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Sovereign Wealth Funds Briefing - Archive | December, 2010

A true ‘Japan Inc.’ could be on the way

Posted on 31 December 2010 by VRS  |  Email |Print

From WSJ: Japan could be creating a stealth sovereign-wealth fund. It is a prospect that is swirling around Japan as the country’s government has moved to extend some of its $1 trillion in foreign-exchange reserves to help back merger financing and other foreign investments of Japanese companies.
Earlier this month, Cabinet officials signaled that they will propose remaking an existing state-owned bank known as the Japan Bank for International Cooperation (or JBIC), a publicly funded lender that has been geared toward providing aid to projects in emerging markets……………………………………….Full Article: Source

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China’s sovereign wealth fund eyeing S. Korean market

Posted on 31 December 2010 by VRS  |  Email |Print

From Yonhap: China’s state-run sovereign wealth management company may be moving to establish a dedicated fund for the South Korean market, local market sources said.
Financial market sources said Beijing-based China Investment Corp. (CIC) has been looking to establish a local management firm and has been reviewing presentations……………………………………….Full Article: Source

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CIC, TPG, GIC to invest in Indonesian coal firm

Posted on 31 December 2010 by VRS  |  Email |Print

From China Knowledge: A consortium consisting of China Investment Corp, the country’s US$300-billion sovereign wealth fund, private equity fund TPG and the Government of Singapore Investment Corp will invest in Indonesia-based coal service and mining firm PT Delta Dunia Markmur Tbk.
PT Delta Dunia Makmur did not indicate the financial details in the statement. The deal is expected to be CIC’s first investment in Indonesia……………………………………….Full Article: Source

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CIC official confirms CIC joins TPG Capital, GIC consortium for Delta Dunia stake

Posted on 31 December 2010 by VRS  |  Email |Print

From Dow Jones: An official from China Investment Corp. said Monday the sovereign wealth fund has joined a consortium of TPG Capital and Singapore’s sovereign wealth fund, Government of Singapore Investment Corp., to invest in Indonesia’s PT Delta Dunia Makmur Tbk.
The confirmation came after the Indonesian company announced the investment in a statement. The official, who declined to be named, told Dow Jones Newswires she is unaware of the details of the investment. The deal is the the first equity investment by CIC in resource-rich Indonesia……………………………………….Full Article: Source

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CIC’s Xie says China’s private equity to take ‘different path’

Posted on 31 December 2010 by VRS  |  Email |Print

From Bloomberg: China’s private equity industry is “unique” because it’s dominated by the state and will follow a “different path” from overseas peers, said Xie Ping, a vice president at the nation’s $300 billion sovereign wealth fund.
Entities that manage private equity in China and those that invest in such funds are primarily state-owned institutions, China Investment Corp.’s Xie said today at an event held by China Development Bank Corp. in Beijing. The briefing was organized by the nation’s largest policy bank for its introduction of a fund that will invest in private equity……………………………………….Full Article: Source

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China should better wealth management

Posted on 31 December 2010 by VRS  |  Email |Print

From Chinadaily.com.cn: China should diversify foreign reserves, internationalize the yuan and the improve efficiency of sovereign funds. The global financial crisis has offered China a good opportunity to review its ability to manage its increasing national wealth.
During the past three decades China has developed into the world’s largest foreign reserves holder and net capital exporter from a country that lacked reserves and foreign investment. The country has changed from being a debtor to become the world’s second largest creditor……………………………………….Full Article: Source

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Qatar wants to invest more in Indonesia

Posted on 31 December 2010 by VRS  |  Email |Print

From Thepeninsulaqatar.com: Qatar is emerging as one of Indonesia’s most important foreign investors and trade partners. In May this year, Qatar Holdings, an investment arm of Qatar Investment Authority, established an Indonesian Fund worth $1bn.
While welcoming the move, Indonesia’s Investment Coordinating Board (BKPM) Chairman Gita Wirjawan said the country is in need of foreign investments for developing infrastructure……………………………………….Full Article: Source

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Big-dreaming Qatar may have eyes for Man United

