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Sovereign Wealth Funds Briefing - Archive | December, 2009

Following Abu Dhabi’s suit against Citi, will CIC also sue?

Posted on 21 December 2009 by VRS  |  Email |Print

From Chinastakes.com:The arbitration application by Abu Dhabi Investment Authority over a disastrous investment in Citigroup has many wondering whether China Investment Corporation (CIC) will initiate a similar action.
In November 2007, Abu Dhabi Investment Authority invested $7.5 billion in convertible Citi bonds, to be converted into common shares at $31.83 to $37.24 per share between March, 2010, and September, 2011…………………………………Full Article: Source

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Singapore’s GIC to maintain stake in Citigroup

Posted on 21 December 2009 by VRS  |  Email |Print

From Btimes.com.my:The Government of Singapore Investment Corp (GIC) said yesterday that it will keep its stake in Citigroup in a vote of confidence for the US banking giant, whose shares tumbled this week.
The Singapore sovereign wealth fund said its holdings in Citigroup has been diluted to “approximately 4.0 per cent” from 4.9 per cent after the bank’s latest round of capital-raising to repay US$20 billion (US$1 = RM3.44) in federal aid…………………………………Full Article: Source

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Dubai Holding up to scrutiny

Posted on 21 December 2009 by VRS  |  Email |Print

From Thenational.ae:Debt difficulties at Dubai World have prompted investors to turn their attention to another of the emirate’s big conglomerates, Dubai Holding.

Best known for signature property developments such as Jumeirah Beach Residence and high-profile investments abroad such as its 2005 purchase of the tourist attraction Madame Tussauds, Dubai Holding is one of three principal vehicles for implementing the emirate’s development strategies…………………………………Full Article: Source

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Qatar acquires 17pct stake in VW

Posted on 21 December 2009 by VRS  |  Email |Print

From Smh.com.au:Qatar has acquired a 17 per cent voting stake in Germany’s Volkswagen AG and it will also get a seat on the supervisory board of subsidiary Porsche, according to a company statement.

Until recently, the Gulf state had only had a stake of just below 7 per cent, but it used options - acquired from Porsche months ago - to build up the holding…………………………………Full Article: Source

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When the money runs out

Posted on 21 December 2009 by VRS  |  Email |Print

From Al.com:Take the money out of the $2.6 billion Alabama Trust Fund? Income from the fund, built with oil and gas revenue, supports the General Fund and provides some money to city and county governments.

Taking away some of the fund’s principal would provide the budgets some short-term relief at the expense of revenue over the long term. And once the principal is gone, it’s gone. Such a move would also face strong opposition…………………………………Full Article: Source

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Rusal IPO said approved by Hong Kong bourse, watchdog

Posted on 21 December 2009 by VRS  |  Email |Print

From Bloomberg: Rusal is in talks with potential investors including China Investment Corp., the nation’s sovereign wealth fund, and Singapore’s Temasek Holdings Pte, the Hong Kong Economic Journal said in October.

“I assume there’s got to be some enticement to Asian investors to participate,” said Gareth Morgan, an emerging markets money manager in London at F&C Asset Management, which oversees about $162 billion…………………………………Full Article: Source

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PIMCO managing director to be CIO of Chinese sovereign fund

Posted on 18 December 2009 by VRS  |  Email |Print

From Pionline.com: Changhong Zu, a managing director at PIMCO, is leaving to become chief investment officer of the Reserve Management Department of State Administration of Foreign Exchange, a Chinese sovereign wealth fund, PIMCO executives disclosed.

Mr. Zhu was a hedge fund manager at PIMCO, said spokesman Mark Porterfield………………………………..Full Article: Source

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East Timor SWF to diversify from US bonds

Posted on 18 December 2009 by VRS  |  Email |Print

From Reuters: East Timor said on Thursday its $5 billion sovereign wealth fund plans to diversify away from U.S. Treasuries and invest in other government bonds as well as property.

The government is considering changing a law that requires 90 percent of the assets of the Petroleum Fund to be invested in U.S. Treasuries, which currently make up all of the fund………………………………..Full Article: Source

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GIC: Citigroup stake to be diluted to about 4pct after Citi offering

Posted on 18 December 2009 by VRS  |  Email |Print

From Dow Jones: Government of Singapore Investment Corp., or GIC, said Friday that its stake in Citigroup Inc. (C) will be reduced to about 4% from 4.9% after the latest round of capital raising by the U.S. bank.

