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SINGAPORE -The one-year shareholder return of Singapore'sinvestment company,Temasek, fell into negative territory in its latest financial year, with its net portfolio value taking a dip from last year's record high as well.

Temasek's net portfolio was valued at $306 billion as at March 31, 2020, 2.2 per cent lower than last year's record $313 billion, it said in its annual review on Tuesday (Sept 8).

Temasek's final portfolio performance results, which confirm the preliminary figures released in July, reflected the impact of the coronavirus pandemic on global financial markets in the last quarter of its financial year.

Its one-year return for shareholders came in at -2.28 per cent, compared with 1.49 per cent the previous year. Over the longer term, its total shareholder return over 10 years was 5 per cent, down from 9 per cent a year ago.

The last time Temasek's one-year return for shareholders was negative was in 2016, when it fell to -9.02 per cent on the back of declines in the share prices of listed investments.

Speaking to the media on Tuesday, Temasek noted that its one-year shareholder return was -29.6 per cent in 2009 during the global financial crisis, and -18.8 per cent in 2003 amid the severe acute respiratory syndrome or Sarsepidemic.

Temasek's investments benefit Singaporeans through the Net Investment Return Contribution (NIRC) to the annual Budget. Under the NIRC framework, the Government can spend up to half of the long-term expected investment returns generated by Temasek, sovereign wealth fund GIC and the Monetary Authority of Singapore - the three entities tasked to invest Singapore's reserves.

Temasek's annual review also showed that unlisted assets made up their highest-ever share of 48 per cent of its portfolio in the past financial year, as the investment firm continues to increase its exposure in non-listed companies.

Financial services remained the largest sector in Temasek's portfolio at 23 per cent, as it increased exposure in the payments sector and other non-bank financial services companies to benefit from the acceleration in digitalisation of financial services.

In particular, it increased its investments in payment providers PayPal, Mastercard and Visa, and also put money in Blend, a United States-based digital lending platform for mortgages and consumer banking.

Temasek International chief executive Dilhan Pillay said that while the firm is watchful on the impact of the coronavirus pandemic, it is committed to a future of sustainable living.

"We recognise the urgent need for businesses with innovative solutions to improve lives and increase social resilience. This has led us to accelerate our investments into low-emission and resource-efficient companies, including in the areas of energy, food, waste, water, mobility and urban development."

In the past year, Temasek backed Singapore-based solar energy firm Sunseapand increased its exposure to alternative protein firms such as Impossible Foods.

The firm also closed the year with carbon neutrality, and has committed to halve the net carbon emissions attributable to its portfolio by 2030.

In its annual report, chairman Lim Boon Heng noted the significant uncertainty and complexity ahead, and reaffirmed Temasek's commitment to strengthening its capabilities and introducing new strategies to enable the firm and its portfolio companies to weather the storm and prepare for the future.

"We will continue to invest in our network to add value to others, even as we derive greater value from working together," he said.

The technology and life science sectors were also areas where Temasek was active over the past financial year, capitalising on growth trends in these areas.

Among its tech investments were Duck Creek Technologies, a US-based software provider to the property and casualty insurance industry, and Chinese data solutions firm MiningLamp.

Meanwhile, it also backed firms in the life sciences and healthcare industry, such as integrated healthcare system CareBridge, and biopharma companies developing drugs and therapeutic solutions like Transcenta.

Geographically, Temasek stayed anchored in Asia, with the region accounting for 66 per cent of its underlying assets, unchanged from last year. China and Singapore remained the top two countries by concentration, at 29 per cent and 24 per cent respectively. But the investment firm also continued to grow its portfolio in North America (17 per cent), "where we see opportunities in line with key structural trends".

Temasek invested $32 billion over the year and divested $26 billion of assets during that time.

Looking ahead, the unpredictable paths of Covid-19 and geopolitical issues pose near-term challenges, said Temasek deputy chief financial officer and head of financial services Png Chin Yee.

