GMT : Tue, 06 Dec 2016, 02:46

Another GLC in the making?

Chris K one of the few sane bloggers in alternative media, on matters economics and financial (Actually he’s the sanest voice on these topics in alternative media) speculates:

Watch for it. There may be a new GLC. And being one means it will at least initially be 100% owned by Temasek. And being 100% owned by Temaseek means, to use Senior Minister Josephine Teo’s words in Parliament a couple of years back, it will generate “good risk adjusted returns”. Like most GLCs, its business model will capitalise on its connectivity with the government and its unique insights into government policy choices to earn profits from Singaporeans and maybe foreigners.

As a GLC, a scholar preferably a high ranking officer in the SAF will be appointed CEO. As this GLC will be a pioneer in a new type of industry, a regulatory agency will be set to be headed by another scholar, preferably another high ranking officer in the SAF.

[I]ts business? To run a chain of love hotels situated in discrete areas in every part of Singapore in order to provide space for Singaporeans to have sex and hopefully produce babies. Like its fellow GLC, this newcomer to the stable of Temasek will derive its profits from Singaporeans through rent seeking. it is expected that its revenue stream is recession proof.

It is too early to to forecast if this new GLC will do an IPO.

Seriously, it lools like he’s turning stand-up comic like Tharman and other PAP ministers. Let’s wish him better luck. At least they have their million dollar salaries to fall back on when they flop. He’s only got his savings.

But he has serious message: how our GLCs make money,

Like most GLCs, its business model will capitalise on its connectivity with the government and its unique insights into government policy choices to earn profits from Singaporeans and maybe foreigners.

Only three S’porean GLCs make serious money overseas: Keppel (rig building), SembCorp (rig building and industrial parks in Vietnam) and SIA. And the first also has a big local property arm.

 

Cynical Investor

Cynical Investor blogs at Thoughts of a Cynical Investor.

 

 

 

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28 Responses to “Another GLC in the making?”

  • zika:

    If chao papayas got into the business of pimping and prostitution, please burn these thick-skinned, shameless sinners. BURN!

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  • Anything & Everything $$$:

    In short, legalised and classy brothels.

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  • oxygen:

    CI GOT HIS FACTS WRONG in the concluding paragraph. Singtel made a lot of money owning Optus in Down Under and Capitaland is also one of the successful GLCs.

    http://www.channelnewsasia.com/news/business/singapore/capitaland-q4-net-profit/2521754.html

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  • Brutal_Truths:

    C’mon CI! – Chris Kuan just making a tongue-in-cheek poke at Josephine Teo’s remark that ‘S’poreans don’t need so much space to have sex’ in the media storm. Besides, S’pore already have loads of love hotels in Geylang & Jalan Besar – Why do GLCs need to intrude into their domain? Private enterprise are more apt in operating this type of business, can GLCs be as successful? Remember Sing Post’s venture into Pawn Shop business – they failed miserably. The Pawnbroking community (mainly Hakkas) were chuckling at Sing Post attempt & failure to intrude into their domain!
    After NOL & SMRT, it doesn’t take a genius to know that Meritocratic Scholars had alreandy ran GLCs onto the ground! PAP should wise up & not waste so much tax-payer’s money on whimsical ventures.

    “Only three S’porean GLCs make serious money overseas: Keppel (rig building), SembCorp (rig building and industrial parks in Vietnam) and SIA. And the first also has a big local property arm.”
    Way behind the curve comments, CI! – All 3 GLCs are suffering from declining revenue streams & will continue to suffer in this difficult economic climate. Keppel & SembCorp suffering from the cyclical downturn in both Oil-&-Gas & Offshore-&-Marine sectors. A decade of high fuel prices has caused a fundamental shift towards alternative energy & technological breakthrough in captive energy storage ie. battery technology & energy recycling.
    SIA? Although they benefit from lower aviation fuel cost but SIA is fighting a war on 2 fronts; on the Premium end, SIA is fighting a losing war against a trio of aggressive Middle-eastern airlines, namely Emirates, Etihad & Qatar on the international sector plus Cathay Pacific (China) & Quantas (Oceania) dominate their respective regional sectors; on the budget airlines, the dominant budget carrier is Air Asia & the leading budget hub is KL Sepang Airport.

