GIC - got it from Wiki

It's quite funny to read this on Wikipedia. Think this article going to be deleted soon..?


Government of Singapore Investment Corporation
From Wikipedia, the free encyclopedia


Key people
Lee Kuan Yew, ChairmanLee Hsien Loong, Vice-ChairmanTony Tan Keng Yam, Executive DirectorLim Siong Guan, Group Managing Director

The Government of Singapore Investment Corporation Private Limited (GIC) is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore's foreign reserves. With a network of eight offices in key financial capitals around the world, GIC invests internationally in equities, fixed income, money-market instruments, real estate and special investments.

GIC's investment portfolio is managed by its three subsidiaries: GIC Asset Management Pte Ltd (public markets), GIC Real Estate Pte Ltd and GIC Special Investments Pte Ltd (private-equity investments).

In 2007, GIC invested S$14 billion foolishly in UBS, a bank whose value has plunged over 60% since that time, meaning that a . S$8.4 billion dollar loss has already been inflicted on Singaporeans.

GIC's stake in ICICI Bank of India, originally hugely profitable, has bungee-jumped 74% down from a peak of 1400 rupees, turning their originally profitable investment into a loss-making one, taking into consideration their average down cost since 2007.
Its sister company Temasek, fared even worse, with a 70% plunge in the value of Merrill Lynch, and a 59% plummet in the value of Citigroup. Even Standard Chartered, supposedly the most stable in the Government's portfolio, has sunk 33.4% based on Friday Oct 10th's closing price of 999.5 p.

Temasek committed another heinous fiasco down under, losing almost S$500 million in the bankrupt ABC Learning after buying at the peak in 2007.

It's also famously losing a vast proportion of its US$3 billion in Shin Corp of Thailand, after the shares plunged over 60% due to Thais' objections and it therefore facilitated an illegality(tax evasion by the former owner Thaksin Shinawatra). Also, it has to pare down its stake to 75% in a falling market.

Due to the recent market selldown, the value of Temasek and GIC's holdings in GLCs like SIA, DBS and such has also plummeted by S$40 billion.

This makes the grand total of deterioration in the Singapore government's portfolio close to S$80 billion, necessitating a hike in transport fares, ERP charges and utility rates to recoup their losses. In 2008, The Economist reported that Morgan Stanley had estimated the fund's assets at US$330 billion[1], making it world's third largest sovereign wealth fund.[2]

Eating at where the locals eat

Had a nice German dinner yesterday with Des's ex boss. It was at Lucky Street.

Tried the small little drink, can't remember its name, it has 40% alcohol content. Des ex boss was saying its common for the Germans to drink it after dinner everyday, its healthy and good for the body.

I though i will be tipsy drinking that, but hey its not that bad after all.

Went out around noon just now to explore the alleys near my place and also trying to search for the nice dumpling store that magazines talk about. Finally, found it and quite a lot of foreigners going there to get a bite too. Thinking will come with Desmond tomorrow or Sunday. Hope he will come with me...

Went to try my fat reducing massage at my waist area. Haha. Its only 30 mins wanted to do another 30 mins for my lower back as it aches again but only realise the No.2 gal i requested knock off at 12pm. It was 12.45pm, she waited for me. I was asking her why didn't the reception told me as i could ask another person. Hoping she can go home earlier, i just take the 30 mins fat reducing massage. Heh, des encourages me to go for it.

After that, No 2 show me the place where she and the rest get their breakfast or lunch fixed cause i mentioned to her i can't find the place she said that got fresh soya bean drink and you tiao. If she didn't bring me there, I really has no idea theres an eatery place at the alley or the side of the building.

I went inside and felt helpless for a while cause i assume there are few stalls selling jian bin or drinks. It was more like a eatery place so since its still early, i sit down and look through the menu. Hee, there goes the fat reducing massage, as they only sells Xiao Long Bao in the morning, i ordered the Ma La Fen and it only cost 5 yuan!

The place looks clean. Of cos i was wondering how can I get Des to go inside this place...