"We will stay watchful and remain disciplined in our investment approach, as we focus on building a portfolio that will benefit from policy tailwinds and is resilient in the long term," she said.

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Temasek's 1-year shareholder return turns negative, more uncertainty ahead with Covid-19 - The Straits Times

Posted courtesy of theInstitute for the Study of War.

The Kremlin and Alexander Lukashenko consolidated control over the international information space ahead of a likely crackdown.Belarusian authoritiesstripped accreditation from at least 17 international journalists working in Minsk and demanded they leave the country on August 29.[1]The journalists worked formajor Western news organizations including Radio Free Europe/Radio Liberty (RFE/RL),the BBC, the Associated Press, Reuters,Agence-France Presse, Germanys ARD television, DeutscheWelle, and Radio France.[2] Belarusian authorities arrested at least two RFE/RL journalists while they were reporting live on air in Minsk on August 29.[3]Belarusian authorities additionally blocked Naviny and Nasha Niva two of Belarus remaining independent news agencies-and arrested the operator of theKYKYBelarusian news siteon August 28.[4]Independent Belarusian media and foreign journalists are crucial for covering protests and security force responses in the absence of a free media space. Lukashenko partially blocked the internet on August 9 and Russian personnel began running Belarusian state media on August 19.[5] Lukashenkos coordinated effort to consolidate control over the Belarusian information space, primarily targeting international coverage, may be a prelude to a crackdown against protesters.

Belarusian authorities did not try to disperselargeprotestsin Minskfor the first time in a week on August 29.Approximately ten thousand women marched in Minsk on August 29.[6]Riot police and security troops cordoned off the protest route and blocked at leastfourmetro stationsonthe route but did not detain or disperse protesters.[7]Security forces detained at least one male protester but did not use force against female protesters.[8]Belarusian forces contained and dispersed small protests and resumed detaining protesters between August 19-28.[9]The absence of crackdowns on August 29 may encourage more Belarusians to participate inthe largeplanned protestsin Minskon August30.

ISW will continue monitoring the situation and providing updates.

[1] https://www.voanews.com/press-freedom/belarus-revokes-accreditation-least-17-journalists-covering-post-election-turmoil

[2] https://www.voanews.com/press-freedom/belarus-revokes-accreditation-least-17-journalists-covering-post-election-turmoil

[3] https://twitter.com/HannaLiubakova/status/1299703908500230148

[4] https://lenta;https://kyky(.)org/news/ne-nadetsya-na-peremeny-a-delat-ih-nadya-zelenkova-o-tom-chto-budet-s-delom-sashi-vasilevicha

[5] http://www.understandingwar.org/backgrounder/warning-moscow-sets-conditions-kinetic-intervention-belarus-through-new-information

[6] https://meduza(.)io/feature/2020/08/29/desyat-tysyach-zhenschin-proshli-marshem-po-tsentru-minska-omon-pytalsya-im-pomeshat-no-ne-smog

[7] https://www.reuters.com/article/us-belarus-election-protests-women/women-march-through-belarusian-capital-calling-for-lukashenko-to-step-down-idUSKBN25P0OP;https://twitter.com/HannaLiubakova/status/1299705163909869575

[8] https://twitter.com/HannaLiubakova/status/1299705163909869575

[9] http://www.iswresearch.org/2020/08/warning-lukashenkos-security-forces.html;https://www.iswresearch.org/2020/08/warning-lukashenko-appears-to-resist.html;https://www.iswresearch.org/2020/08/warning-opposition-continues-to-unify.html;https://www.iswresearch.org/2020/08/warning-lukashenko-targets-opposition.html

View Citations

The rest is here:
Warning: Lukashenko and the Kremlin Consolidate Control of Belarusian Media Space - Critical Threats Project

COVID-19 made us go through different phases such as not being able to go places like school, work, outside and other businesses. We were told we couldnt go places like we used to go. COVID-19 has increased. The past months of isolation might be for nothing as COVID- 19 increases.

