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Sovereign Wealth Funds Briefing - Archive | April, 2010

Transparency a double-edged sword for sovereign wealth funds

Posted on 30 April 2010 by VRS  |  Email |Print

From Globalpensions.com: The Official Monetary and Financial Institutions Forum (OMFIM) held its inaugural meeting at the beginning of March, ostensibly to facilitate discussions between Western central banks and the ever-growing sovereign wealth fund (SWF) community (estimated to be worth well in excess of US$3trn) over how to mend the global financial system.
It has been suggested that this new forum, which is held behind closed doors, is essentially a way of helping Western authorities find buyers for the great volume of government debt they will have to issue over the next few years. But regardless of the real intentions and objectives of this meeting, it illustrates how significantly the perceptions of SWFs have changed since the start of the financial crisis…………………………………..Full Article: Source

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Deutsche supports Asia research into sovereign fund portfolios

Posted on 30 April 2010 by VRS  |  Email |Print

From IPE: In search of an investment model that can be relevant to all sovereign funds, Deutsche Bank has endowed a three-year research chair in Singapore as part of a new Asian initiative by the French academic institution EDHEC.
The project, which began in 2009, has been yielding a model that is not significantly different from liability-driven investment strategies used by pension funds in developed Western markets…………………………………..Full Article: Source

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Istithmar short-lists bidders for ISS

Posted on 30 April 2010 by VRS  |  Email |Print

From Dow Jones: Istithmar, part of Dubai’s sovereign wealth fund, has short-listed a handful of bidders in the auction of its port and shipping agent, Inchcape Shipping Services, people familiar with the situation told Dow Jones Newswires on Thursday.

Buyout firms Cinven Group Ltd., CVC Capital Partners Ltd., Carlyle Group LP., General Atlantic LLC., and Canadian pension fund Omers, or the Ontario Municipal Employees Retirement System, are through to the final round and will submit bids by the second-half of May, they added…………………………………..Full Article: Source

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Dubai Investments Q1 net profit up 3 pct

Posted on 30 April 2010 by VRS  |  Email |Print

From Reuters: UAE-based conglomerate Dubai Investments Co posted a 3.3 percent rise in first-quarter net profit and expects a similar outcome for the second quarter. Dubai Investments — partly owned by Investment Corporation of Dubai, the Gulf Arab emirate’s sovereign wealth fund — derives most of its revenues from the UAE and other Gulf Arab countries.

“We are forecasting that profit will be almost the same as Q1,” Khalid Bin Kalban, who is also the company’s managing director, said in a telephone interview…………………………………..Full Article: Source

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Cool reception seen for Dubai World offer

Posted on 30 April 2010 by VRS  |  Email |Print

From Reuters: Dubai World DBWLD.UL, which is in talks to restructure $26 billion in debt, is offering lenders an additional 1 percent in interest upon maturity of new debt, but the deal is unlikely to satisfy banks, analysts said on Thursday.
The state-owned conglomerate’s offer is for a 1 percent interest rate and 1 percent payment-in-kind, a source familiar with the matter said, an upgrade from an opening 1 percent interest rate offer which was rejected as being too low…………………………………..Full Article: Source

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India seeks UAE funds

Posted on 30 April 2010 by VRS  |  Email |Print

From Khaleejtimes.com: India, which attracted $40 billion foreign investment last year, wants UAE investors to explore opportunities in the country’s infrastructure projects, Indian Ambassador to UAE M K Lokesh said.

“We want to encourage investment from the UAE because the country has a lot of funds in terms of sovereign wealth funds etc and we would like to invite them to invest in our infrastructure projects,” Lokesh said…………………………………..Full Article: Source

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Senator seeks investment from Qatar in Australia

Posted on 30 April 2010 by VRS  |  Email |Print

From Gulf-times.com: Australia’s Assistant Treasurer senator Nick Sherry recently met with government officials, including Prime Minster HE Sheikh Hamad bin Jassim bin Jabor al-Thani, to discuss bilateral relations and the development of Islamic banking in Australia. Qatar’s sovereign wealth fund agricultural company, Hassad has already invested in Australian agriculture.