    “Like most GLCs, its business model will capitalise on its connectivity with the government and its unique insights into government policy choices to earn profits from Singaporeans and maybe foreigners.”
    S’pore Inc is FAILING. In less than 10 years, their tax haven-casino-wealth management business model is tearing at the seams;
    - Indonesia tax amnesty program -> Private banking
    - China’s anti-corruption drive -> casino like RWS/Sands
    - 1MDB Scandal -> list of S’pore banks targeted
    - Global tax focus on tax evasion -> Apple/Ireland; Rio Tinto/S’pore
    @ CI, you can do better than this – otherwise you’re just wasting space!

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  • LIONS:

    oxygen:
    October 17, 2016 at 11:19 am oxygen(Quote)
    CI GOT HIS FACTS WRONG in the concluding paragraph. Singtel made a lot of money owning Optus in Down Under and Capitaland is also one of the successful GLCs.
    ———————————————————————

    DONT WORRY,if the WHITE MONKEYS lose big money outside sg,they will search for new scams to $SUCK EVEN MORE MONEY THAN THEY LOST ‘OVERSEAS’ to ensure their KPI is still ‘positive’ s as to pay themelves 8 MONTHS BONUSES???

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  • Fat MaMa:

    Nah! Singaporeans have to be mindful of the fact that the PAP government does not want the 2.1 Replacement Rate – meaning Singaporeans to replace ourselves. Ever since the first population policy to the 2012 white paper, the PAP leadership made it so clear that they are all out replacing us.

    What makes us think that they are seeking “honest conversation” (weren’t we “conned”-versed before?), social policies,or for that matter, businesses to make more babies?

    Refusal to acknowledge and accept where we are in their grand plan and take action to protect our existence is the real cause of our wipe-out. It is not what JT spouted. We all know they talk down to us all the time. Just that she doesn’t have the political clout of LKY to intrude into such private matters it boomeranged right onto her face. But it gives no excuse for Singaporeans not to act to protect ourselves in the long-term instead of petty-picking on what they say and what they have.

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  • oxygen:

    AND I DON’T KNOW WHAT PROPERTY INVESTMENT does Keppel Corp owns in Sinkieland. All I know is that their overseas investment principally in Brazil rig-building business (and Sinkieland too) are bleeding them to walking wounded.

    Keppel Corp is a MARINE stock, NOT a property stock and they are in for a LONG COLD CHILLY WINTER for the next turnaround.

    Rig building in the oil and gas sector is a FEAST-AND-FAMINE business. CI talking cawk about investment yet again.

    If Keppel Corp is in property sector, it could be in for an even BIGGER SURPRISE SHOCK on the DOWNSIDE from the least expected quarter. Here it is -

    https://www.youtube.com/watch?v=VkI_HThB1uU

    This U-tube presentation from a Canadian economist spoke of a SILENT risks of a US dollar squeeze waiting for Chinese banks -they borrowed US$1 trillion from the cheap bond market – this has been happening in the last 5 year only – prior to that Chinese banks are not exposed to US dollar cheap funding. It is this hot money that funded Chinese property market bubble which Wang Jianlin warned is the biggest bubble in the world.

    If and when US raise interest rate, the chase will be on US dollar create a shortage and US dollar squeeze. As we know now, the Chinese Yuan is falling against the US dollar. When the big squeeze of US dollar come – WHO IS NOT AFRAID OF CHINESE BANKING INSOLVENCY AND A PROPERTY CRASH IN CHINA?

    The collateral damage of contagion effects is TOO SCARY for me to contemplate of what is going to happen to Sinkieland’s property market, our real-estate proped-up economy and thus whopping impact on Keppel Corp – if it is heavily exposed to Singapore property market (presumably if it is through Capitaland in Sinkieland and China)

    IT IS SCARY.

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  • Brutal_Truths:

    oxygen: CI GOT HIS FACTS WRONG in the concluding paragraph

    Ha-ha-ha! When did CI ever got his facts right? Just surprised that time & time again, TRE gave him so much exposure despite most of his stuff not only comical but also mind-boggling in terms of message – a convoluted way of writing! The other is Redbean – his messages have a slant!

    oxygen: Singtel made a lot of money owning Optus in Down Under and Capitaland is also one of the successful GLCs.

