"The trouble in Cyprus is going to cause risk aversion, " said Daniel Martin of Capital Economics in Singapore.
Desmond Supple of Barclays Capital in Singapore is especially worried about Indonesian banks.
"Expectations are lower than a year ago, but they are still not sensible, " says Anil Thadani, a longtime Asian investor who is chairman of Schroder Capital Partners in Singapore.
He took risks, making markets in unusual securities like the state of California's individual registered warrants, issued during a 2009 budget crisis and he received venture capital from FirstMark Capital, Hong Kong tycoon Li Ka-shing, and one of Singapore's state-owned investment funds.
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More developed economies, such as South Korea and Singapore, where both the rate of investment and the capital-to-labour ratio are relatively high, are probably not underinvesting.
The outcome is being widely seen as a significant maturation of civil society in Singapore, which has grown into a financial capital and aspires for cultural leadership as well.
It doesn't hurt that Singapore has some of the lowest taxes in the world, including none on capital gains and most foreign dividends.
"The investment grade rating substantiates all the progress Philippines has made in terms of fiscal sustainability, reforms, and improved growth outlook, " said Prakriti Sofat from Barclays Capital in Singapore.
But one of the most interesting features of my recent trip to Hong Kong and Singapore not in the news today was the incredible economic power of outflowing Chinese capital.
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When the unidentified woman died in a Singapore hospital early on Saturday, the victim of a savage rape on a moving bus in the capital, Delhi, it was time again, many said, to ask: why does India treat its women so badly?
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