Major Singapore industries in peril
Thursday, 12 February 2009
Saudi Gazette
Falling
profits, a weakened currency and decreased international travel all
plagued Singarpore from its largest airline to its telecom company and
its sovereign wealth fund.
The sovereign wealth fund Temasek
Holdings, which helped bail out Wall Street icon Merrill Lynch, fell 31
percent over eight months last year, a minister said Tuesday, according
to local radio.
Senior Minister of State for Finance Lim Hwee Hua told parliament
that Temasek’s portfolio of investments fell to $84.7 billion, 31
percent down from $185 billion, in the eight months to the end of
November.
But Lim said the fall in Temasek’s portfolio value was
less than declines in two stock indices, including the MSCI Singapore
Index, which she said dropped 44 percent in Singapore dollar terms over
the same period, the report said.
Last August Temasek announced
that in the year to March its portfolio rose in value to 185 billion
dollars, up 13 percent from 164 billion dollars the previous year.
GIC,
one of the world’s largest sovereign wealth funds, in September said
its nominal rate of return over the past 20 years was 7.8 percent in US
dollar terms.
It said it managed well over $100 billion in investments.
Singapore
Airlines (SIA) said its net profit came in to $225 million, from $590
million, on revenue of $4.16 billion, which was down 2.6 percent year
on year, the airline said in a statement, Tuesday
SIA, one of
Asia’s major airlines, blamed the decreased earnings on decreasing
numbers of international passengers which it said were down 4.2 percent
to 4.8 million from the October to December period the year before.
It also said it was carrying 14 percent less freight during the quarter.
“Demand for air transportation is expected to remain weak for much of 2009,” SIA warned.
Last
month SIA announced the suspension of some international flights,
saying it did not want to fly half-empty planes around the world.
Flights to India, Southeast Asia, the United States and Europe were
among those affected.
Southeast Asia’s largest telecom company
was also in trouble, reporting a 16 percent fall in third-quarter net
profit blaming it on a depreciating currency which weighed heavily on
earnings. SingTel said its performance was strong in Singapore and
Australia, but some of its regional mobile associates in Indonesia, the
Philippines and Pakistan were weaker.
“The global economic slowdown has started to impact the group,” added the company, which is majority-owned by Temasek Holdings.
Net
profit in the three months to December 31 was 799 million Singapore
dollars (532.7 million US), down from 952 million during the same
quarter a year earlier, the company said.
The net profit was better than the $774 million forecast in a poll of analysts by Dow Jones Newswires.
Operating
revenue fell by 3.2 percent to 3.7 billion dollars but would have risen
by 14 percent if the Australian dollar - which dropped 23 percent
against the Singapore currency - had remained stable, SingTel said.
http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentID=2009021128952
so.. what do you suggest be done?
Originally posted by Poh Ah Pak:Southeast Asia’s largest telecom company was also in trouble, reporting a 16 percent fall in third-quarter net profit blaming it on a depreciating currency which weighed heavily on earnings. SingTel said its performance was strong in Singapore and Australia, but some of its regional mobile associates in Indonesia, the Philippines and Pakistan were weaker.
no wonder nowadays getting more and more shows with sms/call voting ![]()
quote <<
Senior Minister of State for Finance Lim Hwee Hua told parliament that Temasek’s portfolio of investments fell to $84.7 billion, 31 percent down from $185 billion, in the eight months to the end of November.
>>
Can someone tell me how the 31% is being derived? Original value 185 Billion. end of Nov 84.7 Billion.
Reduction in value - 185 -84.7 = 100.3 Billion.
Percentage reduction in value = 100.3 / 185 = 54%!!!
Originally posted by spencer99:quote <<
Senior Minister of State for Finance Lim Hwee Hua told parliament that Temasek’s portfolio of investments fell to $84.7 billion, 31 percent down from $185 billion, in the eight months to the end of November.
>>
Can someone tell me how the 31% is being derived? Original value 185 Billion. end of Nov 84.7 Billion.
Reduction in value - 185 -84.7 = 100.3 Billion.
Percentage reduction in value = 100.3 / 185 = 54%!!!
Putting an end to market speculation on investment losses due to the worldwide financial crisis, Senior Minister of State (Finance and Transport) Lim Hwee Hua told Parliament yesterday that Temasek's net portfolio value fell 31 per cent from $185 billion at March 31, 2008 to $127 billion at Nov 30, 2008.
The "84.7 Billion" you quoted is probably US$
Originally posted by spencer99:quote <<
Senior Minister of State for Finance Lim Hwee Hua told parliament that Temasek’s portfolio of investments fell to $84.7 billion, 31 percent down from $185 billion, in the eight months to the end of November.
>>
Can someone tell me how the 31% is being derived? Original value 185 Billion. end of Nov 84.7 Billion.
Reduction in value - 185 -84.7 = 100.3 Billion.
Percentage reduction in value = 100.3 / 185 = 54%!!!
Very observant of you spencer99......
Originally posted by oldbreadstinks:
no wonder nowadays getting more and more shows with sms/call voting
wah, i'm wondering how those charitable organisations are doing man.
Originally posted by alwaysdisturbed:wah, i'm wondering how those charitable organisations are doing man.
don't see much of them now, not like last time before durai case when every 3-4 months a new show coming.
nowadays its mostly
"their fate is in your hands, the judges have spoken but you the public can still make a difference! quick call now and support your favourite candidate! calls/sms at 80cents each,children under 21 please consult your parents"
but anyone else saw the dating thing on tv recently? i saw the ad and i was like wtf? they charge you $6 per sms THEY send you and once you sms them they'll send you 4
thats like $24 , for dating advise?!?! who the fark's so stoopid to go and try?
i'm still very irritated why is there tax on donations and service charges for people who wanna donate.
put it this way, there is no industry in the world that could have done well. Temasek would be better off to stay away from the market and enter a better time. On the otherhand, even company such as goldman sachs, morgan stanley has misjudge the tsunami of this financial crisis.
Originally posted by reyes:put it this way, there is no industry in the world that could have done well. Temasek would be better off to stay away from the market and enter a better time. On the otherhand, even company such as goldman sachs, morgan stanley has misjudge the tsunami of this financial crisis.
no leh
still got match maker doing well, i think i read about that in the papers.