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Sovereign Wealth Funds Briefing - Archive | January, 2010

China’s SWF: The action plans of sovereign activity in private markets

Posted on 25 January 2010 by VRS  |  Email |Print

From Lcbackerblog: The Chinese Sovereign Wealth Fund has emerged at the end of last year as a powerful force in private markets. A review of its activities during the last six months suggests the way in which state policy, political objectives for economic activity can be harmoniously mixed with profit maximization to deepen a new form of investing that is neither entirely private (as conventionally understood) or wholly public.
The Chinese efforts to coordinate sovereign investing present a potentially substantial advance in the integration of programs of sovereign investing, public policy, and private markets………………..Full Article: Source

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Singapore firms are mad about metals

Posted on 25 January 2010 by VRS  |  Email |Print

From Themalaysianinsider.com: Even the Government of Singapore Investment Corporation (GIC) and Temasek Holdings, taking a long-term view of investments, have a footprint, albeit larger, in the resources sector.

Temasek put S$437.5 million into Olam International, the listed commodities supplier, in June last year. GIC bought an undisclosed portion of the US$2.2 billion convertible bonds that commodities trader Glencore issued………………..Full Article: Source

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Gulf Aviation Academy ’set to play key role’

Posted on 25 January 2010 by VRS  |  Email |Print

From Tradearabia.com: Gulf Aviation Academy (GAA), a wholly owned subsidiary of Bahrain Mumtalakat Holding Company, was launched at the Bahrain International Airshow (BIAS) 2010.

‘We are very proud of launching the first aviation academy in Bahrain, particularly at the inaugural Bahrain International Airshow,’ Mumtalakat chief executive officer Talal Alzain said………………..Full Article: Source

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Qatar Islamic Malaysia unit plans $150 mln funds in Asia

Posted on 25 January 2010 by VRS  |  Email |Print

From Businessweek.com: Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, raised investments in emerging markets where it sees greater growth opportunities, the fund’s managing director said in an interview with German newspaper Handelsblatt earlier this month.
Asian Finance began selling Shariah-compliant funds last year to add “value” to its main business of providing Islamic loans and other types of financing as they offer better yields, Azahari said. These funds will help the bank generate about 30 percent of its income from assets under management, he said………………..Full Article: Source

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Forex reserves in India almost close to $285.1 bln

Posted on 25 January 2010 by VRS  |  Email |Print

From Forex-flash.com: The foreign exchange reserves in India rose to $899 million and touching almost $285.1 billion on January 15. This was hugely because of the non dollar worth of assets in the reserves.

These were the latest figures that were released by Reserve Bank of India on Friday. It shows that the foreign exchange reserves mainly comprised of gold and special drawing rights (SDR-reserves currency with the International Monetary Fund) and the foreign currency assets and these rose to $853 million because of the valuation gains in its non-dollar assets………………..Full Article: Source

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Qatar fund in talks for 10pct stake in Hinduja Power

Posted on 22 January 2010 by VRS  |  Email |Print

From Livemint.com: Qatar Investment Authority, or QIA, the sovereign investment fund promoted by the emirate’s ruling family, is in the final stages of negotiations to purchase a 10% stake in Hinduja National Power Corp. Ltd, or Hinduja Power, said two persons familiar with the development.
The fund will pay Rs200 crore($44 million) , at Rs40 a share, for the stake in the company that’s building a 1,040 MW coal-based energy plant at Visakhapatnam in Andhra Pradesh……………………………….Full Article: Source

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Mumtalakat eyes credit rating push

Posted on 22 January 2010 by VRS  |  Email |Print

From Gulf-daily-news.com: Bahrain’s sovereign wealth fund Mumtalakat is focussing on further improving its corporate governance before getting a credit rating and is relaxed about a Parliamentary probe, its chief executive said yesterday.

