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Sovereign Wealth Funds Briefing 10.Feb 2009

Posted on 10 February 2009 by VRS |  Email |Print

From Tradearabia.com: Property and construction executives called for intervention by Gulf governments and the sovereign wealth funds (SWF) they control on Monday to revive regional real estate sectors hit by the credit crisis.

A property boom across the top oil exporting region has fizzled down after a global financial crisis hit lending and led to a decline in property prices….. Full Article: Source

Posted on 10 February 2009 by VRS |  Email |Print

From WSJ: One potential benefit for Singaporean sovereign-wealth fund Temasek Holdings by hiring former BHP Billiton chief Charles “Chip” Goodyear as its new CEO: the move could be a way for the roughly $134 billion fund to tamp down criticism that sovereign-wealth funds are too closely tied to their governments.

nullThe appointment of Goodyear, who will succeed Ho Ching, wife of Singapore’s prime minister, means Temasek’s investments will actually now be overseen by two foreigners: executive director Simon Israel, who will work under Goodyear, is a New Zealander who joined Temasek in August 2005 from food-giant Danone, where he was Asia Pacific chairman….. Full Article: Source

Posted on 10 February 2009 by VRS |  Email |Print

From Businessday.co.za: Chip Goodyear, the former chief of BHP Billiton and now CEO-designate at Singapore’s best-known wealth fund, hails from the halls of Ivy League universities and Wall Street, but is best known for his reign at the Australian mining giant.

Goodyear will be the first foreigner to run Temasek, the smaller of Singapore’s two sovereign wealth funds. The Government of Singapore Investment Corporation manages an estimated $300bn….. Full Article: Source

Posted on 10 February 2009 by VRS |  Email |Print

From Todayonline.com: Part reflective, part practical, part futuristic … Ms Ho Ching bared them all in a one-sentence soundbite of an answer to a question on whether she had any regrets leaving Temasek Holdings.
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“I think if you want to run life with regrets, you may end up doing little,” she said. …. Full Article: Source

Posted on 10 February 2009 by VRS |  Email |Print

From Financialstandard.com.au: The Australian Government’s $60 billion Future Fund is looking to appoint a responsible investment manager and head of information technology.

According to statements on the fund’s website, the Future Fund is seeking a manager, responsible investment. The successful candidate will report to the general manager and work closely with the chief investment officer David Neal….. Full Article: Source

Posted on 10 February 2009 by VRS |  Email |Print

From Reuters: The International Monetary Fund and the World Bank are not fit for purpose and need to change dramatically in the wake of the worst financial crisis in living memory, British Prime Minister Gordon Brown said on Monday.

Speaking at a seminar to set out the agenda for April’s G20 leaders’ summit in London, Brown told the assembled academics that a “bold leap forward” was now needed if future crises were to be prevented….. Full Article: Source

Posted on 10 February 2009 by VRS |  Email |Print

From Reuters: CapitaLand, 40 percent-owned by Temasek Holdings, said on Monday the state investor would subscribe to 40 percent of its S$1.84 billion ($1.23 billion) fund-raising via a 1-for-2 rights issue.

CapitaLand chief financial officer Olivier Lim told a briefing the issue was fully underwritten and counted DBS and JP Morgan among its undewriters….. Full Article: Source

Posted on 10 February 2009 by VRS |  Email |Print

From Forbes.com: Romania has cut the minimum reserve requirement for banks’ leu liabilities too soon, flooding the market with liquidity and putting weakening pressure on the leu currency, central bank Governor Mugur Isarescu said on Monday.

The central bank reduced the reserve cap for leu liabilities to 18 percent from 20 percent in October. Its threshold for hard currency liabilities stands at 40 percent…. Full Article: Source

Posted on 10 February 2009 by VRS |  Email |Print

From News.gov.hk: Hong Kong’s foreign currency reserve assets stood at US$181.7 billion at the end of January, down US$800 million on December, the Monetary Authority says.

Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong also stood at US$181.7 billion. The December figure was US$184.8 billion….. Full Article: Source

Posted on 10 February 2009 by VRS |  Email |Print

From Reuters: Kenya’s food crisis has forced east Africa’s biggest economy to drain its hard currency reserves to less than three months’ worth of import cover, Prime Minister Raila Odinga said on Monday.

“Our foreign exchange earnings are on a decline at a time when we must spend a large amount of foreign exchange for emergency imports of maize,” he told a meeting with donors. “This development has forced us to draw down our official foreign exchange reserves to 2.8 months of import cover.”…. Full Article: Source

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