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Sovereign Wealth Funds Briefing 17.Oct 2008

Posted on 17 October 2008 by VRS |  Email |Print

From Accountancyage.com: Sovereign wealth funds have pledged to be more open and accountable, in a pitch to win over Western critics.

The wealth funds ­ estimated to hold assets worth more than $3trillion and typically owned by resource-rich countries, including China and the oil rich countries in the Middle East ­ have bought stakes in companies including Citigroup and UBS, while Zabeel investments has made an indicative offer for Charlton Athletic Football Club….. Full Article: Source

Posted on 17 October 2008 by VRS |  Email |Print

From Forbes.com: China’s sovereign wealth fund plans to increase its stake in Blackstone Group LP to 12.5 pct from 9.9 pct, the Wall Street Journal reported, citing people familiar with the situation.

China Investment Corp is expected to purchase the shares on the open market, the newspaper added. CIC paid three bln usd for a 10 pct stake in Blackstone just ahead of its initial public offering in June 2007, a holding that has since lost about 70 pct of its value….. Full Article: Source

Posted on 17 October 2008 by VRS |  Email |Print

From Newsmax.com: As much as $5.4 billion of China s $200 billion sovereign wealth fund could be frozen due to a U.S. money market account that failed, the Financial Times reports.

U.S. regulatory filings show that a China Investment Corporation (CIC) subsidiary was the biggest institutional investor in Reserve Primary Fund, a $62 billion money market fund that was the oldest such fund in the United States, and which recently closed its doors. Until recently many investors considered money market funds to be as safe as bank accounts….. Full Article: Source

Posted on 17 October 2008 by VRS |  Email |Print

From Forbes: Reserve Primary Fund said in a statement that Sovereign wealth fund China Investment Corp (CIC) will not receive priority ahead of other investors in the return of its funds.

‘Stable Investment Corp, an affiliate of CIC, is an investor in the Reserve Primary Fund and will be receiving distributions from the Fund in accordance with the final Plan of Liquidation,’ RPF said. ‘Stable Investment Corp will not receive any funds prior to other investors in the Primary Fund, and the price per share it receives will be determined by the final Plan of Liquidation,’ it added….. Full Article: Source

Posted on 17 October 2008 by VRS |  Email |Print

From Chinadaily.com.cn: China Investment Corp (CIC), which operates the country’s sovereign wealth fund, said it had given notice to the Reserve Primary Fund, a US money market fund, to withdraw all its investment before the latter’s suspension announcement.

The CIC had received a written verification from the US fund to return the investment and the relevant interest, the Chinese firm said in a statement to clarify the status of its investment in the Reserve Primary Fund via CIC affiliate the Stable Investment Corp…… Full Article: Source

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

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 17 October 2008 by VRS |  Email |Print

From Reuters: The Kuwait Investment Authority (KIA) is mulling more investments in the Gulf region and North Africa as the sovereign wealth fund aims to snap up bargains amid the global financial crisis, an official said.

Executive Director of KIA’s General Reserves Fund, Bader al-Ajeel also told reporters that the fund, which manages the country’s massive oil-generated assets, was continuing to invest in Kuwaiti shares to shore up the bourse after a slide….. Full Article: Source

Posted on 17 October 2008 by VRS |  Email |Print

From Telegraph.co.uk: Plans to build the world’s largest offshore wind farm in the Thames estuary are back on track after Abu Dhabi’s sovereign wealth fund agreed to take a 20pc stake in the project.

Masdar, set up by the emirate to channel funds into green projects, is buying part of a stake in the London Array project owned by the German power company E.on. The array’s future was thrown into confusion earlier this year when Royal Dutch Shell decided to pull out of the project, which had been promoted as a major contributor to the UK meeting carbon emissions targets….. Full Article: Source

Posted on 17 October 2008 by VRS |  Email |Print

From AFP: Argentina’s government announced Thursday it had struck a deal with three foreign banks to renegotiate annual payments on part of its 150-billion-dollar sovereign debt mountain.

The accord with Citibank, Deutsche Bank and Barclay’s runs to 2012, the head of the cabinet, Sergio Massa said. “The aim of the agreement is to improve Argentina’s repayments profile,” Massa said after a meeting between President Cristina Kirchner and representatives from the US and European banks…… Full Article: Source

Posted on 17 October 2008 by VRS |  Email |Print

From Bernama.com.my: The Singapore Government has set aside S$150 billion of its reserves to guarantee all Singapore dollar and foreign currency deposits in banks, finance companies and merchant banks licensed by the Monetary Authority of Singapore (MAS).

The guarantee is with immediate effect and would remain in place until the end of 2010, Singapores Finance Ministry and MAS announced in a joint- statement released here Thursday….. Full Article: Source

Posted on 17 October 2008 by VRS |  Email |Print

From Timesonline.co.uk: As part of a drive to restore confidence to its financial system, the Swiss Government injected SwFr6 billion into UBS through an issue of convertible bonds. Once the convertible bonds turn into shares, the Government will assume a stake of up to 9.3 per cent, making it the second-largest shareholder behind Government of Singapore Investment Corp (GIC).

At the same time, UBS struck an extraordinary deal with the Government to transfer up to $60 billion of its toxic securities - including US sub-prime mortgages and student loans - into a new fund. …. Full Article: Source

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From Ameinfo.com: Qatari Diar Real Estate Investment Company has announced today that it has invited a limited number of pre-qualified contractors to bid for the third construction package for the Doha Exhibition Center & Tower, which involves the Tower and Retail components of the project.

Qatari Diar, appointed as the main developer of the project by the project owner Barwa Real Estate Company, is developing the Doha Exhibition Center and Tower which is bound to become the icon for Qatar and illuminate the Doha skyline. …. Full Article: Source

Posted on 17 October 2008 by VRS |  Email |Print

From Bloomberg: South Korea plans to sell as much as $5 billion in foreign-currency denominated bonds next year, a finance ministry official said, as the nation seeks to stabilize the won, Asia’s worst performer this year.

That would be South Korea’s biggest sale of foreign bonds since 1998, and is part of a planned issuance of 15 trillion won ($12 billion) of debt next year for the government’s so-called currency stabilization fund, the ministry official, who declined to be named, said in a phone interview today. Money in the stabilization fund is used, when necessary, to keep the won from rising or falling too fast. …. Full Article: Source

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