Posted on 31 December 2010 by VRS  |  Email |Print

From Thenational.ae: Qatar Holding, which would be involved in any Manchester United deal as the acquisitions arm of the sovereign wealth fund, the Qatar Investment Authority, prefers to keep a low profile on proposed investments until they become reality.
The corporation’s UK publicists, Pelham Bell Pottinger, could offer no guidance as football pundits and financial analysts talked up the prospect of a takeover bid……………………………………….Full Article: Source

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Qatar to complete passenger rail network line by 2022 World Cup

Posted on 31 December 2010 by VRS  |  Email |Print

From Bloomberg: Qatari Diar Real Estate Investment Co., a unit of the country’s sovereign wealth fund, and German state-owned rail operator Deutsche Bahn AG last year announced that they formed Qatar Railways Development Co. to build the network in three phases by 2026.
The Doha metro system will be completed by 2019 with construction started in 2013, al Enazi said. A high-speed rail network extending outside the capital is to be finished by 2021, he said……………………………………….Full Article: Source

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Dubai’s global bourse hopes end but options remain

Posted on 31 December 2010 by VRS  |  Email |Print

From Reuters: Borse Dubai, owned by Dubai’s sovereign wealth fund, plans to use the funds to pay down debt as Dubai climbs out of an approximately $115 billion debt hole.
“Buying the LSE stake was part of Dubai’s strategy to become the regional financial centre and I think it has achieved this, but does it make sense to own the stakes in Nasdaq OMX and the LSE?,” said Mohammed Yasin, CAPM Investment’s chief investment officer. “I don’t think they’ve added value to Dubai’s markets.”………………………………………Full Article: Source

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Norway fund to refrain from fx buying in January

Posted on 31 December 2010 by VRS  |  Email |Print

From Reuters: Norway’s central bank will not sell Norwegian crowns in January to buy foreign exchange for the country’s oil fund, the bank said Thursday on its NOCC page, extending its December practice.
The central bank manages Norway’s 3.1 trillion Norwegian crown ($524 billion) Government Pension Fund Global, which invests surplus oil wealth to save for a future when the country’s oil and gas resources run dry……………………………………….Full Article: Source

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Colony in talks to lure investors to PSG

Posted on 31 December 2010 by VRS  |  Email |Print

From Reuters: Colony Capital, the American owners of French soccer club Paris Saint Germain, are in talks to sell a stake in the club to help them compete with Europe’s elite. Qatar’s sovereign wealth fund has repeatedly been linked to a 40 million euro stake buy in PSG, although Leproux declined to comment on a potential Gulf investment.
“The arrival of new partners would be great for everybody at the club … having extra (financial) means would strengthen us and offer us new perspectives,” Robin Leproux said……………………………………….Full Article: Source

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Azerbaijan’s strategic reserves increase 47pct

Posted on 31 December 2010 by VRS  |  Email |Print

From News.az: Azerbaijan’s strategic currency reserves were $30bn as of 1 December, an increase of 47% since the start of the year. The strategic currency reserves consist of the currency reserves controlled by the Central Bank, the assets of the State Oil Fund and the Finance Ministry’s treasury funds.
The Central Bank of Azerbaijan gave the figures today in a statement on monetary and credit policy in 2011. “In the first 11 months of 2010 Azerbaijan’s strategic currency reserves were $30bn, which allows the import of goods and services to be covered in three years,” the statement says……………………………………….Full Article: Source

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More companies meeting with hedge funds and sovereign wealth funds

Posted on 31 December 2010 by VRS  |  Email |Print

From Cpifinancial.net: Companies worldwide are adapting their investor relations strategies to enhance their outreach to hedge funds and sovereign wealth funds, according to an annual survey conducted by BNY Mellon. 93 per cent of surveyed firms meet with hedge funds, 47 per cent meet with SWFs.
Nearly a quarter considering secondary stock listing in emerging markets, according to BNY Mellon Investor Relations Survey. Nearly a quarter (22 per cent) of companies are considering a secondary listing in an emerging market, outside their home market. Among these firms, the large majority (70 per cent) identified a listing in China or Hong Kong……………………………………….Full Article: Source

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India govt mulls SWF to buy oil, gas blocks abroad