    S’pore Inc just made sure that Singtel won’t be making as much money in the domestic market by making available a 4th Telco licence. Singtel’s share price (along with Starhub & M1) sank just a few months ago when the 4th Telco licence bidding process began.
    S’pore Inc’s 4th Telco licensing process in 2016 harks back to 2003 Taxi licensing expansion scheme to expand the number of taxi-operators to 7 (now 6 – 1 gave up licence). The process not only made the market situation very competitive; COEs went up but also reduced taxi-driver’s average takings. Message is SGX shares especially GLC are subjected to market liberialisation & licensing expansion process which will affect their LT share price.
    Besides, Optus won’t be making that much money for Singtel after AU$ sank to near par with SIN$ when the commodities market plummeted. In Australia, the game had changed with Optus (2nd position player) being squeezed like a ripe pimple between NBN juggernaut, Telstra & a revitalized Vodafone nipping at Optus’ heels.
    Capitaland is facing a tough situation going forward. Projects are becoming harder to sell; penalties await those developers with unsold units, potential buyers are tapped out, pricing situation is fluid by the day, etc. Truth is S’pore property market is looking at a Black Hole (unpredictable)! Also, Capitaland have a lot of projects in China & over there, the market there is also very fluid – one moment prices rally, next moment total collapse! The volatility is so crazy! Frankly, the best mode these days are to stay in cash & near-liquidity! Low yield is better than taking unknown risks with catastrophic loss (sic: Swiber bonds). No more of being fully invested in this crazy markets with Central Banks manipulations! Be warned!

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  • Cynical Investor:

    Oxygen, U that stupid leh? But then u donated 10k to TRE. U believe CNA? Oz papers have highlighted that SingTel should have taken an impairment charge of over 1bn A$ for Optus. As for CapLand, ever tot that it China projects will be written down?

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  • SingTel vs StarHub:

    The idea of GOV using land as rents as only means of constant income, reminds me of time when SingTel sold all their properties. In the past, telephone exchanges build by the original government and the British were huge building because the machines were huge. As time goes by, SingTel was “privatised” under Temasek Holding and these large building and land pass to SingTel management. In order to show good growth year after year, they had to sell all these properties to condominium developers. That’s how SingTel showed positive growth. Then later due to Australia dollar exchange rate growth in Optus. In the end, when they can’t show more growth, they compete with StarHub iron rice bowl of soccer TV.

    SingTel which was once fully under Government, should still have top management from the civil servant. While StarHub eventhough has shares owned by Temasek, from start mostly still is run by private entity, so make sense why SingTel will have greater power to decide things.

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  • Anonymous incognito:

    @Cynical investor and oxygen

    If only 3 GLCs make money. What should be done with the money losers? Close them? Sell them or what other solution?

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  • Lie Hijack Loot:

    GLC n all alphabet soup entities owned by the same motherfuckers of crony capitalism n klepto-plutocratic fascism.

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  • RDB:

    @Lions, @Brutal_Truths, @ Oxygen & @Anonymous And CI too.

    A. First and foremost it was Lee Kar Yew as PM1 who declared in a BDR speech that the Marine and Oil & Gas as sunset business. Lumping marine with Oil & Gas was totally dumb and showed he had not done his due diligence. Because that year orders before his NDR speech had not yet come in and was slow the year before, he the lawyer largely assumed that? A dumb leader can only lead a dumb team. But Drs. Goh Keng, Toh Chin Chye & company were smarter and dared to stand up against him the Kon You!

    Lee Kar Yew didn’t know of the ~5 yr cyclical orders then in the early 80s for Oil & Gas. By the end of the year of his NDR speech orders started coming in into the new year to shut him the act smarty up.

    B. NOW, as for Keppel Corp , they had far too many eggs all in the Brazilian basket! And they are suffering now because of corruption scandals by their president in the Oil & Gas business especially. SemCorp suffering lesser as they are traditionally in the marine ship building too. So, Brazil can’t pay them for the oil rigs they have built for them. Period! And there was and implicating report in ST about corruption in Keppel Corp too under former Chairman Choo Chiaw Beng.

