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Sovereign Wealth Funds Briefing - Archive | December, 2008

Oil makes for strong ties between Italy and Libya

Posted on 12 December 2008 by VRS  |  Email |Print

From IHT: A report released by the International Monetary Fund praised Libya’s $50 billion sovereign wealth fund for its transparency and management but said it needed to start investing beyond North Africa.

Italy is familiar - and available - territory for Libyan investment. United Nations sanctions were lifted in 2003 and since then Libya has initiated a series of structural reforms and sped up its transition to a “people’s capitalism.”…. Full Article: Source

OiLibya begins pumping oil in Ethiopia

Posted on 12 December 2008 by VRS  |  Email |Print

From Managed by the Libyan Investment Authority, a sovereign wealth fund that manages Libya’s assets in other countries, including Libya Oil Holding and Tamoil, which owns three refineries in Europe and more than 3,000 filling stations on the continent, the North African giant has now expanded its business to Ethiopia.

Following the agreement it signed with Shell Ethiopia in July, the company has discussed its future business with Girma Birru, Minister of Trade and Industry (MoTI), Alemayehu Tegenu, Minister of Mines and Energy, and Yigzaw Mekonnen, General Manager of the Ethiopian Petroleum Enterprise (EPE)….. Full Article: Source

Bank of China may delay Rothschild deal until 2009

Posted on 12 December 2008 by VRS  |  Email |Print

From Bloomberg: China Investment Corp., the nation’s $200 billion sovereign wealth fund, paid $5 billion last year for 9.9 percent of Morgan Stanley and invested $3 billion in Blackstone, the world’s largest private-equity firm.

Both New York-based companies have lost more than two-thirds of their market value since the investments were made…. Full Article: Source

Super Fund gets out of nukes

Posted on 12 December 2008 by VRS  |  Email |Print

From The New Zealand Superannuation Fund has decided to sell shareholdings in six companies associated with manufacture of cluster munitions and the manufacture or testing of nuclear explosive devices.

However, the fund appears to be keeping its shareholding in New Zealand technology firm Rakon - or at least is not intending to divest it on ethical grounds….. Full Article: Source

Libyan fund in talks over Kaupthing unit-Luxembourg

Posted on 11 December 2008 by VRS  |  Email |Print

From Reuters: Talks have taken place over the possible sale of the Luxembourg arm of troubled Icelandic bank Kaupthing to a Libyan sovereign fund, a Luxembourg minister confirmed on Wednesday.

Budget and Treasury Minister Luc Frieden, answering a question in parliament, said there had been discussions with several possible buyers. “Also in the last days with the sovereign wealth fund mentioned in the parliamentary question,” Frieden told parliament he said of a question that referred to the Libya’s state Libyan Investment Authority….. Full Article: Source

Paving the way for SWF

Posted on 11 December 2008 by VRS  |  Email |Print

From Sovereign wealth funds could play a significant role in improving the U.S. economy, holds Rep. Jim Moran, D-Va., co-chair of the House Task Force on Sovereign Wealth Funds.

Moran argues that the U.S. should aggressively compete for SWF investments. At the same time, he is concerned that countries — specifically China — could use nontraditional mechanisms that do not fall under the International Monetary Fund’s new voluntary SWF guidelines to make investments….. Full Article: Source

Qatar and Kuwait funds pursuing Poland’s privatisations

Posted on 11 December 2008 by VRS  |  Email |Print

From The government-backed investment arms of Kuwait and Qatar are interested in the privatisation of Poland’s leading fertiliser makers Pulawy and Police, the head of Polish investment agency PAIiIZ said yesterday.

“There are a couple of sovereign wealth funds interested in a passive form of investing,” Pawel Wojciechowski told reporters. …. Full Article: Source

CIC’s Primary Fund losses still not clear

Posted on 11 December 2008 by VRS  |  Email |Print

From China Investment Corporation (CIC), the country’s US$200 billion sovereign wealth fund, will not know the total loss on its investment in Reserve Primary Fund until the Fund makes its last cash distribution to shareholders, Caijing magazine reported, citing an unnamed senior manager with the CIC.

Whether or not CIC will file a lawsuit against the US money market fund depends on how big its final loss turns out to be, the unnamed source said….. Full Article: Source

Abu Dhabi group ‘to buy half’ of UK’s Meadowhall shopping centre

Posted on 11 December 2008 by VRS  |  Email |Print

From Abu Dhabi backed property company is reportedly the front-runner to buy a large stake in the Meadowhall shopping centre in Sheffield, England.

