. Merrill Lynch has been forced to sell itself to seek fresh capital after making huge losses following the meltdown in the subprime, or higher risk, US mortgage market. ------------------------------------------------------------------------------------ Lehman Brothers to file for bankruptcy Posted: 15 September 2008 1335 hrs WASHINGTON: US investment bank Lehman Brothers announced early Monday that it intended to file for bankruptcy "in order to protect its assets and maximise value". The financial firm said in a statement that the filing was authorised by its board of directors and will occur at the United States Bankruptcy Court for the Southern District of New York Monday. "Customers of Lehman Brothers, including customers of its wholly-owned subsidiary, Neuberger Berman Holdings LLC, may continue to trade or take other actions with respect to their accounts," the statement said. The beleaguered Wall Street firm lost an estimated US$3.9 billion in its fiscal third quarter amid fresh write-downs on mortgage assets. The bankruptcy announcement came after a last-ditch effort to find a buyer for the troubled investment bank collapsed Sunday. As emergency weekend talks on Lehman's woes were being held in New York, a London source at British bank Barclays said it walked away from negotiations because of concerns it would have to guarantee the 158-year-old US firm's trading commitments. - AFP/yb