Posted on 23 December 2010 by VRS  |  Email |Print

From Financialexpress.com: The government is planning to set up a sovereign wealth fund (SWF) to acquire oil and gas blocks abroad and is taking serious steps to encourage both state-owned and private players to buy energy assets in other countries, government officials said.
“The National Manufacturing Competitiveness Council is examining the feasibility of setting up an SWF to acquire raw materials and assets from abroad not only in the energy industry but across all sectors. We are awaiting their recommendations,” said Vivek Kumar, joint secretary, petroleum ministry………………………………………Full Article: Source

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China: ‘CIC No.2′ launched Wednesday

Posted on 23 December 2010 by VRS  |  Email |Print

From China.org.cn: Guoxin Asset Management Co, China’s new state-asset management company, officially launched. Guoxin Asset Management Co, also referred to as “China Investment Corporation (CIC) No.2,” is expected to play an important role in the restructuring of state-owned enterprises.
Xie Qihua, former board chairman of Baosteel Group, has been designated as the board chairman for Guoxin, the newspaper reported, and Liu Dongsheng, chairman of the Supervisory Board for Key Large State-Owned Enterprises of State-owned Assets Supervisory and Administration Commission (SASAC), will be the general manager……………………………………….Full Article: Source

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China launches new firm to accelerate restructuring of SOEs

Posted on 23 December 2010 by VRS  |  Email |Print

From China Knowledge: China’s State Council inaugurated Guoxin Asset Management Co to step up the restructuring of small state-owned enterprises as part of the Chinese government’s effort to list more SOEs, the Shanghai Securities News reported.
People in the financial industry have likened the new state-owned asset management firm to the country’s US$300-billion sovereign-wealth fund, China Investment Corp, and have called Guoxin “CIC No. 2″, according to the report……………………………………….Full Article: Source

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Indonesian antimonopoly agency may go after Temasek assets

Posted on 23 December 2010 by VRS  |  Email |Print

From Thejakartaglobe.com: Indonesia’s antimonopoly commission said on Wednesday it is looking to seize Indonesian assets held by Temasek Holdings if the Singapore state-owned investment company does not settle its outstanding fines.
The planned move by the Business Competition Supervisory Commission (KPPU) could spook foreign investors who have been pumping billions of dollars into the economy and the country’s capital markets in recent years……………………………………….Full Article: Source

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Temasek should seek clarification with Indonesia over fines: lawyers

Posted on 23 December 2010 by VRS  |  Email |Print

From Channelnewsasia.com: Temasek Holdings should now seek clarification with the Indonesian authorities over the payment of fines for anti-competitive behaviour in 2007. That’s according to lawyers following Temasek’s statement that it has not received any official notice.
Legal experts Channel NewsAsia spoke to said it is common practice that any penalty against an individual or business should be followed by an official legal notification. The Indonesian Anti-Monopoly Agency has said it is evaluating Temasek’s assets in the country, and said the government has the right to seize them if a court-imposed fine is not paid……………………………………….Full Article: Source

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South Korea KIC to invest in Abu Dhabi fund

Posted on 23 December 2010 by VRS  |  Email |Print

From Reuters: State-run Korea Investment Corp (KIC) said on Thursday that it would invest $50 million in an infrastructure investment fund managed by a group including Abu Dhabi’s Mubadala Development Company.
KIC, which manages money entrusted by South Korea’s government and central bank, said in a statement that it would invest the money in the MENAT fund managed by Mubadala Infrastructure Partners Fund, a unit of the Abu Dhabi company……………………………………….Full Article: Source

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Hermes cancels Bluewater stake sale

Posted on 23 December 2010 by VRS  |  Email |Print

From Propertyweek.com: Hermes Real Estate has unexpectedly cancelled the sale of its sale of a 7.5% stake in the Bluewater shopping centre in Kent. GIC, the sovereign wealth fund of the Government of Singapore which owns 17.5% of Bluewater, was understood to have considered buying the stake.
The fund manager was looking to sell the stake in the 1.6m sq ft centre for £120m, as it looks to sell down partial holdings in funds and assets……………………………………….Full Article: Source

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Areva needs clarity from France over nuclear strategy

