Latest report (available at bit.ly/wesp) shows that growth of the world economy has weakened considerably during 2012 and is expected to remain subdued in the coming two years. The global economy is expected to grow at 2.4 per cent in 2013 and 3.2 per cent in 2014, a significant downgrade from the UN’s forecast of half a year ago.
Temasek Review 2015- Embracing the Future (Media Conference Presentation)Temasek
The 12th edition of the Temasek Review, “Embracing the Future”, was launched on 7 July 2015.
Visit www.temasekreview.com.sg for the latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek , on Facebook at https://www.facebook.com/temasekholdings and Instagram (@temasekseen) at https://instagram.com/temasekseen
The Nicola Wealth Strategic Outlook, hosted by President David Sung, featured presentations by John Nicola, Chairman & CEO, and Rob Edel, Chief Investment Officer, Bijal Patel, CFO and Head of Private Capital, and Mark Hannah, Managing Director, Nicola Wealth Real Estate. Our speakers each weighed in on the issues influencing today’s investing environment and how they impact their respective asset classes.
Latest report (available at bit.ly/wesp) shows that growth of the world economy has weakened considerably during 2012 and is expected to remain subdued in the coming two years. The global economy is expected to grow at 2.4 per cent in 2013 and 3.2 per cent in 2014, a significant downgrade from the UN’s forecast of half a year ago.
Temasek Review 2015- Embracing the Future (Media Conference Presentation)Temasek
The 12th edition of the Temasek Review, “Embracing the Future”, was launched on 7 July 2015.
Visit www.temasekreview.com.sg for the latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek , on Facebook at https://www.facebook.com/temasekholdings and Instagram (@temasekseen) at https://instagram.com/temasekseen
The Nicola Wealth Strategic Outlook, hosted by President David Sung, featured presentations by John Nicola, Chairman & CEO, and Rob Edel, Chief Investment Officer, Bijal Patel, CFO and Head of Private Capital, and Mark Hannah, Managing Director, Nicola Wealth Real Estate. Our speakers each weighed in on the issues influencing today’s investing environment and how they impact their respective asset classes.
Temasek Review 2014- Our journey has just begun (media conference presentation)Temasek
The 11th edition of the Temasek Review, “Our journey has just begun”, was launched on 8 July 2014 and marks the 40th year since the company was first founded in 1974.
Structure
- The Temasek Charter
- Ten-Year Performance Overview
- Portfolio Highlights
- From Our Chairman
- Investor
- Institution
- Steward
- Group Financial Summary
- Major Investments
- Contact Information
- Temasek Portfolio at Inception
Visit www.temasekreview.com.sg for the latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
Presentation by Christian Kastrop, Director, Policy Studies Branch, OECD Economics Department during OECD Global Parliamentary Network meeting on 2 October 2014.
G-20 Finance Ministers and Central Bank Governors agreed in February 2014 to develop policies able to "lift the G-20 collective GDP by more than 2% above the trajectory implied by current policies over the coming 5 years". To that end, G-20 countries have been developing comprehensive Growth Strategies, which will form the basis of a Brisbane Action Plan to be endorsed by Leaders in Brisbane in November. The OECD has contributed substantially to the definition of this target, identifying the areas where reforms would have the most positive impact on GDP. The OECD has also provided an assessment of the reform commitments in countries’ Growth Strategies in two rounds of review, helping to identify the scope for additional efforts to achieve the 2% objective.
Rexnord Corporation (RXN) Q3 Fiscal Year 2019 Financial ResultsRexnord
This presentation and discussion contains certain forward-looking statements that are subject to the Safe Harbor and Cautionary language contained in the press release we issued on January 30, 2019, as well as other factors that could cause actual results to differ materially from those discussed and that are disclosed in ourfilingswiththeSecuritiesandExchangeCommission.
Some comparisons will refer to certain non-GAAP measures. Our earnings release and SEC filings contain additional information about these non-GAAP measures, why we use them and why we believe they are helpful to investors, and contain reconciliationstoGAAPdata.
