lie flat, super bochap.
-
IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here. The OTHER forum is HERE so please stop asking.
How GIC and Temasek are managing your money
- Thread starter LITTLEREDDOT
- Start date
lie flat, super bochap.
DBS unit fined $1.7m in Hong Kong for anti-money laundering breach
The lapses at the bank took place during periods between April 2012 and April 2019. PHOTO: REUTERS
Jul 07, 2024
DBS Group Holdings’ Hong Kong unit was fined HK$10 million ($1.73 million) by Hong Kong’s regulator for lapses in adhering to anti-money laundering and counter-terrorist financing regulations.
The disciplinary action follows an investigation by the Hong Kong Monetary Authority (HKMA) of DBS Hong Kong’s systems and controls for compliance, the regulator said in a statement.
The lapses took place during periods between April 2012 and April 2019.
A DBS Hong Kong spokesperson said the bank takes its anti-money laundering obligations seriously and accepts HKMA’s decision, calling the issues at hand “sporadic and historical in nature”.
Over the years, the Hong Kong unit has implemented new group policies and its actions have improved its capabilities to detect and mitigate money laundering risks, the spokesperson added.
The fine, while small, will be another stain for Singapore’s largest bank, which is among lenders ensnared in a money laundering scandal in the city.
More than $3 billion of assets have been frozen or seized by the police in this case, and DBS Bank had significant exposure through funds held in its accounts and loans made.
The Hong Kong authorities identified a failure to continuously monitor business relationships and conduct enhanced due diligence in high-risk situations.
The bank also failed to keep records on some customers, the regulator said.
This included failing to obtain copies of identity documents of 609 authorisers for Ideal, a corporate internet banking service provided by the bank.
No identity verification was conducted against these authorisers from April 2012 to July 2017, according to HKMA.
The bank also failed to take “reasonable measures” to establish the source of wealth of high-risk customers to mitigate money laundering or terrorist financing in the business relationships of 15 customers, the regulator said.
“The HKMA requires banks to put in place effective customer due diligence measures to combat money laundering and terrorist financing,” said Mr Raymond Chan, executive director of HKMA. BLOOMBERG
Singtel unit Optus to defend proceedings by Australian authorities over 2022 cyber attack
Optus said that at this stage, it was unable to determine the quantum of penalties, if any, that could arise from the proceedings. PHOTO: REUTERS
Michelle Zhu
Jun 14, 2024
SINGAPORE - Singtel’s Australian unit Optus Mobile has reiterated its intention to defend proceedings filed by the Australian Communications and Media Authority (Acma) over a 2022 cyber attack faced by Optus.
On June 14, Optus said it was aware of only about 10,200 customers having their personal information published on the internet due to the cyber attack.
This is opposed to Acma’s claim alleging 3.6 million breaches of the Australian Telecommunications (Interception and Access) Act.
Optus said that at this stage, it was unable to determine the quantum of penalties, if any, that could arise from the Australian media watchdog’s proceedings.
“That is ultimately a matter for the Federal Court to determine,” said the Australian carrier.
“If a contravention is found, the court will consider a number of factors and apply a penalty amount it determines overall as appropriate based on the events that occurred. It is not necessarily a direct calculation based on the number of contraventions.”
Optus added that it has taken “significant steps”, including working with the police and other authorities, to mitigate potential harm to its customers affected by the 2022 cyber attack.
The telco previously announced on May 22 that Acma had filed proceedings relating to the cyber attack on the basis that Optus had failed to protect the confidentiality of personally identifiable information of its customers from unauthorised interference, or unauthorised access. Optus said it intended to defend these proceedings.
Earlier in March, the Singtel unit was fined A$1.5 million (S$1.3 million) by Acma for breaching public safety rules after it failed to upload data via its outsourced supplier, Prvidr, to the Integrated Public Number Database.
Shares of Singtel were trading one cent, or 0.4 per cent, higher at $2.57 on a cum-dividend basis as at 9.27am on June 14, after the news. THE BUSINESS TIMES
MAS, CAD probing Seatrium over potential offences relating to Brazil corruption case
The offences were potentially committed by the company and/or its officers when it was then Sembcorp Marine, before its renaming in 2023 after the merger with Keppel Offshore & Marine. PHOTO: SEATRIUM
Ovais Subhani
Senior Business Correspondent
Jun 17, 2024
SINGAPORE - The Singapore authorities are conducting a joint investigation into offences potentially committed by Seatrium, formerly Sembcorp Marine, relating to a massive and long-running corruption case in Brazil, dubbed Operation Car Wash.
