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Hoho! Read this statement quoted from link : http://www.channelnewsasia.com/stories/singaporebusinessnews/view/408020/1/.html
"Mrs Lim also reiterated that Temasek must continue to operate commercially without government interference. But she does not rule out the possibility of a third investment fund set up to buy into local companies hit by the current downturn. Mrs Lim was addressing suggestions for Temasek to play a role in rescuing local firms that have been affected by the economic crisis"
We do not have to if our investment timing is delay for just another six months, if we are more careful with each time we learn from our mistake So after lossing so much in 2006 and 2007...they still have not learn their lesson. and can afford to lost more in 2008, then after, another huge lost this year..2009.
In 2007 Temasek Holdings saw their holdings drop between 55% to 100% as of October 21st, as ABC Learning(bought in May 2007 at A$7.40) has gone bankrupt, Shin Corp(bought for US$3 billion in 2006) has plunged 70% and well over $2 billion each are being lost in their holdings in StandardChartered, Barclays, Merrill Lynch and Citigroup(down 88%).
Who is response for all this Temasek Holdings' portfolio of investments...solid four years of huge losses.. and this, in defence of thier explaination in this exceptional down turn...for more info...click below
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/408020/1/.html
Senior Minister of State for Finance and Transport, Lim Hwee Hwa, said: "This is less than the corresponding declines in the MSCI Singapore Index of 44 per cent and the MSCI Asia ex-Japan of 45 per cent both in Singapore dollar terms over the same period."
teeth53 ( Date: 10-Feb-2009 20:10) Posted:
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Teeth thot...Dec 2008 is the worst month..? then Jan 2009 is equally as worst. So we make so much red flag and all went into the drain...
Temasek's investment portfolio down 31% to S$127b as of 30 Nov 2008
This was down S$58 billion from S$185 billion eight months earlier in light of the global financial crisis.
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."
Singapore has recently entered into a currency swap
arrangement with the US Federal Reserve, which worked
out the swap arrangements with selected countries
including Brazil and Korea, to avert the financial
crisis, data of the US Federal Reserve show.
Unlike Korea, which has drawn down the currency swap
arrangement, Singapore has not yet drawn down the
swap.
ekekeg ( Date: 09-Feb-2009 14:55) Posted:
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jackjames ( Date: 09-Feb-2009 14:52) Posted:
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We don't know what is in their sleeves. Maybe they are buying through proxies.
Anyway not only buy BOA, we should also accummulate the new giant DBS.
after watching 25 minutes of BOA CEO interview at CNBC, it is quite promosing, no wonder the share price slowly picking up, if one day, they dare to ask money from the federal for bailout, I admit US company is really sucks..
I trust them one more time.
Temasek got money, whether they want to risk another 2 billions is another question, well, buy at $4, the average also about >$15... still dead.. no wonder they don't want to do cost averaging.. so, what are we waiting for, let's buy it man...
tchoonw ( Date: 09-Feb-2009 14:30) Posted:
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jackjames ( Date: 09-Feb-2009 14:22) Posted:
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jackjames ( Date: 09-Feb-2009 14:22) Posted:
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If they aim for long term, they should buy more shares from the open market while BOA drops to $3.80 , just like the BOA management did for the past few weeks, enjoy shopping at price of $4-$6... but why thet are sitting at $27, and said aim for long term? that's weird.. by the time, those management, eat until full.... it shot up to $27, they earn 400-600%, but Temasek just breakeven...
I strongly suggest them to buy more shares if their philosophy is for 15 years, 20 years..
kacang putih like us know how to think, they are expert, cannot think cost averaging meh?
ekekeg ( Date: 09-Feb-2009 13:08) Posted:
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equator2010 ( Date: 09-Feb-2009 14:10) Posted:
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tchoonw ( Date: 09-Feb-2009 14:05) Posted:
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Guys, I'm not trying to side anybody. The global financial crisis has hit even the smartest of investors, so please don't blame her for losing money in the investments. This is rather unfair. Just name me who did not lose money in last years turmoil? Name the prominent ones, please.
Give everybody a chance. The market will redeem itself over time. Be patient.
Cheers.
This one involved PM wife..and S'pore worst down turn of this century n once mis-judgement happen on such a huge scale....losting multi billions of Sing dollar, investing not one or two, but many bankers and with lousy reason like we invested for long, long term..err 15 years or 20 years....who do not know, believe kids also can tell, then why reported annually, might as well do not report..wait for long tern then declare we made more , alot more....
I highlighted those flaws so as to made afew decision play maker like Chairman n CEO who is earning million to wakeup their idea from their dream...they R either willingly or very brunt...lossing one after another n another w/o accountibilties...
Now only left d old chair man..has got the cheek to mention since 3 three years back looking for someone to takeover...sick to hear that when Ta Ma Sick is sickening by....hanging on to say we not no much talented peopl's to takeover such job.
scotty ( Date: 08-Feb-2009 13:37) Posted:
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