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Politics : Formerly About Applied Materials

AMAT 252.25

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Nov 28 9:30 AM EST

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To: StanX Long who wrote (55343)	11/11/2001 10:57:08 PM
From: StanX Long	Read Replies (1) of 70976

Monday November 12, 10:54 AM Singaporeans rush to cash-in government shares in downturn sg.news.yahoo.com SINGAPORE, Nov 12 (AFP) - The number of recession-hit Singaporeans taking instant cash from their new state shares has jumped "quite significantly" to 40 percent, Deputy Prime Minister Lee Hsien Loong said despite a government call for belt tightening. About 800,000 people have cashed in part of their allotment of state-issued shares, up from 6.6 percent on the eve of the November 3 election, the Straits Times reported Monday. "It has really gone up quite significantly," Lee said. The shares were part of an economic stimulus package announced just before the election. The government called it a wealth redistribution scheme. The opposition said it was vote buying. Throughout the election campaign, the ruling People's Action Party warned Singapore faced a prolonged downturn with wage cuts and reduced income.

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