To view this presentation - or any of our previously published financial quarter presentations - please visit https://investors.rexnordcorporation.com/events-and-presentations/presentations/default.aspx
GIC continues to fulfil its mission to preserve and enhance the long-term international purchasing power of the foreign reserves placed under its management. Over 20 years up to 31 March 2019, the GIC Portfolio’s annualised real rate of return was 3.4% per year. This means the international purchasing power of the reserves has nearly doubled between April 1999 and March 2019.
Thailand UNDP-GIZ workshop on CBA - Enhancing resilience in Thailand through ...UNDP Climate
Thailand, 27-28 November 2017 - UNDP and GIZ partnered with the Thailand Office of Agriculture Economics (OAE) to launch a workshop designed to connect vital stakeholders to build an effective National Adaptation Plan.
The two-day workshop at the Rama Garden Hotel had 20 participants from each department under the Ministry of Agriculture and Cooperatives (MOAC). The workshop was designed to build capacity of planning officers to formulate better projects and budget submissions as well as potential climate finance proposal using cost-benefit analysis and ecosystem-based analysis appraisal tools.
In September 2015 we presented an update on the Australian and global economic situation and the current state of financial markets to our clients. We discussed the market volatility which has been a factor in recent months. We highlighted the causes of the increased volatility, being ongoing Greek debt saga, concerns over slowing Chinese economic growth, the prospect of rising interest rates in the US, and finally, the state of the Australian economy. To view the slides discussed during the function please see below.
The 12th edition of the Temasek Review, “Embracing the Future”, was launched on 7 July 2015.
Structure
- The Temasek Charter
- Ten-Year Performance Overview
- Portfolio Highlights
- Credit Profile
- From Our Chairman
- Investor
- Institution
- Steward
- Group Financial Summary
- Major Investments
- Our Contact Points
- Temasek Portfolio at Inception
Visit www.temasekreview.com.sg for the latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek , on Facebook at https://www.facebook.com/temasekholdings and Instagram (@temasekseen) at https://instagram.com/temasekseen
Temasek Review 2014 - Our journey has just begunTemasek
The 11th edition of the Temasek Review, “Our journey has just begun”, was launched on 8 July 2014 and marks the 40th year since the company was first founded in 1974.
Structure
- The Temasek Charter
- Ten-Year Performance Overview
- Portfolio Highlights
- From Our Chairman
- Investor
- Institution
- Steward
- Group Financial Summary
- Major Investments
- Contact Information
- Temasek Portfolio at Inception
Visit www.temasekreview.com.sg for the latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
Temasek Review 2014- Our journey has just begun (media conference presentation)Temasek
The 11th edition of the Temasek Review, “Our journey has just begun”, was launched on 8 July 2014 and marks the 40th year since the company was first founded in 1974.
Structure
- The Temasek Charter
- Ten-Year Performance Overview
- Portfolio Highlights
- From Our Chairman
- Investor
- Institution
- Steward
- Group Financial Summary
- Major Investments
- Contact Information
- Temasek Portfolio at Inception
Visit www.temasekreview.com.sg for the latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
Presentation by Christian Kastrop, Director, Policy Studies Branch, OECD Economics Department during OECD Global Parliamentary Network meeting on 2 October 2014.
G-20 Finance Ministers and Central Bank Governors agreed in February 2014 to develop policies able to "lift the G-20 collective GDP by more than 2% above the trajectory implied by current policies over the coming 5 years". To that end, G-20 countries have been developing comprehensive Growth Strategies, which will form the basis of a Brisbane Action Plan to be endorsed by Leaders in Brisbane in November. The OECD has contributed substantially to the definition of this target, identifying the areas where reforms would have the most positive impact on GDP. The OECD has also provided an assessment of the reform commitments in countries’ Growth Strategies in two rounds of review, helping to identify the scope for additional efforts to achieve the 2% objective.
Rexnord Corporation (RXN) Q3 Fiscal Year 2019 Financial ResultsRexnord
This presentation and discussion contains certain forward-looking statements that are subject to the Safe Harbor and Cautionary language contained in the press release we issued on January 30, 2019, as well as other factors that could cause actual results to differ materially from those discussed and that are disclosed in ourfilingswiththeSecuritiesandExchangeCommission.
Some comparisons will refer to certain non-GAAP measures. Our earnings release and SEC filings contain additional information about these non-GAAP measures, why we use them and why we believe they are helpful to investors, and contain reconciliationstoGAAPdata.
