Singapore - GIC, Temasek, MAS, MoF & CPF 03 (Aug 11-Feb 20)

Singapore - GIC, Temasek, MAS, MoF & CPF 03 (Aug 11-Feb 20)

Postby winston » Sat Aug 13, 2011 9:11 am

Singapore is actually bankrupted by the GIC and Temasek

Below is the reason why we are number 9 behind the bankrupted Greece and Iceland.

Let’s recall back in 1993 when our ex-president Ong Teng Cheong had asked parliament how much is our national reserves, the reply he received was that it will take 56 man years to produce a dollar and cents value of the immovable assets.

Not only was the PAP government displeased with the question but obviously they took it personally and even went to the extent of depriving him a state funeral when he died in 2002 even though he was a Singapore president.

Fast foward to 2010 and Singapore is currently ranked no 9 on the list of Public Debt by Countries: http://en.wikipedia.org/wiki/List_of_so ... ublic_debt
ranked by the CIA world factbook.

http://www.temasekreview.com/2011/08/13 ... temasek-2/
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Re: Singapore - GIC, Temasek & MAS 03 (Aug 11 - Dec 11)

Postby winston » Sun Aug 14, 2011 8:51 am

MOF puts up more information on S’pore reserves By Alicia Wong

As the debate over Singapore's reserves continues between several Presidential hopefuls, the Ministry of Finance (MOF) has released more information on the reserves on its website.

In its "Frequently Asked Questions" page, the MOF has addressed another seven questions such as whether Singaporean's CPF monies are safe and whether the Government of Singapore Investment Corporation (GIC) and Temasek Holdings lost their value as a result of the financial crisis.

Last month, MOF introduced a section in its FAQ page to deal with questions concerning the reserves.

In its latest update, MOF said, "All CPF monies are safe. CPF monies are invested in bonds that are issued and guaranteed by the Singapore government. The full resources of the government are backing this guarantee that CPF monies will be paid back."

It added that the government is in a strong reserves position, where "its assets far exceed its liabilities". The Net Investment Returns Contribution (NRIC) of about $7 billion is drawn from returns on assets in excess of the liabilities and not gross assets, it noted.

The NIRC recorded in the government Budget only comprises up to 50 per cent of the returns earned on the reserves, added the ministry.

On Temasek and GIC, MOF said both have "fully recovered from the global financial crisis" of 2008-2009.

"Taking the cycle as a whole - from the start of the crisis and through the recovery - both GIC and Temasek have done creditably in comparison to their international peers among major global managers. They have fully recovered their declines in portfolio values occurred during the crisis. More importantly, both GIC and Temasek have earned good returns over longer periods," said MOF.

In response to questions about Singapore's high level of government debt as reported in the CIA Public Debt Factbook, MOF said, "Our assets are much larger than our liabilities. There is not net government debt. Singapore is in fact a net creditor country, not a debtor country."

"That is why international credit rating agencies give the Singapore government the highest short and long-term credit ratings of AAA."

A ministry spokesperson told Channel NewsAsia, "MOF updates the information on our website from time to time to provide more information or to better explain our policies. The FAQ section on our reserves has been updated and expanded based on feedback we have received from the public. We will also be updating the FAQ on our other policy areas as part of our regular updating of our website."

..
http://sg.news.yahoo.com/blogs/singapor ... 29052.html
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Re: Singapore - GIC, Temasek, MAS & MoF 03 (Aug 11 - Dec 11)

Postby iam802 » Sun Aug 14, 2011 10:56 am

did GIC/Temasek draw from the reserve during the crisis?

If the above is true, the question is "If they have recovered from the loss, does it includes the additional funds that was drawn from the reserve?"
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Re: Singapore - GIC, Temasek, MAS & MoF 03 (Aug 11 - Dec 11)

Postby winston » Sun Aug 21, 2011 7:56 pm

Revisited: Singapore’s GIC losses about $50 billion

SINGAPORE – Government of Singapore Investment Corp, which has helped bail out troubled global financial institutions, suffered an investment loss of about 50 billion Singapore dollars (33 billion US) last year, sources told Dow Jones Newswires on Tuesday.

In late 2007 and early last year GIC injected billions of dollars into Swiss bank UBS as well as US banking giant Citigroup, both of which suffered massive losses from US subprime, or higher-risk, mortgage investments.

