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Sovereign Wealth Funds Briefing - Archive | October, 2009

Future Fund invests US$3.6 bln in distressed assets

Posted on 30 October 2009 by VRS  |  Email |Print

From Bloomberg: Australia’s $58 billion sovereign wealth fund increased its investments in distressed assets as it sought to profit from the global financial turmoil.

The Future Fund — set up to cover the cost of retiring lawmakers, judges and public servants — committed A$4 billion ($3.6 billion) to distressed private equity and debt investments during the year to June 30, it said in its annual report released today……………………….Full Article: Source

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Qatar SWF food unit eyes PAVA stake, seals Sudan deal

Posted on 30 October 2009 by VRS  |  Email |Print

From Reuters: Qatar’s Hassad Food is eyeing a stake in Russia’s PAVA and has signed a deal potentially worth $1 billion to develop land in Sudan as it looks to grow through acquisitions and joint ventures, its chairman said on Thursday.

The agricultural arm of Qatar’s sovereign wealth fund is bucking the Gulf Arab trend of buying farmland abroad to secure food supplies by investing in companies globally to help provide food security mainly for Qatar, the Middle East and North Africa region, Nasser Mohamed Al Hajri told Reuters……………………….Full Article: Source

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Abu Dhabi fund sees big growth in Mercedes stake

Posted on 30 October 2009 by VRS  |  Email |Print

From Forbes: The Abu Dhabi investment fund that bet big on Daimler AG said Thursday its third-quarter profits shot sharply higher mostly on gains from its stake in the Mercedes-Benz maker.

Aabar Investments said earnings jumped to $402.3 million between July and September, compared with a profit of $5.4 million in the same period a year earlier……………………….Full Article: Source

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SWFs: Super-sized investment vehicles accelerate purchases

Posted on 30 October 2009 by VRS  |  Email |Print

From Zawya.com: As the economic crisis sent stock markets crashing into prolonged downward spirals, Abu Dhabi’s burgeoning pool of state investment vehicles endured a mix of pain and a sense of opportunity.
For the behemoth, the Abu Dhabi Investment Authority (Adia), it was a time to take the hits – with estimates of losses of 25 per cent to 30 per cent – and be cautious……………………….Full Article: Source

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Qatar Holding said to consider joining GE’s Areva bid

Posted on 30 October 2009 by VRS  |  Email |Print

From Bloomberg: Qatar may join General Electric Co., an investment unit of the Persian Gulf country’s sovereign wealth fund, and CVC Capital Partners Ltd. in their bid to buy Areva SA’s electricity transmission and distribution unit, two people familiar with the matter said.

Qatar Holding LLC hired New York-based investment bank Evercore Partners Inc. to advise on acquiring a stake in Areva’s unit should the GE-led bid succeed, said the people, who declined to be named because the talks are private. Officials at Doha-based Qatar Holding declined to comment……………………….Full Article: Source

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Permanent Fund grows along with economy on quarter market surge

Posted on 30 October 2009 by VRS  |  Email |Print

From Thenewstribune.com: The Alaska Permanent Fund produced a 10.7 percent return and grew by $3.4 billion during the July-September period, the first quarter of its fiscal year, fund officials said.
The stock market posted one of its best gains in a decade during the quarter, said Michael Burns, chief executive of the Alaska Permanent Fund Corp., the agency that runs the $33 billion oil-wealth savings account. Just over half of the fund — about $18 billion — is invested in the stock market……………………….Full Article: Source

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US$15bln fund’s happy anniversary

Posted on 30 October 2009 by VRS  |  Email |Print

From Stuff.co.nz: Solid investment gains for September made for a happy sixth anniversary for the New Zealand Superannuation Fund, which has grown to $15.23 billion since its inception.

Created in September 2003 to help pre-fund the future cost of superannuation, the fund endured a torrid time in the financial year to June, reporting a pre-tax loss of $3.2b after a 22.1 per cent drop in returns……………………….Full Article: Source

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CIC to focus more on investment in bulk stock

Posted on 30 October 2009 by VRS  |  Email |Print

From Individual.com: China Investment Corp. (CIC), one of the biggest sovereign wealth funds in world, will still focus more on the investment in bulk stock, chairman Lou Jiwei of the investment company said.

