Photo Gallery Singapore Banks Under Pressure
In recent years, the rapid growth in Asia and illicit money from Europe has stimulated the Singapore's economy. The "Fountain of Wealth", the world's largest, stands in front of the Suntec towers and serves as a symbol of this success.
A cloud of smog locally referred to as the "haze" -- caused by the slash-and-burn farming methods of the palm oil barons in neighboring Indonesia -- regularly darkens the skies of the wealthy city-state of Singapore. Local critics see the haze as a symbol of how nearby filth has dirtied the city-state's business model.
Critical voices are rare in Singapore, which has almost no unemployment. It has grown steadily for many years in its role as a platform for global companies seeking to do business in Asia while paying little in taxes.
The cityscape has changed dramatically, with skyscrapers now packed together tightly where there was nothing but mud a few years ago. The government plans to bring large numbers of immigrants into the country by 2030, to prevent the over-aging of the population. It is even reclaiming land from the sea to create space for new buildings and more people than the current population of 5.4 million.
Critical voices are rare in this country accustomed to success, which has almost no unemployment and has grown steadily for many years, in its role as a platform for global companies seeking to do business in Asia while paying little in taxes. Here, a dealer counts US currency notes in a money exchange in Singapore.
The government and the economy are tightly interwoven, a relationship that is reinforced by the influence of powerful family clans, which have exerted substantial control in politics and in many companies for decades. Prime Minister Lee Hsien Loong (pictured) is the chairman of the GIC sovereign wealth fund, while his wife Ho Ching manages the second sovereign wealth fund, Temasek.
This close relationship with politicians is not limited to sovereign wealth funds and domestic banks. When the co-CEOs of Deutsche Bank, Anshu Jain and Jürgen Fitschen, shown here, held a board meeting in Singapore some time ago, they used the opportunity to cultivate their good relationship with Singapore President Tony Tan.
Tan, pictured here with the Duke and Duchess of Cambridge, was a member of Deutsche Bank's Asia-Pacific advisory board before he was elected president.
Large warning signs that read "Play responsibly" are posted in the Marina Bay Sands casino. It could also be the contradictory motto of a country that wants to be two things at the same time: A home for fortune hunters and a bastion of integrity, a casino and a model country.