“GIC will continue its investment in Citigroup as we are confident of its long-term prospects,” GIC spokeswoman Jennifer Lewis said in a statement………………………………..Full Article: Source

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Adia’s wounded pride over Citi

Posted on 18 December 2009 by VRS  |  Email |Print

From WSJ: Abu Dhabi’s decision to fight a messy legal battle to extricate its sovereign wealth fund from a costly deal to invest in Citigroup Inc. smacks of wounded Arab pride.
But it will also fuel suspicions that, whatever Abu Dhabi’s long-term oil wealth, it may face near-term liquidity problems raising the cash to bailout both neighboring Dubai and its own speculative investments while meeting its own ambitious development targets………………………………..Full Article: Source

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Abu Dhabi fund seeks cash from Citibank

Posted on 18 December 2009 by VRS  |  Email |Print

From AFP: US banking firm Citigroup has said it will vigorously defend itself against a claim filed by Abu Dhabi’s sovereign wealth fund seeking four billion dollars over a 2007 share purchase deal.

In a statement released this week, Citigroup said “an arbitration claim was filed against Citi in New York by the Abu Dhabi Investment Authority (ADIA), which purchased equity units from the company in November 2007.”……………………………….Full Article: Source

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New Dubai law to boost treasury

Posted on 18 December 2009 by VRS  |  Email |Print

From Khaleejtimes.com: The Law, with the approval of the Supreme Fiscal Committee and in coordination with Investment Corporation of Dubai, allows for re-investing profits and surpluses revenues prior to relaying them to the government’s treasury.
Full financial data on these profits and surpluses have to be provided to the Dubai Department of Finance so that they are listed among the government’s public revenues………………………………..Full Article: Source

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GCL-Poly, CIC to tap solar energy sector

Posted on 18 December 2009 by VRS  |  Email |Print

From China Knowledge: Hong Kong’s integrated energy company, GCL-Poly Energy Holdings Limited plans to set up a joint venture with China Investment Corp, the sovereign wealth fund, to focus on investment in the overseas solar energy sector, according to Samuel Tong, CFO of the Hong Kong-listed company.

The JV, with a registered capital of US$500 million at the beginning, will mainly invest in solar power generation stations overseas. The two sides are doing due diligence on some proposals from the U.S and Europe in anticipation that the first deal to be concluded in 2010, said Tong………………………………..Full Article: Source

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China pension fund to raise overseas investment cap

Posted on 18 December 2009 by VRS  |  Email |Print

From Reuters: China Investment Corp (CIC), the country’s $300 billion sovereign wealth fund, has also stepped up activities in global financial markets this year, and the government in October resumed issuing quotas for overseas investment under the Qualified Domestic Institutional Investor (QDII) scheme.

NSSF, the fund of last resort for China’s patchwork of underfunded provincial pension schemes, has made an annual investment return of 8.98 percent on average since it was established in 2000………………………………..Full Article: Source

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Hopu said to invest at least $400 mln in Chinese insurer

Posted on 18 December 2009 by VRS  |  Email |Print

From Bloomberg: Hopu Investment Management Co., the China-focused fund backed by Singapore’s Temasek Holdings Pte, bought at least $400 million of stock in China Pacific Insurance (Group) Co., said three people familiar with the matter.

The private-equity fund bought about 13 percent of the $3.1 billion of shares China Pacific Insurance and a shareholder sold yesterday, the people said, asking not to be identified because the matter is confidential. China’s third-biggest insurer sold stock in Hong Kong at HK$28 apiece………………………………..Full Article: Source

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Italian state-owned CDP to buy Finmeccanica’s shares in STM

Posted on 18 December 2009 by VRS  |  Email |Print

From WSJ: Italy’s public investment fund, Cassa Depositi e Prestiti SpA, or CDP, signed Thursday an agreement to buy Finmeccanica SpA’s (FNC.MI) shares in chipmaker STMicroelectronics NV (STM).

In filing to the Italian stock exchange, the companies said CDP will buy all of Finmeccanica’s 33.77 million STM shares at a price of EU5.10 per share plus earn-out………………………………..Full Article: Source

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Serbia: Foreign currency reserves EUR 10bln in November

Posted on 18 December 2009 by VRS  |  Email |Print

From B92.net: The foreign currency reserves of the National Bank of Serbia (NBS) increased last November by EUR 304.8mn to reach some EUR 10bn at the end of the month.

