19 Sep '11, 2pm

GIC defends UBS investment

SINGAPORE: The Government of Singapore Investment Corporation (GIC) has defended its investment in Swiss bank UBS. This was in response to a forum letter in TODAY newspaper, which called for GIC to be more transparent with its losses. The letter came after a US$2.3 billion loss was made by a rogue trader at UBS. GIC is the largest shareholder of UBS with a stake of more than six per cent. In a letter to the media, GIC said its investment in UBS was made before the onset of the global financial crisis of 2008. It reiterated that in retrospect, the timing for the investment could have been better. GIC also pointed out that during the same period, it had made good investment decisions and these have offset the losses on UBS. GIC said its total portfolio has fully recovered to its value prior to the global financial crisis. The firm added that it does not disclose strategies o...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

Tweets

SNA - GIC sitting on $7.2 billion losses from U...

GIC is sitting on a substantial loss – close to SFr6.5bn ($7.4bn) – on its UBS stake, acquired for €11bn ($15bn) three and...

The shocking news that the GIC is staring at losses of $10 billion over its investments in Swiss bank UBS is...

The shocking news that the GIC is staring at lo...

yoursdp.org 21 Sep '11, 5am

Yes, that's three whole days Mr Ng Kok Song took to agree to dive into UBS with $10 billion of our money – at a time when ...

GIC disappointed and concerned at UBS lapses (via ST iPhone App)

GIC disappointed and concerned at UBS lapses (v...

straitstimes.com 20 Sep '11, 12pm

The Government of Singapore Investment Corp (GIC) said that it has discussed with UBS management its US$2.3 billion (S$2.9...

GIC should explain how they manage to bring its...

mysingaporenews.blogspot.com 20 Sep '11, 12am

Responding to a letter calling for more disclosure for the UBS investment, Jennifer Lewis, Head, Corporate Affairs and Com...

UBS discovers $2 billion loss in unauthorized t...

(CNN) -- Swiss banking giant UBS discovered that unauthorized trading has cost it an estimated $2 billion, it announced Th...

The rogue trader and his impact on GIC

theonlinecitizen.com 21 Sep '11, 8am

Steven is very pro establishments. Notwithstanding quite a few points which are factual, performance in long run for GiC (...

UBS rogue trader sinks bank into $2.49b loss

UBS rogue trader sinks bank into $2.49b loss

straitstimes.com 15 Sep '11, 9am

Swiss banking giant UBS revealed on Thursday that a rogue trader had lost an estimated US$2.0 billion (S$2.49 billion) in ...

SMART Investment & International Property Expo ...

thefinance.sg 27 Sep '11, 1pm

The SMART Investment & International Property Expo this year will be held from 1-2 October 2011 from 11am to 7pm at Hall 4...

of ubs ceo resigns: UBS CEO ResignsRogue trader...

lancerlord.blogspot.com 25 Sep '11, 4am

Rogue trader Kweku Adoboli won't be the only person to lose his job over the scandal. UBS chief executive Osawld Gruebel h...

Singapore gay portal Fridae receives investment from #LGBT Capital

Singapore gay portal Fridae receives investment...

sgentrepreneurs.com 16 Sep '11, 1pm

Singapore gay portal Fridae receives investment from LGBT Capital September 16, 2011 by Terence LEE Apparently, the pink d...

Breaking: Energy Efficiency Loan Financing Prov...

aceee.org 20 Sep '11, 12pm

Energy Efficiency Loan Programs Default Rates Range from 0–3% and Remained Largely Unchanged During Housing Bubble Collaps...

Singaporean entrepreneurs made waves at TechCru...

sgentrepreneurs.com 19 Sep '11, 6am

Singaporean entrepreneurs made waves at TechCrunch Disrupt September 19, 2011 by Terence LEE Score one for the home team. ...

S'porean entrepreneurs made waves at TechCrunch...

sgentrepreneurs.com 19 Sep '11, 5am

Singaporean entrepreneurs made waves at TechCrunch Disrupt September 19, 2011 by Terence LEE Score one for the home team. ...

JCI & GE Unveil Investment, Technology for Greener Power Solutions

JCI & GE Unveil Investment, Technology for Gree...

greenbiz.com 15 Sep '11, 12pm

Usually GreenBiz's coverage of Johnson Controls Inc. focuses on its work on energy efficiency in buildings , and lately so...

SNA - UBS CEO Gruebel resigns over rogue tradin...

Oswald Gruebel, chief executive officer of UBS AG (UBSN) since February 2009, resigned his post at Switzerland’s largest b...