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Sovereign Wealth Funds Briefing - Archive | August, 2011

Thailand: Go slow on wealth fund, govt told

Posted on 25 August 2011 by VRS  |  Email |Print

The government has been urged not to fast-track the creation of a sovereign wealth fund in the light of concern that the country’s international reserves risk being wasted. Senator Kamnoon Sithisman expressed his concern over the government plan to establish a sovereign wealth fund by using money held by the central bank.
Prime Minister Yingluck Shinawat-ra said on the first day of the debate that the government would consider creating such a fund as part of an effort to manage the Kingdom’s assets better……………………………………….Full Article: Source

India: RBI agrees to dip into forex for energy fund

Posted on 25 August 2011 by VRS  |  Email |Print

Keen to ensure energy security as it strives for double-digit growth, the government has finally decided to take forward its long pending plan to set up a sovereign wealth fund. The fund is likely to have a corpus of $10 billion, though government sources indicated that its size could be reviewed in view of the soaring global crude oil prices.
“An in-principle approval has been taken to set up a sovereign wealth fund. Its size and contours will be finalised over the next few months,” an official close to the development said……………………………………….Full Article: Source

Libya’s wealth of opportunity

Posted on 25 August 2011 by VRS  |  Email |Print

The country’s sovereign wealth fund, the Libyan Investment Authority and its central bank are thought to have more than $160billion of assets overseas, including bank deposits, government bonds, hedge fund holdings and other investments.
Here in the UK there are £12billion of frozen assets, including a stake in media company Pearson, deposits with banks including Royal Bank of Scotland and some £700million of property investments……………………………………….Full Article: Source

Nigeria: Wrangling over sovereign wealth fund

Posted on 25 August 2011 by VRS  |  Email |Print

The cloud is gathering over the much promoted Sovereign Wealth Fund (SWF) with state governors calling for more clarity over how the country’s planned debut SWF would work because of concerns that they will have less access to oil revenues.
The fund has been designed to help improve management of often-squandered crude oil earnings and would replace Nigeria’s Excess Crude Account (ECA), into which oil revenues over a bench- mark price are now saved……………………………………….Full Article: Source

Anxiety as governors kick against SWF

Posted on 25 August 2011 by VRS  |  Email |Print

The call by governors of the 36 states of the federation for the suspension of the nation’s Sovereign Wealth Fund, SWF, has generated fresh rounds of controversy. Like Boko Haram, the mess in the judiciary, single term tenure and others, the SWF has become the latest jigsaw in town.
The decision of the Federal Government of Nigeria to establish the Fund as at the time it was set up was said to be one of the most significant economic policy decisions taken in recent times……………………………………….Full Article: Source

Thai Oil pushes for talks on sovereign wealth fund

Posted on 24 August 2011 by VRS  |  Email |Print

Surong BulakulThai Oil supports a joint discussion of the Bank of Thailand, the Finance Ministry and the Energy Ministry on the establishment of a sovereign wealth fund, which could earn better returns from growing foreign reserves.
Surong Bulakul, chief executive officer of Thai Oil, said that with such fund, Thailand would have a mechanism to manage public-sector risks in the same way as Singapore, Malaysia and South Korea……………………………………….Full Article: Source

Kazakhstan sets ‘people’s IPO’ for 2012

Posted on 24 August 2011 by VRS  |  Email |Print

Kairat KelimbetovThe Kazakhstani government has scheduled an initial public offering (IPO) of shares in several companies within the Samruk-Kazyna sovereign wealth fund for the second or third quarter of 2012, Lenta.ru reported August 23, quoting Economy Minister Kairat Kelimbetov.
The plan would make hundreds of thousands of Kazakhstanis shareholders in some of the country’s largest companies. The first state-owned companies whose shares would become available are the electrical grid operator KEGOC, the airline Air Astana and the oil pipeline operator KazTransOil, Kelimbetov said……………………………………….Full Article: Source