Sherry also met with Minter of Economy and Finance HE Yousef Kamal as well as officials from the Qatar Financial Centre Regulatory Authority and Qatar Islamic Bank during his trip earlier this week…………………………………..Full Article: Source

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Hunnu Coal, seeking funds, studies Hong Kong listing next year

Posted on 30 April 2010 by VRS  |  Email |Print

From Businessweek.com: Hunnu Coal Ltd., an Australian company developing coal mines in Mongolia, is studying the sale of shares in Hong Kong next year to fund new operations. Hunnu may join other Mongolia-focused mining companies including SouthGobi Energy Resources Ltd., the Canada-listed mining company backed by China’s sovereign wealth fund.

‘The plan is to dual-list it on the Hong Kong stock exchange, middle to late-next year,” Chairman Matthew Wood said today in an interview in Bloomberg’s Melbourne bureau…………………………………..Full Article: Source

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Hong Kong financial secretary: No plan to set up SWF

Posted on 29 April 2010 by VRS  |  Email |Print

From Dow Jones: Hong Kong Financial Secretary John Tsang said Wednesday the Hong Kong government has no plans to set up a sovereign-wealth fund.

The comment was in response to a lawmaker’s question on whether the Hong Kong government would consider setting up such a fund to seek higher returns on the Hong Kong Exchange Fund’s investment portfolio………………………………….Full Article: Source

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Bulgaria, Qatar Investment Authority go for USD 500 mln joint venture

Posted on 29 April 2010 by VRS  |  Email |Print

From Novinite.com: Bulgaria’s National Company “Industrial Zones” Jsc and the Qatar Investment Authority are going to set up a joint venture.

This has become clear after on Wednesday the Bulgarian Cabinet approved the Memorandum for Understanding singed between the Bulgarian Ministry of Economy, Energy, and Tourism and Qatar’s Ministry of Business and Trade on March 23, 2010, in Doha………………………………….Full Article: Source

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Qatar takes 5pct stake in N-power group

Posted on 29 April 2010 by VRS  |  Email |Print

From Gulf-times.com: The board of French nuclear power group Areva should approve a capital increase tomorrow with Qatar and Kuwait’s sovereign wealth funds and Mitsubishi each taking a 5% stake for 3bn euros ($4bn) in total, La Tribune reported.
The rights issue is part of Areva’s state-backed plan to expand and invest in a new generation of nuclear power generators for which it will need to raise 10bn euros by 2012, the Paris-based paper said………………………………….Full Article: Source

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Investment Corporation of Dubai MD leaves post

Posted on 29 April 2010 by VRS  |  Email |Print

From Tradearabia.com: The managing director of the Investment Corporation of Dubai (ICD), the investment arm of the emirate, has left the post, a government spokeswoman said.

Abdulaziz Al-Muhairi will take up a new role within the investment body, the spokeswoman added………………………………….Full Article: Source

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China to become biggest private equity player

Posted on 29 April 2010 by VRS  |  Email |Print

From Swedishwire.com: “China will become the single biggest investor in private equity”, David Rubenstein said. Sovereign wealth funds will also continue to increase its presence at the global financial markets, he said, and play a bigger role in private equity activities. At the same time regulations will become much tougher in the US and Europe.

“Europe’s role will be dependent on the nature of EU regulations”, he said, warned against the creation of a separate European private equity universe………………………………….Full Article: Source

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China shifts its Africa investment strategy

Posted on 29 April 2010 by VRS  |  Email |Print

From Forbes: China’s push into Africa in recent years has not been easy. Prior to the 2008 recession, China’s cash-rich state-owned enterprises, sovereign wealth fund and other financial institutions invested with gusto.

In its pursuit of energy deals, supplies of commodities and large construction projects, China has gone where many developed nations fear to go………………………………….Full Article: Source

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Sovereign wealth

Posted on 29 April 2010 by VRS  |  Email |Print

From Holyrood.com: The World Bank itself is using sovereign and pension funds to recast the concept of aid; state-owned investment vehicles from South Korea, Azerbaijan, Netherlands and Saudi Arabia have agreed to invest $600m in a bank-sponsored equity fund for lessdeveloped countries.

