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Sovereign Wealth Funds Briefing 05.Dec 2008

Posted on 05 December 2008 by VRS |  Email |Print

From Guardian: Beijing has no plans at present to increase the size of China Investment Corp, the country’s $200 billion sovereign wealth fund, Assistant Finance Minister Zhu Guangyao said on Friday.

Zhu, speaking at a news conference after two days of high-level Sino-American talks, said CIC was still in its start-up phase…… Full Article: Source

Posted on 05 December 2008 by VRS |  Email |Print

From Bloomberg: The U.S. agreed to implement a rapid approval process for Chinese financial institutions to invest in the country, as it seeks more ways to bolster capital at firms blighted by the global financial crisis.

The announcement was made in a joint statement at the close of two days of bilateral talks between China and the U.S. in Beijing. The U.S. also welcomed “commercially based” investments by China’s sovereign wealth fund and the foreign- exchange administration in industries including the financial sector, the statement said…… Full Article: Source

Posted on 05 December 2008 by VRS |  Email |Print

From Cbonds.info: The EBRD and Kazakhstan’s Sovereign Wealth Fund SamrukKazyna, a state-owned joint stock company, have agreed to set up the Kazakhstan Growth Fund.

EBRD President Thomas Mirow and Kairat Kelimbetov, Chairman of SamrukKazyna, signed an agreement in Astana today to set up the Fund in the very near future. EBRD President Mirow said: “This is an important milestone in the cooperation between our Bank and Kazakhstan and takes our partnership to a new level. The new Kazakhstan Growth Fund will substantially contribute to the development of the private sector in the country by providing much-needed finance.”…. Full Article: Source

Posted on 05 December 2008 by VRS |  Email |Print

From KTUU: The nation’s economic turmoil is creating a big hit for the Alaska Permanent Fund, and it could end up being the greatest loss the fund has ever taken.

The Permanent Fund Board just wrapped up a two-day meeting in Anchorage. Since Wall Street took a dive, and stocks have been down, the fund has lost about $10 billion, or 20 percent of the fund’s total value….. Full Article: Source

Posted on 05 December 2008 by VRS |  Email |Print

From China Knowledge: Bank of America Corp has raised its stake in China Construction Bank Corp (CCB), China’s top property lender, sources reported.

CCB said in a statement that the largest lender in the U.S. has bought 19.58 billion H-shares from CCB’s largest shareholder, Central Huijin Investment, at the price of RMB 2.46 per share, or 1.2 times of CCB’s third-quarter book value, lifting its holdings in CCB to 19.13% from 10.8%…… Full Article: Source

Posted on 05 December 2008 by VRS |  Email |Print

From FT: British Land has reignited talks to sell a large stake in its flagship £1.4bn ($2.3bn) Meadowhall shopping centre in the north of England. A London-listed property fund, backed by an Abu Dhabi sovereign wealth fund, is seen as frontrunner to secure the deal.

The shopping centre in Sheffield, South Yorkshire, comprises almost a tenth of British Land’s property portfolio. Meadowhall was valued at £1.4bn at the end of September according to the UK property company’s most recent set of accounts, representing a net equivalent yield of 5.7 per cent…… Full Article: Source

Posted on 05 December 2008 by VRS |  Email |Print

From Privateequityrealestate.net: China’s sovereign wealth fund, China Investment Corp., has hired former Starr International executive Collin Lau to lead its real estate investment funds.

The former managing director joined investment firm Starr in 2006 to take charge of its $2 billion Asia Pacific private equity programme. According to sources cited in the report, Lau will join CIC late this month or in early January….. Full Article: Source

Posted on 05 December 2008 by VRS |  Email |Print

From Typepad.com: Sovereign wealth funds enjoy an exemption from tax under section 892 of the tax code. This anachronistic provision offers an unconditional tax exemption when a foreign sovereign earns income from non-commercial activities in the United States.

The provision, which was first enacted in 1917, reflects an expansive view of the international law doctrine of sovereign immunity that the United States (and other countries) discarded fifty years ago in other contexts….. Full Article: Source

Posted on 05 December 2008 by VRS |  Email |Print

From Timesonline.co.uk: President Sarkozy today promised €26 billion (£22.6 billion) of state aid and investment to revive the economy and help France’s big car industry stave off collapse in the face of foreign competition.

“This crisis is an ordeal, a painful ordeal and a terrible ordeal, but we have to keep faith in the future,” Mr Sarkozy said, in a solemn speech delivered by a Renault factory at the northern town of Douai….. Full Article: Source

Posted on 05 December 2008 by VRS |  Email |Print

From SSRN: The prominence of the State as an investor challenges the existing rules of international economic law and of the law of State immunities.

With regard to international economic law, the focus is on the General Agreement on Trade in Services (’GATS’), since this is the only multilateral agreement that has binding rules for investment. The GATS allows the receiving States to adopt preventive measures that restrict investments by SWFs, provided specific conditions are complied with. However, it does not impose restrictions on the activities of the States that make investment by means of SWFs….. Full Article: Source

Posted on 05 December 2008 by VRS |  Email |Print

From Forbes: Kuwait’s sovereign wealth fund will begin investing at least 1.5 billion Kuwaiti dinars ($5.4 billion) in Kuwaiti equities this month to boost confidence in the exchange, the country’s finance minister said on Thursday.

Kuwait is seeking to reassure investors in the Gulf Arab country, where a fall of about 30 percent in the exchange’s main index this year has ignited protests among traders….. Full Article: Source

Posted on 05 December 2008 by VRS |  Email |Print

From FT: The US was lectured about its economic fragilities on Thursday as senior Chinese officials urged the administration to stabilise its economy, boost its savings rate and protect Chinese investments.

The message went to Hank Paulson, the US Treasury secretary, in Beijing for the strategic economic dialogue he helped launch to discuss long-term issues between the two countries…. Full Article: Source

Posted on 05 December 2008 by VRS |  Email |Print

From Themoscowtimes.com: Catching market players offguard, the country’s foreign reserves rose by $5 billion last week, their first reported gain since the crisis took off in late September.

The reserves stood at $454.9 billion on Nov. 28, the Central Bank said, up from $449.9 billion Nov. 21, following a $3.6 billion loss the week previous….. Full Article: Source

Posted on 05 December 2008 by VRS |  Email |Print

From WSJ: Mubadala Development Co. said it would buy a 24.9% stake in John Buck Co., cementing a joint venture between the Abu Dhabi government-owned investment vehicle and the Chicago developer.

The financial terms for the stake in closely held John Buck weren’t disclosed Thursday…. Full Article: Source

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