What is needed is for Temasek to stop the gambling, downscale and return the money to the people!
STOP THE LEGAL CORRUPTION!!!
Curse the despot and his family for putting this system in place to benefit self, relatives, cronies and dogs.... and you will see it happen.
I think they shld give at least 50% of their profits to help the poor b'cos this money is also partly came from the ppl of S'pore unless otherwise.
I think they shld give at least 50% of their profits to help the poor b'cos this money is also partly came from the ppl of S'pore unless otherwise.
Temasek takes severe hit
By Thanong Khanthong
The Nation
Published on February 9, 2009
CEO Ho Ching's exit won't alter fortunes of the sovereign wealth fund in short term
Ho Ching's resignation as CEO of Temasek Holdings would not cloud heavy
losses of about 40 per cent at Singapore's sovereign wealth fund amid
the global financial market meltdown.
The Government Investment Corporation of Singapore (GIC) is also suffering similar heavy losses.
An investment analyst in Singapore said Temasek's results will be
released in April and he estimated that of its US$125 billion portfolio
as of March 2008, Temasek would have lost 40 per cent, leaving it with
about US$75 billion left.
As for the Government Investment Corporation of Singapore or GIC, the
investment analyst said it would also lose more than a third of the
value of its investment portfolio.
"GIC started the crisis with roughly Singapore $550 billion in
reserves. My estimate is that it has lost about $190-$200 billion of
that, leaving it with about $350 billion left. This amount is
equivalent to 200 per cent of Singapore's gross domestic product," he
added.
"So both have lost money but their performance has not been out of line
with other large funds, possibly a bit better. These are all worst-case
estimates."
Ho, the wife of Prime Minister Lee Hsieng Loong, announced last week
that after almost seven years at the helm of Temasek, she would step
down by October this year. She would be succeeded by Chip Goodyear, a
former CEO of BHP Billiton Ltd, who would be the first foreigner to run
the sovereign wealth fund.
Temasek Holdings was set up by proceeds from the privatisation of
Singapore's state-owned firms, while GIC by international reserves of
the Monetary Authority of Singapore. Both represent the investment
vehicles of Singapore, which has eyed for a global reach for its
investment.
The transition is taking place at a time when Singapore is suffering
the worst economic problems since 1960s. Temasek, racked a return of
about 17 per cent a year since its inception in 1974 and March this
year, is also going to face a drastic restructuring of its investment
strategy.
Under her leadership, and also as wife of Prime Minister Lee Hsian
Loong, Ho led Temasek to embark on audacious acquisitions in China,
Asia, Europe and the United States. Temasek's buy-out of Shin Corp,
previously owned by former prime minister Thaksin Shinawatra, in
January 2006 sparked out a political turmoil inside Thailand followed
by a military coup in September that same year.
Ho's resignation has also sparked a debate inside Singapore. Tharman
Shangmugaratnam, the finance minister, preferred to handle the issue
with a diplomatic term, saying that Ho's departure wasn't linked to the
performance of Temasek's investments.
"Whether this is a way of making a change of someone who is related to
the prime minister, this has been a point that I've dealt with since
the first day Ho Ching was appointed as CEO. I was very instrumental in
bringing in Ho Ching and it was based purely on merit and has nothing
to do with her relationship to anyone," he said.
The investment analyst in Singapore said Ho's resignation was planned
for about a year. "I don't think it has much to do with Temasek's
performance. This is Singapore, favoured people are not made to resign
for performance! I think Singapore leaders are more concerned over the
Sovereign Wealth Fund issue. It becomes more difficult to defend
Singapore's sovereign wealth fund as a non-state actor with no
political agenda if the wife of the prime minister is running it," he
said.
Singapore's economy is facing a severe downturn, with growth rate
plunging into the negative territory. "We recently revised downward our
GDP forecast to minus 2.8 per cent to reflect the likelihood that the
contraction in the first half of 2009 could be deeper than previously
expected," said Citi's Asia Economic Outlook and strategy (January 23,
2009). "Advance estimates for the fourth quarter of 2008 showed a
contraction of 2.6 per cent from a year ago, down sharply from 0.3 per
cent the previous quarter. On a quarter on quarter seasonally adjusted
annualised rate, the fourth quarter GDP contracted 16.9 per cent - the
worst on record."
