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NEWS UPDATES Asean Affairs     May 17, 2017  








Singapore sovereign fund GIC says it pared UBS stake at a loss


Singapore sovereign wealth fund GIC Pte Ltd, which invested in UBS to support it during the 2008/09 global financial crisis, said it has cut its stake in the bank at a loss, partly because of changes in the lender's strategy and business.

GIC, which manages more than US$100 billion globally, said it has reduced its stake to 2.7 per cent from 5.1 per cent.

"GIC made the UBS sale despite the loss because conditions have changed fundamentally since GIC invested in UBS in February 2008, as have UBS’ strategy and business," Lim Chow Kiat, chief executive of GIC, said in a statement issued on Monday.

The fund said, however, that its investment in US bank Citigroup Inc, also made at the height of the global financial crisis, was in the black and that combined returns for UBS and Citi were positive.

UBS, the world's biggest wealth manager, said separately on Monday GIC intended to place up to 93 million existing shares in UBS Group through a sale to institutional investors.



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ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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