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Sovereign Wealth Funds Briefing 09.Oct 2008

Posted on 09 October 2008 by VRS |  Email |Print

From Bloomberg: Kuwait Investment Authority, the country’s $250 billion sovereign wealth fund, said it raised its stake in seven mutual funds investing in the Kuwait Stock Exchange and is “ready” to pump more money into the market.

The KIA met Oct. 7 with managers of the investment funds, the sovereign wealth fund said in an e-mailed statement received late yesterday, without revealing how much it invested. The state-owned wealth fund informed the fund managers of its “readiness and determination to enter into new investment funds and consider any other investment opportunities, based on its deep-rooted trust” in the market….. Full Article: Source

Posted on 09 October 2008 by VRS |  Email |Print

From Trading Markets: Brazil’s lower house constitution and justice committee, by a vote of 33-2, Wednesday gave its approval for the creation of the government’s proposed sovereign wealth fund.

The bill must still be approved on the house floor and in the senate. The government has proposed launching a fund of between $10 billion and $20 billion to collect excess foreign exchange inflows and future oil revenues from the country’s recently discovered offshore subsalt oil reserves…… Full Article: Source

Posted on 09 October 2008 by VRS |  Email |Print

From Market Watch: With trillions of dollars in assets, sovereign wealth funds are expected to play an increasingly important role in the global economy. As governments confront the current financial crisis, how can we ensure that major markets remain open to this potentially critical source of investment?

This lunchtime discussion, organized by the United States Council for International Business and several other leadings business groups, will explore recent developments in the debate over open markets and sovereign wealth funds. Presentations will examine the International Working Group’s recent Generally Accepted Principles and Practices for sovereign wealth funds as well as implementation of the OECD’s recommendations for keeping markets open to SWF investment….. Full Article: Source

Posted on 09 October 2008 by VRS |  Email |Print

Fron Business Standard: Once the knights in shining armour, Sovereign Wealth Funds (SWFs) appear to be taking the backseat in terms of rushing to save collapsing US and European banks. Perhaps this is the result of the huge drop they’ve seen in the value of their investments over the past year.

According to the IMF, a total of $503bn (rose to $580bn by the end of September) was written down by banks and other financial institutions (such as insurance companies) by the end of August as compared to around $352bn that has been raised for recapitalisation. Interest rate spreads on the bonds issued by banks (typically, hybrid securities contain both an equity and debt component) have risen to 400 bps over US T-bills….. Full Article: Source

Posted on 09 October 2008 by VRS |  Email |Print

From Altassets: Sovereign wealth funds are shifting investments away from the US and Europe and into the Middle East and Asian economies, according to research by Monitor Group.

The analysis of Q2 2008 suggests that SWFs are focused more on the MENA region than ever before. Investments in these regions accounted for 68 per cent of the total value of all publicly-traded deals in this period. In the second quarter of 2008 the tracked SWFs made 43 deals totalling $26.5bn, compared to 42 deals and $58.3bn during the previous quarter. More than half the deals and funds invested were in emerging markets….. Full Article: Source

Posted on 09 October 2008 by VRS |  Email |Print

From Tnr.com: One of the major reasons why the current financial crisis is so threatening is the absence of what Tokyo-based investor Peter Tasker calls “strong hands”–long-term, patient, deep-pocketed investors that a teetering financial system needs to function in times of great uncertainty and stress.

When Japan suffered its financial crisis in the 1990s, the strong hands that invested and kept the system afloat included private equity funds, insurance companies, and banks. But today, those financial actors are too leveraged, weak, or frightened to play a similar role. While most of the attention this week is focused on the Treasury’s rescue plan, in fact, the U.S. government’s ability to serve as the strong hands of the world is today constrained by both ideological resistance to government ownership of private sector assets, as well as the inconvenient truth that our government is the world’s largest debtor….. Full Article: Source

Posted on 09 October 2008 by VRS |  Email |Print

From The Globe and Mail: Seeking to profit from the U.S. credit crisis, other capitals of finance such as Shanghai, Singapore, Hong Kong, Mumbai and Dubai are bidding to usurp New York’s status as the place to go to raise money, trade stocks or get financial advice.

