Singapore's GIC Calls For Sovereign Wealth Fund Disclosure
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Singapore's GIC Calls For Sovereign Wealth Fund Disclosure
SINGAPORE -(Dow Jones)- Sovereign wealth funds ought to improve their transparency while countries in which they invest shouldn't impede their activities, the head of the Government Investment Corporation of Singapore said Monday.
GIC Deputy Chairman and Executive Director Tony Tan Keng Yam also said all participants in global financial markets should be treated equally and that the state-backed funds shouldn't be discriminated against.
The remarks came as the GIC said it will own around 9% of Swiss bank UBS AG ( UBS) following a CHF11 billion investment in the Zurich-based financial giant. The GIC's investment in UBS is long term and the Singapore sovereign wealth fund isn't looking for management control, Tan said at a press conference.
"Recipient countries should not adopt policies that inhibit cross-border investments. Reciprocity in keeping markets open for foreign investments would be desirable," he said.
"Any guidelines for SWFs should encourage SWFs to operate according to commercial principles with a long-term orientation, free from political motivations," Tan added.
The comments suggest that Singapore, which is among a growing number of countries that operate sovereign wealth funds, is eager to head off any potential public backlash that may threaten its investment opportunities overseas. They also suggest that the small Asian city-state is keen to have its voice heard as financial authorities from the U.S., Europe, Japan and elsewhere try to formulate policies on how to deal with the state-backed funds.
Moves are afoot in the Group of Seven leading industrial nations to address the increasing influence of sovereign wealth funds, whose financial firepower Merrill Lynch estimates could soar to $7.9 trillion by 2011 from $1.9 trillion currently. G7 officials are concerned the funds may become a source of volatility in financial markets or cause national security problems if they seek stakes in companies that are sensitive from a national security standpoint.
"All players in the global financial markets should be treated equally," Tan said, adding that sovereign wealth funds should be perceived as a stabilizing force in financial markets because of their focus on well-diversified portfolios, long-term stance and "virtually no leverage."
Tan said Singapore "will participate actively" to create a set of principles and best practices for SWFs, and that the "GIC believes that it can contribute in a positive way to the framework for greater disclosure."
http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20071210\ACQDJON200712100513DOWJONESDJONLINE000135.htm&selected=9999&selecteddisplaysymbol=9999&StoryTargetFrame=_top&mkt=WORLD&chk=unchecked&lang=&link=&headlinereturnpage=http://www.international.na
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Definitely something worth looking at. -
GIC is going to inject 6.6b euro into USB. Stay tuned to USB's potential loss.
Two sixes this time. They seem to love the number 6. -
That is a grave disregard to national security policies of individual nations.
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"It's further evidence of the transfer of financial power from the western economies to the great cash generating economies of Asia, Russia and the Middle East - which are able to dictate the terms on which they prop up our important institutions," he added.
http://news.bbc.co.uk/2/hi/business/7135872.stm -
We always interfere in the internal affairs of other nations what.Originally posted by ^tamago^:That is a grave disregard to national security policies of individual nations. 
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GIC and Temasek money is Government's money and Government's money is PAP's money and PAP's money is NOT Singaporeans money.
Singaporeans only need to contribute to this fund for the Government aka PAP and how they are going to spend these money is really out of ordinary Singaporeans' hands. We have no say over this 'national fund'.
GIC and Temasek are 2 state-owned (PAP-owned or better still Lee-owned) companies which do not need to disclose their finanical reports. So much so for transparency.
When people requested to rise lonely elderly folks' monthly financial help from $250 to $300 per month, the Government is quick to refute that Singapore is not a welfare state. Only through long discussion did Government agree to rise to $290( wow $10 also too stingy to help). Now GIC and Temasek can go globally acquire banks from China(at least 3 banks) to Switerzland. Every investment is worth at least US$0.5 billion.
This new investment is worthed a cool US$6.6 billion or more!
edited for typo error!
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Originally posted by Spartans:
correction. it is US$6.6 billions
GIC and Temasek money is Government's money and Government's money is PAP's money and PAP's money is [b]NOT Singaporeans money.
Singaporeans only need to contribute to this fund for the Government aka PAP and how they are going to spend these money is really out of ordinary Singaporeans' hands. We have no say over this 'national fund'.