    C. And Keppel Corp somewhat deep in property in China too. Check out their multiple offshore companies! Of course major in property is CapitaLand mostly in China. And their Tian-Jin eco city is in the shit by more than a few 10s of Billion$w there some some 10 to 15 years in their planning & building for the last ~5 years. Still a GHOST town! So, how many of Lee Kar Yew’s GLCs are now all at one go sinking or in a business crunch of some kind that is not of their OWN MAKING? He Lee Kar Yew said pay high for “talent” & no corruption? NOW both are happening! he himself was getting some 10+milion $s a year as PM1 & as GIC Chairman back then. No corruption when self already benefiting?

    D. And Singtel making from Optus? 2nd son Lee Hsien Yang as it CEO paid some S$15B for it! Was said to be some $10B to high then! Looks like Chua Siang Chin’s daughter Chua SK who took has been a better job than Lee HY!

    Any comments?

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  • oxygen:

    @ Anonymous incognito:

    ALL THE GLCs are in “commodity-type” business – not a single one in cutting edge or disruptive technology that will survive and prosper in this century. The only technology end was semi-conductor business and that was bleeding us to death of losing until Temasek Holding sold it to Middle East interest.

    If they sold all the GLCs including profitable ones like DBS Banks, SATs, PSA etc and distribute all the proceeds to CPF members (these are the suppliers of seed capitals to start GLCs before GIC took over the management of CPF money in the early 1980s), it is good BUT I DOUBT THE PAPpy will give us back the money. They will locked it up somewhere and somehow on the most frivolous excuses.

    If left in the hands of our SWFs, I have little confidence if anything is left after one generation. Our SWFs are NOT noted for asset trading skills especially when they are investing in natural resources sector – THE RECORDS THERE SPEAKS VOLUME OF THEIR INVESTING PERFORMANCE without the need for my further elaboration.

    In that case, just keep these walking corpses of GLCs protected in the home turf and hope at least they provide Sinkies with some employment opportunities if nothing good comes out of this in the end of dead end uncompetitive businesses.

    Anonymous incognito: @Cynical investor and oxygen

    If only 3 GLCs make money. What should be done with the money losers? Close them? Sell them or what other solution?

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  • Price Hikes Coming:

    Profits generated from Singapore GLC monopoly all lost money overseas.
    Expect more price hikes to come.
    Ordinary sinkies screwed while white monkeys and their cronies get their millions.

    Cynical Investor:
    Oxygen, U that stupid leh? But then u donated 10k to TRE. U believe CNA? Oz papers have highlighted that SingTel should have taken an impairment charge of over 1bn A$ for Optus. As for CapLand, ever tot that it China projects will be written down?

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  • oxygen:

    @ RDB:

    PAST TENSE DID SAID in one of the NDR speech that the marine sector is a sunset industry. We didn’t have an oil and gas sector then like Swiber, Ezion, Esra servicing the offshore oil and gas business then. That is why PAST TENSE got it all wrong of his “vision”. The marine sector survive till today much more than the simple ship-repair business of Keppel and Sembawang and in those days Hitachi Zoshen. I remembered I bought Sembawang Corp IPO in 1972. And there is no such a thing as a 5-yr cycle in the oil and gas sector – it was a lot more erratic of length of each business cycle for oil and gas. Take a look at the 70 yr oil price chart, you can see what I mean here.

    http://www.macrotrends.net/1369/crude-oil-price-history-chart

    I also remembered I bought shares in Far East Levingston in the late 1980s which was the sole listed rig-builder on SGX when it was going through famine of several years without a single rig order. I believe that was taken over by Keppel Corp which thus took a different corporate direction from Sembawang Shipyard ( I bought this share shortly after the October 1987 global equity market crash for slightly over $1) I had no confidence in long-term future of both stocks and sold it after it rose considerably in value. Keppel moved a big way into Brazil at a good time BUT THE PARTY DOES NOT LAST FOREVER. They are going through famine now in the rig-building business and expects to be a long cold chill of winter as oil and gas majors shows little appetite for high risks off shore oil exploration after DEEP WATER HORIZON FIRE which nearly drove BP to collapse.

    Keppel Corp other property business via Capitaland is vulnerable to BIG DOWNSWING. Wang Jainlin warned that property in China is the biggest bubble in economic history. China’s economy is backsliding – even shopping mall could soon be deserted as online retailing gets the upper hand. The biggest risks in China is MACR0-LEVEL as it now has US$1 trillion US dollar exposure of its banking sector – something it didn’t have 5 years ago. When that burst, whoever have big business in China is in for a bloodbath, regardless of sector relevance.

