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Sovereign Wealth Funds Briefing - Archive | December, 2011

Kazakh leader to sack wealth fund head after riots

Posted on 23 December 2011 by VRS  |  Email |Print

Nursultan NazarbayevKazakh President Nursultan Nazarbayev said on Thursday that he would sack Timur Kulibayev, his son-in-law and the head of the sovereign wealth fund Samruk-Kazyna.
The head of state oil and gas company KazMunaiGas - one of the fund’s key assets - and its London-listed subsidiary KazMunaiGas Exploration Production were replaced earlier on Thursday after deadly clashes in an oil region where the latter operates fields………………………………………..Full Article: Source

China sovereign fund buys stake in Shanduka

Posted on 23 December 2011 by VRS  |  Email |Print

China Investment Corp., the nation’s sovereign wealth fund, will buy 25 percent of former South African politician Cyril Ramaphosa’s Shanduka Group for 2 billion rand ($245 million), Shanduka said.
CIC will acquire its shares mainly from Old Mutual Private Equity and Investec (INVP), which are selling their holdings, Johannesburg-based Shanduka said in an e-mailed statement yesterday. Shanduka, with investments including coal and McDonald’s Corp. (MCD) franchises, is led by Ramaphosa, who founded the National Union of Mineworkers, South Africa’s biggest labor union, in the 1980s………………………………………..Full Article: Source

CIC takes stake in South Africa’s Shanduka Group

Posted on 23 December 2011 by VRS  |  Email |Print

China’s sovereign-wealth fund has acquired a 25% stake in South Africa’s Shanduka Group, an unlisted but prominent investment holding company with interests in coal mining and other industries.
China Investment Corp. paid two billion rand, or about $243 million, for the stake, Shanduka Group said in a statement Thursday. The shares came mainly from Old Mutual Private Equity and Investec Ltd., which have divested from the Shanduka Group, the company said………………………………………..Full Article: Source

CIC to become second-largest stakeholder in Daimler

Posted on 23 December 2011 by VRS  |  Email |Print

German automaker Daimler AG plans to sell 5%-10% of its stock to China Investment Corporation (CIC) in order to improve the relationship between the company and the Chinese government, according to Germany’s Manager Magazine.
If the deal is completed, the Chinese sovereign wealth fund will become the second largest stakeholder in Daimler………………………………………..Full Article: Source

Daimler is looking for love in China

Posted on 23 December 2011 by VRS  |  Email |Print

Germany’s luxobarge makers aren’t just happy selling their luxobarges to China. Now they want Chinese money straight up. Daimler is flirting with the Chinese sovereign wealth fund China Investment Corporation (CIC), which may want to buy 5 or 10 percent of Daimler.
Sovereign wealth funds invest their money in stocks, where it supposedly yields more than buying T-bills denominated in a devaluing dollar………………………………………..Full Article: Source

China’s Xiaomi raises $90 mln in B-round funding from Temasek and others

Posted on 23 December 2011 by VRS  |  Email |Print

Chinese low-end smartphone maker Xiaomi has received $90 million in B-round venture capital funding from investors such as IDG Capital, Temasek Holdings and Qualcomm Inc, the 21st Century Business Herald reported on Wednesday.
The latest round of financing values Xiaomi at $1 billion, the paper reported, quoting the firm’s founder Lei Jun………………………………………..Full Article: Source

Sovereign wealth joint venture acquires EUR1.2bln Japan logistics portfolio

Posted on 23 December 2011 by VRS  |  Email |Print

A joint venture between between two Asian sovereign wealth funds has acquired 15 prime logistics assets in Tokyo and Osaka for JPY122.6bn (€1.2bn) from LaSalle Investment Management.
Global Logistic Properties (GLP), a listed subsidiary jointly-owned by the Government of Singapore Investment Corporation (GIC) and the $406.9bn (€308.2bn) China Investment Corporation will each initially contribute $272.9m. A consortium of Japanese banks will provide the balance via a five-year JPY81bn credit facility………………………………………..Full Article: Source

