Josephine Teo: GIC, Temasek won't take more risks

[Wt_know]

that's base salary leh

usd$173 = sgd$233 = approx sgd$20k/mth base salary?

Edited July 28, 2016 by Wt_know

[Sdf4786k]

its already quite sad to this stage that we have to compare ourself to our neighbour 

 

to console ourself that we are the lucky 1 lol.

 

actually, if we are not careful, the next big giant is infact India. 

 

They already have way more superior academic qualified next gen to filled up the role while our poly students are still struggling to get simple qualification and certification. As an example, if you look at the banking industry, who in Singapore knows Tibco from poly. Who is equipe to join the IT security workforce with CISSP? who knows swift and Terminos T24?

 

We are ill skilled in this area and when I read the course for futureskill, its like throwing money down to equipe the people for coffee barista and nursing. Trust me. Its good IF you are trying to offer the hawker assistant a leg up in the industry or trying to provide the different segemnt of the industry BUT my grivance is more towards, a thinking process where the realisation should be -

 

Yes, while the people were working hard and making a living, they were infact too caugth up in the rat race and here are the list of jobs that the FT are still replacing or are in a much more preferred advantage . Take this course and we will assured yu a placement with the company to take you to the next stage of evolution for the new sector in the industry. After all, we need to work till 65 so lets not kid ourself that because we are 45 yo 55 and lost our job, its too late to move to a new focus direction in life. 

 

They already have most of the top brass in the key industries.

 

And if they show hand again like how the key decision maker "suggest" to put people in SG during the subprime crisis to create kachang putay jobs for the singaporean, else they put growth area in other part of the world, then it will be a sad sad day for all of us....

 

Look at the car industry with Jag and Tata. Not to mention, the strong support of the citzen for the cars

 

Then look at the Infor comm side of things.

 

Then look at commodity and trade

 

Then look at ourselves. We may pride ourself on our way of life, our HDB success story and that's where it ends.

 

Look at India with the urban planning of their new town vs our urban planning of tengnah and bukit brown.

 

I believe we need to start to re look at how we can built a better tomorrow before we become like the story of who move my cheese.

 

Already the Boh hui attitude of the hague ruling by china is a worrying trend

 

North Korea defiance is another

 

Japan has the ability to have military might again.

 

And US is rethinking of the TPP with the election coming, its going to be a very tough year next year . Forget about this year. We already considered nothing could be done already until the landscape is clearer. 

Edited September 15, 2016 by Sdf4786k

[A_korusawa]

actually, if we are not careful, the next big giant is infact India. 

 

They already have way more superior academic qualified next gen to filled up the role while our poly students are still struggling to get simple qualification and certification. As an example, if you look at the banking industry, who in Singapore knows Tibco from poly. Who is equipe to join the IT security workforce with CISSP? who knows swift and Terminos T24?

 

We are ill skilled in this area and when I read the course for futureskill, its like throwing money down to equipe the people for coffee barista and nursing. Trust me. Its good IF you are trying to offer the hawker assistant a leg up in the industry or trying to provide the different segemnt of the industry BUT my grivance is more towards, a thinking process where the realisation should be -

 

Yes, while the people were working hard and making a living, they were infact too caugth up in the rat race and here are the list of jobs that the FT are still replacing or are in a much more preferred advantage . Take this course and we will assured yu a placement with the company to take you to the next stage of evolution for the new sector in the industry. After all, we need to work till 65 so lets not kid ourself that because we are 45 yo 55 and lost our job, its too late to move to a new focus direction in life. 

 

They already have most of the top brass in the key industries.

 

And if they show hand again like how the key decision maker "suggest" to put people in SG during the subprime crisis to create kachang putay jobs for the singaporean, else they put growth area in other part of the world, then it will be a sad sad day for all of us....

 

Look at the car industry with Jag and Tata. Not to mention, the strong support of the citzen for the cars

Then look at the Infor comm side of things.

Then look at commodity and trade

Then look at ourselves. We may pride ourself on our way of life, our HDB success story and that's where it ends.

Look at India with the urban planning of their new town vs our urban planning of tengnah and bukit brown.

I believe we need to start to re look at how we can built a better tomorrow before we become like the story of who move my cheese.

Already the Boh hui attitude of the hague ruling by china is a worrying trend

North Korea defiance is another

Japan has the ability to have military might again.

And US is rethinking of the TPP with the election coming, its going to be a very tough year next year . Forget about this year. We already considered nothing could be done already until the landscape is clearer. 

well said, but not well covered!

our gahmens do have a huge baggage on their shoulders besides all these musical chairs in rotating our sgd to keep the values!

and the huge baggege includes:

- none other than you & me in the next 20-30yrs, i.e. the silver generations where the country is no longer capable to look after as promised today!

