Only 20 of 1,042 units at Marina One Residence sold during the weekend, dampening Temasek's hope of making a killing from this joint development with Khazanah

PropertyGuru, 13 Oct 2014
Poor sales were recorded on the first day of launch for Marina One Residences with only 20 units sold last Saturday, according to media reports.
This is a sharp turnaround from the strong build-up seen during the preview phase, which saw more than 300 units taken up since 3 October, many by bulk buyers.
Singaporeans account for about 70 percent of buyers, while the rest are PRs and foreign nationalities. The top three groups of overseas buyers are from Malaysia at 20 percent, followed by Indonesia and China.
When contacted, a spokesperson for the developer M+S told PropertyGuru there were no further sales updates at this time.
M+S appears to have adopted a cautious approach to selling units at the development. Just one of its two towers is available for sale right now and only 372 of the total 1,042 apartments have initially been released. Full story

Temasek throws lavish party in New York, announces plan to dabble in bitcoin

Coindesk, 27 Jun 2014
Temasek Holdings has a $172bn portfolio and had a net income of $12.1bn in 2013. According to the news report, the firm launched its first office in New York City yesterday, throwing a lavish party and promising that it will “seize opportunities in the entire American continent”.
The most surprising part of the launch came in Chairman Lim Boon Heng’s speech, in which he said the company had recently conducted a company-wide “bitcoin experiment”, with all staff at the company – from drivers to board members – taking part.
The experiment involved everyone getting their own bitcoin wallet and practicing by using it to donate to charity, Mr. Lim said. Full story

Kenneth Jeyaretnam debunk Temasek's denial of being linked to rise in CPF minimum sum

Rethinking the Rice Bowl, 5 Jun 2014
In an extraordinary turn of events the State Times published a letter in its Forum page yesterday from Temasek Holdings. It seems that last Saturday ST published an article (“Ways to improve CPF”) which quoted an unnamed person as saying he suspected the Central Provident Fund Minimum Sum was raised “because Temasek or GIC lost money overseas”. ( See more at: http://www.straitstimes.com/premium/forum-letters/story/temasek-doesnt-invest-or-manage-cpf-savings-20140604#sthash.jRLqDrka.dpuf)
Temasek wrote their letter in response to that comment and presumably to deny that rumour. I say it is extraordinary because not only does it fail to prove that CPF monies do not help to finance, even indirectly, the government’s injections of capital into Temasek, but a large part of the letter is simply a setting out of current government CPF policy and an explanation of the PAP’s stated reasons for increasing the minimum sum. You know, the one about increased life expectancy blah blah. Full story

Temasek's earnings could be hit as Standard Chartered warns of potential losses from Qingdao port probe

Reuters India, 5 Jun 2014
Worries over a probe into commodity stockpile financing at China's Qingdao port appeared to deepen on Wednesday as Standard Bank Group and a part-owned unit of Louis Dreyfus Corp warned of potential losses and copper prices fell further.
The inquiry, first reported by Reuters and other media earlier this week, has revived concerns about the impact of China's deepening credit crisis on its metal imports, much of which piles up in warehouses to be used as collateral. London copper prices have fallen 2 percent in two days.
Responding to queries about the probe at Qingdao, which has not been officially confirmed, South Africa-based Standard Bank said it was "working with local authorities" to investigate potential irregularities at China's third-largest port, a major source for metal and iron ore imports.
"Standard Bank Group is not yet in a position to quantify any potential loss arising from these circumstances," the bank, whose Standard Bank Plc subsidiary conducts commodities trading, said in a statement. Full story

Related:
Qingdao Port Said to Probe Volume of Metals in Warehouses - Bloomberg

Also read:

1. Temasek’s letter doesn’t answer why CPF MS is being raised - The Online Citizen
2. TEMASEK HOLDINGS STILL DID NOT EXPLAIN WHY THE CPF MINIMUM SUM IS BEING RAISED - The Real Singapore