    And yes, there is a perception in Australia that Singtel paid WAY TOO MUCH for Optus – hence massive write-off of goodwill soon after acquisition. But the ACCC and OZ govt is determined to break the TELSTRA monolith and Optus is the beneficiary. Optus still proved to be a good buy in the end though way overpaid.

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  • oxygen:

    @ Cynical Investor:
    October 17, 2016 at 2:29 pm

    YOU proved yourself DUMBFARKED IDIOT yet again – first of all, I know you don’t know financial accounting. If Capland were to write down the value of its China projects either at the development stage or its investment properties, WHERE DO YOU THINK it will hit in the financial statements to reflect these losses of values?

    And have you checked the published financial statement of Capland to know how often they do a valuation of their investment assets? And I am sure they DO NOT DO A WRITE DOWN of properties held in the course of development but simply taking directly into the profit and loss accounting on the actual sale of development projects at the time of completion.

    THE CNA weblink is not what I believe in IF IT WAS ITS DETERMINATION OF THE INCOME STATEMENT OF CAPLAND. That CAPLAND result is AFTER THE FACT of actual announcement released for public information through the SGX – CNA is just reporting a statement of fact of happening. Are U that stupid not to know of the difference?

    Cynical Investor: Oxygen, U that stupid leh? But then u donated 10k to TRE. U believe CNA? Oz papers have highlighted that SingTel should have taken an impairment charge of over 1bn A$ for Optus. As for CapLand, ever tot that it China projects will be written down?

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  • oxygen:

    @ Cynical Investor

    SO YOU DON’T BELIEVE IN CNA reporting of ACTUAL CapLand financial result but believes in Oz papers highlighted Singtel should have taken an impairment charte of over $1 bn for Optus?

    Cynical Investor: Oz papers have highlighted that SingTel should have taken an impairment charge of over 1bn A$ for Optus.

    Which Oz papers knows what valuation OPTUS should be attached of fair valuation at the time of acquisition to decide over 1 bn A$ for impairment charge of underlying asset value?

    What a GOONDU investor you must be of THIS IDIOTIC investment logic.

    Asset valuation and its impairment of Singtel is decided by foreign media in OZ, not an internal management decision of Singtel looking at earnings and cash flow post acquisition and comparable valuation of telecommunication stocks at the relevant time?

    The over-valuation is a function of these variables

    - how much did Singtel paid for Optus assets as GOODWILL on consolidation relative to historical net asset values

    - how much Optus should be valued on account of premium paid that could be visibly accounted for of quarterly earnings and cash flows and trend projection and hence the justifiable PROSPECTIVE EARNING PER SHARE AND THUS PROSPECTIVE PRICE EARNING RATIO multiples. Any excess thereon is goodwill and should be amortized over the life of the asset applying a relevant discounted rate for time value of money.

    - other variables i.e. the Australian Competition and Consumer Commission (ACCC) and the Federal Govt politics determination to break up the Telstra monopoly gave a lot of rooms for expansion for Optus WITHOUT HAVING TO SPEND A LOT OF MONEY ON PHYSICAL INFRASTRUCTURE which Telstra spent on. Optus merely “rent” these access and the ACCC make sure it is not overly expensive to make Optus uncompetitive to the advantage of OZ consumers. There is commercial values to this advantage for Optus.

    I recalled Singtel paid close to US$8.93 billion or 20% premium above the then valuation,

    http://www.wsj.com/articles/SB98429396227612265

    That tells me the goodwill at 20% premium is way in excess of A$1 billion, much closer to A$2 billion.

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  • William C:

    zika:
    If chao papayas got into the business of pimping and prostitution, please burn these thick-skinned, shameless sinners. BURN!

    They will tell you this is for your own good, create good jobs. 70% will believe.

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  • Cynical Investor:

    Oxygen, u don’t read Oz Financial Review isit? So poor despite yr accounting knowledge.

