Agence France-Presse . Singapore

Asia will not tip into recession even though the United States economy is faltering, Singapore's founding father Lee Kuan Yew was quoted as saying on Tuesday.

'This is quite remarkable for it will be the first time that when the American economy slows down and reduces imports from Asia, Asia will not go into recession,'

The Straits Times quoted Lee as telling a Chinese New Year dinner. Lee pointed to growth in China and India, as well as in Indonesia, Malaysia and Vietnam, newspapers quoted him as saying.

'Singapore is in the centre of the world's highest growth region,' he said at the dinner, according to the Today newspaper. Some economists say a US recession has already started. A US housing slump, led by rising mortgage defaults among 'subprime' or high-risk customers, triggered a credit crunch that has wreaked havoc on world markets in recent months. The government has forecast 4.5-6.5 per cent growth for Singapore this year, after 7.5 per cent last year.

Lee said that aside from the strength that comes from being in the middle of a dynamic region, Singapore will also benefit from massive investments underway on casino developments, subway lines and other projects in the city-state. Lee holds the cabinet position of Minister Mentor in the government of his son, prime minister Lee Hsien Loong.

Dilip Das made senior GM of CBC (SC) Agency Dilip Das Gupta has been promoted to the post of senior general manager of the Commercial Bank of Ceylon Ltd. Before joining the CBC, Dilip was the general manager of the Credit Agricole Indosuez, Dhaka, said a press release. The French government has honoured him as 'Knight of the National Order of Merit'.

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