OPINION: Temasek doesn’t really make 16%, and why your CPF isn't really safe

Andyxianwong.wordpress.com
It is completely inconceivable that Temasek has achieved the returns it claims through ordinary open market investment performance. Any attempt to attribute these returns to particularly excellent investment decisions by the Prime Minister’s wife is beyond ludicrous. Professor Balding has written on a few occasions about how out of kilter the numbers claimed by Temasek look when compared to pretty much every other index, benchmark or verifiable institutional investor (of which there are plenty).
You may be wondering, if Temasek’s investments don’t make such great returns, where do the funds come from to pay back the money borrowed from our CPF accounts? The answer, obviously, is that it doesn’t come from anywhere. Obviously, as we are reminded every year, the CPF money is not getting paid back. Borrowers don’t just default on their borrowings, and unilaterally restructure their debts for no reason. Yet this is what happens every year when the minimum sum is increased, and when the retirement age is increased. A couple more tricks exist that governments can use to make inconvenient debts go away. Full story

Mega-rich Temasek and GIC are world’s most acquisitive SWF with total of US15.7 billion spent on direct investments

The Malay Mail Online, 14 May 2014
GIC Pte and Temasek Holdings Pte, Singapore’s state-owned investment firms, are set to lead global sovereign investors in acquisitions for a second year after emerging as the most active in 2013.
The US$15.7 billion (RM50.8 billion) spent by both companies accounted for about a third of direct investments by state investors globally last year, according to data compiled by the London-based Institutional Investor’s Sovereign Wealth Centre. Temasek and one of its units announced two purchases in March that amounted to US$8.9 billion, or 57 per cent what the two companies invested last year, according to data compiled by Bloomberg. Full story

Related:
Singapore Inc. state firms are most acquisitive - The Edge Malaysia

PM Lee's wife commands Singapore economy with cool head, constantly looking for a successor

Nikkei Asian Review, 30 Jan 2014
Ho Ching, the chief executive of Singapore's government-owned investment fund Temasek Holdings, is the wife of Prime Minister Lee Hsien Loong. She commands the economy with a cool head.
Ho announced her intention to step down in 2009, but decided to stay on. She says she is constantly looking for a successor. The CEO of Temasek is powerful enough to affect the Singaporean economy. Will Ho find a successor this year? Full story

Related:
The Temasek Illusion - Balding's World

Lim Boon Heng claims Temasek made "significant contritbutions" to Govt's coffer to fund social programs for the elderly and needy. Do you believe him?

Question: Increasing GST to 7% is insufficient to help the old and needy?

XIN MSN News, 5 Dec 2013
SINGAPORE: Investment company Temasek Holdings has made substantial contributions to benefit Singapore and Singaporeans, said chairman Lim Boon Heng.
Speaking at a sovereign wealth fund conference on Thursday, Mr Lim said the contributions have helped to boost the government's budget revenue to fund social programmes and kept tax burden light.
The government has rolled out various programmes to support the elderly and the needy. Full story

Related:

1. Singapore to hike tax in effort to help poor - Topix.com
2. GST increase to 7% to help poor & old!!! - Singaporemind.blogspot.sg
3. Uniquely Singapore, F1 or F9 – helping the poor? - The Online Citizen

Mega-rich Temasek buys into Bollywood business

Reuters UK, 26 Nov 2013
Fullerton Fund Management, owned by Singapore's Temasek Holdings, has bought a stake in Indian film distributor Eros International, gaining a foothold in the movie industry known as Bollywood.
Fullerton now holds 8.7 per cent in Eros, according to a Monday filing with the US Securities and Exchange Commission.   Link

Related:
Singaporeans think government is rich and expects more from government: Lee Hsien Loong - XIN MSN News

Temasek pumps more money into China, slows down investment in India

China Daily, 21 Nov 2013
Singapore -- Fullerton Fund Management, a unit of Singapore state investor Temasek Holdings (Pte) Ltd, says progress in economic reform is encouraging it to invest more in China, and that slow progress in India is prompting it to invest less.
China has pledged to make the most sweeping economic changes in nearly three decades, which could benefit sectors such as consumer, infrastructure, insurance and clean energy, Fullerton Chief Executive Manraj Sekhon said at the Reuters Global Investment Outlook Summit on Wednesday. Full story

