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Singapore state investor Temasek reports portfolio value drop
Singapore state investor Temasek said Tuesday its net portfolio value fell 5.2 percent in the last financial year due to volatility in global markets, and that it would be adopting a more cautious strategy. The company, whose global footprint extends well beyond the city-state, said its net holdings in the year ending in March were at Sg$382 billion ($287 billion), down from a record high Sg$403 billion in the previous year. Its one-year total shareholder return came in at negative 5.07 percent, weighed by higher interest rates resulting from tighter monetary policies to fight inflation. Its three-year total shareholder return, however, stood at 8.0 percent, while its 10-year return was at 6.0 percent and 20-year return at 9.0 percent. "We maintain a cautious investment stance and expect to invest at a moderated pace this financial year, given the challenging macroeconomic environment," said Temasek chief investment officer Rohit Sipahimalani. Temasek is ranked among the world's top 10 investors, with stakes in companies like Singapore Airlines and the city-state's biggest lender DBS Group. The company is mainly anchored in Asia, which accounts for 63 percent of its holdings, mostly in Singapore and China. Its portfolio ranges from transportation to financial services, telecommunications, real estate and life sciences. On Tuesday, Temasek also defended not taking tougher action against the team responsible for a failed investment in collapsed cryptocurrency exchange FTX. Temasek said in May it had slashed compensation for the team and senior management responsible for investing in FTX, which together with its sister trading house Alameda Research went bankrupt in November. FTX's implosion dissolved a virtual trading business that at one point had been valued at $32 billion, resulting in Temasek writing down its $275 million investment and launching an internal review. While the review found no misconduct, the investment team and senior management "took collective accountability and had their compensation reduced", Temasek said at that time. Temasek chief executive Dilhan Pillay said Tuesday the action taken by the firm was enough. "If we were to start to punish people beyond what we've done, who would want to be an investor?" he said. "When you do invest, you take risks. You take calculated, calibrated risks, and as long as you've done the work required to make the investment, the committee approves it and it goes forward," he added. "FTX was, I would say, an aberration." The post Singapore state investor Temasek reports portfolio value drop appeared first on Daily Tribune......»»
China approves coal power surge despite emissions pledge: Greenpeace
China has approved a major surge in coal power so far this year, prioritizing energy supply over its pledge to reduce emissions from fossil fuels, Greenpeace said Monday. The world's second-largest economy is also its biggest emitter of the greenhouse gases driving climate change, such as carbon dioxide (CO2), and China's emissions pledges are seen as essential to keeping global temperature rise well below two degrees Celsius. The jump in approvals for coal-fired power plants, however, has fueled concerns that China will backtrack on its goals to peak emissions between 2026 and 2030 and become carbon-neutral by 2060. Local governments in energy-hungry Chinese provinces approved at least 20.45 gigawatts of coal-fired power in the first three months of 2023, Greenpeace said. That is more than double the 8.63 GW Greenpeace reported for the same period last year, and greater than the 18.55 GW that got the green light for the whole of 2021. China relied on coal for nearly 60 percent of its electricity last year. The push for more coal plants "risks climate disasters... and locking us into a high-carbon pathway," Greenpeace campaigner Xie Wenwen said. "The 2022 coal boom has clearly continued into this year." A study released in February by Global Energy Monitor (GEM) said China last year approved the largest expansion of coal-fired power plants since 2015. Vicious cycle Most of the new coal projects approved in the January-March period this year were in provinces that have suffered punishing power shortages due to record heatwaves in the last two years, Greenpeace said. Several others were in southwest China, where a record drought last year slashed hydropower output and forced factories to shut down. It was unclear how many of the coal power plants approved this year will begin construction. Greenpeace analysts warned that investing in more fossil-fuel plants to prepare for the spike in air conditioning will create a vicious cycle: increased greenhouse gas emissions from the coal plants will accelerate climate change, resulting in more frequent extreme weather such as heat waves. "China's power sector can still peak emissions by 2025," Greenpeace's Xie said, but added that emissions released today will linger in the atmosphere for decades. China is also the world's largest and fastest-growing producer of renewable energy. Wind, solar, hydro and nuclear sources are expected to supply a third of its electricity demand by 2025, up from 28.8 per cent in 2020, according to estimates by the National Energy Administration. But Greenpeace said the rise in approvals for coal power projects shows how the need for short-term economic growth is diverting investment away from renewable energy projects such as grid upgrades that can supply surplus wind and solar power to regions that need it. With an average lifespan of about 40 to 50 years, China's coal plants will be operating at minimum capacity and at a loss if the country delivers on its emissions pledge, according to the report. The China Electricity Council said more than half of the country's large coal-fired power companies made losses in the first half of 2022. The post China approves coal power surge despite emissions pledge: Greenpeace appeared first on Daily Tribune......»»
China approves radical overhaul of Hong Kong s political system
Chinese leaders endorsed a sweeping overhaul of Hong Kong's electoral system Tuesday, slashing its number of directly elected seats and ensuring a majority of the city's lawmakers will be selected by a reliably pro-Beijing committee......»»
China approves Sinopharm vaccine
China approves Sinopharm vaccine.....»»
