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June 29th

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June 4th

June 3rd

  • Temasek losses ? Enough is enough : The Online Citizen - a community of singaporeans: 4 June 2009 (20th Annieversary of the Tiananmen massacre) Can someone (Sze Hian or TOC etc) organize something at Speakers? Corner to rally support amongst citizens to demand the government and/or President disclose the full extent of ALL losses by both Temasek and GIC, accountability , etc? Perhaps crowdsource for questions to be raised and formally submitted (petition-styl ed) to the govt and President for proper reply. Let?s fill the Speakers? Corner to overflowing for the first time. Can Singaporeans do a ?Tiananmen? here, in memory of those brave Chinese killed exactly 20 years ago who rightfully should be credited for dismantling the communist system, dismantling the Berlin Wall, the old Soviet bloc, etc?.. The ?lesser mortals? have suffered long enough and it is time to rise up to RIGHT THE WRONG. It is time we UNITE to demand for FULL ACCOUNTABILITY AND TRANSPARENCY for the billions of taxpayers? money lost by Temasek, GIC (and even our CPF? MAS? etc??).

June 2nd

  • An Introduction to CPF rates in Singapore : The Wayang Party (???): Nevertheless, this shows the fact that over the last 30 years, assuming GIC existed for 30 years and invests your CPF for you while paying you the guaranteed rate of 2.5-4%, for every $1 in your account; they earn $1.6 as profits. If Temasek invests your CPF while paying you the guaranteed rate, for every $1 in your account; they earn $19 in profits.

June 1st

  • Temasek Outperforms? : The Wayang Party (???): Better Risk Management and Disclosure Needed Our analysis against the global equity market indices raised a question whether the Ministry of Finance has used a representative benchmark for the emerging market risks that Temasek?s portfolio is exposed to. Using the MSCI World index meant for developed markets is clearly inappropriate, particularly as Temasek is allocating more money into Asia ex-Japan and new emerging markets, like Latin America, Russia and Africa. Apart from not using a more representative equity market benchmark, it also seems strange that the Ministry of Finance is presenting (and hopefully not assessing) Temasek?s portfolio return in US$ terms while the shareholder equity base is in S$. This is crucial given that 70% of Temasek?s investment are in overseas market, the expected forex volatility in the coming months could impact Temasek?s investment performance significantly. Another issue is the management of investment risks.

May 30th

May 25th

  • MPs seek clarity on Temasek's sale of BOA stake (BT, 26 May 2009): The recent news that Temasek Holdings had sold its entire stake in Bank of America (BOA) - at an estimated loss of up to US$4.6 billion - caused much murmuring among Singaporeans from all walks of life. Their main beef? A lack of information on the reasons behind the decision, as well as the sale price, MP Michael Palmer said yesterday. On May 15, it was reported that Temasek had sold all its shares in the US bank in the first quarter of this year, resulting in an estimated loss of between US$2.3 billion and US$4.6 billion. The investment agency stayed silent for a week before it released a statement saying its 'investme nt thesis' had changed after its holding in Merrill Lynch was converted in BOA shares following Merrill's takeover by the bank. The fact that Temasek took so long to give a response resulted in many newspaper articles 'trying to second-guess&# 039; the answers surrounding the sale, he said.
  • PAP MPs' Call for more transparency - On GIC and Temasek's investments: Mr Inderjit Singh (Ang Mo Kio GRC) felt the two investment companies have departed from their original investment goals and asked for a top-level review of the management of Singapore' ;s reserves.

May 19th

  • Norway Thrives by Going Against the Tide - NYTimes.com: As investors the world over sold in a panic, she bucked the tide, authorizing Norway?s $300 billion sovereign wealth fund to ramp up its stock buying program by $60 billion ? or about 23 percent of Norway ?s economic output. ?The timing was not that bad,? Ms. Halvorsen said, smiling with satisfaction over the broad worldwide market rally that began in early March.
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