Posted on 23 December 2010 by VRS  |  Email |Print

From WSJ: The government rejected the option to float 30% of Areva’s capital on the stock exchange, claiming the need to protect a strategic champion from foreign and private investors but ended up planning a 15% capital increase, turning to chosen investors, all foreign: Areva’s Japanese partner Mitsubishi Heavy Industries and sovereign funds Qatar Investment Authority and Kuwait Investment Authority.
For its part, QIA’s demands to get a hand on Areva’s uranium extraction business came as a surprise to the governmental interlocutors, after months of discussions, and were turned down. Hence the minimal capital increase of €900 million……………………………………….Full Article: Source

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IMF Book: Economics of sovereign wealth funds: Issues for policymakers

Posted on 23 December 2010 by VRS  |  Email |Print

The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapters. The book is organized around four themes: (1) the role and macrofinancial linkages of SWFs, (2) institutional factors, (3) investment approaches and financial markets, and (4) the postcrisis outlook.
The book also discusses the challenges facing sovereign wealth funds in the coming years, from an inside perspective on countries, including Canada, Chile, China, Norway, Russia, and New Zealand. Economics of Sovereign Wealth Funds will contribute to a further understanding of the nature, strategies and behavior of SWFs and the environment in which they operate, as their importance is likely to grow in the coming years……………………………………….Full Article: Source

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Venezuela’s liquid forex reserves fall to lowest level in nine years

Posted on 23 December 2010 by VRS  |  Email |Print

From Eluniversal.com: According to data provided by the Central Bank of Venezuela (BCV), liquid external assets, that is, US dollars deposited in bank accounts or in foreign currency instruments that are immediately available to cover imports, pay debt and meet the demand of foreign currency, have plummeted.
At the end of the third quarter of 2010, liquid foreign exchange reserves amounted to USD 9.8 billion, a 42 percent fall compared to the same period in 2009 and a 65 percent decline versus the same period in 2008……………………………………….Full Article: Source

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Norway pension fund sets its sights on real estate sector

Posted on 22 December 2010 by VRS  |  Email |Print

From Citywire.co.uk: For the first time in its history, the Norwegian Government Pension fund is going to be invested in the real estate sector by the start of 2011.
The decision by the world’s second largest pension fund to enter the property market can be seen as a clear indication of the benefits this sector can offer to long term investors……………………………………….Full Article: Source

Temasek Holdings Indonesian assets may be seized

Posted on 22 December 2010 by VRS  |  Email |Print

From Asiaone.com: Indonesia’s anti-monopoly commission, the Komisi Pengawas Persaingan Usaha (KPPU), will reportedly confiscate Temasek Holdings’ assets in Indonesia in lieu of unpaid fines from Temasek and its subsidiaries, according to Indonesian paper Koran Tempo.
It had been found guilty in 2007 of breaching anti-competition laws, after it was accused of having a monopoly on Indonesia’s mobile telecommunications market……………………………………….Full Article: Source

Mubadala gets Dh2.2bln as capital

Posted on 22 December 2010 by VRS  |  Email |Print

From Emirates247.com: Sovereign wealth fund Mubadala Development Company received only Dh2.2 billion as cumulative capital contribution from its owner Abu Dhabi Government in the first half of this year, taking the total to Dh50bn since the fund’s establishment, Fitch Ratings said.
The government had earlier approved capital contributions of up to Dh13 billion for 2010……………………………………….Full Article: Source

Qatar need to curb spending

Posted on 22 December 2010 by VRS  |  Email |Print

From Emirates247.com: The IMF gave no figures on Qatar’s overseas assets by according to estimates by a key Western financial institution, the government-owned Qatari Investment Authority (QIA) controlled around $66 billion at the end of 2009.
The Washington-based Institute for International Finance (IIF) expected QIA’s assets to surge to nearly $90 billion at the end of 2010 because of the improvement in global markets and the rise in oil and gas prices……………………………………….Full Article: Source

Qatar wants to invest more in rising Indonesia: Envoy

Posted on 22 December 2010 by VRS  |  Email |Print

From Thejakartapost.com: In May this year, Qatar Holdings, an investment arm of Qatar Investment Authority, established an Indonesian Fund worth $1 billion. While welcoming the move, Indonesia’s Investment Coordinating Board (BKPM) Chairman Gita Wirjawan said the country is in need of foreign investments for developing infrastructure.
“The main focus area [of the fund] will be on mineral resources and infrastructure projects,” Wirjawan said……………………………………….Full Article: Source