A statement from the central bank said that in U.S. dollar, the reserves reached about 15bn at the end of November………………………………..Full Article: Source

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Abu Dhabi says it was duped by Citigroup over investment deal

Posted on 17 December 2009 by VRS  |  Email |Print

From Independent: Abu Dhabi is trying to rip up its disastrous $7.5bn (£4.6bn) agreement to invest in Citigroup, saying the banking giant misled the country’s sovereign wealth fund about the state of its finances when the deal was signed in 2007.

The dispute came to light as Citigroup was attempting to stoke investor demand for a massive share issue yesterday and contributed to underwhelming investor demand………………………………..Full Article: Source

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Abu Dhabi sues Citigroup for $4bln over share deal

Posted on 17 December 2009 by VRS  |  Email |Print

From Timesonline.co.uk: Abu Dhabi’s sovereign wealth fund, one of the largest in the world, has filed a claim against Citigroup accusing the US bank of fraudulent misrepresentation in an investment deal it signed in 2007.

The Abu Dhabi Investment Authority (ADIA) is demanding damages of over $4 billion or an end to the investment agreement which obliged the fund to buy $7.5 billion in Citigroup shares between March next year and September 2011 at prices about 10 times higher than their current market value………………………………..Full Article: Source

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Citi rebuffs Abu Dhabi wealth fund’s fraud claim

Posted on 17 December 2009 by VRS  |  Email |Print

From Marketwatch.com: Citigroup said that Abu Dhabi’s sovereign wealth fund has accused it of fraud, with Citi calling the fund’s claims “entirely without merit.”

The U.S. bank said the Abu Dhabi Investment Authority (ADIA) filed the arbitration claim earlier in the day in New York, claiming “fraudulent misrepresentations” in a deal dating to November 2007.
Under that agreement, ADIA had agreed to buy $7.5 billion worth of Citi stock at $31.83 apiece, much higher than the shares’ Tuesday close of $3.56………………………………..Full Article: Source

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Citigroup claim forces Abu Dhabi wealth fund into the limelight

Posted on 17 December 2009 by VRS  |  Email |Print

From Thenational.ae: Nobody could ever accuse ADIA, the sovereign wealth fund of Abu Dhabi, of being an attention-seeker. Cautious, low-profile, even dull – yes to all of these. A show-boater – never.

So news that ADIA is to take on Citigroup, alleging that it was misled over a plan to buy US$7.5 billion (Dh27.54bn) of shares at a hugely inflated price, should tell us one thing above all: ADIA has done its homework and thinks it has pretty strong grounds for the claim………………………………..Full Article: Source

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Adia’s wounded pride over Citi

Posted on 17 December 2009 by VRS  |  Email |Print

From WSJ: Abu Dhabi’s decision to fight a messy legal battle to extricate its sovereign wealth fund from a costly deal to invest in Citigroup Inc. smacks of wounded Arab pride.
But it will also fuel suspicions that, whatever Abu Dhabi’s long-term oil wealth, it may face near-term liquidity problems raising the cash to bailout both neighboring Dubai and its own speculative investments while meeting its own ambitious development targets………………………………..Full Article: Source

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Dubai has to pay back $10 bln aid -Abu Dhabi

Posted on 17 December 2009 by VRS  |  Email |Print

From Maktoob.com: Dubai’s government said Wednesday it would repay the $10 billion it received from Abu Dhabi earlier this week to help it meet financial obligations for its struggling conglomerate Dubai World.

Dubai said Monday it received $10 billion from neighboring oil-rich emirate Abu Dhabi to pay part of the debt of Dubai World and its property unit Nakheel but didn’t provide any details on whether any terms were attached to the deal………………………………..Full Article: Source

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Details of Dubai World $10bln relief package emerge

Posted on 17 December 2009 by VRS  |  Email |Print

From Thenational.ae: Details have emerged about terms attached to Dubai World’s US$10 billion (Dh36.73bn) relief package from Abu Dhabi.

