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Sovereign Wealth Funds Briefing 11.Dec 2008

Posted on 11 December 2008 by VRS |  Email |Print

From Reuters: Talks have taken place over the possible sale of the Luxembourg arm of troubled Icelandic bank Kaupthing to a Libyan sovereign fund, a Luxembourg minister confirmed on Wednesday.

Budget and Treasury Minister Luc Frieden, answering a question in parliament, said there had been discussions with several possible buyers. “Also in the last days with the sovereign wealth fund mentioned in the parliamentary question,” Frieden told parliament he said of a question that referred to the Libya’s state Libyan Investment Authority….. Full Article: Source

Posted on 11 December 2008 by VRS |  Email |Print

From Nationaljournal.com: Sovereign wealth funds could play a significant role in improving the U.S. economy, holds Rep. Jim Moran, D-Va., co-chair of the House Task Force on Sovereign Wealth Funds.

Moran argues that the U.S. should aggressively compete for SWF investments. At the same time, he is concerned that countries — specifically China — could use nontraditional mechanisms that do not fall under the International Monetary Fund’s new voluntary SWF guidelines to make investments….. Full Article: Source

Posted on 11 December 2008 by VRS |  Email |Print

From Bi-me.com: The government-backed investment arms of Kuwait and Qatar are interested in the privatisation of Poland’s leading fertiliser makers Pulawy and Police, the head of Polish investment agency PAIiIZ said yesterday.

“There are a couple of sovereign wealth funds interested in a passive form of investing,” Pawel Wojciechowski told reporters. …. Full Article: Source

Posted on 11 December 2008 by VRS |  Email |Print

From China.org.cn: China Investment Corporation (CIC), the country’s US$200 billion sovereign wealth fund, will not know the total loss on its investment in Reserve Primary Fund until the Fund makes its last cash distribution to shareholders, Caijing magazine reported, citing an unnamed senior manager with the CIC.

Whether or not CIC will file a lawsuit against the US money market fund depends on how big its final loss turns out to be, the unnamed source said….. Full Article: Source

Posted on 11 December 2008 by VRS |  Email |Print

From Bi-me.com: Abu Dhabi backed property company is reportedly the front-runner to buy a large stake in the Meadowhall shopping centre in Sheffield, England.

Meadowhall’s parent company British Land has restarted talks to sell around a half of the US$2.6 billion flagship shopping centre to London & Stamford, a listed property opportunity fund backed by an unnamed Abu Dhabi sovereign wealth fund….. Full Article: Source

Posted on 11 December 2008 by VRS |  Email |Print

From Reuters: Insurance firms Axa SA, MetLife Inc and Prudential Plc, and China’s sovereign wealth fund CIC are all in talks to buy a unit of U.S. insurance firm AIG in a deal that is likely to fetch $10.8 billion, financial industry sources said on Wednesday.

Each of the four firms is in separate talks with AIG about buying its unit, American Life Insurance Co, or Alico, and the deal is likely to close in the new year, said the sources, who spoke on condition of anonymity….. Full Article: Source

Posted on 11 December 2008 by VRS |  Email |Print

From Cpifinancial.net: The Gulf Bank saga reached an end with the disclosure of a larger-than-expected $1.4 billion loss on foreign exchange derivatives trading on behalf of clients, and the bank’s recapitalisation process has commenced, with sovereign wealth fund (SWF) the KIA expected to play a key role in the capital subscription process.

The KIA is also mobilising to participate in a fund that will purchase up to 10 per cent of the market capitalisation and the Central Bank of Kuwait is reversing its previously relatively tight monetary policy as the focus moves from fighting inflation to stimulating the economy….. Full Article: Source

Posted on 11 December 2008 by VRS |  Email |Print

From Guardian: Intense demand for a Russian bond has sent its debt yield crashing down close to zero in the past few days, sparking speculation — officially denied — of a Kremlin-directed debt buyback.

Investors began scrambling to cover short positions on Russia’s sovereign bond maturing 2010 late last week as its liquidity dried up amid reports of large purchases by Russian institutions. With only about $940 million outstanding, the issue is vulnerable to large fluctuations….. Full Article: Source

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From Contrarianprofits.com: The withdrawal of SWFs from American markets means that taxpayers must pick up the slack to the tune of $700 billion (or more). It could also mean that the disappearance of this source of capital could further delay any sustained recovery.

The Persian Gulf SWFs, in particular, are redirecting their funds to domestic projects, where they see a higher payoff, according to various news sources. Dubai International Capital is turning its attention the Middle East, China and India….. Full Article: Source

Posted on 11 December 2008 by VRS |  Email |Print

From Soughtcontent.wordpress.com: YTL Power (YTLP) together with its wholly-owned subsidiary Sabre Energy Industries Pte Ltd (SEI), has agreed to purchase 884.9m shares (100% equity interest) in PowerSeraya from Temasek Holdings for a purchase consideration of S$3.6bn (RM8.56bn).

Based on PowerSeraya’s FY07 annual report, the company recorded an EPS of S$0.25/ share (RM0.59/ share), pegging the PER of the purchase at about 16x….. Full Article: Source

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From Bloomberg: Bloomberg: Bank of China Ltd. may have to delay a planned $342 million investment in La Compagnie Financiere Edmond De Rothschild as China’s banking regulator withholds approval, three people familiar with the matter said.

With a Dec. 31 deadline approaching, the watchdog has yet to endorse the bank’s application, the people said, declining to be identified as talks are private. China’s third-largest bank may extend the deadline and seek to complete the purchase in next year’s first quarter, one person said. …. Full Article: Source

Posted on 11 December 2008 by VRS |  Email |Print

From Seekingalpha.com: China’s $200 billion sovereign wealth fund, China Investment Corp. (CIC), has lost roughly $6 billion of the $8 billion invested in Morgan Stanley (MS) and The Blackstone Group LP (BX) last year.

Lou Jiwei, the company’s chairman, last week rejected the notion of putting any more of the government’s money into banks outside of its homeland. And he did so citing an overwhelming fear….. Full Article: Source

Posted on 11 December 2008 by VRS |  Email |Print

From Thenational.ae: Abu Dhabi National Energy Company, or Taqa, plans to make its first investment in the US power sector by acquiring an energy marketing business from JPMorgan Chase, the Wall Street bank.

The new enterprise, a joint venture with RBS Sempra Commodities, advances Taqa’s plan to develop an integrated energy business in North America, with interests ranging from oil and gas production to power generation and distribution….. Full Article: Source

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