Temasek portfolio falls 31%

Temasek Holdings, the Singapore state investment company, suffered a 31% fall in the value of its portfolio from S$185bn ($123bn) to S$127bn in the eight months to the end of November, the government said Tuesday. The disclosure in parliament about Temasek’s performance provided a rare early look at the group’s performance amid recent financial turmoil. Temasek normally waits until five or six months after the close of the fiscal year to reveal its results. In the past 18 months, Temasek made big investments in several financial groups, including Merrill Lynch and Barclays, whose share prices have since plunged. The disclosures came after news last week that Ho Ching, the group’s chief executive, will step down after seven years in the post and be replaced by Chip Goodyear, former CEO of BHP Billiton.