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Kuwait Times
5 days ago
- General
- Kuwait Times
Kuwait bids farewell to four women diplomats
Indonesian ambassador Lena Maryana, British Ambassador Belinda Lewis, Head of the NATO Office at the NIRC, Nora-Elise Beck and Canadian Ambassador Aliya Mawani take a group photo. KUWAIT: The departure of four women ambassadors from Kuwait's diplomatic corps was marked on Wednesday with a farewell lunch hosted by Indonesian Ambassador Lena Maryana at her residence in Mishref. The gathering honored British Ambassador Belinda Lewis, Canadian Ambassador Aliya Mawani, US Ambassador Karen Sasahara, and Head of the NATO Office at the NIRC, Nora-Elise Beck. Ambassador Maryana described the gathering as more than a farewell — it was a tribute to the connections formed through shared purpose, respect and sisterhood. 'It's a bitter situation,' she said, referring to the departure of what she described as 'four strong ladies.' British Ambassador Belinda Lewis who completed her tenure with a focus on education, security, and cultural exchange, expressed gratitude for the solidarity she found among fellow women diplomats. 'I've learnt a great deal from so many of you, and I will take that sense of camaraderie and strength with me wherever I go.' Lewis spoke candidly about the challenges that come with leadership roles and the comfort found in having a trusted circle of peers. 'Sometimes we just have hard days,' she said. 'There are times where I sit there and I'm not sure who to ask, and I'm nervous or scared that I'll get it wrong. But knowing there are people you can turn to, who will listen and not judge you — that's worth its weight in gold.' Canadian Ambassador Aliya Mawani reflected on her three-and-a-half years in Kuwait with a similar tone of gratitude. 'So many people in this group have been instrumental in my learning about Kuwait, in my really feeling at home,' she said. 'This isn't just a network — it's a group of women who lifted each other and helped each other grow.' She also highlighted the practical value of having a supportive community. 'Many of us are first-time ambassadors and working parents. Just hearing someone say, 'You don't have to show up to everything — I know you have things to do,' made all the difference.' Nora-Elise Beck, who headed NATO's presence in Kuwait, reflected on her experience as a woman in the security field, often having to counter gender-based assumptions. 'I get asked, 'As a woman, how do you do your job in security?' And my response is always, 'As a man, how do you?'' she said. 'That kind of question wouldn't even be asked of them.' She added, 'One of the reasons I'm able to do my job is because of the support I got from all the women in Kuwait.' Despite her extensive experience across the Middle East, Beck noted that the professional solidarity she found in Kuwait was unlike anything she had encountered before. 'This kind of professional backing among women — I haven't experienced it before. I hope it's not unique to Kuwait. I hope we can replicate it in other environments.' Although US Ambassador Karen Sasahara was unable to attend due to departure preparations, she was remembered fondly by her peers and honored for her leadership and warmth throughout her time in Kuwait. Ambassador Maryana concluded her remarks with a heartfelt message to the departing diplomats: 'Though your time here will be finished soon, the mark you've left is lasting.'