Established in 2007 with registered capital of USD 200 billion, Beijing-based CIC made most of the investment in financial products portfolios at the initial period of its operation……………………….Full Article: Source

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CIC invests $700mln in Hopu-backed mining firm

Posted on 30 October 2009 by VRS  |  Email |Print

From Reuters: China Investment Corp (CIC), a near-$300 billion sovereign wealth fund, plans to invest $700 million in Hopu-backed Iron Mining International Ltd, a source told Reuters on Thursday.

The investment would be the Chinese fund’s second involvement this week in a Mongolian mining deal as it shifts its investment strategy to natural resources from financial institutions……………………….Full Article: Source

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CIC seeks commodities, property as hedge, Lou says

Posted on 29 October 2009 by VRS  |  Email |Print

From Bloomberg: China Investment Corp., the country’s sovereign wealth fund, said it has $110 billion for overseas investments and will focus on buying into commodities companies and property as a hedge against accelerating inflation.

“Now we are seeing expectations of medium and long-term inflation, and the value of major currencies may have to fall to a new equilibrium level,” Chairman Lou Jiwei told a forum in Beijing today, according to a transcript of his comments posted on financial portal hexun.com……………………….Full Article: Source

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China’s sovereign wealth fund getting decent returns

Posted on 29 October 2009 by VRS  |  Email |Print

From Xinhua: China Investment Corporation (CIC),the nation’s sovereign wealth fund, has invested half of its 110-billion-U.S. dollar available capital in the overseas market and has gained decent returns from it so far, China Daily reported Thursday.

The newspaper said, citing the CIC chairman Lou Jiwei, that the company had reaped not bad returns from its investment so far this year but was not able to guarantee those returns would still be good by year-end as this depended on various factors……………………….Full Article: Source

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CIC gives rare tally of overseas spending

Posted on 29 October 2009 by VRS  |  Email |Print

From WSJ: As a rule, cash-rich China Investment Corp. keeps rather mum on its strategy and details about its overall asset allocation are hard to come by.

Therefore, China observers’ ears perked up as Lou Jiwei, chairman of the now $300 billion sovereign wealth fund, in an extensive speech at the Tsinghua Management Global Forum Wednesday said that CIC has allocated $110 billion for overseas investment and that half of it had been invested……………………….Full Article: Source

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CIC, Mongolia miner reach deal

Posted on 29 October 2009 by VRS  |  Email |Print

From WSJ: China Investment Corp. has reached a deal to invest up to $700 million in Mongolia-focused Iron Mining International Ltd., the latest move by the sovereign wealth fund to plow cash into commodities.

CIC is rapidly deploying its capital this year to try to catch the upside of a global economic recovery by buying into natural resources and property assets……………………….Full Article: Source

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CIC funds Canadian company’s Mongolia plans

Posted on 29 October 2009 by VRS  |  Email |Print

From Businessweek.com: Toronto-listed SouthGobi Energy Resources yesterday announced that China Investment Corporation (CIC) has agreed to provide a $500 million loan to finance the expansion of the company’s mining and exploration operations in the south of Mongolia.
This is the first significant deal in Mongolia since its government signed the Oyu Tolgoi investment earlier this month. ………………………Full Article: Source

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CIC head warns of asset price bubble

Posted on 29 October 2009 by VRS  |  Email |Print

From Yahoo Finance: China’s sovereign wealth fund has invested about half its $110bn of available capital in overseas stocks, mining, energy and real estate, earning returns that have been “not bad” so far, the head of the fund said on Wednesday.
But Lou Jiwei, chairman of China Investment Corp, warned that a “small bubble” had formed in global asset prices and said that the fund was focused on investments in commodity-related assets and real estate as a hedge against inflation and currency depreciation……………………….Full Article: Source

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State funds eye commodities and emerging markets

Posted on 29 October 2009 by VRS  |  Email |Print

From Reuters: Sovereign wealth funds will focus their buying on natural resources and emerging markets in 2010, after picking commodities over financials for most of their $94 billion investments this year, a senior Barclays banker said.

Sovereign funds, managing as estimated $3 trillion (1.8 trillion pounds) in assets, had their fingers burnt in their bold investments in Western banks such as Citigroup and UBS during the early phase of the global crisis……………………….Full Article: Source

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Norway-Global to plough EUR400mln into carbon capture

Posted on 29 October 2009 by VRS  |  Email |Print

From IPE: The Norway Government Pension Fund – Global is planning to invest over €400m in carbon capture and storage as part of its commitment to ethical and environmental investments.