Kazakh bank BTA proposes second debt restructuring

Posted on 23 December 2011 by VRS  |  Email |Print

BTA, Kazakhstan’s third-largest bank by assets, will propose a further debt restructuring at a shareholder meeting next month, a move seen requiring creditors to write off at least half their investment.
The bank managed to cut net debt by about two thirds to $4.2 billion through a restructuring programme agreed with creditors last year, which installed Samruk-Kazyna as its 81.5-percent shareholder. BTA has relied largely on Samruk-Kazyna’s support after struggling with persistent bad loans, slow growth in the non-commodity sectors of Kazakhstan’s $150 billion economy and the cost of servicing its government funding package………………………………………..Full Article: Source

Daimler reportedly seeks CIC investment

Posted on 22 December 2011 by VRS  |  Email |Print

Bodo UebberThe German automotive company Daimler AG is reportedly seeking to sell a 5 to 10 percent stake in itself to the $410 billion sovereign wealth fund China Investment Corp (CIC).
Daimler has hired an investment bank to arrange a potential deal and CIC is considered the front runner, Germany’s Manager Magazin quoted Chief Financial Officer Bodo Uebber as saying. “Our company is not commenting on market speculation,” Wang Yan, vice-president of Daimler Northeast Asia Ltd, said………………………………………..Full Article: Source

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Singapore’s Temasek finally sows the seeds for a strong potash pay-off

Posted on 22 December 2011 by VRS  |  Email |Print

In many ways, the following makes a lot sense and perhaps corrects a lost opportunity for a state-controlled investment company during the last decade. Singapore investment firm Temasek Holdings has acquired a 6.5% stake in Mosaic Co., a regulatory filing showed, making it the largest shareholder in the New York-listed fertilizer maker, according to a wsj.com report.
The statement, filed Tuesday, said Temasek now owns 17.9 million Mosaic shares, which, based on Tuesday’s closing price of US$49.93, values the stake at US$893.1 million…………………………………………Full Article: Source

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Dexia sells Luxembourg unit to Qatari fund

Posted on 22 December 2011 by VRS  |  Email |Print

Troubled Franco-Belgian bank Dexia Group said Tuesday it has sold its Luxembourg subsidiary to Qatari investment fund Precision Capital and the state of Luxembourg for euro730 million ($950 million).
Precision, which backed by the Qatari royal family, will hold a 90 percent stake in Dexia Banque Internationale a Luxembourg, while the state of Luxembourg is buying the remaining 10 percent, Dexia said in a statement………………………………………..Full Article: Source

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I2BF Global Ventures and VTB Capital launch of a Sovereign-backed $100mln Russia Kazakhstan Nanotechnology Fund

Posted on 22 December 2011 by VRS  |  Email |Print

A US$100m nanotechnology venture fund has been announced by joint managers VTB Capital and I2BF Global Ventures, with cornerstone backing from the Russian state nanotechnology fund RusNano and Kazyna Capital Management, the sovereign wealth fund of the Republic of Kazakhstan.
These entities have committed $25m each to the new fund, with VTB Capital and I2BF expecting to raise a further $50m from external investors. The agreement was signed on December 21st 2011 in Almaty at a ceremony attended by Aset Isekeshev, Vice-Premier of Kazakhstan and Minister of Industry and New Technologies, and will soon be followed by the opening of offices in Moscow and Almaty………………………………………..Full Article: Source

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Temasek buys Mosaic shares to become largest shareholder

Posted on 21 December 2011 by VRS  |  Email |Print

Temasek Holdings Pte., Singapore’s state-owned investment company, increased its stake in Mosaic Co. to become the biggest shareholder of North America’s second- largest fertilizer producer.
Temasek owns 17.9 million shares in Mosaic, according to a filing with the U.S. Securities and Exchange Commission made public today. The investment company owned 108,026 Mosaic shares as of Sept. 30, according to a Nov. 14 filing. Temasek now owns 5.9 percent of the Plymouth, Minnesota-based company, according to data compiled by Bloomberg………………………………………..Full Article: Source