Just thinking...
if an average of 10k SGD given to each and every Singaporean to be put into their pockets, of about 2 million Singaporeans in Sg, it will cost 20 billion
comparable to resilence package leh
Originally posted by Maggie.meepok:
Interestingly, the only 2 Presidents that did not get a state funeral was Devan Nair and Ong Teng Cheong. For Devan Nair - it was understandable since he had to step down due to alcoholism (but I personally feel that he was still a President and for the so called slight personal problem, he still did his job as President in a dignified way for most part, and deserved a state funeral).Ong Teng Cheong retired gracefully like former President Wee Kim Wee. Yet Wee Kim Wee got a state funeral but Ong Teng Cheong did not. Did Singaporeans ever wonder why? Because Ong Teng Cheong did his best to do his job to test the boundaries of the elected Presidency by daring to ask questions about the country's reserves and daring to speak out that he was hindered in his role. This takes courage and integrity. Hats off the the man, woo-hooo!
If not sure why, go and ask, why come up with your own theories based on your obviously limited knowledge?
Originally posted by skythewood:If not sure why, go and ask, why come up with your own theories based on your obviously limited knowledge?
Rhetorical questions serve a purpose, my friend, and do not always reflect limited knowledge. But thank you for the additional information as case-in-point.
Originally posted by Maggie.meepok:
Rhetorical questions serve a purpose, my friend, and do not always reflect limited knowledge. But thank you for the additional information as case-in-point.
Haha, because that is the source you drew from with google. Shallow search, with shallow thinking, so shallow result. Was hoping you can do more research, but guess that is impossible.
Giving Mr Ong a state funeral is simple, and doing it will appear to be gracious. Not doing it will make the government look stupid, and serve no purpose in furthering it's end. if you can come up with how not giving Mr Ong a state funeral will benefit PAP exclusively, let me know
So this lead to the simple solution. They want to, but can't do it. Answer A will be Mr Ong asked not to have a state funeral. Unlikely, because PAP will just use that as a reason straight away.
So the obvious answer, will be timing. Mr Ong died on Chinese New Year. Holding a state funeral on Chinese New Year? Not a savvy thing to do. But at the same time, they cannot announce no state funeral because of chinese new year, because that will seem racist or something. The thing probably dragged a bit, than ended with no state funeral, the end.
So the official reply is "Singapore is still developing state funeral requirements" something like that, which is sort of true,considering that there was concern of having a funeral on chinese new year.
If you think PAP didn't give Mr Ong a state funeral because of some petty unhappiness, you misread the dept of the PAP. They are not morons who will let what happened to a dead guy affect their reputation, unless they can actually gain something from it. That's probably something CSJ will do, but not PAP.
Originally posted by Maggie.meepok:
Interestingly, the only 2 Presidents that did not get a state funeral was Devan Nair and Ong Teng Cheong. For Devan Nair - it was understandable since he had to step down due to alcoholism (but I personally feel that he was still a President and for the so called slight personal problem, he still did his job as President in a dignified way for most part, and deserved a state funeral).Ong Teng Cheong retired gracefully like former President Wee Kim Wee. Yet Wee Kim Wee got a state funeral but Ong Teng Cheong did not. Did Singaporeans ever wonder why? Because Ong Teng Cheong did his best to do his job to test the boundaries of the elected Presidency by daring to ask questions about the country's reserves and daring to speak out that he was hindered in his role. This takes courage and integrity. Hats off the the man, woo-hooo!
Most of us know why the late President Ong was not given state funeral, the reason for this is obvious. The devil old senile dictator does not like the idea of check and balance, seems very like it there is something fishy which is or which are swept under the carpet. He has overstayed, it is time for his demise. Without control, the old senile evil will die any time. He is clinging so desperately to his empire thinking that Singapore belongs to him.
To all those still wondering about this Goodyear guy, http://tinyurl.com/cejd5l
Originally posted by Cmd:I think they shld give at least 50% of their profits to help the poor b'cos this money is also partly came from the ppl of S'pore unless otherwise.
they can further help poor singaporeans by increasing Gst.
Originally posted by Fantagf:Most of us know why the late President Ong was not given state funeral, the reason for this is obvious. The devil old senile dictator does not like the idea of check and balance, seems very like it there is something fishy which is or which are swept under the carpet. He has overstayed, it is time for his demise. Without control, the old senile evil will die any time. He is clinging so desperately to his empire thinking that Singapore belongs to him.
sunshine empire will never sink...!!! whoever oppose the empire shall die of cancer...
Originally posted by angel7030:
sunshine empire will never sink...!!! whoever oppose the empire shall die of cancer...
why u curse people who stand up for what they believe? one fellow after recovered from cancer never repent.
Originally posted by Fantagf:
why u curse people who stand up for what they believe? one fellow after recovered from cancer never repent.
it's a reality, i dun curse anybody, people in power are king and queen, if you are loyal to them, remain loyal, if you are not loyal to them, remain not loyal, the worst are the ones being loyal and then turn against them, Sunshine Empire will get rid of them one way or the other.