SEC approves local Del Monte’s P7.5-B bond offer
The Securities and Exchange Commission (SEC) has approved the public offering by Del Monte Philippines Inc. (DMPI) of fixed-rate bonds worth up to P7.5 billion. The Commission En Banc resolved to render effective the company’s registration statement for up to P5 billion worth of bonds, with an oversubscription option of up to P2.5 billion, subject to the company’s compliance with certain remaining requirements. DMPI will issue the bonds at face value, consisting of series A bonds due 2023 and series B bonds due 2025. They will be listed and traded on the Philippine Dealing & Exchange Corporation. The company expects to net P7.39 billion from the offer, assuming the oversubscription option is fully exercised. Proceeds from the offer will be used to repay the company’s existing debt, which are short-term and unsecured in nature. The fixed-rate bonds were assigned a PRS Aaa rating by the Philippine Rating Service Corporation. BDO Capital & Investment Corporation, China Bank Capital Corporation, First Metro Investment Corporation, and RCBC Capital Corporation were tapped as joint issue managers, joint lead underwriters, and joint bookrunners for the offer......»»
China approves plan to impose Hong Kong security law
China's parliament approved plans Thursday to impose a security law on Hong Kong that has ratcheted up tensions with the US and sparked new protests over fears the city is losing its special freedoms......»»
PCG to investigate alleged hacking of Facebook account anew
The Philippine Coast Guard announced its plan to investigate the reported breach of its social media account......»»
Filipina rescued from mail-order bride syndicate
The Bureau of Immigration rescued a suspected victim of a mail-order bride syndicate, targeting Filipinas sent to China under false pretenses......»»
US reaffirms support for Philippines sovereignty amid its tensions with China
Washington, DC [US], March 28 (ANI): US Secretary of Defence Llyod Austin has reaffirmed Washington's commitment to Manila in defending its sovereignty while criticising China's "dangerous" water cannon attack at the Philippine supply mission vessel on Saturday. In a telephonic conversation between Austin and his Philippine counterpart Gilberto Teodoro, the US Secretary reiterated the US-Philippines Mutual Defence Treaty.....»»
Philippines announces decisive measures amid tensions with China
Manila [Philippines], March 28 (ANI): Amid the escalating tensions in the South China Sea, Philippine President Ferdinand R Marcos Jr has announced decisive measures to protect his country's sovereignty and maritime rights while ensuring peace and stability in the Indo-Pacific. Marcos, known as Bongbong, said that the measures, aimed at addressing what he said is the "open, unabating, and illegal" actions by China's Coast.....»»
China urges ROK to stay prudent on South China Sea issue: Chinese FM
BEIJING, March 28 (Xinhua) -- China urges the Republic of Korea (ROK) to stay prudent when it comes to the South China Sea issue, Chinese foreign ministry spokesperson Lin Jian said on Thursday. Lin made the remarks at a regular press briefing when responding to a media query about ROK Foreign Ministry Spokesperson's biased and unfactual comments on the South China Sea issue over the past few days. "China.....»»
Chinese Diplomat Liu Jianchao Meets With Singapore s Leaders
singapore - Liu Jianchao, the senior diplomat widely expected to become China's next foreign minister, said "the world needs connectivity, not decoupling," during a four-day visit to Singapore.Liu, who heads the international department of the Communist Party, was in the city-state to meet with Prime Minister Lee Hsien Loong and the country's incoming leader, Deputy Prime Minister Lawrence Wong.During a s.....»»
Philippines’s Marcos pledges action in response to China’s ‘dangerous attacks’
President Ferdinand Marcos of the Philippines has issued a strong statement in response to recent confrontations in the South China Sea, stating that the country.....»»
Akbayan to Sara: You don’t have to be president to speak vs China
MANILA, Philippines — Party-list group Akbayan said on Thursday that Vice President Sara Duterte does not have to be a president of the country for her to call out China’s intrusive actions over the West Philippine Sea (WPS). Empathy and a moral backbone is just what it takes to stand up with fisherfolk and frontline.....»»
China: PH is ‘straying down a dangerous path’
MANILA, Philippines — China continued to blame the Philippines and its ally, the United States, for the continued tensions in the disputed West Philippine Sea. In a statement on Thursday, Chinese Ministry of National Defense spokesperson Wu Qian warned that the Philippines is going down a dangerous path. READ: No letup in Chinese water cannon attacks.....»»
Roque bares Duterte, China agreement to respect status quo in WPS
Roque bares Duterte, China agreement to respect status quo in WPS.....»»
Marcos: Philippines won’t be ‘cowed into silence, submission’ by China
“We seek no conflict with any nation, more so nations that purport and claim to be our friends but we will not be cowed into silence, submission, or subservience. Filipinos do not yield,” Marcos said. .....»»
Numerous Individuals and Businesses Profit from Trump Media Stock
Former President Donald J. Trump’s social media company, Truth Social, had a successful first official trading session on the Nasdaq, with shares surging and approaching.....»»
Pentagon chief reaffirms support after latest China aggression in WPS
Austin emphasized US support for the Philippines in defending its sovereign rights and jurisdiction in a phone call with Defense Secretary Gilberto Teodoro on Wednesday. .....»»
Dela Rosa considers war with China but admits: ‘Hindi naman natin kaya’
MANILA, Philippines — Senator Ronald “Bato” Dela Rosa is already fed up with China’s persistent harassments in the West Philippine Sea, prompting thoughts of engaging in war with Beijing. But he knows, war is not an option. “Naubos na ang sasabihin ko dapat dyan. Short of declaring war na tayo dyan against sa kanila e,.....»»