Scotland’s SNP Government has floated the idea of attracting investment from funds to finance major infrastructure projects. First Minister Alex Salmond has long argued that revenues from North Sea oil should have contributed to a Scottish sovereign wealth fund………………………………….Full Article: Source

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Resource wealth warning

Posted on 29 April 2010 by VRS  |  Email |Print

From Smh.com.au: Australia is fit for the future but faces challenges including maximising the return of the resource boom by setting up a sovereign wealth fund to maintain the prosperity of the nation, a paper says.

Fit for the Future, co-written by Saul Eslake and the Institute of Chartered Accountants, outlines six issues believed integral to growth that must be dealt with if Australia is to continue to reap the benefits of its unique position………………………………….Full Article: Source

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Brazil could use SWF to finance state firms-report

Posted on 28 April 2010 by VRS  |  Email |Print

From Reuters: Brazil’s government may use its $9 billion sovereign wealth fund to bolster the capital of state-controlled companies including Banco do Brasil and Petrobras, O Estado de S. Paulo newspaper said on Tuesday.
The government on Monday issued a decree that allows the National Treasury to speed up the process of replenishing the capital base of state companies and committing funds for corporate finance transactions, Estado said………………………………….Full Article: Source

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MENA SWFs maintain prudent strategies

Posted on 28 April 2010 by VRS  |  Email |Print

From Globalarabnetwork.com: As the global economy shows signs of recovery, the Middle East and North Africa sovereign wealth funds maintain prudent strategies. The decision in December 2009 by the Abu Dhabi Investment Authority (ADIA) to go to court in New York over its $7.5 billion investment in the US banking giant, Citigroup, reflects a newfound sense of mission, and a changing attitude toward risk, on the part of the world’s largest sovereign wealth fund (SWF).
It is one that is reflected, to varying degrees, among the other SWFs and government-related entities in Saudi Arabia, Kuwait, Qatar and other parts of the Gulf Cooperation Council (GCC) countries, which together account for more than half of the estimated $1.8 trillion to $2.5 trillion held in global SWF assets………………………………….Full Article: Source

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Azerbaijan State Oil Fund’s assets reached $16.2 bln

Posted on 28 April 2010 by VRS  |  Email |Print

From Abc.az: In the 1st quarter of 2010 assets of the State Oil Fund of Azerbaijan (SOFAZ) increased by 9.1% compared with the indicator by early 2010. The Fund informs that as of 1 April 2010 its assets totaled $13.049 bn.

This indicator growth since early 2010 made up 9.1%,” Movsumov said. As of 1st April 2010 SOFAZ earning totaled AZN 2.75 bn and expenditures AZN 1.29 bn………………………………….Full Article: Source

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SOFAZ to invest in shares of new IFC fund

Posted on 28 April 2010 by VRS  |  Email |Print

From Trend.az: The State Oil Fund of the Azerbaijan Republic (SOFAZ) together with the International Finance Corporation (IFC), the Dutch PGGM, the Korea Investment Corporation and the Saudi Arabian Foundation will invest in the newly created African, Latin American and Caribbean Fund under the auspices of the IFC, SOFAZ reported.

The new fund is expected to accumulate $1 billion and these funds will be managed by an IFC asset management company………………………………….Full Article: Source

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Revision of Azerbaijan’s State Oil Fund on subject of conformity to basic directives suggested

Posted on 28 April 2010 by VRS  |  Email |Print

From Abc.az: An understanding of the necessity to revise activities of the State Oil Fund of Azerbaijan (SOFAZ) on the subject of conformity to basic directives has been formed in the country.

