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| 07-Jul-2011 08:58 |
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Updated: 06/07/2011
Temasek sells partial stakes in top China banksState-linked Singapore investment firm Temasek Holdings said Wednesday it had sold partial stakes in two of China's biggest banks, Bank of China (BOC) and China Construction Bank (CCB). " This sale is part of our portfolio rebalancing, which we do from time to time," Temasek spokesman Jeffrey Fang said in a statement. " Temasek continues to hold substantial positions in Chinese banks." The firm raised $3.62 billion from share placements in the banks -- two of China's " Big Four" lenders -- through holding units, Dow Jones Newswires said, quoting a source familiar with the deal. Temasek unit Fullerton Financial Holdings Pte Ltd sold 5.188 billion shares in Bank of China through placements, raising $2.42 billion. And Cairnhill Investments (Mauritius) Pte Ltd and Crescent Investments (Mauritius) Pte Ltd, two other Temasek units, sold 1.502 billion shares in China Construction Bank to raise $1.2 billion. Temasek had a 6.76 percent stake, or 16.91 billion shares, in CCB as at December 31, 2010, according to the lender's 2010 annual report. CCB declined to comment but Dow Jones calculations indicate Temasek's stake in China's second-biggest lender has been reduced to around 6.2 percent after the sale. For BOC, Dow Jones quoted the bank's spokeswoman Zhao Rong as saying that Temasek will be left with a 2.2 percent stake in the lender after the transaction. Temasek previously had a 4.06 percent stake in the lender, according to BOC figures. " We have received notification from Temasek on transferring Bank of China's shares to other institutional investors," Zhao said. By the end of trade in Hong Kong BOC shares fell 3.63 percent and CCB was down 3.24 percent. The sales come amid concerns about Chinese banks' debt exposure after China's National Audit Office said local governments owed $1.65 trillion as of the end of 2010, of which a big proportion could go sour. However, that announcement -- the first time China has given an overall figure for local government debt -- was followed by a warning Tuesday from ratings agency Moody's that the debt could have been understated by about $541.6 billion. The agency also said a lack of a plan to tackle the bad loans meant it could downgrade its outlook for Chinese banks to negative. Song Seng Wun, a Singapore-based regional economist with CIMB Research, said the move by Temasek does not mean it has lost faith in the Chinese banking sector. " They are not exiting the Chinese banks, they still have stakes in these entities," he told AFP. " They could have exited completely but the fact that they still have stakes suggest they are rejigging the portfolio." Temasek had a global portfolio worth Sg$186 billion ($151 billion) as of the end of March 2010, focused largely in Singapore, Asia and emerging economies. |
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| 07-Jul-2011 08:56 |
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Updated: 06/07/2011
Tan Kin Lian says he was asked to be election candidate twice by PAP
Tan Kin Lian SINGAPORE : Presidential hopeful Tan Kin Lian has revealed on his Facebook page that he was asked twice by the ruling People’s Action Party (PAP) to stand for elections. The first was in 1979 — but he declined, saying it was " necessary for a MP to be a full—time job." He said: " I was not able to do this job, and still run an insurance company at the same time." The second was in 1985, when he was asked by a " very, very senior" person in the PAP. That time, he again declined, citing unhappiness with the party’s policies on the graduate mother scheme, among others. The reason for sharing this information, he said, was because many people have asked him about his level of connection with the PAP. Mr Tan said he was also secretary of the Marine Parade PAP Branch from 1976 to 1979 and he " also helped the Member of Parliament, Mr Goh Chok Tong, to organise the experimental Residents’ Committee" . In 1979, he became chairman of the Marine Parade Community Centre. And in 2007, he resigned as a cadre member after his retirement from NTUC Income. Explaining why he did not resign from the PAP earlier, Mr Tan said: " I did not want to quit earlier as it was necessary for me to preserve good relations with the ministers and the NTUC leaders, for the sake of NTUC Income." When asked to describe his relationship with Mr Goh, Mr Tan said they kept in contact through social functions after he left Marine Parade grassroots organisations in 1985. But contact in the last 10 years has dwindled to occasional emails he sends to Mr Goh. Mr Tan said he would be submitting an application for a Certificate of Eligibility on July 7 to take part in the Presidential Election. — CNA /ls |
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| 06-Jul-2011 18:20 |
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A rally coming
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wOUld be nIce If FUNDS' Daily Transactions are pOsted On WIKILEADS or ? ? ? ? |
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| 06-Jul-2011 18:18 |
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A rally coming
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1.6B Daily ? ? ? ? WHY SGX cannOt repOrt FUNDS' Transactions Daily ? ? ? ? W H Y ? ? ? ? W ? H ? Y ?
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| 06-Jul-2011 16:33 |
JapanLand
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Delisting without exit offer
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wIll thIs hAppen tO SAIZEN ? ? ? ? |
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| 06-Jul-2011 16:15 |
Global Logistic
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GLP
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will this be affected by JAPAN LAND cAse ? ? ? ? |
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| 06-Jul-2011 16:06 |
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GE2011 Co-driver analogy...haha
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wIthOUt a wAlkOver ? ? ? ? whAt If everybOdy spOils the vOte ? ? ? ? wIll there be a presIdent ? ? ? ? |
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| 06-Jul-2011 16:02 |
Tiger Airways Rg
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TigerAir
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ENLIGHTENMENT
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| 06-Jul-2011 14:19 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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MAYBANK brokerage 0.10% for BURSA shares.
