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Sovereign Wealth Funds Briefing - Archive | September, 2010

Canada and Abu Dhabi cross gulf

Posted on 27 September 2010 by VRS  |  Email |Print

From Smh.com.au: The Gulf emirate of Abu Dhabi has benefited greatly from Canada’s interest in listed toll-road companies. Especially from the recent takeover bid for Intoll Group by the Canada Pension Plan Investment Board.
The $600-odd billion Abu Dhabi sovereign wealth fund’s head of infrastructure, Chris Koski, worked at the CPPIB until 2007……………………………………….Full Article: Source

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Australian sovereign wealth fund outperforms benchmarks in most asset classes

Posted on 24 September 2010 by VRS  |  Email |Print

From IPE: The Australian sovereign wealth fund that manages A$34bn ($32.4bn) for the state of Victoria’s superannuation and insurance authorities, says it has exceeded benchmarks in seven out of nine asset classes.
The chairman of the Victorian Funds Management Corporation (VFMC) John Fraser, said conditions in the twelve months to the end of June this year had not been “a time for the faint-hearted.”………………………………………Full Article: Source

Nigeria and the quest for a sovereign wealth fund

Posted on 24 September 2010 by VRS  |  Email |Print

From Businessdayonline.com: For quite some time now, especially during the time when late president Umaru Yar’Adua was alive, consideration for creation of a Sovereign Wealth Fund (SWF) for Nigeria was giving exploratory attention within government public policy and national economic management cycles.
The issue was rekindled when the current Minister of Finance, Olusegun Aganga was brought into the cabinet, following the death of President Yar’Adua on May 09, 2010. For example, a Technical Committee was established by Aganga to workout the modalities for the creation of the Fund……………………………………….Full Article: Source

Qatar reaps rewards from rise in London office rents

Posted on 24 September 2010 by VRS  |  Email |Print

From Thenational.ae: Songbird Estates, which controls 70 per cent of the Canary Wharf business hub and in which Qatar Investment Authority (QIA) is the major shareholder, yesterday posted a return to profit of US$5.5 million (Dh20.2m) for the first half of the year, compared with a loss of Dh465m in the same period last year.
More importantly, the value of its Docklands property portfolio, where it counts some of the biggest names in international finance among its tenants, is rising……………………………………….Full Article: Source

Abu Dhabi’s Mubadala loses $1.2bln in first half

Posted on 24 September 2010 by VRS  |  Email |Print

From Forbes: The Abu Dhabi state investment company with stakes in General Electric and chip maker Advanced Micro Devices says it lost $1.2 billion in the first half of 2010 as the value of its investments plunged.
Mubadala Development Company reported on Thursday the 4.5 billion dirham total comprehensive loss, using an accounting method that takes into account unrealized changes in investments……………………………………….Full Article: Source

Mubadala revenues from operations grow during first half of 2010

Posted on 24 September 2010 by VRS  |  Email |Print

From Albawaba.com: Mubadala Development Company (Mubadala), the Abu Dhabi-based strategic development and investment company, today announced its financial performance and operational highlights for the first half of 2010.
Key operational highlights from the first half of 2010 include the creation of Sanad Aero Solutions, launched in January of this year to lease aircraft components and spare engines and to support Mubadala’s global maintenance, repair and overhaul business………………………………………Full Article: Source

Korean Pension Fund to Invest in U.S. Property Market

Posted on 24 September 2010 by VRS  |  Email |Print

From WSJ: South Korea’s National Pension Service, the world’s fifth-largest pension fund, has committed to invest $300 million in troubled real estate through Townsend Group, the latest sign that foreign investors increasingly are venturing into the down-on-its-luck U.S. property market.
The pension fund has committed to invest the money in a separately managed account with Cleveland-based Townsend. Its primary focus will be on snapping up stakes in distressed private-equity real-estate funds and recapitalizing them……………………………………….Full Article: Source