Roger Schjerva, state secretary at the Norwegian ministry of finance, confirmed at a discussion organised by campaigning group FairPension in London on Monday that the fund will invest at least NOK3.5bn (€410m) in carbon capture facilities in 2010 - a concept considered to be a growth area for Norway as it will double the country’s commitment to the carbon capture field within a year……………………….Full Article: Source

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Mubadala and Ipic among top global investors this year

Posted on 29 October 2009 by VRS  |  Email |Print

From Business24-7.ae: The UAE-based sovereign wealth funds – International Petroleum Investment Company (IPIC) and Mubadala – and Chinese state fund China Investment Corp (CIC) are the top investors with 28 deals worth $22 billion (Dh80.8bn) this year, said a senior Barclays banker.

Gay Huey Evans, Vice-Chairman for Investment Banking and Investment Management at Barclays, said state investors, led by China and Abu Dhabi funds, switched focus to natural resources such as energy or agriculture this year, ploughing 61 per cent of their total investment or around $57bn into the sector and only 15 per cent in financials……………………….Full Article: Source

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Stock market rallies grow Permanent Fund by $3 bln in first quarter

Posted on 29 October 2009 by VRS  |  Email |Print

From Ktva.com: The Alaska Permanent Fund produced a return of 10.7% for the first quarter of fiscal year 2010, and ended September 30 with a value of $33.3 billion, an increase of $3.4 billion from the beginning of the period.
“While the global economy may still have some issues to work through, we’re hopeful that the recent performance in the stock markets is a sign that the worst of the recession is over,” said Michael Burns, Chief Executive Officer……………………….Full Article: Source

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Temasek, GIC invest in China’s Longfor IPO

Posted on 29 October 2009 by VRS  |  Email |Print

From Reuters: Beijing-based property company Longfor Properties Co Ltd, which aims to raise up to $1 billion from its Hong Kong public offering, has seized five cornerstone investors for a combined $300 million worth of shares, a source close to the deal said on Wednesday.

The cornerstone investors include the Government of Singapore Investment Corp, Temasek, Hong Kong Land and China’s Ping An Insurance, the source said……………………….Full Article: Source

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SWFs seek fresh risks with credit ratings

Posted on 29 October 2009 by VRS  |  Email |Print

From Forbes: A developing trend for specialised sovereign wealth funds to seek global credit ratings could provide them with new sources of financing while testing their skills under an unaccustomed spotlight.
State-owned funds from Bahrain and Abu Dhabi are joining others in a move to get a credit rating, which enable them to tap capital markets for long-term debt for their private equity type projects, which usually take 3-5 years to yield returns……………………….Full Article: Source

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South Korea government to meet Middle East investors next week

Posted on 29 October 2009 by VRS  |  Email |Print

From Dow Jones: The South Korean government will meet with investors and authorities in the Middle East next week, with the aim of facilitating closer economic cooperation and investment ties between the two sides, the Ministry of Strategy and Finance said Thursday.

A team led by a vice finance minister will hold non-deal roadshows in Dubai on Nov. 2 and in Abu Dhabi the following day, when Korea’s sovereign wealth fund, Korea Investment Corp., will sign a cooperation agreement with the Abu Dhabi Investment Authority, the finance ministry said……………………….Full Article: Source

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Rusal wants CIC, Temasek as IPO investors

Posted on 28 October 2009 by VRS  |  Email |Print

From Chinadaily.com.cn: Aluminum producer United Co Rusal is in talks with parties including China Investment Corp (CIC) and Temasek Holdings Pte to invest in a Hong Kong share sale, the Hong Kong Economic Journal said, without citing anyone or providing details of the investments.

Wu Xueling, a Beijing-based official at CIC, the nation’s sovereign wealth fund that holds almost $300 billion of assets, declined to comment. Temasek spokespeople in Singapore weren’t immediately available for comment………………………Full Article: Source

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China CIC has invested half of cash, returns “not bad”

Posted on 28 October 2009 by VRS  |  Email |Print

From Reuters: China’s sovereign wealth fund has invested about half of its $110 billion in available funds, mainly in publicly traded assets, and has enjoyed “not bad” returns so far this year, its chief said on Wednesday.

