Don't forget GIC activities Atobe.
GIC Board of Directors
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Country: Singapore
Established: 1974
US$ Billion: 134
Origin: Non-commodity
Transparency Rating: 8
Summary:
Temasek Holdings is an Asian investment company owned by the Government of Singapore. It is governed by the Singapore Companies Act. They are also designated a Fifth Schedule Company under the Singapore Constitution in 1991.
Background:
In the 1960s the Government of Singapore already had direct stakes in local industries. These companies became government linked companies (GLC). The Government's stakes in these companies were originally held directly by the Ministry of Finance. The Ministry of Finance established Temasek Holdings in 1974 to manage these assets. Currently, Temasek Holdings' sole shareholder is the Ministry of Finance. As the years progressed, Temasek began to diversify its holdings from the local Singapore market, to other surrounding countries.
Temasek does not consider itself a sovereign wealth fund.
Temasek means sea town, which was the original name of Singapore.
Strategies and Objectives:
Active shareholder and investor in diverse industry sectors such as banking & financial services, real estate, transportation & logistics, infrastructure, telecommunications & media, bioscience & healthcare, education, consumer & lifestyle, engineering & technology, as well as energy & resources.
According to their website, Temasek's general investment strategy centers around four themes:
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http://www.swfinstitute.org/fund/temasek.php
All the Power Stations - at Senoko, Tuas, and Jurong - built with public funds that are from Singaporean tax payers.
Now that these are being sold by Temasek Holdings, will Singaporeans be assured that the initial capital outlay PLUS capital gains will be returned to the Ministry of Finance, or will the funds remain with Temasek Holdings ?
Don't forget GIC activities Atobe.
GIC Board of Directors
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The Monetary Authority of Singapore (MAS) enjoys considerable operational autonomy. Under the MAS Act, the Board of Directors of MAS is appointed by the President. The Chairman of the Board is appointed by the President on the recommendation of the Cabinet. The Board of Directors is responsible for the policy and general administration of the affairs and business of MAS and informs the Government of the banking and credit policy of MAS. The Board is ultimately accountable to the Parliament of Singapore through the Minister in charge of MAS.
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Mr Goh Chok Tong (Chairman) Senior Minister |
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Mr Lim Hng Kiang (Deputy Chairman) Minister for Trade & Industry |
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Mr Koh Yong Guan |
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Mr Lim Chee Onn Executive Chairman, Keppel Corporation Limited |
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Mr Teo Ming Kian |
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Mr Tharman Shanmugaratnam |
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Mr Lucien Wong Yuen Kuai |
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Professor Walter Woon |
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Mr Heng Swee Keat |
Originally posted by Poh Ah Pak:
Don't forget GIC activities Atobe.
GIC Board of Directors
1.
CHAIRMAN
Mr Lee Kuan Yew
Minister Mentor
2. DEPUTY CHAIRMAN
Mr Lee Hsien Loong
Prime Minister
3. DEPUTY CHAIRMAN
& EXECUTIVE DIRECTOR
Dr Tony Tan Keng Yam
Former Deputy Prime Minister &
Coordinating Minister for
Security & Defence
DIRECTORS
4. Mr Lim Hng Kiang
Minister for Trade & Industry
5. Mr Tharman
Shanmugaratnam
Minister for Finance
6. Mr Raymond Lim
Minister for Transport &
Second Minister for Foreign Affairs
7.
Dr Richard Hu Tsu Tau
Former Minister for Finance
Chairman, GIC Real Estate 8. Mr Ang Kong Hua
Executive Director
NatSteel Ltd 9. Mr Peter Seah Lim Huat
Chairman
Singapore Technologies
Engineering Ltd
10. Mr Chew Choon Seng
Chief Executive Officer
Singapore Airlines Ltd
11. Mr Hsieh Fu Hua
Chief Executive Officer
Singapore Exchange Ltd
12. Mr Lim Siong Guan
Group Managing Director
GIC
13. Mr Ng Kok Song
Managing Director & GIC Group
Chief Investment Officer
14. Mr Quah Wee Ghee
President
GIC Asset Management
15. Dr Seek Ngee Huat
President
GIC Real Estate
16. Dr Teh Kok Peng
President
GIC Special Investments
So what are you trying to tell us? You know more about economics and investments then them? If you do, you have my vote in the next general elections, if you have the balls to run that is
You know more about economics and investments then them? If you do, you have my vote in the next general elections
Why know about economics and investments linked with general elections?
