Temasek reportedly has paper losses amounting to over S$2b


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dreaming

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Oct 22, 2006
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/401120/1/.html

Temasek reportedly has paper losses amounting to over S$2b
By May Wong, Channel NewsAsia | Posted: 08 January 2009 2018 hrs

SINGAPORE: London's Financial Times said Singapore's Temasek Holdings has paper losses amounting to over US$2 billion. These losses are in relation to its stake in Merrill Lynch, which Bank of America acquired last week.

The report said its conclusion is based on publicly available filings. Meanwhile, Temasek has declined to comment on the statement.

The report added that the loss is emblematic of the damage the financial crisis has on sovereign wealth fund investments in the banking sector.

About 40 per cent of Temasek's portfolio is in the financial sector.

The report also said the company has already suffered paper losses on other investments, including Barclays and Bank of China.

Temasek had invested some US$5 billion into Merrill Lynch between December 2007 and February last year.


- CNA/so
 

zaren

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Oct 27, 2003
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heard that hong leong is in trouble as well....
 

Silence Sky

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Sep 5, 2006
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That means every Singaporean losses $660.
 

Silence Sky

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And....no heads will roll.
Noooooo.... never will :vhappy:
The stupiest + dumnest investment = long term investment.

Every Singaporean must say thank you to Bank of America for saving our arse by taking over Merril Lynch.
 

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Silence Sky

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Not forgetting our $Million mind also screwed us up a few billion on the Shin Crop deal.
 

dreaming

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Oct 22, 2006
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And....no heads will roll.
Because they are the first to implement pay cut :)

Pay cuts at Temasek
By Francis Chan

90 per cent of the anticipated wage savings will be borne by Temasek's key managers.
SINGAPORE investment company Temasek Holdings has emerged as the first employer here to publicly announce a company-wide round of pay cuts.

'We anticipate a global recession in 2009 and possibly beyond. Therefore, Temasek will institute a firm-wide wage cut, led by senior management who volunteered 15 to 25 per cent,' said Temasek's managing director for human resources, Mr Robert Chong.

He said 90 per cent of the anticipated wage savings will be borne by Temasek's key managers.

Temasek currently manages a portfolio worth about $130 billion, which is invested both at home and abroad.

'As a long term investor, we believe this current crisis will throw up tremendous opportunities,' added Mr Chong in his email to The Straits Times on Friday night.

'Yet, we also recognise the short term challenges and will adjust our actions appropriately.'

Despite the extensive wage cut, Temasek still expects to expand its staff strength by 15 per cent over the next two years.

'This is part of our longer term plan to have a staff strength of about 500,' said Mr Chong.

According to its latest annual report, Temasek has 'a 350-strong international team' based in Singapore.
 

sORe-EyEz

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Jun 28, 2005
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should invest more in enhancing the value of its people so can earn more make Sg richer mah. most peps income never raise much in good times, bad times dun need to say ler... :rolleyes:
 

sORe-EyEz

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#13
fold fold fold... din know origami so popular! :bsmilie:
 

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