Talal Al Zain said that the fund was still working on improving the financial reporting structures and corporate governance of its portfolio companies……………………………….Full Article: Source

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CIC to stick to asset allocation investment strategy

Posted on 22 January 2010 by VRS  |  Email |Print

China Investment Corporation (CIC) plans to stick to an asset allocation-oriented investment strategy this year, said Lou Jiwei, chairman for the Beijing-based company, at the Asian Financial Forum in Hong Kong on January 20, 2010.

The sovereign wealth fund will fine-tune its investment portfolio and beef up its management in the year, strengthening allocation in projects with a quick return on investment. The company will make the investment in the high return breeding-assets its proprietary operation, according to Mr. Lou……………………………….Full Press Release: Source

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Risk mitigation could lead to a better PIPEline in 2010

Posted on 22 January 2010 by VRS  |  Email |Print

From WSJ: Sovereign wealth funds struck $6.9 billion of deals, in just 10 transactions, defeating the private equity/venture capital category, which scored $4.69 billion across 274 deals. In number of transactions, hedge funds ruled with 734 investments, but their $3.92 billion was only good for fifth place in dollar total.
China Investment Corp. was the top investor by dollars, with $3.08 billion. The PE entrants in the Top 10 were BC Partners, Clayton Dubilier & Rice and Warburg Pincus. By number of investments, Downsview Capital led the way with 31 transactions……………………………….Full Article: Source

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ADIA to participate in 2nd Latin America mid-east investors forum

Posted on 22 January 2010 by VRS  |  Email |Print

Chief Investment Officers from the Abu Dhabi Investment Authority (ADIA) and the Abu Dhabi Investment Council (ADIC) have just confirmed to join fellow Mid-East investors at the 2nd Latin America Mid-East Investors Forum (LA-MEIF), co-hosted by LatinFinance and the Gulf Latin America Leaders Council (GLLC), on April 26-27 at the Fairmont Bab Al Bahr in Abu Dhabi, UAE.

On the LatAm side, Marcelo Torres, CFO of OGX (one of the largest LatAm companies by market cap), Hugo Sarmiento, CFO of Corporacion Andina de Fomento (CAF), and Alonso Garcia Tames, CEO of the National Bank of Public Works and Services of Mexico (Banobras) confirmed this week as well……………………………….Full Press Release: Source

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SouthGobi raises $439 mln in HK IPO

Posted on 22 January 2010 by VRS  |  Email |Print

From Reuters: Canada-listed coal miner SouthGobi Energy Resources Ltd priced its Hong Kong initial public offering at C$17.00 each, to raise about US$439 million. SouthGobi, which secured Asia’s top sovereign wealth funds, China Investment Corp (CIC) and Temasek as cornerstone investors, will start trading on Jan 29.

The company sold 27 million new shares, or about 16.8 percent of its enlarged share capital, at C$17.00 or HK$126 each……………………………….Full Article: Source

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China-Africa Development Fund invests US$540 mln in Africa

Posted on 22 January 2010 by VRS  |  Email |Print

From China Knowledge: China Africa Development Fund has invested nearly US$540 million in 27 projects in Africa as of today, China’s Ministry of Commerce said on Tuesday.

The fund, backed by China Development Bank, was launched in 2007 with an initial capital of US$1 billion. It finances Chinese firms that are already operating in Africa and provide financial advice to potential investors……………………………….Full Article: Source

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Petrobras weighs Qatar stake as Emirate taps reserves

Posted on 22 January 2010 by VRS  |  Email |Print

From Bloomberg: Petroleo Brasileiro SA is weighing a proposal by Qatar to take a stake in Brazil’s state-controlled oil producer as it seeks cash to develop offshore fields including the Americas’ largest discovery in three decades. The Qatar Investment Authority, the country’s sovereign wealth fund, has about $75 billion worth of investments outside the country.

