After Norwegian SWF shames SG, Abu Dhabi SWF does the same!
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Copied from CNA forum again:
RECALL THAT Temasek passed on the opportunity to buy Barclays at a very LOW PRICE in October while Abu Dhabi Investment Authority swooped in
Barclays’s Abu Dhabi Investors to Sell $6.8 Bln Stock (Update3)
By Ben Livesey and Malcolm Scott
June 2 (Bloomberg) -- Barclays Plc’s Abu Dhabi investors plan to sell 4.12 billion pounds ($6.8 billion) of shares in the bank after a 54 percent rally since the investment was made.
PCP Gulf Invest 1 Ltd., owned by the Abu Dhabi-based International Petroleum Investment Company, hired Credit Suisse Group AG to sell mandatory convertible notes, it said in an e- mailed statement. The notes amount to 1.3 billion shares, London-based Barclays said in a separate statement.
The MSCI World/Financials Index has advanced 73 percent in the past three months, the biggest gain among the 10 industry groups on the MSCI. The investment fund said it plans to focus on energy assets, mirroring a shift away from financial stocks among sovereign wealth funds including Temasek Holdings Pte as commodity prices recover from last year’s rout.
“They’re reshuffling a bit, putting money into areas where, if indeed this is the beginning of the end of the great recession, there could be a recovery in demand for resources,” said Song Seng Wun, an economist at CIMB-GK Securities Pte in Singapore.
Abu Dhabi became one of the bank’s biggest investors in October, when Barclays Chief Executive Officer John Varley tapped sovereign wealth funds in the Mideast to avoid a U.K. government bailout.
Commodities Rebound
“The decision to dispose of some of its interests in Barclays reflects the focus of IPIC’s long-term investment strategy on hydrocarbon-related opportunities,” Khadem Al Qubaisi, IPIC’s managing director, said in the statement.
Temasek, Singapore’s state-owned investment company, yesterday agreed to buy a stake in Olam International Ltd., its first foray into commodities since naming former head of BHP Billiton Ltd. Charles “Chip” Goodyear as chief executive officer-designate in February.
China Investment Corp. and Qatar Investment Authority said in March they would buy commodity assets after values dropped.
Commodities prices are showing signs of a rebound, less than a year after the Reuters/Jefferies CRB Index of 19 raw materials began its plunge from a July 3 record, dropping as much as 58 percent by Feb. 24 as the global economy entered its first recession since the Great Depression. The index jumped 14 percent in May, the most since July 1974.
PCP Gulf Invest 2, another IPIC subsidiary, is considering selling its 14 percent step-up callable reserve capital instruments in Barclays, IPIC said.
Shares Rally
“IPIC has a high regard for Barclays, and great confidence in its management team and ongoing strategy,” Al Qubaisi said. “The Emirate of Abu Dhabi intends to maintain a close commercial and strategic relationship with Barclays.”
Barclays bypassed ordinary shareholders and the U.K.’s rescue plan to comply with new capital requirements. It agreed Oct. 31 to sell 2.8 billion pounds of convertible stock and 3 billion pounds of preferred stock to Sheikh Mansour Bin Zayed Al Nahyan, a member of the Royal Family of Abu Dhabi, Qatar Holding LLC and Challenger Universal Ltd., an investment vehicle set up by Qatar.
Barclay shares have rallied 54 percent since their Oct. 30 closing price and finished at 316.25 pence in London yesterday. The stock has surged six fold since a Jan. 23 low as concern ebbed that the bank would need to raise more money and the company posted a profit for the second half of 2008.
In March, IPIC agreed to pay 3.3 billion euros to raise its stake in Cia Espanola de Petroleos SA., Spain’s second-largest oil producer, to about 47 percent from 9.5 percent.