To view this presentation - or any of our previously published financial quarter presentations - please visit https://investors.rexnordcorporation.com/events-and-presentations/presentations/default.aspx
GIC continues to fulfil its mission to preserve and enhance the long-term international purchasing power of the foreign reserves placed under its management. Over 20 years up to 31 March 2019, the GIC Portfolio’s annualised real rate of return was 3.4% per year. This means the international purchasing power of the reserves has nearly doubled between April 1999 and March 2019.
Thailand UNDP-GIZ workshop on CBA - Enhancing resilience in Thailand through ...UNDP Climate
Thailand, 27-28 November 2017 - UNDP and GIZ partnered with the Thailand Office of Agriculture Economics (OAE) to launch a workshop designed to connect vital stakeholders to build an effective National Adaptation Plan.
The two-day workshop at the Rama Garden Hotel had 20 participants from each department under the Ministry of Agriculture and Cooperatives (MOAC). The workshop was designed to build capacity of planning officers to formulate better projects and budget submissions as well as potential climate finance proposal using cost-benefit analysis and ecosystem-based analysis appraisal tools.
In September 2015 we presented an update on the Australian and global economic situation and the current state of financial markets to our clients. We discussed the market volatility which has been a factor in recent months. We highlighted the causes of the increased volatility, being ongoing Greek debt saga, concerns over slowing Chinese economic growth, the prospect of rising interest rates in the US, and finally, the state of the Australian economy. To view the slides discussed during the function please see below.
The 12th edition of the Temasek Review, “Embracing the Future”, was launched on 7 July 2015.
Structure
- The Temasek Charter
- Ten-Year Performance Overview
- Portfolio Highlights
- Credit Profile
- From Our Chairman
- Investor
- Institution
- Steward
- Group Financial Summary
- Major Investments
- Our Contact Points
- Temasek Portfolio at Inception
Visit www.temasekreview.com.sg for the latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek , on Facebook at https://www.facebook.com/temasekholdings and Instagram (@temasekseen) at https://instagram.com/temasekseen
Temasek Review 2014 - Our journey has just begunTemasek
The 11th edition of the Temasek Review, “Our journey has just begun”, was launched on 8 July 2014 and marks the 40th year since the company was first founded in 1974.
Structure
- The Temasek Charter
- Ten-Year Performance Overview
- Portfolio Highlights
- From Our Chairman
- Investor
- Institution
- Steward
- Group Financial Summary
- Major Investments
- Contact Information
- Temasek Portfolio at Inception
Visit www.temasekreview.com.sg for the latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
The 2013 Temasek Review, titled “Beyond Investing”, was launched on 4 July 2013.
Structure
- The Temasek Charter
- Performance Overview
- From Our Chairman
- Portfolio Overview
- Group Financial Summary
- Financing Framework
- Shaping Our Portfolio
- Shaping Our Institution
- Expanding Horizons
- Commitment to Community
- Major Investments
- Contact Information
- Temasek Portfolio at Inception
Visit www.temasekreview.com.sg for latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
Temasek Review 2011 - Building for TomorrowTemasek
The 2011 Temasek Review, titled "Building for Tomorrow", was launched in July 2011.
Structure
- Temasek Charter
- Year in Review
- From Our Chairman
- Portfolio Highlights
- Group Financial Summary
- Financing Framework
- Shaping Our Portfolio
- Shaping Our Institution
- Shaping Our Perspectives
- Shaping Our Community Support
- Major Portfolio Companies
- Our Contact Points
Visit www.temasekreview.com.sg for latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
The 2010 Temasek Review, titled "Making a Difference", was launched in July 2010.
Structure
- Temasek Charter
- Year in Review
- From Our Chairman
- Portfolio Highlights
- Group Financial Summary
- Temasek Bonds
- Shaping Our Portfolio
- Shaping Our Institution
- Shaping Our Perspectives
- Building a Shared Future
- Major Portfolio Companies
- Our Contact Points
Visit www.temasekreview.com.sg for latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
The 2009 Temasek Review, titled “Shaping our Journey”, was launched in July 2009.
