Tankers begin to offload oil through China-Myanmar pipeline by-passing Singapore altogether
Bloomberg reported last month (11 Apr) that the China-Myanmar 770km oil pipeline has just opened. A tanker with a capacity of 1 million barrels of crude oil, began offloading oil at Myanmar’s Kyaukpyu port on 10 Apr, before sending it through the pipeline. China’s crude imports rose almost 14 percent last year, the fastest...
SDP calls for public inquiry on loss suffered by GIC in sale of UBS share
Below is a statement by Singapore Democratic Party (SDP) on the recent news that Singapore investment body, GIC might be looking at a loss of over $5.6 billion after it sold 93 million shares of Swiss bank UBS Group. SDP's statement The recent announcement that the GIC stood to lose in excess of $5.6 billion comes as no surprise....
Tony Tan confident in UBS’ long-term growth potential but GIC endedup losing US$4b of our reserves
In a ST report, it said that GIC is facing a loss in excess of USD4b (S$5.6b) on its investment in UBS Group nine years ago. GIC cut its losses in UBS after selling 93 million shares at 16.10 Swiss francs each on Monday (15 May).GIC invested into UBS in late 2007 at the height of the toxic bond crisis brewing in the world. At...
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