IPIC unit Aabar Investments PJSC said March 22 it bought a 9.1 percent stake in Daimler AG, the world’s second-biggest luxury carmaker, for 1.95 billion euros. IPIC also has stakes in EDP-Energias de Portugal SA, Portugal’s biggest electricity company, MAN AG’s Ferrostaal, a German oil-services company, and Austria’s OMV AG. -
Our talented ones will tell you that they go for the longterm!
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Damn! You beat me to it, pearlie :)
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By the way, Abu Dhabi doesn't follow the new super investment formula, which is "Buy high, sell low." They are old-fashioned guys!
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The new super investment formula of "Buy High, Sell Low" can only be applied by out-of-this-world elites who have matching out-of-this-world salaries and not any lesser mortals, you know?
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Can Temasek just pass their money to their Abu Dhabi counterparts to invest? This will be a great arrangement, I won't mind paying the Abu Dhabi guys more! Also, we don't have to listen to ministerial bullshit to cover Temask's pathetic perfomances all the time.
Temasek should benchmark themselves to other SWFs instead of passive market indices! Let Singaporeans know how Temasek is doing compared to Abu Dhabi, QIA, China's fund etc and let us form our own opinions instead of giving us false statistics on how well Temasek is doing.
Buying ML at the peak of a bubble and selling BoA on the onset of the most powerful market rally since the Great Depression for a multi-billion loss. Haha.. totally amateurish for a supposedly world-class SWF.
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Our economic and investment guru Lee Kuan Yew off to give speeches again:
MM Lee goes “jiat hong” again and list of overseas trips made by MM and SM since 2008
June 3, 2009
From The Newsroom Team
According to a news report from Channel News Asia, Minister Mentor Lee Kuan Yew will be in the United Kingdom from Tuesday to Saturday.
A statement from the Prime Minister’s Office says Mr Lee is in the UK to attend the Total International Advisory Council meeting.
What is this council about? A quick check on google did not reveal any information of the organization.
Is MM Lee attending the meeting in his personal or official capacity? Since the meeting is released on the Prime Minister Office’s website, it should be an official trip.
How much does the trip cost taxpayers? Is the trip justified when Singapore is still mired in recession? Did he fly by first, business or economic class?
Here’s a list of the other overseas trips made by MM Lee since 2008 (total: 8):
23 to 27 May 2009: China to attend the 15th anniversary celebration of the Suzhou Industrial Park.
21 to 24 May 2009: Japan to call on the Prime Minister Taro Aso, and meet other Japanese political and business leaders.
27 October to 1 November 2008: China to to attend the J.P.Morgan International Council Meeting.
24 to 26 September 2008: France to attend the Total International Advisory Committee meeting.
21 to 24 September 2008: United Kingdom to deliver a special lecture and inaugurate the Lee Kuan Yew Conference Room at the Institute of International and Strategic Studies’ Arundel House.
6 to 8 August 2008: China to represent Singapore at the Opening Ceremony of the Olympic Games.
1 to 7 March 2008: Dubai, Saudi Arabia and Bahrain at invitation of their respective rulers.
17 to 23 January 2008: Saudi Arabia to speak at the Global Competitiveness Forum.
[Source: PMO]
Besides MM Lee, SM Goh Chok Tong had also made numerous trips over the past one year (total: 8):
20 to 24 April 2009: Working trip to Italy.
10 to 14 November 2008: Working visit to Hong Kong and Macao SAR.
28 to 31 October 2008: Official visit to the Republic of Korea (ROK) at the invitation of President Lee Myung-bak to participate in the “World Leaders Forum”.
24 to 28 September 2008: Working visit to Beijing and Tianjin in the People’s Republic of China.
5 to 8 May 2008: Official visit to the Great Socialist People’s Libyan Arab Jamahirya at the invitation of the Libyan Government.
23 to 28 March 2008: Official visit to India.
20 to 23 February 2008: Working visit to the Republic of Korea (ROK)
28 January to 3 February 2008: Official visit to Qatar and Dubai.
[Source: PMO]
In contrast, Prime Minister Lee made only 3 overseas trips in the same period of time:
27 November 2008: Official visit to Chile.
22 to 27 October 2008: Official visit to China.
