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Sovereign Wealth Funds Briefing - Archive | December, 2009

Brazil formalizes rules for SWF

Posted on 30 December 2009 by VRS  |  Email |Print

From Dow Jones: A year after setting aside 14.1 billion Brazilian reals ($8.2 billion) for establishment of a sovereign wealth fund, Brazil’s government by executive decree Tuesday formalized rules for the fund’s operation.

According to information published in the country’s federal register, investments made by the fund abroad must yield a return equal to or greater than the six-month London interbank offered rate, or Libor. Investments locally must yield the equivalent of Brazil’s TJLP long-term interest rate, currently at 6% annually…………………………………….Full Article: Source

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Brazil SWF benchmarked against Libor, TJLP

Posted on 30 December 2009 by VRS  |  Email |Print

From Businessweek.com: Brazilian President Luiz Inacio Lula da Silva issued rules for the country’s so-called sovereign wealth fund, benchmarking returns against Libor and a government-set long term interest rate.

The minimum return sought on the fund’s investments abroad will be the six-month London interbank offered rate, or Libor, according to a decree published today in the official gazette…………………………………….Full Article: Source

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Brazil real closes slightly weaker on SWF

Posted on 30 December 2009 by VRS  |  Email |Print

From Dow Jones: The Brazilian real closed slightly weaker against the U.S. dollar Tuesday after the government took steps to streamline management of its sovereign wealth fund.

The real closed at BRL1.7410 to the dollar, slightly weaker against the Monday close of BRL1.7395…………………………………….Full Article: Source

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CIC may invest in RUSAL’s HK IPO

Posted on 30 December 2009 by VRS  |  Email |Print

From China Knowledge: China Investment Corp, the country’s US$300-billion sovereign wealth fund, is likely to invest in United Company RUSAL, the world’s largest aluminum producer, when the Russian firm launches an initial public offering on the Hong Kong Stock Exchange, said industry sources, local newspaper Vedomosti Daily reported.

The report said that U.S.-based fund BlackRock also plans to take part in RUSAL’s Hong Kong IPO…………………………………….Full Article: Source

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Temasek spurns joint-bid invite

Posted on 30 December 2009 by VRS  |  Email |Print

From Thestar.com.my: Primus Pacific Partners Ltd, the major shareholder at the centrestage of a buyout tussle for EON Capital Bhd (EON Cap), is said to have made a last minute attempt to mount a counter bid to Hong Leong Bank Bhd’s proposed takeover of EON Cap.

However, sources indicated that Primus’ invitation to Temasek Holdings Ltd, which is the Singapore government’s investment arm, was not likely to materialise as Temasek had declined the offer for a joint bid…………………………………….Full Article: Source

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State Oil Fund’s assets grow to $15 bln in Azerbaijan

Posted on 30 December 2009 by VRS  |  Email |Print

From News.az: The assets of the State Oil Fund of Azerbaijan have risen 55 times to $15 bn within 10 years of activity.

“During SOFAZ’s creation in December of 1999 the fund’s assets made $271 mln. Through 10 years the overall volume of fund’s assets has reached $15 bn”, said Shahmar Movsumov SOFAZ chief executive in his article published in official press Tuesday…………………………………….Full Article: Source

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23-storey Azerbaijan State Oil Fund building’s construction started

Posted on 30 December 2009 by VRS  |  Email |Print

From Apa.az: The foundation of the Azerbaijan State Oil Fund’s new building was laid on December 29, the day of the Fund’s 10 years anniversary. President of Azerbaijan Ilham Aliyev attended the ceremony and looked at the building’s project and model, APA reports.