Dubai World emphasizes desire to improve finances

Posted on 22 December 2010 by VRS  |  Email |Print

From Taiwannews.com.tw: The new chairman of Dubai World is emphasizing the indebted state conglomerate’s commitment to repaying its creditors as it works to shore up its business. Dubai’s media office says Sheik Ahmed bin Saeed Al Maktoum made the comments during the first meeting of the company’s new board Monday.
Sheik Ahmed was tapped by Dubai’s ruler to lead the sprawling conglomerate last week. He also runs Dubai’s state-owned airline Emirates……………………………………….Full Article: Source

Irish Pensions Reserve to invest $50mln in U.S. venture capital firm

Posted on 22 December 2010 by VRS  |  Email |Print

From Irishemigrant.com: The Irish government will use the Irish National Pensions Reserve Fund (NPRF) to make a $50m investment in Polaris Venture Partners, a U.S. venture capital firm which gives start-up cash to new companies in the hope they will eventually become successful businesses and provide a return on the investment.
The investment will be made via Innovation Fund Ireland, a $700 million, five-year government initiative launched in New York in July. Over the length of the plan, the National Pension Reserve Fund and Enterprise Ireland are to provide $350 million, with venture capitalists providing the other $350 million……………………………………….Full Article: Source

Cornerstone investments and ethics

Posted on 22 December 2010 by VRS  |  Email |Print

From WSJ: In a cornerstone tranche, well-known, large institutions, including tycoons’ private offices, sovereign wealth funds and sizeable asset management firms commit to buying pre-agreed allocations, irrespective of the final offer price and without a discount. Some funds from the Middle East in particular have featured visibly in some of the largest IPOs earlier this year.
The practice, which doesn’t contravene the listing rules in Hong Kong but isn’t explicitly regulated, involves contacting a select group of potential backers a few weeks prior to launch……………………………………….Full Article: Source

LI Hong on “depoliticization and regulation of sovereign wealth funds: A Chinese perspective”

Posted on 22 December 2010 by VRS  |  Email |Print

From Lcbackerblog: LI Hong’s excellent article, “Depoliticization and Regulation of Sovereign Wealth Funds: A Chinese Perspective,” has recently published in the Asian Journal of International Law (2010) (html version here). LI explores “the justification and method for depoliticizing sovereign wealth funds. . . from a Chinese perspective” by examining the Chinese sovereign wealth fund umbrella entity, the China Investment Corporation (CIC) between 2007 and 2009.
LI deplores the early hostility and suspicion with which SWFs were greeted immediately before the Financial Crisis of 2007 but notes the rehabilitation of the device in the aftermath of the need for SWF recipient states to be less fussy about sources of investment after 2007……………………………………….Full Article: Source

Who invented sovereign wealth funds?

Posted on 22 December 2010 by VRS  |  Email |Print

From Investmentreview.com: If you follow me on Twitter, you’ll know that I’ve been playing some SWF word association games. Well I’ve got another one for you: If I say, ‘governments that kicked off the SWF era’ or, how about, ‘governments that deserve credit for the big SWF idea’, what would you say?
At first blush, I’d expect you to come out with “Kuwait” or “Abu Dhabi” or “Singapore” or (if you’re really good) even “Kiribati”……………………………………….Full Article: Source

SWFs looking abroad (Video)

Posted on 22 December 2010 by VRS  |  Email |Print

From Cnbc.com: Many sovereign wealth funds focused on investing in their own countries during the financial crisis, but that trend is shifting now, Jan Randolph, head of sovereign risk at IHS Global Insight, told CNBC Tuesday.………………………………………Full Article: Source

Future Fund buys $200mln stake in London’s Gatwick

Posted on 21 December 2010 by VRS  |  Email |Print

From Theaustralian.com.au: Future Fund has boosted infrastructure sector exposure, spending $200 million on a 17.2 per cent holding in London’s Gatwick airport. The acquisition of the stake in Britain’s second biggest airport adds to the fund’s 10 per cent interest in Melbourne airport.
It also builds on the fund’s ambition to become a serious infrastructure player due to the attractive, relatively low-risk and stable returns in the sector……………………………………….Full Article: Source

