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Sovereign Wealth Funds Briefing 03.Feb 2009

Posted on 03 February 2009 by VRS |  Email |Print

From FT: Kazakhstan took over its leading bank yesterday and said it was negotiating to sell assets to Russia as the global financial crisis and depressed oil prices intensify pressure on its economy. Samruk-Kazyna, the sovereign wealth fund handling bank bail-outs, is to buy 78.14 per cent of BTA for $2.06bn (€1.6bn, £1.45bn), the government said.

The move marks a dramatic change in the Kazakh banking landscape, until now dominated by private investors. Samruk-Kazyna recently pumped $1bn into Kazkommertsbank and Halyk, the second and third biggest banks….. Full Article: Source

Posted on 03 February 2009 by VRS |  Email |Print

From Forbes: Sovereign wealth fund excludes another miner and defense firm from its investments. Norway’s $356.0 billion Government Pension Fund, which invests in the country’s oil revenues across the world, said Friday that it had excluded U.S. defense firm Textron and Canadian miner Barrick Gold from the fund on ethical grounds.

The fund has been excluding firms for several years: Back in 2007, Vedanta, the London-listed Indian miner, was removed from its investments, because of concerns over “severe environmental damages and serious or systematic violations of human rights,” while last year its investment in Rio Tinto got the ax. …. Full Article: Source

Posted on 03 February 2009 by VRS |  Email |Print

From Kuwaittimes.net: Kuwait’s sovereign wealth fund KIA sees opportunities in real estate and stock markets overseas despite having launched a multibillion-dollar fund to buy into the Kuwaiti bourse, its managing director was quoted as saying.

The Kuwait Investment Authority (KIA), which manages the state’s oil-generated assets, bought last year into US banks such as Citigroup and Merrill Lynch before both shares fell and the latter was bought by Bank of America for a fraction of the price….. Full Article: Source

Posted on 03 February 2009 by VRS |  Email |Print

From Thejakartaglobe.com: High returns obtained for 20 years by one of Singapore’s sovereign wealth funds will not be seen during the global credit crisis, the firm’s deputy chairman said.

The Government of Singapore Investment Corp., or GIC, one of the world’s largest sovereign wealth funds, announced in September that its nominal annual rate of return over the past 20 years was 7.8 percent in US dollar terms….. Full Article: Source

Posted on 03 February 2009 by VRS |  Email |Print

From Pionline.com: Alaska Gov. Sarah Palin and four state legislators introduced separate bills that would force the state to divest investments in publicly traded companies that conduct or have direct investments in business operations in Sudan. The bill would apply to the Alaska Permanent Fund.

“The investment of funds in business firms and financial institutions with ties to the repressive regime in Sudan is inconsistent with the moral and political values of the people of Alaska,” Ms. Palin wrote in the bill’s sponsor statement. …. Full Article: Source

Posted on 03 February 2009 by VRS |  Email |Print

From B92.net: Finance Minister Diana Dragutinović said that the NBS should not be spending from the foreign currency reserve this quickly in order to stabilize the dinar.

The dinar has decreased in value once again this Monday. The National Bank of Serbia (NBS) intervened once again on Friday with the sale of EUR 45mn on the inter-banking market because of the increased demand for the euro….. Full Article: Source

Posted on 03 February 2009 by VRS |  Email |Print

From IHT: South Korea’s foreign currency reserves rose slightly in January as the assets yielded profits and local banks repaid some debts borrowed from the holdings, the central bank said Tuesday.

The reserves totaled $201.74 billion at the end of January, up $520 million from the end of December, the Bank of Korea said in a statement. It marked the second straight monthly rise….. Full Article: Source

Posted on 03 February 2009 by VRS |  Email |Print

From Iii.co.uk: The Romanian central bank’s hard currency reserves fell by around 200 million euros in January, signalling potential central bank intervention in currency markets to support the leu, analysts said.

The bank said hard currency reserves, excluding 103.7 tonnes of gold, fell to 26 billion euros ($33 billion)….. Full Article: Source

Posted on 03 February 2009 by VRS |  Email |Print

From Business24-7.ae: Nearly 100 government heads and business leaders from the Middle East attended the five-day summit in Davos, participating in panel discussions and generated debates on topics as wide-ranging as sovereign wealth fund to sustainable development.

The deliberations and call for action taken up at Davos will be further revisited at the World Economic Forum on the Middle East 2009, which will be held from May 15 to May 17 at the Dead Sea, Jordan, under the theme ‘Home-grown Strategies for Global Success.’…. Full Article: Source

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