- none other then the genZ1 you mentioned above who stil has no clues what they are heading next, sucking thumbs thinking they'd be blessed like their parents!

 

sillypore has no space like india, korea, japan or even china where they silver gens are well placed; physically, medically & religiously . . . .

our future silver gen only have their cpf (and some insurances, not all) that could be even worthless, just like local assets (hdb, condos etc.), if there's no coverages for the gen Z, Z1, to pay their future debts!  even smrt gotta "ballooned" up their portfolios for temasek's gic $ just for maintenances in the hope that operations can last by increasing future rides fees for breakeven.

 

obama could just be using pinky as reminders to his fellow yankees on the repercussions of amending the tpp, by inviting him for that so-called state dinner; pui!

 

sillypore will soon be needed to revise its wealth structural like the germans prior the millenium  . . . .

i.e. superscale leaders will not be necessary here where there are nothing to lead!

instead, industrialization leaders in future infrastructure should be driving the good causes!

the peaceful sg50 years may not be repeatable in the next 20-30 with neighbouring muscles competiting for survivors . . . .

 

gtg

[Sdf4786k]

well said, but not well covered!

our gahmens do have a huge baggage on their shoulders besides all these musical chairs in rotating our sgd to keep the values!

and the huge baggege includes:

- none other than you & me in the next 20-30yrs, i.e. the silver generations where the country is no longer capable to look after as promised today!

- none other then the genZ1 you mentioned above who stil has no clues what they are heading next, sucking thumbs thinking they'd be blessed like their parents!

 

sillypore has no space like india, korea, japan or even china where they silver gens are well placed; physically, medically & religiously . . . .

our future silver gen only have their cpf (and some insurances, not all) that could be even worthless, just like local assets (hdb, condos etc.), if there's no coverages for the gen Z, Z1, to pay their future debts!  even smrt gotta "ballooned" up their portfolios for temasek's gic $ just for maintenances in the hope that operations can last by increasing future rides fees for breakeven.

 

obama could just be using pinky as reminders to his fellow yankees on the repercussions of amending the tpp, by inviting him for that so-called state dinner; pui!

 

sillypore will soon be needed to revise its wealth structural like the germans prior the millenium  . . . .

i.e. superscale leaders will not be necessary here where there are nothing to lead!

instead, industrialization leaders in future infrastructure should be driving the good causes!

the peaceful sg50 years may not be repeatable in the next 20-30 with neighbouring muscles competiting for survivors . . . .

 

gtg

 

there is always, ---- we hear you, but we know whats best for u approach and go back to pump up more newly minted FT

 

 

[Lala81]

If you understand the geopolitical nature of india.

We don't need to be afraid of India the country. India is not a monolith, it's a large pile of rocks.

 

We just need to be worried about their upper middle class who is mobile and has the whole world as their oyster. They have a population 400times ours, of course the breadth and scope of their talent is higher.

 

We need to worry about the Chinese.

I think with SkillsFuture, they realise that the way they pushed Engineering, IT, then Biomedical etc like in the past, will no longer work in this globalised economy. The companies will just pick the FT with the relevant degrees and expertise.

 

In a sense it maybe a scatter/shotgun approach, but i think many ideas in the new economy are more about collaboration and idea sharing between different disciplines. That's my thoughts after reading 1-2 books on creativity, 

 

actually, if we are not careful, the next big giant is infact India. 

 

They already have way more superior academic qualified next gen to filled up the role while our poly students are still struggling to get simple qualification and certification. As an example, if you look at the banking industry, who in Singapore knows Tibco from poly. Who is equipe to join the IT security workforce with CISSP? who knows swift and Terminos T24?

 

We are ill skilled in this area and when I read the course for futureskill, its like throwing money down to equipe the people for coffee barista and nursing. Trust me. Its good IF you are trying to offer the hawker assistant a leg up in the industry or trying to provide the different segemnt of the industry BUT my grivance is more towards, a thinking process where the realisation should be -

 

Yes, while the people were working hard and making a living, they were infact too caugth up in the rat race and here are the list of jobs that the FT are still replacing or are in a much more preferred advantage . Take this course and we will assured yu a placement with the company to take you to the next stage of evolution for the new sector in the industry. After all, we need to work till 65 so lets not kid ourself that because we are 45 yo 55 and lost our job, its too late to move to a new focus direction in life. 

 

They already have most of the top brass in the key industries.

 

And if they show hand again like how the key decision maker "suggest" to put people in SG during the subprime crisis to create kachang putay jobs for the singaporean, else they put growth area in other part of the world, then it will be a sad sad day for all of us....