Structure
- Temasek @ 35
- Year in Review
- From our Chairman
- Portfolio Highlights
- Group Financial Summary
- Shaping our Portfolio
- Shaping our Institution
- Shaping our Ideas
- Building A Shared Future
- Major Portfolio Companies
- Our Contact Points
Visit www.temasekreview.com.sg for latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
The 2008 Temasek Review, titled “Risks & Opportunities”, was launched in July 2008.
Structure
- Institutional Overview
- Year in Summary
- Portfolio Highlights
- To My Fellow Stakeholders
- Group Financial Summary
- Investments
- Shaping the Institution
- Engaging the World
- Extending Pathways
- Major Portfolio Investments
- Our Reach
Visit www.temasekreview.com.sg for latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
The 2006 Temasek Review, titled “Managing for Value”, was launched in July 2006.
Structure
- Our Portfolio Highlights
- From the Chairman
- Group Financial Summary
- Our Investments
- Our Institution
- Our Partners and Friends
- Our Major Portfolio Investments
- Our Presence
Visit www.temasekreview.com.sg for latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
The 2004 Temasek Review, titled “Investing in Value”, was launched in July 2004.
Structure
- Mission and Corporate Profile
- Our Portfolio
- Wealth Added
- Total Shareholder’s Return
- Message from Chairman
- Group Financial Statements
- Temasek Highlights
- Risk Management
- Corporate Governance
- People
- Major Temasek-Linked Companies
- Board of Directors
- Senior Management
- Temasek Turns 30
Visit www.temasekreview.com.sg for latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
3. 3
Building a Sustainable World
Investment Approach
ESG Framework
Environmental, Social &
Governance
Invest in negative emissions
technologies and nature-based
solutions
Our Goals
Achieves carbon
neutrality
by 2020
Temasek Company Temasek Portfolio
Estimated Net Carbon Emissions
Figures are based on estimates for Scope 1 and 2 emissions.
CO2
equivalent (CO2
e) is a standard unit of measurement used to compare emissions from different types of greenhouse gases.
29
14
2010 2020 2030 2050
7
0
5. 5
Performance
186
193 198
215 223
266
242
275
308 313 306
10 11 12 13 14 15 16 17 18 19 20
Year
(as at 31 March)
S$306 billion
Net Portfolio Value
Up S$120
billion
over the decade
A Resilient Portfolio
US$214
billion
1
1 Exchange rates as at 31 March 2020.
Maintained
a Resilient
Balance Sheet
(S$b)
6. 6
1 Index SGD returns include dividend
reinvestments.
Our TSR against Various IndicesResilience of Temasek’s Portfolio across CrisesResilience of our Portfolio through Crises
(42.9)
(38.3)
(36.7)
(29.9)
(27.8)
(27.4)
MSCI
Singapore
MSCI AC Asia ex-
Japan
MSCI
World
Performance
(18.3)
(9.0)
(5.8)
Temase
k
(2.3)
(29.6)
(18.8)
COVID-19 Pandemic
31 Mar 2019 – 31 Mar 2020
Global Financial Crisis
31 Mar 2008 – 31 Mar 2009
SARS Epidemic
31 Mar 2002 – 31 Mar 2003
Temasek's S$ Total Shareholder Returns vs Indices1 (%)
7. 7
Performance
Financial Services, TMT Remain Our Two Biggest Sectors
2020 2019 2018
Financial Services 23 25 26
Telecommunications, Media & Technology
(TMT)
21 20 21
Consumer & Real Estate 17 17 16
Transportation & Industrials 16 16 16
Life Sciences & Agribusiness 8 7 6
Energy & Resources 2 3 3
Multi-sector Funds 8 8 8
Others (including Credit) 5 4 4
Year
23
21
2
8
8
5
16
17
Sector1 (%)
1 Distribution based on underlying
assets.
(as at 31 March)
23Financial Services
23
21Telecommunications, Media & Technology
(TMT)
2
1
8. 8
Performance
Flexible Portfolio Approach
1 Mainly cash and cash equivalents, and sub-20% listed assets.
37
5
10
48
Liquidity (%)
2020 2019 2018
Unlisted assets 48 42 39
Liquid & sub-20% listed assets1 37 36 36
Listed large blocs (≥ 50% share) 10 12 15
Listed large blocs (≥ 20% and < 50%
share)
5 10 10
Year
(as at 31 March)
48Unlisted assets
48
9. PerformancePerformance
9
1
7
101
0
1
7
Geography1 (%)
China and Singapore
Top 2 Markets by Underlying Assets
1 Distribution based on underlying
assets.