Lou Jiwei, chairman of China Investment Corp (CIC), said CIC was seeking financial returns, not control over the companies in which it invested………………………Full Article: Source

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Sovereign Wealth Funds: Much ado about some money

Posted on 28 October 2009 by VRS  |  Email |Print

From Areadevelopment.com: The name “sovereign wealth fund” is both unfortunate and misleading. The term has endowed SWFs with a special and even threatening aura, even though, under international law, they do not enjoy sovereign immunity, as they are just state-owned entities, along with government-owned airlines, banks, shipping companies, etc.

Kovacs asks, how important in fact are the SWFs? Of course, $3–5 trillion is a lot of money, but it is only a small part of the investment universe………………………Full Article: Source

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Analysis: sovereign funds – Northern light

Posted on 28 October 2009 by VRS  |  Email |Print

From Ethicalcorp.com: Norway’s huge sovereign wealth fund could influence global sustainability practices with its new investment guidelines

For all the raised awareness of global warming, are companies really paying attention to their carbon emissions and, if so, are they doing anything meaningful?……………………..Full Article: Source

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Temasek, GIC cut stakes in India’s ICICI

Posted on 28 October 2009 by VRS  |  Email |Print

From Channelnewsasia.com: Singapore’s Temasek Holdings and Government of Singapore Investment Corporation (GIC) have cut their stakes in India’s second biggest lender ICICI.

Wire reports, citing data from the Bombay Stock Exchange, said on Tuesday that Temasek trimmed its stake in ICICI through its Indian arm, Allamanda Investments, from 7.6 per cent at the end of June, to 5.76 per cent as of September 30………………………Full Article: Source

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Qatar’s Hassad signs $100m agri deal with Sudan

Posted on 28 October 2009 by VRS  |  Email |Print

From Arabianbusiness.com: Qatar’s Hassad Food Company, owned by Qatar’s Investment Authority, has announced the establishment of a joint venture with a capital of $100m in Sudan.

The deal is part of a planned $1bn agricultural investment in the African country………………………Full Article: Source

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China craves for energy, reaching outside

Posted on 28 October 2009 by VRS  |  Email |Print

From Digitaljournal.com: China Investment Corp (CIC), the sovereign-wealth fund, said yesterday that it is to invest $500 million USD in SouthGobi Energy Resources, a Vancouver-based miner whose businesses are mainly located in Mongolia, reported Market Watch.
SouthGobi said the fund will be used for developing its projects in Mongolia. For example, it plans to expand the annual output of the flagship Ovoot Tolgoi coal mine to 8 million tons from the current 1.4 million tons………………………Full Article: Source

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DP World’s Narayan to be Dubai World CFO

Posted on 28 October 2009 by VRS  |  Email |Print

From Khaleejtimes.com: Dubai Ports World said on Tuesday that its Chief Financial Officer, Yuvraj Narayan, would step down at its board meeting on December10 and join its parent company, Dubai World, as its Group Chief Financial Officer.

In a statement posted on Nasdaq Dubai’s website, the ports operator said that the board of DP World has commenced a search for a new CFO and a further announcement will be made in due course………………………Full Article: Source

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CIC agrees to invest US$500 mln in SouthGobi

Posted on 27 October 2009 by VRS  |  Email |Print

From China Knowledge: China Investment Corp, the country’s US$300 million sovereign wealth fund, has agreed to invest in SouthGobi Energy Resources.

CIC said in a statement released late Monday that it will buy a 30-year secured debenture issued by the Canadian company for US$500 million. The debt will be able to convert into SouthGobi’s common shares in 12 months……………………..Full Article: Source

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Singapore government, Temasek pare stake in ICICI

Posted on 27 October 2009 by VRS  |  Email |Print

From Business-standard.com: The Singapore government and its investment arm, Temasek Holdings, have been gradually reducing stake in ICICI Bank, their one of their biggest investments in India, by selling shares in the secondary market.
Their collective stake has come down to 7.29 per cent in the quarter ended September from nearly 9.27 per cent in the quarter ended June and 9.91 per cent in the quarter ended March, according to the latest shareholding pattern that the bank has filed with the National Stock Exchange……………………..Full Article: Source

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Australia’s Future Fund to be probed, senator says

Posted on 27 October 2009 by VRS  |  Email |Print

From Bloomberg: Australia’s sovereign wealth fund will be investigated by the nation’s regulator over the sale of Telstra Corp. shares less than a month before a government threat to split the company, said Senator Steve Fielding. The Future Fund said it didn’t have access to private information.

