Singapore's Temasek reports record profit
Singaporean sovereign wealth fund Temasek Holdings, which invested billions in investment bank Merrill Lynch, on Tuesday reported a record profit of 18.2 billion Singapore dollars (12.8 billion US).
But the state-linked investment firm in control of some of Asia's best-known companies warned that slowing global economic growth following the US financial crisis could limit future opportunities.
"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," said company chairman S. Dhanabalan.
The record annual profit for the year to March covered a period during which Temasek invested 4.9 billion US dollars in Merrill Lynch.
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