The Monetary Authority of Singapore and the Singapore police’s Commercial Affairs Department have requested further information from the company for the purpose of the investigations, Seatrium said in a filing with the Singapore Exchange (SGX) on June 15.
The offences were potentially committed by the company and/or its officers when it was Sembcorp Marine, before its renaming in 2023 after the merger with Keppel Offshore & Marine.
They fall under the Securities and Futures Act 2001, the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, and all previous versions of those laws.
Seatrium said it continues to provide its full cooperation to the Singapore authorities.
The company will continue to monitor the situation and make appropriate announcements in the event of any material developments. In the meantime, shareholders and potential investors are advised to exercise caution when dealing in its shares.
Seatrium shares closed down 1.77 per cent at $1.67 on June 14.
The company announced in March that Singapore’s Attorney-General’s Chambers (AGC) was agreeable to entering a deferred prosecution agreement with Seatrium following the alleged corruption offences in Brazil.
Seatrium said the agreement is not definitive yet and is subject to the AGC’s agreement and the approval of Singapore’s High Court.
In March, Seatrium was fined US$110 million (S$149 million) in connection with the alleged corruption offences in Brazil dating back some 15 years.
However, the AGC took into consideration what the group would have to pay the Brazilian authorities as part of that total amount. Seatrium, hence, only paid the remaining US$57 million to the Singapore authorities.
Additionally, two former executives of the group were charged with corruption offences on March 28 for allegedly paying bribes of more than $20 million to further the company’s business interests in Brazil.
The offshore and marine energy engineering company in February posted a $1.68 billion net loss for the second half of its 2023 financial year, a more than tenfold increase from the $118.3 million loss for financial year 2022.
GIC lost 62% on this investment.
Nur Hikmah Md Ali
Tue, 2 Jul 2024
Bluewater is the fifth largest mall in London, UK (Photo: Bluewater)
SINGAPORE (EDGEPROP) - Singaporean sovereign fund GIC has sold its 17.5% stake in the Bluewater shopping centre in the UK for GBP120 million ($206 million) to Land Securities Group (Landsec), a London-based commercial property development and investment company.
The fund was reported by Mingtiandi to have taken a 62% haircut on its investment into Bluewater. It had acquired its stake in the mall in 2005 from the property investing unit of Prudential, now M&G Real Estate, for GBP318 million.
Bluewater is the fifth largest mall in London, UK. It spans a floor area of 1.8 million sq ft across three levels. The mall has more than 300 retail and F&B outlets.
In a June 25 press release, Landsec says it now owns 66.25% in Bluewater. It expects the acquisition to increase the company’s net rental income by GBP10.3 million on an annualised basis.
GIC sells stake in UK mall for GBP120 mil
Nur Hikmah Md Ali
Tue, 2 Jul 2024
Bluewater is the fifth largest mall in London, UK (Photo: Bluewater)
SINGAPORE (EDGEPROP) - Singaporean sovereign fund GIC has sold its 17.5% stake in the Bluewater shopping centre in the UK for GBP120 million ($206 million) to Land Securities Group (Landsec), a London-based commercial property development and investment company.
The fund was reported by Mingtiandi to have taken a 62% haircut on its investment into Bluewater. It had acquired its stake in the mall in 2005 from the property investing unit of Prudential, now M&G Real Estate, for GBP318 million.
Bluewater is the fifth largest mall in London, UK. It spans a floor area of 1.8 million sq ft across three levels. The mall has more than 300 retail and F&B outlets.
In a June 25 press release, Landsec says it now owns 66.25% in Bluewater. It expects the acquisition to increase the company’s net rental income by GBP10.3 million on an annualised basis.
"The 20-year total shareholder return (TSR), which is a measure of portfolio performance over a 20-year period, fell from 9 per cent to 7 per cent.
The 10-year TSR stayed at 6 per cent, while the one-year TSR reversed into a gain of 1.6 per cent from minus 5.07 per cent in 2023."
This is under-performance when the stock markets are delivering higher returns and private equity are delivering double-digit returns.
