Bloomberg.com, 28 May 2009, Netty Ismail
May 28 (Bloomberg) -- Singapore’s government defended the performance of Temasek Holdings Pte, whose portfolio shrank by S$58 billion ($40 billion) after the state-owned investment company increased bets on financial assets over the past year.
The value of Temasek’s assets fell 31 percent to S$127 billion in the eight months to Nov. 30 as the credit crisis drove down the value of stakes in Merrill Lynch & Co., Barclays Plc and Standard Chartered Plc. The MSCI World Index fell 38 percent in the same period.
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