SOFAZ publishes its 2010 annual report

Posted on 24 August 2011 by VRS  |  Email |Print

The State Oil Fund of the Republic of Azerbaijan published its Annual Report for the year 2010 including report on Fund’s activities in 2010, audited Financial Statements and Auditor’s Report (Ernst & Young).
In 2010, the Fund streamlined both the structural and presentation style of annual reporting, started to implement innovations in the design concept of the report. Design theme of the State Oil Fund’s 2010 annual report will follow the legacy of Nizami Ganjavi, a great Azerbaijani poet and philosopher……………………………………….Full Article: Source

Libya: State fund nearly empty

Posted on 24 August 2011 by VRS  |  Email |Print

Libyan rebels on the verge of bringing Muammar Gaddafi’s regime to an end will probably inherit a depleted investment portfolio in the country’s secretive sovereign wealth fund.
The fund, established in 2006 to manage the country’s oil revenue and with stakes in European blue chips, is seen as crucial to Libya’s post- conflict reconstruction and its future economic development. The market value of the Libyan Investment Authority’s investment portfolio rebounded in the third quarter of last year , after a 4,5% slump in the prior quarter, to $64,19bn as of September 30 last year , the fund’s management information report showed……………………………………….Full Article: Source

Oil-rich Libyans won’t need financial aid

Posted on 24 August 2011 by VRS  |  Email |Print

Libyan rebels needed NATO’S military might to bring Muammar Qaddafi’s rule to the brink of collapse. About $50 billion in cash abroad means they can do without foreign aid to rebuild the country after a six-month conflict.
The central bank and the Libyan Investment Authority, the country’s sovereign-wealth fund, have about $168 billion in assets abroad. About $50 billion of that is in bank deposits in European countries including Germany, the U.K., France, Italy, Portugal, Spain, Sweden, Belgium and the Netherlands,………………………………………Full Article: Source

SWF: NEC sends Sambo to Jonathan

Posted on 24 August 2011 by VRS  |  Email |Print

The National Economic Council (NEC) set up a Committee headed by its Chairman, Vice President Namadi Sambo, to liaise with President Goodluck Jonathan on how to come to a middle point over the implementation of the Sovereign Wealth Fund (SWF), which the Governors want reviewed.
Briefing newsmen after the maiden meeting of NEC, Gover-nors Gabriel Suswam of Benue State, and Isa Yuguda of Bauchi State said that given the new realities on ground, especially the sate of education in the North and payment of the new minimum wage, there was need to look at the Fund especially on how to fund it……………………………………….Full Article: Source

Nigerian governors want clarity on wealth fund

Posted on 24 August 2011 by VRS  |  Email |Print

Nigeria’s powerful state governors have sought more clarity over how the country’s planned debut sovereign wealth fund (SWF) would work because of concerns they will have less access to oil revenues.
The fund has been designed to help Africa’s biggest oil exporter to improve its management of often-squandered crude oil earnings and would replace Nigeria’s excess crude account (ECA), where oil revenues over a benchmark price are now saved……………………………………….Full Article: Source

ICAN, HURIWA query governors on sovereign wealth fund

Posted on 24 August 2011 by VRS  |  Email |Print

The Institute of Chartered Accountants of Nigeria (ICAN) and a human rights group, Human Rights Writers Association (HURIWA) have condemned calls by the Nigerian Governors’ Forum for the scrapping of the recently established Sovereign Wealth Fund which replaced the Excess Crude Account where excess budgetary revenues are pooled for serious national intervention.
ICAN made its position known in Abuja yesterday when its newly installed President, Prof. Francis Ojaide and the Chairman of the Abuja District Society, Mallam Shehu Aladire spoke to journalists after a visit by the ICAN Executive to the Auditor-General of the Federation, Mr. Samuel Ukura, while HURIWA’s reaction is contained in a statement by its boss, Comrade Emmanuel Onwubiko……………………………………….Full Article: Source

