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Sovereign Wealth Funds Briefing - Archive | August, 2010

Sovereign wealth funds are the new kings of the markets

Posted on 31 August 2010 by VRS  |  Email |Print

From Newstatesman.com: The Abu Dhabi Investment Authority, still nursing its wounds after bailing out its spendthrift neighbour Dubai, is said to be bidding for the rail link between London and the Channel Tunnel.
A number of secretive sovereign wealth funds (SWFs) have apparently expressed interest in buying a stake in General Motors when the company floats later this year. Whenever a major business is put up for sale, SWFs seem to be at the front of the queue……………………………………….Full Article: Source

Kuwait KIA rejects plan to set Islamic body to back small projects

Posted on 31 August 2010 by VRS  |  Email |Print

Mustafa Al ShamaliFrom Zawya Dow Jones: The Kuwait investment Authority, or KIA, has turned down a parliamentary proposal to set up a shariah-compliant specialized entity to support small projects by Kuwaiti nationals, Kuwait-based Al Anba daily reports Monday.
The sovereign wealth fund said that it is engaged in undertakings that have been in place for a long time that make creating such entity unnecessary, the paper reports citing KIA’s response which was referred to parliament by Minister of Finance Mustafa Al Shamali……………………………………….Full Article: Source

Qatar named in bid for Taiwan insurer

Posted on 31 August 2010 by VRS  |  Email |Print

From Thenational.ae: Qatar Investment Authority may lend its weight to a US$2.5 billion (Dh9.18bn) takeover of the Taiwanese arm of American International Group (AIG) as part of a former diplomat’s bid to “save” the insurance unit from Chinese ownership.
Wang Shih-jung, a former trade envoy to Switzerland, said he had lined up investors who would bid to take over Nan Shan, AIG’s Taiwanese arm, if a $2.2bn bid from a Chinese-based consortium was blocked by Taiwan’s regulator……………………………………….Full Article: Source

Qatar sovereign fund, Firix may buy AIG’s Nan Shan

Posted on 31 August 2010 by VRS  |  Email |Print

From Bloomberg: A company backed by a unit of Qatar’s sovereign fund and Japan’s Firix Partners Co. may seek to purchase American International Group Inc.’s Nan Shan Life Insurance Co. if a rival deal is rejected by Taiwan’s regulators, the Commercial Times reported, citing Rex Wang, an official at the venture.
Qatar and Firix will provide $2.5 billion of funding for the bid, according to the Taipei-based Chinese-language daily……………………………………….Full Article: Source

NBAD sponsors Global Arab Business Meeting in RAK

Posted on 31 August 2010 by VRS  |  Email |Print

From Albawaba.com: The Global Arab Business Meeting, which is expected to draw about 300 business leaders from the Arab world and beyond, is co-hosted by RAK Investment Authority (RAKIA) and Horasis, a Swiss organisation based in Geneva.
“We are pleased and proud to support this forum to help Arab companies increase their global outreach, influence and prestige,” said Abdulla Ghobash, NBAD’s Regional Manager in the Northern Emirates………………………………………Full Article: Source

The Korea Investment Corporation, the wealth

Posted on 31 August 2010 by VRS  |  Email |Print

From Poten.com: The Korea Investment Corporation, the sovereign wealth fund that bought a stake in Chesapeake Energy Corporation in June, plans to make more direct investments, departing from its strategy of buying stocks and bonds in public markets after returns sagged this year, the JoongAng Daily reported at the weekend.
The $35 billion fund, known as KIC, may invest in energy, clean technology and natural resources companies, Chief Investment Officer Scott Kalb said in an interview. KIC may also put more money into hedge funds and real estate, he said……………………………………….Full Article: Source

China’s rising bank debt could leave nation exposed

Posted on 31 August 2010 by VRS  |  Email |Print

From Telegraph: Moody’s said China Investment Corporation (CIC), the country’s sovereign wealth fund, borrowed $8bn (£5.1bn) last week to recapitalise three state-owned banks, using debt rather than genuine equity to boost bank capital.
The agency does not explore why the CIC is resorting to debt to carry out these transactions, but the practice looks bizarre from the outside and prompts questions over the resources of the fund itself……………………………………….Full Article: Source

Has CIC entered a funding crisis?

