GIC cuts losses of nearly $10 billion!

Hsien Loong has announced that GIC had cut its long term investment in UBS by 2.4% and taking a hit of $6-$7 billion according to some estimate. Some put this sum to be $8b! GIC is still holding on to 2.7% of its shares in UBS which means a paper loss of more than $7 billion giving a total staggering loss of about $14b!
When such numbers are rolled out, many could not imagine or feel the impact