The Singapore Government Investment Corporation, which has taken high-profile
stakes in UBS and Citigroup, is promising greater disclosure about its
GIC, which is thought to manage hundreds of billions of dollars in funds,
recently injected $16bn (£8bn) in UBS and Citigroup.
‘We have already decided that the circumstances have changed. The right thing
to do is to move to a path of more disclosure,’ deputy chairman of GIC Tony Tan
said in an interview with
‘The greatest danger if this is not addressed directly, then some form of
financial protectionism will arise and barriers will be raised to hinder the
flow of funds.’
Sovereign wealth funds have burst onto the scene in recent months, pumping
liquidity into banks struck down by the sub-prime mortgage meltdown.
Tan refused to be drawn on the details of what transparency the fund was
looking to improve.
Smaller businesses could be excluded from government plans for making business transactions digital, found new research from ICAEW
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Does Darwin's theory apply to taxation? Colin ponders...