The Wall Street Journal-20080215-In Brief
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In Brief
Full Text (270 words)Singapore's GIC Looks
At Joining TPG Fund
The Government Investment Corp. of Singapore may commit about $2.5 billion to a $6 billion fund being formed by private-equity firm TPG that will invest in ailing financial institutions, a person familiar with the situation said. GIC is "seriously looking into" such an investment and perceives "a big opportunity in those troubled firms . . . now that prices are down," the person said. This person said the TPG fund is being marketed "to a select number of investors, including big Asian sovereign funds." A GIC representative declined to comment.
Temasek Seeks to Raise
19% Stake in Standard
Temasek Holdings Pte. Ltd., Singapore's state-owned investment company, is looking to increase its 19% stake in Standard Chartered PLC but doesn't want the higher holding to jeopardize the bank's status as a note-issuer in Hong Kong, people familiar with the situation said. "They are looking for another 1% to 2%," a person familiar with the situation said. "They will make their move when the market permits it, but they won't wait for too long." The person added that Temasek has a "harmonious relationship with the bank's management."
Zurich Financial Unveils
Share-Buyback Plan
Zurich Financial Services AG reported a 14% rise in fourth-quarter net profit and unveiled a $2 billion share-buyback plan, saying the insurer is well-positioned to tackle market conditions and continue with complementary acquisitions. The company, which has remained virtually unaffected by the U.S. subprime-mortgage turmoil, said net profit in the quarter rose to $1.47 billion from $1.29 billion a year earlier, driven by cost cutting, restructuring and strong demand for its life-insurance products.