Meadowhall’s parent company British Land has restarted talks to sell around a half of the US$2.6 billion flagship shopping centre to London & Stamford, a listed property opportunity fund backed by an unnamed Abu Dhabi sovereign wealth fund….. Full Article: Source

AXA, Metlife,Prudential,CIC in AIG unit talks

Posted on 11 December 2008 by VRS  |  Email |Print

From Reuters: Insurance firms Axa SA, MetLife Inc and Prudential Plc, and China’s sovereign wealth fund CIC are all in talks to buy a unit of U.S. insurance firm AIG in a deal that is likely to fetch $10.8 billion, financial industry sources said on Wednesday.

Each of the four firms is in separate talks with AIG about buying its unit, American Life Insurance Co, or Alico, and the deal is likely to close in the new year, said the sources, who spoke on condition of anonymity….. Full Article: Source

Middle Eastern markets maimed by credit crisis malaise

Posted on 11 December 2008 by VRS  |  Email |Print

From The Gulf Bank saga reached an end with the disclosure of a larger-than-expected $1.4 billion loss on foreign exchange derivatives trading on behalf of clients, and the bank’s recapitalisation process has commenced, with sovereign wealth fund (SWF) the KIA expected to play a key role in the capital subscription process.

The KIA is also mobilising to participate in a fund that will purchase up to 10 per cent of the market capitalisation and the Central Bank of Kuwait is reversing its previously relatively tight monetary policy as the focus moves from fighting inflation to stimulating the economy….. Full Article: Source

Fall in Russia bond yield sparks state buyback talk

Posted on 11 December 2008 by VRS  |  Email |Print

From Guardian: Intense demand for a Russian bond has sent its debt yield crashing down close to zero in the past few days, sparking speculation — officially denied — of a Kremlin-directed debt buyback.

Investors began scrambling to cover short positions on Russia’s sovereign bond maturing 2010 late last week as its liquidity dried up amid reports of large purchases by Russian institutions. With only about $940 million outstanding, the issue is vulnerable to large fluctuations….. Full Article: Source

SWFs snub US for domestic projects

Posted on 11 December 2008 by VRS  |  Email |Print

From The withdrawal of SWFs from American markets means that taxpayers must pick up the slack to the tune of $700 billion (or more). It could also mean that the disappearance of this source of capital could further delay any sustained recovery.

The Persian Gulf SWFs, in particular, are redirecting their funds to domestic projects, where they see a higher payoff, according to various news sources. Dubai International Capital is turning its attention the Middle East, China and India….. Full Article: Source

YTL Power International - YTL Power buys Singapore’s PowerSeraya

Posted on 11 December 2008 by VRS  |  Email |Print

From YTL Power (YTLP) together with its wholly-owned subsidiary Sabre Energy Industries Pte Ltd (SEI), has agreed to purchase 884.9m shares (100% equity interest) in PowerSeraya from Temasek Holdings for a purchase consideration of S$3.6bn (RM8.56bn).

Based on PowerSeraya’s FY07 annual report, the company recorded an EPS of S$0.25/ share (RM0.59/ share), pegging the PER of the purchase at about 16x….. Full Article: Source

Bank of China aay delay Rothschild deal as approval delayed

Posted on 11 December 2008 by VRS  |  Email |Print

From Bloomberg: Bloomberg: Bank of China Ltd. may have to delay a planned $342 million investment in La Compagnie Financiere Edmond De Rothschild as China’s banking regulator withholds approval, three people familiar with the matter said.

With a Dec. 31 deadline approaching, the watchdog has yet to endorse the bank’s application, the people said, declining to be identified as talks are private. China’s third-largest bank may extend the deadline and seek to complete the purchase in next year’s first quarter, one person said. …. Full Article: Source

Following China’s state investment cycle to growth stocks

Posted on 11 December 2008 by VRS  |  Email |Print

From China’s $200 billion sovereign wealth fund, China Investment Corp. (CIC), has lost roughly $6 billion of the $8 billion invested in Morgan Stanley (MS) and The Blackstone Group LP (BX) last year.

