State-owned Singapore firm loses value in investment amid downturn 2009-02-04 21:35:34   Print

Special Report: Global Financial Crisis

    SINGAPORE, Feb. 4 (Xinhua) -- Singapore's Ministry of Finance said the Government of Singapore Investment Corporation (GIC) have lost value in investment amid global financial downturn, local media reported on Wednesday.

    According to TV broadcaster Channelnewsasia's report, although the GIC registered good performance over the long term, its investments have lost value like other institutional investors in the backdrop of the crisis.

    But the ministry said that GIC's loss is much less than the 42 percent decline in global equity markets for 2008, adding that the damage was cushioned by GIC's early decision to reduce its equity market exposures and its diversified portfolio, the report said.

    The ministry said the GIC will take a long-term approach to investment management, which will enable it to ride through the current downturn.

    Incorporated in 1981, The GIC is one of the two investment firms owned by the Singapore government and currently invest in more than 40 markets worldwide in a variety of investments and securities.

Editor: Xiong Tong
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