Breaking News: THE registers of electors here are due for an update, and the Prime Minister has directed that the revision be done by April 30. (Straits Times)
From Bloomberg:
Feb. 17 (Bloomberg) – Government of Singapore Investment Corp., one of two sovereign wealth funds owned by the island, lost as much as S$50 billion ($33 billion) in 2008, the Wall Street Journal said, citing two people familiar with the matter.
The fund doesn’t plan to get rid of its investments including in Citigroup Inc.and UBS AG even as asset values plummet, the newspaper said. GIC expects the two banks to provide substantial long-term returns, according to the report.
Sovereign wealth funds in Asia and the Middle East have pumped money into global financial institutions to help replenish capital eroded by writedowns and losses that have topped $1 trillion globally. GIC, overseeing more than $100 billion of reserves, has invested about $18 billion in UBS and Citigroup since December 2007.
GIC’s losses are similar to those at Temasek Holdings Pte, the city-state’s other sovereign wealth fund, according to the Journal. “GIC does not comment on speculative reports,” Singapore-based spokeswoman Jennifer Lewis said today by phone.
Full report on Bloomberg.
HELP keep the voice of TOC alive!
If you like this article, please consider a small donation to help theonlinecitizen.com stay alive. Please note that we can only accept donations from Singaporeans. Thank you for your assistance.Do you have a flair for writing? Volunteer with us. Email us your full name and contact details to theonlinecitizen@gmail.com
According to this : http://business.asiaone.com/Business/News/My%2BMoney/Story/A1Story20090217-122672.html
GIC lost 50 BLN SGD.
And according to another info which says LHH said GIC lost 41%.
Then am i right to say,
0.41 x total invested = 50 BLN SGD
which means
GIC totally invested $(50) div 0.41 = SGD$ 122 BLN ?????
is it true?
Just could not believe how much more $billions can they keep on pumping out from our nation reserve. TH lost $58billions and now GIC lost $50billions as of last year and now they have to draw from our nation past reserve. If all these $billions were not lost and hidden for so many years from the people, do we folks have to suffer so much today? Do they have to resort to hijacking all our cpf life savings? Do they have to penalised us citizens for their mistakes? Do we folks have to continue working so hard at old age? Why? why do we citizens of singapore have to be pay for all the mistakes made by these greedy govt? Why do they have to made us to be their scapegoats everytime they made mistakes at the expense of us citizens? YOU BUNCH OF GREEDY S.O.B. JUST DON’T KNOW HOW TO STOP THE NATION FROM BLEEDING FURTHER! DO YOU HAVE TO BLEED US TILL OUR WHOLE NATION GOES TOTALLY BANKRUPT?
hi, this post’s headline should specify that it is US$33b, or SG$50b
the $33b with no currency indication is unclear
its SG$50billions lost as of last year March, up to what extend is still unknown to the people as of today.
This is important issue to be address by Gov. Why the Silence?
They disagreed with Sylvia Lim suggestion of taking out $200 million to help 100,000 unemployed Singaporeans for 6 months. On the other hand, they lost billions to foreigners? i cannot understand the logic of it at all.
The Ring (#56)
Ang Mo good, local no good except for the Elite Class. Why you think we have so many FT? FT good, local no good. Not all FT are good, not all FT bring jobs. Some FT employ their own kind also. So how? Local suck thumb.
Times are bad FT can FO and go home, locals die our business.
Can you feel the sincerity of this rubbish gahment? Lose money like water. Enough is enough.
Many of my peers also think that if SG going to die without the vision of LKY, we might as well punt on the opposition. At least they are cheaper and we took a chance. They don’t deliver ppl also won’t feel so sore. This current one has proven nothing except for mistake after mistake.
Blardy crap…always think we peasants only know how to complain. Complain cos unhappy lah! If happy need to complain?
Now complain also no use, the not interested in listen. Only listen to the ruffling of their dollar notes…
pooi!
GIC’s and Temasek’s losses could be muffled because of the recent revision to accounting rules. Illiquid securities are no longer valued at mark-to-market for accounting purposes.
we lost about $100 billion SG dollars total from the losses of both GIC and Temasek. And guess what? We kept that money for the future of Singapore we have been build up for years, and now they had gone to waste.
On a light hearted note….
You must watch THIS:
http://www.youtube.com/watch?v=nTDXosoa3jg&eurl=
Hi Friends, sorry for the belated response.
Know of a late relative who bought a semi-D in 1982(was the RE agent) for $410,000. For past five years, the son had occupied the property and who is not interested to cash-in the more than a million dollars profit. Know also of a relative who paid nearly half a million dollars for a 4-room HDB flat in 1996 and is still living in that apartment which is now worth not more than $400,000.
Has either relative “make” or “lost” money?? No money is made or lost when a transaction is not exercised. Perhaps being a 60yr old, I am more “steadier”.
Please also remember that it is the government’s expertise which have multiplied Singapore’s reserves to admirable levels.
Trust my younger friends do not “kiasu” so quickly.
Abel Tan
becuase i trust our leaders investment acumen and wisdom,
i believe their existing investments are wise.
So, by virtue of this, i hope they put in even more money to existing investments given the rock bottom pricing :) very enticing right?
how much is citigroup price now?
as of now, i googled, its at an enticingly juicy price of :
1.95 -0.56 (-22.31%) 20 Feb 4:00pm ET