“Petrobras is a big company and it has a lot of activities, so why not?” Qatari Energy Minister Abdullah bin Hamad al-Attiyah said today in an interview in the Qatari capital, Doha. “Now they will discuss it and evaluate it.” ………………………………Full Article: Source

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China seeks new ways to use FX reserves - official

Posted on 22 January 2010 by VRS  |  Email |Print

From Reuters: China will look for new ways to invest the world’s largest foreign exchange reserves this year to generate higher returns, a senior regulatory official said on Thursday.

It would be a challenge for the country not just to preserve but to increase the value of the $2.4 trillion stockpile, said Guan Tao, head of the international balance of payment department at the State Administration of Foreign Exchange (SAFE)……………………………….Full Article: Source

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Sovereign wealth funds: Back to basics in 2010

Posted on 21 January 2010 by VRS  |  Email |Print

From Euromoney.com: It was a nail-biting year for sovereign wealth funds in 2009. With the price of oil, currency movements, and exposure to financials and real estate to worry about, many funds were in a state of paralysis in the first half of the year.
Only $3.5 billion was invested between April and June as equity markets rallied, the lowest quarterly level since the last three months of 2004……………………………….Full Article: Source

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China Sovereign Fund focuses on emerging markets

Posted on 21 January 2010 by VRS  |  Email |Print

From WSJ: China’s $300 billion sovereign-wealth fund will focus this year on investing in emerging markets, particularly Asian ones, where opportunities are more plentiful than elsewhere, its chairman said Wednesday.

China Investment Corp. has ramped up its investments over the past year, deploying tens of billions of dollars into global markets hoping to catch the upside in a global economic recovery………………………………Full Article: Source

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China’s CIC says hot money pressuring emerging markets

Posted on 21 January 2010 by VRS  |  Email |Print

From Reuters: The head of sovereign wealth fund China Investment Corp (CIC) said capital flows into emerging markets were adding pressure on governments but said it was still keen to invest more in Asia and Latin America.

“At present, global liquidity is a little bit excessive,” CIC Chariman Lou Jiwei said at the Asia Financial Forum in Hong Kong on Wednesday……………………………….Full Article: Source

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CIC expects U.S. dollar to fall when U.S. economy recovers

Posted on 21 January 2010 by VRS  |  Email |Print

From Reuters: The head of sovereign wealth fund China Investment Corp (CIC), Lou Jiwei, said he expects the U.S. dollar to decline with an economic recovery in the United States.
So far, however, he said he did not see much room for the dollar to fall……………………………….Full Article: Source

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China’s CIC held talks for Brazil, Mexico investments

Posted on 21 January 2010 by VRS  |  Email |Print

From Bloomberg: China Investment Corp., the nation’s sovereign wealth fund, has had “early” talks for direct investments in Brazil and Mexico, Chairman Lou Jiwei said.

The sovereign wealth fund plans to increase direct investments this year and prioritizes such investments in developing markets, Lou said at a financial forum in Hong Kong today. CIC plans to be an “active, minority” shareholder in companies, instead of being involved in day-to-day operations, he said……………………………….Full Article: Source

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CIC asks US to ease scrutiny

Posted on 21 January 2010 by VRS  |  Email |Print

From Chinaeconomicreview.com: China Investment Corp, the country’s US$300 million sovereign wealth fund, has asked the US to ease the scrutiny of Chinese government organs investing there.
CIC chairman Lou Jiwei said the fund has recently finalized a deal to buy a minority stake in an American electricity firm and that the deal is subject to approval by four different US departments……………………………….Full Article: Source

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Temasek, China rebuff debt-heavy RUSAL’s IPO pitch

Posted on 21 January 2010 by VRS  |  Email |Print

From Reuters: Two of Asia’s most influential sovereign funds are steering clear of a $2.6 billion Hong Kong IPO by UC RUSAL, the world’s biggest aluminum maker, leery about high valuations and debt levels.
China Investment Corp (CIC) and Singapore’s Temasek Holdings, which manage a combined $420 billion, were actively wooed by RUSAL, but have given the offering the cold shoulder……………………………….Full Article: Source