Lou Jiwei, the company’s chairman, last week rejected the notion of putting any more of the government’s money into banks outside of its homeland. And he did so citing an overwhelming fear….. Full Article: Source

Taqa makes its first US energy investment

Posted on 11 December 2008 by VRS  |  Email |Print

From Abu Dhabi National Energy Company, or Taqa, plans to make its first investment in the US power sector by acquiring an energy marketing business from JPMorgan Chase, the Wall Street bank.

The new enterprise, a joint venture with RBS Sempra Commodities, advances Taqa’s plan to develop an integrated energy business in North America, with interests ranging from oil and gas production to power generation and distribution….. Full Article: Source

Gulf funds eye Polish fertiliser makers

Posted on 10 December 2008 by VRS  |  Email |Print

From Gulf Arab states’ investment arms are interested in the privatisation of Poland’s leading fertiliser makers Pulawy and Police, the head of Polish investment agency PAIiIZ said. “There are a couple of sovereign wealth funds interested in a passive form of investing,” Pawel Wojciechowski said.

He mentioned Kuwait Investment Authority and Qatar’s sovereign wealth fund as being interested in investments ranging from the purchase of a stake in the Warsaw Stock Exchange and Polish shipyards to real estate and the chemicals sector….. Full Article: Source

Was global funds pool smaller than imagined?

Posted on 10 December 2008 by VRS  |  Email |Print

From In recent years, money was cheap and other assets were expensive. As each of the global economy’s credit creation engines breaks down and systemic leverage reduces, money becomes scarce and expensive, triggering adjustments in asset prices in a reversal of this process.

In the current financial crisis, the quantum of available capital, the munificent resources of central banks and sovereign wealth funds and the globalization of capital flows may be some of the accepted “facts” that are revealed to be grand illusions. …. Full Article: Source

Temasek, India Equity Partners deal with Lokmat off

Posted on 10 December 2008 by VRS  |  Email |Print

From Investment deals are rare during the economic slowdown, and the media sector is no exception. So, the buzz that Temasek and India Equity Partners were together picking up more than 19% in the Lokmat group lifted many spirits.

But, not for long. Soon it was clear that the deal was off due to the prevailing “economic conditions”. Devendra Darda, executive director of the Lokmat group of newspapers, said that “both parties have mutually decided to call off the deal due to the current economic condition.”…. Full Article: Source

Petrobras is in talks with Chinese bank on financing

Posted on 10 December 2008 by VRS  |  Email |Print

From Bloomberg: Petroleo Brasileiro SA, Brazil’s state-controlled oil company, is holding talks with China about financing its expansion plans amid a global credit crisis that has prompted banks to reduce lending.

“Conversations with a number of funding sources, including the Chinese development bank, are ongoing,” Petrobras investor relations manager Theodore Helms said. The company plans to invest about $30 billion this year, with about half that amount going to Brazilian exploration and production projects, he said. …. Full Article: Source

EU-China conference tests ties in difficult times

Posted on 10 December 2008 by VRS  |  Email |Print

From The China Investment Corporation (CIC), officially launched in September 2007, attracted a lot of criticism from concerned Western countries.

As a result, the US and some European countries such as Germany (contrary to the position of the European Commission) are drafting tighter regulations for SWF investments….. Full Article: Source

China, U.A.E. offer to fund Brazil oil drilling

Posted on 10 December 2008 by VRS  |  Email |Print

From China and the United Arab Emirates have offered Brazil resources to fund production from its huge offshore oil fields, Energy Minister Edisao Lobao said in an interview published Monday by the daily Folha de Sao Paulo.

“China is offering Petrobras $10 billion initially,” Lobao said in response to a question about the Brazilian state-controlled oil company’s investment plans amid the global credit crisis….. Full Article: Source

Temasek says divestments to create value, not cover losses

Posted on 10 December 2008 by VRS  |  Email |Print

From Bloomberg: Temasek Holdings Pte defended its $2.6 billion of divestments last week, saying the transactions created value for the Singapore sovereign investor and the assets weren’t sold to cover losses on past investments or fund future purchases.

The state-owned investment company last week sold its 70 percent stake in Singapore Food Industries Ltd., which operates food outlets in factories, hospitals and army camps, for S$334.5 million ($221 million). It also divested Singapore power generator PowerSeraya Ltd. for about S$3.6 billion….. Full Article: Source

Be nice to the countries that lend you money

Posted on 10 December 2008 by VRS  |  Email |Print

From Americans know that China has financed much of their nation’s public and private debt. During the presidential campaign, Barack Obama and John McCain generally agreed on the peril of borrowing so heavily from this one foreign source.