CIC mulls buying into Daimler

Posted on 21 December 2011 by VRS  |  Email |Print

Bodo UebberChina Investment Corp, the country’s US$300-billion sovereign wealth fund, is likely to buy a 5% to 10% stake in Daimler AG, the world’s second-largest maker of luxury cars, a German magazine reported.
The German automaker is looking for a Chinese investor that could purchase up to 10% stake in it, said the magazine, adding that CIC is most likely to be the buyer. Bodo Uebber, Chief Financial Officer of Daimler, has hired an investment bank to handle the potential transaction, said the magazine………………………………………..Full Article: Source

China sovereign fund to invest in Japan warehouses

Posted on 21 December 2011 by VRS  |  Email |Print

Sovereign wealth fund China Investment Corp. (CIC) will join with Global Logistic Properties (GLP) to acquire 15 storage facilities in Japan, with a total value of $1.6 billion.
Global Logistic said it will set up a 50-50 joint venture with CIC to purchase warehouses which have a total area of 771,000 square meters and are mostly located in Tokyo and Osaka. The facilities are currently owned by LaSalle Investment Management, a division of global real estate service provider Jones Lang LaSalle. GLP will be responsible for managing these assets after the acquisition, it said………………………………………..Full Article: Source

Khazanah’s new Turkish delight

Posted on 21 December 2011 by VRS  |  Email |Print

Khazanah Nasional Bhd has struck a deal with the Turkey’s largest private hospital chain, the Acibadem Group, to buy a 75% stake in the healthcare provider.
According to a news report by Balkans.com, the deal was reached between Khazanah’s healthcare unit Integrated Healthcare Holding (IHH) and Acibadem’s Dubai-based owners, Abraaj Capital.“Acibadem owners, Dubai-based Abraaj Capital, and founder Mehmet Ali Aydinlar agreed to a transfer of a 60% stake to IHH and 15% equity interest to Khazanah, according to an application made to the Turkish Competition Authority,” reported Balkans.com, an online business news portal………………………………………..Full Article: Source

Dexia sells Luxembourg subsidiary to Qatari investment fund

Posted on 21 December 2011 by VRS  |  Email |Print

Troubled Franco-Belgian bank Dexia Group said Tuesday it has sold its Luxembourg subsidiary to Qatari investment fund Precision Capital and the state of Luxembourg for €730 million ($950 million).
Precision, which backed by the Qatari royal family, will hold a 90 per cent stake in Dexia Banque Internationale a Luxembourg, while the state of Luxembourg is buying the remaining 10 per cent, Dexia said in a statement………………………………………..Full Article: Source

Lagarde applauds Nigerian sovereign wealth fund creation

Posted on 21 December 2011 by VRS  |  Email |Print

Christine Lagarde makes first visit to Africa since becoming managing director of the IMF; hails creation of Nigerian sovereign wealth fund as an “important advancement”
In her first visit to Africa since her appointment, Christine Lagarde, managing director of the International Monetary Fund (IMF) on Tuesday discussed the challenges Africa faces in today’s world economic situation………………………………………..Full Article: Source

IMF prescribes ways for hedging against external risks to Nigeria

Posted on 21 December 2011 by VRS  |  Email |Print

Visionary management of the nation’s natural resources, along with pragmatic sectoral regulation and focus on preserving financial stability and improving access to credit, can insulate Nigeria from global risks, says the Intertnational Monetary Fund (IMF).
Christine Lagarde, managing director of the IMF listed three aspects of the agenda which she considers critical, as including the establishment of the Sovereign Wealth Fund, (SWF), prudent management of natural resource revenues, diversification of the economy, enactment of policies that promote macroeconomic stability and regulatory practices that preserve financial stability………………………………………..Full Article: Source

Greens to push for sovereign wealth fund

Posted on 20 December 2011 by VRS  |  Email |Print

Adam BandtThe Greens will put a sovereign wealth fund back on the political agenda in the new year by formally moving for the fund to be established and asking the Productivity Commission to investigate the best method for Australia.
Greens MP Adam Bandt will introduce a private member’s bill when Parliament resumes to test support for a sovereign wealth fund among major party MPs. Senior Liberal Malcolm Turnbull and John Howard’s former chief of staff, Senator Arthur Sinodinos, publicly indicated support this year………………………………………..Full Article: Source