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Temasek in talks to buy GMR Energy stake

Posted on 21 January 2010 by VRS  |  Email |Print

From WSJ: Singapore state investment firm Temasek Holdings is in talks to buy a stake worth $170 million in GMR Infrastructure Ltd.’s energy unit, a person familiar with the situation said Wednesday. “Temasek is one of around five companies that have shown interest in GMR Energy,” the person, who declined to be named, said.
“They’ve been talking since last year.”………………………………Full Article: Source

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Travelport wins large Singaporean investor

Posted on 21 January 2010 by VRS  |  Email |Print

From Impactpub.com.au: Travel bookings firm Travelport (formerly Galileo GDS) has booked US$225 million investor ahead of its initial public offering (IPO) in London. The company won the money from the Government of Singapore Investment Corp (GIC), which will take 7.19 per cent of the enlarged group.

The GIC injection values Travelport at around US$3.13 billion……………………………….Full Article: Source

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Politics, economy fuel Permanent Fund debate

Posted on 21 January 2010 by VRS  |  Email |Print

From Alaskadispatch.com: The Permanent Fund, that $35 billion piggy bank that pays Alaskans an annual dividend, could undergo two historical firsts this year. For the first time ever the balance of the fund’s earnings account might not cover this year’s full dividend, currently estimated by the fund corporation’s projections at $950.
That could change with an upswing in financial markets over the next five months, but the prospect still has fund managers concerned……………………………….Full Article: Source

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Mubadala enters joint venture in historic Bahraini oilfield

Posted on 21 January 2010 by VRS  |  Email |Print

From Thenational.ae: Mubadala Development, the strategic investment group owned by the Abu Dhabi Government, launched a joint venture with Occidental Petroleum and Bahrain’s National Oil and Gas Authority (NOGA) yesterday.

The venture extends Mubadala’s reach into petroleum concessions across the Middle East and Asia……………………………….Full Article: Source

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Norway smokes out 17 tobacco producers

Posted on 20 January 2010 by VRS  |  Email |Print

From Globalpensions.com: Norway’s Government Pension Fund Global has shed its NOK13.7bn (US$2.4bn) investment in 17 tobacco producing companies including Philip Morris and British American Tobacco.
The Norwegian Ministry of Finance said it made the decision to divest based on recommendations it received from the Council on Ethics, new government frameworks and a World Health Organisation treaty regarding tobacco……………………………….Full Article: Source

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Temasek in talks to enter Indian power sector

Posted on 20 January 2010 by VRS  |  Email |Print

From Themalaysianinsider.com:Temasek Holdings — which recently exited the Singapore power industry by selling the three biggest generating companies here — may now be entering the power sector of Asian powerhouse India.

Indian conglomerate GMR Infrastructure — which has been trying to establish a presence in Singapore’s energy sector and earlier bid for the gencos here — is reportedly in advanced talks with Temasek to raise US$150 million by selling shares in its power unit GMR Energy……………………………….Full Article: Source

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Sovereign wealth funds likely to soon recruit for asset management talent

Posted on 20 January 2010 by VRS  |  Email |Print

From Efinancialcareers-gulf.com: The increasing trend of sovereign wealth funds (SWF) managing more of their money in-house is likely to spur demand for asset management professionals within the state-backed entities.

Currently, around a third of the estimated $3 trillion in SWF assets is run by external asset managers, according to research by State Street, but this looks set to shrink……………………………….Full Article: Source

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Nigeria: Excess Crude Oil - Court gives FG ultimatum to ratify agreement

Posted on 20 January 2010 by VRS  |  Email |Print

From Allafrica.com: Supreme Court of Nigeria yesterday gave the Federal Government till March 18, 2010 to ratifyan agreement reached with aggrieved states of the Federation in the legal battle instituted by the states over Excess Crude Account.

