And Sporns are made to pay $270B for it. And even then it seems that little has gotten into his fcuked blain judging from her recent fire sale and forays!
<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published September 18, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>COMMENTARY
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Familiar landscape - but risks remain
By SIOW LI SEN
SENIOR CORRESPONDENT
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
</TD><TD>Email this article</TD></TR><TR class=font10><TD width=20 align=right>
</TD><TD>Print article </TD></TR><TR class=font10><TD width=20 align=right>
</TD><TD>Feedback</TD></TR></TBODY></TABLE>
SINCE last month, after Temasek updated its charter with no reference to Singapore in the 200-word document, questions have been raised about whether this meant a loosening of ties to the nation.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD></TD></TR></TBODY></TABLE>Well, that is so far from the truth that one wonders if it is wise to put so many eggs in one basket.
Temasek's Singapore exposure has risen dramatically as it pulled back from the West. While, geographically, the firm has a 30 per cent exposure in Singapore, its 20 per cent OECD or developed countries exposure is largely in Australia through three subsidiaries operating there.
They are Optus, Australia's second largest telco, wholly owned by SingTel; SP AusNet, the Australian electricity distributor 51 per cent owned by Singapore Power; and Australand, a 59 per cent owned unit of CapitaLand.
It's not surprising that Temasek, singed from its massive losses of an estimated $5.5 billion from investing in Bank of America and Barclays is retreating to safer home ground.
After all, as chief executive Ho Ching said yesterday, the one lesson learned from the financial crisis is that it was probably wrong to assume that the large stable economies were well managed and that the regulatory risks were known.
Temasek's exposure to China, meanwhile, is now between 20 and 25 per cent. Here, it is through its investments in two major banks, Bank of China and China Construction Bank, and also through 19 per cent held Standard Chartered Plc and CapitaLand.
While it is a conservative strategy - and there's nothing wrong with that - it's not without risk as the asset bubbles building up in the region can get pretty scary. Just this week, the government pulled the plug on two financing schemes for homebuyers to dampen the bubbly property market.
And last month, the Shanghai Composite Index plunged nearly 22 per cent, splashing a trail of red ink in regional markets, including Singapore, on fears that Beijing would rein in liquidity.
Ms Ho acknowledged that there were some signs of a bubble forming but Temasek's strategy to overweight Asia is a long-term one. She did not rule out selling in the near term on assets considered fully valued.
She added that China is Temasek's second largest destination after Singapore and the firm is mulling over opening more offices, to add to the two it has there currently.
There is no running away from China for an international investor like Temasek looking for growth but it comes arguably with higher regulatory, legal, accounting and sovereign risks.
In addition to retreating to a more familiar landscape, this year's briefing took a step back in transparency.
The packed room of more than 50 journalists could not elicit any additional information beyond carefully crafted responses duplicated in the press releases. The firm refused to disclose the losses from divesting Barclays and Bank of America and the former was in fact left out of its divestment highlights.
Back in 2007, Temasek executives had helpfully pointed out that its ill-fated investment in Shin Corp was reflected in the accounts under loss from associates. The loss was 'absorbed' in the $830 million loss that could be attributed to its associated companies, they explained.
=> This CCB is praying with nos. again!
Temasek executives could still be a little shell-shocked from the battering they've taken from the financial crisis, and they could still be testing the waters anew on how much to disclose.
But the firm has done pretty well compared to its peers. So, uncomfortable as it may be, it would be a pity if the financial crisis puts Temasek on the defensive.
=> Instead of performing its duty to expose Ho Jinx's and co.'s incompetence, the 154th actually sayang them! No wonder it's called the Familee's media!
</TD></TR></TBODY></TABLE>
<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published September 18, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>COMMENTARY
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Familiar landscape - but risks remain
By SIOW LI SEN
SENIOR CORRESPONDENT
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
</TD><TD>Email this article</TD></TR><TR class=font10><TD width=20 align=right>
</TD><TD>Print article </TD></TR><TR class=font10><TD width=20 align=right>
</TD><TD>Feedback</TD></TR></TBODY></TABLE>SINCE last month, after Temasek updated its charter with no reference to Singapore in the 200-word document, questions have been raised about whether this meant a loosening of ties to the nation.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD></TD></TR></TBODY></TABLE>Well, that is so far from the truth that one wonders if it is wise to put so many eggs in one basket.Temasek's Singapore exposure has risen dramatically as it pulled back from the West. While, geographically, the firm has a 30 per cent exposure in Singapore, its 20 per cent OECD or developed countries exposure is largely in Australia through three subsidiaries operating there.
They are Optus, Australia's second largest telco, wholly owned by SingTel; SP AusNet, the Australian electricity distributor 51 per cent owned by Singapore Power; and Australand, a 59 per cent owned unit of CapitaLand.
It's not surprising that Temasek, singed from its massive losses of an estimated $5.5 billion from investing in Bank of America and Barclays is retreating to safer home ground.
After all, as chief executive Ho Ching said yesterday, the one lesson learned from the financial crisis is that it was probably wrong to assume that the large stable economies were well managed and that the regulatory risks were known.
Temasek's exposure to China, meanwhile, is now between 20 and 25 per cent. Here, it is through its investments in two major banks, Bank of China and China Construction Bank, and also through 19 per cent held Standard Chartered Plc and CapitaLand.
While it is a conservative strategy - and there's nothing wrong with that - it's not without risk as the asset bubbles building up in the region can get pretty scary. Just this week, the government pulled the plug on two financing schemes for homebuyers to dampen the bubbly property market.
And last month, the Shanghai Composite Index plunged nearly 22 per cent, splashing a trail of red ink in regional markets, including Singapore, on fears that Beijing would rein in liquidity.
Ms Ho acknowledged that there were some signs of a bubble forming but Temasek's strategy to overweight Asia is a long-term one. She did not rule out selling in the near term on assets considered fully valued.
She added that China is Temasek's second largest destination after Singapore and the firm is mulling over opening more offices, to add to the two it has there currently.
There is no running away from China for an international investor like Temasek looking for growth but it comes arguably with higher regulatory, legal, accounting and sovereign risks.
In addition to retreating to a more familiar landscape, this year's briefing took a step back in transparency.
The packed room of more than 50 journalists could not elicit any additional information beyond carefully crafted responses duplicated in the press releases. The firm refused to disclose the losses from divesting Barclays and Bank of America and the former was in fact left out of its divestment highlights.
Back in 2007, Temasek executives had helpfully pointed out that its ill-fated investment in Shin Corp was reflected in the accounts under loss from associates. The loss was 'absorbed' in the $830 million loss that could be attributed to its associated companies, they explained.
=> This CCB is praying with nos. again!
Temasek executives could still be a little shell-shocked from the battering they've taken from the financial crisis, and they could still be testing the waters anew on how much to disclose.
But the firm has done pretty well compared to its peers. So, uncomfortable as it may be, it would be a pity if the financial crisis puts Temasek on the defensive.
=> Instead of performing its duty to expose Ho Jinx's and co.'s incompetence, the 154th actually sayang them! No wonder it's called the Familee's media!
</TD></TR></TBODY></TABLE>