A number of offices, Heydar Aliyev museum, 200-seat conference hall, 150-car two-storey parking place will be constructed in the 23-storey building of 117 meters height (140 m with lighthouse) and 13 000 square meters of square (27 000 square meters with the underground parking area)…………………………………….Full Article: Source

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Samruk-Kazyna to withdraw from structure of banks shareholders within 3 - 5 years

Posted on 30 December 2009 by VRS  |  Email |Print

From Gazeta.kz: The National Welfare Fund Samruk-Kazyna will leave the structure of banks’ shareholders within 3 - 5 years.
The head of the department, Kayrat Kelimbetov, informed: “We are the shareholders of five banks in Kazakhstan. We have the corresponding plans that within 3 - 5 years, maybe, earlier we will leave the structure of shareholders of these banks.”……………………………………Full Article: Source

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Samruk-Kazyna to hold second phase of optimization of national companies

Posted on 30 December 2009 by VRS  |  Email |Print

From Gazeta.kz: The National Welfare Fund Samruk-Kazyna will hold the second phase of optimisation of the structure of the national companies until July 1 of 2010. The head of department, Kayrat Kelimbetov, informed at the press conference devoted to the results of the year, Kazakhstan Today agency reports.

“Fund Samruk-Kazyna in 2009 has done much work directed at optimisation of the national companies. Central offices of all national companies have been reduced by 15 % that is 600 people in the largest companies,” K. Kelimbetov said…………………………………….Full Article: Source

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Abu Dhabi says assets at least double GDP-Moody’s

Posted on 30 December 2009 by VRS  |  Email |Print

From Iii.co.uk: ADIA’s (Abu Dhabi Investment Authority) foreign assets alone are considerably greater than the external liabilities of the country, even according to pessimistic estimates.
Abu Dhabi assured Moody’s that its financial assets are worth at least double the value of the Gulf emirate’s gross domestic product, well above the external debt of the United Arab Emirates, the rating agency said on Tuesday…………………………………….Full Article: Source

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Liberia’s foreign exchange reserves leap to about $248 mln

Posted on 30 December 2009 by VRS  |  Email |Print

From Bloomberg: Liberia’s foreign currency reserves have risen to about $248 million from $49.4 million at the end of last year, partly due to the grant of special drawing rights by the International Monetary Fund, central bank Governor John Mills Jones said.

“The improved position of the country’s international reserves should help us better manage shocks to the balance of payments and the exchange rate,” Mills Jones said in an address to bankers in the capital, Monrovia, yesterday…………………………………….Full Article: Source

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China to contribute US$38.4 bln to regional forex reserve pool

Posted on 30 December 2009 by VRS  |  Email |Print

From China Knowledge: The People’s Bank of China, the central bank, yesterday said that China, Japan, and South Korea have finalized plans for a US$120-billion regional foreign-exchange reserve pool designed to help Asian countries deal with a possible foreign capital flow shortage, sources reported.

China and Japan will each contribute US$38.4 billion, while South Korea will contribute US$19.2 billion. The total from the three nations will account for 80% of the US$120-billion reserve pool…………………………………….Full Article: Source

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Abu Dhabi, Canada funds to jointly bid GBP5 bln for EDF UK network

Posted on 29 December 2009 by VRS  |  Email |Print

From Domain-b.com: The sovereign wealth fund of Abu Dhabi and Canada’s largest pension fund have teamed up to make a £5 billion joint bid for French energy giant Electricite de France’s (EDF) electricity distribution network in the UK.

“One of the world’s largest sovereign wealth fund, the $627 billion Abu Dhabi Investment Authority (ADIA) is teaming up with Canada’s biggest pension fund, the $106 billion Canada Pension Plan (CPP),” the Telegraph Co UK said yesterday citing sources…………………………………….Full Article: Source

Abu Dhabi ties up for electricity bid

Posted on 29 December 2009 by VRS  |  Email |Print

From 7days.ae: Abu Dhabi Investment Authority (ADIA) has reportedly entered into a business partnership with Canadian Pension Plan (CPP) to submit an offer for EDF’s electricity distribution net-work in the UK.

ADIA and CPP are working on an $8 billion bid for the network which distributes power in London and the southeast of England, sources revealed…………………………………….Full Article: Source

CIC likely to invest in Rusal public float

Posted on 29 December 2009 by VRS  |  Email |Print

From China.org.cn: China Investment Corporation (CIC) may invest up to $300 million in the proposed Hong Kong float of Russian aluminum producer United Co Rusal, a source close to the sovereign wealth fund said yesterday.