The states have also increased from the initial 20 to 30 as at January 14, 2010 when they wrote a letter to the Minister of Finance Mansur Mukhtar conveying their disappointment on the Federal Government’s non-challant approach to the agreement……………………………….Full Article: Source

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E.On AG, Masdar establish carbon joint venture

Posted on 20 January 2010 by VRS  |  Email |Print

From Marketwatch.com: German utility E.On AG and Masdar, a unit of Abu Dhabi-based Mubadala Development Company, announced Tuesday an agreement to establish E.On Masdar Integrated Carbon (EMIC), a joint venture focused on developing carbon-emission reduction projects on the global market.
The new company plans to monetize emission reductions resulting from improving the energy efficiency of industrial facilities……………………………….Full Article: Source

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China-Africa Development Fund invested nearly $540 mln so far

Posted on 20 January 2010 by VRS  |  Email |Print

From Nasdaq.com: The China-Africa Development Fund has invested nearly US$540 million to support 27 projects in Africa, which will likely lead to investment of about US$3.6 billion in the continent by Chinese companies, China’s Ministry of Commerce said Tuesday.

The fund, which was created by the Chinese government in 2007 and seeded with US$1 billion from China Development Bank Corp., makes equity investments that support Chinese investments in Africa……………………………….Full Article: Source

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Azerbaijan’s strategic reserves reached $20.4 bln

Posted on 20 January 2010 by VRS  |  Email |Print

From Abc.az: Yesterday at the session chaired by President Ilham Aliyev the Azerbaijani government summarized results of country’s socio-economic development in 2009. President Aliyev stated that today country’s currency reserves totaled $20.4 bn.

“This is a big sum to allow us to feel ourselves very confident in the future as well. We don’t need any assistance and live at our own expense. If to take into account that due to measures taken in 2010 it will be carried out large work and I am sure that following 2010 our currency reserves will grow,” he said……………………………….Full Article: Source

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Albania’s Q3 foreign currency reserves at 1.7bln euros

Posted on 20 January 2010 by VRS  |  Email |Print

From Balkans.com: Albania’s foreign currency reserves were 1.7 billion euros in the third quarter of 2009, the central bank reported.

“At the end of third-quarter 2009, foreign currency reserves reached 1.736 million euros, sufficient to cover 4.2 months of imports of goods and services, the Bank of Albania (www.bankofalbania.org) said in a statement……………………………….Full Article: Source

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Serbia’s 2009 foreign exchange reserves rise to 10.6 bln euros

Posted on 20 January 2010 by VRS  |  Email |Print

From Balkans.com: Serbia’s 2009 euro-denominated hard currency reserves rose by 2.4 billion euros to a preliminary 10.6 billion euros, mainly fuelled by the country’s external borrowing from multilateral lenders, the central bank said.

In December alone, official reserves rose by 563 million euros, as the government drew a 350-million-euro loan tranche from the International Monetary Fund, a further 50 million euros in macro-economic assistance from the European Union, as well as 49.5 million euros in loans from the European Investment Bank……………………………….Full Article: Source

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‘Golden age’ for Asia: GIC deputy chairman

Posted on 19 January 2010 by VRS  |  Email |Print

From Straitstimes.com: The next 10 years might well be a ‘golden age’ for Asia, and the region could even become a new source of prosperity and stability for the world, Dr Tony Tan, deputy chairman of the Government of Singapore Investment Corporation (GIC), predicted on Monday.

That is because Asian countries - together with other emerging markets such as Brazil and Russia - will power global growth in the coming years, and the world’s investors will want to invest more in them……………………………….Full Article: Source

Asia faces ‘golden opportunity’: Singapore fund

Posted on 19 January 2010 by VRS  |  Email |Print

From AFP: Asian financial institutions face a “golden opportunity” after the global slump left their Western counterparts struggling, the deputy head of Singapore’s sovereign wealth fund said in Taipei Monday.

