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Sovereign Wealth Funds Briefing 06.Feb 2009

Posted on 06 February 2009 by VRS |  Email |Print

From Bloomberg: Sovereign wealth funds, with about $3.9 trillion of assets, will probably seek to diversify their portfolios by buying more commodities, Barclays Capital said.

The funds have probably already bought commodities, attracted by higher prices, a lack of correlation with assets such as equities and bonds, and because they offer a hedge against inflation, the bank said in a report late yesterday. …. Full Article: Source

Posted on 06 February 2009 by VRS |  Email |Print

From Europeanceo.com: Sovereign Wealth Funds, the much maligned investment arms of nation states, are seeing a change of fortune. Long unpopular in the West, the wealth contained in Asian SWFs is now being targeted as a way to boost investment in flagging economies.

Rise of the big savers…There’s nothing quite like a financial meltdown to change national attitudes towards foreign investment. Just 18 months ago, the sovereign wealth funds were regarded with suspicion by countries like the United States and with outright hostility by Germany, France and Italy….. Full Article: Source

Posted on 06 February 2009 by VRS |  Email |Print

From Khaleejtimes.com: Access to credit will remain severely constrained in the next two years, while sovereign funds may not fill the credit gap but remain focused on equity investments, and together with banks concentrate on their domestic markets.

This was the consensus at the two-day Arab-Americas-Asia-Africa (AAAA) Business Summit 2009, which concluded on Thursday. The Commonwealth Business Council, Dubai Group and the UAE jointly organised the Summit….. Full Article: Source

Posted on 06 February 2009 by VRS |  Email |Print

From Reuters: The head of Kuwait’s sovereign wealth fund KIA expects global oil prices to fall further in the next six months, state news agency KUNA reported on Thursday.

Bader al-Saad, managing director of the Kuwait Investment Authority and a board member of state-run Kuwait Petroleum Corp, said he expected “global oil prices to continue to fall in the next six months which is seen as the biggest challenge (Kuwait’s) coming budget is facing”, KUNA reported….. Full Article: Source

Posted on 06 February 2009 by VRS |  Email |Print

From Penews.com: About two-thirds of deals by sovereign wealth funds are private equity transactions, according to research, highlighting the notion that state-backed funds have created increased competition for buyout firms.…. Full Article: Source

Posted on 06 February 2009 by VRS |  Email |Print

From Middle-east-online.com: Gulf Arab states need to initiate reforms and investments for the longer term in order to make the economy more competitive internationally through a judicious use of their sovereign wealth funds, said Dr. Uri Dadush amid the global economic crisis.

In an interview with the Emirates Center for Strategic Studies and Research (ECSSR), Dadush, a senior associate in the Carnegie Endowment for International Peace, called for a greater integration and participation of the Gulf Cooperation Council (GCC) economies in the global economy….. Full Article: Source

Posted on 06 February 2009 by VRS |  Email |Print

From Albourne.com: Sovereign Wealth Funds, Major International Banks, Family Offices, Foundations, Hedge Funds and others have been decimated by deteriorating Markets over the course of the last year and would benefit greatly from Significant, Consistent and Reliable Low Risk Investment……. Full Article: Source

Posted on 06 February 2009 by VRS |  Email |Print

From Anchoragepress.com: In 2008, the state of Alaska Permanent Fund Dividend program saved $1.6 million because investigators at the state Department of Revenue tracked down mistakenly filed applications and outright dividend fraud.

Some of those investigations stemmed from tips to a PFD-fraud hotline (in Anchorage it’s 269-0385) from citizens who reporting their suspicions about neighbors or relatives who they believe live Outside but continue to file for Alaska’s most popular entitlement….. Full Article: Source

Posted on 06 February 2009 by VRS |  Email |Print

From WSJ: Abu Dhabi banks rushed to tap government funds amid rising concern over the health of financial companies in the oil-rich United Arab Emirates.

Five of the sheikdom’s largest listed banks collectively borrowed 16 billion U.A.E. dirhams ($4.4 billion) of funds through bonds. Union National Bank PJSC and Abu Dhabi Islamic Bank PJSC each took two billion dirhams, while Abu Dhabi Commercial Bank PJSC, National Bank of Abu Dhabi and First Gulf Bank PJSC each borrowed four billion dirhams….. Full Article: Source

Posted on 06 February 2009 by VRS |  Email |Print

From Efinancialnews.com: The chief executive of the Dubai International Capital’s private equity business, who has overseen the division since its inception five years ago, is leaving the sovereign wealth fund, which has suffered writedowns of about $1.5bn (€1.1bn) on its investments as a result of the global financial turmoil.….. Full Article: Source

Posted on 06 February 2009 by VRS |  Email |Print

From Reuters: Brazil has enough foreign currency reserves to help compensate for a drop in international credit lines to the country, Central Bank President Henrique Meirelles said on Thursday.

The bank plans to offer credit lines in dollars, using funds from its reserves, to domestic banks on Feb. 27, March 13 and March 27. The lines, aimed at helping companies with difficulties raising cash to roll over foreign obligations, may total $20 billion, Meirelles said….. Full Article: Source

Posted on 06 February 2009 by VRS |  Email |Print

From Thestandard.com.hk: China’s sovereign wealth fund is in talks to buy up to 50 percent of CITIC Capital Holdings, an investment arm of state financial conglomerate CITIC Group, state media said.

The deal could be worth hundreds of millions of US dollars, based on CITIC Capital’s registered capital, China Daily reported, citing a source….. Full Article: Source

Posted on 06 February 2009 by VRS |  Email |Print

From AFP: Singapore, which has announced an unprecedented dip into its vast national savings, may have to tap them again if the economy worsens, Finance Minister Tharman Shanmugaratnam said Thursday.

“This is a crisis that will be long drawn out,” Shanmugaratnam said in parliament. “I am raising this (possibility) not because we know we are going to do it or because we are committed to doing it, but this is realistically the assessment.”…. Full Article: Source

Posted on 06 February 2009 by VRS |  Email |Print

From Forbes: Democratic Republic of Congo’s foreign currency reserves have fallen to $36 million, a Central Bank official told Reuters on Thursday, continuing a slide from $75 million in December and from over $225 million last April.

Congo has seen demand for its minerals, oil, timber and diamond exports slump since mid-2008 and has had to intervene in the currency markets to try and shore up its franc, which has lost 20 percent of its value since September. …. Full Article: Source

Posted on 06 February 2009 by VRS |  Email |Print

From RTTNews: The value of Japan’s foreign currency reserves declined in January by US$19.698 billion compared to December.

The Finance Ministry reported Friday that Japan’s foreign reserves for January totaled $1.011 trillion. That compared to $1.031 trillion in December….. Full Article: Source

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