How much Temasek profiteers from Singaporeans
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The spectacular losses they made supporting foreigners is well known but what is not known is how much they profiteer from Singaporeans.
Is it any wonder that Singaporeans face price increases regularly to support the profits of Temasek owned businesses (investments) in Singapore?
Let's hope Dr Chee Soon Juan demonstrates on this issue and force the despots to open up the Temasek books, particularly, how much Temasek profiteer from Singaporeans and how much they lose supporting foreigners.
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The despots will probably put Dr Chee in jail if he demonstrates on this issue.
Sigh, life of a martyr, working on behalf of a nation.
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People will not forget that somebody's wife and somebody's daughter-in-law is behind Temasek just because they asked Danabalan to make the announcements.
Dishonorable despots.
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Temasek ready to invest more in Western banks
AsiaOne, Singapore - 2 minutes ago
Mr Dhanabalan said Singapore and Asia account for nearly 75 per cent of Temasek's investments, down from the 78 per cent reported a year earlier. ... -
u ask show us the dark side of Temasek.
How about the bright side?Have u chosen not to mention?
Temasek's total shareholder return, since inception 1974,
is 17 % compounded annually.Temasek so far received about
S$3.5 b but now NET portfolio of about S$185 billion.
Pl note it is net assets.90% is cash or cash like convertiable
assets,and the rest in real estate.
The only way not to loss in biz is never do biz!!
While u bark at the loss of Temasek,can u give
a balanced report of the gains.
In biz,it is overall counts.Not one or 2 biz deals.
Which country without underground resources can
have a huge SWF like SG?
It belong to u and me!Not in politicians Swiss banks' accounts.
How much Oz get in SWF?zero,bro!
Budget need infection from GIC
With the ageing population,gavaman suffer fr primary budget deficit.
Thanks to injection of GIC then we can afford to balance
the budget,
http://www.temasekholdings.com.sg/media_centre_news_speeches_210808.htm
28. Following an initial asset injection of some S$350 million when Temasek was set up, the Minister for Finance Incorporated – as shareholder – has from time-to-time made additional injections into Temasek. Since inception, we have received a total injection of a little less than S$30 billion in assets and cash.
29. Growing with our blue chip companies and our direct investment activities, Temasek now owns a net portfolio of about S$185 billion at market value as at 31 March 2008. Singapore and Asia account for nearly 75% of Temasek's investments. Developed markets such as the U.S. and emerging economies across the world account for the rest and are a growing part of our portfolio. Our total shareholder return measuring changes in shareholder funds, including dividends paid and excluding new capital, is a healthy 17% compounded annually since inception. This reflects the healthy performances of our portfolio companies and the realized gains from our direct investment activities over the years.
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The only way not to loss in biz is never do biz!!
hehehe.....
I disagree.
You will always make a profit if you run a monopoly or quasi monopoly.
If you make losses, all you have to do is to raise prices.
Alot like our transportation system, they made losses, therefore they raise prices to make profits again. How else in the world can a business continually make supernormal profits.
Normal businesses makes losses and profits from year to year. -
Originally posted by AndrewPKYap:
The spectacular losses they made supporting foreigners is well known but what is not known is how much they profiteer from Singaporeans.
Is it any wonder that Singaporeans face price increases regularly to support the profits of Temasek owned businesses (investments) in Singapore?
Let's hope Dr Chee Soon Juan demonstrates on this issue and force the despots to open up the Temasek books, particularly, how much Temasek profiteer from Singaporeans and how much they lose supporting foreigners.
maybe we shouldn't be so negative about our government yet... they must have certain reasons or plans to even support the foreigners. if USA fall into severe depression, the whole world will be affected. even if Asia does not suffer greatly due to the emerging power of China and India, we as a financial hub will still suffer as we have close connection with the financial status of the US.
our government is well known to be shrewd businessmen. they have already made plans to profit out of it... no one in their sane and shrewd mind will go into a money losing proposal or action. next, Temasek Holdings may be government backed but they are afterall a private company. you can have all the details as long as you are one of the shareholders... you know, annual report... i think they have a public annual report but being you, you'll probably scrutanized every details...next, even if they profit from singaporeans... what can we do? SMRT always publish their annual profit and loss and the last time i read, it was more than $100 million profit. did Dr. Chee make any noise on that issue? not that i remember... somethings are very obvious yet no opposition made any noise. i also remember reading that only singapore's public transport actually made profit... all the rest of the world's public transport actually loses money to provide for the citizens... why no opposition made that comment during the last election? that's why end of the day, i realised that our opposition is just "for show"... Dr. Chee is only "for show"... nothing concrete... nothing that is really helping Singaporeans... so asking me to support the opposition who is only "for show"? i rather support the Pay and Pay regime who can make Temasek Holding into one of the biggest and richest corporation in the world.