China needs to diversify FX reserves -c.bank adviser

Posted on 24 August 2011 by VRS  |  Email |Print

China should diversify its huge foreign exchange reserves into non-financial assets to hedge against risks from a long-term decline in the U.S. dollar, Xia Bin, an academic adviser to the central bank said on Tuesday.
“The Chinese government is certainly worried about (the safety) of its foreign exchange reserves,” Xia told a forum……………………………………….Full Article: Source

China’s other SWFs–Complexity and coherence in sovereign investing strategies

Posted on 24 August 2011 by VRS  |  Email |Print

Certain important themes emerge: (1) Chinese outbound investment is not marked by its uniformity but rather by a loose coordination; (2) Chinese ministries with access to SWFs compete for power, influence and status through these funds, the more successful the funds, the more useful not only as a source of wealth but also internal influence within the state apparatus;
(3) the blended objectives of politically targeted wealth maximization tends to provide a framework, but not an inflexible formula, for SWF investment activity;………………………………………Full Article: Source

Cheng Bock: Tony better in GIC

Posted on 24 August 2011 by VRS  |  Email |Print

When asked for his views on Dr Tony Tan’s suggestion of a second resilience package if Singapore should face another economic crisis, Dr Tan Cheng Bock said his opponent will be more suited to be back in the GIC.
He said that the job of initiating a resilience package should remain that of the Finance Minister’s, Mr Tharman Shanmugaratnam, and the political party which is in power……………………………………….Full Article: Source

Australia Treasurer: No need now for a sovereign wealth fund

Posted on 23 August 2011 by VRS  |  Email |Print

Wayne SwanAustralian Treasurer Wayne Swan said on Tuesday he does not see any need now for a sovereign wealth fund to help cope with the country’s mining boom.
“No it wouldn’t do anything in our current situation and wouldn’t do anything for some time to come,” Swan told Australian radio, when asked whether the government could consider establishing a sovereign wealth fund to smooth out the impact of the resources boom……………………………………….Full Article: Source

Australia: Industry cuts trigger call for sovereign wealth fund

Posted on 23 August 2011 by VRS  |  Email |Print

Paul BloxhamThe wave of job cuts in the steel industry, blamed on the high dollar, has reignited calls for a sovereign wealth fund to rein in the exchange rate.
A sovereign wealth fund is a savings pool used by commodity-rich countries such as Norway to invest the windfall of a resources boom or to soften the blow from a sudden fall in commodity prices……………………………………….Full Article: Source

S Korea’s KIC buys $78mln in BofA shares this year

Posted on 23 August 2011 by VRS  |  Email |Print

South Korea’s sovereign wealth fund Korea Investment Corp., or KIC, has purchased $78 million in Bank of America Corp. (BAC) shares this year, judging that the U.S. banking giant’s shares were undervalued.
KIC bought the shares since January with part of the $145 million in dividends it received from BofA, the Korean sovereign fund said in a statement issued late Monday……………………………………….Full Article: Source

NSP wants GIC, Temasek to be more transparent

Posted on 23 August 2011 by VRS  |  Email |Print

The National Solidarity Party (NSP) has called on the Government of Singapore Investment Corporation (GIC) and Temasek Holdings to provide more information to the public on their inner workings.
NSP firmly believes that better financial transparency in our sovereign wealth funds (SWFs) and Parliament is the best way to serve all Singaporeans, and hopes that the new elected president will champion the move as this relates also to the management of our reserves………………………………………Full Article: Source

Singapore: Transparency on our sovereign wealth fund

Posted on 23 August 2011 by VRS  |  Email |Print

The National Solidarity Party (NSP) regrets the continued lack of transparency surrounding our sovereign wealth funds (SWFs). The NSP believes that sufficient public information in the internal workings of GIC and Temasek Holdings is undoubtedly in the interest of all Singaporeans, as is a demonstrably robust system of check and balances in the management of our SWFs.
Singapore’s reserves, as well as Singaporeans’ Central Provident Fund (CPF) contributions, are managed by GIC and Temasek Holdings……………………………………….Full Article: Source

