Posted on 19 February 2010 by VRS | Email |Print
From Smallcapinvestor.com: It seems like every financial journal or publication has been extolling the benefits of gold over the last year. Sometimes widespread acceptance of a trend is a sure sign of a bubble waiting to pop. But that’s not the case with the precious metal right now, especially if you play the trend by investing in junior gold miners.
It’s true that gold miners stand to make big profits if the price of gold continues to increase from its current price of $1,120 an ounce. But even if it doesn’t, these little companies still maintain big margins that ultimately trickle down to earnings. That’s because their gold recovery costs are essentially fixed - everything above those costs is pure gravy……………………………………Full Article: Source
Posted on 19 February 2010 by VRS | Email |Print
From Rnzi.com: Papua New Guinea’s Institute of National Affairs says it’s essential that a well-designed sovereign wealth fund be set up to manage projected revenue from PNG’s Liquified Natural Gas project.
This follows a comment from the head of the United Nations Development Programme that the organisation wants to help PNG establish the best sovereign fund it can so that the money is tied up for future generations……………………………………Full Article: Source
Posted on 19 February 2010 by VRS | Email |Print
From Gazeta.kz: The National Welfare Fund Samruk-Kazyna developed the special mechanism of rotation in the regions of Bolashak graduates. The chairman of the board of the fund, Kayrat Kelimbetov, informed during the conference Management of Human Resources, the agency reports.
“The special mechanism of rotation in the regions will be used in regards to the young experts including, trained abroad and under the Bolashak program,” K. Kelimbetov informed……………………………………Full Article: Source
Posted on 19 February 2010 by VRS | Email |Print
From Juneauempire.com: An Alaska senator wants to guarantee a Permanent Fund Dividend this year in case an obscure state law blocks payments because of stock market losses in recent years.
Dividends are paid only from investment earnings, which accumulate in the fund’s “earnings reserve” account every year. In years of losses, that reserve account can go down, which is what happened recently…………………………………..Full Article: Source
Posted on 19 February 2010 by VRS | Email |Print
From AP: A decline in China’s declared holdings of U.S. Treasury bills comes as it is trying to diversify its foreign assets. But analysts say Washington’s debt is still the only asset big enough to absorb the trade-fueled flood of cash Beijing needs to invest, and it might be adding to its hoard with secret purchases through banks abroad.
A U.S. government report this week showed Chinese holdings of Treasury bills fell by $34 billion in December……………………………………Full Article: Source
Posted on 18 February 2010 by VRS | Email |Print
From Investorschronicle.co.uk: If there were Oscars for investment management dramas, the debate underway in Norway would be a contender. Why Norway? Because its $400bn sovereign wealth fund is the second biggest such fund in the world after Abu Dhabi’s.
It goes by the name “Government Pension Fund – Global”, although it doesn’t pay any pensions and doesn’t seem to be planning to do so. Instead it just absorbs the Norwegian government’s oil revenues. The fund is run by a dedicated division of the Norwegian central bank staffed by 250 heavyweight investment professionals spread around four offices on three continents…………………………………..Full Article: Source
Posted on 18 February 2010 by VRS | Email |Print
From Reuters: Singapore state investor Temasek Holdings has hired a former head of the Singapore Exchange as special advisor to Ho Ching, the sovereign fund’s chief executive.
Hsieh Fu Hua, who joined Temasek’s board on Feb. 1 as non-executive director, will help “support management in leadership development and talent management”, according to a company statement on Wednesday…………………………………..Full Article: Source
Posted on 18 February 2010 by VRS | Email |Print
From Asiaone.com: Temasek Holdings has appointed Mr Michael Lien and Mr Hsieh Fu Hua as non-executive directors of the Temasek Board from Jan 2 and Feb 1 respectively.
Mr Lien has been appointed a member of the Audit Committee and the Leadership Development & Compensation Committee (LDCC), while Mr Hsieh has been appointed to the LDCC as well as the Board Executive Committee…………………………………..Full Article: Source
Posted on 18 February 2010 by VRS | Email |Print
From Minesite.com: Over the last five or six years stock markets, and mining markets in particular, have managed to confound both bears and bulls in almost equal measure.
