MAS lost S$30.8 billion, how much would the Fed lose?

 

SINGAPORE: The Monetary Authority of Singapore (MAS) recorded its largest net loss of S$30.8 billion (US$22.8 billion) in the financial year that ended Mar 31, widening significantly from a S$7.4 billion loss in the year before that.

This was largely because of the central bank’s aggressive monetary policy tightening to bring down inflation, which paved the way for a “broad appreciation” of the Singapore dollar against other currencies – such as the US dollar, euro and yen – that the official foreign reserves were held in.

As MAS’ financial results are reported in the Sing dollar, it saw “significant” negative currency translation effects of about S$21.4 billion, or 70 per cent of the annual net loss, MAS managing director Ravi Menon said on Wednesday (Jul 5).

MAS also incurred higher interest expenses of S$9 billion as part of mopping up excess liquidity in the banking system, he added at the release of the central bank’s annual report and sustainability report.  CNA

 

'Mr Menon said the large annual loss is “not a cause for concern”,' This is understandable as Singapore has a lot of money. What is $30b + $7.4b? The President also would not say anything. If MAS could lose $30b just because of higher interest rates and exchange rates, can't imagine how much would the Fed lose proportionally.

How big is $37.4b? China's AIIB started with only $50b. $37.4b not enough to start another AIIB. But overall, in Singapore's context, no big deal. No one is having sleepless night. No one will have to answer for it. Singapore does not believe in blame game. Singapore had gone passed the time of Goh Keng Swee and LKY.  Relac. It is just one of those things in managing big multi billion dollar fund. So no need to ask any question in Parliament.

Only important issues like making Ah Sohs and Uncles pay 5c for a plastic bag in supermarket to protect the environment deserved to be discussed in Parliament. Supermarkets now have another product to sell and another source of revenue.

Heads Must Roll, No Excuses Please!

Temasek posted a $7.3 billion net loss for the 2023 financial year ended March 31, its first time in the red since a $6.7 billion loss in 2016.

Mr Rohit Sipahimalani, Temasek’s chief investment officer, said that Singapore in the near-term faces slowing global growth and elevated inflation against a challenging economic backdrop.

Mr Dilhan Pillay, Temasek’s executive director and chief executive officer, pointed out key challenges in the future.

“For the first time in decades, sticky inflation and tighter monetary conditions are manifesting themselves in significantly higher interest rates. The investment climate has become much more complex than what we have encountered since the global financial crisis.” He added that several factors portend lower global growth and lower real returns, and are challenging issues that investors will have to grapple with.

Mr. Sipahimalani graduated from St. Stephens College, Delhi University with a Bachelor of Arts (Economics) degree and holds a Post Graduate Diploma in Business Management from the Indian Institute of Management, Ahmedabad, according to Fullerton Financial Holdings [
https://www.fullertonfinancial.com/profile/rohit-sipahimalani ].

With high salaries from the entity come high expectations to make profits for the entity. If profit targets are not met, or worse, losses were made, then the personnel should be axed. That's the professional pressure we faced when we were working in the Treasury department of the banks here.

Anonymous

Americans hoping to break China' relationship with Russia and North Korea

 The USA wanted China to reign in North Korea for decades. The underlying motive is to cause a split in the decade long relationship between China and North Korea. China is not going to do that by falling into the USA trap.

In the same way, the USA keeps goading China to condemn Russia over Ukraine, which China is dead set against. Having built up a fruitful and advantageous relationship with Russia after years of working for it, China is not going to destroy all that by interfering with Russia's Ukraine fight and fall into the USA trap. Moreover, the agenda for the formation of BRICS is the more important reason why China and Russia cannot move in diametrical different direction that any split between them is going to entail.

The West keeps spreading the narrative that Russia and China's close relationship will not last and keeps throwing spanners and diatribes, whenever small differences surfaces between China and Russia. It is not going to upset the relationship, even if they tried harder.

As I always say, whether the relationship between Russia and China is going to be short-lived or breaks down eventually, what is of paramount importance is for them to align themselves and succeed in taking down the US$ hegemony. Individually, it will be very difficult for them to do so. That is the one thing that the whole Global South is hoping for and are supporting. With the two nuclear powers spearheading the move, there will never be a better or having to find a second chance for the Global South, and they must support it whatever the price. Pay that price and be free of tyranny in perpetuality.

Anonymous

Foxconn Cuts Its Loss In India

Taiwan’s Foxconn said on Monday it has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi’s chipmaking plans for India.

Foxconn, the world’s largest contract electronics maker, and Vedanta signed a pact last year to set up semiconductor and display production plants in Modi’s home state of Gujarat.

“Foxconn has determined it will not move forward on the joint venture with Vedanta,” the electronics maker said in a statement, without elaborating on the reasons.

Foxconn said it had worked with Vedanta for more than a year to bring “a great semiconductor idea to reality”, but they had mutually decided to end the joint venture and it will remove its name from what now is a fully-owned Vedanta entity.

Modi has made chipmaking a top priority for India’s economic strategy in pursuit of a “new era” in electronics manufacturing and Foxconn’s move represents a blow to his ambitions of luring foreign investors to make chips locally for the first time.

Anonymous 

Singaporeans shattered dreams - By an aggrieved father

 Can still remember ten years ago we were standing in the rains in Hong Lim Park our first protest rally against the Papies White Paper of 6 millions.

I can clearly remember as my son took home a shelter dog who had recently jusy passed on nine over years with us.

Many fone and memorable memories.

Daft Sinkies now at that time boh chap, boh hiew now working mostly as menial workers.

As second ans even third class citizens in own country.

Now, how many millions already entrenched in Sinking Land?

Sad sad indeed to see so many of our young doing all sorts of menial jobs that our first and second generations built for them a better life.

Only to be destroyed by an incompetent and supposed to be better electrocuted hands holding auto pilot useless current leaders.

My daughter graduates NUS 2000 and first ten years in A* and also worked during the Pandemic as Lab technican testing urgently day and nights to fight the Covid Virus.

Now worked as a Home Care Assistant.

My son with triple or even more dipolmas and degrees kept upgrading and upskilling in supposed to be a skilled sure surety IT professional as prompted relentensly by the lips serving Papies now worked as a menial worker parking bicycles for a supposed new technology innovations technology bike sharing company.

What's has happened to our iwn?

Instead of better lives than us they are now worse off than us.

Luckily, both of them are now in their early and late forties with no families of their own.

A real blessings.

Looking at the young families of today with their kids, cannnot but felt a sense of comprehension for them.

What's their future be like?

Whats sorts of Leaders we have now without any visions.

Only now just sebok going round to hunt for what's innovations industrial industries.

Someone get those half past six Western obsolete industries.

Too proud and bananas to turn to China with their never ending innovative technology for our young to have a fighting chance.

Sinking Land is dead with only their internal economy of building more and more BTO flats for sale to the 10 millions.

In time of Recession and Great Depression, it would be a worse scenario of the burnings and killings in the UAssA and France.

Anyway, no eyes see.

Likewise our present corp of Chia Liao Bee Leaders who also be gone to the " See Thien" or the West to see their Makers.

They will collected their immense WEALTH now and just patted their backsides with no eyes see the sufferings of the new generations.

Anyway, think also the bananas current young deserved their fates as they are still in slumberland lining up days and nights just for concert tickets instead of looking at their perilous no futures.

Virgo