29
24
13
5
1
1
2020 2019 2018
China 29 26 26
Singapore 24 26 27
North America 17 15 13
Asia (ex Singapore & China) 13 14 15
Europe 10 10 9
Australia & New Zealand 5 6 7
Africa, Central Asia & the Middle
East
1 2 2
Latin America 1 1 1
Year
(as at 31 March)
27%
North America,
Europe
17North America
10Europe
29China
24Singapore
2
4
2
9
11. Outlook
11
Global
For The Year Ahead
Economic recovery remains uncertain
Expansionary fiscal and monetary
policies implemented
Intensified geopolitical and
technology tensions
Remain cautious going
forward
15. Outlook
15
South East Asia
Poised to be a fast growing region
Policy space and structural
reforms to help recovery
Growth slowdown due to
decline in trade and demand
Growth of the internet economy
Good afternoon everyone, my name is KC.
I’d like to welcome you to our first virtual launch of Temasek Review.
I’ll start with an overview of our institutional focus, followed by performance, global outlook.
I’ll conclude with a few words about our people and communities.
COVID-19 has devastated lives and livelihoods globally.
We are still in the middle of the pandemic.
However, I am confident we will survive this test, because we are committed, resilient and will work together to come through it.
This pandemic reminds us to stay prepared for the unknown,
to stay focused,
and to remember our core purpose.
Sustainability is at the core of everything we do.
We remain focused on our ambitious 2030 goals.
As you saw in the video, we delivered a carbon neutral Temasek last year.We also aim to halve the net carbon emissions of our growing portfolio by 2030.
To do so, we will work closely with our portfolio companies on their carbon reduction plans.Our aspiration is to deliver a net zero emission portfolio by 2050.
We’re firming up our plans for the next few years and we’ll share more details soon.
This pie chart shows our portfolio mixbased on the underlying assets of the companies and funds in which we are invested.Our top 2 market exposures were China and Singapore, at 29% and 24%.
The relative rankings of these two markets were affected by the local market movements in March.
North America and Europe, come in next, at 17% and 10% respectively.
Together, these two regions now form over a quarter of our underlying portfolio exposure.
The US again accounted for the largest share of our new investments during the year.
This wraps up our performance section.
The global economic outlook remains uncertain.
As you know, some countries are seeing a resurgence of COVID-19 cases. These have resulted in a resumption of lockdowns.
This uncertainty could result in a prolonged economic slowdown.
Policymakers worldwide have responded with
expansionary fiscal and monetary policies.
Increased geopolitical tension and technology bifurcation
could result in a more uncertain environment for long term investors and asset owners.
So, we remain cautious while staying open to investment opportunities in resilient companies. Let me share more detail on a few key markets.
I’ll start with the US.
The economy has contracted sharply
due to nationwide lockdowns and mass layoffs.This is its largest contraction since World War II.
However, swift and aggressive response from policymakers had helped to reduce tail risks.
The economy is recovering, but the path remains uncertain.
More fiscal support is needed.
At the same time,
there are medium term risks
arising from the US-China strategic rivalry.
In China,
the economy recovered strongly after the sharp downturndue to the pandemic.
Industrial activity resumed steadily, and exports remained resilient.
On the downside,some sectors continue to face headwinds.
For the first time in nearly 20 years,
China did not set a GDP growth target.
We expect the government to uphold broadly accommodative policyto support the economy and boost jobs.
While implementing reforms may be challenging, Chinese authorities remain focused on rebalancing the economy.
In summary, we are optimistic on China over the medium term.
Moving on,
In Europe, the economy has bottomed.
The initial recovery pace had been sharper than expected.
But that pace has now moderated.
The recent increase in infections has dampened activity.
Monetary and fiscal policies remain relatively loose. This will help offset the negative impact of the crisis.
The announcement of the EU recovery fund has a strong signaling effect in terms of EU cohesion.
Moving forward, we do see downside risks due to a resurgence of COVID-19 cases, Credit conditions may tighten.
This will affect domestic demand growth
as fiscal support schemes expire.
