logo
Former senior minister Teo Chee Hean to be next Temasek chairman, taking over from Lim Boon Heng

Former senior minister Teo Chee Hean to be next Temasek chairman, taking over from Lim Boon Heng

The Star06-06-2025
Teo Chee Hean will first join Temasek's board as deputy chairman on July 1, before taking the helm in October. - ST FILE
SINGAPORE: Former senior minister Teo Chee Hean will be the new chairman for state investor Temasek Holdings, succeeding Lim Boon Heng, who will be stepping down on Oct 9, 2025.
Teo will first join Temasek's board as deputy chairman on July 1, before taking the helm in October.
Lim has served as the chairman for 12 years, notably guiding Temasek's global expansion and supporting the fight against the Covid-19 pandemic, among other efforts such as in corporate governance and sustainability.
In a separate statement, Prime Minister Lawrence Wong said: 'I thank Lim for his dedicated service at Temasek – under his stewardship, Temasek has expanded its global presence, strengthened its governance processes, and established itself as a leader in sustainable development.'
'I also welcome Teo as the incoming chairman. With his extensive experience in public service and deep understanding of Singapore's strategic priorities, I am confident he will build on Temasek's strong foundations, and steer its continued success in an increasingly complex global environment,' added Wong, who is also Finance Minister.
Temasek executive director and chief executive Dilhan Pillay Sandrasegara said on June 6 that Teo has had a 'remarkable' public service career across multiple domains.
'I'm pleased to welcome Teo Chee Hean as our fifth chairman... We are privileged that Temasek can benefit from his perspectives and extensive experiences, and we look forward to his stewardship as we navigate the opportunities and challenges ahead,' he said.
Teo, a key figure in Singapore's third-generation leadership, served as deputy prime minister from 2009 to 2019 and as Coordinating Minister for National Security from 2011. He was appointed Senior Minister in 2019.
He began his career in the navy in 1972 and rose to become chief of navy before leaving the armed forces in 1992 to enter politics.
His first Cabinet role was as minister of state for finance and communications. He later held ministerial portfolios in home affairs, defence, education and environment.
Temasek also announced on June 6 that Cheng Wai Keung, Stephen Lee and Bobby Chin will be retiring from the board in the coming months.
Cheng, who is deputy chairman, and Lee, a director, will step down on June 30 after nearly 14 years and eight years of service, respectively. Chin, also a director, will retire on July 31 after serving for 11 years.
Temasek has a net portfolio value of $389 billion as of March 21, 2024. It is a significant contributor to Net Investment Returns Contribution (NIRC), alongside sovereign wealth fund GIC and central bank Monetary Authority of Singapore, which is used for Government spending.
Teo noted that in an 'era of deepening global uncertainty', Temasek must remain clear minded on critical matters such as international relations, security and climate change.
'As a key Singapore institution with a global investment footprint, Temasek understands that its long-term success requires both addressing today's risks and opportunities and anticipating tomorrow's trends,' he said.
'I look forward to working with Temasek's Board, management team and members of the wider Temasek family to build on the achievements of Temasek and chart a path for its continued success in the new global environment.' - The Straits Times/ANN
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

ECB to keep rates steady as trade conflict clouds economic outlook
ECB to keep rates steady as trade conflict clouds economic outlook

The Star

time24 minutes ago

  • The Star

ECB to keep rates steady as trade conflict clouds economic outlook

FRANKFURT: The European Central Bank was set to keep interest rates on hold on Thursday, pausing after seven straight cuts as it waited for the fog surrounding Europe's trade relations with the United States to clear. The ECB has halved its policy rate from 4% to 2% in the space of just one year after taming a surge in prices that followed the end of the COVID-19 pandemic and Russia's invasion of Ukraine. With inflation now back at its 2% goal and expected to stay there, euro zone central bankers were likely to stay put this week and observe what kind of tariffs President Donald Trump's U.S. administration would impose on the European Union after an August 1 deadline for talks, all 84 economists polled by Reuters said. The tense and unpredictable trade talks between Washington and Brussels have made policy-making difficult. Trump's threat to impose a 30% duty on EU goods exported to the U.S. - a steeper tariff than the ECB had anticipated under even the most negative of three scenarios it released last month - has forced ECB President Christine Lagarde and her colleagues on the Governing Council to contemplate lower outcomes for growth and inflation. However, two diplomats said on Wednesday the EU and the U.S. were heading towards a deal that would result in a broad tariff of 15% applying to EU goods, an outcome lying closer to the ECB's baseline scenario than the severe possibility. "If the two sides indeed conclude such a deal, it would support our call that the euro zone economy can regain momentum from the fourth quarter onwards and that the ECB will not need to cut rates further," Berenberg economist Holger Schmieding said. Among the deals that have been struck so far and could serve as a template for the EU, Japan negotiated a 15% tariff rate, Indonesia 20% and Britain, which runs a trade deficit with the United States, 10%. "The key point is that tariffs look likely to be higher and more varied across countries than the 10% flat baseline that many had assumed would be the end-point of tariff negotiations," BNP Paribas's head of developed markets economics Paul Hollingsworth said. The ECB assumes that U.S. tariffs will push down growth and, if there is no EU retaliation, inflation over the medium term. This is why markets and most economists are still betting on at least one more interest rate cut, probably towards the end of the year, as inflation is now at risk of going too low. The euro zone economy is already barely growing and companies, while still optimistic about an upturn ahead, are starting to feel the pinch from tariffs on their profits. Even the ECB's own projections see price growth dipping below 2% for the next 18 months, raising the prospect of undershooting. "More challenging may be the end of the year, when we see inflation dropping below 1.5% and staying thereabouts for most of 2026," Societe Generale's Anatoli Annenkov said. "Here we see risks that inflation expectations follow inflation lower, forcing the ECB to take action to anchor inflation expectations." On the other hand, banks have seen rising loan demand and policy uncertainty has not yet translated into an economic or market downturn. After a short-lived selloff in April investors have taken the trade turmoil in their stride, with European equity indices close to new highs also thanks to Germany's newly found appetite for spending. In fact, erratic policy-making in the United States, including Trump's relentless criticism of the Federal Reserve, has lured foreign investors to euro zone assets, briefly pushing the euro to the highest level against the dollar since September 2021 at $1.1829 earlier this month. ECB board member and outspoken hawk Isabel Schnabel even said the central bank should watch out for price hikes caused by tariffs and the bar for further cuts was "very high". But the euro's appreciation has unnerved other policymakers, who fear a stronger currency would make European exports less competitive and contribute to pushing down inflation. "On that front, we would expect Christine Lagarde to strike a reassuring tone, reminding people that the ECB does not target exchange rates but that any resulting downward pressure on inflation will be addressed, if necessary," Julien Lafargue, chief market strategist at Barclays Private Bank, said. - Reuters

