UK PRESS: The financial crisis enveloping the world banking sector
has left sovereign wealth funds, controlled by governments from
Singapore and China to Abu Dhabi and Kuwait, nursing multibillion-dollar
losses after helping to bail out major western banks, the Guardian
reported over the weekend. In recent months, banks including Citigroup,
Morgan Stanley and UBS have turned to investment funds, including the
Government of Singapore Investment Corp (GIC), its sister fund, Temasek,
and China Investment Corp, for funding that western investors were
unwilling to give as stockmarkets plunged. But the dramatic fire sale of
the US investment bank Bear Stearns and subsequent stock-market run on
HBOS this week have depressed banking stocks further and deepened the
climate of fear in the world's stock-markets.
Don