Posted on 31 August 2010 by VRS  |  Email |Print

From Zerohedge.com: Moody’s is out with a surprisingly frank appraisal of the Chinese banking system’s precarious capitalization trend, by looking at the recent RMB 54 billion capital raise in the interbank market by the domestic arm of the Chinese Sovereign Wealth fund (CIC), which was “the first part of an RMB 187.5 billion overall fund-raising program mainly to provide additional capital to the three largest state-owned banks, a policy lender, and a policy insurance company.”
As Moody’s oh so correctly concludes: “Recapitalizing banks with bond proceeds from banks is credit negative because it increases the effective leverage of the banking system……………………………………….Full Article: Source

GCL-Poly to supply DelSolar with 664 megawatts of solar wafers

Posted on 31 August 2010 by VRS  |  Email |Print

From Bloomberg New Energy Finance: GCL-Poly Energy Holdings Ltd., in which China’s sovereign wealth fund holds a stake, signed an agreement with DelSolar Co. to supply 664 megawatts of wafers to the Taiwanese solar-cell maker. China Investment Corp., the nation’s sovereign wealth fund, acquired a HK$5.5 billion ($707 million) stake in GCL-Poly in November.
The solar wafers will be delivered from October 2010 to December 2015, Hong Kong-listed GCL-Poly said in a statement on its website today. The contract value wasn’t disclosed……………………………………….Full Article: Source

Russia’s big asset sales in 2010 unlikely

Posted on 31 August 2010 by VRS  |  Email |Print

From Reuters: Russia is expected to use up most of its 1.2 trillion rouble Reserve Fund this year. The government also has a 2.7 trillion rouble National Welfare Fund at its disposal, but is keen to keep a cash safety net against future crises.
Oil — a key source of cash for Russia’s commodity-driven economy — is also unlikely to rise far enough above budget forecasts to remove the need for extra cash……………………………………….Full Article: Source

AMR Corp pops on sovereign wealth fund rumors

Posted on 31 August 2010 by VRS  |  Email |Print

From Benzinga.com: AMR Corp. is flying higher today, currently positive by 5.12%, trading at $6.34. There are some rumors swirling around trading circles that the company may receive an investment from a large sovereign wealth fund.
Call volume is heightened today as well. The September $7.00 strike has already traded over 12,000 times, surpassing open interest of 9,212 contracts. This indicates new positioning on the strike. The October $8.00 call was also purchased 1,250 times on open interest of 2,023 contracts……………………………………….Full Article: Source

Ecuador’s foreign reserves fall to lowest since 2009

Posted on 31 August 2010 by VRS  |  Email |Print

From Bloomberg: Ecuador’s foreign reserves dropped to the lowest level since July 2009, heading for their biggest monthly decline since May, as government cash deposits at the central bank fell.
Foreign reserves in Ecuador have declined 8.4 percent this month to $3.53 billion, the central bank said today on its website. Reserves have declined 23 percent from this year’s May high of $4.57 billion, according to the report……………………………………….Full Article: Source

Korean fund invests $76 mln in Laricina

Posted on 30 August 2010 by VRS  |  Email |Print

Glen SchmidtFrom Calgaryherald.com: The Korean sovereign wealth fund became the latest Asian investor in the oilsands sector after it made a $76.2-million investment in Calgary-based thermal oilsands developer Laricina Energy.

The privately held thermal oilsands player announced that Korean Investment Corp. signed up for 1.67 million common shares at a price of $30 for proceeds of $50 million. That follows a private placement with KIC of 875,000 shares in July that raised another $26.2 million…………………………………….Full Article: Source

Malaysian workers’ savings fund launches GBP1bln spending spree

Posted on 30 August 2010 by VRS  |  Email |Print

From Independent: A $112bn sovereign wealth fund that invests the savings of 12.3 million Malaysian workers has launched a £1bn property spending spree as Far East money streams into the UK.