Alaska Airlines announces 2010 Permanent Fund dividend savings

Posted on 24 September 2010 by VRS  |  Email |Print

Alaska Airlines launched its Permanent Fund Dividend sale today, featuring air fares as low as $89 for travel between Anchorage and Fairbanks and $199 between Anchorage and Seattle, as well as discounts on freight shipping and Alaska Airlines Vacation packages. The special rates are on select routes between Alaska and the Lower 48 states, Canada, Hawaii and Mexico for travel purchased by Oct. 23, 2010.
“This sale features some very attractive fares so that residents receiving their checks next month can plan ahead to purchase discounted travel to most all the destinations we fly, including Hawaii and Mexico,” said Bill MacKay, the airline’s senior vice president for the state of Alaska……………………………………….Full Article: Source

Brazil’s real fluctuates as Petrobras sale offsets intervention

Posted on 24 September 2010 by VRS  |  Email |Print

From Bloomberg: Brazil’s real fluctuated between gains and losses as concern that the government’s sovereign wealth fund will buy dollars offset foreign investment in the sale offering by Petroleo Brasileiro SA.
The real rose 0.1 percent to 1.7171 per dollar at 1:05 p.m. New York time, from 1.7183 yesterday……………………………………….Full Article: Source

Super Fund still losing value

Posted on 24 September 2010 by VRS  |  Email |Print

From Tvnz.co.nz: The Superannuation Fund, more commonly known as the Cullen Fund, made a paper-loss of $230 million last month. Movements in the fund’s asset allocations were fairly muted in what was a flat month for stocks, and most of the loss came from a bigger drain in its cash, collateral and foreign exchange hedges.
The fund made a loss of $431.5 million from the programme, bigger than July’s $159.2 million loss. It has some $16.21 billion under management……………………………………….Full Article: Source

Brazil allows use of sovereign fund to buy dollars

Posted on 23 September 2010 by VRS  |  Email |Print

From Brecorder.com: Brazil’s government authorised on Monday the use of its sovereign wealth fund to buy US dollars in the foreign exchange market, as part of an effort aimed at stemming a recent rally in the local currency. The government set no limit on the amount of dollars that can be purchased by the $10.4 billion fund to curb a more than 4 percent rally in Brazil’s real since late June, the finance ministry said in a statement.
The fund was created last year to help finance overseas expansion by Brazilian companies, and its use in the currency markets has been considered for months. The move gives the government another tool in its fight against the appreciation of the local currency that threatens to hamper exports and slow economic growth……………………………………….Full Article: Source

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Brazil real falls further after intervention threats

Posted on 23 September 2010 by VRS  |  Email |Print

From Bloomberg: Brazil’s currency fell further today after Finance Minister Guido Mantega’s comments on the country’s sovereign wealth fund added to speculation the government may step up dollar purchases soon.
The real, which was already declining when Mantega spoke, fell 0.4 percent to 1.7183 per U.S. dollar today after gaining as much as 0.4 percent earlier……………………………………….Full Article: Source

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Birmingham denies sovereign wealth asset sell-off

Posted on 23 September 2010 by VRS  |  Email |Print

From Publicpropertyuk.com: Birmingham City Council has denied claims that it wants to sell assets including the NEC (National Exhibition Centre) to Middle Eastern investors. Council leader Mike Whitby said yesterday that he was in talks with sovereign wealth funds about “partnership” deals that would use key assets to plug the authority’s £330m budget gap.
He said that stakes in the NEC, Symphony Hall, the International Convention Centre and the National Indoor Arena could all be used to raise funds……………………………………….Full Article: Source

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Libya’s stakes in Italian bank touch a nerve

Posted on 23 September 2010 by VRS  |  Email |Print

From WSJ: The ouster of UniCredit SpA Chief Executive Alessandro Profumo after his courtship of Libyan investment shows the growing sensitivity in Italy to its former colony’s involvement in the Italian economy.
Alessandro Profumo resigned Tuesday after years of feuding with UniCredit shareholders over a variety of issues. But the trigger for his departure was his defense of the Libyan investors in Italy’s largest bank who supported his decisions as CEO which appeared to strengthen his control over UniCredit……………………………………….Full Article: Source

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Bahrain’s Alba to launch IPO this year

Posted on 23 September 2010 by VRS  |  Email |Print

From Tradearabia.com: Aluminium Bahrain (Alba), owned by the country’s sovereign wealth fund Mumtalakat, plans to launch an initial public offering (IPO) later this year, its chairman said.
‘The listing will definitely happen this year,’ Mahmood Al Kooheji said, confirming what sources familiar with the matter earlier said……………………………………….Full Article: Source

