New Anti-PAP subject - Temasek puts US$330m into charity fun
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SINGAPORE - Singapore state investor Temasek Holdings said on Wednesday that it has set up a $500 million (US$330 million) trust to fund education, healthcare and disaster relief in Asia.
The new foundation could help improve Temasek's image in markets where it is expanding aggressively.
The state investor -- headed by Ho Ching, the wife of Singapore Prime Minister Lee Hsien Loong -- has increasingly come under attack in Asia over its investment strategy.
A Temasek-led, US$3.8 billion bet on Thai telecoms firm Shin Corp sparked a prolonged political crisis in Bangkok, and has almost halved in value.
Temasek said the trust also aimed to promote better governance and government regulation.
Temasek has bought stakes in several financial institutions across Asia, including banks in China, South Korea, Pakistan and Indonesia.
Emerging Asia has become a big focus for Temasek, which manages about US$80 billion in assets, as it tries to boost investment returns.
Its largest financial holdings include an 11.55 per cent stake in Standard Chartered Bank , according to its website.
Temasek said in a statement this month that its Fullerton Financial unit owns 5.88 per cent of China Construction Bank, 4.64 per cent of Bank of China, 9.62 per cent of South Korea's Hana Financial Holdings, and 7.78 per cent of India's ICICI Bank. -- REUTERS
I am sure the anti-PAP camp is going to have great fun with this subject. So please go for it.
Why are they using our tax and CPF money to help FT instead of helping those poor and left behind Singaporeans?
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Temasek has been asked in various feedbacks in the past not to engage in overseas projects like suzhou, bangalore or Russia, or Global Crossing or Optus which do not benefit the citizens' in terms of provisions of essential government services or their retirements.
But the ministers and Temasek had been too stubborn to listen to people's feedback resulting in heavy losses on Shin Corp.
There is also a total lack of accountability in making of investment decisions depsite past cases of insider trading in Tokyo and corruption cases.
So after Shin Corp and the latest embarassments over lack of accountability in the benchmarking of ministers' salaries to the few lottery winning CEOs in the private sector there is no choice but for ministers and Temasek to do some damage control.
People's wishes are : Temasek should be accountable in investing people's hard-earned surpluses accumulated through witholding of essential government services from the people like medical care for the sick and aged, over-taxing and cost-recovery system of government on domestic projects which will create jobs and economic vibrancy.
If there are gains from any risky investments such gains should be transferred to a people's nesteggs accounts which will benefit medicares, education and retirements including lowering of costs of living.
The above-stated recommendations were made in my previous posts to Feedback Unit so there is nothing novel or new.
It is hoped Temasek and ministers will not ignore people's needs and problems as posted previously and certainly should not wait till shin corp or big losses in Optus before conceding they are in the wrong and wanting to change. -
do we even care about, what they are trying to do -
The Suzhou investment is of course a failure and of course I can accept the fact that not all investments are going to 100% yield money, this Suzhou investment failed before it even started haha.
However, for SHIN CORP, lets not jump to conclusions too fast. SHIN CORP was meant to be a strategic investment afterall. Beyond all the chaos and noise, which government bashers conveniently uses for their case, surely any person knows that you look at an investment for its long term value rather than the short term losses.
It will not be wrong to say that alot of mergers, acquisitions and investments normally see losses in the initital stages. That is because time is needed for harmful "fats" to be trimmed off in a big company like Shin Corp.
Looking at Shin Corp, it owns the biggest Telco operator AIS which has at least 50% of the market share. This is pretty dominant in a very competitive market. Shin Corp has businesses in many different areas and that is where the fats need to be trimmed. You can choose to look at just how ITV, part of Shin Corp, is fined billions but did you know that ITV is only contributing less than 5% of Shin Corp's earnings? I would be surprised if in time to come, Temasek does not divest ITV away.
I definitely think that Temasek's strategy with Shin Corp is one of technology. Do not forget they will bring in people like Singtel into the picture and I can think that technologies like 3G etc will be developed in Thailand and will further strengthen Shin Corp's position in Thailand.
As for Political situations which definitely will affect businesses to large extent, let us consider for a moment. How likely is this feeling of tension going to last for a long long time? I would rather think that both Thailand and Singapore knows that it is best to find a peaceful solution and the likely scenario is that in time to come, this will become another coffeeshop talk in Thailand and Singapore, and things wil resume to normacy again.
Of cos, the world is looking. And while it is too early to judge Shin Corp, in time to come, Temasek will have to show that it is indeed the right choice. -
I think the result of all these, it making Lee Hsieh Yang out of job now.Originally posted by gasband:The Suzhou investment is of course a failure and of course I can accept the fact that not all investments are going to 100% yield money, this Suzhou investment failed before it even started haha.
