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Independent Singapore
4 days ago
- Business
- Independent Singapore
GIC maintains stable returns, grows portfolio to US$936 billion
SINGAPORE: Singapore's sovereign wealth fund GIC, which ranks as the 7th largest in the world with US$936 billion (S$1.27 trillion) in assets under management (AUM) according to GlobalSWF, reported a stable 3.8% real rate of return over 20 years. The fund's annual report, 'GIC Report FY2024/25,' released on July 25, showed a slight decline of 0.1 percentage points from last year's performance. Unadjusted returns were at 5.7% in US dollars, based on a rolling 20-year analysis. The portfolio shifts reflect strategic adaptability. GIC's investment landscape experienced significant changes in geography and asset classes. The portfolio's exposure to the Americas increased from 44% to 49%, mainly due to US investments. In contrast, exposure to Asia-Pacific fell from 28% to 24%. Additionally, the asset mix shifted, with real assets remaining constant at 23%, fixed income falling to 26%, and equities increasing from 46% to 51%. GIC has identified three key transformative forces: artificial intelligence (AI), climate change, and shifting global dynamics. The fund is adopting a detailed investment strategy, classifying potential AI investments as enablers, monetisers, and adopters. See also Is The Straits Times character-assassinating The Online Citizen? 'Granularity is about looking two, three layers deeper,' notes Group Chief Investment Officer Bryan Yeo, underscoring the fund's refined approach to new technologies. The fund's monthly return volatility hovered around 7% over 5- and 10-year periods. GIC's strategy emphasises long-term value creation while avoiding permanent capital loss through diversification and agility. GIC is also integrating AI within the organisation. For instance, it is testing a chatbot with its real estate and fixed income teams to improve analytical capabilities. The fund also takes a practical approach to sustainability, focusing on real-world transition rather than superficial portfolio changes. Commenting on the tech integration, Lim Chow Kiat, CEO of GIC, shared: 'Our organisational strength underpins our investment capabilities. One area demanding concerted effort and commitment across all levels of the organisation is technology integration. Like many, GIC is actively building its AI capabilities.' 'This includes in internal audit, where we leverage AI to detect anomalies in both structured and unstructured data, automating the analysis of large and diverse data sets to identify risk trends and focus areas,' he adds. In its annual report, the fund acknowledged complicated global issues. Increased geopolitical tensions, technological disruption, fragmented trade, and changing economic dynamics are a few of these. Speaking on these challenges, Lim said, 'In an increasingly more volatile and fragmented trade system, policy decisions can quickly reverse advantages, reminding us that today's winners may not remain so tomorrow.' Lim observed that the current fragmentation of the global trading system is also unfolding in capital markets. This also extends to financial systems, which are divided along geopolitical fault lines, complicating cross-border investing. In response to this, GIC's investment strategy now focuses on three main principles. These are geographic and asset class diversification, tightly focused investment strategies, and rapid response to new market trends. Despite challenging international circumstances, the fund notes that it is employing transparent methods and a cautious strategy to manage Singapore's reserves. While navigating an increasingly complex investment environment, the fund remains committed to creating long-term value. GIC tends to rely on two pillars in managing the portfolio: top-down portfolio construction and bottom-up asset selection. Speaking on the funds investment approach, Lim said, 'We diversify with intent, deploy with granularity, act with agility, and invest in partnerships, always taking the long view, protecting against permanent impairment, and preparing rather than predicting.' GIC is also noted to be actively engaged in a strategy of partnered investments, with a track record of co-investing with major sovereign and state investment funds worldwide, across more than 40 markets. '2025 may be a turning point in markets — and in history. 'There are decades where nothing happens, and weeks where decades happen.' We are living in one of those moments. As the investment world grows more complex, our responsibility to steward Singapore's reserves— with integrity and foresight—remains our guiding purpose,' notes Lim.