Chicago Mayor Lori Lightfoot said, We have made so much progress here in Chicago in containing the spread of the virus, protecting our health system and saving lives, and in general, the virus remains under control locally. The numbers of deaths and cases were getting better, but now its getting worse. Lightfoot said, Chicago has also seen an increase in its percent positivity rate the percentage of people tested who are positive for COVID-19 after weeks of decline. The virus is spreading tremendously, but its also under control at the same time. Its under control because everyone is trying to maintain the protocols.

As they work on this vaccine many people are losing their lives and many people die a day from COVID-19. Although we are not going back a phase, the mayor still made important changes that we need to follow. Mayor Lightfoot warns that we could go back to phase 3.

Although we aren't back at phase 3 yet, she has put in place new restrictions for gyms and restaurants and some businesses. Some of the restrictions for bars, restaurants, gyms and personal services are a precautionary move in response to a recent increase in community cases of the virus. Some restrictions started Friday, July 24 at 12:01 a.m.

According to the Lightfoot administration: The new upcoming restrictions have changed a lot like indoor fitness class size will be reduced to a maximum of 10 people. Lightfoot said, Also Personal services requiring the removal of face coverings will no longer be permitted and Lightfoot added,Residential property managers will be asked to limit guest entry to five per unit to avoid indoor gatherings and parties.

They also made a change about school which is going to be remote learning. People may hope we're going to find a vaccine for this virus and everything is going to be back to normal, but it has not happened yet. Although this is like a nightmare, there is hope 2021 will be a better year.

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Editorial: The mindset of 2020 Free Spirit Media - The Real Chi

CLEVELAND, Ohio Mike Clevingers time in Cleveland is over after the Indians traded him to the San Diego Padres in a nine-player trade on Monday. Among the players the Indians got in the trade are pitcher Cal Quantrill and outfielder Josh Naylor, the older brother of Indians catching prospect Bo Naylor.

The trade deadline is at 4 p.m. So the Indians might not be done.

But this is a massive move as the Indians parted ways with one of their top starters. Clevinger started on Wednesday in his return to the rotation after being sent to the teams training site in Eastlake after violating COVID-19 protocols.

Here is how social media reacted to the big trade.

Padres were able to acquire an ace with a career 3.20 ERA that they have control of through 2022 in Mike Clevinger...

...all without having to give up a top-5 prospect, everyday starter, or Gore and Patino.

AJ Preller just took Clevelands lunch money. pic.twitter.com/jDuuOpJdpT

.#Padres GM A.J. Preller clearly the Rock Star of the 2020 Trade Deadline after acquiring Mike Clevinger from the #Indians. Post-season rotation of Paddack, Lamet, Clevinger Davies pretty impressive with Gore on deck. #SlamDiego Baby.

This Clevinger deal might turn out to be a great deal down the line but for 2020...if the Indians dont do anything else, they are a worse team today.

AL executive on Clevinger deal: "I love the return for Cleveland."

Simultaneously stunned by the number of names in this deal and in disbelief that Cleveland still didn't get a difference maker to play outfield. (Naylor is maybe fine, but they have lots of maybe fine.)

To acquire Clevinger without touching Gore, Abrams, Patino, Campusano, Hassell, or Weathers.....well done. Cal will blossom in Cleveland. Naylor has LF to his self. Both teams win.

Not happy with Clevelands haul for Clevinger. Hedges cant hit at all. SD didnt give up any of their top 5 prospects. Is Naylor good enough for an Ace? No.

So the Padres went volume here. There are some good players. Hedges is a plus defender. Quantrill has good stuff and in Cleveland, could take a step up. I really like Miller. Arias is very athletic, likely a utility player and Cantillo is a FB/CH guy and the CH is plus-plus. https://t.co/aR0BosKbsV

I like it. Naylor should be league average. There are two safe arms that fit the Indian's profile. Hedges is an ideal backup for an org with 0 C depth. Arias is the Wild card talent is there to be special, just hasn't clicked. Will he be Carrasco or Marte in Indians terms. https://t.co/AhKzS33jfg

#Indians organization is deep with shortstops. Gabriel Arias is another. The depth will serve them well when Lindor is gone. Or-they have trade chips in those shortstops.