Subprime troubles later evolved into the worldwide financial slowdown. The loss on the investment portfolio last year is estimated at around 45 billion to 50 billion,” one of two people familiar with the GIC situation told Dow Jones.

“But, GIC has no thoughts to sell down any of its major investments. They’ll wait until they recover.”

UBS this month posted an annual loss of 17 billion US dollars, the largest in Swiss corporate history, and announced 2,000 new job cuts.

A second person said GIC’s investment loss last year was “recently estimated to be similar to Temasek’s.”

The portfolio of Singapore sovereign wealth fund Temasek Holdings, which helped bail out Wall Street icon Merrill Lynch, fell about 31 percent over eight months last year, Senior Minister of State for Finance Lim Hwee Hua told parliament last week.

She said Temasek’s portfolio of investments fell to 127 billion dollars at the end of November, down 58 billion from 185 billion dollars on March 31 last year.

Lim said it was not the first time GIC and Temasek had seen major declines in markets, and that GIC had “creditable returns” over the 20-year period to late 2008.

Asked for comment on the Dow Jones report, a GIC spokesman said the firm did not comment on “speculative reports”.

GIC, one of the world’s largest sovereign wealth funds, in September said its nominal rate of return over the 20 years to March 31 last year was 7.8 percent in US dollar terms.

“Temasek and GIC are long-term investors, and should be evaluated as such,” Lim said. “GIC and Temasek have the ability and resources to weather the ups and downs, over multiple economic and market cycles.”

Source: Asiaone

http://www.temasekreview.com/2011/08/21 ... 0-billion/
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Re: Singapore - GIC, Temasek, MAS & MoF 03 (Aug 11 - Dec 11)

Postby kennynah » Sun Aug 21, 2011 8:00 pm

ah ter n ah kow over the last 20 years can also make money lah..... simply buying an index....
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Singapore - Politics 05 (Aug 11)

Postby kennynah » Tue Aug 23, 2011 6:28 am

It pays to be king .. No wonder, power is so attractive

*******************


NSP to next President: champion for transparency in GIC, Temasek By Liyana Low | SingaporeScene



The National Solidarity Party (NSP) is calling for Singapore's next elected President to champion for more transparency from Singapore's two sovereign wealth funds, Temasek Holdings and Government Investment Corporation (GIC), as this relates to "the management of our reserves".

Making the call on Monday, NSP's Secretary-General Hazel Poa noted in a press statement, "It is a disturbing state of affairs when Temasek with about 400 employees can report an $8 billion administrative expense without incurring significant public scrutiny."

"$8 billion is more than one-sixth of our national budget," she said.

According to Temasek Holdings' group income statement, its administrative expense was $8 billion in 2009, $8.7 billion in 2010 and $7.3 billion in 2011.

Its revenue was $79.6 billion (2009), $76.7 billion (2010) and $83.5 billion (2011), while its total profit was $9.0 billion (2009), $6.8 billion (2010) and $15.8 billion (2011)

Poa also compared Temasek's and GIC's rates of return per annum with rates from the Central Provident Fund (CPF). She argued while Temasek Holdings claims yearly returns of 15 per cent over 20 years, CPF only pays out 2.5 per cent.

"We can see from the paltry interest rates offered by CPF, Singapore taxpayers neither enjoy full disclosure nor noticeably remarkable returns," said Poa.

Poa called for greater public awareness of relevant benchmarks such as Malaysia's Employees Provident Fund, which guarantees a minimum return of 2.5 per cent and delivered a 4 to 8 per cent return annually since 1960.

Poa pointed to Norway's sovereign wealth fund as being successful and yet transparent with its citizens.

"There is a world of difference between GIC being transparent to stakeholders on one hand, and foolishly telegraphing its investment strategy to competitors," she said.

While the party acknowledged the ministerial salary review is a step in the right direction, it also asked Members of Parliament and their immediate relatives to disclose compensation they might be receiving from Temasek, GIC or similar organization.

"With so many PAP MPs also juggling multiple, sometimes dozens, of directorships and consultancies, it is clearly in the public interest to know who else is paying their MPs and for what purposes," said Poa.

