Forget what Chan Chun Sing claims about giving investor confidence, it is time for change

Brad Bowyer

In my accountability speech at Hong Lim Park earlier in the year, I mentioned Indian Telco Bharti Airtel and asked questions about why Singtel was upping its stake as the company hit cash flow issues, while rating agencies had reclassified it as ‘junk’. To make matters worse, it recently got hit with a court ruling that it owes the Indian government over SGD$17 billion in licence fees, which financial media speculate could have a knock-on effect of wiping 4 to 5% off Singtel’s value.

Now we see the idiocy that is Temasek’s investment in Salt Bae coming home to roost. This came to our attention in the middle of last year when Temasek somehow valued the restaurant chain at $1.2 billion when it made its investment. Now the debt-ridden parent of the chain (and yes, it was already debt-ridden when Temasek first bought in to it) is struggling to convince anyone it is even worth $1 Billion. So looks like a fair chunk of the $200 million that Temasek put in will vaporize in less than a year.

Along with Bharti Airtel, we also saw the recent canning of the Amaravati city project (part of the S$4 billion already dumped into Andhra Pradesh by GLCs and related parties). So India has not been so good an investment choice after all.

We also saw a $1 billion loss on Bayer in the last 18 months and counting with the Monsanto/ Roundup lawsuits and scandals. Not to mention, there is also a long list of smaller losses, including over $0.5 billion in fines for Keppel subsidiary in Brazil for corruption in recent years.

And this is all from the combined team we are asked to trust our futures with? And the PAP still claims that investors will lose confidence in and run away from Singapore if they are not resoundingly re-elected?

It seems like they are quite good at causing disasters on their own. And shall we talk Ongoing PMD handling? Or CECA? Or Elected President? Or embarrassments in Parliament while attacking WP? Rising cost of living? GST? Unemployment? HDB to Zero? Economy in Contraction?

How much evidence do we need before we say it’s not that we can’t afford not to re-elect them resoundingly? It is more like we can’t afford not to remove them resoundingly – and that may well generate confidence as well given this evidence.

So please take the time to look yourself and get your friends to review the PAP’s track record since 2015. The 1G leaders are long gone and their legacy has long been spent, figuratively and now literally judging by the facts.

It is time for change.

 

Brad Bowyer

 

 

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20 Responses to “Forget what Chan Chun Sing claims about giving investor confidence, it is time for change”

  • MarBowling:

    When Lee Kayu was still alive and kicking around, he used to strongly defend his “TALENTED” DIL Holee Jinx by saying: you win some, you also lose some. Don’t rubbish, let’s move on!

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  • The Other Hard Truths:

    Simply put, everything that the Dowager touches turns into shit. And Singaporeans are made to pay for her fantasies, indulgences and hallucinations.

    That is the reason why:-

    1) GST is going up and up
    2) Housing prices are going up and up
    3) Transportation costs are going up and up
    4) CPF is being locked away
    5) All kinds of “Shields” are implemented
    6) Full-scale propaganda war is being waged against the citizens

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  • lying pap S$m thieving liars:

    as long as it is gic temasick losing money, there is no problem at all.

    1st, since gic is chaired by pap clown himself, there is no other in pap able to check and balance him. so lose money? no problem. raise GST. keep more and more of 70% sheep CPF money for longer and longer.

    2nd, since temasick is run by pap clown wife, lagi best. no problem whatsoever if lose money. anyone daring to even ask a simple question of temasick gets ballistic treatment from pap clown.

    so, 70% sheep has one choice. vote OPPO and dispense with such GST raising needs and get to get back CPF money in full at 55.

    but, if 70% sheep never minds and votes pap, too bad lah. what to do? since it is 70% sheep CPF money so they can do what they want with it. and it is 70% sheep money to pay more GST at 9%.

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  • Recusal:

    The first order of thing would be to recuse them, followed by the second, third and so on.

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  • leejiayougeloongdaizi:

    They feel very ‘safe’ happily taking risk. Tikam tikam trying their luck. Suka suka investing in whatever they deem right. All bcoz they know majority …..

    - ordinary singaporeans don’t know much about investments.
    - older folks bo tak chek (illiterate) all the more don’t care anything about what they’re doing.
    - younger singaporeans only care about themselves.
    - 70% prefer to live comfortably in their wells.

    This is also why KeeChiu Chan and his white gang can keep on BS-ting. Repeating their fear-mongering and deception tactics whenever GE draws near.

    We who care can only cross our fingers. Hope votes swing will come from the very people affected by the PMD, CECA, GST and zero HDB value.

    If singaporeans have finally opened the eyes, slowly we’ll see papies in parliament reduced in size. In another 2 to 3 GEs later, surely sg will be back to the heavenly place it used to be. For every singaporeans and not only for the rich and FTs.

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  • OMNITAUFOO:

    UNLEASH the power of your vote! Vote for change!

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  • Regime change:

    The Other Hard Truths:
    Simply put, everything that the Dowager touches turns into shit. And Singaporeans are made to pay for her fantasies, indulgences and hallucinations.

