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Sovereign Wealth Funds Briefing 03.Dec 2008

Posted on 03 December 2008 by VRS |  Email |Print

From Yorkshirepost.co.uk: As the global downturn gathers pace, sovereign wealth funds are withdrawing their reach.Once seen as a bottomless resource, sovereign wealth funds (SWFs) are now feeling the effects of the credit crunch and are seeing a rapid downgrade to their growth outlook.

Experts say the funds are withdrawing from flashy investments abroad and may be used to prop up local economies….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From Bloomberg: YTL Power International Bhd., a Malaysian utilities company, agreed to buy Singapore power generator PowerSeraya Ltd. from Temasek Holdings Ltd. for about S$3.6 billion ($2.4 billion).

YTL Power will also take on S$201 million of PowerSeraya’s debt, Temasek, Singapore’s state investment company, said in an e-mailed statement today. The transaction is due to be completed early next year….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From Reuters: Kuwait approved a $7.26 billion fund to invest in the local bourse, which has been hit by the global financial crisis, several newspapers said on Tuesday.

Kuwaiti papers al-Watan, al-Seyassah, al-Rai, al-Jarida, and al-Anbaa said in unsourced reports the cabinet approved on Monday a 2 billion dinar government portfolio to invest in the stock market….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From Gulf-times.com: Three Qatari Banks yesterday outlined plans to sell up to 20% stake in their institutions to the state’s sovereign wealth fund after presenting their proposals to shareholders later this month.

The move by Doha Bank, Rayyan Al Masraf and Ahlibank comes against the backdrop of the Qatar Investment Authority (QIA) recently preparing a mammoth QR5.3bn package for listed banks as part of efforts to restore investors’ confidence, which has been shaken due to the global financial crisis….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From BBC: Several Shell operated North Sea fields have been formally transferred to an Abu Dhabi company. TAQA Bratani, which has a base at Westhill, has bought the Tern, Kestrel, Eider, Cormorant and Pelican Fields as part of a deal worth $631m.

It has also acquired a quarter share in the Sullom Voe oil terminal….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From CRR: Sovereign Wealth Funds (SWFs) are the subject of intense debate. While these funds are hard to define in precise terms, all agree they are government-sponsored pools of financial assets.

With roughly $3 trillion under management today and forecasts that suggest this number could approach $10 trillion in under a decade, many wonder what role these public investment funds will play in private markets….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From Reuters: Deteriorating financial markets, looming corporate failures and a falling capital base could trigger the first major shake-up of South Korea’s banking industry since the Asian financial crisis a decade ago.

The government is publicly baulking at using taxpayers’ money to protect the industry from the global financial crisis and wants banks to work on ways to rescue themselves, saying it is ready to act as a catalyst for possible banking mergers in the world’s 13th-largest economy….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From Timesonline.co.uk: The former chief executive of AOL, the internet provider, is drumming up interest from investors for a bid for all or part of Yahoo!.

Jonathan Miller, who was credited with turning around AOL’s fortunes before he was ousted in November 2006, is talking to private equity investors and sovereign wealth funds in an attempt to put together a bid worth $20 to $22 per Yahoo! share. Shares in the internet search engine rose more than 9 per cent to $11.74 after news of the potential offer and were trading up 6.5 per cent at $11.46 at 2pm yesterday….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From Straitstimes.com: Singapore’s GIC and Temasek are two of the best managed funds in the world, with a pool of exceptionally good managers with an excellent track record.

The Government should look into the possibility of enabling GIC and Temasek to accept fixed deposits by Singaporeans, especially the older and less educated citizens. …. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From Financeasia.com: Singapore Airport Terminal Services (SATS) yesterday announced that it has agreed to buy a 69.68% stake in Singapore Food Industries (SFI) for S$334.5 million ($219 million). The stake is being sold by Ambrosia Investment, a wholly owned subsidiary of Temasek Holdings.

SATS also counts as a Temasek company since it is 80%-owned by Singapore Airlines, which in turn is 54.4% owned by the Singapore investment firm. It is a service provider that offers ground handling and catering services at Singapore’s Changi Airport. Via a number of joint ventures, it provides food services at 40 airports across nine countries….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From WSJ: China Development Bank, one of the country’s three policy lenders, became a stockholding company Monday as part of its transformation into a commercial entity that may eventually lead to a stock market listing.

The relaunch, which includes a new board of directors, comes after Central Huijin Investment Ltd., an investment vehicle under China’s sovereign-wealth fund, injected $20 billion into CDB…. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From Atimes.com: A US$390 million power project tendered to Chinese investors was to be the defining action of the Parliamentary Majority Alliance (AMP) coalition government, with the infrastructure seen as crucial for improving livelihoods and attracting foreign investment to this impoverished island nation.

It was announced in October that the Chinese Nuclear Industry 22nd Construction Company had been awarded the tender to build two power generating stations - one in Manatuto district in central Timor and another on the country’s south coast - and an electricity grid, with the project budgeted over four years….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From RFA: U.S. regulators should exercise caution as cash-strapped companies turn to China for financing in troubled economic times, experts say. A recent report by a Congressional watchdog panel raises concerns that China could use its financial clout to further political agendas as Beijing invests overseas.

The annual report of the U.S.-China Economic and Security Review Commission (USCC), released in November, highlights the risks of relying on Chinese state-controlled funding….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From Guardian: South Korea’s foreign reserves dropped by $11.7 billion in November to their lowest level in almost four years, a reflection of liquidity injections into the banking system to combat the global credit crisis.

Statements from the central bank and the finance ministry suggested reserves would continue to fall as they spend dollars to keep the financial system stable….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From Uaedailynews.com: AIGhas sold its Swiss-based private bank to an investor group from Abu Dhabi, marking its first significant disposal since it was taken over by the US government in a massive bail-out.

Aabar Investments PJSC, a quoted investment group linked to the Abu Dhabi government, said it paid SFr307m ($254m) for the private bank, and would also assume outstanding loans of up to a maximum of SFr100m….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From Tehrantimes.com: The Kuwait Investment Authority (KIA) could rival a bid by Russian oil company LUKoil to buy a 20% stake in Spanish oil company Repsol YPF, the Finmarket website cited Spanish newspaper ABC as reporting.

Repsol shareholder Spanish builder, Sacyr Vallehermoso SA, is also reported to be considering other proposals after Russia’s largest independent crude producer first signaled it was interested in acquiring the Repsol stake….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From ADN: Will the sinking U.S. economy scuttle Alaskans’ Permanent Fund dividend checks too? The dollar signs sure look grim. The fund has lost $9 billion over the past four months.

Right now, the fund’s market value is more than $1 billion under the total amount deposited in the Permanent Fund over the past 32 years. This year is one of only two in the fund’s history — the same thing also happened in 2003 — that the fund’s value has dipped below the sum of its deposits….. Full Article: Source

Posted on 03 December 2008 by VRS |  Email |Print

From Bi-me.com: UAE Minister of Foreign Trade H.E. Sheikha Lubna underlined the importance of Sovereign Wealth Funds in accelerating the growth of developing economies and lauded productive and harmonious ties between the UAE and Africa.

This year’s edition, which adopts the theme ‘Strengthening the GCC-Africa Cooperation,’ is being held in association with the OPEC Fund for International Development (OFID), the Organisation for Economic Co-operation and Development (OECD) Development Centre. Many high-level officials attended the opening rites, including Prime Ministers and senior ministers from more than 20 African countries….. Full Article: Source

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