11.02.2009 - Kuwait, Singapore funds lose on finance bets
From IHT: Wall Street banks once looked to state-owned sovereign funds in the Middle East and Asia to shore up their own balance sheets. Now the sovereign funds are suffering huge losses of their own, partly thanks to big overseas bets on the financial sector. On Tuesday, the Kuwait Investment Authority said the oil-rich country's sovereign fund lost 9 billion dinars ($30.73 billion) from March to December of last year, while Singapore's Temasek lost around $39 billion 31 percent of its holdings in the eight months ending November 30..... Full Article: Source
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