The help came in the form of a five-year bond with annual interest of 4 per cent, an informed source told Bloomberg………………………………..Full Article: Source

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Mumtalakat says conditions tough to divest

Posted on 17 December 2009 by VRS  |  Email |Print

From Maktoob.com: Bahrain Mumtalakat Holding Co., the investment arm of the Bahraini government, is still sticking to the idea of reducing its stakes in its subsidiaries but the current market circumstances aren’t favorable, Manama-based Al Waqt daily reports Wednesday.

It is not feasible to do anything now, the paper reports citing Talal Al Zein, the company’s chief executive who said at an earlier time that he didn’t see any reason why Mumtalakat should retain majority stakes in its units and that the government of Bahrain will accept in many cases minority stakes between 20% and 25%………………………………..Full Article: Source

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Khazanah CEO: Will continue to pare stakes in government-linked cos

Posted on 17 December 2009 by VRS  |  Email |Print

From Dow Jones: Malaysian state-owned investment firm Khazanah Nasional Bhd. will continue to sell down its stakes in government-linked companies, Chief Executive Azman Mokhtar said Wednesday.

“We will continue to pare down stakes in government-linked companies but it will be done in a gradual and orderly manner,” Azman told reporters at a company function………………………………..Full Article: Source

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Khazanah and Pinewood in studio project

Posted on 17 December 2009 by VRS  |  Email |Print

From Thestar.com.my: Khazanah Nasional Bhd has committed to invest RM400mil to build the region’s biggest independently-owned studio facility in Johor together with renowned international film production company Pinewood Shepperton plc, as the Government’s investment arm steps up efforts to boost Iskandar Malaysia’s appeal as a global creative hub.

The Pinewood Iskandar Malaysia Studio (PIMS) is scheduled to open by early 2013………………………………..Full Article: Source

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Lend Lease, Future Fund join on $1.4bln ING deal

Posted on 17 December 2009 by VRS  |  Email |Print

From Smh.com.au: Diversified property developer and investor Lend Lease and the Government-backed Future Fund have ended a tough year on a high with the $1.4 billion takeover of the unlisted ING Retail Property Fund.

Using existing capital, spread among Lend Lease’s listed and wholesale vehicles, the consortium will split the ING fund’s 14 retail assets between them………………………………..Full Article: Source

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China M&A activity bouncing back from the downturn, according to PwC

Posted on 17 December 2009 by VRS  |  Email |Print

From Theasset.com: China Investment Corporation (CIC), which historically invested mainly in overseas companies, announced two investments in the Greater China market in 2009.
These investments relate to minority stakes in the Noble Group Ltd and GCL-Poly Energy Holdings Ltd (GCL) and have a combined announced deal value of US$1.6 billion. CIC’s investment in GCL followed the latter’s announced acquisition of Jiangsu Zhongneng Polysilicon Technology Development Holding Co Ltd in June 2009 with a value over US$3 billion………………………………..Full Article: Source

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Soured investments to keep sovereign funds wary in 2010

Posted on 16 December 2009 by VRS  |  Email |Print

From Reuters: 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 $600 billion (369 billion pounds) 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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Economists make case for sovereign wealth fund

Posted on 16 December 2009 by VRS  |  Email |Print

From Punchng.com: Economists at the Centre for the Study of the Economies of Africa on Tuesday re-echoed the need for the Federal Government to create the sovereign wealth fund.
Sovereign wealth funds are investment vehicles created by governments with the strategic aim of leveraging current account surpluses to invest in high risk and high return income-producing assets………………………………..Full Article: Source

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SWFs seek larger role in PE deals

Posted on 16 December 2009 by VRS  |  Email |Print

From Financierworldwide.com: Sovereign wealth funds (SWFs) are seeking a larger role in private equity deals, and wish to develop deeper business relationships with private equity firms, according to a Reuters report, which cites a number of industry sources.
For their part, private equity firms are concerned that their traditional investor base will renege on commitments once current capital is exhausted………………………………..Full Article: Source

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SWFs are likely to pick up strategic equity stakes in commodity firms

Posted on 16 December 2009 by VRS  |  Email |Print

From Stockmarketsreview.com: Sovereign Wealth Funds are not a new phenomenon.They have been discussed for many years, but their importance has risen considerably since the start of the recent global financial crisis.
Governments with revenue streams dependent on the value of one underlying commodity, through exports, often pursue diversification of investments by setting up odies and allocating funds with the goal of stabilizing the revenues………………………………..Full Article: Source