CIC to buy Japan Warehouses

Posted on 20 December 2011 by VRS  |  Email |Print

Global Logistic Properties Ltd. (GLP), a unit of the Government of Singapore Investment Corp., and China Investment Corp. agreed to buy 15 Japanese warehouses for 122.6 billion yen ($1.6 billion) as demand for modern storage is rebounding after the March earthquake.
LaSalle Investment Management is selling the properties, with 770,989 square meters (8.3 million square feet) of space mainly in Tokyo and Osaka, to a 50-50 joint venture by Global Logistic and CIC, according to a statement to the Singapore exchange yesterday. The acquisition will be funded with 81 billion yen of debt from a group of Japanese banks, they said………………………………………..Full Article: Source

CIC, GLP set up Japan JV to invest in logistics

Posted on 20 December 2011 by VRS  |  Email |Print

China Investment Corp teamed up with Global Logistic Properties to set up a joint venture to invest in the logistics industry in Japan.
CIC, the country’s sovereign wealth fund, and GLP, Asia’s largest industrial and logistics infrastructure provider, will each hold 50 percent in the total investment of US$1.6 billion for the joint venture, according to the pact the two partners signed………………………………………..Full Article: Source

GLP rises on Japan property deal

Posted on 20 December 2011 by VRS  |  Email |Print

Shares of Singapore’s Global Logistic Properties (GLP) rose as much as 2.1 percent on Tuesday after the company said it was teaming up with China Investment Corp to buy 15 logistics facilities in Japan for $1.6 billion.
Analysts said the acquisition is positive for GLP as it is value accretive and could lead to more collaboration with China’s sovereign wealth fund………………………………………..Full Article: Source

Qatar waiting on sidelines in Goldfields deal

Posted on 20 December 2011 by VRS  |  Email |Print

Qatar Holdings could yet provide some of the financing for the development of European Goldfields’ mining assets despite its deal being wrecked by a Canadian takeover.
Eldorado Gold announced yesterday that it will acquire European Goldfields for C$2.5bn (£1.55bn) through a share swap that it aims to complete by the end of February………………………………………..Full Article: Source

European Goldfields mulls Qatari fallback option

Posted on 20 December 2011 by VRS  |  Email |Print

European Goldfields, which has agreed to a C$2.5 billion ($2.4 billion) takeover by Canadian group Eldorado Gold, is hoping to keep an investment deal with Qatar’s sovereign wealth fund as a fallback option.
Qatar Holdings agreed in October to provide a $to back the deal when they vote in February………………………………………..Full Article: Source

Abu Dhabi leads world’s richest wealth funds

Posted on 19 December 2011 by VRS  |  Email |Print

At No 1 is Abu Dhabi Abu Dhabi Investment Authority (UAE), with estimated assets of $627bn. China’s SAFE Investment Company is ranked at No 2, with estimated assets worth $567.9bn.
At rank3 is Norway-based Government Pension Fund – Global. Its estimated assets are worth $560bn. Saudi Arabia’s SAMA Foreign Holdings (rank 4) has estimated assets worth $472.5bn……………………………………….Full Article: Source

Africa: Prospects for African sovereign wealth funds

Posted on 19 December 2011 by VRS  |  Email |Print

For sub-Saharan governments one largely unmentioned reaction to the fall of Libya’s Colonel Qadhafi earlier this year was their surprise at the scale of the country’s offshore sovereign wealth funds - now at the disposal of the Transitional National Council and/or its elected successor administration.
Nigerian President Goodluck Jonathan took his proposals for 2012 to the national assembly this week, but made no mention of the establishment of a Sovereign Wealth Fund (SWF) for the country. The idea has been on the table for a while - as it has also been in Angola………………………………………..Full Article: Source

Nigeria: Sovereign wealth fund yet to get management team

Posted on 19 December 2011 by VRS  |  Email |Print

Seven months after the Nigerian Sovereign Wealth Fund (NSWF) was approved by the Senate and signed into law by President Goodluck Jonathan, the fund is yet to get a management team, but the minister of finance Ngozi Okonjo Iweala said they have started implementing it.
When the fund was initiated sometimes last year, the authorities said it would replace the Excess Crude Account (ECA) and $1 billion was set aside for it………………………………………..Full Article: Source

Should India create sovereign wealth fund?