Malaysia’s Employees Provident Fund (EPF) – the bedrock of the South-east Asian country’s pension sector – has hired ING Real Estate Investment Management and RREEF to advise it on assembling a major European real-estate portfolio…………………………………….Full Article: Source

Malaysian PM to be in Singapore for talks in September

Posted on 30 August 2010 by VRS  |  Email |Print

From Channelnewsasia.com: Both countries announced that a company known as M-S Pte Ltd will be set up. Malaysia will hold a 60 per cent stake under Khazanah Nasional Berhard while Singapore will have 40 per cent shares to be held by Temasek Holdings.
Malaysian Prime Minister Najib Razak will be in Singapore next month for further talks with his Singapore counterpart, Mr Lee Hsien Loong…………………………………….Full Article: Source

More Singapore investments expected in Iskandar

Posted on 30 August 2010 by VRS  |  Email |Print

From Thestar.com.my: Iskandar Regional Development Authority (Irda) chief executive officer Ismail Ibrahim said many were taking the cue from the commitment shown by Najib and his counterpart Lee Hsien Loong for the two countries to work closely for mutual economic benefits. This, Ismail said, was reflected in the involvement of Malaysia and Singapore’s investment arms, Khazanah Nasional Bhd and Temasek Holdings Ltd, to jointly develop an iconic wellness township project in a 50:50 joint venture in Iskandar.

According to Johor Mentri Besar Datuk Abdul Ghani Othman, who is also Irda’s co-chairman with Najib, the project would be developed on a 202ha site in Danga Bay here and works were likely to start by the year-end…………………………………….Full Article: Source

Qatar’s Hassad Food to buy sugar project in Brazil-QNA

Posted on 30 August 2010 by VRS  |  Email |Print

From Reuters: Hassad Food, owned by Qatar’s sovereign wealth fund, plans to acquire a sugar project in Brazil with a capacity to produce 25 million tonnes per annum, state-run Qatar News agency said, citing the firm’s chairman.

Qatar, like other Gulf states, imports the majority of its food requirements, and securing future food supplies is seen as a priority by the government…………………………………….Full Article: Source

Qatar Holding close to buying Omar Effendi store

Posted on 30 August 2010 by VRS  |  Email |Print

From Gulf-times.com: Qatar Holding, a unit of the country’s sovereign wealth fund, is close to acquiring Egyptian department store Omar Effendi from Saudi businessman Jameel al-Qunaibit, Gulf Times’ sister Arabic newspaper Arrayah reported.
The two sides haven’t agreed on a final value for the sale, it said…………………………………….Full Article: Source

Dubai World starts direct talks with small creditors

Posted on 30 August 2010 by VRS  |  Email |Print

From Bloomberg: Dubai World has started direct talks with creditors who are not part of the coordination committee of banks on its debt restructuring plan, Al Ittihad reported, citing people it didn’t identify.

Dubai World, which is seeking to alter the terms on $14.4 billion of bank debt, plans to get approval from all creditors to its plan to avoid lawsuits, the newspaper said…………………………………….Full Article: Source

Kuwait banks may face decline in asset quality and profitability

Posted on 30 August 2010 by VRS  |  Email |Print

From Gulfnews.com: Kuwait has one of the strongest sovereign balance sheets in the region with very little debt and foreign assets worth over $284 billion, or 238 per cent of GDP at end 2009. These are mostly managed by the Kuwait Investment Authority (KIA), the sovereign wealth fund, and the Central Bank of Kuwait (CBK).

According to Moody’s Kuwait’s fiscal and current account surpluses were impressive despite some adverse effects from the recent global financial crisis…………………………………….Full Article: Source

UAE assets enough to cushion oil price falls

Posted on 30 August 2010 by VRS  |  Email |Print

From Thenational.ae: Abu Dhabi Investment Authority, the country’s main wealth fund, holds about Dh1.83tn, while the Central Bank’s foreign assets holdings stood at Dh78.3bn at the end of March, data from the regulator showed.