In Shanghai, glittering skyscrapers such as the 101-storey World Financial Centre in the Pudong business district testify to the city’s ambition to become a global finance centre by 2020. Wall Street’s crisis could serve to quicken that evolution, moving financial power away from its old capitals in New York and London and shifting it to new hubs in Asia and the Middle East….. Full Article: Source

Posted on 09 October 2008 by VRS |  Email |Print

From FT: It may appear brave for Temasek Holdings, the Singapore state investment company, to launch the sale of the last of the city-state’s three power plants in the face of a global credit crunch. More so, when it is advancing the sale deadline from mid-2009 to the end of this year.

But the current financial crisis may actually increase the appeal of PowerSeraya to buyers. Utilities are seen as safe investment harbours in troubled times because of their strong cash flows. Temasek’s confidence in completing the disposal of PowerSeraya, Singapore’s second largest power generator, ahead of schedule also rests on the fact that the sale of its sister plants this year exceeded price expectations…… Full Article: Source

Posted on 09 October 2008 by VRS |  Email |Print

From Thepeninsulaqatar.com: Real estate investment house, the Singapore-based Pacific Star Group, has chosen Qatar as its base for its first foray into the Middle East.The company has ties to Qatar as it has worked closely with the Qatar Investment Authority (QIA) sovereign wealth fund.

There are also a number of Qatari investors in Pacific Star’s Asian Real Estate Income Fund (AREIF). Dr Knut Riesmeier, freshly-appointed president of the company’s Qatar operations told The Peninsula from Singapore yesterday: We are planning to do some rollouts in the Middle East region…… Full Article: Source

Posted on 09 October 2008 by VRS |  Email |Print

From Reuters: South Korea’s state-run pension agency said it had obtained private equity firm MBK Partners’ preliminary agreement to invest $2 billion in the country. It added that it was pursuing another $3 billion inward foreign investment deal with a separate investor.

The announcement comes just a day after the pension agency unveiled a $3 billion preliminary deal from U.S.-based Oaktree Capital Management. The National Pension Service, which manages about 230 trillion won ($165 billion), said in a statement MBK was likely to put the $2 billion into domestic investment projects such as infrastructure, companies and property….. Full Article: Source

Posted on 09 October 2008 by VRS |  Email |Print

The Association of Southeast Asian Nations or ASEAN is putting on a high-level investment road show in Dubai on 8th October to lure international capital from Gulf countries into the economies of ASEAN.

The 5th ASEAN Finance Ministers’ Investor Seminar will bring together hundreds of business and financial executives with the Finance Ministers of the region. During the forum, there will be regional briefings, country presentations and panel discussions where the Ministers will engage with business leaders, fund managers and other investors in the Gulf region….. Full Press Release: Source

Posted on 09 October 2008 by VRS |  Email |Print

From Bloomberg: The Reserve Bank of Australia estimated money markets will have a deficit of A$5.2 billion ($3.5 billion) today as it prepares to inject cash into the financial system.

Australian banks increased deposits held at the central bank by A$14 million to A$9.727 billion at exchange settlement accounts yesterday, after those holdings reached a record A$11.04 billion on Sept. 30, the RBA said today on its Web site….. Full Article: Source

Posted on 09 October 2008 by VRS |  Email |Print

From Xinhuanet: Hong Kong’s official foreign currency reserve assets rose to 160.6 billion U.S. dollars at the end of September, up 2.5 billion U.S. dollars from a month earlier, the Hong Kong Monetary Authority said Wednesday.

Hong Kong is the ninth largest holder of foreign currency reserves worldwide after economies such as the Chinese mainland, Japan, Russia, India, China’s Taiwan, South Korea, Brazil and Singapore. Including unsettled forward contracts, the foreign currency reserve assets also stood at 160.6 billion U.S. dollars….. Full Article: Source

Posted on 09 October 2008 by VRS |  Email |Print

From Albawaba: In response to tremendous growth opportunities in global natural resources business sector, Dubai World has announced the formation of a new business unit, Dubai Natural Resources World, designed to explore new long-term investment avenues, while contributing positively towards sustainable development.

Dubai Natural Resources World will drive the growth of the Group’s interests across the entire natural resources value chain, including oil and gas, alternative energy, mining and agriculture. It will adopt a strategy of deriving long-term returns from all natural resources in a safe, clean and sustainable way…… Full Article: Source

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