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Perella Weinberg heads for Abu Dhabi

Posted on 23 September 2010 by VRS  |  Email |Print

Perella Weinberg Partners, a leading financial services firm providing corporate advisory and asset management services to clients globally has opened its latest office in Abu Dhabi, United Arab Emirates. The firm already has strong ties to the Middle East and counts a number of the region’s sovereign wealth funds among its clients.
Joseph Perella, Chairman and Chief Executive Officer of Perella Weinberg Partners, said, “We are very pleased to be opening our Abu Dhabi office. This is an important development in our firm’s continuing commitment to an exceedingly important region of the world, and we are enthusiastic about the growth prospects for both our advisory and asset management businesses.”………………………………………Full Press Release: Source

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Samling: Norwegian SWF action sends wrong signals on its logging operations

Posted on 23 September 2010 by VRS  |  Email |Print

From Bernama: The recent decision by the Norwegian Government Pension Fund to divest its stake in the company gave a wrong message about its logging operations, said Sarawak-based Samling Global Ltd.
Samling said it has endeavoured to safeguard its reputation as a public limited company because it was sensitive to market sentiments and public perception……………………………………….Full Article: Source

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NZ Superfund has negative return in Aug

Posted on 23 September 2010 by VRS  |  Email |Print

From Smh.com.au: The New Zealand Superannuation Fund’s 60 per cent exposure to global equities has cost it in August, helping produce a $NZ230 million ($A177.7 million) loss in the month.
The fund made a negative return of 1.37 per cent in August compared to a positive 4.76 per cent return in July. It has made a 5.85 per cent annualised return since inception in the 2003/04 year……………………………………….Full Article: Source

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Alaska Permanent Fund dividend: $1,281

Posted on 23 September 2010 by VRS  |  Email |Print

From Businessweek.com: Most Alaskans’ bank accounts will grow by $1,281 next month when the first of the 2010 Alaska Permanent Fund dividends will be distributed. Gov. Sean Parnell, in a much anticipated announcement Tuesday, revealed the dividend amount, ripping it from a gold-sealed envelope in front of TV cameras.
The annual dividend is paid from investment earnings from the state’s $35.7-billion savings account……………………………………….Full Article: Source

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Libya sovereign fund: Cbank handles Unicredit ties

Posted on 22 September 2010 by VRS  |  Email |Print

From Reuters: The chief executive of Libya’s sovereign wealth fund said on Tuesday all relations between Libya and Italian lender Unicredit (CRDI.MI) were handled by the Libyan central bank.
Both the central bank and Libyan Investment Authority (LIA) hold stakes in Unicredit whose management has said the growing Libyan shareholdings did not violate bank rules because they were independent of each other……………………………………….Full Article: Source

Libya’s UniCredit stake sparks row

Posted on 22 September 2010 by VRS  |  Email |Print

From Gulfnews.com: Libya’s central bank sought to deflect criticism from Italian politicians and a top shareholder about its stake-building in UniCredit. A financial source said on Friday the Libyan Investment Authority, Tripoli’s sovereign wealth fund, had raised its holding to 2.59 per cent.
Italian market regulator Consob and the Bank of Italy have requested clarification on the stakes and whether the two investors are independent of each other. Bank rules bar a shareholder from having a voting stake of more than 5 per cent……………………………………….Full Article: Source

UK’s Birmingham eyes asset sales, SWF cash

Posted on 22 September 2010 by VRS  |  Email |Print

From Tradearabia.com: Birmingham council leaders are in talks with Middle East sovereign funds, hoping to plug a budget hole selling some of the billions of pounds of trophy assets owned by Britain’s second city.
The NEC - the country’s biggest exhibition centre, prime real estate and a stake in Birmingham Airport could all be up for grabs, councillors said, as they look to fund big capital projects at a time when the national government is demanding deep spending cuts……………………………………….Full Article: Source

