GIC Performance Will Be Worse Than Before - Tony Tan

[sgnewsalte]

With all these failures in bailing out US banks, what can we to expect? Open up the books and let Singaporeans see how much GIC had lost in these failed investments.

http://www.thejakartaglobe.com/business/article/8266.html
Singapore State Investment Fund Warns of Lower Returns

High returns obtained for 20 years by one of Singapore’s sovereign wealth funds will not be seen during the global credit crisis, the firm’s deputy chairman said on Monday.

The Government of Singapore Investment Corp., or GIC, one of the world’s largest sovereign wealth funds, announced in September that its nominal annual rate of return over the past 20 years was 7.8 percent in US dollar terms.

However, deputy chairman Tony Tan Keng Yam said similar profits were unlikely in the current economic climate.

“I do not expect GIC or any other large investor to be able to reproduce the type of high returns which GIC was able to deliver in the past 20 years,” Tan said in the Straits Times.

The company has bailed out international financial institutions hit by the economic turmoil. In late 2007 and early last year GIC injected billions of dollars into Swiss bank UBS as well as US banking giant Citigroup, which suffered massive losses from US subprime, or higher-risk, mortgage investments.

Subprime troubles later evolved into the worldwide financial slowdown. Governments and central banks have stepped in with stimulus packages and other measures to confront the crisis. If these measures work, the world’s economy could start to recover later this year, Tan said in the interview.

A recession that lasted into 2010, however, could be a sign of “systemic change in the world economy,” he said. In a weekend speech to the World Economic Forum of global leaders in Davos, Switzerland, Tan said sovereign wealth funds and other institutional investors would play an important role in the stabilization and eventual recovery of asset markets.

AFP

 

[Char_Azn]

The news shouldnt come as a surprise, he'd be lying through his teeth if he said it will be doing better this year. And seriously, GIC + Temasek total profile is > 400 Billion. Whatever they loss last year is peanuts to them

 

[Lestat]

It doesn't take a million dollar minitoot to tell us the obvious. :oIo:

 

[VIBGYOR]

hey fat tony!

this is news to us? LOL..

 

[Einfield]

With all these failures in bailing out US banks, what can we to expect? Open up the books and let Singaporeans see how much GIC had lost in these failed investments.

http://www.thejakartaglobe.com/business/article/8266.html
Singapore State Investment Fund Warns of Lower Returns

High returns obtained for 20 years by one of Singapore’s sovereign wealth funds will not be seen during the global credit crisis, the firm’s deputy chairman said on Monday.

The Government of Singapore Investment Corp., or GIC, one of the world’s largest sovereign wealth funds, announced in September that its nominal annual rate of return over the past 20 years was 7.8 percent in US dollar terms.

However, deputy chairman Tony Tan Keng Yam said similar profits were unlikely in the current economic climate.

“I do not expect GIC or any other large investor to be able to reproduce the type of high returns which GIC was able to deliver in the past 20 years,” Tan said in the Straits Times.

The company has bailed out international financial institutions hit by the economic turmoil. In late 2007 and early last year GIC injected billions of dollars into Swiss bank UBS as well as US banking giant Citigroup, which suffered massive losses from US subprime, or higher-risk, mortgage investments.

Subprime troubles later evolved into the worldwide financial slowdown. Governments and central banks have stepped in with stimulus packages and other measures to confront the crisis. If these measures work, the world’s economy could start to recover later this year, Tan said in the interview.

A recession that lasted into 2010, however, could be a sign of “systemic change in the world economy,” he said. In a weekend speech to the World Economic Forum of global leaders in Davos, Switzerland, Tan said sovereign wealth funds and other institutional investors would play an important role in the stabilization and eventual recovery of asset markets.

AFP

Fat Tony,
First, fire you tailor, he makes you look like a clown
Second, Change your hair stylist, He makes you look like a pimp

Third, Do some real work, don't tell us GIC performance will be worse, tell us how you can turn that around or you should have the foresight to prevent this in the first place.

 

[jw5]

The news shouldnt come as a surprise, he'd be lying through his teeth if he said it will be doing better this year. And seriously, GIC + Temasek total profile is > 400 Billion. Whatever they loss last year is peanuts to them

And it follows that he and his surbordinates should all take a huge pay cut right?

 

[jw5]

Fat Tony,
First, fire you tailor, he makes you look like a clown
Second, Change your hair stylist, He makes you look like a pimp

Third, Do some real work, don't tell us GIC performance will be worse, tell us how you can turn that around or you should have the foresight to prevent this in the first place.

What about his optician, fitness trainer, cobbler, dentist, beautician?

 

[zai_si]

How would s'porean know if they are doing badly.. As manufacturing sector is shrinking in this tiny isle due to high wages and operating cost. Many MNC are relocating up north. What they did was to get the hole cover by suggesting service sector which is the IR. Collect gaming taxes and enterance fees. No wonder LKY said that several years ago that maybe S'pore may reunite with Malaysia if we dont buck up... I think, we may reunite if we dont kick the ruiling party out. 80 mouths can do what they want and wish for their own benefit...

 

[Einfield]

How would s'porean know if they are doing badly.. As manufacturing sector is shrinking in this tiny isle due to high wages and operating cost. Many MNC are relocating up north. What they did was to get the hole cover by suggesting service sector which is the IR. Collect gaming taxes and enterance fees. No wonder LKY said that several years ago that maybe S'pore may reunite with Malaysia if we dont buck up... I think, we may reunite if we dont kick the ruiling party out. 80 mouths can do what they want and wish for their own benefit...

That 80 mouths you mentioned, are there for own personal agenda, 私心. Serving the people is just a facade.

 

[etherc]

Yes we need our leaders to tell us that because as Sinkies we can't infer that from the increasing number jobless people and glum faces around us. Illuminate us with your unerring wisdom!

 

[funglung]

Sinkies must take the stand now.

SHOW TO THEMSELVES THAT ENOUGH OF THEM HAVE BALLS

STAND UP WITH AND BY THOSE WHO SPOKE OUT FOR THEM

BE THEY THE OPPOSITION, REGARDLESS IF THEY ARE MP OR NOT MP

GIVE THEM THE SUPPORT AND ENCOURAGEMENT

STAND UP WITH AND BY BLOGGERS

KICK OUT LKY AND HIS BLOODSUCKING BUNCH OF PARASITES

 

[DrPanacea]

Are those running Temasick and the GIC going to get away with multi million $$$$ bonuses like those greedy folks in Wall St?

Now is the time to be transparent and tell the people what you get paid!

 

[Char_Azn]

And it follows that he and his surbordinates should all take a huge pay cut right?

eh no. I think we should be fair to them too. If they take a pay cut just because the company isn't making as much as the previous year(note I said not making as much as oppose to making a loss) it would be the same as saying if my company isnt making as much money this year compared to last year, my boss should cut my pay. However the bonus should be smaller then last year since they are not making that much. Obviously if they are making a loss, they should take a pay cut