Temasek warns of volatility as annual profit declines
Temasek Holdings saw a marginal increase in the value of its portfolio to S$198 billion for the year ended March 2012, but net profit fell 16% to S$10.7 billion ($8.45 billion). The Singaporean sovereign wealth fund warned that the global economy remains vulnerable to shocks, citing Europe as a near-term concern and suggesting that Asia is likely to face structural headwinds over a longer horizon.
"The global contagion risks from Europe over the next 12-24 months are not insignificant," Suppiah Dhanabalan, Temasek's chairman, said in his foreword to the fund's 2012 annual review. "Other medium term...
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