Recent declines in oil prices have come amid signs of a deceleration in economic growth in the US, the world’s largest economy…………………………………….Full Article: Source

Libyan investments in Italy

Posted on 30 August 2010 by VRS  |  Email |Print

From Reuters: Flush with petrodollars, Libya has been buying stakes in Italian companies and has disclosed other potential investments in energy and infrastructure companies. Libyan stake in banking group UniCredit has been raised to a total 6.7 percent with the Libyan Investment Authority (LIA) acquiring a 2.075 percent stake in Italy’s biggest lender.

Libya’s central bank is a shareholder in the bank, with a 4.613 percent stake…………………………………….Full Article: Source

Norwegian oil fund excludes ‘unethical’ Israeli companies

Posted on 30 August 2010 by VRS  |  Email |Print

From Icenews.is: Two Israeli firms have been excluded from Norway’s USD 450 billion sovereign wealth fund for building Israeli settlements on occupied Palestinian land. Both the Africa Israel Investments holding firm and its construction subsidiary Danya Cebus have been blacklisted by the Norwegian Ministry of Finance.

In a statement on Monday, the ministry said that constructing Israeli settlements on occupied land “is a violation of the Geneva Convention relative to the protection of civilian persons in time of war”…………………………………….Full Article: Source

UK economists have cause to be cheerful

Posted on 30 August 2010 by VRS  |  Email |Print

From Nzherald.co.nz: Ever since the credit crunch, industries from property to power have been holding out for sovereign wealth fund (SWF) money. They have been disappointed - until now.

The US$112 billion ($157 billion) Malaysian Employees Provident fund is scouring Europe for assets and Norway’s SWF is about to embark on a shopping spree of London’s office landmarks…………………………………….Full Article: Source

Putin bonds trail emerging markets for seventh month on oil

Posted on 30 August 2010 by VRS  |  Email |Print

From Bloomberg: The country’s Reserve Fund, a sovereign wealth fund comprised of extra oil revenue, dropped to $40.6 billion in July from $60.5 billion in December and the government may use about 75 percent of the fund this year to make up any budget shortfall, Deputy Finance Minister Dmitry Pankin said last month.
Russian bonds are trailing emerging- market debt for a seventh straight month, sending Prime Minister Vladimir Putin’s borrowing-cost advantage to near the lowest since October as falling oil prices curb economic growth…………………………………….Full Article: Source

Superfund performance lags way behind more ethical Norwegians

Posted on 30 August 2010 by VRS  |  Email |Print

From Voxy.co.nz: The New Zealand Superannuation Fund would be worth $3.2 billion more today if it had performed in line with its ethically invested counterpart in Norway, Green Party Co-leader Russel Norman said.

The NZ Superfund released performance figures this week showing that the Fund has returned 3.4% per annum on average for the last five years. This compares poorly to similar funds overseas:……………………………………Full Article: Source

Super fund exploits long term advantage

Posted on 30 August 2010 by VRS  |  Email |Print

From Tvnz.co.nz: As New Zealand baby-boomers prepare for retirement the head of the super fund says that New Zealand is well poised to take advantage of global investment opportunities. Adrian Orr said the current economic climate is one of change, but denied it is cataclysmic.

“We are going through an incredible transformation in the global economy,” he said. Orr told ONE’s Q A show that there are “enormous growth opportunities globally”…………………………………….Full Article: Source

KIC to move to direct investment after ‘flat’ returns

Posted on 27 August 2010 by VRS  |  Email |Print

Scott KalbFrom Bloomberg: Korea Investment Corp., the sovereign wealth fund that bought a stake in Chesapeake Energy Corp. in June, plans to make more direct investments, departing from its strategy of buying stocks and bonds in public markets after returns sagged this year.
The $35 billion fund, known as KIC, may invest in energy, clean technology and natural resources companies, Chief Investment Officer Scott Kalb said in an interview in Seoul yesterday. KIC may also put more money into hedge funds and real estate, he said……………………………………….Full Article: Source