Posted on 19 December 2011 by VRS  |  Email |Print

New Delhi will soon take a final call on the issue of setting up of a sovereign wealth fund (SWF). The idea of an Indian SWF has been going around since 2007 when China established its major sovereign wealth fund, China Investment Corporation (CIC), with an initial capital of $200 billion.
However, this time the proposal has received strong support from India’s corporate leaders who recently suggested the creating of a state-owned SWF primarily to secure access to natural resources and pursue strategic investment opportunities overseas………………………………………..Full Article: Source

China emerging as new base for quant hedge funds

Posted on 19 December 2011 by VRS  |  Email |Print

China is set to see a crop of quantitative hedge fund launches by mainland Chinese quant specialists, according to a panel of fund of hedge fund (FoHF) executives at the Battle of the Quants conference last week in Hong Kong.
One of the biggest China CTA players is PCA Investments, a Hong Kong-based hedge fund manager backed by mainland sovereign wealth fund China Investment Corp. It launched a CTA fund in mid-year with the goal of raising $750 million in AUM………………………………………..Full Article: Source

Medvedev may use fund to build roads

Posted on 19 December 2011 by VRS  |  Email |Print

President Dmitry Medvedev may raid a “rainy day” fund set aside for pensions in a bid to meet commitments to build new rail and road links, including the Moscow-to-St. Petersburg highway.
Medvedev has asked the government to draw up by April 1 a mechanism for using the 2.7 trillion ruble ($85 billion) National Welfare Fund to ensure “long-term financing of investment projects, including development of transportation infrastructure.”……………………………………….Full Article: Source

Eldorado makes all-stock bid for European Goldfields

Posted on 19 December 2011 by VRS  |  Email |Print

Eldorado Gold Corp. aims to expand its production plans in debt-plagued Greece with an all-share bid for European Goldfields Ltd., valuing the Yukon-based company at about $2.5-billion and disrupting a financing deal it recently struck with a Qatari investment group.
The agreement, announced on Sunday, is a 48-per-cent premium to where European Goldfields shares were trading before they soared on Dec. 6, following the company’s announcement that it was in acquisition talks with “third parties.”……………………………………….Full Article: Source

Qatar SWF looks beyond C.Suisse for M&A head-sources

Posted on 16 December 2011 by VRS  |  Email |Print

Qatar’s sovereign wealth fund is seeking to diversify its banking relationships by looking beyond close adviser Credit Suisse for the next head of its internal mergers and acquisitions unit, sources said.
The chosen candidate — possibly a secondee from one of the other banks — will head M&A implementation at the Qatar Investment Authority, a high-profile job given the acquisitive gas-rich Arab state’s desire to build a global portfolio of assets………………………………………..Full Article: Source

Gas riches near, Israel urged to form wealth fund

Posted on 16 December 2011 by VRS  |  Email |Print

Like a lottery-ticket buyer suddenly confronted with a jackpot, Israel must take special care not to squander the enormous potential return from its offshore natural-gas fields.
That’s the effective message from a report this week by the Milken Institute, which lays out how Israel might create a sovereign-wealth fund to manage the energy windfall. “The sudden injection of vast revenue derived from natural-resource wealth, be it gold or oil or natural gas, has a long history of wreaking havoc in both developed and developing countries,” the report from the Santa Monica, Calif., economic think tank says………………………………………..Full Article: Source

CIC has held talks with governments on infrastructure projects

Posted on 16 December 2011 by VRS  |  Email |Print

China Investment Corp. has held talks with developed countries’ governments on investing in infrastructure projects, said Gao Xiqing, vice chairman and president of the sovereign-wealth fund.
CIC will choose from “more than 10” major projects and opportunities that are available in countries including the U.K., the U.S. and Canada, he said……………………………………….Full Article: Source