Norway’s puzzling purchases of Greek bonds

Posted on 22 September 2010 by VRS  |  Email |Print

From Theglobeandmail.com: The fund that manages Norway’s massive oil and gas wealth has been buying Greek bonds. It hasn’t stopped with that risky call, and is also loading up on the unloved bonds of Portugal and Spain, among others.
The move by the highly regarded fund has focused attention on the investment merits of Europe’s high-yielding sovereign bonds, which in the case of Greece are offering about 11.5 per cent if held to maturity, while those of Portugal clock in at about 6.3 per cent, both for 10-year terms……………………………………….Full Article: Source

Mumtalakat in new push for transparency

Posted on 22 September 2010 by VRS  |  Email |Print

From Gulf-daily-news.com: Bahrain has always led the way in implementing change across the Gulf, according to Mumtalakat Holding Company chief executive officer Talal Alzain. So it was natural for Mumtalakat itself to set an example in becoming more transparent and introducing a higher level of governance, he said in an interview in the autumn issue of The Bahrain Banker magazine.
The magazine, published by the Bahrain Association of Banks (BAB), devotes its cover story to Mr Alzain’s plans for Mumtalakat following an international roadshow and the successful raising of $750 million in the capital markets by the sovereign wealth fund earlier this year……………………………………….Full Article: Source

Aluminium Bahrain plans IPO at year-end

Posted on 22 September 2010 by VRS  |  Email |Print

From Reuters: Aluminium Bahrain (Alba), owned by the country’s sovereign wealth fund Mumtalakat, plans to launch an initial public offering (IPO) later this year, its chairman said on Tuesday.
“The listing will definitely happen this year,” Mahmood Hashim Al Kooheji told Reuters, confirming what sources familiar with the matter earlier told Reuters……………………………………….Full Article: Source

CIC to buy $25 mln worth of Sunac IPO shares-source

Posted on 22 September 2010 by VRS  |  Email |Print

From Reuters: Chinese property firm Sunac China Holding Ltd has secured China Investment Corp (CIC), China’s $300 billion sovereign wealth fund, in its up to $385 million Hong Kong IPO, a source told Reuters on Tuesday.
China’s CIC will buy $25 million worth of shares from the institutional tranche of Sunac’s IPO, said the source, who has direct knowledge of the deal but declined to be named due to the sensitive nature of the matter……………………………………….Full Article: Source

MOF, Central Huijin to invest in ICBC’s rights issue

Posted on 22 September 2010 by VRS  |  Email |Print

From China Knowledge: Industrial and Commercial Bank of China, the world’s most profitable bank, yesterday announced that the Ministry of Finance and the Central Huijin Investment Ltd, the domestic investment arm of the nation’s sovereign wealth fund, China Investment Corp, will fully participate in ICBC’s rights issue plans, sources reported.
In Jul. 28, ICBC said that it had secured approval from the board of directors to raise as much as RMB 45 billion via a rights issue in Hong Kong and Shanghai to replenish its capital……………………………………….Full Article: Source

Chinese bid for Potash Corp. would cut revenues, BHP warns

Posted on 22 September 2010 by VRS  |  Email |Print

From Theglobeandmail.com: The head of BHP Billiton is warning Canada that a Chinese-led rival bid to his company’s $38.6-billion (U.S.) hostile takeover offer for Potash Corp. would reduce government revenue by giving too much pricing influence to a major customer of the coveted crop nutrient. China Investment Corp. (CIC) paid $817-million (Canadian) earlier this year for a 45-per-cent stake in an Alberta oil sands project.
Marius Kloppers, the chief executive officer of Australia’s BHP, said that because China is among the world’s largest consumers of potash, any Chinese state-owned enterprise allowed to purchase a major stake in Potash Corp. would seek to drive down the price of the commodity……………………………………….Full Article: Source

AIG plans to list Asian insurance unit in Oct

Posted on 22 September 2010 by VRS  |  Email |Print

From Rediff.com: GIC, Singapore government investment vehicle, and Qatar Holding, sovereign wealth fund, are seen as potential cornerstone investors given their sub-underwriting roles in the Prudential’s planned takeover, but a number of other wealthy Asian and mainland Chinese funds or individuals could also be involved.
Insurer American International Group is planning to list its Asian life insurance unit AIA in Hong Kong on October 29 in a move to raise over $15 billion, says a report……………………………………….Full Article: Source