Originally posted by Poh Ah Pak:Why know about economics and investments linked with general elections?
Then maybe you can be the new director of temasek holdings and start bringing in more money. Oh don't forget me when you have
Then maybe you can be the new director of temasek holdings and start bringing in more money. Oh don't forget me when you have
I think you go join better.
why push around? since you two don't want i think i join them best. i'm already very talented at losing money and you can be sure i won't be corrupt if i'm paid "peanuts".
haha,the board of directors look like another parliament get together.
so does temasek give directors fees to minister of parliament? no wonder LHL can forfeit its pay increase. maybe he get it from temasek?
another failures in investments--5oo million may in deep water!!
the only way not to lose in put the $$ in caverns!!
NO RISK .NO GAIN.
- [ 翻译æ¤é¡µ BETA ]7 Nov 2008 ... Temasek Holdings spokeswoman Myrna Thomas said yesterday: 'We note the serious development announced by ABC Learning Centre
I am suprised CSJ do not report this bad news!!
Originally posted by lionnoisy:another failures in investments--5oo million may in deep water!!
the only way not to lose in put the $$ in caverns!!
NO RISK .NO GAIN.
Share plunge could land ABC Learning in Temasek's hands
Temasek's Aussie investment goes under
- [ 翻译æ¤é¡µ BETA ]7 Nov 2008 ... Temasek Holdings spokeswoman Myrna Thomas said yesterday: 'We note the serious development announced by ABC Learning Centre
I am suprised CSJ do not report this bad news!!
Only a silly lion will think of putting $$ in caverns.
Why blame Australia for the dismal results of the Singapore Investments made by the brilliant persons whom this Singapore Political Leadership claimed are the talents that their sharp eyes have spotted ?
If SG Government had learnt how to be more creative and use the hard earned reserves as a catalyst to help Singaporean entrepreneurial spirit to blossom instead of making all the high risk investments overseas - less amount would have been lost.
All the talk of creating start-up funds for Singaporeans have resulted in meticulous diligence to vet local ideas before the funds are released to the local entrepreneurs, and with these funds being REPAYABLE when the venture succeed.
Yet the same due diligence is lacking when the decisions are made so recklessly in the many foreign billion dollar investments - that ended up not worth the weight of the paper used to print the Singapore Dollar.
Meanwhile, the Singapore Government creatively find all means to suck all the wealth from her citizens and bloat the Treasury and the Reserves, while Singaporeans struggle to meet the daily needs.
How much has the Singapore Wealth been invested overseas in all the high risk ventures ?
In my other thread - ’SGP a strong ally of USA – Leader not considered World Class’ & Updates’, I had shown that most of the US wealth is in private hands, not in the Government Treasury; and that only 2% of her wealth is invested overseas.
The USA remains as the richest country in the World with Private Wealth far exceeding that of the US Government.
In a publication from International Financial Services London : International Private Wealth Management 2007, it stated that the US has US$11.3 Trillion belonging to 4,585,000 persons in the 'millionaire group' and 371,000 in the 'billionaires group'.
It also reported that only 2% of its assets is invested overseas, compared to 30% of the Middle-eastern and African wealth that are invested off-shore - which speaks of the continued confidence of the wealthy US individuals in the US economy.
How much of our Singapore Wealth - largely held by the SG Government - is invested overseas ?
Originally posted by Chris88110:
Then maybe you can be the new director of temasek holdings and start bringing in more money. Oh don't forget me when you have
want more money? tax more can already mah....
TS, care to enlighten what is meant by "Transparency rating: 8" ?
Wow, walter woon is part of MAS board?. hmmmm.....
Temasek scored another F9 in investment after ABC Learning.
According to the agreement, Temasek Holdings will acquire 168 million new shares in Li & Fung at the price of HK$23.09 per share.
