ORCHARD Road, as usual, is still the busiest road in Singapore. Next to the bustling Singapore Mall stands the twin towers of Atrium Tower, an office complex belonging to Temasek Holdings. Temasek and its 10 subsidiaries whose offices are in Tower II are no different than the State Ministry of State-Owned Enterprises in Indonesia. The difference is, Temasek has transformed into a business giant in Asia.

In its report at the beginning of the