2010 Alaska Permanent Fund dividend is $1,281

Posted on 22 September 2010 by VRS  |  Email |Print

From Newsminer.com: Most Alaskans’ bank accounts will grow by $1,281 next month when the first of the 2010 Alaska Permanent Fund dividends will be distributed. Gov. Sean Parnell, in a much anticipated announcement Tuesday, revealed the dividend amount, ripping it from a gold-sealed envelope in front of TV cameras.
The annual dividend is paid from investment earnings from the state’s $35.7-billion savings account……………………………………….Full Article: Source

Brazilian wealth fund may help stem currency rally, ICAP says

Posted on 21 September 2010 by VRS  |  Email |Print

From Bloomberg: Brazil’s plan to step up dollar purchases in the local foreign-exchange market through its wealth fund may stem a rally in the real before a $78 billion share sale by Petroleo Brasileiro SA planned for this week, according to ICAP Plc’s Brazilian unit.
President Luiz Inacio Lula da Silva yesterday authorized the country’s 17.9 billion reais ($10.3 billion) wealth fund to buy an unlimited amount of dollars for reais. The real has gained 34 percent since the beginning of 2009, the second-best performance among 16 major currencies tracked by Bloomberg……………………………………….Full Article: Source

Future Fund expands its hedging

Posted on 21 September 2010 by VRS  |  Email |Print

From Smh.com.au: Australia’s Future Fund poured billions of dollars into US hedge funds and developed markets last financial year, despite the poor economic outlook for those regions, with smaller increases in property and infrastructure investments taking its total asset pool to $67 billion.
The Future Fund appointed nine US-based and one British-based boutique hedge funds to manage $9.8 billion during 2009-10, up from $2.6 billion in June last year……………………………………….Full Article: Source

Future Fund should lift its game

Posted on 21 September 2010 by VRS  |  Email |Print

From Smh.com.au: The lacklustre performance of the Future Fund should be a call to arms for it to overhaul its asset class allocation and pour more money into infrastructure assets and less into global equities.
The fund had a negative return in the fourth quarter, and posted a return of 10.3 per cent in the year to June 30, below the median growth fund return of 10.4 per cent, according to super fund performance tables published by Chant West. On the other hand, it exceeded its target range of 5.5 per cent……………………………………….Full Article: Source

Singapore GIC says about 25 pct of investments in Europe

Posted on 21 September 2010 by VRS  |  Email |Print

From Reuters: Government of Singapore Investment Corp (GIC), the world’s fourth largest sovereign wealth fund, on Monday indicated it had further reduced its exposure to Europe to about a quarter of its portfolio.
‘GIC has roughly a quarter of its investments in Europe, and a significant share of that is in UK-based entities,’ GIC executive director Tony Tan said at a conference in London……………………………………….Full Article: Source

London may face competition from emerging economies: Tony Tan

Posted on 21 September 2010 by VRS  |  Email |Print

From Channelnewsasia.com: Financial markets like London may face stiff competition as fast-growing emerging economies like China and India attract more investments. The Government of Investment Corporation or GIC’s Deputy Chairman and Executive Director, Tony Tan, said this at the UK Financial Service Forum Panel held in London on Monday.
Dr Tan said: “For investors, the rise of emerging markets will mean that a larger proportion of their investments will be in these markets. Far from being a risky and perhaps alternative part of their portfolio, emerging markets will become a core and unavoidable asset class in global portfolios.”………………………………………Full Article: Source

China’s CIC says wary of investing in ‘old’ automakers

Posted on 21 September 2010 by VRS  |  Email |Print

From Moneycontrol.com: China Investment Corp (CIC), China’s $300 billion sovereign wealth fund, “has doubts” about investing in old line automakers and would approach any such deals cautiously, the fund’s general manager said on Friday.
CIC was approached by a number of car makers during the financial crisis, including some major ones, about possible investments, said Gao Xiqing, speaking at an automotive forum in Chengdu, China. He did not name the companies……………………………………….Full Article: Source