    That is the reason why:-

    1) GST is going up and up
    2) Housing prices are going up and up
    3) Transportation costs are going up and up
    4) CPF is being locked away
    5) All kinds of “Shields” are implemented
    6) Full-scale propaganda war is being waged against the citizens

    7) HDB value depreciates to zero despite HIP1 and HIP2
    8) HDB price more than doubled while wages were stagnant.
    9) Thousands of Singaporean PMETs lost their job to foreigners.
    10) Not demolishing LKY’s house

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  • vote for change:

    sg taxpayers cant afford to lose anymore $bils in o/s investments.
    first of all we should be firing that Temasek ceo as well.
    she’s doing a lousy job!
    plse fellow sgs do it right at the voting booths..or else we surely keep on paying and paying for their ‘mistakes’ ..
    gst coming to 9%. but with such frequent losses theyll raise this percentage every 2 or 3 yrs..to cover their losses.
    havent we seen enough of their incompetence already???
    we go on suffering while they carry on enjoying life with their mil$ salaries.

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  • UniQ:

    Doesnt the gahmen is discouraging avid gamblers from squandering their CPF ? Then why does this gahmen allow this gambler squandering ours ?

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  • Rose:

    My taxi friend also shows both empty pockets

    To tourist when they say Singapore is a very clean city.

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  • TL Tan:

    The writer seems to forget that Temasek and GIC are sovereign wealth funds with long-term horizons, not hedge funds or mutual funds which need to report their performance on a quarterly basis. These hedge funds and mutual funds use leverage to pump up their performance and make it look good every quarter, but Temasek and GIC do not do that since we do not need to report quarterly. Our sovereign wealth funds adopt a bottom-up approach based on fundamentals and we invest when the price is low so as to get a bargain. We don’t go chasing the market at high valuations. This is what a long-term fundamental investor does, and even Warren Buffett will approve of the strategy of our sovereign wealth funds.

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  • patriot of TUMASIK:

    Well, Brad, it does NOT affect their lifestyle and takes home leh!!!…as for the Jinx in charge of the kitty purse with an Idiotic hubby for PM…

    THAT!!! is the most Disastrous pair of walking Disaster the country ever and will have

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  • Bapak:

    And 70% still buy this shit, unbelievable.

    The Other Hard Truths:
    Simply put, everything that the Dowager touches turns into shit. And Singaporeans are made to pay for her fantasies, indulgences and hallucinations.

    That is the reason why:-

    1) GST is going up and up
    2) Housing prices are going up and up
    3) Transportation costs are going up and up
    4) CPF is being locked away
    5) All kinds of “Shields” are implemented
    6) Full-scale propaganda war is being waged against the citizens

    GD Star Rating
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  • Tremendous:

    The fact that none of the members of a certain party asked these hard questions in Parliament is the reason why voting in members of other parties will bring in stronger accountability. For the damage members of a certain party have done, voting against them doesn’t mean we are troublemakers.

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  • Clean city cleans out pockets:

    Yes, clean city cleans out people’s pockets.

    And cleans out even our CPF pockets.
    WTF, every year so much insurance premiums clearing out our CPF money.

    If you don’t get employed, you will owe the gov money. Your CPF becomes negative.

    Unbearable! How can a retirement fund become negative? How can?

    Rose:
    My taxi friend also shows both empty pockets

    To tourist when they say Singapore is a very clean city.

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  • CECA kahchua:

    Why still invest in India telco?
    Is it due to CECA ?

    Is SG trapped by CECA ?

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  • do it right:

    sick n tired of this talk cock gov.
    Time for CHANGE.
    CHANGE has been long overdue.

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  • Realistically:

    @ TL Tan:
    November 15, 2019 at 10:34 am (Quote)

    “The writer seems to forget that Temasek and GIC are sovereign wealth funds with long-term horizons, not hedge funds or mutual funds which need to report their performance on a quarterly basis.”

    Please get your FACTS right b4 spewing the PAPie propaganda. Obviously credibility means nothing to the PAPie & their running dogs like you.

    How “long-term” is long-term?

    Temasek bought into Merrill Lynch near the height of the stock market bubble in December 2007 only to sell it at or near the bottom in March 2009. Oh, it was fortunate that Merrill was bought over by Bank of America by an equally megalomaniac BoA’s CEO…………otherwise Temasek would have to write off EVERY cent invested in Merrill, just like Lehman brothers. In the event it is reported that Temasek suffered a REAL/ACTUAL LOSS of about US$4.6 BILLION.

    Ditto Temasek’s investment/gamnble in buying Barclays, also for the “long-term” only to sell it about 16 months later at a huge loss – in terms of billions Sing $.

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  • NotMyProblem:

    In Malaysia, Malaysians knew something was wrong with 1MDB and they kicked out the culprit pronto. Now Malaysia is recovering most of the losses, and Bossku is now in court.

    In Singapore, Singaporeans supposed to be smarter were unable to know anything on GIC, GLC, Temasek, national reserve. Whatever these CEOs touch, it turned to ashes, cannot be recovered.

    Singapore needs more taxes, fee, tariff, locked up CPF to cover those black holes created by these CEOs.

    Just hope Singaporeans are smart this coming GE. If they still believe in PAP, that will be the end, country and all.

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  • SWF:

    @TL TAN:

    Singapore SWF takes a different meaning today: Sovereign Wealthy Fool !!!

    TL Tan:
    November 15, 2019 at 10:34 am (Quote)
    The writer seems to forget that Temasek and GIC are sovereign wealth funds with long-term horizons, not hedge funds or mutual funds which need to report their performance on a quarterly basis. These hedge funds and mutual funds use leverage to pump up their performance and make it look good every quarter, but Temasek and GIC do not do that since we do not need to report quarterly. Our sovereign wealth funds adopt a bottom-up approach based on fundamentals and we invest when the price is low so as to get a bargain. We don’t go chasing the market at high valuations. This is what a long-term fundamental investor does, and even Warren Buffett will approve of the strategy of our sovereign wealth funds.

    GD Star Rating
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