No sooner had analysts caught up to the idea that the Supercycle wasn’t just a promoter’s daydream but a hard economic reality, and updated all their financial models accordingly, when all of a sudden the global financial crisis smashed into everything and sent the whole world into a tailspin…………………………………..Full Article: Source
Posted on 18 February 2010 by VRS | Email |Print
From Reuters: Morgan Stanley may hand over to creditors its $2.4 billion investment in a chain of Japanese hotels when the debt becomes due in April. Singapore sovereign wealth fund GIC, is interested in taking over the hotels from Morgan Stanley and is currently in discussions with the other lenders
Morgan Stanley acquired the chain of 13 hotels from All Nippon Airways in 2007, in what was then the biggest hotel transaction in Asia. Since then, property prices worldwide have dropped sharply, hit by the global financial crisis…………………………………..Full Article: Source
Posted on 18 February 2010 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, pipes of different purpose, electric cables, spare parts were set out for sales…………………………………..Full Article: Source
Posted on 18 February 2010 by VRS | Email |Print
From Reuters: Libya’s decision to stop issuing visas to citizens of most European states has alarmed the European Union. Libya’s $65 billion sovereign wealth fund is another, very big, reason that it has close business ties to Europe. Many of the investments made to date by the fund’s manager, the Libyan Investment Authority, have been in Italian stocks.
Here are details of some of the business links between Libya and European countries, and prospects for the future:………………………………….Full Article: Source
Posted on 18 February 2010 by VRS | Email |Print
From Tradearabia.com: Qatar Aviation Leasing, set up to purchase aircraft and lease them to Qatar Airways, has launched syndication of a $650 million loan via Deutsche Bank and Standard Chartered Bank. Bahrain’s sovereign wealth fund Mumtalakat has also invited banks to bid to arrange a new money $500 million club loan, bankers told.
The deal is the first Gulf loan to launch this year and the first since Dubai shocked world markets on November 25 when it requested a standstill on $26 billion worth of debt owed by state-owned conglomerate Dubai World…………………………………..Full Article: Source
Posted on 18 February 2010 by VRS | Email |Print
From Thestar.com.my: Khazanah Nasional Bhd has defended its RM150mil investment in China’s Oriental University City (OUC), saying the deal fulfils the investment firm’s strategic objectives and financial returns benchmarks.
To recap, some media reports criticised the deal, alluding to the fact that Khazanah had overpaid for the asset – buying 10% stake in the Chinese university from Singapore’s Raffles Education Corp, at a price/earnings multiple of 58 times and eight times book value…………………………………..Full Article: Source
Posted on 18 February 2010 by VRS | Email |Print
From Propertywire.com: Chinese real estate investors are increasing looking to the commercial property market in London as they put money into UK companies and embark on new ventures. China Investment Corporation supported Songbird PLC, the main owner of Canary Wharf, in its equity raising to pay its GBP880 million loan from Citigroup.
‘An increasing number of Chinese investors and occupiers have firmly set their sights on the City and Chinese occupiers and investors are now starting to represent potentially the biggest opportunity for the City office market,’ said Deborah Hayward, senior research associate at property consultancy King Sturge…………………………………..Full Article: Source
Posted on 18 February 2010 by VRS | Email |Print
From WSJ: Dubai World is on schedule to present formal debt-restructuring proposals to lenders by March or April, and won’t consider selling assets at distressed prices, according to people familiar with the situation.
While asset-shedding is likely to be part of any restructuring plan, “it won’t be a fire sale,” according to one government official…………………………………..Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
From Domain-b.com: Temasek Holdings, Singapore’s sovereign wealth fund has reduced its stake in India’s second-largest lender ICICI Bank from 8.3 per cent to 5.9 per cent.