One of the governmental experts has claimed that in this connection checks in SOFAZ launched by the Accounting Chamber is a move in right direction………………………………….Full Article: Source

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Carillion JV signs contract with Mubadala worth GBP570mln

Posted on 28 April 2010 by VRS  |  Email |Print

From Dow Jones: Carillion PLC, a support services company, announced Tuesday that its joint venture company, Al Futtaim Carillion has been awarded design and build contract for New York University Abu Dhabi’s Saadiyat Island Campus by Mubadala Infrastructure, worth GBP570 million.
Mubadala Infrastructure, a business unit of Mubadala Development Company PJSC………………………………….Full Article: Source

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Nigeria: Experts divided over Sovereign SWF

Posted on 28 April 2010 by VRS  |  Email |Print

From Allafrica.com: Economists and experts are divided over the Federal Government’s proposed Sovereign Wealth Fund to replace the Excess Crude Account.
Government is yet to come out with clear guidelines and details on how the fund would be established even though it has given itself a three months deadline to come up with the fund………………………………….Full Article: Source

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Nigeria: Economist seeks legal backing for SWF

Posted on 28 April 2010 by VRS  |  Email |Print

From Allafrica.com: A top economist, Mr. Opeyemi Agbaje, has said that if the National Sovereign Wealth Fund scheme recently approved by the federal government is to succeed, it must have legal backing.
Speaking to Daily Trust in Lagos yesterday, he also said it must be backed by institutional framework like what is obtainable in other Organisation of Petroleum Exporting Countries (OPEC) where such excess money accrued from the sales of crude oil is set aside in a sovereign fund for infrastructural development………………………………….Full Article: Source

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Welcome Sovereign Wealth Fund

Posted on 28 April 2010 by VRS  |  Email |Print

From Vanguardngr.com: New Minister of Finance, Mr. Olusegun Aganga, recently disclosed that the Excess Crude Account would soon be abolished to give way to the creation of a Sovereign Wealth Fund.

The Excess Crude Account was one of the many illegalities that former President Olusegun Obasanjo created during his eight-year reign, during which Nigeria experienced an unprecedented stretch of oil boom, which had little or no positive effect on the ordinary person. Rather, it raised the level of corruption in high places and brought on the man-on-the-street untold suffering due to frequent rises in the prices of petroleum products………………………………….Full Article: Source

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Challenges of SWFs on politics & economy

Posted on 28 April 2010 by VRS  |  Email |Print

From Lawvibe.com: Amidst a global economic ‘credit crunch,’ world economies are desperately seeking dependable sources of investment into their financial institutions, in an effort to regain liquidity into their markets, enabling lending institutions to continue their day-to-day activities. One source of such income is derived from an emerging investment tool known as a sovereign wealth fund (also known as an SWF).
This article will briefly explore the development of SWFs, explain the relevance they play in the U.S. and world economy today, raise national security issues that stem from SWFs, and address recent and developing legislation in response to the growing presence of SWFs in the U.S. economy………………………………….Full Article: Source

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Sydney to host sovereign funds

Posted on 27 April 2010 by VRS  |  Email |Print

From Theaustralian.com.au: The Future Fund will host the second annual meeting of the International Forum of Sovereign Wealth Funds, keepers of an estimated $US3.6 trillion ($3.96 trillion) of national wealth.

Executives from more than 20 funds, including China Investment Corporation, Government of Singapore Investment Corporation (GIC) and Abu Dhabi Investment Authority, will attend the three-day meeting in Sydney next week…………………………………..Full Article: Source

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State Oil Fund of Azerbaijan invests in IFC African, Latin American and Caribbean Fund

Posted on 27 April 2010 by VRS  |  Email |Print

From Abc.az: SOFAZ joined International Finance Corporation, PGGM- Dutch pension fund manager, Korea Investment Corporation and fund from Saudi Arabia in investing in newly created IFC African, Latin American and Caribbean Fund.

SOFAZ reports that the IFC African, Latin American and Caribbean Fund which has a target size of $1 billion and will be managed by a wholly owned subsidiary of IFC, IFC Asset Management Company, LLC (AMC), allows sovereign and pension fund investors for the first time to co-invest in a private equity format with IFC in growth opportunities in developing country markets…………………………………..Full Article: Source

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The allure of sovereign wealth funds

Posted on 27 April 2010 by VRS  |  Email |Print

From Businessdayonline.com: As Nigeria decides to set-up a Sovereign Wealth Fund, the allure and strategic importance of such a Fund becomes instructive.