Online Citizen
22-06-2025
- Online Citizen
Eight killed and 13 injured as tourist hot-air balloon erupts in flames over Brazil's Praia Grande
At least eight people died and 13 others were injured on 21 June 2025 when a sightseeing hot-air balloon exploded in mid-air and crashed near the coastal town of Praia Grande in Brazil's southern state of Santa Catarina. Governor Jorginho Mello announced the casualties just hours after the accident, confirming that emergency teams had recovered eight bodies and taken 13 survivors to nearby hospitals. Videos filmed by residents show the balloon's envelope engulfed in flames above farmland. Moments later the basket detached, plunging several dozen metres while terrified passengers jumped in an attempt to escape the blaze. VIDEO: A dawn sightseeing balloon ride over Praia Grande, Santa Catarina in Brazil, turned to tragedy on 21 Jun 2025 when the craft erupted in flames and crashed. 8 dead, 13 injured. — The Online Citizen (@theon9citizen) June 22, 2025 Investigators believe a backup blowtorch stored in the basket ignited leaking propane, triggering a flash fire that quickly spread to the fabric canopy. The pilot began an emergency descent and instructed passengers to jump once the balloon neared the ground. Four victims were burned to death inside the basket. The remaining four died from injuries sustained during their desperate leap as the balloon lost weight, rose again, and reignited before slamming into a field. Thirteen survivors, including the pilot, were treated at three regional facilities. Our Lady of Fatima Hospital reported three patients in stable condition with minor burns and fractures, while two others were discharged later the same day. The remaining eight were kept under observation. President Luiz Inácio Lula da Silva expressed condolences and promised federal support for the investigation, stating that all agencies would 'spare no effort to clarify the causes of the tragedy'. The balloon, a Czech-built Kubíček BB85 operated by Praia-based company Sobrevoar Serviços Turísticos, had passed its annual inspection in May and was insured. The operator has suspended flights indefinitely and offered to assist victims' families. Civil police and the National Civil Aviation Agency have opened separate inquiries. Specialists are analysing flight logs, maintenance records and fuel samples. Preliminary findings are expected within 30 days, though a final report could take several months. Hot-air ballooning is the main draw for Praia Grande, often called 'the Brazilian Cappadocia'. Calm mornings allow up to 30 launches a day during the June festival season, attracting tourists eager to view the region's dramatic basalt canyons from the air. Saturday's disaster was Brazil's second fatal balloon incident in a week. On 16 June an unauthorised craft crashed into power lines in São Paulo state, killing one person and injuring 11, heightening calls for stricter oversight of lighter-than-air tourism nationwide. Authorities later identified six of the Praia Grande victims as doctors Leise Herrmann Parizotto and Andrei Gabriel de Melo, civil servant Leane Herrmann, figure-skating coach Leandro Luzzi, and married couple Janaina and Everaldo da Rocha. Two other names were withheld pending formal notification. Municipal tourism chief Paulo Machado warned that the crash could devastate local livelihoods, noting that dozens of family-run businesses rely on balloon flights. He urged investigators to publish transparent findings quickly to restore visitor confidence. Funeral arrangements are being coordinated with forensic services, and an evening candle-lit vigil drew hundreds of residents to Praia Grande's main square. Counsellors and social workers are offering support to grieving relatives. Globally, fatal balloon accidents remain rare but often deadly. Major incidents in Egypt, the United States and Mexico over the past decade have highlighted the need for redundant safety systems and rigorous crew training.
Online Citizen
17-06-2025
- Politics
- Online Citizen
Singapore tightens digital media laws as trust in news declines to 45%, says Reuters report
Singapore's traditionally tight media regulations have increasingly extended into digital and social platforms. Ahead of the May 2025 general election, authorities enacted a law targeting deepfakes and digitally altered media involving political candidates. The regulation forms part of a broader legislative framework that includes the Protection from Online Falsehoods and Manipulation Act (POFMA) and the Foreign Interference (Countermeasures) Act. These laws aim to manage misinformation and protect public confidence in government institutions. According to the Digital News Report 2025 by the Reuters Institute for the Study of Journalism, the new deepfake law prohibits publishing or sharing AI-generated or digitally manipulated content that falsely depicts political candidates saying or doing things they did not. The law is broad, covering both favourable and unfavourable portrayals. It excludes animations, beauty filters, and entertainment-style memes. Platforms that fail to comply with takedown orders risk fines of up to US$1 million. This regulation follows increasing use of visual platforms like YouTube, Instagram, and TikTok for news. Usage of these platforms rose by 4 percentage points for YouTube and Instagram, and by 3 percentage points for TikTok. POFMA enforcement and high-profile corrections Singapore's POFMA gives ministers powers to order corrections of online content deemed false or harmful to public confidence. In November 2024, activist Kokila Annamalai received correction orders after alleging arbitrary executions in Singapore's criminal justice system. While Meta and X complied with the correction demands, Annamalai did not and now faces potential imprisonment. The government's rebuttals were posted on its official Factually website. In a separate case, multiple outlets including Bloomberg, The Edge, and The Online Citizen were directed to correct reports involving real estate deals linked to government ministers. Bloomberg