In a filing last Friday with the US Securities and Exchange Commission (SEC), Temasek, which manages a portfolio of over $127 billion as on 31 March 2008, current has a 5.9 per cent stake representing about 65.7 million equity shares of ICICI………………………………….Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
From Gulf-times.com: Jeddah-based Islamic Development Bank (IDB) is tapping Qatar’s sovereign wealth fund as well as other government and private entities as the bank seeks to double financing for agriculture sector in developing countries.
“We are going in for talks with Qatari institutions,” IDB vice president Abdul Aziz al-Hinai told reporters on the sidelines of a function to mark the IDB Group day, which was attended by Finance Minster HE Yousef Hussein Kamal, Qatar Central Bank governor HE Sheikh Abdullah bin Saud al-Thani and IDB president Ahmed Mohamed Ali………………………………….Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
From Businessweek.com: Transurban Group, the Australian toll-road operator, said it hasn’t received any further takeover approaches from two Canadian pension funds since rejecting their A$6.8 billion ($6.1 billion) offer in November. Australia’s sovereign wealth fund, the Future Fund, which said in December it may join the Canadians’ bid, also hasn’t made any approach, Transurban said.
The directors of Transurban, which said the proposal from Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan undervalued the group, today said its corporate advisor Lazard agrees with the company’s own view of its value, Transurban said in a statement………………………………….Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
From Agmetalminer.com: It would seem China can’t get enough of gold. The authorities were overtly encouraging the population to buy gold from the middle of last year, many said as an attempt to sop up excess consumer liquidity although we suspect if they really wanted to do that they would be pushing the banks to offer high savings rates and withdrawing the stimulus measures designed to encourage spending.
China has been a significant market for jewelry use and with a rising sense of affluence that has continued to grow………………………………….Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
From Allafrica.com: Political rather than economic considerations were behind the sharing of Nigeria’s excess crude account by the three tiers of government. From a robust sum of $20 billion in January 2009, the account has now been reduced to $4.2 billion through successive withdrawals from the account.
While the need for economic development was always advanced for the sharing of the money, lack of development in all spheres of the nation’s building has shown otherwise………………………………….Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
From Apa.az: Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on February 16, 2010 the representatives of the US Congress.
Mr. Movsumov briefed the guests on the Fund’s activity, management of its assets, Sovereign Wealth Funds, major projects financed by the Fund. He talked about SOFAZ’s leading role in implementation of the Extractive Industries Transparency Initiative (EITI)………………………………….Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
From Abc.az: Referring to World Bank’s conclusions, Azerbaijani experts claim of jeopardy of the project of expansion of Samur Absheron Channel Complex to the region. One of the experts stated that the WB research of the situation with the Caspian Sea do not leave doubts that the level of the basin is going to raise.
“In this connection the Bank recommends the littoral states to refrain themselves from projects to promote to water level rise. And Azerbaijan keeps on increasing the burden on the coastal area connected with the Caspian water area through natural drainage system………………………………….Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
From Indiatimes.com: Dubai World will have to sell more assets in order to restructure about 22 billion dollars of debt owed by the state-owned conglomerate’s subsidiaries, global ratings agency Moody’s said.
“We believe that further major asset sales will constitute one of the conditions of any amicable restructuring agreement with Dubai World’s creditor banks,” said Philipp Lotter, senior vice president of Moody’s in Dubai………………………………….Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
From Thenational.ae: Mubadala Development’s aerospace division seems to be on a bull run. It has already launched Strata, a business in Al Ain to make fuselage parts for the world’s biggest aeroplane makers, and signed co-operation agreements with a who’s who of the top-tier aerospace and defence companies from Europe and the US to pursue joint ventures in Abu Dhabi.
With names such as Rolls-Royce, GE, Boeing and Sikorksy, the partnerships Mubadala is forging will ensure aerospace will be an important driver in Abu Dhabi’s future economy………………………………….Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
From Businessweek.com: The Gulf Arab region pumps more than 20 percent of the world’s crude oil and is home to some of the world’s biggest sovereign wealth funds.