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Originally posted by lionnoisy:
u ask show us the dark side of Temasek.
How about the bright side?Have u chosen not to mention?
Temasek's total shareholder return, since inception 1974,
is 17 % compounded annually.Temasek so far received about
S$3.5 b but now NET portfolio of about S$185 billion.
Pl note it is net assets.90% is cash or cash like convertiable
assets,and the rest in real estate.
The only way not to loss in biz is never do biz!!
While u bark at the loss of Temasek,can u give
a balanced report of the gains.
In biz,it is overall counts.Not one or 2 biz deals.
Which country without underground resources can
have a huge SWF like SG?
It belong to u and me!Not in politicians Swiss banks' accounts.
How much Oz get in SWF?zero,bro!
Budget need infection from GIC
With the ageing population,gavaman suffer fr primary budget deficit.
Thanks to injection of GIC then we can afford to balance
the budget,
http://www.temasekholdings.com.sg/media_centre_news_speeches_210808.htm
,,
You want to read about the "bright side" just go to seven eleven and buy any of the propaganda newspapers.
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Originally posted by novelltie:
maybe we shouldn't be so negative about our government yet... they must have certain reasons or plans to even support the foreigners. if USA fall into severe depression, the whole world will be affected. even if Asia does not suffer greatly due to the emerging power of China and India, we as a financial hub will still suffer as we have close connection with the financial status of the US.
our government is well known to be shrewd businessmen. they have already made plans to profit out of it... no one in their sane and shrewd mind will go into a money losing proposal or action. next, Temasek Holdings may be government backed but they are afterall a private company. you can have all the details as long as you are one of the shareholders... you know, annual report... i think they have a public annual report but being you, you'll probably scrutanized every details...next, even if they profit from singaporeans... what can we do? SMRT always publish their annual profit and loss and the last time i read, it was more than $100 million profit. did Dr. Chee make any noise on that issue? not that i remember... somethings are very obvious yet no opposition made any noise. i also remember reading that only singapore's public transport actually made profit... all the rest of the world's public transport actually loses money to provide for the citizens... why no opposition made that comment during the last election? that's why end of the day, i realised that our opposition is just "for show"... Dr. Chee is only "for show"... nothing concrete... nothing that is really helping Singaporeans... so asking me to support the opposition who is only "for show"? i rather support the Pay and Pay regime who can make Temasek Holding into one of the biggest and richest corporation in the world.
You are one of the silliporeans that rather pay and pay then to save the money and give it to your own children, it is not that you need to help the despots to take care of their children. They are taking massive amounts of public money and Ms Goh Chok Tong is right, for compared to what her husband and the old dying despot and family take, TT Durai was taking peanuts.
When Dr Chee protested the high costs, he was sent to jail! Dishonorable despots. They take massive amounts of public money and send peaceful protestors demonstrating on behalf of Singaporeans (not you, the silliporeans) to jail.
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Yeah yeah yeah...only Dr Chee deserves to run ur sillipore......
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The government servants run Singapore. What we need are honest politicians and not dishonorable despots taking as much public money as possible to put into their own pockets.
You think the despots teach even one student in schools? No, it is the civil servants, the teachers.
You think the dishonorable despots catch any thieves. No it is the civil servants, the policemen.
You think the dishonorable despots bring in foreign investments? No it is the civil servants in EDB and IE.
Damned despots, deserve to die a slow lingering suffering death for persecuting people and win elections using dishonorable means.
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if u wan to play politics.....pls lah.. dun follow behind a mad guy..... at most u will become a mad dog only....have ur own point... have ur own solution....
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The good thing is Temasek releases their annual reports. But GIC doesnt!
http://www.temasekholdings.com.sg/our_portfolio_financial_highlights_performance.htm
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Singapore’s Temasek Courts Disaster
The bull market tide goes out, leaving the lion city’s sovereign wealth firm gasping on the shore
Nearly five months after its March 31 year-end, Singaporeans should be eagerly looking forward to the publication of the report of the guardian of so much of the national wealth, Temasek Holdings. The sovereign wealth fund run by Ho Ching, wife of Prime Minister Lee Hsien Loong, is not the biggest repository of money collected by the state on behalf of the people, but it is at least semi-transparent compared with its big brother the Government Investment Corp.