Business Times
09-07-2025
- Business
- Business Times
DBS, Singtel help lift Temasek's portfolio to record S$434 billion
[SINGAPORE] Temasek posted a record net portfolio value (NPV) of S$434 billion for the financial year ended Mar 31, driven by the strong performance of its Singapore-based portfolio companies such as DBS and Singtel . 'Their robust returns have uplifted our portfolio value and provided liquidity for our investment activities,' said Lim Ming Pey, chief of staff at Temasek's executive office. The state investor's portfolio also received a boost from its direct investments in China, the US and India. This year's NPV marks a S$45 billion increase from the S$389 billion recorded in the previous financial year, and surpasses the previous high of S$403 billion posted in FY2022. Temasek's NPV climbs further to S$469 billion when the value of its unlisted assets is marked to market. The figures were unveiled on Wednesday (Jul 9) at the launch of the annual Temasek Review report, which covers Temasek's performance overview, performance highlights as well as its group financial summary for the latest financial year. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Temasek's returns, and those from sovereign wealth fund GIC and the Monetary Authority of Singapore, account for the second-biggest source of funding for Singapore's Budget in the form of Net Investment Returns Contribution (NIRC). For the financial year ended Mar 31 2024, the NIRC was about S$24 billion. Temasek delivered a one-year total shareholder return (TSR) of 11.8 per cent for FY2025, a sharp increase from 1.6 per cent the year before and its strongest one-year return in four years. However, Chia Song Hwee, the deputy chief executive officer of the state investor, stressed that short-term performance was largely influenced by market volatility. Temasek noted its longer-term TSRs, which it considers a better reflection of its investment performance, remained resilient. Its 10-year TSR came in at 5 per cent, down slightly from 6 per cent the previous year as figures from 2015, which was a strong year, dropped out from the measurement period. Meanwhile, the 20-year TSR remained unchanged at 7 per cent when compared with FY2024. Overall, Temasek ended the financial year in a net cash position. The state investor noted that this gives Temasek the 'flexibility to capitalise on market dislocations and emerging opportunities'. Household names among top performers As at Mar 31, 2025, the bulk of Temasek's portfolio, or 41 per cent, consists of its Singapore-based portfolio companies. These are companies that Temasek holds direct investments in. The rest of Temasek's portfolio comprises global direct investments (36 per cent); and investments in funds, partnerships with other investors, and asset management companies (23 per cent). Some of its direct investments are in established or emerging market leaders that generate stable cash flows and earnings with manageable exposure to trade tensions. Examples include Indian snack company Haldiram's, French renewable energy producer Neoen, and China's largest restaurant operator Yum China. Temasek's investment partnerships also include its participation in the AI Infrastructure Partnership established by BlackRock, Global Infrastructure Partners, Microsoft, and MGX Fund Management. Household names such as DBS, Singtel and ST Engineering were among the top performers in Temasek's Singapore-based portfolio companies in the past year. Local bank DBS saw its share price rise more than 20 per cent in the past year, while telco Singtel gained around 40 per cent. Defence technology company ST Engineering nearly doubled in value over the same period. Temasek's chief financial officer Png Chin Yee attributed the strong performance not only to favourable market conditions, but also a 'multi-year effort' by their management to keep their businesses relevant. 'Our (Temasek) teams have also worked very closely with the boards and management (of the portfolio companies) on a range of issues,' added Png. These issues included strengthening their business foundation and setting longer-term financial plans. Building resilience Even as Temasek turned in a record year, NPV can fluctuate over the year due to market volatility. This is why Temasek aims to build a portfolio that can be resilient across economic cycles over the long term, said Png. She also flagged potential headwinds in the year ahead. Png noted that some of its Singapore-based portfolio companies may face pressure from falling interest rates. To that end, Temasek is working closely with its portfolio companies to ensure that they maintain strong balance sheets. Some ways it does so is through stress tests to assess which companies need more capital in the face of external shocks, and engaging companies ahead of their debt maturity. Companies themselves are also taking proactive steps. For instance, DBS is ramping up its non-interest income streams to cushion the impact of falling rates, said Png. Geographically, Singapore continued to anchor Temasek's portfolio, accounting for 27 per cent. The Americas, including the US, made up 24 per cent, while its exposure to China stood at 18 per cent. Its allocation to Europe was 12 per cent. Looking ahead, Temasek's CEO Dilhan Pillay, said that global uncertainty and artificial intelligence will 'transform and disrupt' many industries in this decade. The climate crisis also continues to be an existential threat to humanity. 'As an organisation, we will continue to adapt and retool to seize opportunities in the evolving business and investment landscape, actively managing our exposures in our three portfolio segments to enhance resilience and deliver sustainable returns over the long term,' he added.
