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Sovereign Wealth Funds Briefing 15.Oct 2008

Posted on 15 October 2008 by VRS |  Email |Print

From Financialnews.com: At first glance, one might assume that the sovereign wealth funds will keep their distance from the latest opportunity to invest in Western banks. It has become a commonplace to refer to sovereign wealth funds’ huge losses in the sector:

The ready example is the estimate that Singapore’s Temasek and the China Development Bank have lost in the region of £1bn (€1.3bn) since investing heavily in Barclays last year and even more in another share placing this summer. But despite popular opinion suggesting the contrary, most sovereign wealth funds’ major investments in Western banks are yielding rewards despite plunging share prices in the sector……. Full Article: Source

Posted on 15 October 2008 by VRS |  Email |Print

Taiwan Vice President Vincent Siew said that a sovereign wealth fund run by Taiwan would integrate government capital and be used to launch construction projects, develop new industries, and provide temporary assistance to local businesses.

Revisiting an issue that sparked controversy when first suggested by the government on Oct. 1 as a way to stimulate the economy, Siew said at a Rotary International gathering that if a fund were launched by Taiwan, it would differ from those run by other countries…… Full Press Release: Source

Posted on 15 October 2008 by VRS |  Email |Print

From Thaindian.com: Qatar’s sovereign wealth fund would buy up to 20 percent of Qatari banks’ shares.Khalid Bin Rashid Al Khater, director of the Economic Policies Department at Qatar Central Bank (QCB), said that the Qatar Investment Authority (QIA) was buying up to 20 percent shares of Qatari banks to support the banks’ capitals and improve their financial situation.

In a statement to state-run Qatar News Agency (QNA), Al Khater said that the QIA decision was in line with global trends in increasing the role of the state in the national economy and based on International Convergence of Capital Measurement and Capital Standards or Basel II measures….. Full Article: Source

Posted on 15 October 2008 by VRS |  Email |Print

From FT: China’s $200bn sovereign wealth fund, which has made a series of loss-making investments in Western financial institutions since last year, could have as much as $5.4bln frozen in a failed US money market fund account.

A subsidiary of China Investment Corp was the biggest institutional investor in the $62bln Reserve Primary Fund, the first money market fund in 14 years to see its net asset value fall below $1 last month, according to US regulatory filings reported by agencies….. Full Article: Source

Posted on 15 October 2008 by VRS |  Email |Print

From Rgemonitor.com: China’s foreign exchange reserves reached over $1.9 trillion at the end of September, taking its stocks to almost twice that of Japan, the second largest holder of reserves and almost four times that of Russia ($540 billion)

This implies an increase of about $100 billion over the quarter or less than the reserve accumulation of the last two quarters. China watchers tend to scour the reserves data for indications of short-term inflows, so called that was betting on a revaluation of the Chinese currency….. Full Article: Source

Posted on 15 October 2008 by VRS |  Email |Print

From Tradearabia.com: Abu Dhabi remains interested in investments in Europe and the United States, the head of Mubadala, the Arab emirate’s wealth fund Khaldoon Al Mubarak said.

The investment approach of Mubadala, one of the emirate’s sovereign wealth funds, has remained unchanged over the last three months, Al Mubarak said in an interview with the Handelsblatt newspaper published on Tuesday….. Full Article: Source

Posted on 15 October 2008 by VRS |  Email |Print

From Theglobeandmail.com: The Ontario Municipal Employees Retirement System (OMERS) is further expanding its investment operations globally with an eye to deal making with sovereign wealth funds.

While financial turmoil is forcing some to hunker down, the pension fund is going on the offensive by opening a 20-person office in London as it pushes forward with plans to invest a larger portion of its $52-billion in assets in private markets. The London branch will be a hub from which the fund plans to expand into other regions under the OMERS Worldwide brand….. Full Article: Source

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From Bi-me.com: Dubai World, the holding company for the developer of the man-made Palm islands and what will become the world’s tallest tower, said it has no problem borrowing and disputed forecasts that the Gulf state will need help from neighbouring Abu Dhabi.

Government-controlled companies owe at least US$47 billion, more than Dubai’s gross domestic product, and are accumulating debt at a faster pace than the economy is growing, Moody’s Investors Service said in a report yesterday. Dubai’s “potential reliance” on neighbouring Abu Dhabi may be “most significant” in coming years, Moody’s analysts said….. Full Article: Source

Posted on 15 October 2008 by VRS |  Email |Print

From Canadian Press: Falling stock prices have sliced roughly $1 billion from the value of Alberta’s rainy-day savings account, the Heritage Savings Trust Fund.

Finance Minister Iris Evans told the legislature Tuesday that the value of the Heritage Fund has been reduced to $16 billion since June, a drop of roughly six per cent. But she’s downplaying the loss. “That’s a paper loss, it does not translate into an immediate loss,” Evans said in an interview after commenting publicly on the Heritage Fund losses for the first time….. Full Article: Source

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From Law.by: President of Belarus Alexander Lukashenko is set to meet with the Chinese CITIC (China International Trust and Investment Corporation) Group Chairman Kong Dan.

The corporation includes two commercial banks headquartered in Beijing and Hong-Kong, over 50 subsidiaries in China and 11 companies and offices overseas, seven listed companies at the New York, Hong-Kong and Australian stock exchanges. Among them are the Chinese largest plant which produces equipment for mineral and cement industries, and the Asian maker of motor spare parts….. Full Article: Source

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From Forbes.com: Mapletree, the real estate arm of Singapore sovereign wealth fund Temasek Holdings, said on Tuesday it has signed an agreement to develop a $400 million business park in Vietnam.

The 75-hectare business park, in Vietnam’s Binh Duong province, will be built in phases starting from 2009, Mapletree said in a statement. The deal brings its total investments in the Southeast Asian country to $700 million, it added….. Full Article: Source

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From CNBC: Don’t expect Middle Eastern sovereign wealth funds to jump on the bailout bandwagon. Given the recent volatility in the stock markets, some large sovereign wealth funds have been hoarding cash, much like the hedge funds and institutional investment funds that have been running for cover.

The oil-rich emirate of Abu Dhabi oversees the world’s largest government-sponsored fund, for example, and has been steadily adding to its cash position, which is at its highest in years. According to people who have been briefed on its investment strategy, 10 to 20 percent of $550 billion controlled by the Abu Dhabi Investment Authority is now in cash….. Full Article: Source

Posted on 15 October 2008 by VRS |  Email |Print

From HNN: It may be hard to believe but the WSJ reports that Chinese sovereign wealth fund - China Investment Corp., “has applied to participate in the U.S. Treasury’s temporary guarantee program for money-market funds.”

This at a time when Bloomberg reports that “China’s foreign-exchange reserves rose to a world record $1.906 trillion, helping to strengthen the nation’s finances as the credit crisis threatens to trigger a global economic slump.” If anyone sane is still minding the store at treasury, they will decline the application. …. Full Article: Source

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