So how much was Ho Ching paid, and how much are the senior management and investment managers paid?
Temasek International deputy chief executive officer Chia Song Hwee (second from right) speaking at the Temasek Review on July 9. ST PHOTO: GIN TAY
Chor Khieng Yuit
Senior Business Correspondent
Jul 10, 2024
SINGAPORE - Temasek has been paying a lot more attention to emerging investment opportunities and potential risks to its portfolio, as a result of geopolitical shifts and tensions over the past five years.
“For every new investment that we look at, we have to look at any geopolitical events that will affect that particular asset. Then we do our risk assessment. If there is something that we feel uncomfortable about, we will not do it,” the investment firm’s deputy chief executive Chia Song Hwee said.
There has been tighter scrutiny on foreign investments in sectors crucial to national security in many countries worldwide. Therefore, Temasek must be selective over where it invests, Mr Chia said.
India, where Prime Minister Narendra Modi recently won a third term in office by a narrow margin, is one country in which Temasek sees investment opportunities despite recent geopolitical shifts.
In the 2024 financial year (FY), Temasek’s portfolio exposure to India grew to 7 per cent, from 6 per cent in FY2023.
Mr Alpin Mehta, head of real estate and deputy head of private equity fund investments at Temasek, said that with Mr Modi back in power, “the focus will be on fiscal consolidation, to increase spending on infrastructure and the green transition in India and to continue the privatisation that has been happening”.
Opportunities are also emerging in sectors including financial services, life sciences, technology, consumer and healthcare in India, said Mr Mehta.
Some of Temasek’s investments in the country are Manipal Healthcare Services, a healthcare provider in the private sector; and Mahindra Electric, an electric vehicle manufacturer.
Ms Connie Chan, Temasek’s head of financial services, added that there is a very large and growing middle-income population in India, with private consumption now accounting for about 50 per cent to 60 per cent of the country’s gross domestic product.
Indian banks are a proxy for the macro economy, she said, adding that there are also opportunities in other areas of financial services, such as insurance, where people can now afford insurance policies as they become more affluent.
Mr Chia said Temasek remains committed to China and continues to look for investment opportunities there.
This is despite concerns that a win by Republican presidential candidate Donald Trump during the US election in November could herald a new era of tariffs and US-China tensions.
To guard its portfolio against geopolitical risks, Temasek invests on the assumption that the strategic competition between the US and China is not going away, Mr Chia said.
For example, it is staying out of areas that could potentially feel the impact of strained ties between the two biggest economies in the world. Instead, it will focus on Chinese companies that rely on domestic demand.
He added that some sectors that Temasek will invest in include biotechnology, robotics and local Chinese companies that stand to benefit from the move to replace imports with domestic production. Recently, the investment company has also devoted more attention to the electric vehicle value chain.
In FY2024, Temasek’s exposure to China dropped to 19 per cent of its overall portfolio, from 22 per cent in FY2023.
Ms Png Chin Yee, chief financial officer at Temasek, said that most of the decline was due to a fall in the market value of its investments in China.
She added that a closer look at the operating results of its Chinese portfolio companies showed they still have good earnings growth.
However, because the market has assigned a lower value to these earnings, that has impacted Temasek’s returns and portfolio performance over the last few years, Ms Png said.
Ms Chan noted that Temasek has been reshaping its portfolio in China over the past 20 years.
“When we first invested in China, it was really through the banks, because that was one of the only ways back then that you can actually invest in the market.
“As the economy developed, there were other opportunities, and we took advantage of that to diversify our holdings into the Chinese internet companies like Alibaba, Tencent and Baidu.”
As a whole, Temasek recorded an improvement in its net portfolio value to $389 billion in FY2024, following a drop in the previous financial year.
The 20-year total shareholder return (TSR), which is a measure of portfolio performance over a 20-year period, fell from 9 per cent to 7 per cent.
The drop was because 2024’s figure excluded the strong recovery period post-Sars in 2004, when the 20-year TSR surged 20 per cent.
More On This Topic
Building a resilient portfolio as Temasek hits 50-year milestone
5 questions with Temasek deputy CEO Chia Song Hwee
The 10-year TSR stayed at 6 per cent, while the one-year TSR reversed into a gain of 1.6 per cent from minus 5.07 per cent in 2023.