For instance, in their final debate, McCain warned about the “$10 trillion debt we’re giving to our kids, a half a trillion dollars we owe China,” and Obama said, “Nothing is more important than us no longer borrowing $700billion or more from China and sending it to Saudi Arabia.”…. Full Article: Source

Who’s Saving Now?

Posted on 10 December 2008 by VRS  |  Email |Print

From The era of the sovereign wealth fund appears to be behind us. With falling export revenues for manufactured goods and oil, SWFs will now be tapped to finance fiscal stimulus and/or financial sector bailouts over the next couple of years.

Brad Setser at the Council on Foreign Relations makes the point that their apparent losses (roughly 40 per cent on assets) put to the lie the notion that they were ever a stabilizing force in global markets, instead buying into booms and now being forced to sell in a crunch….. Full Article: Source

Korea SWF backs Merrill’s Thain after loss

Posted on 09 December 2008 by VRS  |  Email |Print

From Bloomberg: Korea Investment Corp. said it still has faith in Merrill Lynch & Co. Chief Executive Officer John Thain after a stock rout that cut the value of its stake by $800 million and forced the firm’s sale to Bank of America Corp.

“He was willing to change the company and Merrill needed a change,” Guan Ong, the $30 billion sovereign fund’s chief investment officer, said yesterday in an interview in Seoul. “We made the right decision because we believe in John Thain.” ….. Full Article: Source

HK fund won’t invest entirely in US assets-Yam

Posted on 09 December 2008 by VRS  |  Email |Print

From Reuters: Hong Kong will not invest its Exchange Fund entirely in liquid U.S. assets and the fund is keeping its distance from the sovereign wealth fund label, the head of Hong Kong’s central bank said in an interview on Monday.

Speaking to specialist magazine Central Banking, Joseph Yam also said foreign exchange reserve holders are a stabilising force for global markets and maintaining financial stability is in their interest….. Full Article: Source

KIC hires alternatives investor

Posted on 09 December 2008 by VRS  |  Email |Print

From The $200 billion Korea Investment Corporation (KIC) has hired Don Lee Dong-ik to a new role as head of the alternative investment team.

To date, the KIC has not had exposure to alternatives; its assets have gone primarily to global equities and fixed-income. Its sole private investment has been a $2 billion stake in Merrill Lynch, acquired at the beginning of the year. Lee’s division will oversee strategic deals as well….. Full Article: Source

China wealth fund sees dollar strength as temporary

Posted on 09 December 2008 by VRS  |  Email |Print

From Reuters: One of the top managers of China Investment Corp, the country’s $200 billion sovereign wealth fund, reckons current dollar strength is temporary and he would like to bet that the U.S. currency is headed lower.

CIC President Gao Xiqing was speaking in an interview with monthly U.S. magazine The Atlantic two weeks before the Nov. 4 U.S. election. The euro was trading at that time between $1.30 and $1.35. On Monday it stood around $1.2765….. Full Article: Source

Uncle Sam looks better to overseas investors

Posted on 09 December 2008 by VRS  |  Email |Print

From Investors, such as the Abu Dhabi Investment Authority, the world’s largest sovereign wealth fund, might add U.S. private equity investments, according to a source familiar with the fund.

Based in Abu Dhabi, United Arab Emirates, ADIA doesn’t reveal assets under management, but recent estimates by banking analysts have been around $675 billion. About 5% of its portfolio is invested in private equity….. Full Article: Source

Portfolio holds 90% cash and CIC is reluctant to invest overseas

Posted on 09 December 2008 by VRS  |  Email |Print

From Despite sharply falling global asset prices, China Investment Corporation (CIC), China’s sovereign wealth fund (SWF), seems to be running a bit scared these days as lessons from its nasty early losses, and the losses of other SWFs, from ill-timed investments in US and European financial firms have convinced it that holding cash is a preferable option.