noted it complied under protest and reserved the right to appeal. The ministers involved have since filed defamation suits against Bloomberg and one of its reporters. The Online Citizen faces extended restrictions Singapore also extended its restriction on The Online Citizen (TOC), preventing it from earning revenue from its website and social platforms until 2027. This follows its continued status as a Declared Online Location (DOL) under POFMA since July 2023. Originally set to expire on 21 July 2025, the ban was extended by the Ministry of Digital Development and Information on 11 June 2025. Authorities said the extension was necessary due to TOC's persistent publication of alleged falsehoods. However, on 13 June, Mary Aileen Diez-Bacalso, Executive Director of the Asian Forum for Human Rights and Development (FORUM-ASIA), expressed serious concern, criticising the move as a troubling use of POFMA to silence dissent and suppress free expression, and urged the government to stop further eroding Singapore's shrinking civic space. Terry Xu, chief editor of TOC, described the extended DOL as a clear act of oppression against independent media and a targeted attack on the outlet. 'If the DOL were applied strictly according to the letter of the law, then Bloomberg and The Edge should have been subjected to the DOL as well, since they were issued Correction Directions containing more than three statements deemed false,' Xu argued. He also noted, 'It is particularly noteworthy that the Correction Directions involved in the declaration are linked to Minister K Shanmugam — the very person who introduced the POFMA law in the first place.' Mainstream media adapt through AI and consolidation Despite the regulatory environment, mainstream outlets such as Channel News Asia (CNA) continue to be trusted and widely used. CNA, part of the state-owned Mediacorp group, leads online news usage at 47%. Its broader media network includes Channel 5 and Channel 8, each with a 23% weekly reach. CNA has also expanded internationally to the United States, United Kingdom, and Canada as of March 2024, marking its 25th anniversary. However, Mediacorp also made strategic consolidations. In early 2024, it shut down TODAY, a digital newspaper once Singapore's second most-read outlet. The decision aimed to refocus resources towards CNA's digital newsroom, which now produces long-form weekend content. Mediacorp has been investing in semi-automated production processes such as FASTs—AI-generated news summaries aimed at mobile and social-first audiences. The Infocomm Media Development Authority (IMDA) also released updated training guidelines urging media professionals to gain skills in generative AI and virtual production. The Reuters survey shows 7% of respondents have used AI chatbots to access news content. Digital-native outlets and language diversity The second most-used digital news platform in Singapore is Mothership at 46%, followed by the Straits Times, published by SPH Media Trust. SPH also operates Lianhe Zaobao (8% reach), Berita Harian (4%), and Tamil Murasu (1%), catering to Singapore's multilingual population. Yahoo! News, which ranks fourth in usage at 21%, recently shifted to full content syndication, laying off its editorial and social teams. This move signals industry-wide pressures on traditional news production. The report confirms a continued shift in news consumption habits. Social media and digital channels are now the primary sources of news. Platforms like WhatsApp and Facebook held steady, while younger-skewing services saw modest growth. In contrast, traditional platforms such as television and print have seen steep declines in use over recent years. Public trust in news continues to slide Public trust in news fell by 2 percentage points to 45%, despite legacy brands maintaining relatively high individual trust scores. The Straits Times (75%), CNA (74%), and Channel 5 (73%) were the most trusted among respondents. Alternative and independent outlets continue to lag behind in public trust, attributed to their shorter histories and focus on viral or controversial content. Singapore ranked 126th out of 180 in the 2024 World Press Freedom Index by Reporters Without Borders. Despite a technologically advanced media ecosystem, restrictions under POFMA and similar laws continue to limit media independence.
Singapore Law Watch
12-06-2025
- Business
- Singapore Law Watch
Second round of Pofma sanctions for owner of The Online Citizen's website, social media accounts
Second round of Pofma sanctions for owner of The Online Citizen's website, social media accounts Source: Straits Times Article Date: 12 Jun 2025 Author: Aqil Hamzah This is the second time that The Online Citizen has been slapped with the declaration, with its first due to expire in July 2025. The people behind The Online Citizen's (TOC) website and Facebook, Instagram and X pages will continue to be barred from deriving any financial benefits from the running of its platforms till 2027. In a statement on June 11, the Ministry of Digital Development and Information (MDDI) said TOC's website and social media pages – which were labelled as Declared Online Locations (DOLs) – had been declared as such in July 2023, and the designation was due to expire on July 21, 2025. DOLs have to comply with actions under the Protection from Online Falsehoods and Manipulation Act (Pofma) that would prevent their operator from financially benefiting during the period they are listed as one. However, said MDDI, TOC 'continued to communicate falsehoods through its online platforms over the past two years'. Between July 2023 and June 2025, it received eight correction directions under the fake news law. These included one on Feb 25, after TOC published an article about modification works at the Ridout Road colonial bungalow leased by Home Affairs Minister K. Shanmugam's wife. In its article, it said the Singapore Land Authority had given Mr Shanmugam assurances of a lease extension beyond its 2027 expiry, and that public funds were used to pay for the earthworks carried out at the bungalow