Singapore’s Temasek hires ex-Shell exec for energy

Posted on 27 August 2010 by VRS  |  Email |Print

From Reuters: Singapore state investor Temasek Holdings has hired a former Royal/Dutch Shell executive, Glenn Corrie, as its director for energy investments, a company spokeswoman said on Thursday.
Corrie, a former manager of global LNG strategy & portfolio at Royal Dutch Shell, will report to Gregory Lanham, a managing director for investment at Temasek, sources familiar with the hiring told Reuters……………………………………….Full Article: Source

Libya has no plan to take over lender UniCredit, Ben Ammar says

Posted on 27 August 2010 by VRS  |  Email |Print

From Bloomberg: Libya has no intention to take over UniCredit SpA, Italy’s biggest bank, and the Arab country’s sovereign wealth fund shouldn’t be treated differently from the lender’s other investors, Mediobanca SpA board member Tarak Ben Ammar said.
The Central Bank of Libya owns 4.6 percent of the Milan- based lender and the Libyan Investment Authority holds 2.1 percent, according to an Aug. 4 statement from market regulator Consob. Mediobanca is UniCredit’s largest single shareholder, with about 6.8 percent……………………………………….Full Article: Source

Dubai World sale of crown jewels seen as last option

Posted on 27 August 2010 by VRS  |  Email |Print

From Reuters: Dubai World’s willingness to sell prized assets such as ports operator DP World to pay down its debt pile is considered such a drastic move that analysts see it more as a last-resort bargaining tactic.
Documents obtained by Reuters this week revealed the surprising news that the debt-laden conglomerate was willing to let go of “strategic assets” such as DP World, Jebel Ali Free Zone and Dubai Maritime City (DMC) as part of a $19.4-billion fundraising effort as it tries to reach a restructuring deal with creditors by October 1……………………………………….Full Article: Source

Super wealthy foreigners boost London economy

Posted on 27 August 2010 by VRS  |  Email |Print

From Voanews.com: Regent Street is one of London’s most famous shopping districts and owners Crown Estates have put it up for sale. Total price is estimated at $2.5 billion. It’s reported that various sovereign wealth funds - including the Qatari royal family - have been eyeing the deal.
For most people in Britain, the long struggle out of recession goes on, with high unemployment and slow growth……………………………………….Full Article: Source

In Potash battle, Chinese players weigh bid

Posted on 27 August 2010 by VRS  |  Email |Print

From Theglobeandmail.com: China Investment Corp. (CIC), the country’s sovereign wealth fund, is also a possible bidder, but sources say it would most likely play a supporting role. CIC is focused on investments that offer high returns, rather than those that carry strategic importance for China.
China’s interest is driven not only by a need to feed its growing population, but also its discomfort with the idea of BHP controlling a large chunk of the potash market……………………………………….Full Article: Source

Alberta on track for record deficit

Posted on 27 August 2010 by VRS  |  Email |Print

From Torontosun.com: Meanwhile, a $282-million hit to the Alberta Heritage Savings Trust Fund is being blamed on a decline in world equity markets. The Fund — the government’s long-term savings account — lost $282 million, lowering its value to about $14.1 billion.
The fund is still expected to earn $684 million this year before expenses. That’s a decrease from the original $1.05-billion forecast……………………………………….Full Article: Source

Rousseff favors Brazil budget discipline

Posted on 27 August 2010 by VRS  |  Email |Print

From Reuters: Brazilian presidential front-runner Dilma Rousseff said the government could make use of a $10 billion sovereign wealth fund to help meet the primary surplus goal. She did not elaborate.
“You cannot forget that we have 18 billion reais set aside there as a sovereign fund,” Rousseff said……………………………………….Full Article: Source

Mergers and acquisitions: Waiting for a wave

Posted on 27 August 2010 by VRS  |  Email |Print

From Economist.com: Sovereign funds invested around $12 billion in corporate acquisitions in the second quarter of this year. That is modest, but a big leap from $1.1 billion in the first quarter.
The next few weeks will be crucial. M&A activity may slump as quickly as it surged as bosses return from their summer holidays to find the economy still in trouble……………………………………….Full Article: Source

