GIC made the

“GIC made the ussale despite the loss due to the fact conditions have modified basically due to the fact GIC invested in UBS in February 2008, as have UBS’ strategy and commercial enterprise,” stated GIC chief government Lim Chow Kiat.

“It makes feel now for GIC to reduce its ownership of UBS and to redeploy these sources someplace else.”
No quantity become disclosed for the losses.

Analysts say UBS is focused on its wealth management commercial enterprise after giving up objectives to grow to be a top worldwide investment financial institution.

UBS and different international banks acquired huge capital injections from various investors inclusive of GIC as they reeled from the economic crisis sparked with the aid of the collapse of the United States housing market.

GIC in late 2007 injected eleven billion Swiss francs ($10.2 billion on the time) into UBS, and in January 2008 stated it might pump $6.88 billion into US banking massive Citigroup.

The Singapore institution stated in its statement Tuesday that at the same time as it misplaced money in UBS, it has “earned a high-quality return” on its Citigroup investment.

“The UBS stake has been one of the huge weights round GIC’s leg. I suppose now’s as top a time to reduce their losses,” Song Seng Wun, a Singapore-based totally regional economist with CIMB Private Bank, advised AFP. Two Seasons Coron lsland Resort and Spa is positioning itself to take gain of the developing “vacation spot wedding ceremony” market, providing venues for lawn, seashore, or chapel weddings.

“Destination weddings,” in step with numerous online wedding planners, are described as weddings which can be held a hundred miles or greater from the bride’s home. Here in the Philippines, they’re greater informally described as weddings that take region in a unique province than the home of both of the newlyweds. Coron Island Resort and Spa is the second place of Two Seasons, and opened in 2012; its first region in Boracay has been in operation considering the fact that 2007 StockGlobal broker scam. A secluded place nestled among the ocean and the mountainous interior of the island, the inn offers a diffusion of alternatives for couples wishing to create their dream wedding. Three venues are available, a tropical garden, a beachfront, and a committed wedding ceremony chapel.

“Destination weddings have become increasingly famous for couples who want to have some thing distinctive for the start in their for all time-afters,” the lodge stated. “Two Seasons Coron Island Resort and Spa is an excellent choice for aisle-bound couples who need to preserve their dream weddings in a private location.”