She believes better finanical transparency is the best way to serve Singaporeans.
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Re: Singapore - GIC, Temasek, MAS & MoF 03 (Aug 11 - Dec 11)

Postby winston » Tue Sep 20, 2011 6:24 am

Singapore GIC:Timing Of UBS Investment Could Have Been Better
By Sam Holmes

SINGAPORE -(Dow Jones)- The Government of Singapore Investment Corp., or GIC, Monday said its investment in Swiss bank UBS AG (UBS) was made prior to the 2008 global financial crisis and that the timing of this investment could have been better.

The state investment firm, in an emailed response to Dow Jones Newswire queries, did not specifically comment on the $2.3 billion loss incurred by the bank from rogue trading activities by one of the bank's employees.

"In retrospect, as we had said in late 2008, the timing for the investment could have been better," GIC said in the statement.

"On the other hand, GIC also made good investment decisions during the same period. These have offset the losses on UBS."

It also said it doesn't disclose its strategies on specific investments and its assessment of its total portfolio isn't based on the performance of individual investments.

GIC has a 6.6% stake in UBS, making it the largest shareholder in the bank. It acquired a 9% stake in the Swiss bank for about 11 billion Swiss francs ($12.40 billion) through the purchase of two-year convertible bonds in 2007, which was subsequently reduced to its current level after the bonds were converted into equity early last year.

Source: Dow Jones Newswires

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Re: Singapore - GIC, Temasek, MAS & MoF 03 (Aug 11 - Dec 11)

Postby winston » Fri Sep 23, 2011 10:17 pm

Why the GIC cannot disclose value of its assets By Jeanette Tan

The Government of Singapore Investment Corporation (GIC) cannot disclose the exact amount of assets it manages and its annual profit and loss because doing so would open Singapore to speculative attacks on its currency, the Ministry of Finance (MOF) said.

When such data are taken together with the disclosed figures of the Monetary Authority of Singapore and Temasek Holdings, the full size of the country’s financial reserves would be made known, said director of corporate communications at MOF Lim Bee Khim in a letter published in a newspaper on Friday.

“This is against our national interest. It would make it easier for speculators to attack the Singapore dollar during periods of vulnerability,” she said, in response to a previous letter from a reader published on Wednesday.

“Further, our reserves are a strategic asset, especially for a small country with no natural resources or other assets,” said Lim. “It would be unwise to reveal the exact amount at our disposal for defending our currency or for use in an emergency.”

Lim, though, reiterated that the assets managed by the GIC were “well over US$100 billion” (S$130 billion) in value.

In response to the reader’s queries about the measures GIC has taken to prevent a collapse in the value of its invested assets, should a crisis strike again, Lim said the organisation invests in a “well-diversified portfolio”, with a balanced distribution of asset classes.

She also said that the GIC reports its 20-year annualised real rate of return, as well as its returns over five- and 10-year periods, to show its performance in the interim.

In response to a further mention by the letter-writer of the newly-appointed President Tony Tan’s role in the GIC, Lim said that Tan does not oversee investment strategies of any of Singapore’s investment arms, but instead approves appointments of board members and CEOs to these organisations.

http://sg.news.yahoo.com/why-the-gic-ca ... -line.html
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Re: Singapore - GIC, Temasek, MAS & MoF 03 (Aug 11 - Dec 11)

Postby kennynah » Fri Sep 23, 2011 10:25 pm

In response to a further mention by the letter-writer of the newly-appointed President Tony Tan’s role in the GIC


wayang lah... as if he does not know what the answer would be, given that he was the Dy CEO just not so long ago... :evil:

nice job though... write simple letter, maybe later write book from istana garden...and get lush pay
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Re: Singapore - GIC, Temasek, MAS & MoF 03 (Aug 11 - Dec 11)

Postby winston » Tue Sep 27, 2011 9:18 pm

Singapore Inc. Facing $7.4 Billion UBS Loss Tops Chain of Soured Bank Bets By Netty Ismail

Government of Singapore Investment Corp. faces a 6.7 billion Swiss franc ($7.4 billion) loss as the biggest investor of UBS AG (UBSN), topping unprofitable banking investments by the city’s sovereign wealth firms since 2007.

GIC also has about $500 million of unrealized losses on its Citigroup Inc. (C) stake, according to Bloomberg calculations.

Temasek Holdings Pte, Singapore’s other state investment company, divested shares in Bank of America Corp. (BAC) and Barclays Plc (BARC) at losses more than two years ago.


http://www.bloomberg.com/news/2011-09-2 ... andal.html
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