The $300 billion fund is, however, yet to take a final decision in this regard, as buying into the highly indebted company is still viewed as a risky investment, the source told China Daily on condition of anonymity…………………………………….Full Article: Source

CIC buys stake in Poly Energy

Posted on 29 December 2009 by VRS  |  Email |Print

From China Knowledge: China Investment Corp, the country’s US$300-billion sovereign wealth fund, acquired a 20% stake in China’s leading green energy supplier, GCL-Poly Energy Holdings Ltd, said GCL-Poly Energy in a statement filed with the Hong Kong Stock Exchange.

GCL-Poly Energy said that CIC spent HK$5.56 billion to buy 3.11 billion shares of the firm at HK$1.79 apiece…………………………………….Full Article: Source

China SAFE says ex-Pimco hire doesn’t mean strategy change

Posted on 29 December 2009 by VRS  |  Email |Print

From Imarketnews.com: China Investment Corporation, a new-$300 billion sovereign wealth fund established in 2007 with a view to challenging SAFE’s dominance of foreign exchange reserve management, has recently applied to the State Council for another $200 billion in reserves to manage.

The hiring of an investment manager from PIMCO doesn’t indicate a change in strategy by China’s State Administration of Foreign Exchange, an official with the reserve manager said Tuesday…………………………………….Full Article: Source

State Oil Fund of Azerbaijan’s spending scheme approved

Posted on 29 December 2009 by VRS  |  Email |Print

From Apa.az: Azerbaijan’s President Ilham Aliyev has approved State Oil Fund of Azerbaijan’s main areas of spending in 2010.

According to the spending scheme, funds will be used for the improvement of social conditions and accommodation of refugees and internally displaced persons, transfers to the budget, construction of water supply pipeline to Baku from Oguz-Gabala zone, reconstruction of the Samur-Absheron irrigation system, the Baku-Tbilisi-Kars Railway Project and the State Programme for Study of Youth Abroad in 2007-2015…………………………………….Full Article: Source

Investment banks saved by Asia as China and Japan drive fees growth

Posted on 29 December 2009 by VRS  |  Email |Print

From Theaustralian.com.au: The year saw a new buying force emerge in Asia: China’s $US300bn sovereign wealth fund. China Investment Corp, which announced more than $US8.15bn worth of acquisitions throughout the year.

“A lot of investments have been made in the natural resources and commodities sectors,’ said Colin Banfield of Nomura head of M&A for Asia-Pacific…………………………………….Full Article: Source

GIC invests in commodities giant Glencore

Posted on 24 December 2009 by VRS  |  Email |Print

From Themalaysianinsider.com: Glencore, the secretive Swiss commodities trader, took a step towards a public listing valuing it at more than US$35 billion (RM120.26 billion), as investors bought bonds that could give them a near 6 per cent stake.

The US$2.2 billion deal raises the prospect of the sometimes controversial firm adapting its prized employee-owned model, accepting greater public scrutiny in return for access to the deeper pool of capital offered by a stock market listing…………………………………..Full Article: Source

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Sovereign wealth funds on the hunt

Posted on 24 December 2009 by VRS  |  Email |Print

From Fortune: After months of relative silence, sovereign wealth funds, the huge, state-owned vehicles that export-rich countries use to invest their reserves, are on the prowl again.

“[Funds] are researching deals and trying to get things lined up,” says R.P. Eddy, CEO of Ergo, a research firm that advises some of the world’s biggest sovereign wealth funds. “They’re standing on the edge of the pool and waiting to see who’s going to jump in first.”………………………………….Full Article: Source

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Norwegian SWF dumps investment trusts

Posted on 24 December 2009 by VRS  |  Email |Print

From Citywire.co.uk: Some of the UK’s best known investment trusts have been forced to by buy-back shares after a giant sovereign wealth fund sold out of the sector.