 

Look at the car industry with Jag and Tata. Not to mention, the strong support of the citzen for the cars

 

Then look at the Infor comm side of things.

 

Then look at commodity and trade

 

Then look at ourselves. We may pride ourself on our way of life, our HDB success story and that's where it ends.

 

Look at India with the urban planning of their new town vs our urban planning of tengnah and bukit brown.

 

I believe we need to start to re look at how we can built a better tomorrow before we become like the story of who move my cheese.

 

Already the Boh hui attitude of the hague ruling by china is a worrying trend

 

North Korea defiance is another

 

Japan has the ability to have military might again.

 

And US is rethinking of the TPP with the election coming, its going to be a very tough year next year . Forget about this year. We already considered nothing could be done already until the landscape is clearer. 

 

[Kusje]

 

UBS Group AG’s largest shareholder, Singapore’s sovereign fund GIC Pte, is slashing its ownership in the Swiss bank by offering a 2.4 percent stake worth about $1.6 billion.

“Conditions have changed fundamentally since GIC invested in UBS in February 2008, as have UBS’ strategy and business,” GIC Chief Executive Officer Lim Chow Kiat said early Tuesday in a statement. “It makes sense now for GIC to reduce its ownership of UBS and to redeploy these resources elsewhere,” Lim said. GIC is “disappointed” that it lost money on the investment, according to the statement.

UBS is managing the sale, the Zurich-based bank said in an earlier statement. GIC said it previously owned 5.1 percent of the Swiss bank’s shares and that it will now own 2.7 percent. GIC is selling 93 million shares through an accelerated bookbuilding to institutional investors.

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GIC invested in Switzerland’s biggest bank early in the financial crisis, purchasing debt that converted into stock when UBS needed capital to cover losses on subprime mortgage bonds. In 2010, the Singapore wealth fund became the bank’s largest investor after the securities were converted into stock. UBS has since given up its ambitions to become a top global investment bank, focusing instead on the more predictable business of wealth management.

‘Rare Chance’

The crisis “offered a rare chance to take major stakes in the international banking sector,” GIC said in its statement. The fund made a profitable investment in New York-based Citigroup Inc.

“The combined return on the UBS and Citigroup investments has been positive in mark-to-market terms,” GIC added in a later statement.

Jeffrey Jaensubhakij, GIC’s new chief investment officer, has said technology and health care may offer promising investment opportunities over the next decade, as muted global growth weighs on returns from traditional assets.

To read more on GIC’s investment thesis, click here.

"Maybe GIC just found better ways to invest their money, maybe they had enough of banking,” said Peter Casanova, a Kepler Cheuvreux analyst. 

UBS shares fell 1.3 percent to 16.61 francs in Zurich, erasing earlier gains. The stock has climbed 4.1 percent this year, though it’s still well below where it traded in December 2007, when GIC first announced its investment.

UBS at the time was raising capital amid a $10 billion writedown on subprime mortgage investments. The infusion wasn’t enough to avoid a bailout the following year, when UBS’s toxic investments were moved to a fund backed by the country’s central bank.

By the time GIC completed the conversion of its 11 billion Swiss francs ($11 billion) of notes, the stock had lost about two-thirds of its value, though the unrealized loss was partly offset by interest payments.

 

Seems like they gave up... from the first page of the thread, total purchase price is 14 bil SGD but info comes from TRE so add some salt to it.

 

 

GIC

In late 2007, GIC invested a massive 11 billion Swiss francs (then S$14 billion) – GIC’s largest investment ever – for a major stake in UBS [Link]. According to Reuters, GIC’s investment in UBS was later converted to UBS shares at 47.7 Swiss francs, making GIC the largest shareholder of UBS at 6.6% of equity [Link].

 

Based on Friday’s (7 Mar) closing price for UBS shares of 18.63 Swiss francs, GIC has lost some 61% or S$8.5 billion.

UBS share price in Swiss francs (CHF):

 

[Throttle2]

Good move by GIC, risk is too concentrated lah.

 

If they buy a stake of Rolex, that would be a winner!

 

Muayhahaha

[Little_prince]

Seems like they gave up... from the first page of the thread, total purchase price is 14 bil SGD but info comes from TRE so add some salt to it.

it's a sign.

 

time to sell banks.

[Karoon]

Now that temasek is considered a govt revenue contributor, i get worried. When there is a shortfall motorists almost always quietly kanna whack. Cash cow we are.

[Evillusion]

Now that temasek is considered a govt revenue contributor, i get worried. When there is a shortfall motorists almost always quietly kanna whack. Cash cow we are.

nevermindlah.....as long as its not 1mdb sort of scandal i wont mind. Whats 30 and 11 billion? Can cover the loss i a few yrs with revenue from coe.