India: Government mulls $10-bln sovereign wealth fund

Posted on 23 August 2011 by VRS  |  Email |Print

Taking a cue from China, India too is working out the modalities of setting up a $10-billion sovereign wealth fund (SWF) to acquire energy assets abroad. A group of ministers (GoM) on energy security issues headed by finance minister Pranab Mukherjee is set to meet on Tuesday to formulate the modalities to set up an SWF.
A sovereign wealth fund is a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments. Sovereign wealth funds invest globally……………………………………….Full Article: Source

Nigeria: Governors’ Forum declares sovereign wealth fund unconstitutional

Posted on 23 August 2011 by VRS  |  Email |Print

The Nigeria Governors’ Forum (NGF), on Sunday, declared the Sovereign Wealth Fund Act (SWF) unconstitutional calling on the Federal Government to suspend its operation. President Goodluck Jonathan had, on May 27 this year, signed the National Sovereign Investment Authority Bill into law.
The NGF, which is the umbrella association of the 36 state governors of the country, in a meeting presided over by its chairman, Mr Rotimi Amaechi, maintained that the constitutional issues arising from the SWF Act needed to be looked into critically……………………………………….Full Article: Source

Why governors insist on review of sovereign wealth fund

Posted on 23 August 2011 by VRS  |  Email |Print

Governors Isa Yuguda and Gabriel Suswam explained why the 36 state governors are insisting on the review of the operation of the Sovereign Wealth Fund (SWF). They spoke with reporters at the end of the monthly meeting of the National Economic Council (NEC) at the Presidential Villa.
Suswam and Yuguda said the governors viewed the fund as a way of short-changing their states. They also hinged the call for the suspension of SWF on the new minimum wage package……………………………………….Full Article: Source

Libya fund’s depleting portfolio may hamper post-war rebuild

Posted on 23 August 2011 by VRS  |  Email |Print

The market value of the Libyan Investment Authority’s (LIA) investment portfolio rebounded in the third quarter of 2010, after a 4.5 percent slump in the prior quarter, to $64.19 billion as of Sept. 30, 2010, the fund’s management information report showed. But that is still below a widely quoted figure close to $70 billion.
A sharp drop in asset values after the debt crisis in Europe and a downgrade of the United States’ credit rating is likely to have further thinned the portfolio even though latest figures are not available, analysts say………………………………………Full Article: Source

ADIA to rejigger external equities teams

Posted on 23 August 2011 by VRS  |  Email |Print

The Abu Dhabi Investment Authority (ADIA), one of the world’s three largest sovereign wealth funds with assets valued at around $328 billion at the end of 2008, is reorganizing its external equities teams into two sections.
One section will focus on indexed funds while the other will focus on those that are actively managed. Currently, ADIA allocates 60% of its total portfolio to externally managed indexed funds. Overall, approximately 80% of the fund’s assets are invested by external fund managers………………………………………Full Article: Source

Kazakhstan corrects its mistakes

Posted on 23 August 2011 by VRS  |  Email |Print

Much has been done since then: the Sovereign Wealth Fund Samruk-Kazyna was set up to ensure economic stability, legislation was improved, institutions and organizations emerged to coordinate the actions of businesses and government, and small and medium enterprises were expanding and so on.
But no one is immune to mistakes, especially the emerging markets. As usual, there was a redistribution of investment and labor resources into the commodity sector……………………………………….Full Article: Source

Global ideas from Alaska’s sovereign wealth fund

Posted on 22 August 2011 by VRS  |  Email |Print

Juneau, Alaska is home to the Alaska Permanent Fund Corporation, the locus of a roughly $40 billion state fund. While small by the standards of Middle East sovereign wealth funds, the Alaska Permanent Fund is unique among states.
The fund found its genesis in the state’s oil wealth and it has paid a dividend to every resident since 1982. The amount is based on a five-year average of the fund. Founded in 1980, the APFC is frequently cited as among the most transparent sovereign wealth funds in the world, and its history, investments and historical performance can be viewed at its website……………………………………….Full Article: Source

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Abu Dhabi Investment Authority promotes president’s son