GIC eyes Aussie group Centro’s assets

Posted on 21 December 2010 by VRS  |  Email |Print

From Todayonline.com: Australia’s Centro Properties Group has received A$13.5 billion ($17.6 billion) worth of indicative bids for its shopping malls, including from the Government of Singapore Investment Corp (GIC), local media reported yesterday, as the rare distressed opportunity whetted the appetite of investors angling for the country’s healthy market.
Among the other interested buyers for some or all of Centro’s assets are Westfield, Lend Lease’s Australian Prime Property Fund, CFS Retail Trust and Queensland Investment Corp, the Sydney Morning Herald said yesterday without citing its sources……………………………………….Full Article: Source

Temasek unit buys 15pct of Mekong Development Bank

Posted on 21 December 2010 by VRS  |  Email |Print

From Bloomberg: Fullerton Financial Holdings Pte, a unit of Singapore’s Temasek Holdings Pte, bought a 15 percent stake in Vietnam’s Mekong Development Bank.
The purchase helped lift registered capital at the lender, based in the southern province of An Giang, to 3 trillion dong ($154 million) from 1 trillion dong, the Vietnamese bank said in an e-mailed statement……………………………………….Full Article: Source

PLUS Expressways gets $8.3 bln offer, bid war looms

Posted on 21 December 2010 by VRS  |  Email |Print

From Reuters: Malaysia’s PLUS Expressways received a 26 billion ringgit ($8.3 billion) offer from local firm Jelas Ulung Sdn Bhd, making it potentially the country’s second-largest M&A deal. UEM Group, together with its parent — sovereign wealth fund Khazanah Nasional Bhd — holds 55.4 percent of the firm.
Unlisted Jelas Ulung’s offer tops a 23 billion ringgit approach by Malaysia’s UEM Group and Employees Provident Fund and could spark a takeover battle for the country’s largest highways operator……………………………………….Full Article: Source

What is Khazanah’s end game?

Posted on 21 December 2010 by VRS  |  Email |Print

From Malaysia-today.net: What’s the end game being played by Khazanah? It’s instructed to sell shares in the companies that it invested. Reason being- to flush the market with liquidity. But have we thought about the collateral damage?
I have long thought that it was wise before we appoint anyone to head GLCs - doesn’t matter how clever they are, they should be re-schooled into understanding what it is to be Malay and the bigger Malay agenda. Now, don’t get me wrong, I am not advocating anything sinister on the non-Malays……………………………………….Full Article: Source

Vallar intends to pay Bumi’s debt to CIC

Posted on 21 December 2010 by VRS  |  Email |Print

From Theindonesiatoday.com: Vallar Plc, a company owned by Rothschild group, plans to raise additional fund next year to repay US$1.9 billion debt owed by PT Bumi Resources Tbk (BUMI) to China Investment Corporation (CIC), Bisnis Indonesia reported this morning.
Daren Morris, financial advisor of Vallar, said the CIC’s debt repayment will lower Bumi’s financial charges and reduce influence of China’s investor on Bakrie Group’s coal production and sales……………………………………….Full Article: Source

Africa: Could the continent survive to the new form of capitalism

Posted on 21 December 2010 by VRS  |  Email |Print

From African-bulletin.com: The creation of Sovereign Wealth Funds (SWF) has jumped since last year and been adopted by other countries, so that today, all major countries have such a financial institution. These domestic investors, responsible to grow revenue from commodity exports or the State foreign exchange reserves, have become commonplace.
They are then gone from being opportunistic investors to that of last resort predators, particularly for financial and banking sectors……………………………………….Full Article: Source

United Power stake for Mubadala GE

Posted on 21 December 2010 by VRS  |  Email |Print

From Thenational.ae: Mubadala GE Capital has acquired a 16 per cent stake in an Omani power generation company. Mubadala Development, a strategic investment company owned by the Abu Dhabi Government, teamed up with General Electric (GE) to start Mubadala GE Capital last year.
Mubadala and GE agreed to contribute US$4 billion (Dh14.69bn) each to the venture, which aims to provide loans to medium-sized businesses to finance their growth……………………………………….Full Article: Source

Fitch affirms Abu Dhabi-based Mubadala Development Company stable ratings

Posted on 21 December 2010 by VRS  |  Email |Print

From Globalarabnetwork.com: Fitch Ratings has affirmed Mubadala Development Company PJSC’s (Mubadala) Long-term Issuer Default rating (IDR) and senior unsecured rating at ‘AA’, respectively.