According to a report in the FT, widespread selling by Norges Bank Investment Management, the world’s second largest sovereign wealth fund, has seen discounts in invesment trusts soar to their highest level in 2009…………………………………..Full Article: Source

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Future Fund on track to become the country’s biggest landlord

Posted on 24 December 2009 by VRS  |  Email |Print

From Theaustralian.com.au: In 2020, the Future Fund will be Australia’s biggest property landlord as the $67 billion listed property trust sector cedes its dominance to big sovereign wealth funds and super fund investors.

Among other big trends, the property industry will be grappling with population growth, an ageing population, climate change and the challenge to supply infrastructure…………………………………..Full Article: Source

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Wealth fund assets recover ground

Posted on 24 December 2009 by VRS  |  Email |Print

From Zawya.com: The value of assets managed by Abu Dhabi’s two leading sovereign wealth funds is likely to have risen to US$425 billion (Dh1.55 trillion) after this year’s rally in oil prices and global financial markets, estimates by an economic consultancy show.

Rachel Ziemba, an economist at RGE Monitor in New York, said the combined assets of the Abu Dhabi Investment Authority (ADIA) and the Abu Dhabi Investment Council (ADIC) had probably recovered by as much as 20 per cent after major losses from the global financial crisis…………………………………..Full Article: Source

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Kuwait agrees to reschedule Serbia debt

Posted on 24 December 2009 by VRS  |  Email |Print

From Reuters: Kuwait’s sovereign wealth fund signed an agreement on Wednesday to reschedule Serbia’s debt to the Gulf Arab state, the official news agency KUNA reported.
Bader al-Saad, managing director of the Kuwait Investment Authority, and visiting Serbian Foreign Minister Vuk Jeremic signed the accord, the agency said, without giving further details…………………………………..Full Article: Source

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Dubai World exposure to weigh on banks in 2010

Posted on 24 December 2009 by VRS  |  Email |Print

From WSJ: Dubai’s debt crisis will continue to hang over the earnings and credit quality of banks in 2010, Standard & Poor’s said in a report on the global outlook for global credit markets.

“Indeed, the fallout from Dubai World’s Nov. 25 announcement that it has requested a six-month moratorium on its $26 billion debt payments—subsequently diminished by news of a bailout by Abu Dhabi—illustrated amply the fears of further bank balance-sheet impairment,” the ratings agency said in the report…………………………………..Full Article: Source

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SWF assets recover ground

Posted on 23 December 2009 by VRS  |  Email |Print

From Thenational.ae: The value of assets managed by Abu Dhabi’s two leading sovereign wealth funds is likely to have risen to US$425 billion (Dh1.55 trillion) after this year’s rally in oil prices and global financial markets, estimates by an economic consultancy show.

Rachel Ziemba, an economist at RGE Monitor in New York, said the combined assets of the Abu Dhabi Investment Authority (ADIA) and the Abu Dhabi Investment Council (ADIC) had probably recovered by as much as 20 per cent after major losses from the global financial crisis………………………………….Full Article: Source

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Sovereign wealth funds

Posted on 23 December 2009 by VRS  |  Email |Print

From Desert Wind: There is nothing new about a sovereign wealth funds. The first major fund was created in Kuwait in 1953. The goal was to invest for the country’s future, and to stabilize the economy as the price of oil changed dramatically.

But the shift in the world’s economic reality made these kinds of operations suddenly more powerful, more important and, in some countries, more feared.What gave them such importance?…………………………………Full Article: Source

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UAE, Azerbaijan plan investment company

Posted on 23 December 2009 by VRS  |  Email |Print

From Business24-7.ae: Leading corporate firms from the UAE and Azerbaijan, a Central Asian oil and gas rich state, will form a joint international investment company, it was revealed at the second UAE-Azerbaijan Joint Economic Committee meeting held in the capital.

