News that the Singapore stockmarket wishes to merge with their Australian counterparts has been perceived by the more hysterical elements of the media and left-leaning politicians as a take over with sovereignty implications.The Australian labour party, clinging to power with a majority of one, have already been told by their Green and independent partners in the coalition that they will not support such a move.
Greens leader, Bob Brown, is quoted as saying that he could see ''no advantage for this nation having the stock exchange controlled from Singapore''. He then reverted to type by stating that the government should take human rights concerns into account, citing Singapore's ''appalling repression of freedom of speech and proper democratic norms''.
To be frank, this is the sort of statement one expects from Aussie politicians, short on substance and long on rhetoric. One even tried to link the ASX merger with the 2005 execution of an Australian Nguyen Tuong Van, for drug trafficking.
More balanced and pragmatic observers have seen huge advantages in having both exchanges combined. The AusX is a small player in the global market but combined with Singapore the stakes are raised considerably, creating the world's fifth largest exchange.
New Zealand's response to the possible merger has been generally positive and a further amalgamation of the NZX with the new exchange conglomerate could also be on the cards at some stage in the future.
The other eruption that has occurred in the past 24 hours is volcanic rather than political.
Mount Merapi in Indonesia has erupted again and it will be interesting to see if the ash cloud debris reaches Singapore?
The earthquakes and tidal waves continue in the region and while Singapore is supposedly outside the danger zone for these phenomena it would be wise to consider the fate of Christchurch which taught New Zealand a salutary lesson; earthquakes can strike in places far removed from known fault lines.
The Great Sumatra fault earthquake when it finally comes will be felt in Singapore. The only question is to what degree?
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