Temasek Holdings will not sell the new shares for 12 months after completion of the deal.
<Published November 10, 2008
Li & Fung stops hiring, cuts staff and costs Email this article Print article Feedback
(HONG KONG) Hong Kong-based consumer goods exporter Li & Fung Ltd has imposed a hiring freeze, will lay off some employees and reduce travel and other expenditure due to the global financial crisis.
Li & Fung sources everything from toys to clothes to beauty products. Its clients include US retailers Wal-Mart Stores Inc and Target.
In a statement issued late last Saturday, the company said that it was reviewing its operating costs due to the impact that 'worsening economic conditions' were having on its customers.
'Initiatives include a hiring freeze in most locations, reduction of travel and other discretionary expenses and, as a last resort, employee downstaffing,' it said. 'At this stage, it is envisaged that a limited number of employees working with business units whose customers have suffered most severely will be made redundant.'
Last week, the International Monetary Fund warned that conditions could get even worse as financial firms reduce their debt, investors brace of rising corporate defaults and consumers cut back on spending. -- Reuters>
Journey for Temasek has just begun: Ho Ching
By Bhagyashree Garekar
WASHINGTON - THE prestigious Asia Society has honoured Temasek Holdings chief executive Ho Ching for her professional achievements.
But in accepting the award on Wednesday night, she made clear she was not content to just look back, declaring that the 'journey had just begun' for Singapore's 34-year-old sovereign wealth fund (SWF).
Ms Ho received the International Business Award for her 'long career of outstanding achievements in the world of business, investment and technology' at an annual dinner organised by the Society's Washington centre.
The Asia Society said her achievements at Temasek and at Singapore Technologies had helped make them leading global players.
On the same night, US Treasury Secretary Henry Paulson received the Foreign Policy Award for his role in promoting economic dialogue between the US and Asia.
In her speech, Ms Ho recounted the story of Temasek's birth and the evolution of its investment philosophy grounded in commercial independence and financial discipline.
'Temasek has never been a sovereign wealth fund in the conventional sense. It was more like a 'sovereign poverty fund',' she said before an appreciative audience of Congressmen, diplomats, administrators, think-tankers and corporate bigwigs.
'Singapore had no oil money, no natural resources. Temasek was not managing the country's foreign reserves, the little there was. Instead, we were formed simply to take a load off an embattled government and provide an independently focused, professionally managed and commercially disciplined approach to investments,' she said.
SWFs, thought to have assets worth up to US$3 trillion (S$4 trillion), have become increasingly important players in global financial markets. But some Western nations are tentative about them, seeing threats from the sheer size and non-transparent ways of some of these funds.
Ms Ho underlined Temasek's policy of full disclosure and detachment from management decisions made by the companies it invests in.
She also noted the growth in Temasek's portfolio from just over US$100 million to more than US$100 billion and its contribution to Singapore's wealth and reserves.
'For Temasek (and indeed for Singapore), the journey has only just begun as we enter the 21st century. Temasek is after all only 34 years old, investing like a 34-year-old, balancing his full-blooded risk appetite with his need to care and plan for his young family,' she said.
Singapore's US Ambassador Chan Heng Chee said the award was 'a positive signal' at a time when there has been a heated discussion in the US about the SWFs.
'Her imaginative leadership of Temasek has been watched with admiration in the US. Everyone who has met her has high praise for her. They believe she is at the top of her game and a very smart person,' she told The Straits Times.
She also noted that the award came after Temasek executive director Simon Israel's well-received testimony before a Congressional panel in March.
Mr Jack Garrity, the executive director of Asia Society Washington, said the awards were in keeping with the society's profile of strengthening relationships between the US and Asia.
Coca-Cola chief executive officer Neville Isdell and Mr Mukesh Ambani, the chairman of India's Reliance Industries, have also received awards from the Asia Society.
This article was first published in The Straits Times on 27 June 2008.
http://www.asiaone.com/Business/News/SME%2BCentral/Story/A1Story20080627-73331.html
Considering the statement made that Temasek Holdings was formed to "provide an independently focused, professionally managed, and commercially disciplined approach to investments" - one will need to ask how focused has Temasek Holding been in her investment portfolio that ranged from Banking, Logistics, Shipping, Airlines,Telecommunications, Trading Company, Broadcast Media in India, and even into Bakeries in Vietnam ?