SWFs could invest almost $290 bln/yr in real estate-study

Posted on 26 August 2010 by VRS  |  Email |Print

Pulkit SharmaFrom Reuters: Sovereign wealth funds could invest up to almost $290 billion a year in real estate, or nearly a tenth of their assets, in the next five years as they seek to hedge their volatile source of wealth, according to a study.
The thesis, to be published by the Massachusetts Institute of Technology later this year, also found many sovereign wealth funds are preferring to invest directly in the property market……………………………………….Full Article: Source

Myrna Thomas to leave Temasek at end of year

Posted on 26 August 2010 by VRS  |  Email |Print

From Asiaone.com: More high- level changes are afoot at Temasek Holdings: its managing director of corporate affairs, Myrna Thomas, has signalled her intention to leave the Singapore investment firm, after more than four years on the job.
BT understands that while Ms Thomas has told the firm she intends to leave, Temasek has asked her to stay on until Dec 31. It is believed that, until then, Ms Thomas will continue to be involved in Temasek’s activities, albeit not managing her team on a day-to-day business, and will continue to speak on behalf of the firm where necessary……………………………………….Full Article: Source

Singapore Bond sales beat record as economy fires, costs plunge

Posted on 26 August 2010 by VRS  |  Email |Print

From Bloomberg: Temasek Holdings Pte. and CapitaLand Ltd. led borrowers that raised $14.1 billion this year, topping the record $13.2 billion of notes sold in 2001, according to data compiled by Bloomberg. The benchmark three-month interbank lending rate was last at 0.55708 percent, near the lowest since 1987, when data on the Monetary Authority of Singapore’s website starts.
“Singapore is going through an outstanding period of economic growth with most sectors performing well,” Aaron Russell-Davison, head of Asia debt syndicate at Standard Chartered Plc, said in a phone interview from the city-state……………………………………….Full Article: Source

China sovereign wealth fund arm in $8 bln bond sale

Posted on 26 August 2010 by VRS  |  Email |Print

From Marketwatch.com: A unit of China’s sovereign wealth fund raised 54 billion yuan ($7.94 billion) in its first bond sale earlier this week, tapping the domestic interbank market for the funds that it plans to use to help shore up Chinese banks.
Central Huijin Investment Ltd., the domestic investment arm of China Investment Corp., said over time it plans to raise 187.5 billion yuan from the interbank bond market, according to reports that cited a statement from the group Tuesday……………………………………….Full Article: Source

China Jianyin transfers stake in CICC to Central Huijin

Posted on 26 August 2010 by VRS  |  Email |Print

From China Knowledge: China Jianyin Investment Securities Co has transferred all 43.35% stake it held in China International Capital Corp to Central Huijin Investment Ltd, a wholly-owned subsidiary of China’s US$300 billion sovereign wealth fund, China Investment Corp, the Shanghai Securities Newspaper reported yesterday, without indicating the sources.
According to the report, the stake transfer secured approval from Chinese regulators on Aug. 13……………………………………….Full Article: Source

Malaysia activists hail timber firm blacklisting

Posted on 26 August 2010 by VRS  |  Email |Print

From Taipeitimes.com: Malaysian activists yesterday applauded a decision by Norway’s state pension fund to blacklist timber firm Samling Global, which is accused of rampant environmental destruction in Borneo. Norway’s state pension fund, one of the world’s largest sovereign wealth funds, accused Samling Global of “extensive and repeated breaches” of regulations in Sarawak state.
Rights campaigners have also accused Samling of trampling on the rights of indigenous people, particularly the Penan tribe in Malaysian Borneo, who have mounted blockades against the firm to protect their ancestral land……………………………………….Full Article: Source

CPPIB buys into Australian real estate fund

Posted on 26 August 2010 by VRS  |  Email |Print

From Financialpost.com: The Canada Pension Plan Investment Board has made a $375-million investment in the Australian real estate fund Colonial First State Global Asset Management. Its investment was matched by Future Fund, an Australian sovereign wealth fund.
The restructured fund, which has a $1.1-billion portfolio that includes significant stakes in shopping centers in Australia, will be renamed CFSGAM Property Retail Partnership……………………………………….Full Article: Source