Tony Tan, deputy chairman of the Government of Singapore Investment Corporation (GIC) said Asian firms were in much better shape to play a major role on the region’s expansion over the next several years……………………………….Full Article: Source

NBIM defends use of active management

Posted on 19 January 2010 by VRS  |  Email |Print

From Globalpensions.com: Officials at Norges Bank Investment Management (NBIM), manager for the Government Pension Fund Global, have written to the Ministry of Finance to defend its use of active management, as the future use of the investment strategy comes under question.
About a year ago, the Ministry asked the sovereign wealth fund, also known as the oil fund, to evaluate the use of active management within its portfolio. The request came after the fund posted its worst results in history in 2008 with a 23.3% loss……………………………….Full Article: Source

Carbon-neutral city being planned

Posted on 19 January 2010 by VRS  |  Email |Print

From Asiaone.com: Malaysia is mulling the building of its first carbon-neutral city as one of the projects to be undertaken by a joint venture between Abu Dhabi’s Masdar and 1Malaysia Development Bhd (1MDB).
Masdar, a wholly-owned subsidiary of Abu Dhabi’s Mubadala Development Company, and 1MDB signed a cooperation agreement in Abu Dhabi on Sunday to jointly explore clean technology projects and investments……………………………….Full Article: Source

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Dubai World likely to offer ’sweeteners’: UBS

Posted on 19 January 2010 by VRS  |  Email |Print

From Chinapost.com.tw: Dubai World, the state-owned company seeking to renegotiate about US$22 billion of debt, is more likely to offer improved terms to creditors than risk the possibility of legal claims, UBS AG said.
“There is a higher probability of Dubai World offering sweeteners to creditors, perhaps higher interest rates or equity swap options, for a terming-out of obligations in lieu of creditors waiving legal claims to key Dubai World assets including DP World,” UBS AG analysts said in a report, yesterday……………………………….Full Article: Source

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Qatar may launch Man United takeover bid

Posted on 19 January 2010 by VRS  |  Email |Print

From Gulf-times.com: English Premier League champions Manchester United could have other reasons than just fine-tuning themselves under the warm sun as the British media reported that the Qatar Investment Authority, sovereign wealth fund, is preparing to buy Manchester United.
United may become a £1.2bn takeover target for Qatar, the Sunday Express newspaper said……………………………….Full Article: Source

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NSSF gains $6.25bln on equity investments in 2009

Posted on 19 January 2010 by VRS  |  Email |Print

From Chinaeconomicreview.com: The National Social Security Fund (NSSF) realized US$6.25 billion in profits on its equity investments in 2009, helping total assets to grow 38% to US$113.75 billion.
The profit came in addition to US$6.19 billion in paper gains, the NSSF said. The fund benefited from a rising stock market last year; the Shanghai Composite Index rose 80%………………………………..Full Article: Source

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Serbia’s 2009 forex reserves rise to 10.6 bln euros

Posted on 19 January 2010 by VRS  |  Email |Print

From Forexyard.com: Serbia’s 2009 euro-denominated hard currency reserves rose by 2.4 billion euros to 10.6 billion euros, mainly fuelled by the country’s external borrowing from various multilateral lenders, the central bank said on Monday.

In December alone, the official reserves rose by 563 million euros, as the government drew a 350 million euro loan tranche from the International Monetary Fund, a further 50 million euros in macro-economic assistance from the European Union, as well as 49.5 million euros in loans from the European Investment Bank……………………………….Full Article: Source

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Judge SWFs by what they do, not by what they are — Chuang Peck Ming

Posted on 18 January 2010 by VRS  |  Email |Print

From Themalaysianinsider.com: Sovereign wealth funds (SWFs) — including the Government of Singapore Investment Corporation (GIC) — are feared more for what they are than for what they really do.

