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That would make it the biggest scam in history! Even Singaporeans, smart as they are, could be ponzied and madoffed!
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OH MY GOD, BREAKING TOP STORY: GIC lost $10 billion on UBS
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That would make it the biggest scam in history! Even Singaporeans, smart as they are, could be ponzied and madoffed!
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Don't over sensationalise lah
Only cut part of the report is it?
It is $7.7 billion, not $10 billion, although it is still a huge amount
There was interest payment on the notes of 2 billion francs or 2.6 billion in Sing dollars
See full Reuters report at this link:
http://uk.reuters.com/article/idUKSGE61A0CJ20100211
Only cut part of the report is it?
It is $7.7 billion, not $10 billion, although it is still a huge amount
There was interest payment on the notes of 2 billion francs or 2.6 billion in Sing dollars
See full Reuters report at this link:
http://uk.reuters.com/article/idUKSGE61A0CJ20100211
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This is the Today newspaper report
http://www.todayonline.com/Business/EDC100212-0000110/GIC-sitting-on-$7,7b-loss-in-UBS-stake
GIC sitting on $7.7b loss in UBS stake
05:55 AM Feb 12, 2010
SINGAPORE - The Government of Singapore Investment Corp (GIC) may be sitting on as much as $7.7 billion in unrealised losses from its investment in troubled Swiss bank UBS, based on calculations derived from its latest regulatory filing.
The GIC will convert 11 billion Swiss francs ($14.6 billion) worth of its UBS notes into 230.7 million ordinary shares of the bank on March 5, according to a regulatory filing in the United States on Wednesday.
The conversion will reduce the sovereign wealth fund's stake in UBS from an original 9 per cent to 6.6 per cent, the filing stated.
The lowering of the stake had been flagged earlier after GIC opted not to take part in additional funding that saw the Swiss government becoming the lender's biggest shareholder.
The Swiss government divested that stake last August at a 1.2 billion franc profit and GIC is now reportedly the largest shareholder.
According to calculations by Dow Jones and Reuters yesterday, the conversion price for the notes held by GIC will be 47.7 Swiss francs per UBS share, indicating a paper loss of about 71 per cent when compared with UBS' closing price of 13.67 Swiss francs on Wednesday.
Taking into account the 2 billion francs that GIC would get over two years from the 9 per cent annual coupon on the notes, the sovereign wealth fund is in the red to the tune of 5.9 billion francs, or about $7.7 billion at the current exchange rate.
A GIC spokesperson declined to comment when contacted by Today.
The latest news comes just a month after GIC booked losses of as much as US$675 million ($952.4 million) from its exposure to Stuyvesant Town, one of New York's biggest apartment complexes
http://www.todayonline.com/Business/EDC100212-0000110/GIC-sitting-on-$7,7b-loss-in-UBS-stake
GIC sitting on $7.7b loss in UBS stake
05:55 AM Feb 12, 2010
SINGAPORE - The Government of Singapore Investment Corp (GIC) may be sitting on as much as $7.7 billion in unrealised losses from its investment in troubled Swiss bank UBS, based on calculations derived from its latest regulatory filing.
The GIC will convert 11 billion Swiss francs ($14.6 billion) worth of its UBS notes into 230.7 million ordinary shares of the bank on March 5, according to a regulatory filing in the United States on Wednesday.
The conversion will reduce the sovereign wealth fund's stake in UBS from an original 9 per cent to 6.6 per cent, the filing stated.
The lowering of the stake had been flagged earlier after GIC opted not to take part in additional funding that saw the Swiss government becoming the lender's biggest shareholder.
The Swiss government divested that stake last August at a 1.2 billion franc profit and GIC is now reportedly the largest shareholder.
According to calculations by Dow Jones and Reuters yesterday, the conversion price for the notes held by GIC will be 47.7 Swiss francs per UBS share, indicating a paper loss of about 71 per cent when compared with UBS' closing price of 13.67 Swiss francs on Wednesday.
Taking into account the 2 billion francs that GIC would get over two years from the 9 per cent annual coupon on the notes, the sovereign wealth fund is in the red to the tune of 5.9 billion francs, or about $7.7 billion at the current exchange rate.
A GIC spokesperson declined to comment when contacted by Today.
The latest news comes just a month after GIC booked losses of as much as US$675 million ($952.4 million) from its exposure to Stuyvesant Town, one of New York's biggest apartment complexes
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s'poreans are numb and apathetic to such news..
surely another GST increase is coming..
surely another GST increase is coming..
That is very Sinkie thinking. By the time you get hold of concrete evidence, all your money may be in Timbuktu or God knows where. The moment they lost massive billions, all Sinkies should be out on the streets baying for their blood and asking for an independent audit.
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This one must commission Mr. Leong Sze Hian to study.
When GIC or Temasek make some money in investments (with our money) the people in there gets mega bonus. Guess who paid for these.When they make losses we are also paying for it.
Just make your voices heard thru the ballot and boot out these shitty people who created the blood sucking system. And don't forget to convince others to vote likewise.
We will still survive without them. They are NOT indispensable though they keep trying to tell us so with their cheap propaganda.
Just make your voices heard thru the ballot and boot out these shitty people who created the blood sucking system. And don't forget to convince others to vote likewise.
We will still survive without them. They are NOT indispensable though they keep trying to tell us so with their cheap propaganda.
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Let's see budget got how much for citizens since elections coming but don't think got $7.7 billion
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