Singapore - GIC, Temasek & MAS 02 (Sep 09 - Jul 11)

[LenaHuat]

Now for my 2nd cent.

Going by GIC's historical returns, they are able to meet CPF members' guaranteed returns.
In fact, we should be asking for MORE than the 2.5% and 4% .
Actually, I can accept these modest returns if the excess returns are accumulated and used for the common good of citizens. However, I am furious with the immigration issue and the under-investments in infrastructure, creche, education etc......

[kennynah]

Let me give 1 cent worth

CPF's accounts are audited by KPMG, go and read it.
It is relatively easy to understand the modus operandi of the Board.
Read note 6 (Investments).
Members' contributions are largely invested in special SGS, which are issued specifically for CPF. No market exists for these special classes of SGS. They are FRNs (Floating Rate Notes) which carry coupon rates of 2.5%/3.5%/4%/5% which are income matched with CPF's liabilities.

In short, our CPF $$ are bundled over to the Ministry of Finance.
Both the GIC and TH are exempt private companies registered under the Companies Act. Hence, no accounts are available in the public domain. Read GIC's charter, it is an investment manager for MOF. Once, I turned up at the Registrar and wanted to buy a copy of TH's financial accounts

thanks L...

clearly, i'm guilty of very selective reading... even when this piece of info is easily attainable. so, if i bother, i can find out how much CPF money we have held in CPF board..

the question that is begging to be asked and very obviously unanswerable is how much money GIC and TH are holding on to...money that belongs to you and i and all singaporeans. these companies books are as good as unaudited because they have no legal obligations to make them public knowledge...

lky and his lackeys have always stated that GIC's and TH's investments should be kept secret because that gives the investment edge... but what has this got to do with telling the public how much it has in its portfolio? surely, declaring what their total value is does not compromise any investment edge, or does it?

say, i tell of you i have S$500K as my investment capital, how does that disclose what I have invested in? sure, i let my competition know what my base line is..and in any intense dog fight, my disclosed capital sum could be disadvantages.. but, we all make decisions and trade offs....and it is a trade off i am willing to accept for knowing what GIC and TH have that is ours...

becos, if we do not know what they have now, how will ever know what money goes into whose pockets or MOF's coffers eventually? how do we ever know if the private auditors are not in cahoots to sign off a fictitious investment returns declared by GIC and TH? They could well be making 10% returns but through "creative" accounting, they declare that to be a mere 5%...with the other 5% surreptitiously syphoned off somewhere else and we all know that can be very very easily done...

if we continue to let our government run our country based on trust, we have all failed as responsible citizens.. imo, no government should ever be given any mandate to keep its citizens in the dark about how much money it holds in custody... it is not acceptable at all

and of cos, do we know if our taxes have gone into GIC and TH??

[LenaHuat]

Hi K
Good Question
And I have a simple answer for it.
We are a small country. How do we defend the S$?
Recall the attack on the HKD. It was the "China" factor that drove Soros and the other speculators away. These threats are real and ever present. We use our reserves to defend the S$. Disclosure of our reserves means telling our enemies how many bullets and reserve magazines we have.

I support the non-disclosure of GIC but TH can be more transparent. Are there other sinister reasons for non-disclosure? Well, many minds are fertile and active. Both the good brains and the evil ones work equally well

[LenaHuat]

lky and his lackeys have always stated that GIC's and TH's investments should be kept secret because that gives the investment edge... but what has this got to do with telling the public how much it has in its portfolio? surely, declaring what their total value is does not compromise any investment edge, or does it?

IMHO, it is never about the investment edge.

[LenaHuat]

I have been googling for something below. Most of the time I would not use quotes from Wiki but this piece is an accurate write-up. If there is an attack on our equities, we will need TH to prop it up.

During the Asian financial crisis, currency speculators sold the Hong Kong dollar heavily and shorted local stocks and Hang Seng Index futures. The government controversially used the exchange fund to acquire HK$120 billion (US$15 billion) worth of blue-chip shares in a two-week market intervention, beginning 12 August 1998 with the aim of punishing and deterring currency speculators.[7] The intervention was widely criticised as being detrimental to the reputation as one of the world's financial centres. Instead of being a regulator, the government has become "a player, a very key player."[8]
In hindsight, one speculator said : "Government intervention raised public confidence in the market when it was near total collapse. It prevented a bigger crisis and saved the market.[9]

[kennynah]

thanks L

a compromising conundrum we are faced with, aren't we?

[LenaHuat]

thanks L

a compromising conundrum we are faced with, aren't we?

Hi K
Yes. Will we witness an attack on the Italian and Spanish stock markets, like the one on HK? Can these speculators still get the leverage they need? US banks are flushed with $$ but they need it to jack up their capital for Basel requirements. The Australians are getting worried about their banks' over-exposure to the real estate sector.
Just mumbling along......since I am waiting for F&N and SGX to correct to my entry levels.

[winston]

How much does it cost the tax-payers to launch such things ?

What's the significance of 46 years ? It's not 50 years and it's not 100 years.

And while there are people still living in poverty ....


Commerative coins to mark Singapore's 46 years of independence

SINGAPORE : The Monetary Authority of Singapore (MAS) has launched a new set of commemorative coins to mark Singapore's 46 years of independence.

The coin design draws inspiration from the 2011 National Day Parade (NDP) theme "Majulah! The Singapore Spirit", MAS said in a statement.

The limited mintage, which comprises a S$5 silver proof coin and a S$2 cupro-nickel proof-like coin, will be issued on July 27.

The S$5 coin comes in a unique octagonal shape, the first of its kind in Singapore. The obverse of the coin bears the Singapore Arms with the year 2011.

It measures 40.7 millimetres in diameter and is made up of 31.1 grammes of 999 fine silver. Only 5,000 pieces will be minted.

The S$2 coin has a 38.7-millimetre diameter and 6,000 pieces will be issued.

The coins are also available in a premium set and they form part of the mintage for the individual coins, said MAS.

The official NDP 2011 logo is at the upper centre of the coin, while a mosaic formation of Singapore's coastline by performers holding coloured cards on the floating platform occupies the bottom half of the coin.

"The Singapore Spirit" tagline for the 2011 NDP theme runs across the mosaic formation, while the diversity of people is depicted through human silhouettes at the centre of the coin.

The newly opened Helix Bridge and the Esplanade Outdoor Theatre are also incorporated in the design to portray the surroundings of the NDP venue.

- CNA/al

http://www.channelnewsasia.com/stories/ ... 97/1/.html

[winston]

Strong Singapore dollar puts central bank in the red

Singapore's central bank has announced an annual net loss of S$10.9 billion (HK$69.94 billion) as the strong local dollar sent it into the red for just the second time in its history.

Source: SCMP

[kennynah]

How much does it cost the tax-payers to launch such things ?

What's the significance of 46 years ? It's not 50 years and it's not 100 years.

And while there are people still living in poverty ....


Commerative coins to mark Singapore's 46 years of independence

SINGAPORE : The Monetary Authority of Singapore (MAS) has launched a new set of commemorative coins to mark Singapore's 46 years of independence.

i'm surprised it isn't minted to mark his imperial majesty's rule of the people and Singapore.

better look very carefully to see if he is not hiding in one corner somewhere on the face of the commemorative coins.