Belfast Telegraph
13-06-2025
- Business
- Belfast Telegraph
NI retail takes a spring hit as footfall comes ‘back to earth with a bump'
The number of bargain hunters at local shopping centres and in Belfast fell in May compared to the performance for May 2024, according to the latest data from the Northern Ireland Retail Consortium (NIRC). It attributed April's strong performance in part to good weather, and said May's underperformance may relate to the higher National Insurance costs businesses are now paying. The results are a marked contrast with April, when Northern Ireland saw the largest growth in footfall of any UK region, going up 14.3%. Belfast was the best-performing city last month, seeing a 21.3% bump to footfall. Northern Ireland and its capital are more middle of the road in May, with a 1.4% shrinkage placing it seventh out of the 13 UK nations and regions listed. Belfast was sixth out of 11 ranked cities. The combination of economic uncertainty worldwide and increases in domestic national insurance costs provided a worrying background for shoppers in May and it looks like some have decided to play it safe and stay away from the shops for now. Neil Johnston, director of the NIRC, said: 'After encouraging figures and sunshine in April it was back down to earth again with a bump in May. 'Footfall was disappointing across the UK with the number of shoppers down by 1.7% and down by 1.4% in Northern Ireland compared to a year ago. 'Belfast had a remarkable surge in shoppers in April — up over 20% compared to the previous April — boosted by the later Easter. So perhaps the fact that Belfast is down 1.9% this May compared to the previous May is not that surprising. 'The combination of economic uncertainty worldwide and increases in domestic national insurance costs provided a worrying background for shoppers in May and it looks like some have decided to play it safe and stay away from the shops for now. 'The picture on footfall is also reflected in the retail sales figures which showed consumers putting the brakes on non-essential spending. 'This is not an encouraging situation for retailers facing higher employer National Insurance contributions and other statutory costs from the changes that kicked in during April.' News Catch Up - Thursday 12th June Retail consultant Andy Sumpter said: 'Northern Ireland's retail footfall held up better than the UK average in May, with a year-on-year decline of -1.4% compared to -1.7% nationally. 'High streets and shopping centres still saw some softening, but retail parks continued to show resilience, supported by their convenience and accessibility. 'Despite the warm and sunny weather — more typical of peak summer than late spring — footfall didn't fully reflect the brighter conditions, suggesting that consumers may have prioritised leisure and outdoor activities over shopping. 'Nevertheless, May's result marks a clear improvement on the -3.0% seen in the same month last year and contributes to a more stable trend in 2025. 'Encouragingly, consumer sentiment is on the rise, with more people feeling optimistic about their personal finances and the wider economy. 'Notwithstanding ongoing cost-of-living pressures, retailers in Northern Ireland will be looking to make hay while the sun shines — focusing on the right mix of experience, value, and convenience to convert seasonal footfall into sustained growth.'
The Star
06-06-2025
- Business
- The Star
Former senior minister Teo Chee Hean to be next Temasek chairman, taking over from Lim Boon Heng
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
Straits Times
06-06-2025
- Business
- Straits Times
Former senior minister Teo Chee Hean to be next Temasek chairman, taking over from Lim Boon Heng
Mr Teo Chee Hean will first join Temasek's board as deputy chairman on July 1. PHOTO: ST FILE Former senior minister Teo Chee Hean to be next Temasek chairman, taking over from Lim Boon Heng SINGAPORE - Former senior minister Teo Chee Hean will be the new chairman for state investor Temasek Holdings, succeeding Mr Lim Boon Heng who will be stepping down on Oct 9, 2025. Mr Teo will first join Temasek's board as deputy chairman on July 1, before taking the helm in October. Mr 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 Mr 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 Mr 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 Mr Wong, who is also Finance Minister. Temasek executive director and chief executive Dilhan Pillay Sandrasegara said on June 6 that Mr Teo has had a 'remarkable' public service career across multiple domains. 'I'm pleased to welcome Mr 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. Mr 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 Mr Cheng Wai Keung, Mr Stephen Lee and Mr Bobby Chin will be retiring from the board in the coming months. Mr Cheng, who is deputy chairman, and Mr Lee, a director, will step down on June 30 after nearly 14 years and eight years of service respectively. Mr 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. Mr 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.' Join ST's WhatsApp Channel and get the latest news and must-reads.
