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Sovereign Wealth Funds Briefing 23.Oct 2008

Posted on 23 October 2008 by VRS |  Email |Print

From Forbes.com: Sovereign wealth funds were once seen as a vehicle for a cash-rich country to invest abroad. Now, amidst the economic downturn, it seems that they will be taking on a different role: helping to protect domestic markets. As the financial markets have changed rapidly over the past few weeks, so have global attitudes toward sovereign wealth funds.

French President Nicolas Sarkozy suggested that Europe should consider creating its own sovereign wealth funds to protect its companies from “predators.”…. Full Article: Source

Posted on 23 October 2008 by VRS |  Email |Print

From Theaustralian.news.com.au: Singapore’s sovereign wealth fund confirmed today that it has invested in Australia’s oldest property trust, GPT Group.

CEO, Nic Lyons leaves GPT. Michael O’Brien will be acting chief executive in the meantime. The news came as the heavily-indebted GPT confirmed a report in today’s Primespace section of The Australian newspaper that GPT plans to raise at least $1.6 billion in capital from investors and that chief executive Nic Lyons would leave the company….. Full Article: Source

Posted on 23 October 2008 by VRS |  Email |Print

From Busrep.co.za: Sovereign wealth funds are investment vehicles typically controlled by rich countries with trillions of dollars at their disposal ready to invest abroad. The funds have been around since the early 1950s, created to absorb hazards posed by fluctuations in the prices of raw materials, develop infrastructure and finance pensions.

But their ranks have swollen in recent years and the term Sovereign Wealth Fund first appeared in 2006….. Full Article: Source

Posted on 23 October 2008 by VRS |  Email |Print

From Bloomberg.com: Thailand will propose that Asian countries pool $350 billion, or 10 percent of their foreign- exchange reserves, to help protect financial systems from a looming global recession.

Under the plan the Association of Southeast Asian Nations and Japan, China and South Korea would pool $150 billion to be tapped in case they need to protect their currencies and another $200 billion would be set aside to buy equities, bonds and fund infrastructure projects, Olarn Chaipravat, Thailand’s deputy prime minister, said in an interview in Bangkok today….. Full Article: Source

Posted on 23 October 2008 by VRS |  Email |Print

From Accountancyage.com: Grant Thornton says that government intervention is making UK plcs a takeover target for sovereign wealth funds, which could put more FDs in the firing line.

Corporate finance experts at the firm have seen an upswing in man-dates from offshore outfits looking to make bargain acquisitions in the UK, especially from fast developing nations such as India, with many of these firms seeing the extent of economic difficulties affecting the UK economy as offering a golden opportunity to snap up bargains….. Full Article: Source

Posted on 23 October 2008 by VRS |  Email |Print

From Scotsman.com: Having been embarrassed by his earlier comparisons of Scotland with Iceland and Ireland, Alex Salmond now points to Norway as a model of what Scotland could become. There are, however, major differences between the two countries.

Norway has been putting revenues from North Sea oil and gas into a national sovereign wealth fund, while this country has been spending them (much of the money on welfare benefits). We have no such fund to fall back on in the event of bank failure, for example….. Full Article: Source

Posted on 23 October 2008 by VRS |  Email |Print

From Reuters: The head of Italian power utility Enel said he was not aware of any stock holding in the company by a Libyan sovereign fund.

“I am absolutely not aware of that. Our investors are predominantly pension and investment funds from Britain, America and Europe and in any case when they get above 2 percent they have to notify it,” Fulvio Conti told reporters….. Full Article: Source

Posted on 23 October 2008 by VRS |  Email |Print

From Businessmirror.com.ph: The state-owned Government Service Insurance System (GSIS) has decided that investing $400 million of its money in foreign-equity issues is too risky at this point, given the ongoing volatility in markets around the world.

This has forced GSIS president and general manager Winston Garcia to recast the fund’s original investment strategy, and the agency would now award the mandate to wealth managers that specialize in fixed-income investing, as opposed to those favoring equity securities….. Full Article: Source

Posted on 23 October 2008 by VRS |  Email |Print

From Istockanalyst.com: The currency reserves of the National Bank of Ukraine fell by 7.7% in October (by $2.9 billion), reaching $34.6 billion, Ukrainian President Viktor Yushchenko said.

The bank reserves will be enough to repay $8.8 billion worth of foreign debts of banks and companies in the fourth quarter of this year, but their replenishment using an IMF loan will have a psychological effect on the market, said the president….. Full Article: Source

Posted on 23 October 2008 by VRS |  Email |Print

From Turkmenistan.ru: Turkmenistan will establish the Stabilization Fund to avoid the negative impact of the world economic and financial crisis on the national economy. This was announced by Turkmen President Gurbanguly Berdimuhamedov at a government meeting on 21 October, the Turkmenistan.ru correspondent reports from Ashgabat.

According to the head of state, the Stabilization Fund will make it possible to minimize the dependence of the national economy on the oil and gas sector and also protect it from a negative impact of external factors….. Full Article: Source

Posted on 23 October 2008 by VRS |  Email |Print

From Rian.ru: China is a true “island of stability” amid the raging financial crisis. Given its huge international reserves, assessed at $1.9 trillion, it can maintain its own stability, but it can also help developed countries overcome the crisis.

Is it ready to offer the money? And will anyone take it? There are no prerequisites for a large-scale crisis in the Chinese economy. An economic shock, let alone a recession, is unlikely in China because of its solid economic health and reliable protection from external risks. …. Full Article: Source

Posted on 23 October 2008 by VRS |  Email |Print

From Riskmetrics.com: Conventional wisdom held that the global credit crisis would alter views on sovereign wealth funds (SWFs). Such investment was to be seen as less of a concern by many Western politicians, financial market participants, and others, who just six months ago loudly touted the need to curb such funding over perceived potential risks related to their lack of transparency and government ownership.

Indeed, the global liquidity crisis has to some degree worked to mute the voice of those who opposed sovereign wealth fund investment in U.S. and European companies, as corporate issuers from New York to Zurich scramble for much-needed capital….. Full Article: Source

Posted on 23 October 2008 by VRS |  Email |Print

From Theaustralian.news.com.au: Early this year GIC RE, the real estate arm of the Government of Singapore Investment Corp, the world’s third-largest sovereign wealth fund, invested more than $1 billion in Finland, Italy and Russia.

It has amassed more than 200 assets in 30 countries. Always a passive investor, GIC has partnered with some of the world’s best-known names in real estate when it enters new markets….. Full Article: Source

Posted on 23 October 2008 by VRS |  Email |Print

From Zawya.com: Sovereign wealth funds are investment vehicles typically controlled by rich countries with trillions of dollars at their disposal ready to invest abroad.

The funds have been around since the early 1950s, created to absorb hazards posed by fluctuations in the prices of raw materials, develop infrastructure and finance pensions. But their ranks have swollen in recent years and the term Sovereign Wealth Fund first appeared in 2006….. Full Article: Source

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