UTS Enrolment To Hit 5,000 By Year-end
UTS Enrolment To Hit 5,000 By Year-end

Barnama

time3 hours ago

  • Barnama

UTS Enrolment To Hit 5,000 By Year-end

SIBU, July 24 (Bernama) -- The number of students furthering their studies at Universiti Teknologi Sarawak (UTS) here is expected to reach 5,000 by the end of this year, said State Deputy Minister of Education and Talent Development Datuk Dr Annuar Rapaee. He said the enrolment at the Sarawak government-owned university now exceeds 4,000, comprising students from across Sarawak and other parts of the country. 'I can assure you that by the end of this year, we might reach 5,000. By next year, definitely 5,000 students, and that is our full capacity,' he told reporters after the UTS Appreciation Dinner 2025 last night. Dr Annuar said UTS now records the highest enrolment among local universities in Sarawak. 'During the recent intake for the foundation programme, there were even students from West Malaysia,' he added. He said UTS has become the university of choice for students from the central region, surpassing Swinburne University of Technology Sarawak Campus in Kuching and Curtin University Malaysia in Miri in terms of student numbers. Dr Annuar said that when he was appointed UTS chairman in 2021, the university had around 1,200 students, with enrolment falling during the COVID‑19 pandemic. To make higher education more accessible to poor families, he and vice-chancellor Prof Datuk Dr Khairuddin Ab Hamid introduced bursaries covering 50 per cent of tuition fees for all students, with an additional 80 per cent bursary reserved for 100 students from the B40 group. 'We were criticised then that UTS, which was built using government funds, was not meant for poor people because its fees were too high. 'Without fees, you cannot run a university, but doing nothing would make it a burden. Thanks to the bursary scheme, the university has grown from around 1,200 students to more than 4,000 now and is on track to reach 5,000,' he added.

US should focus on economic ties to compete with China in Indo Pacific: Ex-Australia PM
US should focus on economic ties to compete with China in Indo Pacific: Ex-Australia PM

The Star

time4 hours ago

  • The Star

US should focus on economic ties to compete with China in Indo Pacific: Ex-Australia PM

SYDNEY: Australia's former Prime Minister Scott Morrison (pic), testifying at a US Congress panel hearing about countering China, has urged the US to "double down" on its economic engagement in the Indo Pacific where Beijing is asserting influence. Speaking on Wednesday (July 23), Morrison said economic security is the main security focus of many countries in South-East Asia, and US leadership on economic issues and Western investment gives the region choice. "When China is active in a particular country... the response to that is not for the US or other allied interests to not be there, the response is to double down and be there even more strongly to provide them with that choice," he said. Morrison was invited to speak to the Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party about his government's experience of China imposing US$20 billion in unofficial trade sanctions after Australia called for an inquiry into the origins of the Covid-19 pandemic in 2020. The sanctions were lifted by Beijing after Morrison lost a national election in 2022, and Anthony Albanese's Labor government sought to stabilise ties with Australia's largest trading partner. Morrison said the US should work more with its Quad allies including Australia and Japan to build a supply chain for critical minerals and rare earths needed for defence equipment, including the nuclear-powered submarines Australia is buying from the United States under the Aukus pact. "The processed rare earths, whether they go into nuclear submarines, F-35s or whatever it happens to be, that is essential for those things to be done," he said. Deals similar to that struck this month for the U.S. Department of Defense to back US-based rare earth magnets producer MP Materials "should be extended to allies and partners", he said. China recently demonstrated its leverage by withholding exports of rare earth magnets, upending global markets, before reversing course. The Australian public awareness of the potential threat posed by China is "somewhat in jeopardy", Morrison said, pointing to a Lowy Institute poll showing more Australians see China as an economic partner than a security threat. - Reuters

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store