Currently, the bulk of Temasek’s underlying assets (65 per cent) are in the Asia-Pacific, with Singapore accounting for 27 per cent.
That is followed by the US, with 22 per cent of its underlying assets, and the Europe, Middle East and Africa region with 13 per cent.
Mr Mehta said Temasek is scaling up its exposure to South-east Asia and Japan.
The South-east Asia region is set to benefit from domestic demand, a recovery in the global manufacturing cycle and an upswing in tourism, he added.
The region is also well positioned to capture investment flows as companies move to diversify their supply chains or look for alternative manufacturing locations outside China.
Temasek’s exposure to Japan is still relatively small compared with its investments in other markets, with 1 per cent of its underlying assets in the country.
Mr Mehta said logistics and data centres are poised to ride on the huge demand for e-commerce in Japan.
“There is a lot of scope for development of new-age logistics,” he said.
The 10-year TSR stayed at 6 per cent, while the one-year TSR reversed into a gain of 1.6 per cent from minus 5.07 per cent in 2023."
This is under-performance when the stock markets are delivering higher returns and private equity are delivering double-digit returns.
So how much was Ho Ching paid, and how much are the senior management and investment managers paid?
Temasek sees investment opportunities in India, South-east Asia amid geopolitical shifts
Temasek International deputy chief executive officer Chia Song Hwee (second from right) speaking at the Temasek Review on July 9. ST PHOTO: GIN TAY
Chor Khieng Yuit
Senior Business Correspondent
Jul 10, 2024
SINGAPORE - Temasek has been paying a lot more attention to emerging investment opportunities and potential risks to its portfolio, as a result of geopolitical shifts and tensions over the past five years.
“For every new investment that we look at, we have to look at any geopolitical events that will affect that particular asset. Then we do our risk assessment. If there is something that we feel uncomfortable about, we will not do it,” the investment firm’s deputy chief executive Chia Song Hwee said.
There has been tighter scrutiny on foreign investments in sectors crucial to national security in many countries worldwide. Therefore, Temasek must be selective over where it invests, Mr Chia said.
India, where Prime Minister Narendra Modi recently won a third term in office by a narrow margin, is one country in which Temasek sees investment opportunities despite recent geopolitical shifts.
In the 2024 financial year (FY), Temasek’s portfolio exposure to India grew to 7 per cent, from 6 per cent in FY2023.
Mr Alpin Mehta, head of real estate and deputy head of private equity fund investments at Temasek, said that with Mr Modi back in power, “the focus will be on fiscal consolidation, to increase spending on infrastructure and the green transition in India and to continue the privatisation that has been happening”.
Opportunities are also emerging in sectors including financial services, life sciences, technology, consumer and healthcare in India, said Mr Mehta.
Some of Temasek’s investments in the country are Manipal Healthcare Services, a healthcare provider in the private sector; and Mahindra Electric, an electric vehicle manufacturer.
Ms Connie Chan, Temasek’s head of financial services, added that there is a very large and growing middle-income population in India, with private consumption now accounting for about 50 per cent to 60 per cent of the country’s gross domestic product.
Indian banks are a proxy for the macro economy, she said, adding that there are also opportunities in other areas of financial services, such as insurance, where people can now afford insurance policies as they become more affluent.
Mr Chia said Temasek remains committed to China and continues to look for investment opportunities there.
This is despite concerns that a win by Republican presidential candidate Donald Trump during the US election in November could herald a new era of tariffs and US-China tensions.
To guard its portfolio against geopolitical risks, Temasek invests on the assumption that the strategic competition between the US and China is not going away, Mr Chia said.
For example, it is staying out of areas that could potentially feel the impact of strained ties between the two biggest economies in the world. Instead, it will focus on Chinese companies that rely on domestic demand.
He added that some sectors that Temasek will invest in include biotechnology, robotics and local Chinese companies that stand to benefit from the move to replace imports with domestic production. Recently, the investment company has also devoted more attention to the electric vehicle value chain.
In FY2024, Temasek’s exposure to China dropped to 19 per cent of its overall portfolio, from 22 per cent in FY2023.
Ms Png Chin Yee, chief financial officer at Temasek, said that most of the decline was due to a fall in the market value of its investments in China.
She added that a closer look at the operating results of its Chinese portfolio companies showed they still have good earnings growth.