The committee, which was established in 2008 to co-operate in corporate businesses within the two countries for their investors and exchange expertise in diversified economic developments, met for the second time yesterday in Abu Dhabi………………………………….Full Article: Source

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Mubadala ‘AA/A-1+’ ratings affirmed due to key role for Emirate of Abu Dhabi

Posted on 23 December 2009 by VRS  |  Email |Print

From Ameinfo.com: Standard and Poor’s Ratings Services said today that it affirmed its ‘AA’ long- and ‘A-1+’ short-term corporate credit ratings on the operating holding company Mubadala Development Co. PJSC (Mubadala) based in Abu Dhabi in the United Arab Emirates (UAE). The outlook is stable.
“The ratings on Mubadala, the Abu Dhabi government’s principle vehicle for diversifying the local economy away from hydrocarbon revenues, are based on an equalization with the ratings of the Emirate of Abu Dhabi (AA/Stable/A-1+),”said Standard & Poor’s credit analyst Farouk Soussa………………………………….Full Article: Source

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Malaysia Airlines plans $778 mln rights offering

Posted on 23 December 2009 by VRS  |  Email |Print

From Reuters: National carrier Malaysian Airline System Bhd (MAS),controlled by state investment firm Khazanah Nasional, plans to raise at least 2.67 billion ringgit ($777.5 million) from a rights issue to part finance new aircraft, its chief executive said on Tuesday.
MAS has placed an order for 15 A330s with Airbus, Chief Executive Officer Azmil Zahruddin told a news conference. Airlines globally have struggled in the past year as the economic crisis sapped demand for travel and trade, and as passengers turn to discount carriers to cut costs………………………………….Full Article: Source

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Noble tipped to make takeover bid for Macarthur

Posted on 23 December 2009 by VRS  |  Email |Print

From Smh.com.au: Noble Group, the commodity supplier backed by China’s $US300 billion ($343 billion) sovereign wealth fund, may bid for Macarthur Coal after agreeing to a deal that will make it the largest shareholder, Macquarie Group says.

Hong Kong-based Noble yesterday agreed to acquire a 23 per cent stake in Macarthur, the world’s biggest exporter of pulverised coal, through the takeover of its 88 per cent-owned Gloucester Coal………………………………….Full Article: Source

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State funding fuels China’s global push in wind, sun

Posted on 23 December 2009 by VRS  |  Email |Print

From Moneycontrol.com: China’s USD 300 billion sovereign wealth fund, China Investment Corp (CIC), is helping to bolster the alternate energy industry.

In the last several months, the fund has pumped about USD 1.1 billion into the sector, buying stakes in solar firm GCL-Poly Energy, the world’s No.3 polysilicon company by capacity, and China Longyuan, the world’s fifth-largest wind power company………………………………….Full Article: Source

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Beijing is urged to lend reserves to China banks

Posted on 23 December 2009 by VRS  |  Email |Print

From WSJ: China should consider lending some of its foreign-exchange reserves to Chinese commercial and policy banks, which could use the funds to finance overseas investment by Chinese companies, Industrial & Commercial Bank of China Ltd. Chairman Jiang Jianqing said Tuesday.

His comments highlight the debate among government and industry officials about how Beijing can make better use of its huge foreign-exchange reserves, which would help prevent risks from a too-heavy concentration on holdings in dollars………………………………….Full Article: Source

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Eurasia Capital: Mongolia lures Temasek, CIC and other SWFs

Posted on 22 December 2009 by VRS  |  Email |Print

From Eurasiac.com: Mongolia is becoming an attractive investment destination for Asian and Middle Eastern sovereign wealth funds (SWFs) that seek gaining exposure to massive untapped natural resources in this frontier land, strategically located at the doorsteps of China, the world’s largest consumer of commodities.
Following the landmark deal between the Mongolian government and Ivanhoe Mines and Rio Tinto over Oyu Tolgoi (the world largest undeveloped copper-gold mine), Mongolia has captivated attention of global resource companies and investors alike. In the last three months, Ulaanbaatar, Mongolia’s capital witnessed the visits by senior executives of eight sovereign wealth funds including from China, Singapore, Korea, the UAE, Kuwait, Libya and others………………………………….Full Article: Source

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Sovereign wealth fund may get $200bln cash injection

Posted on 22 December 2009 by VRS  |  Email |Print

From People.com.cn: Sovereign wealth fund China Investment Corp (CIC) may get a $200 billion capital injection by the first quarter of next year, after approvals from the relevant authorities, according to sources familiar with the fund.

