GIC

MISLEADING ADVERTISEMENT ON RETURNS OF 12%?

In this connection, GIC’s latest 20 years’ and Temasek’s “from inception” annualised returns are 5.1 per cent (in US$ terms – lower if in S$ terms) and 16 per cent (in S$ terms), respectively. The highest return ever publicly disclosed by the GIC was 8.2 per cent (in S$ terms) for the 25 years from the GIC’s inception in 1981 till 2006.

So, how many fund managers in Singapore have been able to consistently give 12 per cent per annum returns, as described in the advertisement?

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SDP: THIS IS HOW CPF & GIC SHOULD BE HELD ACCOUNTABLE & MANAGED

The suspicions of the people over our hard-earned CPF savings would not have arisen if the PAP had not reneged on its promises and, worse, kept Singaporeans guessing on how these funds are being managed. Such an approach needs to be corrected which is not a difficult thing to do. What we need is for the GIC to be fully accountable to the people and for the Government to keep its promises.

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HUGE $10 BILLION LOSS BY GIC INVESTMENT & NOT A SINGLE ELECTED MP ASKS QUESTIONS?

Huh? So $10 billion loss in investments is just like that - nothing from any minister AT ALL?? Nothing? Zilch? Nada? It's not $10 leh. It's S $10 billion, you know?
$10 billion of Singaporeans' hard-earned money leh. Got nothing to say? 80+ MPs and not a single one is even interested to at least post about it on their Facebook page? No one? Not one MP?

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HOW MUCH TAXPAYERS MONEY DID GIC LOSE IN FAILED UBS INVESTMENT?

I refer to the article “GIC pares stake in UBS at a loss; combined strategy with Citigroup sees positive return” (Straits Times, May 16). It states that “GIC, Singapore’s sovereign wealth fund, which invested in UBS to support it during the 2008/09 global financial crisis, said it has cut its stake in the bank at a loss, partly because of changes in the lender’s strategy and business. GIC sold a 2.4 per cent stake in the Swiss bank, paring its holding to 2.7 per cent from 5.1 per cent.” How much was the loss?

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LOCAL ECONOMIST: GIC REAL RETURN FALLS, WHAT ABOUT OUR CPF RETURNS?

It states that “GIC’s 20-year annualised real rate of return – its most important benchmark – was 4 per cent for the financial year ended March 31, down from the 4.9 per cent in the previous year. This means that GIC enhanced its portfolio by an average return of 4 per cent per year, over and above the global inflation rate between April 1996 and March this year.”

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ECONOMIST: UNLIKELY THERE IS A BLACK HOLE IN S'PORE GOVT FINANCES

Global financial markets are in turmoil so as night follows day, the season of that big black hole in the Singapore government finances is here again. According to a local blogger, the shortfall is close to $200b while in the recent past, a China-based American academic thought the black hole was $500b or more. In truth, if there was really a black hole of $200b to $500b, it would have eliminated the NIRC provided in the annual budgets which means no Pioneer Generation Package for example. It would also have caused significant revisions to the IMF country assessment of Singapore and it would have removed Singapore’s AAA credit rating.

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