The Australian Securities & Investments Commission will investigate whether the Future Fund was “tipped off” on the proposed separation of the country’s former phone monopoly, Fielding said in an e-mailed statement today……………………..Full Article: Source

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No Telstra tip-off for Future Fund

Posted on 27 October 2009 by VRS  |  Email |Print

From News.com.au: The Future Fund has no record of any correspondence alerting it to the Federal Government’s plan to split Telstra, a Freedom of Information search has revealed.

The fund has been under fire over its sale of $2.4 billion worth of Telstra shares less than a month before the Government announced its plan to force Telstra to split its wholesale and retail businesses……………………..Full Article: Source

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Sources of SWF in Azerbaijan: What affects inflows to the State Oil Fund?

Posted on 27 October 2009 by VRS  |  Email |Print

From Edhec-risk.com: In this article, we look at the Azerbaijan State Oil Fund and provide a detailed description of the factors affecting inflows to it.
Since these inflows have an impact on the wealth of the fund, sound portfolio management must take into account the drivers behind them, rather than managing portfolio risk separately from contribution risk……………………..Full Article: Source

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Palestinian SWF plans to boost housing by investing in City hedge funds

Posted on 27 October 2009 by VRS  |  Email |Print

From Guardian.co.uk: Palestinian house builders on the West Bank could benefit from an influx of cash if plans by the $900m (£552m) Palestine sovereign wealth fund to invest in London-based hedge funds go ahead.

The Palestine Investment Fund (PIF) is considering switching investments into hedge funds as part of a move to expand international investments to make up 30% of its portfolio…………………….Full Article: Source

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Government funds critical projects from excess crude account

Posted on 27 October 2009 by VRS  |  Email |Print

From 234next.com: The determination to realise the Vision 20-2020, is the motivation for the three tiers of government to draw $5.34 billion (about N794 billion - at N148.61 to the dollar) from the excess crude revenue account.

The Umaru Yar’Adua’s administration has initiated a number of projects under its seven-point agenda to help develop the Nigerian economy into one of the world’s biggest economies by year 2020……………………..Full Article: Source

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Ras Al Khaimah – A sign of gathering economic momentum in UAE

Posted on 27 October 2009 by VRS  |  Email |Print

From Globalarabnetwork.com: RAK Investment Authority (RAKIA), Rakeen and Al Hamra Real Estate joined forces in a 400-sq-metre exhibition pavilion, the offerings of which spanned residential, commercial, industrial and touristic segments of the property industry.
The tripartite group also featured in a seminar entitled “RAK: Emerging Emirate on the Move.”…………………….Full Article: Source

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Be wary of the rise and rise of China

Posted on 26 October 2009 by VRS  |  Email |Print

From Onlineopinion.com.au: With Beijing’s sovereign wealth fund (China Investment Corporation) predicted to invest $US50 billion in the next year, it may well be that China will seek to purchase financial assets and real estate as some of the world’s leading hedge fund managers make further trips to Beijing seeking investment capital.
With assets of about $US300 billion by the end of 2008, the fund during September gave $1 billion to Oaktree Capital Management, a Los Angeles firm that buys distressed debt securities…………………..Full Article: Source

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China sovereign wealth fund: Mining a target

Posted on 26 October 2009 by VRS  |  Email |Print

From Mineweb.com: China’s sovereign wealth fund CIC has been speeding up its investment programme spending as much each month this year as in the whole of 2008 - and mining and energy are important targets.

China’s People’s Daily reports CIC chairman Lou Jiwei as saying that the fund was circumspect in its investment in 2008 as markets plunged investing only $4.8 billion outside China that year, but this year it has been investing around as much each month overseas as it did in the whole of 2008 with the main targets including mining, energy and real estate……………………Full Article: Source

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AES taps into China’s rush to wind power

Posted on 26 October 2009 by VRS  |  Email |Print

From Washingtonpost.com: Sources say China Investment Corp., China’s sovereign wealth fund, has been considering an investment in AES in return for a substantial equity stake. The deal would give AES more capital and greater access in China.
The sources commented on the condition of anonymity because the talks have been private……………………Full Article: Source

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Bahrain’s Gulf Air to decide on plane orders by yr-end

Posted on 26 October 2009 by VRS  |  Email |Print

From Reuters: Bahrain’s Gulf Air, which is fully owned by Bahrain’s sovereign wealth fund Mumtalakat, is in talks with Airbus and Boeing over its plane orders and expects to make a decision by year-end, the airline’s chief executive said on Sunday.