Allens acts for GIC on Salta industrial portfolio acquisition

Posted on 21 September 2010 by VRS  |  Email |Print

From Aar.com.au: Allens Arthur Robinson (Allens) has acted for GIC Real Estate (GIC), the real estate arm of the Government of Singapore Investment Corporation, on the purchase of a portfolio of industrial properties around the country from the Salta Property Group.
Allens brought together a team from Sydney, Melbourne, Brisbane and Perth – including lead Partner Nicholas Cowie, lead lawyer Sonya Oberekar, Senior Associates Teresa Lusi, Julie Soon, Michelle Davies, Jacqui Roper and Matti Bechler and a team of lawyers to help through all stages of the due diligence, sale contract negotiations and FIRB approval……………………………………….Full Article: Source

Bangladesh seeks $1 bln IMF loan, eyes wealth fund

Posted on 21 September 2010 by VRS  |  Email |Print

From Reuters: Bangladesh is seeking a $1 billion credit facility from the International Monetary Fund and is thinking of setting up a sovereign wealth fund from its foreign exchange reserves, its central bank governor said on Monday.
Bangladesh has a current account surplus and would use the IMF facility for budget support, Atiur Rahman told Reuters in an interview on the sidelines of a conference in London……………………………………….Full Article: Source

UniCredit chief is said ready to offer resignation

Posted on 21 September 2010 by VRS  |  Email |Print

From WSJ: Tensions between Alessandro Profumo, chief executive of UniCredit SpA and the board worsened in August when the Libyan Investment Authority, Libya’s sovereign-wealth fund, disclosed that it had purchased a 2% stake in the bank on Milan’s stock exchange.
On Aug. 31, the sovereign-wealth fund acquired another 0.5% of the Italian lender, according to a filing posted Monday on Italy’s market watchdog website. That stake, combined with a 4.9% stake held by the Central Bank of Libya, made Libyan institutions the biggest shareholders at UniCredit with a combined stake of about 7.4%……………………………………….Full Article: Source

Europe’s EUR440bln rescue fund wins AAA just in time

Posted on 21 September 2010 by VRS  |  Email |Print

From Telegraph: Standard & Poor’s and Fitch have both granted the Eurozone’s rescue fund a AAA credit rating, clearing the way for swift action if needed as the region’s debt crisis threatens to erupt again.
Goldman Sachs warned clients of a “measurable risk” that both Ireland and Portugal may have to tap the €440bn European Financial Stability Facility (EFSF), though “probably only early next year” since both countries have adequate funding for several months……………………………………….Full Article: Source

‘Big boys’ up for Franklin’s bumper Romanian listing

Posted on 21 September 2010 by VRS  |  Email |Print

From Efinancialnews.com: London’s investment banks and brokers are queueing up to work on a planned listing in London of the Romanian sovereign wealth fund, which could raise as much as €500m, according to Franklin Templeton, the fund manager put in charge of it.
Franklin Templeton is initially planning a local IPO of the €2.7bn Fondul Proprietatea, on the Bucharest Stock Exchange, early next year. A London listing may follow, raising fresh capital worth as much as 20% of its value, according to Mark Mobius, executive chairman of Franklin’s emerging markets group……………………………………….Full Article: Source

China’s CIC says wary of investing in “old” automakers

Posted on 20 September 2010 by VRS  |  Email |Print

From Reuters: China Investment Corp (CIC), China’s $300 billion sovereign wealth fund, “has doubts” about investing in old line automakers and would approach any such deals cautiously, the fund’s general manager said.
CIC was approached by a number of car makers during the financial crisis, including some major ones, about possible investments, said Gao Xiqing, speaking at an automotive forum in Chengdu, China. He did not name the companies………………………………………..Full Article: Source

China’s Sinochem asks government to back Potash bid

Posted on 20 September 2010 by VRS  |  Email |Print

From AFP: China’s state-owned Sinochem Group has asked the government to back a potential bid for Canada’s Potash Corp, the world’s largest fertiliser maker. According to the sources, Sinochem has been in touch with Singapore’s sovereign wealth fund Temasek concerning a potential bid, but nothing has yet been decided.
“Sinochem has submitted written material to relevant agencies in the government saying that potash (used to make fertiliser) is key to national food security, and hoping it can get support,” the Economic Observer reported……………………………………….Full Article: Source

