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Sovereign Wealth Funds Briefing 01.Dec 2008

Posted on 01 December 2008 by VRS |  Email |Print

From Straitstimes.com: Singapore Food Industries said its majority shareholder, Temasek Holdings , is in talks to sell its stake in the firm. Temasek owns 69.7 per cent of the food manufacturing firm.

There is ‘no assurance that any transaction will materialise from the discussions’ between Ambrosia Investments Pte and the potential acquirer, Singapore Food said in a statement to the local stock exchange….. Full Article: Source

Posted on 01 December 2008 by VRS |  Email |Print

From Tradearabia.com: A planned government fund to buy into the Kuwaiti bourse to stop months of declines in the wake of the global financial crisis will have a ‘big’ volume, the finance minister said.

The government asked the country’s sovereign wealth fund earlier this month to set up the fund after the Kuwaiti bourse shed more than 30 percent this year….. Full Article: Source

Posted on 01 December 2008 by VRS |  Email |Print

From Globalpensions.com: The government has been urged by trade union Unite to use the National Pension Reserve Fund (NPRF) to stave off approaches by private equity investors and sovereign wealth funds.

The union said, while the NPRF held investments in a total of 170 banks at the end of 2007, only four were Irish….. Full Article: Source

Posted on 01 December 2008 by VRS |  Email |Print

From Mondaq.com: In October 2008, the International Working Group of Sovereign Wealth Funds (IWG), organized under the auspices of the International Monetary Fund (IMF), released the Santiago Principles, a set of best practices intended to guide the workings of their sovereign wealth funds (SWFs).

The IWG is composed of representatives of 26 IMF-member countries with SWFs. The IMF was instrumental in facilitating and coordinating the drafting process….. Full Article: Source

Posted on 01 December 2008 by VRS |  Email |Print

From ADN: In late August, Sarah Palin flew off on her nine-week campaign for the nation’s second-highest office. During those nine weeks the Alaska Permanent Fund lost $8 billion, including more than $1 billion from the supposedly untouchable principal.

Palin’s absence played no role in the fund’s meltdown. The fund’s managers lost the state’s money because of the world financial collapse….. Full Article: Source

Posted on 01 December 2008 by VRS |  Email |Print

From Zawya.com: Saudi Arabia’s King Abdullah Bin Abdul Aziz denied the US is seeking billions from the Gulf Co-operation Council (GCC), including Saudi Arabia, as part of its efforts to overcome the financial crisis.

He stressed that Saudi Arabia and other Gulf states did not and will not give any amount of money to the US for that purpose. “All major countries in the world have been affected by the economic meltdown amounting to trillions and therefore, they are not in need of mere billions from the Gulf,” he said….. Full Article: Source

Posted on 01 December 2008 by VRS |  Email |Print

From Ameinfo.com: Financial institutions in Dubai are gearing up for an Islamic finance-led upswing in the regional economy with Al Salam Investment (ASI), the Dubai-based investment company, the latest to launch a major initiative in the sector.

ASI has identified Islamic finance as the next big driver for the regional financial sector and today signed an agreement to partner with HSH Nordbank, a German financial institution and global leader in shipping and renewable energy finance, as it scales up to become a major player in the market….. Full Article: Source

Posted on 01 December 2008 by VRS |  Email |Print

From Asiapulse: The government needs to speed up the setting up of a sovereign wealth fund (SWF) to cushion the impact of global financial crisis, economists and observers said.

They said that only through SWF, the buyback of blue chip shares would be effective as the state fund was not available for share buyback, without approval from the House of Representatives….. Full Article: Source

Posted on 01 December 2008 by VRS |  Email |Print

From Seekingalpha.com: The subprime crisis initiated and perfected in the United States has morphed into a full blown liquidity crush that has infected nearly every corner of the financial world.

The one corner that can remain functioning in a largely rational economic way are the Persian Gulf states known as the Gulf Cooperation Council (GCC)….. Full Article: Source

Posted on 01 December 2008 by VRS |  Email |Print

From Financialexpress.com: Until recently, green investment funds were mostly a niche for individual investors. But now investing with the idea of improving the environmental actions of corporations, not just maximising profit, is catching on among some big pension funds and foundations, particularly in Europe and even in the US.

These funds are redirecting investment toward companies that do the least environmental damage and those that try to limit their output of the emissions thought to contribute to global warming….. Full Article: Source

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