21 to 26 January 2008: Official visit to France followed by trip to Switzerland to attend the World Economic Forum at Davos.
[Source: PMO]
Shouldn’t our Prime Minister be making these trips for world leaders to be acquainted with him? Countries which are not familar with Singapore may even mistake MM or SM as our Prime Minister instead!
MM Lee and SM Goh had already “contributed” so much to Singapore during their long years of service as Prime Ministers. Singaporeans really shouldn’t be troubling them now. They should be staying at home to enjoy their retirement than to jet around the globe so often.
We urge the Singapore government to release the list of expenses incurred during these overseas trips made by our 3 “immortal Ms” since the beginning of the economic downturn in 2008.
Are Singaporeans getting value for money? Is the money well spent? Are these trips really necessary? Are there any MPs, NMPs or NCMPs who dare to raise this question in Parliament?
Singaporeans have been told repeatedly by the PAP leaders to lower their expectation, tighten their belts and remain “optimistic” to ride through the storm. Is the PAP leading by example?
What can be done to trim our government budget so that more can be allocated to schemes to help the poor and needy, e.g. increasing the $330 monthly allowance to those on public assistance scheme?
All countries in the world are helmed by either one President, one Prime Minister or one King as the head of state. Singapore has THREE!!! (or four if you consider our most honorable President SR Nathan as well)
Why on earth does a tiny island no more than 700 square kilometers need two ex-Prime Ministers who are paid more than S$2 million dollars a year to remain in the Prime Minister’s Office?
The Prime Minister’s Office is indeed becoming an “office” for the Prime Minister himself and ex-Prime Ministers.
SM Goh really practiced what he preached in his national rally speech in 2002:
“Stayers” are committed to Singapore. Rain or shine, they will be with Singapore. As we say in Hokkien, “pah see buay zao”.
[Source: http://www.gov.sg/nd/ND02.htm]
What can Singaporeans do? The 2 Ms are so bloody “committed” to Singapore - “pah see” also “buay zao” ah!!! TAK BOLEH TAHAN!!!
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Now this:
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSWLA574220090603
Temasek sold Barclays stake, lost 1 billion.
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Buy high, sell low. Uniquely Singapore!
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Originally posted by Ah Chia: In contrast, PM Lee made only 3 overseas trips in the same period of time. Our PM has to stay home to "fix" the opposition mah. Foreign leaders don't know him never mind he die die must be the only emperor in the little red dot!
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Abu Dhabi investors must be laughing all the way to the bank.
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Originally posted by charlize:
Abu Dhabi investors must be laughing all the way to the bank.
ya, to Bank of America -
the next post saying temasek is losing again, I will say it is NORMAL
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Originally posted by angel7030:
the next post saying temasek is losing again, I will say it is NORMAL
Think they still have citi shares.
Or don't tell me they sold it off too in the last few months but not reported yet?
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Originally posted by charlize:
Think they still have citi shares.
Or don't tell me they sold it off too in the last few months but not reported yet?
Bet they do, certain thing cannot expose too much, otherwise it may bring the whole Temasek group share counters into a halt.While the Arabs and americans are laughing and partying, Temasek is licking their wounds while thinking of how to get more from the public, changes on CPF policy coming soon.
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Originally posted by angel7030:
Bet they do, certain thing cannot expose too much, otherwise it may bring the whole Temasek group share counters into a halt.While the Arabs and americans are laughing and partying, Temasek is licking their wounds while thinking of how to get more from the public, changes on CPF policy coming soon.
They already raised minimum CPF amount that you need to keep in CPF.
Again.
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Originally posted by charlize:
They already raised minimum CPF amount that you need to keep in CPF.
Again.
maybe another kind long life policy till 95 years old. Singapore govt are just damn good in twisting and turning it domestic monetary policies just to raise funds for the Arabs and the americans