Temasek hired controversial ex-UK minister Baroness Vadera

[SNAblog]

http://www.telegraph.co.uk/finance/...ingaporean-sovereign-wealth-fund-Temasek.html

Baroness Vadera to join Singaporean sovereign wealth fund Temasek

By Richard Tyler
Published: 11:08PM BST 04 Jul 2010

Temasek, the Singaporean sovereign wealth fund, has hired former minister Baroness Vadera.

It is understood that fund, which lost at least 20pc of its value during the financial crisis, wants access to Lady Vadera's financial and geopolitical expertise, as it restructures parts of its S$127bn (£60bn) investment portfolio.

The Cabinet Office's advisory committee on business appointments is expected to reveal the appointment today as part of Whitehall rules policing roles taken by former Government ministers.

Since leaving the Government last September, Lady Vadera has been hired by the Dubai government to give its strategic advice on the restructuring of Dubai World's $26bn (£17bn) debts. She has also become a policy adviser to the rotating G20 presidency, which currently sits with South Korea.

A former UBS Warburg corporate financier as well as Gordon Brown's closest economic policy adviser, Lady Vadera is likely to assist Temasek's board, led by chief executive Ho Ching, for six months.

Temasek has stakes in some of the world's largest companies and banks, including Standard Chartered, Bank of China and ICICI Bank as well as a 55pc share of Singapore Airlines.

However, some recent investments have led to losses, including a short-lived stake in Barclays that was sold at an £800m loss in late 2008.

It also parted company with director Charles Goodyear, the former BHP Billiton chief executive, less than 10 weeks before he was to become the fund's chief executive last summer after failing to agree on strategy.

Ho Ching, who is the wife of Lee Hsien Loong, the Singapore prime minister, revealed last July that the fund had lost at least £16.9bn during the financial crisis.

Lady Vadera declined to comment

 

[SNAblog]

http://www.telegraph.co.uk/finance/...fire-for-seeing-green-shoots-of-recovery.html

Baroness Vadera under fire for 'seeing green shoots of recovery'

Baroness Vadera, the Business Minister and one of Gordon Brown's closest allies, has come under fire after claiming that she could see the "green shoots" of recovery amid the economic downturn.

On a day when thousands more job losses were announced and the FTSE 100 index of leading shares closed down almost 5 per cent, Lady Vadera suggested she could see the beginnings of a turnaround in Britain's fortunes.

Her remarks, in a lunchtime television interview, caused criticism from business leaders and opposition politicians, who accused her of being "out of touch" and "living in a parallel universe". Hours later, Lady Vadera was sent on a new round of television appearances to clarify her remarks.

She said she had only been referring to credit and bond markets, and while refusing to apologise outright, said she was "sorry" if her comments had been "misunderstood".

Her original remark came in response to a question on ITV News about whether she could see any sign of recovery.

She told the programme: "I am seeing a few green shoots but it's a little bit too early to say exactly how they'd grow."

Her cautious optimism contrasted sharply with the latest economic news.

More than 7,200 job losses were announced yesterday, taking the total since Jan 5 past the 44,500 mark, according to calculations by The Daily Telegraph.

Barclays said a further 2,100 were at risk, after announcing 2,000 job cuts just this week. Grattan, the catalogue retailer, said 3,800 were in danger.

The Conservatives said Lady Vadera's comments showed ministers were "insensitive and out of touch" with the reality facing millions of families. Vince Cable, the Liberal Democrat treasury spokesman, said that they showed she was "living in a parallel universe".

John Cridland, the deputy director of the CBI, added that he had seen "no signs" of any economic green shoots.

Lady Vadera, a former City banker, became one of Mr Brown's closest aides as a Treasury adviser and is now Minister for Competitiveness and Small Business.

In an attempted clarification, she insisted her claim had been made "in the context of bond markets" and she was not forecasting an early economic recovery.

"In terms of jobs and businesses, we know this is an incredibly difficult time and it is too early to tell," she said. "There is absolutely no room for complacency."

Her original phrase echoed a notorious statement in 1991 by Norman Lamont, who was chancellor at the time. He was ridiculed for telling the Conservative Party conference that he could see "green shoots". Sustained growth did not resume until late 1992.