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Abu Dhabi’s biggest SWF buys up recently floated Hyatt Hotels shares

Posted on 16 December 2009 by VRS  |  Email |Print

From The Associated Press: Abu Dhabi’s biggest sovereign wealth fund has bought more than 10 per cent of the Hyatt Hotels Corp. shares floated by the iconic hotelier last month.
Chicago-based Hyatt disclosed the sale Monday in a filing with the U.S. Securities and Exchange Commission. The deal was made public on the same day oil-rich Abu Dhabi agreed to pump US$10 billion in bailout funds into its struggling neighbour Dubai………………………………..Full Article: Source

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Abu Dhabi fund seeks to end 2007 Citi deal

Posted on 16 December 2009 by VRS  |  Email |Print

From Reuters: Citigroup Inc said on Tuesday the Abu Dhabi Investment Authority filed an arbitration claim against it, alleging misrepresentation over a $7.5 billion investment by the sovereign wealth fund in the bank.

The sovereign wealth fund bought equity units from the U.S. bank in 2007. In the original deal with ADIA, the Citigroup securities must be converted into common stock at a price between $31.83 and $37.24 a share between March 2010 and September 2011………………………………..Full Article: Source

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State Oil Fund of Azerbaijan declares bargain-sale of investors’ property

Posted on 16 December 2009 by VRS  |  Email |Print

From Abc.az: The State Oil Fund of Azerbaijan (SOFAZ) has announced sales of assets it is transferred in accordance with production sharing agreements (PSAs).

The Fund reports that welding equipment, disassembled old pipes of various types, insulators and other materials were set out for sales………………………………..Full Article: Source

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Norway Global hits EUR305.6bln in November

Posted on 16 December 2009 by VRS  |  Email |Print

From IPE: The value of investments in the Norway Government Pension Fund – Global increased to NOK2.6trn (€305.6bn) by the end of November after a brief dip in value the previous month.

Latest figures from Norges Bank’s monthly balance sheet showed the value of the pension fund slipped from a high of NOK2.55trn at the end of the third quarter, to NOK2.496trn in October………………………………..Full Article: Source

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Fund manager to EUR280bln Norway scheme in major governance hires

Posted on 16 December 2009 by VRS  |  Email |Print

From Responsible-investor.com: Norges Bank Investment Management, the arm of the Norwegian central bank that runs the assets of the NOK2,385bn (€280bn) Government Pension Fund, is expanding its corporate governance team with a series of new hires.
The planned appointments include a new head of core corporate governance issues to be based in Oslo within NBIM’s Ownership Strategies Department under Anne Kvam, NBIM’s corporate governance head………………………………..Full Article: Source

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Kuwait bourse not lacking liquidity -finmin

Posted on 16 December 2009 by VRS  |  Email |Print

From Reuters: Kuwait’s stock exchange is not lacking liquidity, the country’s finance minister said on Tuesday, indicating that the country’s wealth fund had no intention to inject cash into the bourse at the moment.
“The market does not lack liquidity,” Mustapha al-Shamali told reporters when asked about the local portfolio of the Kuwait Investment Authority………………………………..Full Article: Source

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DAP demands full disclosure of Khazanah selldown

Posted on 16 December 2009 by VRS  |  Email |Print

From Themalaysianinsider.com: The DAP wants state investment arm Khazanah Nasional to publicly disclose its disposal of stakes in government linked companies (GLCs) to ensure public funds are not abused.

Its Petaling Jaya Utara MP Tony Pua (left) also questioned whether the government was selling off its stake in GLCs to raise money to fund the administration’s failed mega-projects………………………………..Full Article: Source

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1MDB in the process of sealing big deals

Posted on 16 December 2009 by VRS  |  Email |Print

From Thestar.com.my: 1Malaysia Development Fund Bhd (1MDB) was originally meant to be Terengganu Investment Authority Bhd (TIA) – a state-owned sovereign wealth fund (SWF) with RM11bil in its coffers (indeed, an eye-popping amount considering the country’s recessionary pressures then) – RM5bil to be raised from government-backed debt papers and RM6bil worth of oil royalty.

But what was known as the country’s first state-owned SWF failed to withstand its most crucial litmus test………………………………..Full Article: Source

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Parnell proposes $10.5bln budget

Posted on 16 December 2009 by VRS  |  Email |Print

From Mlive.com: Alaska Permanent Fund dividends and inflation proofing account for another $1.5 billion.