Temasek buys stake in China Mengniu Dairy's unit

South China Morning Post, 11 Nov 2013
Singapore state investor Temasek and China-focused private equity firm Hopu were among five investors buying a US$213 million stake in Yashili International after parent China Mengniu Dairy sold down shares to meet Hong Kong listing requirements.
Temasek, through one of its Mauritius subsidiaries, Hopu and three individual investors agreed to buy 471.13 million shares of Yashili from Mengniu for HK$3.50 each, putting the total deal at HK$1.65 billion, the dairy companies said in a securities filing on Monday. Full story

Related:

1. 2008 Chinese milk scandal - Wikipedia
2. China's Mengniu discovers tainted milk - China Economic Review
3. Tainted Mengniu Milk Products Caused by Mildewed Feed, Regulator Says - Bloomberg
4. CHINA: Mengniu embroiled in new tainted milk scandal - Just-food.com

Temasek join hands with Khazanah to develop posh residential and commercial projects in Singapore for the wealthy

Free Malaysia Today, 11 Nov 2013
Khazanah Nasional Bhd and Singapore’s Temasek Holdings Pte Ltd are jointly developing posh residential and commercial projects in the island state with a gross development value (GDV) of RM10.2 billion.
The integrated real estate venture named DUO, is undertaken by M+S Pte Ltd, a joint venture (JV) between both Khazanah, Malaysia strategic investment fund, and Temasek, Singapore’s state-owned investment arm.
M+S will develop four land parcels in Marina South and two land parcels on Ophir- Rochor road, a business district — each as an integrated development.
The mixed project on Ophir-Rochor road comprises two towers — one featuring 660 premium residences and the other offering office space, a 39-storey five-star hotel and retail gallery. This project will be launched in the middle of this month. Full story


Related:

1. Rochor residents have to move out of their HDB flats - AsiaOne
2. HDB promises fair compensation for Rochor residents - PropertyGuru.com.sg

Bangladesh poor selling organs to pay back microcredit loan

BBC News, 28 Oct 2013
Microcredit, hailed as a saviour for millions, aims to break the cycle of poverty by stimulating income-generating activities through providing collateral-free loans.
But its repayment structure and the apparent inability of microfinance institutions to determine whether borrowers have multiple loans with other institutions rarely come under scrutiny.
Consequently, it can create a vicious cycle in which borrowers borrow money from other NGOs to repay existing loans, leaving many unable to repay and some to take extreme measures such as selling organs to make repayments. Full story

Related:

1. Temasek Pumping More Money Into India's Micro Financing Market - Sammyboy Forum
2. Temasek Snared in India as Crackdown Slows Microfinance IPOs - Bloomberg
3. Temasek Opens Micro-Loan Firm - z-ben.com
4. Temasek: Micro-credit Business in China - Chengao.wordpress.com
5. Temasek Starts Micro-credit Business In Chengdu, China

Temasek opens bank in first Cambodian investment

Reuters, 27 Sep 2013
A unit of Temasek Holdings Private Ltd has opened a new bank in Cambodia with local partners in the first investment by the Singapore state investor in the country, the Straits Times reported on Friday.
Cambodia Post Bank, which aims to serve the mass market and small businesses, has a share capital of $38 million. Cambodian firm Canadia Investment Holding has a 50 percent stake, Temasek unit Fullerton Financial Holdings holds 45 percent and Cambodia Post the remaining 5 percent. Full story

Temasek’s Pavilion Energy Plans to Invest Substantiall in Asia LNG Assets

Bloomberg, 25 Sep 2013
Pavilion Energy Pte, the liquefied natural gas unit of Singapore’s state-owned investment company, wants to invest in Asian terminals and infrastructure to further its aim of supplying gas to the region.
Pavilion Energy, owned by Temasek Holdings Pte, will add more funds to its initial authorized capital of $1 billion to fulfill its ambitions, Chief Executive Officer Seah Moon Ming said at an LNG conference in Singapore today. He didn’t say how the company will raise the additional money. Full story