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| 06-Jul-2011 14:15 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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ALL STI Index Stocks have SAME BIG APEX TREND |
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| 06-Jul-2011 13:27 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Tuesday, July 5, 2011STI - The Big Apex Trend A few weeks back, I drew the current trend for STI and said that it was trending towards a big apex. As we watch and monitor STI's activity everyday, I am more and more convinced that this is the correct trend and is progressing towards the end at the right. As we approach towards the right hand area, look for either a breakout or breakdown with high volume to confirm the future trend of the market! Ronald K
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| 06-Jul-2011 13:07 |
Genting Sing
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Traders Lounge - Daily opportunities for everyone
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cAptAIn Of thIs fOrUm mIssIng ? ? ? ? |
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| 06-Jul-2011 13:03 |
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your biggest worries?
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06/07/2011
NDP songs draw flak from netizensNetizens find songs in bad taste and un-original The use of Nobody for the NDP has not met with any copyright issues, as the NDP organisers had secured public performance rights for the songs, however the issues with the Fun Pack song was that the organizers had no right to modify the lyrics. In a report by a local daily, the NDP committee was making plans to rectify the problem, which could mean obtaining a clearance from Interscope Records, Lady Gaga's recording company. Until then, the song will not be performed. The Songs: |
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| 06-Jul-2011 12:53 |
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A full review of healthcare policies Fundamentals are sound, says Health Minister, though sector faces many challenges Sharon See
SINGAPORE Health Minister Gan Kim Yong revealed this in his first major speech since he took on the portfolio in May after a Cabinet reshuffle. Mr Gan said the MOH review “will take some time, as the issues are complex and require close study”. “Among other things, we will look into the key issue of affordability, and how we can strengthen and widen our safety net in an effective and sustainable way for Singaporeans.” Referring to the Medisave, MediShield, Medifund schemes, Mr Gan added: “A key area will be how we can fine-tune our existing 3Ms framework to make healthcare costs more affordable. At the same time, we are continuing with our efforts to enhance medical service.” ALL the " MMM" are gImIcks ? ? ? ? it is the evil cUt-thrOAt prIce ? ? ? ? whIch is the devil ? ? ? ? — The Health Ministry is undertaking a “thorough policy review” to address challenges such as ensuring affordability and the optimal delivery of healthcare services given the advances in medical science. |
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| 06-Jul-2011 12:17 |
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Japanese minister quits over ‘uncaring remarks’ TOKYO The outcry among opposition parties over Mr Ryu Matsumoto’s (picture) comments had threatened to further hinder Mr Kan’s efforts to pass key Bills in a divided Parliament as Japan tries to rebuild from the disasters and end a nuclear crisis. In meetings with local governors over the weekend, Mr Matsumoto’s words were regarded as arrogant and uncaring, angering local residents and political opponents. — Beleaguered Japanese Prime Minister Naoto Kan took another blow yesterday when his Reconstruction Minister resigned after barely a week in the job over criticism for remarks that offended victims of the March earthquake and tsunami. |
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| 06-Jul-2011 12:11 |
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8 held on suspicion of peddling illegal cigarettes SINGAPORE A total of 338 packets of illegal cigarettes were seized during the operation on June 28 jointly conducted by the Singapore Customs (SC), the Gurkha Contingent, the police and the Immigration and Checkpoints Authority. The cigarettes seized are estimated to have a street value of more than S$3,000, while the total duty and Goods and Services Tax (GST) involved exceeded S$2,000. [cIgarette shOUld be clAssIfIed as drUg and prescrIbed by dOctOrs] The SC said yesterday that Yew Tee had been an area of concern for contraband activities, with buyers continuing to support peddling activities there. The cigarettes were being sold to passers-by near Yew Tee Industrial Estate along Woodlands Road by suspected immigration offenders at S$5 per packet, less than half the price of legal, duty-paid cigarettes sold in retail outlets. — Eight Indonesians suspected of peddling illegal cigarettes were arrested during an inter-agency operation in Woodlands Road last week. |
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| 06-Jul-2011 12:06 |
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SPGA sues former member over business targeting senior golfers NG JING YN G
SINGAPORE The SPGA alleges that the Singapore Senior PGA LLP has passed off as the former and could have caused others to link its golf-related activities with those of the former. The Singapore Senior PGA, which was registered as a business entity in November last year, was started by Mr Chen Eng Waye, who was a member of the SPGA till January 2008. The SPGA is also suing Mr Chen’s business partner, Mr Roy Chen Xianyi. — The Singapore Professional Golfers’ Association (SPGA) — which has organised tournaments like the Asian Tour — is suing a former member and his partner who have started a business targeting senior golfers. |
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| 06-Jul-2011 11:53 |
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As deputy chairman of the GPC for Home Affairs and Law, lawyer Edwin Tong is the only one of the People’s Action Party’s (PAP) new MPs from this year’s General Election to help lead policy discussions from the backbench. And as the PAP announced yesterday its 10 new GPC line-ups — with six MPs promoted [IncreAse pAy AgAIn ? ? ? ?] to helm the groupings and four switching to lead another GPC — Mr Tong, like some of his more experienced colleagues MediaCorp spoke to, already has identified some issues to engage with the ministries. The partner at law firm Allen & Gledhill cited unlicensed money lending and other crime such as gang attacks, for instance. |
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| 06-Jul-2011 11:45 |
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Tan Weizhen
SINGAPORE — When Parliament opens later this year, leadership of the Government Parliamentary Committees (GPCs) tackling policy matters will remain in the hands of more experienced Members of Parliament, with one exception. |
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| 06-Jul-2011 11:35 |
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PAP announces
Are PETERS IncOmptent ? ? ? ? |
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