Central Huijin raises $8.19 bln via 5-year, 30-year bond sales

Posted on 20 September 2010 by VRS  |  Email |Print

From Dow Jones: Central Huijin Investment Ltd., the domestic investment arm of China’s sovereign-wealth fund, raised 55 billion yuan ($8.19 billion) via two bond offerings Thursday, the company said in a statement posted on the China Foreign Exchange Trading System’s website.
Central Huijin sold CNY30 billion worth of five-year bonds at 3.14%, in the middle of the 2.80% to 3.40% indicative range it set earlier this week, it said in the statement dated Friday……………………………………….Full Article: Source

Libyan sovereign wealth fund is said to boost UniCredit stake

Posted on 20 September 2010 by VRS  |  Email |Print

From Bi-me.com: UniCredit SpA investor Libyan Investment Authority boosted its stake in Italy’s biggest bank since July and told the country’s stock market regulator that it’s a separate entity from the Central Bank of Libya, reported Bloomberg, citing two people with knowledge of the matter.
The Libyan sovereign wealth fund informed Italy’s Consob in a letter that it purchased an additional 0.5% stake in the Milan-based lender, raising its holding to 2.6%, said the people, who asked not to be identified because the letter is confidential……………………………………….Full Article: Source

Libya should cut UniCredit stak: Politician in paper

Posted on 20 September 2010 by VRS  |  Email |Print

From Reuters: Libyan investors’ combined stake in Italy’s biggest bank UniCredit should be limited to 5 percent, a Northern League politician said on Saturday, adding to his party’s worries of a takeover.
On Friday, Libyan’s sovereign wealth fund raised its stake in UniCredit, pushing total Libyan investment up to 7.6 percent. Libya’s envoy to Rome Hafed Gaddur told Reuters on Friday the stake was “enough.”………………………………………Full Article: Source

Ras Al Khaimah most transparent in the region: Fitch

Posted on 20 September 2010 by VRS  |  Email |Print

From Tehrantimes.com: As part of transparency measures, Abu Dhabi Investment Authority (ADIA) published its first annual review earlier this year, revealing details of asset composition and average returns for the first time.
However, it did not disclose absolute asset levels, and is only willing to disclose a lower bound figure of 200 per cent of GDP……………………………………….Full Article: Source

Abu Dhabi funds Fujairah to bypass Hormuz Strait

Posted on 20 September 2010 by VRS  |  Email |Print

From Gulf-times.com: The emirate of Abu Dhabi, having spent billions last year bailing out glitzy neighbour Dubai, is turning to more distant Fujairah to ensure safe, quick passage for its oil exports and improve the nation’s food security.
The capital of the UAE, the fourth-largest crude producer in the Organisation of Petroleum Exporting Countries, is bankrolling infrastructure projects in the easternmost emirate, Fujairah, to gain direct access to the Indian Ocean. Abu Dhabi is investing in an oil-storage terminal and a $3.3bn pipeline and is building the country’s biggest power and water treatment plants as well as a facility to store imported grain……………………………………….Full Article: Source

Investors road-trip to Gulf

Posted on 20 September 2010 by VRS  |  Email |Print

From Kuna.net.kw: The tour will last four days and take in ministers, investors and sovereign wealth funds in Saudi Arabia, Dubai, Abu Dhabi and Kuwait. The delegation will explain the Coalition Government’s new economic and fiscal policies and reassuring investors that the UK will not follow Greece and other European countries into a sovereign debt crisis.
One London-based sovereign debt specialist said: “There’s a suspicion in the markets that the UK is teetering on the edge of a crisis. Clearly gilts have held up despite it all but this delegation is a good idea to cement investors’ faith.”………………………………………Full Article: Source

Mongolian Mining seeks to raise $680 mln in IPO

Posted on 20 September 2010 by VRS  |  Email |Print

From Bloomberg: Mongolian Mining Corp. and its shareholders will raise as much as HK$5.28 billion ($680 million) in a Hong Kong initial public offering to fund rising production and build a railway line to transport coal.
SouthGobi Resources Ltd., the Canada-listed company backed by China’s sovereign wealth fund, trades at 11.2 times consensus forecasts for 2012 profit, JPMorgan said in its research report……………………………………….Full Article: Source

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