The struggling airlinehas 35 Airbus and 24 Boeing airplanes on order, but said in August it was reviewing its orders as the loss-making airline restructures……………………Full Article: Source

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SCIC to invest in Bao Viet Holdings

Posted on 26 October 2009 by VRS  |  Email |Print

From Vnagency.com.vn: Bao Viet Holdings recognised the State’s sovereign wealth fund, the State Capital Investment Corporation (SCIC), as a strategic partner, replacing former partner the Viet Nam Shipbuilding Industry (Vinashin) Group.

The deal follows SCIC’s acquisition of 20.4 million shares from Vinashin, making it the second leading shareholder in the insurer, after HSBC Insurance……………………Full Article: Source

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Oyu Tolgoi mine deal takes precautions against SWF

Posted on 26 October 2009 by VRS  |  Email |Print

From Bigpondnews.com: Mongolia signed a deal with Rio Tinto and Canada’s Ivanhoe Mines to develop a $US4 billion gold and copper mine, Oyu Tolgoi mine. But the foreign partners would be barred from selling their stakes to sovereign wealth funds or other investors.
That is intended to reassure Mongolians who worry about economic domination by neighbouring China and feared that a Chinese government fund might try to buy into the project……………………Full Article: Source

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Kristy Dorsey reports on the growing influence of sovereign wealth funds

Posted on 26 October 2009 by VRS  |  Email |Print

From Scotsman.com: Previously regarded as hostile raiders, the elite global club of sovereign wealth funds (SWFs) began to look more like saviours as the financial crisis unfolded in 2008.
They poured billions into American and European financial groups teetering on the brink of collapse and remain a source of both fascination and controversy in the global investment landscape……………………Full Article: Source

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CIC to step up pace of investment

Posted on 23 October 2009 by VRS  |  Email |Print

From Chinadaily.com.cn: China Investment Corporation (CIC), the nation’s $200-billion sovereign wealth fund, will speed up the pace of investment across a broad range of sectors to capitalize on the long-term investment value created by the global financial crisis, the People’s Daily reported yesterday, citing CIC Chairman Lou Jiwei.

CIC invested just $4.8 billion outside China last year as it kept its powder dry during the global financial crisis, when asset prices tumbled…………………….Full Article: Source

French fund invests in YouTube rival Dailymotion

Posted on 23 October 2009 by VRS  |  Email |Print

From Reuters: France’s FSI strategic investment fund will take part in a 17 million euros ($25 million) capital raising for web video share site Dailymotion, the Gallic rival of Google Inc’s YouTube.

The money raised will be used to accelerate Dailymotion’s expansion, notably abroad, the FSI said in a statement on Thursday…………………….Full Article: Source

Norway wealth fund rejects govt control plan

Posted on 23 October 2009 by VRS  |  Email |Print

From Forbes: Norway’s $458 billion wealth fund rejected on Thursday proposals increasing government say over its investments in the wake of huge losses suffered by Europe’s largest equity investor during the financial crisis.
The central bank-run fund said in a letter to the Norwegian government that the proposed changes were too detailed, could lead to bad decision making, blur the lines of responsibility and even trigger a massive erosion of asset value…………………….Full Article: Source

Norway fund manager chides ministry over rules

Posted on 23 October 2009 by VRS  |  Email |Print

From Pionline.com: Norges Bank Investment Management, which oversees the 2.546 trillion Norwegian kroner ($456 billion) Government Pension Fund-Global, Oslo, said today that the Ministry of Finance would be overstepping its bounds if proposed regulations on how the fund is managed were implemented.……………………Full Article: Source

Future Fund boss prepared to fight for independence

Posted on 23 October 2009 by VRS  |  Email |Print

From Theaustralian.news.com.au: Four years after being appointed chairman of the Future Fund, David Murray is making it clear that he wants the $64 billion fund to run its own race, to deliver the best investment performance well away from any undue influence from the corridors of power in Canberra.

Speaking at the Australian Institute of Company Directors lunch in Sydney yesterday, the former Commonwealth Bank chief executive, a veteran of the delicate dance between business and government, made several things clear…………………….Full Article: Source

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