General fund spending from unrestricted earnings, mostly supplied by the petroleum industry, would total $4.7 billion, up from $4.3 billion this year………………………………..Full Article: Source

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Norway wealth fund grew 3.8 pct in November

Posted on 15 December 2009 by VRS  |  Email |Print

From Reuters: Norway’s sovereign wealth rose by 3.8 percent to a preliminary 2.591 trillion Norwegian crowns ($448.6 billion) in November from 2.497 trillion at the end of October, central bank data showed on Monday.

The fund’s value has jumped from 2.273 trillion crowns at the end of 2008 due to surging equity markets worldwide……………………………….Full Article: Source

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Abu Dhabi buys 10.9pct share in Hyatt Hotels Corp

Posted on 15 December 2009 by VRS  |  Email |Print

From Arabianbusiness.com: The Abu Dhabi Investment Authority, one of the world’s top two sovereign wealth funds, has acquired a 10.9 percent stake in the Pritzker family’s Hyatt Hotels Corp.

The sovereign wealth fund holds 4.76 million Hyatt Class A shares, according to a filing on Tuesday with the US Securities and Exchange Commission. The stake has a market value of about $140.4 million……………………………….Full Article: Source

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State Oil Fund of Azerbaijan offers its budget 2010 with surplus

Posted on 15 December 2009 by VRS  |  Email |Print

From Abc.az: The Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) has considered and submitted for approval of the Azerbaijani President the Fund’s draft budget for 2010.

SOFAZ reports that its forecast on budget revenues for next year makes up AZN 5.96 bn and expenditures AZN 5.428 bn. Fund’s operating expenditures are restricted with AZN 33.4 million……………………………….Full Article: Source

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Er, what is an SWF?

Posted on 15 December 2009 by VRS  |  Email |Print

From Asiaone.com: SWFs, or sovereign wealth funds, are government-owned investment funds that invest their country’s savings or reserves in international assets such as stocks and bonds.

Singapore’s Temasek Holdings and Government of Singapore Investment Corporation (GIC) are well-known examples of SWFs, as are the Kuwait Investment Authority, the Abu Dhabi Investment Authority and Norway’s Government Pension Fund……………………………….Full Article: Source

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Kuwait KIA, BlackRock eye foreign bank stakes

Posted on 15 December 2009 by VRS  |  Email |Print

From Reuters: U.S. asset manager BlackRock and Kuwait’s sovereign wealth fund are in talks to buy stakes in foreign banks, a Kuwaiti newspaper said in an unsourced report on Monday.
The talks aim at elevating banking connections between BlackRock, the world’s largest asset manager, and the Kuwait Investment Authority, and might include increasing KIA’s deposits at BlackRock, Kuwaiti daily al-Anbaa said……………………………….Full Article: Source

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GCL-Poly says plans JV with CIC in early 2010

Posted on 15 December 2009 by VRS  |  Email |Print

From Reuters: Power plant operator GCL-Poly Energy said on Tuesday that it aims to set up a joint venture with China Investment Corp, China’s sovereign wealth fund, early next year.

The JV, which would have registered capital of $500 million, would invest in solar power generation stations overseas, said GCL-Poly Chief Financial Officer Samual Tong, speaking to journalists in Hong Kong……………………………….Full Article: Source

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China’s investments in Central Asian energy

Posted on 15 December 2009 by VRS  |  Email |Print

From Reuters: China Investment Corp (CIC) bought an 11 percent stake in KazMunaiGas Exploration and Production, an upstream arm of Kazakh state energy firm KazMunaiGas, for $939 million in October.

KazMunaiGas EP produced 12 million tonnes of oil in 2008 and is one of Kazakhstan’s top three producers……………………………….Full Article: Source

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China casts its shadow on Mongolia

Posted on 15 December 2009 by VRS  |  Email |Print

From WSJ: China is already Mongolia’s biggest foreign investor, and new funds are pouring in. In recent months, China’s sovereign-wealth fund, China Investment Corp., has agreed to invest $1.2 billion in mining companies with Mongolian assets.

That sum is about a quarter of Mongolia’s gross domestic product, but less than half a percent of CIC’s total assets of $300 billion……………………………….Full Article: Source

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