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Thanks to GIC investment, UBS and friends entertain themselv

• bic_cherry

  23 Sep 11, 02:52

  Thanks to GIC investment, UBS and friends entertain themselves at Singaporean's expense.
  Source: 'For UBS, austerity hard to balance at Singapore F1 race': [Reuters, 22Sept2011]
  [p.source]
  
  "..UBS's largest shareholder, Singapore sovereign wealth fund GIC...":
  

  • "the board staying at the Ritz-Carlton, Millennia Hotel in Singapore, one of the priciest hotels in one of Asia's most expensive cities."
  • "With a bird's-eye view of the racetrack, a three-night stay at the Ritz this weekend -- complete with Formula One tickets -- costs a minimum of S$6,000 ($4,700) for corporate clients. A receptionist told Reuters a night in one of their top suites goes for as much as S$17,000 before tax."
  • "Traders in Singapore said UBS had also booked a hospitality lounge in the city-state's famous Raffles Hotel for three days, but UBS declined to confirm the booking."
  • "UBS became a global sponsor of Formula One in August last year ... The bank never disclosed the financial terms of the agreement. But marketing experts at the time said it was likely to cost tens of millions of dollars every year.
  • Chief executive Oswald Gruebel, known to be a big motor-racing fan, oversaw the deal, their first major international sponsoring initiative for several years. The bank said in its press release that the tie-up provided 'fascinating opportunities for key client hospitality across the globe'... all corporate hospitality guests will enjoy 'an international five-star menu, extensive wine selection' and 'breathtaking views from our exclusive balconies, terraces and private grandstands'."
  • "UBS's staff and clients are also enjoying F1-related perks: employees in their Singapore office told Reuters they have all been given a free red and black Formula One jacket."

  
  
  Source:
  - 'For UBS, austerity hard to balance at Singapore F1 race': [Reuters, 22Sept2011]
  
  Reference:
  - 'Rogue trader at UBS racks up S$2.48-billion loss': "UBS shares plummeted by 8 per cent to 10.07 Swiss francs late yesterday in Zurich... The share price plunge is bad news for GIC, which holds a 6.4-per-cent stake in the Swiss bank. Based on the last traded price, GIC is sitting on about 7 billion francs, or S$10 billion, in unrealized losses, even after taking into account the 2 billion francs it received on the coupon before its 2008 investment was converted to shares last year." [TDY, 16Sept2011][pict1][pict2]

• likeyou

  23 Sep 11, 12:51

  who going to take responsibiity fot the paper lost in gic?