The Abu Dhabi Investment Authority managed $328 billion at the end of 2008, the Kuwait Investment Authority had $228 billion of assets and the Qatar Investment Authority $58 billion, according to estimates by economists at the New York-based Council on Foreign Relations………………………………….Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
From WSJ: Libya, once shunned by much of the international community, is in the process of opening up its economy. The country’s sovereign wealth fund, the Libyan Investment Authority, is quietly building a portfolio of international assets.
Libya has recently become a familiar presence in Italian business, taking a minority stake in the country’s biggest energy company Eni SpA………………………………….Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
From Businessweek.com: Zain expects a return of as much as $5 billion from selling most of its African operations to Bharti Airtel Ltd. in a deal that would almost halve its assets. Kuwait Investment Authority, the emirate’s sovereign wealth fund, is Zain’s biggest shareholder with about 25 percent.
Bharti, South Asia’s biggest mobile-phone company, and Zain said yesterday they entered into exclusive talks under which the Indian company would buy the African assets for $10.7 billion. Bharti will pay $10 billion when the deal is completed and the rest a year later, Zain said in a statement on the Kuwait Stock Exchange Web site today………………………………….Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
From UPI: R.P. Eddy of Ergo, a consulting firm, said, “a lot of sovereign wealth funds have a vested interest in seeing the United States stabilize. But some wealth fund coming in to save the day? That is not going to happen.”
Paul O’Brien, head of fixed-income strategy at the Abu Dhabi Investment Authority, said the U.S. government was likely to step in with a new program to support the housing market………………………………….Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
Temasek Holdings (Temasek) is an Asian investment company based in Singapore. The company managed investment portfolio with a net value of about SGD 127 billion as of November 30, 2008. The company has a diversified investment portfolio with investments in industries such as energy and resources, financial services, media, property, education, telecommunications, consumer and lifestyle, pharmaceuticals, transportation and logistics, infrastructure, engineering, technology and biosciences. The company’s diversified portfolio includes the investments in principal geographic regions including the OECD economies, North Asia, ASEAN, South Asia, Singapore and others………………………………….Full Press Release: Source
Posted on 17 February 2010 by VRS | Email |Print
From Businessweek.com: China’s ownership of U.S. government debt fell in December by the most since 2000, allowing Japan to regain the position as the largest foreign holder of Treasury securities.
Japan’s holdings rose 1.5 percent in December to $768.8 billion while China’s dropped 4.3 percent to $755.4 billion, Treasury Department figures today showed. China allowed its short-term Treasury bills to mature and replaced them with a smaller amount of longer-term notes and bonds, the data showed………………………………….Full Article: Source
Posted on 17 February 2010 by VRS | Email |Print
From Balkans.com: Serbia’s euro-denominated hard currency reserves rose by 44 million euros to 10.6 billion euros in January, mainly due to disbursement of loans from the World Bank and European Investment Bank (155.2 million euros).
Also contributing were mandatory foreign exchange reserves (36.4 million euros net) at the central bank from commercial lenders, the National Bank of Serbia said in a statement………………………………….Full Article: Source
Posted on 16 February 2010 by VRS | Email |Print
From Temasekreview.com: In a letter to the Straits Times Forum yesterday, Myrna Thomas, the Managing Director (Corporate Affairs) of Temasek Holdings reiterates that it is a commercial entity which is wholly owned by the Ministry of Finance (incorporated) in response to an earlier speech by U.S. political economist Prof Huang Yasheng who criticized the Singapore’s government involvement in the private sector.
Speaking at the Civil Service College, Prof Huang urged Singapore to “rethink” the “Temasek model” and warns that Singapore’s state management model has “milked this system for all it is worth.” … Full article: Source
Posted on 16 February 2010 by VRS | Email |Print
From Thelawyer.com: Linklaters and SJ Berwin have claimed key roles for sovereign wealth fund Chinese Investment Corporation’s (CIC) $956m (£611m) investment in Apax Partners.
SJ Berwin’s head of corporate Steven Davis led the team acting for longstanding client Apax. Corporate partners Michael Halford and Nigel van Zyl also worked on the deal…………………………………..Full Article: Source
Posted on 16 February 2010 by VRS | Email |Print
From Washingtonpost.com: As the U.S. housing market boomed in the past decade and fueled a bull market in mortgage investments, Norway’s government-owned fund went along for the ride — and the fall.