However, for SHIN CORP, lets not jump to conclusions too fast. SHIN CORP was meant to be a strategic investment afterall. Beyond all the chaos and noise, which government bashers conveniently uses for their case, surely any person knows that you look at an investment for its long term value rather than the short term losses.
It will not be wrong to say that alot of mergers, acquisitions and investments normally see losses in the initital stages. That is because time is needed for harmful "fats" to be trimmed off in a big company like Shin Corp.
Looking at Shin Corp, it owns the biggest Telco operator AIS which has at least 50% of the market share. This is pretty dominant in a very competitive market. Shin Corp has businesses in many different areas and that is where the fats need to be trimmed. You can choose to look at just how ITV, part of Shin Corp, is fined billions but did you know that ITV is only contributing less than 5% of Shin Corp's earnings? I would be surprised if in time to come, Temasek does not divest ITV away.
I definitely think that Temasek's strategy with Shin Corp is one of technology. Do not forget they will bring in people like Singtel into the picture and I can think that technologies like 3G etc will be developed in Thailand and will further strengthen Shin Corp's position in Thailand.
As for Political situations which definitely will affect businesses to large extent, let us consider for a moment. How likely is this feeling of tension going to last for a long long time? I would rather think that both Thailand and Singapore knows that it is best to find a peaceful solution and the likely scenario is that in time to come, this will become another coffeeshop talk in Thailand and Singapore, and things wil resume to normacy again.
Of cos, the world is looking. And while it is too early to judge Shin Corp, in time to come, Temasek will have to show that it is indeed the right choice. poor chap. -
he just doesnt have the look of a CEO lah haha!Originally posted by Gazelle:I think the result of all these, it making Lee Hsieh Yang out of job now. poor chap.
Anyway, not all Temasek and Singtel investments are bad ones. I think lets be fair in our critique. There are good ones and there are bad ones but its all part of business and its calculated risks isnt it. -
I understand that he is very popular in singtel, especially among the female colleagues.Originally posted by gasband:he just doesnt have the look of a CEO lah haha!
Anyway, not all Temasek and Singtel investments are bad ones. I think lets be fair in our critique. There are good ones and there are bad ones but its all part of business and its calculated risks isnt it.
Now that singtel has appointed a female CEO, I am quite sure the morale of the staffs (female ofcourse) should be quite low. Not sure if thats the reason for a slight dip in profit last quarter. haha.. -
some mafia launder money by setting up some business...
But I am out of point and just talking about italian mafia... -
HAPPY wrote:
If Temasek thinks like this - it has big reserves and can buy into anything of fancy because monies are people's monies and no object, it will sure spell disasters and lose people's monies one day.
Yes, if one company has plenty of reserves/cash/funds, it is easy to do thing.
Can hire talented pple, buy advance tech., good network, etc.....
Ministers should guard investments of such funds carefully with a shrewd professionalism like the fund managers in Harvard are doing and must learn how to transfer from risks to non-risks of any extraordinary gains at height of market.
People are finding it difficult to retire and are struggling to make ends meet because of a system of direct as well as all kinds of indirect taxes being imposed plus the kiasu way of recovering all possible costs from GLCs sales, lands and infrastructures.
So please do not think Temasek has a lot of monies as it is the people's sweat and blood monies. So do not anyhow spend or invest in Suzhou or Shin Corp any more.
Come up with a strategic master plan and execute it carefully with the best brains like Kissinger or Alan Greenspan so that investments are benefiting ordinary citizens and not just a few rich people in Singapore staying along Orchard Road or IR sentosa or for ministers alone to claim credit of superficial GDP or taxing-and-cost-recovery surplus accumulation success. -
There are gossips that his wife wants to divorce him.Originally posted by Gazelle:I understand that he is very popular in singtel, especially among the female colleagues.
Now that singtel has appointed a female CEO, I am quite sure the morale of the staffs (female ofcourse) should be quite low. Not sure if thats the reason for a slight dip in profit last quarter. haha..
Also gossips of him wanting to get Aussie PR but stopped by his daddy.
Heard from Taxi Radio Corporation. -
This is awful news!
Does this mean
Lee family are going to raise the utilities fees soon - since Temasek owns most of the utitility companies here.
You know, the usual
right hand give, left hand take back trick
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this charity thing is nothing more than a pr spin...it will not benefit sg citizens, whose money they are prospering from...instead it goes to the countries where they have business dealings with in the hope that they will be welcomed with open arms....they do see us as idiots, drop the facade..