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Temasek unveils 17bn loss

Singapore state investor Temasek revealed yesterday that the value of its portfolio slid by at least $27bn (£16.5bn), or more than a fifth, in the 12 months ending in March. But the sovereign wealth fund, which made an estimated loss of £800m when it sold its stake in Barclays earlier this year, said it will stick with banks and sees opportunities in the energy sector. Sovereign wealth funds from Asia and the Middle East drew attention and some criticism after investing billions in western banks at the start of the credit crisis.