RAK Investment Authority’s 1H ‘10 net profit up 1.5pct

Posted on 26 August 2010 by VRS  |  Email |Print

From Zawya Dow Jones: Ras Al Khaimah Investment Authority’s first half net profit rose 1.5% to 128.5 million U.A.E. dirhams ($35 million), from AED126.5 million in the year earlier period.
The authority’s total assets grew to AED7.26 billion at the end of June, compared with AED7.02 billion at the end of Dec, 2009, Rakia said in a statement via the London Stock Exchange’s regulatory news service……………………………………….Full Article: Source

Dubai World targets $19.4bln from asset sales

Posted on 26 August 2010 by VRS  |  Email |Print

From Canoe.ca: Dubai World believes it can raise as much as $19.4 billion from selling key assets over eight years, or almost double the current price, if creditors back its restructuring, a document obtained by Reuters showed.
The struggling state-owned conglomerate, which needs to get creditors to agree to its proposal by Oct. 1 in order to go forward with the plan and clean up its balance sheet, thinks sales right now would generate a maximum of $10.4 billion, according to the document, which was obtained on Wednesday……………………………………….Full Article: Source

Heritage Fund value slips in first quarter

Posted on 26 August 2010 by VRS  |  Email |Print

From Calgaryherald.com: The value of Alberta’s rainy day fund slipped $282 million to $14.1 billion in the fiscal first quarter ended June 30, the provincial government said in its quarterly budget update.
According to documents supplied by the Finance and Enterprise department, the fund recorded a net loss of $164 million plus a $118-million decline in unrealized portfolio gains - defined as profits that would be made if the fund’s assets were sold at current market prices……………………………………….Full Article: Source

Alberta deficit projected at $4.7bln

Posted on 26 August 2010 by VRS  |  Email |Print

From Cbc.ca: Alberta’s deficit is projected to be $4.7 billion at the end of the current fiscal year, according to figures released Wednesday by Finance Minister Ted Morton.
The figure, just $7 million more than forecast in the budget, was contained in Alberta’s first-quarter fiscal update for 2010-11 released by Morton at the provincial legislature in Edmonton……………………………………….Full Article: Source

Venezuela’s international reserves fall

Posted on 26 August 2010 by VRS  |  Email |Print

From Ahora.cu: Venezuela’s foreign currency reserves fell by $223 million to $28,476 million, slightly below the level considered optimal by the government (30 billion dollars), reported the Central Bank.
Of the total international reserves, $27,645 million are in the entity responsible for monetary policy and $831 million in the Macroeconomic Stabilization Fund, a mechanism created to ensure balance in case of low oil revenues……………………………………….Full Article: Source

Universa in investment talks with China sovereign fund

Posted on 25 August 2010 by VRS  |  Email |Print

Prof. Nassim Nicholas TalebFrom Reuters: Universa Investments LP is in talks with China’s $300 billion sovereign-wealth fund, China Investment Corp., and Middle East government funds about investing in Universa, the Wall Street Journal reported, citing a person familiar with the matter.

The outcome of the talks is not certain, the WSJ said. But if the investments materialize, they would likely boost the Universa fund’s client assets to $10 billion from $6 billion now, two people familiar with the matter told the WSJ…………………………………….Full Article: Source

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Central Huijin raises $7.94 bln in maiden bond offering

Posted on 25 August 2010 by VRS  |  Email |Print

From Dow Jones: Central Huijin Investment Ltd., the domestic investment arm of China’s sovereign-wealth fund, said Wednesday it raised CNY54 billion ($7.94 billion) in its maiden bond offering.

Central Huijin sold CNY26 billion worth of seven-year bonds at 3.16% and CNY28 billion 20-year bonds at 4.05%, according to the latest data on the official Chinabond Web site…………………………………….Full Article: Source

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