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Sovereign Wealth Funds Briefing 09.Feb 2009

Posted on 09 February 2009 by VRS |  Email |Print

From Propertyweek.com: St Martins, the property company of Kuwait’s sovereign wealth fund, has bought a 27-storey residential tower in Tokyo for JPY 13bn (£105m) in its Asian debut. The Kuwait Investment Authority owned property group bought the Lietocourt Arx Tower in Minato, Tokyo’s business district, from fund manager KK daVinci Advisors.

The 319,700 sq ft building, which was completed in February 2007, has 281 serviced apartments….. Full Article: Source

Posted on 09 February 2009 by VRS |  Email |Print

From Globest.com: There is a lot of investment potential at play with more than $4 trillion in the hands of sovereign wealth funds, which invest between 7% and 10% in commercial real estate transactions.

Even with this amount of capital, Sovereign Wealth Funds aren’t above the economic downturn gripping most of the world….. Full Article: Source

Posted on 09 February 2009 by VRS |  Email |Print

From Business24-7.ae: Gulf-based sovereign wealth funds, intending to invest in the US and European assets, should direct their investments to credible financial assets, said a senior bank official.

Steen Jakobsen, the Chief Investment Officer (CIO) of Saxo Bank, has said: “I do not mean to say that the GCC countries should be buying companies like Merrill Lynch. When we take the debt writedowns aside, whatever is left has a unique investment opportunity,” he said….. Full Article: Source

Posted on 09 February 2009 by VRS |  Email |Print

From Straitstimes.com: After more than six years at the helm of Temasek Holdings, Ms Ho Ching is stepping down as chief executive officer. Mr Charles W. Goodyear, 51, an American, will be appointed CEO-designate on March 1 and take over officially on Oct 1, after a seven-month transition period.

Yesterday’s announcement took many by surprise and sparked immediate speculation over the reason for Ms Ho’s departure, but Temasek chairman S. Dhanabalan said the change had been in the works for some time….. Full Article: Source

Posted on 09 February 2009 by VRS |  Email |Print

From Nationmultimedia.com: Ho Ching’s resignation as CEO of Temasek Holdings would not cloud heavy losses of about 40 per cent at Singapore’s sovereign wealth fund amid the global financial market meltdown.

The Government Investment Corporation of Singapore (GIC) is also suffering similar heavy losses….. Full Article: Source

Posted on 09 February 2009 by VRS |  Email |Print

From Channelnewsasia.com: The market was clearly surprised by news that Ms Ho Ching is stepping down as CEO and executive director of Temasek Holdings from October 1, after six years at the helm.

She will be replaced by American Charles Goodyear, who was the former CEO of the global mining giant BHP Billiton. …. Full Article: Source

Posted on 09 February 2009 by VRS |  Email |Print

From Telegraph: When Charles “Chip” Goodyear stepped down as chief executive of mining giant BHP Billiton in 2007, speculation was rife about what he would do next. He was tipped as to become next chairman of BP, a job which has in fact gone to Essex-born Paul Skinner, the ex-chairman of Rio Tinto.

Ho Ching, Temasek’s exiting chief executive, said that she was “delighted that between myself, a couple of my colleagues and Chip’s wife, we persuaded him to join” the Singaporean fund. …. Full Article: Source

Posted on 09 February 2009 by VRS |  Email |Print

From Guardian: Tensions between Arabs and Jews have rarely been greater, yet if there is money to be made, they appear to evaporate. How else to explain the fact that the sovereign wealth funds of Qatar, Abu Dhabi and Oman, as well as private Saudi Arabian investors, are directly backing some of Britain’s most famous Jewish property tycoons?

As property values collapse, there is widespread concern that over-leveraged property companies face annihilation. …. Full Article: Source

Posted on 09 February 2009 by VRS |  Email |Print

From Peninsulaclarion.com: When Kasilof resident Carole Okamoto contacted the Alaska Permanent Fund dividend division with questions concerning the PFD application process on behalf of her late husband, she was asked a series of questions one would expect:

Did the applicant receive the 2008 dividend? Yes. During 2008 was the applicant gone from Alaska more than 90 days total? No….. Full Article: Source

Posted on 09 February 2009 by VRS |  Email |Print

From Reuters: Dubai government investment agency Istithmar World is not in talks to sell luxury retailer Barneys New York Inc, its parent firm said.

“We have not announced nor (sought) anybody regarding Barneys,” Sultan Ahmed bin Sulayem, chairman of Dubai World, told reporters at the opening of port container operator DP World’s DPW.DI new terminal in Djibouti on Saturday….. Full Article: Source

Posted on 09 February 2009 by VRS |  Email |Print

From Bloomberg: Norway will set up two funds with total capital of 100 billion kroner ($14.8 billion) to unlock bank lending and buy corporate bonds, seeking to rekindle growth in the economy of the world’s fifth-biggest oil exporter.

A finance fund of 50 billion kroner will boost core capital at banks and a bond fund of 50 billion kroner will buy corporate debt, the Finance Ministry said in a statement yesterday. The government also proposed capping executive pay at banks. …. Full Article: Source

Posted on 09 February 2009 by VRS |  Email |Print

From Thenational.ae: In Saudi Arabia, the region’s largest economy, authorities have pumped about $3bn into the banking system. The Kuwait Investment Authority, the country’s sovereign wealth fund, is said to have invested in stocks on the Kuwaiti market.

And the UAE’s Central Bank last year made Dh120bn available to banks in an effort to restart lending, but the Emirates interbank offered rate – an average of interest rates banks charge each other for loans – has failed to dip significantly as a result….. Full Article: Source

Posted on 09 February 2009 by VRS |  Email |Print

From Thestar.com.my: As recession deepens and foreign investment values tumble, the government is facing rising public pressure for information on just how badly the national reserves are faring.

Singaporeans are becoming more anxious about not knowing how much their collective savings have been lost – or tied up – in troubled investments as a result of the global market collapse. The amount of losses has not been disclosed, except in the most general way, but market analysts believe that they are in the region of many tens of billions of dollars….. Full Article: Source

Posted on 09 February 2009 by VRS |  Email |Print

From Telegraph: Dominique Strauss-Kahn said the Fund needed an urgent cash infusion if it was to continue bailing out troubled economies in the future. Mr Strauss-Kahn also indicated that the world’s advanced economies were now tipping from recession into full-blown depression, cementing fears about the scale of the economic slump in rich nations.

The IMF head made the comments in Kuala Lumpur in Malaysia over the weekend, where he is attending a meeting of central bankers from Southeast Asia. …. Full Article: Source

Posted on 09 February 2009 by VRS |  Email |Print

From FT: Ireland can dip into its National Pension Reserve Fund, a sovereign wealth fund established in 2001 as a far-sighted initiative to anticipate the greying of Ireland’s population. It was originally set up to part fund the future pensions of retiring public sector workers.

The fund was only meant to be drawn down from 2025…… Full Article: Source

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