GIC and Temasek are 2 state-owned (PAP-owned or better still Lee-owned) companies which do not need to open their finanical reports. So much so for transparency.
When people required to rise lonely elderly folks' monthly financial help from $250 to $300 per month, the Government is quick to refute that Singapore is not a welfare state. Only through long discussion did Government agree to rise to $290( wow $10 also too stingy to help). Now GLC and Temasek can go globally acquire banks from China to Switerzland. Every investment is worth at least US$0.5 million.
This new investment is worthed a cool US$6.6 million![/b]
the more Singapore is internationally integrated, the more dr chee is f.ucked -
It's remarkable how a regime that subscribes to the exclusive rule of man founded on the principles of nepotism in its own backyard becomes such an ardent advocate of liberal principles and values in the global marketplace that functions by the rule of law.Originally posted by LazerLordz:Singapore's GIC Calls For Sovereign Wealth Fund Disclosure
SINGAPORE -(Dow Jones)- Sovereign wealth funds ought to improve their transparency while countries in which they invest shouldn't impede their activities, the head of the Government Investment Corporation of Singapore said Monday.
GIC Deputy Chairman and Executive Director Tony Tan Keng Yam also said all participants in global financial markets should be treated equally and that the state-backed funds shouldn't be discriminated against.
The remarks came as the GIC said it will own around 9% of Swiss bank UBS AG ( UBS) following a CHF11 billion investment in the Zurich-based financial giant. The GIC's investment in UBS is long term and the Singapore sovereign wealth fund isn't looking for management control, Tan said at a press conference.
"Recipient countries should not adopt policies that inhibit cross-border investments. Reciprocity in keeping markets open for foreign investments would be desirable," he said.
"Any guidelines for SWFs should encourage SWFs to operate according to commercial principles with a long-term orientation, free from political motivations," Tan added.
The comments suggest that Singapore, which is among a growing number of countries that operate sovereign wealth funds, is eager to head off any potential public backlash that may threaten its investment opportunities overseas. They also suggest that the small Asian city-state is keen to have its voice heard as financial authorities from the U.S., Europe, Japan and elsewhere try to formulate policies on how to deal with the state-backed funds.
Moves are afoot in the Group of Seven leading industrial nations to address the increasing influence of sovereign wealth funds, whose financial firepower Merrill Lynch estimates could soar to $7.9 trillion by 2011 from $1.9 trillion currently. G7 officials are concerned the funds may become a source of volatility in financial markets or cause national security problems if they seek stakes in companies that are sensitive from a national security standpoint.
"All players in the global financial markets should be treated equally," Tan said, adding that sovereign wealth funds should be perceived as a stabilizing force in financial markets because of their focus on well-diversified portfolios, long-term stance and "virtually no leverage."
Tan said Singapore "will participate actively" to create a set of principles and best practices for SWFs, and that the "GIC believes that it can contribute in a positive way to the framework for greater disclosure."
http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20071210\ACQDJON200712100513DOWJONESDJONLINE000135.htm&selected=9999&selecteddisplaysymbol=9999&StoryTargetFrame=_top&mkt=WORLD&chk=unchecked&lang=&link=&headlinereturnpage=http://www.international.na
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Definitely something worth looking at.
It seems hypocrisy and desperation seldom stand alone. -
walesa, democracy will be in singapore after we have a unified identity which will arrive one day. otherwise, it is too risky.
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dun be disappointed or envious, when you own a country, you can own anything you want in this country.
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jealous about what??Originally posted by kangyk:dun be disappointed or envious, when you own a country, you can own anything you want in this country.
CAPE TOWN (Reuters) - Archbishop Desmond Tutu accused the United States and Britain on Monday of pursuing policies like those of South Africa's apartheid-era government by detaining terrorism suspects without trial.
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At an event to commemorate the 1948 Universal Declaration of Human Rights (UNDR), the Nobel laureate said the detention of suspected al Qaeda and Taliban members at the U.S. naval base in Guantanamo Bay, Cuba, was a "huge blot on a democracy".
http://uk.news.yahoo.com/rtrs/20071210/tpl-uk-safrica-rights-usa-43a8d4f_2.html -
That will be the day democracy reigns in DPRK...Originally posted by Daddy!!:walesa, democracy will be in singapore after we have a unified identity which will arrive one day. otherwise, it is too risky.