The Indians intend to play Josh Naylor as their left fielder the rest of this season.

The Cleveland Indians don't rebuild. They deal an expiring contract for three more prospects, one of whom will soon enough be an elite player delt when their contract expires https://t.co/8E20qidVbx

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New Indians face masks for sale: Heres where you can buy Cleveland Indians-themed face coverings for coronavirus protection, including a single mask ($14.99) and a 3-pack ($24.99). All MLB proceeds donated to charity.

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See more here:
Mike Clevinger traded to the San Diego Padres: See social media reaction to the Cleveland Indians massive tr - cleveland.com

Ald. Ed Burke (WTTW News)

The city saved $1 million after an embattled Ald. Ed Burke (14th Ward) was forced to relinquish control of the Chicago City Councils Finance Committee, which he ran with little oversight for decades, according to the citys annual audit.

In 2018, the committee spent approximately $2 million, the most of any of the City Councils nearly two dozen legislative committees, in what was Burkes last year. In 2019, the committee spent $1.1 million, according to the Comprehensive Annual Financial Report.

Burke resigned as chair of the City Councils most powerful committee on Jan. 4, 2019, a day after he was charged with attempted extortion. Burke pleaded not guilty, andcould face a trial in spring 2021 on an expanded indictment that includes 14 counts.

Former Ald. Pat OConnor (40th Ward) replaced Burke as chair, only to lose his seat in April 2019 to Ald. Andre Vasquez.

Burke, who has rarely spoken to the news media after his indictment, did not respond to a request for comment from WTTW News.

Once Mayor Lori Lightfoot took office, one of her first moves was to tap Ald. Scott Waguespack (32nd Ward) as Finance Committee chair. The former chair of the Progressive Caucus, Waguespack was long a thorn in Burkes side, and was the first alderman to endorse Lightfoot.

Under Burkes leadership, the committees payroll included 30 staff members. Under Waguespack, the committee has just three full-time staffers.

There probably was significant waste, Waguespack told WTTW News.

In this courtroom sketch, Ald. Ed Burke, left, appears before U.S. Federal Magistrate Judge Jeffrey Cole with his attorneys on Tuesday, June 4, 2019. (Credit: Tom Gianni)

The longest-serving alderman in Chicago history, Burke used the Finance Committee chairs gavel to wield nearly unquestioned power at City Hall from a suite of offices decorated with Chicago history memorabilia and marked by a cabinet filled with guns.

Burkes first stint as chairman ran from 1983 to 1987, when he was ousted by allies of former Mayor Harold Washington, whom the Southwest Side alderman worked to thwart at every turn. When former Mayor Richard M. Daley was elected in 1989, he returned Burke to his powerful perch, where he remained for 30 years.

The committees budget also paid for a security detail, which shadowed Burke since the 1980s when he said supporters of Washington posed a threat. In 2019, six people were assigned to drive Burke and serve as his bodyguards. Neither OConnor nor Waguespack requested or received a security detail.

The Finance Committees large staff allowed Burke to loan employees to at least five aldermen who were struggling to stretch their $190,000 annual office budget far enough to meet all of the demands of their constituents, as first reported by WTTW News in March 2019.

Inspector General Joseph Ferguson said that power indebted aldermen to Burke and gave him sources across the city and throughout City Hall who could report back to him.

Waguespack said he stopped that practice, and cut the staff while focusing on putting new computer software in place to review contracts and small claims. The Finance Committee ended 2019 under budget, spending $1.1 million when it was budgeted to spend $1.4 million, according to the annual financial report.