Nigeria will soon join other members of the Organisation of Petroleum Exporting Countries (OPEC) to float a Sovereign Wealth Fund (SWF) as the federal government now jettisons the grossly abused Excess Crude Account (ECA) which was an extra-legal creation of the last Olusegun Obasanjo administration…………………………………..Full Article: Source

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Nigeria needs clear policy on excess crude account – IMF

Posted on 27 April 2010 by VRS  |  Email |Print

From Businessdayonline.com: Barely one week after the Federal Government hinted of establishing a sovereign wealth fund (SWF) to replace the excess crude account (ECA), the International Monetary Fund (IMF) has advised on the need for a clear cut policy on the use of the excess fund coming from the sale of crude oil in the international market.
According to the IMF, a clear cut policy on the excess crude account will assist Nigeria to “really pursue more countercyclical policies.”………………………………….Full Article: Source

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Temasek, Hopu Investment invest in China Yurun Food

Posted on 27 April 2010 by VRS  |  Email |Print

From China Knowledge: Singapore’s sovereign wealth fund, Temasek Holdings Pte Ltd, and its newly founded investment arm, Seatown Holdings Pte, along with Chinese private equity firm Hopu Investment Management Co have subscribed for a combined US$235-million worth of new shares of China Yurun Food Group Ltd, a source familiar with the situation said on Thursday.

Hope Investment subscribed for US$165 million worth of shares, while Temasek and Seatown invested US$50 million and US$20 million in the Chinese firm, respectively, according to the source…………………………………..Full Article: Source

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RAKIA achieves 75 pct growth in licences issued

Posted on 27 April 2010 by VRS  |  Email |Print

From Albawaba.com: Ras Al Khaimah Investment Authority (RAKIA), which operates free and non free zones, industrial parks, issues offshore licenses and is also into real estate development, has announced that it has issued a total of 263 licences to different businesses during the first quarter of 2010, representing a 75 per cent growth over the same period in 2009 and increasing the total number of registered companies to 2,834.
RAKIA also announced that it has set an all-time record with the number of licences issued in March…………………………………..Full Article: Source

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Daimler says Kuwait SWF’s stake rose to 5.33pct on April 22

Posted on 27 April 2010 by VRS  |  Email |Print

From Dow Jones: German automaker Daimler AG (DAI) said Monday in a regulatory filing that the stake of its second-largest shareholder, Kuwait Investment Authority, increased to 5.33% on April 22.
Earlier this month, KIA’s stake had been reduced to 4.24%.
It assured on April 13 that the stake would return to its old level of 6.9% once a stock lending transaction has been finalized…………………………………..Full Article: Source

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Dubai World creditor expects debt resolution soon

Posted on 27 April 2010 by VRS  |  Email |Print

From Abcnews: One of Dubai World’s major creditors said Monday that restructuring talks with the debt-laden conglomerate are moving ahead and should be resolved soon. Rick Pudner, CEO of Emirates NBD, said negotiations with the struggling state-owned company are still ongoing but are “progressing very positively.”

“A lot of progress has been made over the last few weeks. We are hoping for a satisfactory resolution,” Pudner told reporters in a conference call…………………………………..Full Article: Source

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NBAD launches landmark fund

Posted on 27 April 2010 by VRS  |  Email |Print

From Thenational.ae: Raising investment funds from the private sector to pursue international business opportunities is uncommon in the UAE, which is better known for its sovereign wealth funds.
In 2006, Masdar, the Abu Dhabi Government-owned clean energy company, teamed with the international investment firm Credit Suisse and the German energy technology company Siemens to launch a venture capital fund…………………………………..Full Article: Source

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Sovereign wealth funds tend to drag companies down

Posted on 26 April 2010 by VRS  |  Email |Print

From Gulfnews.com: Companies do badly after foreign sovereign wealth funds (SWFs) buy their shares, according to new research that points to the funds’ hands-off approach as the source of the problem.

When an SWF invests, the target company’s share price often jumps in the days surrounding the investment, the research found, but over the following year or two, the share price significantly underperforms its peer group…………………………………Full Article: Source

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Dubai to prop up shaky UK ventures

Posted on 26 April 2010 by VRS  |  Email |Print

From Timesonline.co.uk: A sovereign wealth fund in cash-strapped Dubai could be forced to plough more than £100m of fresh capital into one of its UK investments. Dubai International Capital (DIC), an investment vehicle controlled by the ruler of the emirate, Sheikh Mohammed Bin Rashid al-Maktoum, has been asked by a consortium of banks to slash the borrowings of Alliance Medical, the medical technology company it bought for £600m in 2007.