The lengthy wait for results could possibly be connected to issues of how to treat a series of rather spectacular disasters that Temasek faced last year, and that are continuing into the current year.
Even in 2006-07, when world markets were booming in unison, Temasek had to report a 29 percent profit fall. Neither chairman S. Dhanabalan nor Ho Ching were on hand at the press conference when these dismal results were delivered. So who will deliver any bad news for the latest year?
Of course, the bottom line for the year to March 2008 may be saved by the sale just before year-end of power station Tuas Power to China’s Huaneng Group for S$4.2 billion which should enable it to book a hefty capital profit. But selling local assets and buying foreign ones may not be such a smart idea, particularly if you are the kind of Singapore bureaucrat who has implicit faith in the masters of the universe on Wall Street.
Under Ho Ching’s leadership Temasek had supposedly been taken from being a safety-first bureaucracy to a smart, profit-oriented outfit, selling some assets and investing heavily overseas, particularly in the fast-growing emerging markets of Asia and Latin America. Almost fool can make money in a global bull market so for awhile Temasek seemed to prosper under Ho Ching’s dynamic leadership. But Temasek also swallowed plenty of bait on offer from Wall Street types.
In particular the government-owned investment vehicle vastly expanded its finance sector portfolio, buying banks and even setting up a Special Purpose Vehicle, Astrea, which borrowed US$810 million to invest in a slew of private equity and buyout funds.
It is hard to imagine that Astrea has avoided the hammering suffered by almost all buyout and private equity funds, some of which have had to close with large losses.
But Temasek seems to have compounded bull market errors by continuing to have faith in Wall Street deceptions when memory of the Asian crisis and the Japanese experience should have made it particularly aware that financial-sector problems almost always go deeper and last longer than those in other sectors. Temasek was keen to show how important it was so was among the first to jump in with equity bail-outs for distressed western banks, firstly with US$5 billion for Merrill Lynch at $48 a share.
The Merill shares are now worth about half that, and although under the terms of the deal Temasek has been partially compensated with additional shares it has had to also to put in new money – and must wonder just how long and deep the US financial crisis will be. Although it had recently increased its stake in the UK’s Standard Chartered, it also put ₤1 billion into Britain’s Barclays, a financial institution whose equity base remains perilously small compared with the weight of assorted instruments it carries and whose share price has fallen much further since the Temasek injection.
But it is not just the finance sector and in the west that gung-Ho Temasek has hit rough waters. The Shin Corp mess in Thailand may now be a thing of the past. But troubles elsewhere are many. In Indonesia it is being required to sell off its stake in Bank International Indonesia (BII) because it already owns Bank Danamon. But Malaysia’s Bank Negara (central bank) has vetoed an attempt by Maybank to buy the BII stake. Bank Negara evidently agreed with opinion in the market that Maybank was offering a silly price.
The best piece of luck Temasek has had was actually evidence of its own willingness to pay top dollar. Only the myopic greed of shareholders in China Eastern Airlines and hopes of a counter offer from China National Aviation Corp thwarted a generous joint offer by Temasek and Singapore Airlines for a 24 percent stake in the Hong Kong-listed company at HK$3.8 a share. They now trade at HK$1.80.
Real estate is not looking too hot either. Last month CapitalLand (part of the Temasek group) had to promise to inject A$300 million into its ailing listed Australian 54 percent owned subsidiary Australand Property. Without a huge capital injection, deeply indebted Australand might have gone under.
Temasek has also leaped heavily into one of China’s highest profile, and perhaps more vulnerable, property developers, Country Garden. When it went public in Hong Kong in April 2007, Country Garden was the second largest IPO in Hong Kong history, with Temasek joining local tycoons Lee Shau Kee and Robert Kuok as key investors. According to the mainland financial magazine Caijing, a subsequent S$800 million convertible bond issue in Singapore in February this year was made on terms which suggest the company is very stretched and badly needs to keep its share price from falling. It is now little more than half its initial price and down 75 percent from its peak.
Australia, once seen as a safe if unexciting location for Singapore cash, has also attracted top of the market deals from Singapore Power. Already well-established in Australia, it paid heavily in cash for the eastern Australia assets of pipeline company Alinta but with values in decline they have been unable now to flip them into their 51 percent owned local subsidiary SP Ausnet leaving SP meanwhile saddled with huge borrowings.
Even on home ground, things are looking sick for important parts of the Temasek empire. Chartered Semiconductor Industries has seen its shares fall more than 40 percent and its debt ratings have been cut so that its bond are no longer investment grade – otherwise known as junk status. Chartered has long been a state effort to make Singapore a semiconductor manufacturing leader but has never managed to keep up with the likes of Taiwan and Korea in technology and now also faces Chinese competition.