Originally posted by Fantagf:YOu have unrealistic expectations thus you will never be happy in any forums you surf and browse.
Hahaha ... It was more of a observation made me curious.. There is nothing to be happy or bitter about and there isnt any form of expectations.
Originally posted by sgdiehard:I won't say there are many anti PAP or pro government people here. many repeat themselves a thousand times in every topics.
I agree ... they are more vocal than others .....
Originally posted by Ice Dive:
Hahaha ... It was more of a observation made me curious.. There is nothing to be happy or bitter about and there isnt any form of expectations.
IF you go surf at delphiforums, you will be shocked at how they talk about the ruling party.
It is only mentioned that Madam Ho Ching will be stepping in Oct 2009.
Nobody is issuing the guarantee:
Temasek Holdings will not employ Madam Ho Ching as its CEO again!
The only things that we could be sure of are:
1) it is done to beguile the neighbouring countries- Thailand, Malaysia and Indonesia
2) it is done to please the Singaporeans. The extraordinary government has been trying ways and means to please Singaporeans
3) the paper losses suffered by Temasek Holdings are quite substantial
It is quite obvious that the extraordinary government is thinking of early elections! If there is an GE in 2009, it will occur anytime after the Asean Meeting!
C'mon guys, enough of the doom and gloom. Is it of any pleasure for singaporeans to be reminded of PAPER LOSSSES daily? What purpose can it serve except to make singaporeans sink further? Did anyone gave solutions on how he/she can turn those paper losses into real profit today?
Push for regime change by all means, but do spare a thought for the common citizens who have to face the grind daily in this crisis. They really don't need the reminder. And i doubt if they will care much for the people who force fed this reminder daily.
Many had claim they would set aside partisanship in a crisis and unite to help. Those who left our shores claimed and proffessed they will help too when we citizens are in dire straits. That time has come. We are in a crisis now of unprecedented proportions. And who actually meant their words?
Think of your fellow citizens for once please, unless you are not a singaporean and likely some outsider who takes pleasure in seeing singaporeans down and out or dead.
Originally posted by xtreyier:C'mon guys, enough of the doom and gloom. Is it of any pleasure for singaporeans to be reminded of PAPER LOSSSES daily? What purpose can it serve except to make singaporeans sink further? Did anyone gave solutions on how he/she can turn those paper losses into real profit today?
Push for regime change by all means, but do spare a thought for the common citizens who have to face the grind daily in this crisis. They really don't need the reminder. And i doubt if they will care much for the people who force fed this reminder daily.
Many had claim they would set aside partisanship in a crisis and unite to help. Those who left our shores claimed and proffessed they will help too when we citizens are in dire straits. That time has come. We are in a crisis now of unprecedented proportions. And who actually meant their words?
Think of your fellow citizens for once please, unless you are not a singaporean and likely some outsider who takes pleasure in seeing singaporeans down and out or dead.
C'mon, paper loses are not realize lost, it is not the time to change gove/mgt, this will make more chaotic into the current situation, actually, if you look closely, we are still capable of maintaining our selves, we still got much work to do, surf internet, go exercise, drinks, etc etc as per our normal life but just abit lower due to the gloomy times, perhaps mentally, there maybe some worrying but rest assure that everything is A ok.
One hv to prepare himself, train himself, prepare to take on lower income, stay relevant by education and reskilling. When the upturn come around, he/she will be in a better position to take on a better challenge, by then, we can then talk abt changing of govt, but certainly not now, you cannot change a general in a middle of a war.
You can change a general in the middle of a war . Like co-operation when the leader did not manage to keep the company on track or even took up losses. The middle management will lose confidence with the leader also the authority and credibility of the leader will be forfieted ... So it will be time to change .
damm....lose so many billions....
If I lost that much money, I would be depressed day and night, and go jump out of window.
Haizzz.....
Are there two Charles “Chip” Goodyears? One was born in 1958, and the other in 1933!
They even have the same parents!
Can this be true, or is one of them an impostor? A CIA plant? You tell us, we can’t figure this one out!
The facts and docs at http://www.johnharding.com
All I can say is Well DONE!!! 58 Billion in 8 months wow!!! GREAT JOB!!!.........For those who want to give excuse to the current financial melt down by all means......
But I would like to say if you pay someone sitting there to share Common views than he/She is no Great Talent because they are just commoner.....day 2 day folks....
She probably have no clue and not know that there were 67 Trillion dollar globally in default swap....Thanks to the couple who created default swap and Option who infact is just basically passing the buck to the next person game Theory and does not reflect anything to the Economies.......
In Sg we always tell our people to think out of the box. Obviously our leaders think that passing the buck to the next person is thinking out of box........