since 2024, among other claims. These are falsehoods, said MDDI. As a result of the eight correction directions, TOC's website and social media pages have again been labelled DOLs, a move necessary 'to ensure Singaporeans continue to be alerted to TOC's record of communicating falsehoods', said the ministry. The new declaration comes into effect immediately after the current direction expires and will remain till July 21, 2027 at 12pm. TOC will be able to continue its operations, but will have to carry a notice on its online platforms to notify its audience that it has been declared a DOL. The notice will also have to state that it had 'communicated multiple falsehoods' and that its viewers should exercise caution when accessing it for information. MDDI added that service providers, including digital advertising agencies, will have to take steps to ensure that their paid content on TOC's platforms is not made available in Singapore. 'Individuals and companies must also not provide financial support to TOC's DOLs to avoid promoting the communication of falsehoods in Singapore on these platforms,' it added. There are three other outlets currently listed as DOLs. They are Transformative Justice Collective's website and social media pages, and Gutzy Asia's website and social media pages, as well as opposition politician Kenneth Jeyaretnam's website and social media pages. A provision under Pofma allows the Government to order an internet intermediary to disable access to a DOL if the owner of the DOL does not comply with the declaration and paid content on the site continues to be displayed to users here. If an internet intermediary fails to comply and is convicted, it can be fined up to $20,000 for each day that the government order is not fully complied with, up to a total of $500,000. The owner or operator of a DOL can however apply to the Minister for Digital Development and Information to suspend, vary or cancel the declaration. If the minister rejects the application, an appeal can be made to the High Court. Aqil Hamzah is a journalist covering breaking news at The Straits Times, with interests in crime and technology. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
Straits Times
11-06-2025
- Business
- Straits Times
Second round of Pofma sanctions for owner of The Online Citizen's website, social media accounts
This is the second time that The Online Citizen has been slapped with the declaration, with its first due to expire in July 2025. PHOTO: THE ONLINE CITIZEN/FACEBOOK Second round of Pofma sanctions for owner of The Online Citizen's website, social media accounts SINGAPORE – The people running The Online Citizen's (TOC) website, Facebook, Instagram, and X pages will continue to be barred from deriving any financial benefits from the running of its platforms till 2027. In a statement on June 11 , the Ministry of Digital Development and Information (MDDI) said TOC's website and social media pages – which were labelled as Declared Online Locations (DOLs) – had first been declared as such in July 2023, and were due to expire on July 21, 2025. DOLs have to comply with actions under the Protection from Online Falsehoods and Manipulation Act (Pofma) that would prevent their operator from financially benefiting during the period they are listed as one. However, said MDDI, TOC 'continued to communicate falsehoods through its online platforms over the past two years'. Between July 2023 and June 2025 , it received eigh t correction directions under the fake news law . These included one in Feb 25, after TOC published an article about modification works at the Ridout Road colonial bungalow leased by Home Affairs Minister K. Shanmugam's wife. In its article, it said the Singapore Land Authorit y had given Mr Shanmugam assurances of a lease extension beyond its 2027 expiry, and that public funds were used to pay for the earthworks carried out at the bungalow since 2024, among other claims. These are falsehoods, said MDDI. As a result, TOC's website and social media pages have again been labelled DOLs, a move necessary 'to ensure Singaporeans continue to be alerted to TOC's record of communicating falsehoods', said the ministry. The new declaration comes into effect immediately after the current direction expires and will remain till July 21, 2027 at 12p m. TOC will be able to continue its operations, but will have to carry a notice on its online platforms to notify its audience that it has been declared a DOL. The notice will also have to state that it had 'communicated multiple falsehoods' and that its viewers should exercise caution when accessing it for information. MDDI added that service providers, including digital advertising agencies, will have to take steps to ensure that their paid content on TOC's platforms are not made available in Singapore. 'Individuals and companies must also not provide financial support to TOC's DOLs to avoid promoting the communication of falsehoods in Singapore on these platforms,' it added. At present, there are three other outlets currently listed as DOLs. They are Transformative Justice Collective's website and social media pages, Gutzy Asia's website and social media pages, as well as opposition politician Kenneth Jeyaretnam's website and social media pages. A provision under Pofma allows the Government to order an internet intermediary to disable access to a DOL if the owner of the DOL does not comply with the declaration and paid content on the site continues to be displayed to users here. If an internet intermediary fails to comply and is convicted, it can be fined up to $20,000 for each day that the government order is not fully complied with, up to a total o f $500,000 . The owner or operator of a DOL can however apply to the Minister for Digital Development and Information to suspend, vary, or cancel the declaration. If the minister refuses the application, an appeal can be made to the High Court. Aqil Hamzah is a journalist covering breaking news at The Straits Times, with interests in crime and technology. Join ST's WhatsApp Channel and get the latest news and must-reads.
