Some good buys for 2007?


GIC might have gotten a good buy. Temasek also bought $4.4 billion worth of stocks in Merril Lynch last week. Our GIC and Temasek are ending the year with new strategic stakes in big banks hit by the subprime crisis. A good end for Temasek as it started off this year badly mired in the Shin Corp crisis. Whatever setbacks Temasek had, it is trying to regain lost prestige after the Thaksin fiasco and retain its status as a big global investor from a small state in the exclusive sovereign wealth funds club. Good buys for 2007.


Singapore not aiming for control of UBS: report
Sun Dec 30, 2007
ZURICH (Reuters) – The Singapore government, which recently bought a 9 percent stake in UBS, does not aim for operational control over the Swiss bank, a Swiss newspaper reported on Sunday.

“UBS should not expect any special handling from us,” Lim Siong Guan, group managing director of the Government of Singapore Investment Corporation, told the SonntagsBlick newspaper.

“We have no desire for control over the business operations of the bank. We are a long-term thinking financial investor, that is only led by commercial considerations,” Lim said.

“We have full confidence in (Chairman) Marcel Ospel and his CEO Marcel Rohner,” Lim said.

UBS sold the stake to the Government of Singapore Investment Corporation this month to stop a fresh round of subprime write-downs and a second, smaller stake to an undisclosed Middle East investor.

UBS, the world’s largest wealth manager, has announced write-downs of around $14 billion, making it one of the most prominent victims of the credit crisis among banks so far.

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