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kohpc

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International Edition | Friday, May 9, 2014 4:43 AM AEST

International Business Times World Business > Asia/Pacific

Temasek loses $39.91 billion



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30 May 2009 @ 03:38 am AEST
Temasek Holdings, Singapore's state owned investment company lost US$39.91 billion between March and November 2008, or about half of its portfolio gains from the previous five years, the city state's finance minister, Tharman Shanmugaratnam said.

Mr. Tharman, speaking in parliament stated that the fall in the portfolio was due mainly due to the decline in the value of investments in Singapore caused due to the global financial crisis. He did not disclose the losses incurred by the fund from the recent sale of its holdings in Bank of America Corp.



Mr Tharman said, "Of the S$58 billion decline, S$32 billion was attributable to the drop in market value of just the 10 largest publicly listed Temasek-linked companies in Singapore,"



In Singapore, Temasek controls Keppel Corp., the world's largest rig-builder; Singapore Airlines Ltd.; property developer CapitaLand Ltd.; and Singapore Telecommunications Ltd., Southeast Asia's biggest telecommunications operator by revenue.



Mr. Tharman added that the S$58 billion fall also includes "all unrealized losses" including mark-to-market losses from Temasek's investment in Merrill Lynch. He said the full-year accounts ending March 2009 would not be too different from the losses disclosed since there haven't been any major changes in global equity markets from the end of November to March this year.



In December 2007, Temasek bought 14% in Merrill and this stake was converted into shares of Bank of America following Merrill's acquisition by the U.S. bank in September. Temasek confirmed that it had divested its entire stake in Bank of America during the first quarter of the year.



"The sale of its [Bank of America] stake does not signify a shift in Temasek's investment orientation, from long term to short term," Mr. Tharman said. "Temasek may divest an investment, even at a loss, to get a better mix of risks for its overall portfolio or to position itself to take advantage of opportunities elsewhere."



Mr. Tharman further stated that Temasek makes riskier investments as compared to the Government of Singapore Investment Corp., which invests Singapore's foreign-exchange reserves, and in turn is expected to generate higher returns.



"While Temasek has performed better than many other large investors over this six-year market cycle, it is not realistic to expect it to outperform in every cycle," he said. "It is also not realistic to expect it to avoid losses on every individual investment, or losses on its overall portfolio when the markets go through sharp corrections."

This article is copyrighted by Ibtimes.com.au.
 

halsey02

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Asset
It is realistic that we should not be getting out CPF for they will keep changing the min sum & we will work till we are 99..."While Temasek has performed better than many other large investors over this six-year market cycle, it is not realistic to expect it to outperform in every cycle," he said. "It is also not realistic to expect it to avoid losses on every individual investment, or losses on its overall portfolio when the markets go through sharp corrections."

Please be realistic...you guys! ha ha ha ha
 

laksaboy

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Asset
I view the CPF as another form of taxation on my disposable income.

But for those of you who still pine for your CPF funny-money, here's a more appropriate way of looking at it:

The CPF is a pay-as-you-go deposit fee for membership (SG citizenship). You can only reclaim the deposit in full when you relinquish your membership.
 

Dark Knight

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Asset
I thought "Tema the sick" got many con-sultants to provide advice/advise in invesment decisions to HC and that cry baby LBH?
After so many years still cannot generate wealth and yet still need to pump in $$$ from tax payer's CPF account?
 

virus

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GIC too. barclay just closed their investment wing after losing substantially on bad purchases and also heavy fines by labor government. 7000 got the sack and 12000 more to go.
 

laksaboy

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I heard horror stories from those working in the financial/banking industry. You could be happily having lunch at 1pm, then be retrenched and escorted out of the building by a security guard before 4pm. Things happen very quickly.
 

virus

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that's like lulaby. the real horror stories r in temasek and GIC.

you tot you would lose a hand or a leg for burning out billions. NNNNNNNnnnnnnnnnnnnnnnoooooooooooooo they make sure you die a slow death.

get you another 5 billion more to burn.


cheats.jpg
 

imagery

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I heard horror stories from those working in the financial/banking industry. You could be happily having lunch at 1pm, then be retrenched and escorted out of the building by a security guard before 4pm. Things happen very quickly.

That could be because of IT security concerns.
 

Satyr

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I view the CPF as another form of taxation on my disposable income.

But for those of you who still pine for your CPF funny-money, here's a more appropriate way of looking at it:

The CPF is a pay-as-you-go deposit fee for membership (SG citizenship). You can only reclaim the deposit in full when you relinquish your membership.

Usually membership has it's privileges, ours has liabilities.
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
I view the CPF as another form of taxation on my disposable income.

I found that CPF was very useful when it came to investing in property. Without CPF, I would have made at least $600,000 less with my property investments and this was way back in the late 80s when that was a lot of money.

CPF is truly a godsend. I thank the PAP profusely on a daily basis for conjuring up such a scheme.
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
Usually membership has it's privileges, ours has liabilities.

What sort of liabilities? I put a lot of money into CPF and it did me a world of good. Explain how it would end up affecting anyone negatively.
 

LEGEND

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Asset
I found that CPF was very useful when it came to investing in property. Without CPF, I would have made at least $600,000 less with my property investments and this was way back in the late 80s when that was a lot of money.

CPF is truly a godsend. I thank the PAP profusely on a daily basis for conjuring up such a scheme.

KNN. Last time police wear shorts lah. Last time no minimum sum and no additional stamp duty for 2nd property purchase. :oIo:
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
KNN. Last time police wear shorts lah. Last time no minimum sum and no additional stamp duty for 2nd property purchase. :oIo:

When I started contributing to the CPF, the police were already in blue and the minimum sum was introduced soon after.

As for stamp duty don't let it bother you there's still loads of money to be made. Just pay it. Over the medium to long term, it won't make any difference. You can still make a lot of money.
 
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