Such funds, which are owned by governments and funded by surpluses accumulated by the state, are often regarded with suspicion, especially in rich countries in Europe and America. There, such public money is typically used to build hospitals and schools, or returned to the needy — the jobless and elderly, if there’s any leftover…………………………………..Full Article: Source

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Global recovery could surprise on upside -Singapore’s GIC

Posted on 18 January 2010 by VRS  |  Email |Print

From Reuters: The recovery in the global economy could be surprisingly strong in the coming quarters, helped by emerging markets, the deputy chairman of Government of Singapore Investment Corp said on Monday.
The global economy is also likely to become more reliant on government policies such as liquidity support and asset purchases, Tony Tan told a forum in Taipei, noting that any withdrawal of such policies could derail the recovery if it is done too early or too sharply…………………………………..Full Article: Source

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GIC deputy chairman: Global economy has rebounded

Posted on 18 January 2010 by VRS  |  Email |Print

From Dow Jones: Government of Singapore Investment Corp. Deputy Chairman Tony Tan said Monday that the global economy is on the rebound, but warned that the recovery could be derailed if recent monetary and fiscal policies are withdrawn prematurely.

“A key challenge for policy makers is how to properly time the withdrawal of unprecedented monetary and fiscal policies….However, policy makers run the risk of creating excessive inflation over the medium-term, if emergency-levels of policy stimulus are left unchanged for too long,” Tan said at an economic forum in Taipei…………………………………..Full Article: Source

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GIC says emerging markets to lead investments as economies grow

Posted on 18 January 2010 by VRS  |  Email |Print

From Businessweek.com: Government of Singapore Investment Corp., manager of more than $100 billion of the city-state’s foreign reserves, said emerging markets will become a leading source of investment and credit as Western economies take longer to recover from the financial crisis.

The weakness in developed economies like the U.S. and Europe presents Asian institutions with a “once in a lifetime opportunity” to develop and mature, Tony Tan, deputy chairman of Singapore’s sovereign wealth fund, said today at the Commonwealth Economic Forum in Taipei…………………………………..Full Article: Source

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Khazanah awaits govt decision on toll revamp

Posted on 18 January 2010 by VRS  |  Email |Print

From Dailyexpress.com.my: Khazanah Nasional Bhd is still awaiting the government’s decision on toll restructuring, which will likely lead to better facilities and higher quality highways in the future.

Its managing director, Tan Sri Azman Mokhtar, said PLUS Expressway Bhd, which was among top ten toll road companies, has been running a pretty tight sheet in terms of better financial and reporting performance…………………………………..Full Article: Source

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Libya’s investment chiefs seek new ventures

Posted on 18 January 2010 by VRS  |  Email |Print

From Observer.ug: A high level delegation from the Libya African Investments Portfolio – one of Libya’s largest sovereign wealth funds - arrived in the country on Saturday to assess their investments, and seek new opportunities for business.
The visit, includes chief executive officers of LAP, represents Libya’s growing confidence in Uganda’s economy, and the rising appetite to widen investments in the country…………………………………..Full Article: Source

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Libya government ready to invest in Uganda oil refinery

Posted on 18 January 2010 by VRS  |  Email |Print

From Newvision.co.ug: Libya wants to invest in an oil refinery in Uganda should the Government decide to build one.

The manager of Oil Libya, which is a subsidiary of the African Investment Portfolio (LAP), Libya’s investment arm, told The New Vision yesterday that negotiations were starting today between Libya and the Government of Uganda over the matter…………………………………..Full Article: Source

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Sovereign investment funds

Posted on 18 January 2010 by VRS  |  Email |Print

From Emerginvest.com: Sovereign wealth funds manage government investments and funds. The largest is the Abu Dhabi Investment Authority. It is also the least transparent. Sovereign funds invest according to the strategy of governments. What threats can be associated with them? Which countries are using sovereign funds mostly?

Many countries have long-term budget surplus, making the nation’s wealth to accumulate in the so-called sovereign wealth funds. The decision to establish its own sovereign wealth funds, however, paradoxically, are considering also the highly indebted countries such as Japan. Same need at the European Union expressed the French president Sarkozy…………………………………..Full Article: Source

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