Posted on 22 August 2011 by VRS  |  Email |Print

Sheikh Mohammed bin Khalifa Al NahyanSheikh Mohammed bin Khalifa Al Nehayan, son of the President of the United Arab Emirates, is to head a new indexed fund department at the Abu Dhabi Investment Authority sovereign wealth fund, the Financial Times reported.
Sheikh Mohammed, an Adia board member and member of the emirate’s executive council, was formerly director of the European external equity fund division, according to the FT……………………………………….Full Article: Source

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Governors seek to stop sovereign wealth fund

Posted on 22 August 2011 by VRS  |  Email |Print

Ahead of Monday’s meeting of the National Economic Council in Abuja, the Nigeria Governors’ Forum will be meeting Sunday also in the Federal Capital Territory, during which the desirability of the nation’s Sovereign Wealth Fund will be discussed.
Already, there are indications that mounting pressure on state governors to meet their funding obligations, especially the national minimum wage, could see some of them heading to court to stop the transfer of a certain portion of their revenue to the SWF……………………………………….Full Article: Source

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Sovereign wealth fund: What guarantee against abuse?

Posted on 22 August 2011 by VRS  |  Email |Print

So soon after running down the much-eulogised Excess Crude Account (ECA) set up by the Olusegun Obasanjo administration at the behest of the International Monetary Fund (IMF), the Federal Government recently began preparations to establish a Sovereign Wealth Fund (SWF).
Addressing members of the National Assembly Committees on Finance last week, Finance Minister Olusegun Aganga noted, in part, that Nigeria is one of the very few members of Organisation of Petroleum Exporting Countries (OPEC), without such a fund……………………………………….Full Article: Source

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Lebanese united in rejecting sale of state’s gold

Posted on 22 August 2011 by VRS  |  Email |Print

Alternative gold strategies, which include lending it to China for a fee or using the gold to establish a diversified sovereign wealth fund, all go unnoticed because of the missing confidence.
Even under the framework of the current fixed exchange system, questions remain over the credibility of the gold in protecting the Lebanese currency……………………………………….Full Article: Source

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Singapore’s GIC losses about $50 bln

Posted on 22 August 2011 by VRS  |  Email |Print

Government of Singapore Investment Corp, which has helped bail out troubled global financial institutions, suffered an investment loss of about 50 billion Singapore dollars (33 billion US) last year.
In late 2007 and early last year GIC injected billions of dollars into Swiss bank UBS as well as US banking giant Citigroup, both of which suffered massive losses from US subprime, or higher-risk, mortgage investments……………………………………….Full Article: Source

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Sovereign wealth fund could quell nationalisation talk

Posted on 19 August 2011 by VRS  |  Email |Print

The discussions around nationalisation create uncertainty and all investors dislike uncertainty. The discussion of a change in regime detracts from investment, so any discussion of this sort will not be good for investments, says Coal of Africa chairperson and mining entrepreneur Richard Linnell.

He tells that he is not adverse to the ‘correct form of nationalisation’. “However, I am frightened by irrational and uninformed discussion on something that is actually quite difficult and, because there is political merit in the debate, it attracts attention and people tend to get frightened by it. You cannot discount the political merit – it just has to be managed correctly,” Linnell says……………………………………….Full Article: Source

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Temasek-led entity sells $305 mln Shin Corp stake

Posted on 19 August 2011 by VRS  |  Email |Print

Cedar Holdings, which is 63%-owned by Temasek Holdings, has reduced its stake in Thailand’s Shin Corp through a Bt9.12 billion ($305 million) block trade. The deal was the second sell-down in a Bangkok-listed company this week. It was upsized by 50% and priced above the bottom of the indicated range.

The discount versus the latest close worked out at 10%, which reflected the fact that the stock is very illiquid. The free-float before this deal was just 4% and the offering accounted for about 150 days of trading volume……………………………………….Full Article: Source

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Temasek arm reduces Shin stake

Posted on 19 August 2011 by VRS  |  Email |Print

An arm of Singapore state-investment firm Temasek Holdings Pte. Ltd. has reduced its stake in a Thai company that played a central role in the 2006 coup that ousted the country’s then-prime minister, Thaksin Shinawatra.