With all the professionalism and commercial discipline made, it is surprising that we have seen the huge resounding mega-flops in Micropolis Disk Drives, Shin Corp Group, Barclays, Meryll-Lynch,
Temasek hold shares in Vietnam Kinh Do Bakery’ & Updates’
Temasek buys part of India media firm - 2007.
Temasek Selling Merrill Lynch
Half or total of 87m shares have been sold off at a loss, according to US recorded filings.
By Seah Chiang Nee
Jul 24, 2008
Temasek Holdings has sold off half its ill-timed investment in Merrill Lynch - or about 87m shares, according to a mutual funds report on institutional trades on US stocks.
The online report, MFFAIRS (Mutual Fund Facts About Individual Stocks), reported it sold off 86,949,594 shares (50%), leaving a current holdings of 86,949,594 shares (50%), according to the filings made public.
The report gave no exact date or price of the sale.
Neither has there been any confirmation from Temasek, which had paid US$48 a share last year. http://www.mffais.com/newsarticles/2008-07-22/2473637-211738.html
Last week Merrill Lynch was traded at $31.
At that price Temasek would have suffered a loss of $17 a share - or a total loss of about US$1.48b for the 87mil shares.
Despite massive write-downs and capital injection, Merrill Lynch's outlook remains uncertain, reports Bloomberg.
The company's equity capital position is weak relative to competitors, said Brad Hintz, a New York-based analyst at Sanford C Bernstein, reports Ambereen Choudhury.
"With $19.9b in CDOs still frozen on the balance sheet and with counterparty risk rising on the hedges underlying these troubled positions, the potential for additional material write-downs remains a concern,” Hintz said.
The New York-based firm's credit rating was cut last week by Moody's Investors Service to A2 from A1.
The third-biggest US securities firm probably will report a loss of $6.57 a share this year, compared with an earlier forecast of $1.07, Hintz said.
The revised estimate assumes the company generates no earnings in the second half.
Merrill may have to take an additional $10 billion of pre-tax write-downs related to its holdings of mortgage securities, Moody's estimates.
Huge paper losses
The disposal leaves Temasek Holdings and the Government Investment Corporation (GIC) still holding substantial parts of big troubled Western banks.
Its remaining investments in UBS (Switzerland), Citigroup, Barclays and Merrill Lynch - at an original cost of US$21.88b - have declined on by some 47 percent in value.
That is a paper loss of US$10.28b. However, Minister Mentor Lee Kuan Yew had said these investments were made as a long-term strategy of 30 years.
But as the Merrill Lynch sale shows, Temasek is not inflexible about cutting losses, if things threaten to get worse.
The political leadership has defended its investment of these sub-prime banks as “an opportunistic” foray that can happen once in a long while.
It believes these companies will survive the crisis and emerge stronger.
Some experts believe that Temasek has made an error of judgment.
Investment guru Jim Rogers said in July he believed that US bank stocks could fall further and predicted that Singapore's state investors would lose money on Citigroup and Merrill Lynch.
"I'm shorting investment banks on Wall Street," the successful investor said. "It grieves me to see what Singapore is doing. They are going to lose money."
At the Nomura Dialogue recently, Minister Mentor Lee Kuan Yew reported to investment mistakes, but that no one had benefited from it.
Singaporeans who want to see greater transparency in the government’s investments in troubled companies are unhappy with this vague answer to a serious problem.
One writer said, “Should we just move on? I do not think so. The patently huge mistake is not merely the result of recklessness but rather a systemic lack of accountability in making some of our largest investments.
“Let it be clear, the harm is terminally done. The entire reserves system must be re-examined and audited.”
Said slohand, "I saw the interview on TV last night and felt shortchanged.
"He brushed aside the issues with the logic that since the officers who made the decisions were not the beneficiaries in any sense of the word, such lapses are mistakes and are therefore acceptable...
"..The size indicates that it can only come from the very top."
The skies are dark but the storm has not broke yet.