Temasek fined by Indian regulator after following advice of its legal advisors in India

The Economic Times, 18 Aug 2013
NEW DELHI: Slapped with a Rs 50-lakh fine for late filing of an application with fair trade regulator CCI, Singapore government's investment arm Temasek says it is "disappointed" and will take steps after studying the order.
The fine of Rs 50 lakh was imposed on Temasek Holdings and its two subsidiaries for delayed submission of a mandatory application to the Competition Commission of India (CCI) with regard to a proposed acquisition of shares from DBS Group.
The application by Temasek's two indirect wholly owned subsidiaries, Zulia Investments and Kinder Investments, was filed after a staggering delay of 399 days.
"Temasek had originally been advised by its legal advisors in India that no filing was required for the DBS-Danamon transaction, and had acted in good faith based on legal advice," its Managing Director (Corporate Affairs) Stephen Forshaw told PTI in reply to e-mailed queries. Full story

Related:

1. Singapore's Temasek says disappointed with CCI penalty - Business Standard
2. Singapore’s Temasek disappointed with CCI fine - The Hindu Business Line
3. Singapore''s Temasek says disappointed with CCI penalty - MSN India

Temasek Racing Against Exxon and Shell to Build Up Biggest LNG Reserve in Singapore

Bloomberg, 18 Jul 2013
A Temasek Holdings Pte unit is up against Exxon Mobil Corp. (XOM) and Royal Dutch Shell Plc (RDSA) in a contest to fill storage tanks that will hold three times as much liquefied natural gas as Singapore will consume this year.
The city-state’s Energy Market Authority is seeking feedback through the end of July for stocking an LNG terminal with capacity of as much as 9 million metric tons. The threefold expansion will allow Singapore to offer last-minute deliveries, or spot cargoes, to buyers in Asia seeking an alternative to long-term contracts linked to oil. Full story

Temasek still very optimistic about China

Ecns.cn, 10 Jul 2013
Temasek Holdings Pte Ltd remains optimistic about investing in China because the country remains one of the most promising opportunities in the world, the company said at a news conference on Tuesday.
Apart from involvement in China's banking sector, the Singapore state investor said it will also increase investment in China's State-owned enterprises and other projects related to the country's urbanization process.
"We are generally satisfied with investment returns from the Chinese market," said Ding Wei, head of operations at Temasek China. Full story

Temasek pumps millions into struggling online Chinese literature platform

Ecns.cn, 10 Jul 2013
Cloudary Corp - an online literature platform owned by interactive media giant Shanda Group - said on Tuesday that it raised about $110 million through private placements from Goldman Sachs Investments Holdings (Asia) Ltd and Singapore-based investment company Temasek Holdings.
Funds will primarily be used to further boost Cloudary's incentive scheme for writers, secure commercially valuable literary content and develop mobile Internet products and applications, according to a statement issued by the company.
The introduction of outside investors has somewhat cheered up Cloudary's management and helped it to recover confidence. The company went through a bumpy road in recent years.
Cloudary's initial public offering plan, which was first announced in 2011, has been delayed because of internal turbulence and the lackluster economic environment. Full story

Temasek plans to splurge £5 billion for 10 percent stake in Lloyds Banking Group

The Sunday Times, 7 Jul 2013
SINGAPORE’S giant sovereign wealth fund has made a preliminary approach to the government about buying a £4.5bn stake in Lloyds Banking Group.
Temasek, one of the biggest investors in the financial services sector, is believed to be willing to buy about 10% of the bank’s shares.
Plans to sell the taxpayer’s 39% stake in Lloyds are advancing rapidly. Over a dozen investment banks will submit proposals tomorrow to UK Financial Investments (UKFI), the government body that oversees the taxpayer’s bank shares, on how they would handle the sale. Full story

Also read:
Singaporeans think government is rich and therefore expect more from it: PM Lee Hsien Loong