However, because the market has assigned a lower value to these earnings, that has impacted Temasek’s returns and portfolio performance over the last few years, Ms Png said.
Ms Chan noted that Temasek has been reshaping its portfolio in China over the past 20 years.
“When we first invested in China, it was really through the banks, because that was one of the only ways back then that you can actually invest in the market.
“As the economy developed, there were other opportunities, and we took advantage of that to diversify our holdings into the Chinese internet companies like Alibaba, Tencent and Baidu.”
As a whole, Temasek recorded an improvement in its net portfolio value to $389 billion in FY2024, following a drop in the previous financial year.
The 20-year total shareholder return (TSR), which is a measure of portfolio performance over a 20-year period, fell from 9 per cent to 7 per cent.
The drop was because 2024’s figure excluded the strong recovery period post-Sars in 2004, when the 20-year TSR surged 20 per cent.
Building a resilient portfolio as Temasek hits 50-year milestone
5 questions with Temasek deputy CEO Chia Song Hwee
The 10-year TSR stayed at 6 per cent, while the one-year TSR reversed into a gain of 1.6 per cent from minus 5.07 per cent in 2023.
Currently, the bulk of Temasek’s underlying assets (65 per cent) are in the Asia-Pacific, with Singapore accounting for 27 per cent.
That is followed by the US, with 22 per cent of its underlying assets, and the Europe, Middle East and Africa region with 13 per cent.
Mr Mehta said Temasek is scaling up its exposure to South-east Asia and Japan.
The South-east Asia region is set to benefit from domestic demand, a recovery in the global manufacturing cycle and an upswing in tourism, he added.
The region is also well positioned to capture investment flows as companies move to diversify their supply chains or look for alternative manufacturing locations outside China.
Temasek’s exposure to Japan is still relatively small compared with its investments in other markets, with 1 per cent of its underlying assets in the country.
Mr Mehta said logistics and data centres are poised to ride on the huge demand for e-commerce in Japan.
“There is a lot of scope for development of new-age logistics,” he said.
Temasek aims to invest up to $13.4 billion in India as it turns cautious over China
Temasek had said profits from investments in the US and India were helping to cushion the impact of underperformance in China. PHOTO: REUTERS
Jul 16, 2024
MUMBAI – Singapore’s investment company, Temasek, plans to invest up to US$10 billion (S$13.4 billion) in India over three years in sectors such as financial services and healthcare, a top executive said on July 15, favouring the South Asian nation as it turns cautious over China.
India’s economy is growing sharply and its stock markets are trading near record highs amid an initial public offering (IPO) and deal-making boom. India accounts for 7 per cent of Temasek’s global exposure, which the firm wants to increase further, said Mr Mohit Bhandari, the company’s managing director for India investments.
“We are bullish in India for the long term,” Mr Bhandari said in an interview at Temasek’s Mumbai office.
“We are cognisant of the current economic and the geopolitical tensions that exist (in China) and, to that extent, we will align our portfolio accordingly,” he added.
Temasek last week said that profits from investments in the United States and India were helping to cushion the impact of underperformance in China. It also said that it is taking a cautious approach to China amid trade tensions.
About 22 per cent of Temasek’s investments are in the US, and 19 per cent in China, and its exposure to the Americas surpassed China in the last financial year for the first time in a decade.
In India, Temasek deployed US$3 billion in the fiscal year that ended March 31, its largest annual investment so far.
Mr Bhandari also said that Temasek will look at hiring more staff in India, up from the current 20, as its portfolio grows, but declined to share specifics.
Temasek’s current India exposure includes investments in HDFC Bank, IPO-bound e-scooter maker Ola Electric and Manipal Hospitals.
In April 2023, Temasek spent US$2 billion to raise its stake in Manipal to 59 per cent from 18 per cent in India’s biggest hospital sector deal. It later sold a minority stake to Novo Nordisk’s parent Novo Holdings and Abu Dhabi’s sovereign investor Mubadala.
Indian hospital chains and healthcare groups are seeing more and more interest from foreign investors as many expand into smaller cities, where demand for private care is rising as public hospitals remain overburdened.
Temasek will continue to scout for more investment opportunities in the healthcare space as it believes the sector is a “multi-decade” growth story in India, Mr Bhandari said. REUTERS
Similar threads