Ald. Ed Burke speaks with Chicago Tonight reporter Amanda Vinicky and other reporters outside his home on Thursday, Nov. 29, hours after FBI agents raided his offices. (WTTW News)

In 2016, the City Council narrowly rejected a reform measure that would have given Ferguson oversight of the City Councils committees amid concerted opposition from Burke. In July 2019, a measure giving Ferguson the authority to investigate aldermen and audit council administrative procedures passed 50-0.

While he was Finance Committee chair, Burke also controlled the citys $100 million workers compensation fund. After the embattled alderman relinquished his gavel, former Mayor Rahm Emanuel moved the fund to the Finance Department and put the comptroller in charge.

An audit ordered by Emanuel and released on his last day in office found that, under Burke, the workers compensation fund had significant control deficiencies and weaknesses that could allow fraud, waste and abuse to flourish unchecked.

In January 2019, Lightfoot outsourced the program to a private firm, Gallagher Bassett.

It will take approximately two years for the city to work through the backlog of claims that accumulated under Burkes leadership, and start to realize cost-savings, according to Comptroller Reshma Soni.

The revamped program is working as expected so far, Soni said.

Overall Committee Spending Down

Just before she took office in May 2019, Lightfoot unveiled her slate of committee chairs anointing a dozen aldermen as her most prominent allies, but vowing to end business as usual.

The mayor said City Council chairs would help her achieve our mission of a more transparent and accountable City Council.

In addition to Burke, Lightfoot ousted another longtime committee chair, Ald. Carrie Austin (34th Ward), who led the Budget and Government Operations Committee for 12 years after the Chicago Sun-Times reported in July 2019 that she overspent her committee budget by 65%.

Under Ald. Pat Dowell (3rd Ward), the new chair of the Budget Committee, the committee spent 30% less in 2019 than it did in 2018, according to the 2018 and 2019 annual reports.

After ousting her, Lightfoot made Austin chairman of the Committee on Contracting Oversight and Equity. That committee, which has met just twice, spent $122,881 in 2019, significantly less than its original budget, according to the citys annual report.

Lightfoot also created a Committee on Ethics and Government Oversight and a special committee designed to boost the citys census response rate.

The mayor changed the scope of two committees the Committee on Environmental Protection and Energy as well as the Committee on Health and Human Relations making it impossible to compare their budgets directly between 2018 and 2019.

Most committees spent significantly less after Lightfoot took over. For example, the Committee on Workforce Development spent 20% less once Ald. Susan Sadlowski Garza (10th Ward) replaced OConnor, Emanuels floor leader, as chair.

However, four committees spent more in 2019 than in 2018:

Special Events, Cultural Affairs and Recreation Committee: 14.5% more Public Safety Committee: 30% more Aviation Committee: 35% more Economic, Capital and Technology Development Committee: 81% more

Just two committees exceeded their 2019 budgets, according to the annual report. The Public Safety Committee, led by Ald. Chris Taliaferro (29th Ward) exceeded its budget by 7.5%, while the Special Events, Cultural Affairs and Recreation Committee, chaired by Ald. Nicholas Sposato (38th Ward), went 3.5% over budget.

Both aldermen blamed a mistake by the citys budget office during the transition from one committee chair to another for the overspending. Neither alderman was aware of the overage before being contacted by WTTW News. Taliaferro was tapped by Lightfoot to replace Ald. Ariel Reboyras (30th Ward) and Sposato replaced Ald. Tom Tunney (44th Ward), who now chairs the Committee on Zoning, Landmarks and Building Standards.

Former Chairman Reboyras staff continued to be paid from the committee budget during a time in which my staff was on-boarding and being paid from the same budget, Taliaferro said. This was not my fault as chairman or former Chairman Reboyras.

Sposato said the same error occurred with his committees budget.

Contact Heather Cherone:@HeatherCherone| (773) 569-1863 |[emailprotected]

See original here:
After Investigation Forced Ald. Burke to Yield Control of Finance Committee, City Saved $1M: Annual Audit - WTTW News