CIC president: Developed economies unable to solve structural problems

Posted on 16 December 2011 by VRS  |  Email |Print

Developed economies around the world have shown their inability to solve structural economic problems, Gao Xiqing, President of China Investment Corp., the country’s $410 billion sovereign wealth fund, said Thursday.
Meanwhile, developing economies are in no better shape, as their economies typically fall along with developed economies and fluctuate to a greater degree, he said at a conference………………………………………..Full Article: Source

Up to Khazanah to decide Proton’s best suitor, says Dr M

Posted on 16 December 2011 by VRS  |  Email |Print

Former Prime Minister Dr Mahathir Mohamad today said it is up to Khazanah Nasional Holdings Bhd to decide who would be a suitable buyer of its controlling stake in national carmaker Proton Holdings Bhd.
He was commenting on news that other automotive players like Naza Group and Sime Darby were also interested to acquire Khazanah’s 42.7 percent stake in Proton………………………………………..Full Article: Source

Russia SWF ready to ‘invest’ in Europe

Posted on 16 December 2011 by VRS  |  Email |Print

The head of a Russian sovereign investment fund, Kirill Dmitriev, told AFP that a $10-billion pot was being directed towards co-financing private investments in European businesses.
“Aid alone won’t solve the fundamentals, this is the key to the growth that’s really missing,” he said……………………………………….Full Article: Source

Russian Direct Investment Fund: EU companies should look to Russia to tap growth prospects

Posted on 16 December 2011 by VRS  |  Email |Print

Russia’s accession to the World Trade Organization (WTO) will spur an increase in mutual Russian-European investment, and European companies should look East to the Russian market for new sources of growth. These were key themes addressed by Kirill Dmitriev, Chief Executive Officer of the Russian Direct Investment Fund, in remarks delivered at the EU-Russia Industrialists Roundatable today. The Roundtable was held as part of the EU-Russia Summit in Brussels.
Russia’s expected accession to the WTO will give a sizeable boost to the country’s GDP growth rate, Mr. Dmitriev said. He expects industrial production to rise on increased international sales as Russia further integrates into the global economy. (Press Release)

Kazakh government supports leasing market’s development

Posted on 16 December 2011 by VRS  |  Email |Print

The government supports small and medium-sized business development in Kazakhstan by funding leasing companies. In particular, Leasing Group JSC, a subsidiary of Samruk-Kazyna National Welfare Fund, admitted 24 projects worth 1.2 billion tenge for examination under the state program of preferential lease financing of SMEs.
Kazakhstan’s leasing market is expected to increase in the next two years. According to forecasts of the «Expert RA Kazakhstan» rating agency, the launch of the industrialization program, the development of the integration process within the Customs Union and the Common Economic Space, and the construction of Western Europe - Western China motor corridor will contribute to this growth………………………………………..Full Article: Source

The traps in SWF

Posted on 16 December 2011 by VRS  |  Email |Print

Let me state right away that I am not in favour of the establishment of the so-called Sovereign Wealth Fund (SWF). Yet, I believe in planning and saving for the future. My opposition to the SWF idea is based on certain worrisome issues surrounding the enactment of the law itself and the manner the fund in likely to be operated on our behalf by its foreign custodians.
Whatever be the much-vaunted economic benefits, I think there are geo-political and international power-play issues which our economic strategists appear to be over-looking………………………………………..Full Article: Source

Libyan Central Bank could take part in UniCredit cap increase

Posted on 16 December 2011 by VRS  |  Email |Print

Italy’s Treasury financial security committee has approved unfreezing around EUR375 million worth of Libyan Central Bank funds, a person with direct knowledge of the situation said Thursday.
Libya’s sovereign fund, the Libyan Investment Authority, holds a 2.6% stake in UniCredit. Both stakes were frozen in March when the Libyan civil war started……………………………………….Full Article: Source

Mubadala converts $571.7 mln bonds into Aldar stake

Posted on 16 December 2011 by VRS  |  Email |Print

Mubadala Development has converted Dh2.1 billion (US$571.7 million) worth of bonds into shares in Aldar Properties, sending the Abu Dhabi property developer’s shares to their lowest since their 2005 listing.
The strategic investment company owned by the Abu Dhabi Government converted bonds bought in March for 1.2 billion Aldar shares, taking its total stake to 49 per cent. Aldar posted a loss last year of Dh12.6bn, leading to issuance of Dh2.8bn of convertible bonds to Mubadala in March as part of a Dh19.2bn capital injection………………………………………..Full Article: Source

