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SINGAPORE, Feb 17, 2009 (AFP) - Government of Singapore Investment Corp, which has helped bail out troubled global financial institutions, suffered an investment loss of about 50 billion Singapore dollars (33 billion US) last year, sources told Dow Jones Newswires on Tuesday. ADVERTISEMENT In late 2007 and early last year GIC injected billions of dollars into Swiss bank UBS as well as US banking giant Citigroup, both of which suffered massive losses from US subprime, or higher-risk, mortgage investments. Subprime troubles later evolved into the worldwide financial slowdown. "The loss on the investment portfolio last year is estimated at around 45 billion to 50 billion," one of two people familiar with the GIC situation told Dow Jones. "But, GIC has no thoughts to sell down any of its major investments. They'll wait until they recover." UBS this month posted an annual loss of 17 billion US dollars, the largest in Swiss corporate history, and announced 2,000 new job cuts. A second person said GIC's investment loss last year was "recently estimated to be similar to Temasek's." The portfolio of Singapore sovereign wealth fund Temasek Holdings, which helped bail out Wall Street icon Merrill Lynch, fell about 31 percent over eight months last year, Senior Minister of State for Finance Lim Hwee Hua told parliament last week. She said Temasek's portfolio of investments fell to 127 billion dollars at the end of November, down 58 billion from 185 billion dollars on March 31 last year. Lim said it was not the first time GIC and Temasek had seen major declines in markets, and that GIC had "creditable returns" over the 20-year period to late 2008. Asked for comment on the Dow Jones report, a GIC spokesman said the firm did not comment on "speculative reports". GIC, one of the world's largest sovereign wealth funds, in September said its nominal rate of return over the 20 years to March 31 last year was 7.8 percent in US dollar terms. "Temasek and GIC are long-term investors, and should be evaluated as such," Lim said. "GIC and Temasek have the ability and resources to weather the ups and downs, over multiple economic and market cycles." No wonder i see lesser bankers at newton getting drunk recently... business oso not so good for some bbq seafood store.

Friday October 19, 12:40 PM Oil prices pass record 90 dlrs amid supply, geopolitical fears New York crude oil prices surpassed a record 90 dollars a barrel in after-hours trading Thursday as Iraq urged Turkey not to take military action against Kurdish rebels located in northern Iraq. Traders said oil prices were also stoked higher by a weakening US dollar and global supply jitters. "The issue seems no longer to be whether oil will reach 100 dollars per barrel, but when," said Barclays Capital analyst Kevin Norrish. The price gains in after-hours trading came after New York's main oil futures contract, light sweet crude for delivery in November, had jumped 2.07 dollars to a record close of 89.47 dollars a barrel. In electronic trade after the market close, the benchmark contract spiked to an all-time high of 90.02 dollars. London prices also pushed higher in after-hours trading, as Brent North Sea crude for December delivery soared to 84.88 dollars after the contract had earlier settled 1.47 dollars higher at 84.60 dollars. Oil prices have gained this week amid geopolitical angst, related to fears over a potential conflict affecting Turkey's boder with Iraq, and a weakening dollar. The dollar's decline has made dollar-priced commodities, such as oil, cheaper for buyers holding stronger currencies. Traders said speculators have also jumped into the market, adding to the price frenzy. The euro earlier hit a record high of 1.4310 dollars Thursday. Turkey said Thursday it would pursue diplomacy to defuse a crisis over Kurdish rebels in northern Iraq as Baghdad made fresh appeals to dissuade its neighbor from possible military action. The Turkish parliament Wednesday approved a motion authorizing military strikes for a one-year period against the Kurdistan Workers' Party (PKK), which is accused of using bases in northern Iraq for attacks on targets across the border in Turkey. Many of Iraq's major oil fields are located in the north of the country. "Once the furor has settled down, the oil market as a whole can get on the job of working out whether supply and demand dynamics mean that long-term prices should have two or three digits." But, Alaron Trading analyst Phil Flynn predicted prices could go even higher. "The next target should be roughly four dollars above that level, somewhere around 93 dollars a barrel," he said. "It