Let me now bring the focus back closer to home.
In South East Asia, growth is likely to be muted. The global economic downturn,
coupled with a decline in trade and demand, has impacted the region’s economies.
On a positive note,
South East Asia remains poisedto be a fast growing region.
Policy space and structural reforms will help to boost its economic recovery.
Urban development and industrialisation, a young demographic, as well as the continued growth of the internet economy,will set the stage for ASEAN to recover.
Back home in Singapore,
we are experiencing a severe contraction.
Nonetheless,
parts of the economy have shown resilience.
Ongoing fiscal support is substantive,
supporting employment, and cashflow needs for businesses.
Looking ahead,
Singapore aims to maintain an open and competitive business environment
despite the increasingly fragmented world.
It will continue to invest heavily to transform its economy and workforce.
This will help it to remain as a global investment destination.
This wraps up our outlook section.
I want to spend a few minutes talking about our people, and the bond we share as OneTemasek.
The values, the integrity and the capability of our talents help define who we are.
We strive to build a diverse workforce, with a good mix of local knowledge and global experience.
We have a multinational team of over 800 colleagues, here in Singapore and around the world.
We are very proud of the fact that we have 32 nationalities working across offices in 8 countries.
Local nationals form the vast majority in each of our offices.
We have an almost even split of both female and male staff.
We always keep looking forward.
That means we’re continuing to build capabilities across the firm,in areas such as AI, Blockchain and Cybersecurity. We also strive to grow our people and empower them to take charge of their own learning.
We’re exposed to a wide range of training programmes in areas such as leadership, digital technology and data science.
We also learn important life skills,such as CPR, AED, and Mental Health First Aid.
It is critical to equip our people with the opportunities to learn new things, especially in a thriving digital world.
Our people help us tackle challenges and seize opportunities ahead.
They underpin our resilience as a firm.
COVID-19 is the biggest global crisis since World War Two. Temasek has stepped forward as part of our stewardship responsibilities,
to support our communities during the pandemic.
I mentioned earlier the strong bonds we form across our global team.
When our colleagues and friends in China were heavily affected by the pandemic,
our staff in Singapore and elsewhere,
rallied to provide supplies and supported them.
Later,when there was a spike in cases here, and in other places like London and New York,our China colleagues helped us.They procured supplies and shared what they had learnt about the virus,so that we could all stay better prepared.
When we stand together as a team, we use our complementary strengths to overcome new challenges.
We initiated a series of programmes together with Temasek Foundation.We did this as early as January,
when we saw the possibility of a global pandemic.
Hundreds of our staff have been involved to fight the virus,and I really can’t do justice to the work they did just by explaining it in words.
So, let me share a video showcasing our COVID-19 efforts.
<video #2: Committed to Our Fight Against COVID-19>
As shown in the video,essential items were made accessible to safeguard our local community and some 35 countries.
Even as we stay the course towards our 2030 goals, we will continue to do our part to fight the current pandemic,
and help our communities through the challenges it brings.
At the core is a focus on people; those affected, and those who are at risk.
We will work with partners to do things, big and small, to make a difference.
Beyond our efforts on COVID-19, we have not forgotten our responsibility to exercise good stewardship. We recognise that this pandemic has a significant impact on Singaporeans beyond the immediate health concerns. On top of its ongoing programmes, Temasek Foundation has also set up MyMentalHealth,
a web portal to make mental support more accessible.
Temasek Foundation is releasing its own annual report this Thursday.They will showcase their wide-ranging efforts to support the community, so you will hear more from them.
T-Touch is our staff volunteer initiative. It’s where we give back to communities in which we operate.
One of Us is the name of a programme initiated by our staff.
It aims to build awareness and understanding of mental health conditions.
It includes a meaningful series of art exhibitions featuring the work of 3 artists.
They have battled their own mental health challenges.But they overcame their struggles
through their passion for art.
Importantly, they were able to share their art with all of us.
This helps us to understand them better.Because after all, each of them is One of Us.
At the heart of everything we do is our desire
to make the world better for those around us.
Let me end with a video taken through the lens of 3 people.They represent some of the folks
we have been working with
It reminds us why we stay committed, resilient and work together.
Thank you.
<video #3: In this Together - Journeying Through The Pandemic>