<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>March 4, 2009
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Lee Kuan Yew, Prime Minister of Singapore from 1959 to 1990 and current chairman of GIC, said the fund's asset managers had pared equity holdings before the crisis from about 60 per cent of the portfolio to 45-50 per cent. --PHOTO: REUTERS
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<!-- START OF : div id="storytext"-->THE portfolio of Singapore's sovereign wealth fund GIC has fallen about 25 per cent from its peak due to the financial crisis,
=> U believe it when the books are closed?
but it can weather the storm for 10 years if necessary, said Minister Mentor Lee Kuan Yew.
In an interview with Reuters on Wednesday, he said the Government of Singapore Investment Corp (GIC) had bought 'too early' into global banks such as Citigroup and UBS , which were both hammered by toxic assets.
GIC last week converted its US$6.88 billion (S$10.7 billion) worth of Citigroup preference shares into common stock at a price of S$3.25 a share to shore up the embattled US lender, realising in the process a loss of around half its initial investment.
Mr Lee, Prime Minister of Singapore from 1959 to 1990 and current chairman of GIC, said the fund's asset managers had pared equity holdings before the crisis from about 60 per cent of the portfolio to 45-50 per cent.
=> U believe?
'We scaled it down about 10, 15 per cent, which gave us a lot of cash ... but if we hadn't gone into banks and just held onto the shares, that would have gone down also,' he said.
=> Ah! "It could be worse" theory again!
He said a contraction of 8 per cent in Singapore's gross domestic product this year was a possibility and was becoming a probability due to weak exports to its traditional Western markets.
Mr Lee, who will be 86 this year, stepped down as PM in 1990 but remained active in politics as Senior Minister. No purpose in holding early election
He said there would be 'no purpose' in holding an election in Singapore before 2011, but the timing of a poll will depend on the health of the global economy.
=> More like when he's imported sufficient FTrash to dilute Sporns' votes!
Singaporeans last went to the polls in May 2006 and a general election is not due until early 2012. But speculation over an early election has been sparked by two announcements last month - that registers were updated and changes made to the boundaries of polling districts. The People's Action Party (PAP) has ruled Singapore since independence in 1965. It won 82 of 84 seats in May 2006 elections and has never lost more than four seats in any election. -- REUTERS
</TR><!-- headline one : start --><TR>GIC bought 'too early' = GREEDY!<!--10 min-->
</TR><!-- headline one : end --><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
Lee Kuan Yew, Prime Minister of Singapore from 1959 to 1990 and current chairman of GIC, said the fund's asset managers had pared equity holdings before the crisis from about 60 per cent of the portfolio to 45-50 per cent. --PHOTO: REUTERS
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"-->THE portfolio of Singapore's sovereign wealth fund GIC has fallen about 25 per cent from its peak due to the financial crisis,
=> U believe it when the books are closed?
but it can weather the storm for 10 years if necessary, said Minister Mentor Lee Kuan Yew.
In an interview with Reuters on Wednesday, he said the Government of Singapore Investment Corp (GIC) had bought 'too early' into global banks such as Citigroup and UBS , which were both hammered by toxic assets.
GIC last week converted its US$6.88 billion (S$10.7 billion) worth of Citigroup preference shares into common stock at a price of S$3.25 a share to shore up the embattled US lender, realising in the process a loss of around half its initial investment.
Mr Lee, Prime Minister of Singapore from 1959 to 1990 and current chairman of GIC, said the fund's asset managers had pared equity holdings before the crisis from about 60 per cent of the portfolio to 45-50 per cent.
=> U believe?
'We scaled it down about 10, 15 per cent, which gave us a lot of cash ... but if we hadn't gone into banks and just held onto the shares, that would have gone down also,' he said.
=> Ah! "It could be worse" theory again!
He said a contraction of 8 per cent in Singapore's gross domestic product this year was a possibility and was becoming a probability due to weak exports to its traditional Western markets.
Mr Lee, who will be 86 this year, stepped down as PM in 1990 but remained active in politics as Senior Minister. No purpose in holding early election
He said there would be 'no purpose' in holding an election in Singapore before 2011, but the timing of a poll will depend on the health of the global economy.
=> More like when he's imported sufficient FTrash to dilute Sporns' votes!
Singaporeans last went to the polls in May 2006 and a general election is not due until early 2012. But speculation over an early election has been sparked by two announcements last month - that registers were updated and changes made to the boundaries of polling districts. The People's Action Party (PAP) has ruled Singapore since independence in 1965. It won 82 of 84 seats in May 2006 elections and has never lost more than four seats in any election. -- REUTERS