Shin Corp., a Thai telecommunication company, said Thursday that Cedar Holdings Ltd. sold 253.5 million shares, representing a 7.9% stake, to a group of investors. Cedar Holdings is 49% owned by Temasek……………………………………….Full Article: Source

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Chinese soevereign wealth funds and the Western service sector

Posted on 19 August 2011 by VRS  |  Email |Print

It is not uncommon to think of the “issues” of sovereign wealth funds as one that is essentially binary–sovereign wealth funds as sources of sovereign wealth coming into the private markets of host states and investing in their equities. The issue then, as now endlessly reiterated, becomes one of whether this is a “good” or “bad” thing–the answer to which continues to defy consensus.
But reality, of course, provides material for a substantially more nuanced picture. One element of that nuance is sometimes overlooked–the value of sovereign wealth fund activities to powerfully positions economic actors in home states……………………………………….Full Article: Source

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CIC seals MOU with GDF Suez

Posted on 19 August 2011 by VRS  |  Email |Print

GDF Suez says that a co-operation deal with China Investment Corporation (CIC) will help it to accelerate its growth in Asia.

The two companies have announced the signing of a memorandum of understanding (MOU) outlining a strategy to co-operate across multiple business sectors and geographical regions, but with an emphasis on Asia……………………………………….Full Article: Source

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The challenge for Middle East fund managers

Posted on 19 August 2011 by VRS  |  Email |Print

In the Middle East there is the might of the world’s largest sovereign wealth funds, fueled by the oil price and increasingly looking for overseas investment opportunity. But set against that are modest and often constrained local stock markets, and the fact that few emerging market investors give the place more than a cursory look.
These divergent circumstances help to explain why global fund managers have taken a wide range of approaches to the region. At one extreme are the handful who have set up not only sales but manufacturing and portfolio management capability on the ground in the region, in some cases partnering with or even buying stakes in local operations……………………………………….Full Article: Source

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Turkey: Funds eye local partners to go into mall business

Posted on 19 August 2011 by VRS  |  Email |Print

Pradera, which is managing the Cevahir shopping mall in Istanbul owned by the Kuwait Investment Authority, or KIA, is also preparing for investment opportunities in Turkey, said Kodal, noting that recently in a partnership with Krea Group, Pradera aims to acquire new shopping malls in Istanbul. “I trust in the Turkish economy and believe the country will attract more investors,” Kodal said.

Arab investment in Turkey totaled $10.6 billion at the end of last year, according to Ibrahim S. Dabdoub, chief executive of the National Bank of Kuwait, who recently spoke to the Daily News on the sidelines of the sixth Turkish-Arab Economic Forum in Istanbul……………………………………….Full Article: Source

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Sovereign fund’s losses roil Norwegians

Posted on 18 August 2011 by VRS  |  Email |Print

Sticking to a financial plan can be challenging, even if you are the world’s largest sovereign wealth fund. Or, so it seems, sometimes, for Norway’s Government Pension Fund Global and the handful of active traders at Norges Bank Investment Management — challenged during the first two weeks of August to explain the loss of 200 billion kroner ($372-million U.S.) in equity value, as much as its stock losses for all of the second-quarter.
“It happened very fast,” fund director Ygve Slyngstad said as he delivered Q2 numbers. There’s no comment yet on August’s losses……………………………………….Full Article: Source

Nigeria: FG - Non-appointment of managers delays SWF take-off

Posted on 18 August 2011 by VRS  |  Email |Print

Goodluck JonathanAlmost five months after President Goodluck Jonathan signed the Sovereign Wealth Fund (SWF) Bill into Law, the account is yet to effectively take-off, because the Federal Government has not been able to appoint those who will manage the funds.
The passage of the fund bill, celebrated as the biggest single achievement by former Finance Minister, Mr. Olusegun Aganga , was expected to replace the Excess Crude Account (ECA), created to keep back earned oil revenues which are above budget benchmark price……………………………………….Full Article: Source