Known in Whitehall for her forceful style, Lady Vadera is highly rated by Mr Brown for her formidable intellect. She sparked controversy during the collapse of Railtrack, dismissing shareholders as "grannies" who "lose their blouses".

Lord Mandelson, the Business Secretary, admitted that Lady Vadera "shouldn't have said" the comments, adding: "I don't know what she had in her mind".

But he defended his junior minister, telling BBC Newsnight: "She's the least complacent person I know working on my team. She works night and day to help get the British economy and British companies through this downturn.

"Nobody works harder. So if she says something that is misunderstood or that she shouldn't have said, well then so be it.

"I know what she was talking about. I know what the straws in the wind are that she was referring to. Do these make 'green shoots'? I suspect not.

Asked whether Lady Vadera would be likely to repeat the phrase, Lord Mandelson said: "I doubt it."

George Osborne, the shadow chancellor, told the programme: "For a Labour minister to be talking about the 'green shoots of recovery' on a day when thousands more people have lost their job is not only unbelievably insensitive, but also begs the question: 'what planet is this Government on?'"

The Prime Minister's official spokesman defended Lady Vadera. "She was making the point that there is a great deal of uncertainty that does have an impact on businesses," he said.

 

[SNAblog]

http://www.dailymail.co.uk/news/art...er-Baroness-Vadera-fit-proper-person-job.html

Tories say new business minister Baroness Vadera 'is not a fit and proper person for job'

By JAMES CHAPMAN

Last updated at 22:33 25 January 2008

The Tories last night launched an astonishing personal attack on Labour's new business minister.

The appointment of Baroness Vadera "polluted the integrity" of the Government, Conservative business spokesman Alan Duncan claimed.

He said she was "not a fit and proper person" for the job, calling into question her role in the "dubious demise" of Railtrack.

Lady Vadera was promoted to the Department for Business, Enterprise and Regulatory Reform in the reshuffle forced by Peter Hain's departure on Thursday.

"As Gordon Brown's adviser in the Treasury, she attracted enormous criticism," Mr Duncan said.

"Putting her into the Department for Business is quite unacceptable. This is the same person who helped contrive the dubious demise of Railtrack. This appointment pollutes the integrity of the ministerial team.

"And in the eyes of many she is not a fit and proper person for such a job."

Lady Vadera is considered the woman the Prime Minister trusts more than any other in his Government.

The former investment banker joined the Treasury while Mr Brown was chancellor, becoming one of his closest aides.

The 45-year-old played a central role in the nationalisation of Railtrack. In 2001 she estimated renationalising the business would cost £6billion in compensation.

For the Government to avoid paying those costs, she suggested in an email to colleagues that the solution be "engineered through insolvency."

She went on to describe small investors in the company as "grannies" who would "lose their blouses."

Labour questioned Mr Duncan's judgement in making the remarks.

A source close to Business Secretary John Hutton said: "Businesses will be alarmed by such an ill-judged outburst.

"Shriti Vadera's credentials are first-rate and she will give Labour's commitment to championing business an enormous boost."

 

[bryanlim1972]

The 45-year-old played a central role in the nationalisation of Railtrack. In 2001 she estimated renationalising the business would cost £6billion in compensation.

For the Government to avoid paying those costs, she suggested in an email to colleagues that the solution be "engineered through insolvency."

she is bad for citizens, good for business.

temasek = business first.

 

[Teo Kok Eng]

Is there no more talent in this world?

If Temasek like controversial people, might as well hire that Pastor Kong or Chee Soon Juan :p

 

[SIFU]

Her remarks, in a lunchtime television interview, caused criticism from business leaders and opposition politicians, who accused her of being "out of touch" and "living in a parallel universe". Hours later, Lady Vadera was sent on a new round of television appearances to clarify her remarks.

She said she had only been referring to credit and bond markets, and while refusing to apologise outright, said she was "sorry" if her comments had been "misunderstood".

this type of half-hearted/conditional/insincere apology is the same as PAP dogs type. no wonder they employed her. sure can fit into the system rightaway.

 

[makapaaa]

One must understand the #1 ego habit of the Familee. It feels shiok having ex-ministers working it! They have not a dime to help Sporns despite hijacking their blood and coffin money, but have no limit when it cums to throwing at foreigners and buying cosmetics.