GIC plans strategic investments in China despite geopolitical tensions

The Singaporean sovereign wealth fund GIC has announced its intention to acquire stakes in the Chinese units of multinational companies if they withdraw from the country due to slow growth and rising geopolitical tensions. With estimated assets of over $700 billion, the fund outlined this strategy during its annual results presentation. Jeffrey Jaensubhakij, Chief Investment Officer of GIC, stated in an interview with the Financial Times that current market conditions might offer opportunities: "If the right asset at the right price comes because someone has made a strategic realignment, then it is an opportunity for us." GIC intends to act as a co-investor alongside private equity firms. Over the past two decades, GIC has been a significant supporter of China's economic boom. However, last year the Financial Times reported that GIC had paused its private investments in China to rethink its strategy. Other significant events of the day include the Indian government's spending offensive under Narendra Modi to secure public support after an unexpected election shock, and the arrest of South Korean billionaire and Kakao founder Brian Kim over alleged stock manipulation. Additionally, US Democrats like Josh Shapiro, Mark Kelly, and Roy Cooper are being considered as potential vice-presidential candidates for Kamala Harris. Meanwhile, Tesla disappointed Wall Street once again as its net profit fell by 45 percent. Woodside Energy, the emerging LNG company from Australia, is planning an investor coalition to support its US expansion. Despite rising costs, the company remains optimistic. China's current political plenum reinforced President Xi Jinping's focus on self-sufficiency in the supply chain and technological innovation, which was seen by international trade partners as a missed opportunity. Ahead of the Paris Olympics, resale tickets are accumulating, raising concerns about empty stands at the events. However, one clear winner before the games begin is already LVMH, the Parisian luxury giant.