Bredin Prat and Vinson advise on China’s investment in GDF Suez

Posted on 18 August 2011 by VRS  |  Email |Print

Bredin Prat and Vinson & Elkins lined up alongside Linklaters on the proposed €2.3bn acquisition of a stake in GDF Suez by China Investment Corporation (CIC).
The deal would see CIC take a 30 per cent stake in the exploration and production division of GDF Suez and a 10 per cent stake in the Atlantic LNG liquefaction plant in Trinidad & Tobago……………………………………….Full Article: Source

Kazakhstan needs to diversify away from oil sector, new study shows

Posted on 18 August 2011 by VRS  |  Email |Print

The National Fund of the Republic of Kazakhstan, the country’s stabilization fund grown up by saving a portion of oil-related revenues, currently holds more than $38.7 billion, up from $20 billion in 2009 thanks to high oil prices.
This fund can be used toward a public investment strategy by financing investments in health, education and infrastructure, the IMF recommended……………………………………….Full Article: Source

Sakha head wants fund like Alaska’s

Posted on 18 August 2011 by VRS  |  Email |Print

Sakha republic President Yegor Borisov has proposed setting up a target fund for the development of Russia’s eastern regions with tax money from large projects.
“I suggest setting up a target fund for the development of eastern territories similar to the Alaska Permanent Fund in the United States. Its source could be the tax revenues from the implementation of mega projects,” Borisov said at the Comprehensive Infrastructure Development in the Northeast conference, which opened in Yakutsk on Wednesday……………………………………….Full Article: Source

Russia’s top lender courts wealth funds for $5bln sale

Posted on 18 August 2011 by VRS  |  Email |Print

Russia’s top lender Sberbank hopes to line up Asian and Arab wealth funds next week as core investors in its 7.6 percent stake sale, two banking sources said Tuesday.
A team set to meet the funds will be headed by chief executive German Gref, with Alexei Ulyukayev, a first deputy chairman at Russia’s central bank and a member of Sberbank’s supervisory board, joining the trip……………………………………….Full Article: Source

Angola’s foreign reserves continue to rise

Posted on 18 August 2011 by VRS  |  Email |Print

Angola’s foreign currency reserves rose 5.1 percent in July against June totalling US$22.6 billion, according to figures from the National Bank of Angola.
Recently, the governor of the central bank, José de Lima Massano, announced that net foreign reserves had posted growth of 23.6 percent since the beginning of the year totalling US$21.4 billion on 30 June……………………………………….Full Article: Source

Rise of China state-owned firms rattles U.S. companies

Posted on 18 August 2011 by VRS  |  Email |Print

When the leaders of the world’s two biggest economies meet in Hawaii three months from now, U.S. President Barack Obama will still be able to brag to Chinese President Hu Jintao that the United States has more big companies than any other nation on the planet.
Chinese and other “sovereign wealth funds” that many suspected were making investments for political rather than purely commercial purposes……………………………………….Full Article: Source

Vietnam’s PVI offers private shares to foreign strategic investors

Posted on 18 August 2011 by VRS  |  Email |Print

PVI Holdings, the parent company of PVI Insurance and PVI Reinsurance in Vietnam, said it is planning to offer 53.2 million new shares through a private placement to foreign strategic investors in a bid to raise capital to fuel new development and to strengthen the financial position of its subsidiaries.
Oman Investment Fund, an investment arm of the Oman government, is currently PVI’s only foreign partner. The sovereign wealth fund acquired a 12.6% equity stake for about 808.3 billion dong in May 2010……………………………………….Full Article: Source

Super fund to give financial advice with technology

Posted on 18 August 2011 by VRS  |  Email |Print

Industry superannuation fund VicSuper will next week begin using a “rapid advice engine” from Provisio Technologies to deliver single-issue financial advice to members.
VicSuper said yesterday that basic financial advice on contributions, investment choice and insurance will be given through a new team within the fund……………………………………….Full Article: Source

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