Walking around Sanlitun

Jin Ke Long is everywhere. It's like FairPrice NTUC in Singapore.








Went Yashow to collect a tailored shirt for Desmond. Tailored it at Susan's @ Yashow for 200 yuan, then walk around Sanlitun.

View from apartment

Solana shopping centre at the left side. Right is Chaoyang Park. This is the park where they held Beach Volleyball during the Olympics. Nice lake, haven't enter the park yet and hear from Des need to pay few cents to enter. Will check out soon, thinking to go for a jog.

Beijing Wet Market

First Week in Beijing - pictures

At Xidan. Being curious, i bought the drink to try as i have been seeing people carrying this unique looking bottle with a thin paper cover on top. Bought it for 2 yuan. Didn't realise it was yogurt, i took a big slip, was sourish and very creamy or thick. Not too bad. The bottle was heavy, i thought of bringing it home to use it as as some container for stationary.

Then Desmond said he see people returning the bottle, and we thought we can get some money back, like while in Europe, you can some money back by returning the plastic bottles. I went back to the stall and handed the glass bottle back to the seller, and i waited for a few seconds waiting for her to give me some money, i looked at her and she looked at me, then i walked off... %^%$^T@ to Des.

So many people at Xidan.

Braised Dried Shrimps with Vermicelli and Cucumber.

Next day, we went to Yashow market, and also to Sanlitun Village since its just beside. Tired with the shopping and bargaining of prices at Yashow, we went to this Herbal Cafe @ Sanlitun Village. Its a Hongkong cafe and they claim the food was healthier, lightly salted, less grease and authentic taste. True enough, their herbal tea was really authentic! Its so bitter that we regretted ordering it too early, we should order it after we finish our food. Cause the food was so nice and yummy that it taste werid with the bitter herbal tea.

Ordered the shrimp dumplings, chicken wings and this herbal cafe signature steamed minced pork pie. We love the steamed minced pork pie! Its even better to eat it with our familiar taste of Thai rice.

Hutong

okay, this is one the seafood fried rice we ordered which i had mentioned in my earlier post. Took this picture cause there is no seafood in it, well... not really, did found a prawn tail and very tiny bits of prawn meat.

I know my English is not good but it's quite fun when we try to spot the spelling mistake together with the kids.

While strolling along the lake, I was imaging it will be nice if my friends are here with me to chill out together. Think they will like it.

Starbucks~

The trishaw riders brought us to one of the courtyard residences (siheyuan). We paid 20 yuan to enter. This house was also one of the temporary stay for the Olympic athletes. You can also rent a room here, think its like 400 yuan.

Pubs, chill out places are everywhere. I like the lavender colour sofas on the second level.

Public toilets are everywhere at Hutong cause inside most of the courtyards or homes, there are no toilets inside.

Des went in, came out and took the camera and went in again. Haha, i told him its so clean, though it has no doors but it has dividers. Its nothing compare to the toilets i went to the rural part of Yunnan, Kunming or Jilin, where you have yo empty your bowel in a bucket filled of ... and dividers that are so low that when you squat, you can chat with your 'cubicle neighbour' beside you.

Hee! Baby was cute, he was even cuter when i see his back! See the 'xiao pi gu'! It's common to have a hole so it be more convenient to ... but its so cold...

We took this sign picture just in case we forgot where we park our car.

First week in Beijing - pictures

The Durian doesn't have any slight 'aroma' at all... pity..


Local's usual breakfast fare, Jian Bin. Hee, Des is not keen to have it. I bought one Cai Bin, contains vege like 'jiu cai' yesterday at Jin Ke Long supermarket near my place. Its nice when you warm it up in mircowave and eat it with Ketchup sauce!

The Place has the overhead digital screen, same as the one i saw at Las Vegas but bigger! Of course, its the world largest now. Will make a trip down during the evening time soon.

Arriving at Beijing. My luggages weigh 32kg, luckily i don't have to pay for the extra weight as the passengers in the plane was like 3/4 full.