[Porker]

GIC seems to have a penchant for investing prior to a meltdown. Read the co investment with KKR in Brazil.

 

https://www.theguardian.com/business/2017/may/02/barclays-chief-equity-firm-jes-staley-kkr-whistleblower

 

[Rayleigh]

I like they way they statement the cushion "“The combined return on the UBS and Citigroup investments has been positive in mark-to-market terms,” GIC added in a later statement."

 

Instead of talking about UBS, it chose to lump citibank together with USB to make it look so positive. Did they consider lumping all investments? Why only Citibank? Next time, I will boost to my friend, the combined return of my investment and my relatives/auntie/uncles/parents/parent-in-law investments has been positive in mark-to-market terms. Haha. Feels so good, so good indeed.  

 

Think all the towkays in MCF are better investors, profit after profit, making me so jelly. 

Edited May 21, 2017 by Rayleigh

[Throttle2]

I like they way they statement the cushion "“The combined return on the UBS and Citigroup investments has been positive in mark-to-market terms,” GIC added in a later statement."

 

Instead of talking about UBS, it chose to lump citibank together with USB to make it look so positive. Did they consider lumping all investments? Why only Citibank? Next time, I will boost to my friend, the combined return of my investment and my relatives/auntie/uncles/parents/parent-in-law investments has been positive in mark-to-market terms. Haha. Feels so good, so good indeed.

 

Think all the towkays in MCF are better investors, profit after profit, making me so jelly.

To be a bit fairer to GIC

Becos, we should not assess them on a piecemeal basis.

Not every investment will make money.

But they should be lumping all the investments in fin insti to see how well they did.

Not just with Citi.

 

That said

It wasnt wrong to go in and buy up the big names during the last crisis.

Citi, UBs, merill etc...

But GIC timing not that good.

Too kancheong, bot too high.

I would agree they are not very good in that department.

 

[Hosaybo]

I like they way they statement the cushion "âThe combined return on the UBS and Citigroup investments has been positive in mark-to-market terms,â GIC added in a later statement."

 

Instead of talking about UBS, it chose to lump citibank together with USB to make it look so positive. Did they consider lumping all investments? Why only Citibank? Next time, I will boost to my friend, the combined return of my investment and my relatives/auntie/uncles/parents/parent-in-law investments has been positive in mark-to-market terms. Haha. Feels so good, so good indeed.

 

Think all the towkays in MCF are better investors, profit after profit, making me so jelly.

Buying like GIC is not like buying like a sole investor and should not be judge in the same manner. The size and quantum can move the market whereas a sole investor, is like a drop in the ocean. Totally different ball game.

 

But that aside, GIC did it position that well with that deal but these are 马后炮 type of statement.

[Kangadrool]

How to look at it in entirety? Will take more than 50 man years to compile and calculate. By then, the prices would have fluctuated again, then they need new excel spreadshit (or FOC LibreOffice Calc Spreadshit or OpenOffice.... or Google Shit....) again! 

Edited May 21, 2017 by Kangadrool

[Wt_know]

billions and billions from CPF is used for investment but only give a meagre 2.5% interest

so the result of their "overall" investment is considered Good, Bad or CMI?

Edited May 22, 2017 by Wt_know

[Throttle2]

How to look at it in entirety? Will take more than 50 man years to compile and calculate. By then, the prices would have fluctuated again, then they need new excel spreadshit (or FOC LibreOffice Calc Spreadshit or OpenOffice.... or Google Shit....) again!

Not easy

 

So at least use the accepted convemtional wayyear on year, qtr on qtr valuation.

One difficulty is the balance of not revealing certain information for a competitive edge versus revealing certain things for accountability.

[Sdf4786k]

I like they way they statement the cushion "“The combined return on the UBS and Citigroup investments has been positive in mark-to-market terms,” GIC added in a later statement."

 

Instead of talking about UBS, it chose to lump citibank together with USB to make it look so positive. Did they consider lumping all investments? Why only Citibank? Next time, I will boost to my friend, the combined return of my investment and my relatives/auntie/uncles/parents/parent-in-law investments has been positive in mark-to-market terms. Haha. Feels so good, so good indeed.  

 

Think all the towkays in MCF are better investors, profit after profit, making me so jelly. 

sounds like a ex colleague talking from the way they gave the statement.

 

Ask him how he did at the race course and he will tell you on how his bet went and how the horse race against each other and even he lost, he will say the horse ran a good race so loose is nothing Plus the fact that other race (one of the race) he won a bit. So the lost isn't that great. And blah blah blah .. oh look at the time, lets get back to work..

 

And next week again same sob story...