After that fund recorded its worst-ever year in 2008, managers cited investments backed by U.S. mortgages as a key culprit and began to cut back…………………………………..Full Article: Source
Posted on 16 February 2010 by VRS | Email |Print
From Globalpensions.com: The China Investment Corp. (CIC) has partnered with chip maker Intel to invest in technology innovation, Intel said. CIC and Intel’s investment management arm Intel Capital, will invest “in pioneering companies across a wide array of technology sectors including cleantech, software and services, mobility and digital home”, Intel said.
The two investors will target companies outside of China, but Intel did not provide details regarding the amount of capital to be invested…………………………………..Full Article: Source
Posted on 16 February 2010 by VRS | Email |Print
From WSJ: For Dubai World’s creditors, indignity piles upon indignity. News that the troubled state-controlled conglomerate plans to repay its lenders a meager 60 cents for every U.S. dollar they are owed is yet another blow for lenders who, until four months ago, assumed Dubai World’s debts came with an implicit sovereign guarantee.
Dubai World is seeking to reschedule $22 billion of debt. But while the banks may be furious, they have such a weak negotiating hand that they may have to settle for little more than what is on the table…………………………………..Full Article: Source
Posted on 16 February 2010 by VRS | Email |Print
From Maktoob.com: Saudi Basic Industries Corp, better known as Sabic, has borrowed 10 billion Saudi riyals ($2.7 billion) from the state’s Public Investment Fund, or PIF, which encourages the firm to boost its investment domestically and globally, said its chief executive Mohamed al Mady.
It will purse more investments this year, helped by its strong financial position and adequate liquidity………………………………….Full Article: Source
Posted on 16 February 2010 by VRS | Email |Print
From Thememriblog.org: Amru bin AbdAllah Al-Dabbagh, the governor of the Saudi General Authority for Investment, confirmed that the Authority has identified investment opportunities for the private sector of Qatar worth $300 billion.
Qatari private investors are guaranteed the same privileges and facilities accorded to Saudi investors…………………………………..Full Article: Source
Posted on 16 February 2010 by VRS | Email |Print
From Temasekreview.com: Singapore’s sovereign wealth fund Temasek Holdings has set up a global investment company run by its Chief Strategist Charles Ong.
Seatown Holdings Pte Ltd,which will manage billions of dollars will “target absolute returns”, said three people with knowledge of its plan, but asking not to be identified because the information is private…………………………………..Full Article: Source
Posted on 15 February 2010 by VRS | Email |Print
Chip maker Intel Corp. will team with China’s sovereign wealth fund to invest in new technology. The company said Intel Capital and China Investment Corp. will find companies in a variety of technology sectors to invest in outside of China.
Intel, the world’s biggest provider of chips that run personal computers, did not say how much it plans to invest through the partnership or when it will start. Intel spokeswoman Amy Kircos said the company was not ready to provide more details………………………………….Full Press Release: Source
Posted on 15 February 2010 by VRS | Email |Print
From Reuters: Kuwait’s sovereign wealth fund, the biggest shareholder in Zain, will meet soon to decide on a $10.7 billion offer from India’s Bharti Airtel for some of the telco’s African assets, according to a newspaper.
Kuwait Investment Authority (KIA), which has a 24.6 percent stake in the telecom operator, will meet on Sunday prior to a meeting scheduled by Zain’s board to discuss the offer, Kuwaiti daily al-Rai said in an unsourced report on Sunday. Official at KIA were not immediately available for comment………………………………….Full Article: Source
Posted on 15 February 2010 by VRS | Email |Print
From Businessweek.com: Zain, Kuwait’s biggest phone company, said it received an offer for its African assets, excluding Morocco and Sudan. India’s Bharti Airtel Ltd. made a $10.7 billion offer for the assets.The company’s board will meet to discuss the offer, Zain said in a statement to the Kuwait bourse today, without providing further details. Trading in the shares will be suspended.