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  • Brutal_Truths:

    @ RDB:
    The problems with S’pore Inc today are:
    1. MERITOCRATIC POLICY HAD FAILED! S’pore need more diverse & independent individuals, not book-smart, diligent & obedient order-takers unable or unwilling to stir the pot. The Technological advances & Business disruptions are stirring clear evidence that PAP’s Meritocracy (..Mediocrity) Policy & its products, Meritocratic Scholars are unable to cope with changes. They are products of a STATUS QUO system which is not happening here.
    2. MINISTERS’ MILLION DOLLAR SALARIES ARE OPIATES! Too high salaries lull decision makers into STATUS QUO default mode. Much like Kodak failing to recognize the digital trend vs their incumbent film dominance, the entire S’pore Inc is resisting disruptive influence as irritants hoping that it will go away! You can see this lack of hunger & initiative from the political & the Meritocratic elites – they are too comfortable from their unrealistic high pay uncorrelated to real life performance!
    3. S’PORE CAUGHT UP WITH GLOBAL ASSET BUBBLE SLIPSTREAM! S’pore Inc benefited from the Post-2008 recovery process ie. QE schemes. There were 2 QE factors:-
    A. The US QE which essentially flowed to WALL STREET FIRMS effectively created various FINANCIALIZATION (PUMP) & SECURITIZATION (DUMP) SCHEMES. GOLD was effectively the 1st (asset) commodity beneficiary of this PUMP-&-DUMP action rapidly rising in the aftermath of 2008 GE but ended abruptly in mid-2011 – a 3-year rapid rise, plateauing & subsequent decline over 5 years (BREXIT excepted – A Fool’s rally). Problem with GOLD is that it wasn’t a consumable commodity like oil – instead, it is stockpiled which makes it expensive to hold!
    Link: http://goldprice.org/gold-price-chart.html
    On the other hand, OIL PRICES recovered Post-2008 but hover below peak price reached early 2008 for almost 5 years. The key difference against GOLD was that FINANCIALIZATION of Oil Prices enable Wall Street firms to securitise the rise of the US FRACKING INDUSTRY with Junk Bonds & financing schemes. In addition, US foreign policy had an effect of a supply squeeze (Iraq, Iran, Libya, etc).
    Link: http://www.macrotrends.net/2516/wti-crude-oil-prices-10-year-daily-chart
    But the unfortunate consequence of high oil prices was that it created an artificial investment boom in oil exploration within the Marine & Offshore sector. It wasn’t underpinned by real consumer usage which were actually declinining Y-O-Y due to weak income growth of the Middle-Class. Cont’d..

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  • Brutal_Truths:

    Cont’d..
    Truth is that while the ‘manipulated’ high oil prices drove an investment boom on Fossil Fuels & a securitization windfall for Wall Street – the other side of the coin saw consumers & end-users tightening their belts driving a technological boom for energy efficiency (hybrids, EV, light sensors, LED lights, fuel & energy saving devices) & alternative renewable energy (solar, wind, etc). What happened next is a widening chasm between increasing supply & diminishing demand which eventually collapsed dramatically around late 2014.
    B. The China QE were the Central govt’s effort to stimulate the domestic economy to offset the export sector collapse Post-2008. This resulted in massive infrastructural building programs as well as the building of CHINESE GHOST CITIES. All these drove up demand for mineral commodities like Copper & Iron Ore – essential commodities in building & infrastructure works.
    The beneficiaries were the Global Mining & resource extraction industry which were catering to an artificially driven investment boom mandated by China’s central govt.
    Link: http://www.tradingeconomics.com/commodity/iron-ore
    http://www.infomine.com/investment/metal-prices/copper/10-year/
    The Post-2008 China investment boom was a windfall to Australia. The AU$, resource firms, overall economy reap tremendous benefits from the China trade. The collapsed of the AU$ coincided with the collapse of the commodities trade (in iron ore).
    But the Chinese infrastructural & building boom had an unintended result – massive capital flight into various safe havens – HK, NYC, London, Vancouver, Sydney, Melbourne & of course, S’pore in terms of real estate. Join the dots & one would be able to comprehend & conclude what really happened in China! China’s subsequent anti-corruption drive as well as devaluation of the Yuan have throttled much of this capital flight.
    CONCLUSION
    So this whole exercise provides a helicopter view of Global events & why GLCs like Keppel, SembCorp, Singtel & Capitaland had come to be. Fact is that S’pore are a mere pawn in a Global game; Of how the US & China’s actions can affect the global economy; when they catch a cold or have a cough – S’pore gets pneumonia or contracts TB.
    S’pore Inc is fast becoming unstuck! – unable to plan ahead nor see warning signals due to their own relatively safe comfort zones & STATUS QUO preference (least effort, maximum benefits vs high disruption & risky actions). But the questions begs – how long can status quo last?

