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Sovereign Wealth Funds Briefing 10.Dec 2008

Posted on 10 December 2008 by VRS |  Email |Print

From Arabianbusiness.com: Gulf Arab states’ investment arms are interested in the privatisation of Poland’s leading fertiliser makers Pulawy and Police, the head of Polish investment agency PAIiIZ said. “There are a couple of sovereign wealth funds interested in a passive form of investing,” Pawel Wojciechowski said.

He mentioned Kuwait Investment Authority and Qatar’s sovereign wealth fund as being interested in investments ranging from the purchase of a stake in the Warsaw Stock Exchange and Polish shipyards to real estate and the chemicals sector….. Full Article: Source

Posted on 10 December 2008 by VRS |  Email |Print

From Livemint.com: In recent years, money was cheap and other assets were expensive. As each of the global economy’s credit creation engines breaks down and systemic leverage reduces, money becomes scarce and expensive, triggering adjustments in asset prices in a reversal of this process.

In the current financial crisis, the quantum of available capital, the munificent resources of central banks and sovereign wealth funds and the globalization of capital flows may be some of the accepted “facts” that are revealed to be grand illusions. …. Full Article: Source

Posted on 10 December 2008 by VRS |  Email |Print

From Dnaindia.com: Investment deals are rare during the economic slowdown, and the media sector is no exception. So, the buzz that Temasek and India Equity Partners were together picking up more than 19% in the Lokmat group lifted many spirits.

But, not for long. Soon it was clear that the deal was off due to the prevailing “economic conditions”. Devendra Darda, executive director of the Lokmat group of newspapers, said that “both parties have mutually decided to call off the deal due to the current economic condition.”…. Full Article: Source

Posted on 10 December 2008 by VRS |  Email |Print

From Bloomberg: Petroleo Brasileiro SA, Brazil’s state-controlled oil company, is holding talks with China about financing its expansion plans amid a global credit crisis that has prompted banks to reduce lending.

“Conversations with a number of funding sources, including the Chinese development bank, are ongoing,” Petrobras investor relations manager Theodore Helms said. The company plans to invest about $30 billion this year, with about half that amount going to Brazilian exploration and production projects, he said. …. Full Article: Source

Posted on 10 December 2008 by VRS |  Email |Print

From Euractiv.com: The China Investment Corporation (CIC), officially launched in September 2007, attracted a lot of criticism from concerned Western countries.

As a result, the US and some European countries such as Germany (contrary to the position of the European Commission) are drafting tighter regulations for SWF investments….. Full Article: Source

Posted on 10 December 2008 by VRS |  Email |Print

From Laht.com: China and the United Arab Emirates have offered Brazil resources to fund production from its huge offshore oil fields, Energy Minister Edisao Lobao said in an interview published Monday by the daily Folha de Sao Paulo.

“China is offering Petrobras $10 billion initially,” Lobao said in response to a question about the Brazilian state-controlled oil company’s investment plans amid the global credit crisis….. Full Article: Source

Posted on 10 December 2008 by VRS |  Email |Print

From Bloomberg: Temasek Holdings Pte defended its $2.6 billion of divestments last week, saying the transactions created value for the Singapore sovereign investor and the assets weren’t sold to cover losses on past investments or fund future purchases.

The state-owned investment company last week sold its 70 percent stake in Singapore Food Industries Ltd., which operates food outlets in factories, hospitals and army camps, for S$334.5 million ($221 million). It also divested Singapore power generator PowerSeraya Ltd. for about S$3.6 billion….. Full Article: Source

Posted on 10 December 2008 by VRS |  Email |Print

From Theatlantic.com: Americans know that China has financed much of their nation’s public and private debt. During the presidential campaign, Barack Obama and John McCain generally agreed on the peril of borrowing so heavily from this one foreign source.

For instance, in their final debate, McCain warned about the “$10 trillion debt we’re giving to our kids, a half a trillion dollars we owe China,” and Obama said, “Nothing is more important than us no longer borrowing $700billion or more from China and sending it to Saudi Arabia.”…. Full Article: Source

Posted on 10 December 2008 by VRS |  Email |Print

From Thenational.ae: The era of the sovereign wealth fund appears to be behind us. With falling export revenues for manufactured goods and oil, SWFs will now be tapped to finance fiscal stimulus and/or financial sector bailouts over the next couple of years.

Brad Setser at the Council on Foreign Relations makes the point that their apparent losses (roughly 40 per cent on assets) put to the lie the notion that they were ever a stabilizing force in global markets, instead buying into booms and now being forced to sell in a crunch….. Full Article: Source

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