Zain values the assets at about $10 billion, three people familiar with the plans said in June. Vivendi SA, owner of phone companies SFR and Maroc Telecom, said last July it halted talks with Zain about buying a majority stake in its African assets. New Delhi-based Bharti in September called off talks for a proposed $23 billion merger with South Africa’s MTN Group Ltd………………………………….Full Article: Source
Posted on 15 February 2010 by VRS | Email |Print
From Reuters: Dubai International Capital has sold two-thirds of its 17 per cent stake in Merlin Entertainments, to the family behind Lego, which is a fellow investor in the theme park operator behind the London Eye and Legoland attractions.
The Dubai sovereign wealth fund agreed the sale with the Lego founding family – led by Kjeld Kirk Kristiansen, grandson of the founder – in the summer of 2009………………………………….Full Article: Source
Posted on 15 February 2010 by VRS | Email |Print
From Smh.com.au: It was all designed to show Temasek (Singapore’s sovereign wealth fund), China Investment Corporation (China’s sovereign wealth fund) and a bevy of hedge funds and private equity funds that Palmer enjoyed the warm support of the Chinese state. And he could not have been more pleased.
But then Palmer collided with Li Xiaolin, the chairwoman of China Power group. The incident provides a neat lesson on why Australian businesses need to come to grips with ”the idiosyncrasies of Chinese politics”, as Australia’s ambassador in Beijing Geoff Raby put it last week………………………………….Full Article: Source
Posted on 15 February 2010 by VRS | Email |Print
From Thepeninsulaqatar.com: Qatar’s Prime Minister and Foreign Minister and the Turkish Prime Minister witnessed the signing of a Memorandum of Understanding (MoU) between Qatar’s Hassad Food, owned by Qatar’s sovereign wealth fund and the Turkish firm Puccivan.
Sheikh Hamad bin Jassem said that Qatar attaches special importance to its relations with Turkey, adding that Turkish companies will be offered substantial opportunities to participate in the major projects that Qatar will be undertaking………………………………….Full Article: Source
Posted on 15 February 2010 by VRS | Email |Print
From Utilities-me.com: Qatar, holder of the world’s third biggest natural gas reserves, may invest in Areva SA to help the company fund an expansion in the nuclear power market. The country’s sovereign wealth fund increased its stake in Volkswagen AG last year to 17 percent. It’s also the largest shareholder in Sainsbury Plc and Barclays Plc.
“We are studying the matter,” Qatar’s Prime Minister Sheikh Hamad Bin Jasim Bin Jaber Al Thani said………………………………….Full Article: Source
Posted on 15 February 2010 by VRS | Email |Print
From Punchng.com: Following Friday’s endorsement by the Federation Account Allocation Committee of $2bn proposed for sharing by Acting President Goodluck Jonathan from the Excess Crude Account, the new balance in the ECA now stands at $4.2bn.
FAAC at the meeting said that the need to endorse the amount became imperative in order to stimulate economic activities in the country. The committee also approved the sum of N329bn for distribution between the three tiers of government for the Month of January…………………………………Full Article: Source
Posted on 15 February 2010 by VRS | Email |Print
From Timesonline.co.uk: Dubai World would offer its creditors 60 per cent of the money they are owed, under the latest proposal to restructure the company’s $22 billion (£14 billion) of outstanding debts.
The proposed solution would ensure that banks were repaid after seven years with a 40 per cent “haircut” on their loans to the conglomerate, but the agreement would carry a sovereign guarantee from the Dubai Government………………………………….Full Article: Source
Posted on 15 February 2010 by VRS | Email |Print
From Thenational.ae: MEC Holdings, a 50-50 joint-venture between Trimex of India and the Ras al Khaimah Investment Authority, hopes to sign coal export agreements with two Indian power firms by the end of next month, said Madhu Koneru, the executive vice chairman of MEC.
India “is the primary market”, he said. “We are on the good side of commodities – energy – and the market we are targeting is India: both are doing very well.”…………………………………Full Article: Source
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