DIC has seen an ambitious foray into European private equity quickly turn sour. It was one of the private equity firms hit hardest by the credit crunch and has had to inject fresh capital into many of its investments, which have struggled because of large debts…………………………………Full Article: Source

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How to manage Nigeria’s SWFs

Posted on 26 April 2010 by VRS  |  Email |Print

From Thisdayonline.com: A couple of weeks ago, there was an enquiry from ADIA about the status of the African Private Equity Fund of Funds Henshaw Capital Partners, the first independent pan-African private equity fund of funds dedicated to Africa. The ADIA investment officer read about Henshaw in the Wall Street Journal and wanted to learn more about it.
ADIA - the Abu Dhabi Investment Authority - is the largest Sovereign Wealth Fund (SWF) in the world with over US$620 billion under management…………………………………Full Article: Source

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IMF cautions Nigeria on use of Excess Crude Account

Posted on 26 April 2010 by VRS  |  Email |Print

From Thisdayonline.com: The International Mon-etary Fund yesterday urged Nigeria to have a clear policy on the use of savings from its Excess Crude Account (ECA).

Director of IMF’s African Department, Ms. Anto-inette Monsio Sayeh, who made this call yesterday at the World Bank/ International Monetary Fund Spring Meetings in Washington DC, also gave a thumbs-up to the reforms in Nigeria’s oil and gas and banking sectors…………………………………Full Article: Source

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Norway buys up 4 pct holding at Smurfit Kappa

Posted on 26 April 2010 by VRS  |  Email |Print

From Independent.ie: Oil-rich Norway has built up a 4 per cent stake in Gary McGann’s €1.6bn-valued Smurfit Kappa Group in recent weeks. The Norwegian state fund is now Smurfit’s fifth largest shareholder with a near €70m stake in the paper and packaging group.
The stakebuilding, by the vast €230bn Norwegian state sovereign wealth fund, fronted by Norges Bank Investment Managers, is thought to have started at the end of last year but big blocks of shares were bought in March and again in the last fortnight…………………………………Full Article: Source

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L’Occitane to use most HK IPO proceeds for Asian expansion

Posted on 26 April 2010 by VRS  |  Email |Print

From Bloomberg: L’Occitane International SA, which starts sales in Hong Kong today for its initial public offering, plans to use two thirds of the proceeds of as much as HK$5.49 billion ($707 million) to open new stores. China Investment Corp., the nation’s sovereign wealth fund, agreed to buy $50 million worth of shares in the IPO, the company said.
CIC’s investment in the shares will be locked up for six months after the IPO, it said…………………………………Full Article: Source

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France’s L’Occitane seeks emerging market expansion

Posted on 26 April 2010 by VRS  |  Email |Print

From Reuters: Cosmetics retailer L’Occitane International S.A. plans to expand into high-growth emerging markets after its share sale of up to $708 million in Hong Kong. The company has signed up China’s sovereign wealth fund China Investment Corp as its cornerstone investor for $50 million worth of shares.

It aims to expand further in China, Brazil, India, Mexico and Russia with expected increases in consumer spending power, L’Occitane chairman Reinold Geiger told reporters via video link from New York…………………………………Full Article: Source

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Greenland is divided on wider oil exploration

Posted on 26 April 2010 by VRS  |  Email |Print

From WSJ: Oil, one way or another, promises to transform this barren ice mass. Greenland’s government last year established a sovereign wealth fund to manage future crude revenue, underscoring its confidence in the island’s oil prospects.

For years, many Greenlanders and scientists have blamed the burning of oil and other fossil fuels for rising temperatures that have caused Greenland’s huge ice cap to recede and its building-size offshore glaciers to crack apart…………………………………Full Article: Source

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PFD for deceased goes too far

Posted on 26 April 2010 by VRS  |  Email |Print

From Juneauempire.com: The House has passed Sen. Kevin Meyer’s bill to grant Permanent Fund Dividends to the estates of those who die in the previous year, provided the deceased would have qualified had they been living. All right, everyone make your own joke here. “We used to say you just have be a breathing Alaska resident to receive the dividend. Now you don’t even have to be breathing.”