Wang Jianxi, CIC’s vice-general manager and chief risk officer, revealed last Saturday that currently 90% of CIC’s assets were in cash. …. Full Article: Source

The cash-and-culture buffer

Posted on 09 December 2008 by VRS  |  Email |Print

From Guardian:Despite the sharp drop in oil prices and countries like Saudi Arabia taking a more cautious view until commodity demand stabilises, there is a cushion of oil yield that mitigates the effects of the global economic crisis: GCC sovereign wealth funds are among the wealthiest in the world.

However, when assessing the extent to which the credit crunch has affected the Middle East and North Africa region, the prosperity of the Gulf does not account for the rest of the Arab world’s relative lack of exposure to the toxicity….. Full Article: Source

Dubai’s economic killjoy

Posted on 09 December 2008 by VRS  |  Email |Print

From A sovereign wealth fund consists of a country’s excess reserves from budget and trade surpluses, or in the UAE’s case, revenue generated from exporting natural resources.

The money is then invested in other types of assets, such as real estate, to protect the country from being dependent on its primary industry. This investment has helped the country diversify its economy and create a number of manufacturing and service jobs, mostly associated with real estate development….. Full Article: Source

Fed approves Chinese bank CCB to open office in US

Posted on 09 December 2008 by VRS  |  Email |Print

From The US Federal Reserve said Monday it had authorized China Construction Bank, a leading Chinese state bank, to operate in the United States.

The proposed New York City branch of CCB “would engage in wholesale deposit-taking, lending, trade finance, and other banking services,” the Fed said in a statement….. Full Article: Source

Hong Kong foreign currency reserves hit US$166b

Posted on 09 December 2008 by VRS  |  Email |Print

From Hong Kong’s foreign currency reserve assets reached US$165.9 billion at the end of November, up US$11.1 billion on October, the Monetary Authority says. Including unsettled forward contracts, the foreign currency reserves stood at US$166 billion.

Hong Kong is the world’s eighth largest holder of foreign currency reserves after Mainland China, Japan, Russia, Taiwan, India, South Korea and Brazil….. Full Article: Source

U.S. restrictions make investments unattractive for China fund

Posted on 08 December 2008 by VRS  |  Email |Print

From IHT: China Investment Corp., the country’s $200 billion sovereign wealth fund, is unwilling to bail out troubled U.S. financial firms because of unfair restrictions on its investment, a deputy general manager of the fund said.

“On the one hand, the U.S. needs us; on the other hand, they’re suspicious toward us,” the official, Wang Jianxi, said…. Full Article: Source

Sovereign wealth funds

Posted on 08 December 2008 by VRS  |  Email |Print

From FT: Six months ago, a ferocious debate raged in Washington and European capitals over whether sovereign wealth funds should be allowed to buy up swathes of the corporate west.

Often this talk boiled down to fears over national security. Oh, to have the luxury of such concerns today. Now the issue is not that these funds might be buying but that they might stop buying – or even sell. Lex chartNeither is unthinkable. Many SWFs have been hit by a double whammy….. Full Article: Source

Africa explores investments from Gulf countries

Posted on 08 December 2008 by VRS  |  Email |Print

From Gulf News:The African attention focuses on making the continent a natural choice for sovereign wealth funds (SWFs) from GCC states.

The SWFs of the six-nation GCC amount to $1.5 trillion, of which $875 billion belongs to the UAE alone….. Full Article: Source

Alaskan fund appoints HarborVest Partners

Posted on 08 December 2008 by VRS  |  Email |Print

From Financial Standard: The $43 billion Alaska Permanent Fund Corporations (APFC) is not letting the bear market slow its private equity investments as the fund hires HarborVest Partners to manage a new PE portfolio.

APFC last week appointed US investment specialist HarborVest Partners to manage its new global equity portfolio….. Full Article: Source

Libyan SWF interested in Italy’s Eni

Posted on 08 December 2008 by VRS  |  Email |Print

From Bloomberg: The Libyan Energy Fund is interested in buying a stake in Eni SpA, Italy’s biggest oil company, the Italian government said.

“The Libyan government has indicated to the Italian government an interest in acquiring a share in the capital of Eni,” according to a statement on the government’s Web site posted yesterday. Libya said it will not “interfere in the company’s management in any way.” …. Full Article: Source

KIC taps other wealth funds for Korea buys

Posted on 08 December 2008 by VRS  |  Email |Print

From Reuters: Korea Investment Corp (KIC) is seeking to make investments in South Korea together with other sovereign wealth funds under a planned law that will allow the fund to invest on its home turf, a KIC source said on Friday.

