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Sovereign Wealth Funds Briefing 16.Oct 2008

Posted on 16 October 2008 by VRS |  Email |Print

From Businessspectator.com.au: China’s sovereign wealth managers may be wavering on their investment plans, including some private projects, with at least two private Chinese enterprises shelving their investment plans in Australia start-up iron ore mining ventures in the last fortnight.

Wang Qishan, the vice-premier who is co-ordinating China’s response to the financial crisis has told China Investment Corporation (CIC) not to invest in Wall Street financial institutions until the fund has employed people who can decipher their complex financial accounts…. Full Article: Source

Posted on 16 October 2008 by VRS |  Email |Print

From Chinadaily.com.cn: China Investment Corporation (CIC), the country’s $200 billion sovereign wealth fund, denied media reports Wednesday that it has incurred major losses in its investment in Reserve Primary, a US money market fund.

CIC confirmed previous media reports that it had invested in the US fund through its arm, Stable Investment, but said it had withdrawn all its money before the latter suspended withdrawals last month amid the worsening US financial turmoil. “The fund has confirmed through written documents that it will pay back both principal and interest of our investment,” CIC said in a statement on its website….. Full Article: Source

Posted on 16 October 2008 by VRS |  Email |Print

From Carnegieendowment.org: The financial interdependence that sovereign wealth funds (SWFs) created between the West and the Arab world could help stabilize multilateral relations and promote economic development and political stability in the Middle East, concludes a new paper from the Carnegie Middle East Center.

Sven Behrendt studies the rise of Arab SWFs, assesses their investment strategy, and evaluates the policies of Arab investors and Western nations. He also analyses the political implications of policy initiatives, such as the International Working Group of Sovereign Wealth Funds convened by the IMF, which agreed to new voluntary principles and investment practices in Washington last Saturday….. Full Article: Source

Posted on 16 October 2008 by VRS |  Email |Print

From IHT: Flush with cash after crawling out of its own bad debt crisis, Japan is offering funding to help prop up crumbling financial companies around the world — a move that some hope may bolster this nation’s standing on the international stage.

Japan is sitting on more than US$950 billion in foreign exchange reserves, second only to China’s US$1.9 trillion. Together, they control a major pool of funds that could come to the rescue of the West’s severely strained financial industry. Options range from helping to provide credit to strapped financial institutions to cash infusions in return for ownership stakes in them….. Full Article: Source

Posted on 16 October 2008 by VRS |  Email |Print

From Chinaknowledge.com: China’s Central Huijin Investment Co Ltd, a wholly-owned subsidiary of the country’s sovereign wealth fund China Investment Corp, will continue to increase its shareholding in China’s three leading commercial banks within the next 12 months.

Huijin, which has raked in more than RMB 100…. Full Article: Source

Posted on 16 October 2008 by VRS |  Email |Print

From Indiatimes.com: The World Bank is ready to help East Asian countries hit by the financial crisis, a senior bank official said on Wednesday, but denied reports that the Bank will contribute to a regional fund to buy toxic debt.

“We do not anticipate the establishment of a regional facility and have not discussed commitments of funds at the regional level,” World Bank Vice President for East Asia Jim Adams said in a statement. Philippines’ President Gloria Macapagal Arroyo said earlier on Wednesday the World Bank had committed $10 billion to the fund….. Full Article: Source

Posted on 16 October 2008 by VRS |  Email |Print

From SMH: China’s sovereign wealth managers are getting cold feet and some private Chinese companies are pulling out of Australian start-up mining projects, raising more doubts about whether Chinese investors can insulate Australia from the global financial crisis.

The Chinese Government controls more than $US2 trillion ($2.8 trillion) in foreign exchange reserves, including $US100 billion added in the September quarter thanks to consecutive record-breaking trade surpluses….. Full Article: Source

Posted on 16 October 2008 by VRS |  Email |Print

From Finchannel.com: Deloitte Touche Tohmatsu commended the International Working Group (IWG) of Sovereign Wealth Funds on this weekend’s release in Washington of a set of Generally Accepted Principles and Practices for Sovereign Wealth Funds (SWFs), also known as the “Santiago Principles,” after the city in Chile where agreement on the text was reached.

According to Deloitte, the announced objective of the Principles is to “identify a framework of generally accepted principles and practices that properly reflect appropriate governance and accountability arrangements as well as the conduct of investment practices by SWFs on a prudent and sound basis.” …. Full Article: Source

Posted on 16 October 2008 by VRS |  Email |Print

From Taipeitimes.com: The government will continue to intervene in the stock market using the state-owned National Stabilization Fund to support share prices for one more month in view of the global financial crisis, Vice Finance Minister William Tseng said yesterday.

Tseng was speaking at a press conference that followed a meeting of the fund’s management committee led by Vice Premier Paul Chiu. Authorization given by the management committee on Sept. 19 to mobilize the fund was due to end tomorrow, but the mobilization has now been extended to Nov. 17….. Full Article: Source

Posted on 16 October 2008 by VRS |  Email |Print

From WSJ: Asia’s foreign-exchange reserves eased in September from August but remained at historically high levels, signaling that the region is well-stocked with funds to help stabilize jittery markets.

Reserves held by 12 central banks in the region stood at $4.351 trillion at the end of September, down from $4.357 trillion at the end of August, according to calculations by Dow Jones Newswires….. Full Article: Source

Posted on 16 October 2008 by VRS |  Email |Print

From Mrscohen.com: Sovereign wealth funds (SWFs), of which Abu Dhabi United Group (ADUG) is arguably an example, are a growing presence. Man City has been buffeted by their influence for some time. First it lost its owner, former Thai premier Thaksin Shinawatra, as a result of a corruption case concerning a deal he did with Temasek, Singapore’s SWF.

Then it was bought by ADUG, a vehicle set up on behalf of Sheikh Mansour Bin Zayed Al Nahyan of the Abu Dhabi royal family….. Full Article: Source

Posted on 16 October 2008 by VRS |  Email |Print

From WSJ: China’s sovereign-wealth fund said it expects to recoup $5 billion it invested in a U.S. money-market fund because it requested the money be withdrawn shortly before the fund froze redemptions.

China Investment Corp. said Wednesday that it was no longer an investor in Reserve Primary Fund when the fund suspended redemptions Sept. 16….. Full Article: Source

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