It would also be the second time that the fund is getting additional funds after it got the same amount when it was set up in 2007………………………………….Full Article: Source

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PBOC official: Unaware of any capital injection plan for CIC

Posted on 22 December 2009 by VRS  |  Email |Print

From Dow Jones: People’s Bank of China Vice Gov. Hu Xiaolian said Tuesday she is unaware of any government plans to inject fresh capital into China Investment Corp.

She made the comment to Dow Jones Newswires on the sidelines of a financial forum, after the Financial Times reported Monday that Beijing may inject as much as US$200 billion from the country’s foreign-exchange reserves into the sovereign-wealth fund………………………………….Full Article: Source

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CIC’s bigger bet

Posted on 22 December 2009 by VRS  |  Email |Print

From Business-standard.com: China’s sovereign wealth fund is to have its coffers restocked possibly with as much as $200 billion. This could end up being a further boost for the global commodities sector.
China Investment Corporation had $297 billion of assets at the end of 2008. Now its cash reserves need replenishing after a spending spree this year, according to people close to the fund………………………………….Full Article: Source

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CIC well placed to invest new funds faster, sooner

Posted on 22 December 2009 by VRS  |  Email |Print

From WSJ: Discussion is heating up again about an expected influx of fresh funds for China Investment Corp., possibly as much as the $200 billion chunk of foreign exchange reserves it was handed the first time around, more than two years ago.
CIC chief Lou Jiwei said publicly in August that the sovereign wealth fund might ask for more capital, and a new allotment makes sense, if for no other reason than that CIC has already invested most of its initial cash pile………………………………….Full Article: Source

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Temasek won’t divest Tiger shares in IPO

Posted on 22 December 2009 by VRS  |  Email |Print

From Asiaone.com: Singapore Airlines and Temasek Holdings will not be divesting their Tiger Airways shares during the budget carrier’s upcoming initial public offering (IPO), according to a draft prospectus filed yesterday.

Indigo, which owns 24 per cent of Tiger, will divest part of its stake, while the family that owns Ryanair and 16 per cent of the Singapore budget carrier will cut its stake if an overallotment option is triggered………………………………….Full Article: Source

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Verenex announces completion of the Arrangement with the Libyan Investment Authority

Posted on 22 December 2009 by VRS  |  Email |Print

Verenex Energy Inc. completed the previously announced plan of arrangement. The Arrangement was carried out pursuant to the arrangement agreement dated November 5, 2009 among Verenex, the Libyan Investment Authorityand a subsidiary of the LIA.
Under the Arrangement, the LIA, through its subsidiary, acquired all of the issued and outstanding Verenex shares at a price per share equal to $7.0906 plus an additional working capital amount per share in the amount of $0.1976………………………………….Full Press Release: Source

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Germany: Qatar takes 17pct voting stake in VW

Posted on 22 December 2009 by VRS  |  Email |Print

From Automotiveworld.com: Qatar’s sovereign investment fund, Qatar Holding, has announced it has exercised its options to acquire Volkswagen ordinary shares and increased its voting stake from 6.8% to 17% as planned.
As a result, Volkswagen has announced that its preferred shares will replace the company’s ordinary shares in the DAX stock index effective 23 December 2009………………………………….Full Article: Source

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Dubai World kicks off debt talks

