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Coffeeshop Chit Chat - 154th HIDE GIC losses,the NETexposes it </TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>Fkapore <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>4:51 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 7) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>27043.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>
Straits Times published GIC losses over Stuyvescant town 2 days after Temasek Review
January 12, 2010 by admin01
Filed under Headlines
Leave a comment
Written by Our Correspondent
Two days after The Temasek Review reported on the gigantic losses suffered by GIC in a New York city property project Stuyvesant Town, the Straits Times has little choice but to follow suit with a watered-down version on 11 January 2010. (read our article here)
When contacted by Straits Times, GIC finally confirmed that it incurred losses from an investment in the project after the American owners defaulted on a debt payment at the weekend. (read Straits Times article here)
News of its possible losses surfaced as early as September last year in an article on the Wall Street Journal, but GIC had declined to comment on the matter. Neither did the Singapore media report on it.
On 8 January 2010, Tishman Speyer and BlackRock Inc released an official statement saying that “they wouldn’t make a full scheduled debt payment to senior lenders on Stuyvesant Town and Peter Cooper Village.” (read report here)
CWCapital, the special servicer acting on behalf of the lenders is expected to issue a notice of default over the payment which amounts to $16 million dollars.
According to Straits Times, ”GIC has written off the losses, which reports have estimated to be around US$575 million in debt and US$100 million to US$200 million in equity” which translates to a loss of between SGD$945 million and SGD$1.085 billion dollars, a mindboggling figure. (USD$1 = SGD$1.4)
Ten years ago, the Straits Times will not bother to report on the losses and most Singaporeans will still be kept in the dark save for a few in the finance industry.
Now with the new media providing an alternative source of news to the mainstream media, it can no longer afford censor such bad news from the general public.
If it chooses to ignore the news, its credibility will take a beating as readers continue to flock to alternative news sites like ours for news not published by the state media.
However, by publishing the news, the Straits Times is publicizing the matter to a wider audience. The state media is hence stuck in a Catch-22 situation.
Either way, we will be the ultimate beneficiaries as the state media continues to prove itself to be impotent, unreliable and untrustworthy in its coverage of local news, especially those pertaining to politics.
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Straits Times published GIC losses over Stuyvescant town 2 days after Temasek Review
January 12, 2010 by admin01
Filed under Headlines
Leave a comment
Written by Our Correspondent
Two days after The Temasek Review reported on the gigantic losses suffered by GIC in a New York city property project Stuyvesant Town, the Straits Times has little choice but to follow suit with a watered-down version on 11 January 2010. (read our article here)
When contacted by Straits Times, GIC finally confirmed that it incurred losses from an investment in the project after the American owners defaulted on a debt payment at the weekend. (read Straits Times article here)
News of its possible losses surfaced as early as September last year in an article on the Wall Street Journal, but GIC had declined to comment on the matter. Neither did the Singapore media report on it.
On 8 January 2010, Tishman Speyer and BlackRock Inc released an official statement saying that “they wouldn’t make a full scheduled debt payment to senior lenders on Stuyvesant Town and Peter Cooper Village.” (read report here)
CWCapital, the special servicer acting on behalf of the lenders is expected to issue a notice of default over the payment which amounts to $16 million dollars.
According to Straits Times, ”GIC has written off the losses, which reports have estimated to be around US$575 million in debt and US$100 million to US$200 million in equity” which translates to a loss of between SGD$945 million and SGD$1.085 billion dollars, a mindboggling figure. (USD$1 = SGD$1.4)
Ten years ago, the Straits Times will not bother to report on the losses and most Singaporeans will still be kept in the dark save for a few in the finance industry.
Now with the new media providing an alternative source of news to the mainstream media, it can no longer afford censor such bad news from the general public.
If it chooses to ignore the news, its credibility will take a beating as readers continue to flock to alternative news sites like ours for news not published by the state media.
However, by publishing the news, the Straits Times is publicizing the matter to a wider audience. The state media is hence stuck in a Catch-22 situation.
Either way, we will be the ultimate beneficiaries as the state media continues to prove itself to be impotent, unreliable and untrustworthy in its coverage of local news, especially those pertaining to politics.
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