China’s $300 bln SWF a wake-up call to U.S., Europe

Posted on 15 December 2011 by VRS  |  Email |Print

China’s plan for a new $300 billion sovereign wealth fund is as much a warning to Washington as it is a body blow to Brussels. It’s the clearest sign yet of Beijing’s waning faith in bonds issued by Europe and the United States. Europe’s festering debt debacle, record low yields on U.S. Treasuries and a depreciating dollar all add weight to the view in China that the time is ripe to change investment tack.
“China has decided that real assets are better than broken debt fix promises and low interest rates,” says Paul Markowski, president of MES Advisers and a long-time external adviser to China’s monetary policymakers on global financial markets………………………………………..Full Article: Source

Singapore’s Temasek unit may sell more Shin shares -Shin

Posted on 15 December 2011 by VRS  |  Email |Print

Somprasong Boonyachai Thai telecoms group Shin Corp Pcl said on Wednesday Cedar Holdings, an affiliate of Singapore’s Temasek Holdings, was likely to sell more of its shares in Shin to help boost the number of tradable shares in the Thai firm.
Cedar sold 8 percent of Shin shares in August, which helped boost Shin’s free float to 12 percent from 4 percent, Shin Executive Chairman Somprasong Boonyachai told reporters after a shareholders’ meeting………………………………………..Full Article: Source

The Proton saga continues

Posted on 15 December 2011 by VRS  |  Email |Print

The Proton-DRB-Khazanah saga continued with Proton Holdings Bhd issuing a statement saying that Khazanah Nasional Bhd, “in its normal course of business, it regularly receives proposals, enquiries and expressions of interests in relation to its various investments and companies where it has interest in, including Proton. Khazanah will make necessary disclosure at the appropriate time”.
Khazanah neither denied nor confirmed the rumour of the sale of its 42.7% equity stake in Proton to DRB-Hicom Bhd………………………………………..Full Article: Source

Naftogaz to design fuel stabilization fund model by March 2012

Posted on 15 December 2011 by VRS  |  Email |Print

Naftogaz Ukrayiny is planning to design a model for the functioning of a fuel stabilization fund by March 2012, said Felix Lunev, an advisor to the Naftogaz chairman.
He said that several problems should be settled during the designing of the fund model: In particular, Ukraine does not have enough oil depots, while leasing them is often economically unjustifiable. As reported, the fuel stabilization fund is required to carry out commodity interventions and market stabilization during price hikes………………………………………..Full Article: Source

Aramco, Sinopec, CNOOC pursue Frac Tech stake

Posted on 15 December 2011 by VRS  |  Email |Print

Saudi Aramco, China Petroleum & Chemical Corp (Sinopec) and CNOOC Ltd are each in talks to buy up to a 30 per cent stake US oil and gas services company Frac Tech International two sources with knowledge of the matter said.
Singapore sovereign wealth fund Temasek Holdings holds 40 per cent of Frac Tech through Maju Investments………………………………………..Full Article: Source

Questions loom for Libya’s sovereign wealth investments

Posted on 15 December 2011 by VRS  |  Email |Print

Predictions that the fund will either: evolve into a strategic investment vehicle, carry on with its traditional mandate as a savings fund for future generations, or (perhaps most likely) be liquidated.
As Libya’s liberators come to terms with how to rebuild the country, three paths are emerging for the riches held in its sovereign wealth fund, according to a new report from international political consulting firm GeoEconomica………………………………………..Full Article: Source

Macquarie sells 9.9pct of Thames Water to Abu Dhabi SWF

Posted on 15 December 2011 by VRS  |  Email |Print

Macquarie Infrastructure and Real Assets has sold 9.9% of its stake in Thames Water holding company Kemble Water Holdings to Abu Dhabi Investment Authority for an undisclosed sum.
Macquarie-managed funds remain the biggest shareholder of the United Kingdom’s largest water and wastewater services company with a stake of slightly less than 40%………………………………………..Full Article: Source

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