As Rep. Berta Gardner, one of eight House members who voted against the bill on April 15, said, we mean no disrespect to the families of deceased Alaskans. Family members and lawmakers have argued that families can use the money to fill gaps left by the loss of a breadwinner. No question…………………………………Full Article: Source

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Fund increases China’s African stake

Posted on 26 April 2010 by VRS  |  Email |Print

From Waltainfo.com: The China Africa Development Fund opened its second African office in Addis Ababa recently. Formed as a result of a China African cooperation summit, the fund looks to promote Chinese companies in Africa while assisting the continent’s development.

With interest in three new projects in Ethiopia, and warm words for the government, it looks set to play an increasingly large role…………………………………Full Article: Source

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CIC bonds: The good, the bad and the ugly

Posted on 26 April 2010 by VRS  |  Email |Print

From Theasset.com: China’s sovereign wealth fund, China Investment Corporation (CIC), will tap the domestic debt market in a 80 billion renminbi (USD11.7 billion) borrowing that will enable two semi-policy banks, China Export-Import Bank of China (China Eximbank) and China Export Credit Insurance Corp (Sinosure), to clear up some of the bad loans on their balance sheets.

Central Huijin, the domestic financial investment arm of CIC, will issue the so-called bonds in the interbank market before on-lending the proceeds in CIC’s latest attempt to square the financing circle that represents Beijing’s control of its various financing departments…………………………………Full Article: Source

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Inmet closes private placement of $500 mln to Temasek subsidiary

Posted on 26 April 2010 by VRS  |  Email |Print

Inmet Mining Corporation has closed its previously announced private placement of $500 million of subscription receipts to Ellington Investments Pte. Ltd., an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited.

On closing, Ellington purchased 9,258,419 subscription receipts at a price of $54.0049 each for total proceeds to Inmet of $500 million. These proceeds will be held in escrow by CIBC Mellon Trust Company, as subscription receipt agent, and invested pending exchange of the subscription receipts for Inmet common shares as described below. On completion of the exchange, the proceeds will be used by Inmet for the development of its Cobre Panama project and for general corporate purposes…………………………………Full Press Release: Source

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Singaporean money flows to Canadian miners

Posted on 26 April 2010 by VRS  |  Email |Print

From Stockhouse.com: The investment arm of the government of Singapore, Temasek Holdings, is starting to make its presence felt in Canadian mining circles.
The notoriously secretive investment company has closed a $500 million placement in Inmet Mining, a Canadian mining company producing copper, zinc and gold, and has also purchased US$50 million worth of shares in Platmin, which holds platinum group metal assets in South Africa…………………………………Full Article: Source

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Gulf Bank Q1 profit down 67 pct

Posted on 26 April 2010 by VRS  |  Email |Print

From Reuters: Kuwait’s Gulf Bank said on Sunday its first-quarter profit fell 67 percent, well below analysts’ forecasts. The lender, in which sovereign wealth fund Kuwait Investment Authority (KIA) owns a 16 percent stake, made a net loss of 28.07 million dinars in 2009.

The bank made a net profit of 524,000 dinars ($1.82 million) in the first quarter, compared with a net profit of 1.6 million dinars in the same period last year, it said in a statement on the Kuwaiti bourse website on Sunday…………………………………Full Article: Source

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State-owned Qatari fund set for more deals-analysts

Posted on 23 April 2010 by VRS  |  Email |Print

From Reuters: Wealthy and seemingly unscathed by the global crisis, Qatari real estate firm Diar is expected to invest boldly and hunt for big stakes while other Gulf sovereign investors follow a more conservative approach.
Diar, the property arm of the Gulf state’s sovereign wealth fund Qatar Investment Authority (QIA), recently embarked on an aggressive investment strategy, buying stakes in assets ranging from luxury hotels to global utility firms. ……………………………………..Full Article: Source

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