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Sovereign Wealth Funds Briefing 10.Oct 2008

Posted on 10 October 2008 by VRS |  Email |Print

From Indiatimes.com: According to an RBI report of March 2008, India’s foreign exchange reserves have accumulated to a massive $309.7 billion. (The global financial crisis has since had an impact on the level of India’s forex reserves—as on September 26, 2008, the reserves stood at $291 billion)

The fact of the matter is India has more than doubled the reserves in the last two years alone. A proud symbol of a strengthening external account at one time, the overflowing coffers of RBI now raise the question whether it is prudent on the part of the ministry of finance and the central bank to continue to hold these reserves and not invest them in high yielding assets….. Full Article: Source

Posted on 10 October 2008 by VRS |  Email |Print

From Guardian: Sovereign wealth funds (SWFs) from Asia and oil-rich nations may be set to jump in to the German real estate market, helping to support a sector which has been knocked down but not out by the financial crisis.

Sales of commercial property surged to record levels in Europe’s biggest economy last year, but they slumped in the first half of this year as bank losses, the credit crunch and fears about the economic outlook dampened investor appetite….. Full Article: Source

Posted on 10 October 2008 by VRS |  Email |Print

From Indiatimes.com: After European policymakers and Reserve Bank of India, the International Monetary Fund is now awakening to the potential threat by the sovereign wealth funds (SWF).

In its latest World Economic Outlook released on Wednesday, the fund has expressed concern that the growing presence of SWFs have the potential to impact global financial stability and the key parameters in the US markets if they choose to diversify their currency portfolio mix….. Full Article: Source

Posted on 10 October 2008 by VRS |  Email |Print

From EEO: The American financial crisis would likely accelerate the pace for China’s State Administration of Foreign Exchange (SAFE) to diversify its oversea investments and switch its focus to the European market.

The EO learned that during the past two weeks, many high-level managers from European private equity firms have come to Beijing on invitation by Chinese officials. Sources told the EO that after the US financial crisis began, some of these European managers were invited to impart investment from Europe, while others came to actively seek Chinese investment….. Full Article: Source

Posted on 10 October 2008 by VRS |  Email |Print

From Pressrun.net: The Singapore sovereign wealth fund, Temasek Holdings, has stakes in banks being bailed out by Britain. It is the biggest shareholder of Standard Chartered, holding a 19 percent stake, and also has a 2 percent stake in Barclays as of March 31, 2008, according to its website.

Standard Chartered and Barclays have both signed up for the 400 billion pound ($692 billion) rescue package along with other leading British banks, HSBC, Abbey, HBOS, Lloyds TSB, Nationwide Building Society and Royal Bank of Scotland, reports BBC…… Full Article: Source

Posted on 10 October 2008 by VRS |  Email |Print

From Theconglomerate.org: The string of posts here on Conglomerate regarding the current global financial crisis has been illuminating. While I am tempted to further this discussion with my contributions as a guest over the next couple weeks, I have decided instead to stick with my original plan, which is to discuss the recent innovative efforts of a number of academics, international organizations and NGOs on the intersection of economic activity and human rights, particularly in the context of autocratic states or conflict zones.

There has been a significant amount of attention to sovereign wealth funds and the possibility that they may disrupt global financial markets or that they may act as Trojan horses, entering a country in the form of investments in private enterprises and then ultimately being used to influence political decisions and foreign policy. ….. Full Article: Source

Posted on 10 October 2008 by VRS |  Email |Print

From Channelnewsasia.com: A set of guidelines for sovereign wealth funds (SWFs) is expected to be published on Monday after being reviewed by the International Monetary Fund (IMF) this Saturday.

Analysts expect these guidelines to encourage transparency among funds, but they also said it would be a challenge to create a common set of rules for a wide variety of funds. Earlier this month, representatives of 26 sovereign wealth funds reached a preliminary agreement on a draft set of guidelines…… Full Article: Source

Posted on 10 October 2008 by VRS |  Email |Print

From Bloomberg: Johann Rupert, the South African billionaire whose family controls Cie. Financiere Richemont SA, said he may ally with sovereign wealth funds to snap up assets after the credit crunch caused prices to collapse.

“I’m seeing very interesting opportunities right now, distressed sellers, but I don’t think they’ll disappear,” Rupert said today in an interview after Richemont investors approved a plan to spin off a separate investment company called Reinet. Reinet may cooperate with other “major” funds and “one or two” sovereign wealth funds, the billionaire said…. Full Article: Source

Posted on 10 October 2008 by VRS |  Email |Print

From Hindustantimes.com: The International Monetary Fund (IMF) has said the growing presence of sovereign wealth funds (SWF) would significantly impact the pattern of global capital flows, asset prices, and financial stability.

The Government of Singapore Investment Corporation, Temasek Holdings of Singapore, China Investment Corporation, Abu Dhabi Investment Authority are examples of SWFs….. Full Article: Source

Posted on 10 October 2008 by VRS |  Email |Print

From Fortmilltimes.com: The Alaska Permanent Fund has dropped $5 billion since June and is now worth $30.9 billion. Fund managers say the drop could affect the amount in permanent fund dividend checks next year.

Checks are based on a five-year average of the fund….. Full Article: Source

Posted on 10 October 2008 by VRS |  Email |Print

From Gulf-times.com: Kuwait Investment Authority (KIA), the Gulf state’s sovereign wealth fund, has increased investments on the local stock market to shore up the sagging bourse after a recent slide.

Prime Minister Sheikh Nasser al-Mohammad al-Sabah told Kuna that KIA had undertaken several measures to support the bourse, including raising investments in eight stock funds. KIA has also urged local listed companies in which it owns a stake to exercise their right to buy back shares, KUNA said….. Full Article: Source

Posted on 10 October 2008 by VRS |  Email |Print

From Theaustralian.news.com.au: Bob Charles, an expert on Asia’s multi-trillion-dollar savings, and managing director of Watson Wyatt Asia Pacific, said Asian countries would be involved in other ways, such as buying the debt papers issued by governments in developed countries.

He said Asian entities such as the China Investment Corporation, China’s sovereign wealth fund, and Government of Investment Corporation (GIC) and Temasek, both from Singapore, have bought into the various Wall Street firms and global banks….. Full Article: Source

Posted on 10 October 2008 by VRS |  Email |Print

From Icenews.is: In a crippling ripple effect of the Wall Street market meltdown, Norway’s special “oil fund” may have lost nearly all of its profits garnered over the last 10 years in the space of a few months.

A decade ago, the government invested around NOK 1,000 billion in the stock market. Steep drops in the market this year have potentially wiped out all of the wealth fund’s gains. Economists suggest that the sovereign wealth fund would have more money in it today had the government simply placed the cash in the bank. ….. Full Article: Source

Posted on 10 October 2008 by VRS |  Email |Print

From Hemscott.com: Central Huijin, an investment arm of sovereign wealth fund China Investment Corp, is expected to inject USD 20 bln into Agricultural Bank of China as part of a restructuring plan for the country’s fourth-largest state-owned bank.

The report said the bank’s joint-stock reform will soon reach a significant stage. It said that unlike the other major state-owned banks, Agricultural Bank of China will dispose its non-performing loans (NPLs) itself rather than selling them to asset management companies, as the four largest asset management companies show little interest in the bank’s NPLs….. Full Article: Source

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