These various problems have not entirely dulled Temasek’s appetite for acquisitions. Its associate Neptune Orient Lines (NOL) is bidding to buy Germany’s Hapag-Lloyd just at a time when some commentators forecast huge problems looming for container lines. This time Temasek may be saved by German nationalism – Hamburg business is ganging up to keep it in local hands.
It remains to be seen who, if anyone, takes responsibility for Temasek’s blunders. Last year it was chief investment officer Jimmy Phoon who found he had better things to do, as did Jackson Tai at DBS, Temasek’s main banking investment, and the finance director of SembCorp who had landed the group with US$300 million in foreign exchange losses.
Meanwhile US former food and consumer products executive Simon Israel, appointed two years ago, remains CEO in conjunction with Ho Ching. And, despite everything, faith in Wall Street types is as strong as ever – Michael Dee from Morgan Stanley was last week been appointed managing director for international investments.
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Share of investments in Singapore is less than half but the profiteering is so great it can pay for the massive billion dollars losses supporting foreigners and by selling Singapore profit making assets (Tuas Power) to China’s Huaneng Group for S$4.2 billion a foreign firm.
Despots, forever FAKING it to make themselves look good while Singaporeans pay and pay for it while they take and take massive amounts of public money and put into their own pockets.
SINGAPOREANS WAKE UP (SILLIPOREANS GO AND DIE) GCT's wife was right. Compare to what they take, TT Durai was taking peanuts.
Tak Bolah Tahan! Dr Chee protests against the cost of living, price increases to make Temasek look good, and the despots send him to jail!
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Originally posted by AndrewPKYap:
Share of investments in Singapore is less than half but the profiteering is so great it can pay for the massive billion dollars losses supporting foreigners and by selling Singapore profit making assets (Tuas Power) to China’s Huaneng Group for S$4.2 billion a foreign firm.
Despots, forever FAKING it to make themselves look good while Singaporeans pay and pay for it while they take and take massive amounts of public money and put into their own pockets.
SINGAPOREANS WAKE UP (SILLIPOREANS GO AND DIE) GCT's wife was right. Compare to what they take, TT Durai was taking peanuts.
Tak Bolah Tahan! Dr Chee protests against the cost of living, price increases to make Temasek look good, and the despots send him to jail!
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Eh..since he complain high cost and all those stuffs, so they send him to jail to feed him free mah, no tax somemore, and we taxpayer still hv to feed him. No good meh.
If you ask we silligaporeans go and die, who will vote for Dr. Chee?
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Originally posted by AndrewPKYap:
Wha, u very good in pie and bar charts design hor...why not work for PAP, most PS, (permanent secretaries) needs assistant. -
The readers of this thread should read the article by Dhanabalan in today's newspaper. Find out how Temasek is set up and operated, as well as its performance since inception. Fools like Andrew who spread baseless rumours and fears are the reason why the government has been reluctant to allow more political debate. A small handful of brainless idiots with an axe to grind against the government can create a riot with a small group of brainless idiots but the adverse impact will be felt by the majority of Singaporeans.
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oxford mushroom on private payroll from the P4P.
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Every time I look at this:
7.96
-1.64
-17.08%
Merrill Lynch and Co CMN STK
I wonder how much money Temasek profiteers from Singaporeans to bailout foreigners...
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not much lah... Just peanuts.. Or Malay you can kachang putih (did i spell correctly?)
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If I know that my opponent are fools and idiots, and if I think I am smart, then why should I be reluctant to debate them?
Fools like Andrew who spread baseless rumours and fears are the reason why the government has been reluctant to allow more political debate. A small handful of brainless idiots with an axe to grind against the government can create a riot with a small group of brainless idiots but the adverse impact will be felt by the majority of Singaporeans.
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are you an atheist? Refer to bible Psalm 14:1.
Do not treat people like Andrews like fools. There is a supreme being on top watching what you do.
Go read the bible Romans 1:22
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luxury items aside particularly concerned that basic items and necessities becoming the target of govt cos to make exorbitant profits.
Thanks to the flow of info on internet forums , if not many Sporeans would still be paying basic broad band charges 3 times that of HK's.
Govt is still making enormous profits from sales of cheap water from my. and whole host of other water taxes.
Then you have public transport compulsory fare hikes for them to build their business empires whilst digging deeper and deeper into the pockets of lower incomes folks year after year.
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why upset? things will always be that way like sun will rise again and again until end of time.