The move would help with government efforts to attract foreign capital although the source said the plans were unlikely to come to fruition any time soon….. Full Article: Source

PM defends Temasek, GIC

Posted on 08 December 2008 by VRS  |  Email |Print

From Asia One: Singapore Prime Minister Lee Hsien Loong on Friday defended the performance of state-owned investment companies after a plunge in the value of their stakes in Citigroup, Merrill Lynch & Co and other global banks.

He said the Government of Singapore Investment Corp (GIC) and Temasek Holdings Pte, which manage more than US$100 billion (S$151 billion) of assets each, should be assessed on their overall portfolio returns instead of the performance of specific assets, Bloomberg news reported….. Full Article: Source

Future Fund allocation

Posted on 08 December 2008 by VRS  |  Email |Print

From Moominhouse: The Australian Government has a sovereign wealth fund known as the Future Fund. The Commonwealth Government has run budget surpluses for many years.

Once they had paid down most of the national debt they started to accumulate surpluses which in 2006 were allocated to this fund and dedicated to funding previously unfunded defined benefit retirement payments to public servants….. Full Article: Source

The wealth of nations

Posted on 08 December 2008 by VRS  |  Email |Print

From Howestreet: The intent of this article is to compare the net wealth of selected nations. The net wealth figures for the G-7 nations (US, Japan, Germany, UK, France, Italy and Canada) can be found on the International Monetary Fund website.

It should be noted that all of the G-7 countries have greater government liabilities than assets….. Full Article: Source

CCMP Asia raises $1.2 bln buyout fund, changes name

Posted on 08 December 2008 by VRS  |  Email |Print

From Private equity firm CCMP Capital Asia said on Monday it raised $1.2 billion for its third buyout fund, pulling the money together at a time when lending is tight, volatility high and valuations falling.

Major investors of Asia Opportunity Fund III L.P., the latest buyout fund that CCMP Capital Asia has raised since 1999, include long-time limited partners of CCMP such as the Asian private equity arm of Goldman Sachs and some global public pension plans and sovereign wealth funds, CCMP said in a statement…… Full Article: Source

No plans to increase size of China wealth fund CIC

Posted on 05 December 2008 by VRS  |  Email |Print

From Guardian: Beijing has no plans at present to increase the size of China Investment Corp, the country’s $200 billion sovereign wealth fund, Assistant Finance Minister Zhu Guangyao said on Friday.

Zhu, speaking at a news conference after two days of high-level Sino-American talks, said CIC was still in its start-up phase…… Full Article: Source

U.S. to speed investment from China Banks, SWFs

Posted on 05 December 2008 by VRS  |  Email |Print

From Bloomberg: The U.S. agreed to implement a rapid approval process for Chinese financial institutions to invest in the country, as it seeks more ways to bolster capital at firms blighted by the global financial crisis.

The announcement was made in a joint statement at the close of two days of bilateral talks between China and the U.S. in Beijing. The U.S. also welcomed “commercially based” investments by China’s sovereign wealth fund and the foreign- exchange administration in industries including the financial sector, the statement said…… Full Article: Source

Kazakhstan Growth Fund to strengthen private businesses.

Posted on 05 December 2008 by VRS  |  Email |Print

From The EBRD and Kazakhstan’s Sovereign Wealth Fund SamrukKazyna, a state-owned joint stock company, have agreed to set up the Kazakhstan Growth Fund.

EBRD President Thomas Mirow and Kairat Kelimbetov, Chairman of SamrukKazyna, signed an agreement in Astana today to set up the Fund in the very near future. EBRD President Mirow said: “This is an important milestone in the cooperation between our Bank and Kazakhstan and takes our partnership to a new level. The new Kazakhstan Growth Fund will substantially contribute to the development of the private sector in the country by providing much-needed finance.”…. Full Article: Source

Alaska Permanent Fund takes big hit

Posted on 05 December 2008 by VRS  |  Email |Print

From KTUU: The nation’s economic turmoil is creating a big hit for the Alaska Permanent Fund, and it could end up being the greatest loss the fund has ever taken.

The Permanent Fund Board just wrapped up a two-day meeting in Anchorage. Since Wall Street took a dive, and stocks have been down, the fund has lost about $10 billion, or 20 percent of the fund’s total value….. Full Article: Source

December 2008
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