New Singapore Detention Facility Within Five Years - Minister

SINGAPORE (AFP)--A new Singapore detention center should be ready in five years to replace the one from which an alleged Islamic militant made an embarrassing escape, home affairs minister Wong Kan Seng says.

Mas Selamat bin Kastari, the alleged Singapore leader of the Jemaah Islamiyah, or JI, militant group, escaped in February last year from the Whitley Road Detention Center, which holds people held by the Internal Security Department.

Kastari's escape badly dented Singapore's reputation for tight security.

A committee of inquiry found that Kastari, who walks with a limp, escaped through a bathroom window.

The committee made 10 recommendations to fix weaknesses at the detention center and all have been implemented, Wong said in a written reply to a member of parliament. The government released a copy of Wong's answer late Tuesday.

Among its recommendations, the committee urged the building of a new detention facility.

"This recommendation is in progress," Wong said.

The prison service and the Internal Security Department, which handles terrorism and other security threats, began last July to study the building of a new detention center in Changi Prison, the minister said.

MARKET SNAPSHOT: After Dismal Start To 2009, February Could Hold More Of Same

By Kate Gibson

After the worst January on record, the new month is off to an uncertain start with investors braced for more disappointing earnings results, layoffs and dismal economic data.

"There was a lot going on last week, earnings, company projections layoff announcements, housing numbers, economic numbers, and bailout announcements, and not a glimmer of hope among them. This week, we anticipate more of the same," said Marc Pado, U.S. market strategist at Cantor Fitzgerald.

"With 40% of the S&P reported, and earnings looking down 35% versus the fourth quarter last year, expectations are low," said Pado.

On Monday, equities closed mostly lower, with energy, industrials and materials down the most and technology shares helping the market pare losses.

The Dow Jones Industrial Average (DJI) finished down 64.11 points, or 0.8%, to 7,936.75. The S&P 500 (SPX) gained half of a point to stand at 825.43, and the Nasdaq Composite (RIXF) added 18.01 points, or 1.2%, to 1,494.43.

Commission proposed to investigate financial meltdown

Members of Congress are taking steps to create a commission that will investigate the near-meltdown of the nation's financial markets.

Senate Budget Committee chairman Kent Conrad and Republican congressman Johnny Isakson recently announced their legislation, which would create a seven-member panel modeled on the 9-11 Commission.

"We need to take a long hard look at how our financial system spiraled downward so far so fast. And if there was any criminal wrongdoing, people need to be held accountable," said Conrad in a statement, going on to say that the commission's final report will be used to create new rules to prevent similar financial situations in the future.