The Abu Dhabi-based diversified development and investment group’s Short-term IDR has been affirmed at ‘F1+’. The Outlook for the Long-term IDR is Stable. MDC-GMTN B.V.’s (MDC) global medium-term note (GMTN) programme with USD1.77bn of notes outstanding has also been affirmed at ‘AA’……………………………………….Full Article: Source

Dubai World emphasizes desire to improve finances

Posted on 21 December 2010 by VRS  |  Email |Print

From Businessweek.com: Dubai World’s new chairman on Monday underscored the indebted state conglomerate’s commitment to repaying its creditors as it retools its business.
Sheik Ahmed bin Saeed Al Maktoum made the comments during the first meeting of the company’s new board, according to a statement from Dubai’s media office. He was picked to lead the sprawling state conglomerate following a shakeup of the company’s leadership last week……………………………………….Full Article: Source

India’s forex reserves fall by $971 mln

Posted on 21 December 2010 by VRS  |  Email |Print

From Calcuttatube.com: India’s foreign exchange (forex) reserves declined by $971 million to $295.42 billion for the week ended Dec 10 due to a slump in the value of foreign currency assets. The foreign currency assets, the biggest component of the forex reserves kitty, declined by $979 million to $266.25 billion during the week, according to the weekly statistical supplement of the Reserve Bank of India (RBI).
The foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as British pound sterling, euro and Japanese yen held in reserves……………………………………….Full Article: Source

JP Morgan fund partners GIC to buy office tower

Posted on 20 December 2010 by VRS  |  Email |Print

From Thestar.com.my: The fund management unit of JP Morgan said it had joined a sovereign wealth fund from Singapore to acquire a 42-storey office tower in Frankfurt’s central business district for an undisclosed sum.

One of its funds partnered with the real estate arm of the Government of Singapore Invest-ment Corporation (GIC) to buy the property from a Tishman Speyer fund and Swiss bank UBS AG, JP Morgan Asset Management (JPMAM) said…………………………………….Full Article: Source

TPG and GIC invest in Indonesian coal

Posted on 20 December 2010 by VRS  |  Email |Print

From WSJ: TPG Capital and Singapore’s sovereign wealth fund, Government of Investment Singapore Corp., jointly invested in Indonesian coal service mining company PT Delta Dunia Makmur Tbk, following a string of companies from India and China that have been buying stakes in Indonesian coal miners.

A statement on Delta Dunia’s website issued late Saturday said a consortium of affiliates and investment vehicles of U.S. private equity firm TPG and the Singapore fund, known as GIC, had made the investment. The statement didn’t give financial details, but a person familiar with the situation said that the investment would be about $400 million…………………………………….Full Article: Source

US private equity firm invests in Indonesia

Posted on 20 December 2010 by VRS  |  Email |Print

From Brecorder.com: U.S private equity firm Texas Pacific Capital and Singapore sovereign wealth fund GIC invested 2.99 trillion rupiah ($331 million) for a stake in an Indonesia coal contractor, two sources with knowledge of the deal said on Sunday.

TPG and GIC have bought non-voting shares in Northstar Tambang Persada Ltd, a special purpose vehicle which owns 40 percent in PT Delta Dunia Makmur , according to a statement to Indonesia’s stock exchange, following a report in the Financial Times on December 18 about the deal…………………………………….Full Article: Source

GIC backs GVK Energy with US$154mln investment

Posted on 20 December 2010 by VRS  |  Email |Print

Emerging markets private equity investor Actis, and an affiliate of the Government of Singapore Investment Corporation (GIC), announced an investment each of US$77m in one of India’s leading power developers, GVK Energy.

GVK Energy, a wholly owned subsidiary of GVK Power and Infrastructure Limited (’GVKPIL’) is one of the first private sector developers in India. GVK’s power portfolio comprises an operational capacity of 909 MW with a further 4200 MW in various stages of development. This funding round enables GVK Energy to further develop, construct and operate power plants in India…………………………………….Full Press Release: Source

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