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  • "Brilliant" idea . . .:

    > “Like most GLCs, its business model will capitalise on its connectivity with the government and its unique insights into government policy choices to earn profits from Singaporeans and maybe foreigners.”
    -
    So, same-old same-old method. Citizens to “Pay-and-Pay”. . .

    =
    > “Its business? To run a chain of love hotels situated in discrete areas in every part of Singapore in order to provide space for Singaporeans to have sex and hopefully produce babies.”
    -
    Tip your hats to MP Josephine Teo for such a “brilliant” idea.
    The AristoCATS really are the “experts”. . .

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  • oxygen:

    @ Cynical Investor:
    October 18, 2016 at 4:36 am

    I THOUGHT YOU GOT YOUR INFORMATION from the tabloid Daily Mirror – all filled with pages and pages of advertisements from massage services.

    THAT IS ALSO WHERE DUMB INVESTORS got their investing hot tips information.

    Cynical Investor: Oxygen, u don’t read Oz Financial Review isit? So poor despite yr accounting knowledge.

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  • Bipolar oxygen:

    oxygen:
    CI GOT HIS FACTS WRONG in the concluding paragraph. Singtel made a lot of money owning Optus in Down Under and Capitaland is also one of the successful GLCs.

    http://www.channelnewsasia.com/news/business/singapore/capitaland-q4-net-profit/2521754.html

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  • Cynical Investor:

    So u really that poor. Can’t afford Oz Financial Review? But got money to donate another 10k to TRE? More fool u. LOL.

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  • oxygen:

    @ Cynical Investor,

    MATE, YOU SHOULD REALLY CHANGE your moniker from CI to GI. GI stands for GOONDU INVESTOR.

    Cynical Investor: So u really that poor. Can’t afford Oz Financial Review? But got money to donate another 10k to TRE? More fool u. LOL.

    You sure got lots of fakes to confess of your baby investment logic and creepy investment information, spinning and twirling that with dubious politics and dud economics publishing in TRE

    Better still, you buy yourself a new brain and maybe after that you can write more convincing lies in TRE.

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  • oxygen:

    @ CI, one more thing, maybe buying a new brain, as I suggested a moment ago above, still will not solve your intellectual void and fill up your gaping holes of propaganda lying in TRE. Your fakes are too superficial of depth, easily rip apart.

    May I recommend you start by enrolling yourself in a pre-kindergarten for mentally retarded children in the subject-matter of financial accounting. Otherwise, you are going to lose more money in investing except when you got insider information on some commodities trading entity you boasted on TRE in your proud defence against investigative probes from the regulatory authorities of irregular trading patterns suspected.

    Of course, having bought a new brain will help – the former discarded one is corrupted of stupidity and hollow of substance in the void space of your dessicated coconut. That needs to be replaced, can’t be cured if you ask a brain surgeon.

    LOL

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  • Only Quiters In TRE: These arguments are no different from PAP stooges calling opposition supporters unpatriotic. No...
  • flabbergasted: LIONS: So,USA will come to our aid? Wait ” LOONG LOONG “. Lets just say i am not one who is for...
  • MarBowling: Not only the tits, looks like the balls and LJs of all those Top Gun$ involved in this Interesting...
  • Pay Millions For Dumbass: lyranto: No! Singapore have to stand by her words. Leaders of SG have to take a stand if...
  • flabbergasted: Sharon Ann Gabriel: PM Lee’s scant respect for China was an inappropriate geopolitical...
  • Pain Not Enough: Singapore Fooled Aga in n Again: Nonsense article. Apologise = Governed by...
  • Dafts Will Be Dafts: china needs other� 32;countries: What is so fantastic about this...
  • A Nation Of Dumb Parrots: Know your place in this world, survival and welfare of the people of this country is far...
  • MarBowling: China under XJP has changed from a sleeping Tiger to BECOME a ROARING Tiger. Even bf he became the...
  • liatbokiu: What is new in this article? All had been repeatedly said by others all over the places.
  • Sure or Not?: People at TRE seem to start talking in a way that Trump is a hero, caring for the welfare of his...
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