Temasek, Singapore’s $130 billion sovereign wealth fund, said that its full-year profit doubled, to a record $12.8 billion. The fund’s sales of energy and Chinese banking stocks compensated for its losses on investments in banks such as Merrill Lynch and Barclays. Temasek Chairman S. Dhanabalan warned, “The fallout of the credit crisis will continue to dampen the global economy over the next 24 months, with sharply escalated oil and food prices beginning to test inflation expectations.” (Bloomberg)
The bottom line
August 26, 2008
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