Posted on 22 December 2009 by VRS  |  Email |Print

From WSJ: Dubai World’s bid to restructure about $22 billion of debt kicked off Monday, but an initial meeting with creditors delivered little hope of a quick settlement.
Bankers representing more than 90 lenders gathered at the Dubai World Trade Center’s Sheik Maktoum conference hall to hear an initial presentation from Dubai World’s restructuring team but there was no formal proposal for a standstill of the conglomerate’s debts………………………………….Full Article: Source

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Soured investments to keep sovereign funds wary in 2010

Posted on 22 December 2009 by VRS  |  Email |Print

From Thepeninsulaqatar.com: The fallout from the global credit crisis is changing, or perhaps correcting, the perception that sovereign wealth funds (SWFs) or state-owned investors will always patiently ride out paper losses on their investment.
Sovereign funds lost an estimated $600bn over the past two years as the credit crisis sent global stock markets into tailspin and large stakes in Western banks imploded………………………………….Full Article: Source

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Acting NSSF boss resigns

Posted on 22 December 2009 by VRS  |  Email |Print

From Monitor.co.ug: The acting Managing Director of the National Social Security Fund (NSSF), Mr Martin Bandebiire, will not return to his position as corporation secretary when the government appoints a new team to manage the Fund early next year.
Daily Monitor has learnt that Mr Bandebiire notified Finance Minister Syda Bbumba of his intention to end his contract with NSSF in October this year………………………………….Full Article: Source

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Are sovereign wealth funds still focused on long term?

Posted on 21 December 2009 by VRS  |  Email |Print

From Gulfnews.com: Timing, perseverance and conviction are the three wise men of investing. Arab sovereign wealth funds (SWFs) seem quite astute in all three departments — making handsome rewards on a string of short-term investments. But as they enjoy their spoils observers are asking where their long-term investment strategies have gone.

On December 6, the Kuwait Investment Authority (KIA), Kuwait’s SWF, announced it made a $1.1 billion (Dh4.04 billion) profit on the investment it made in Citigroup in January 2008. It initially invested $3 billion, meaning its investment grew 37 per cent — a healthy return by anyone’s standards…………………………………Full Article: Source

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Chinese fund to receive $200 bln

Posted on 21 December 2009 by VRS  |  Email |Print

From Cnn.com:China Investment Corp, the Chinese sovereign wealth fund, is expected to receive another injection of capital from the country’s foreign exchange reserves in the coming months, according to government officials and people familiar with the fund.

While a final decision has yet to be made, these people said CIC would likely receive a similar amount to the initial $200bn it was given on its establishment in 2007…………………………………Full Article: Source

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CIC aims higher on overseas deal stakes

Posted on 21 December 2009 by VRS  |  Email |Print

From WSJ:Sovereign wealth fund China Investment Corp. recently raised the target size of stakes it takes in developed countries’ companies, as part of its efforts to simplify the structure of potential deals, CIC President Gao Xiqing said Friday, amid an acceleration in the fund’s overseas acquisitions.

CIC, with around $300 billion in assets, had originally aimed for stake sizes of no more than 10%, but the size of the stakes it has recently bought in companies in developed countries has been below 20%, said………………………………..Full Article: Source

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Long-term financial returns top priority for CIC, says Gao

Posted on 21 December 2009 by VRS  |  Email |Print

From China.org.cn:China Investment Corporation (CIC), the nation’s $300 billion sovereign wealth fund, is committed to its role as a financial investor and confirmed recent investments in developed countries have not exceeded the 20 percent level in any one company, Gao Xiqing, its president and chief investment officer, said on Friday.

“We aim to be a purely financial investor rather than a strategic investor which makes long-term financial returns the top priority,” Gao said at a financial conference held by the Chinese-language Caijing Magazine in Beijing…………………………………Full Article: Source

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China’s CIC stakes limited to about 20 pct -exec

Posted on 21 December 2009 by VRS  |  Email |Print

From Reuters: China Investment Corp (CIC), the country’s sovereign wealth fund, will not take stakes of more than about a 20 percent in any companies it invests in, an executive said on Friday.

CIC president Gao Xiqing was speaking at a financial conference in Beijing…………………………………Full Article: Source

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