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Sovereign Wealth Funds Briefing 12.Feb 2009

Posted on 12 February 2009 by VRS |  Email |Print

From Zawya.com: Qatar Investment Authority, the country’s sovereign wealth fund, has bought 20% of the share capital of Qatar-based First Finance Co. for $70.5m, the company said in a statement today.

The company’s capital would be raised by 10.22 million shares, First Finance said in a statement on the Doha bourse Web site. “The full subscription amount, equal to QAR256.6 million ($70.5 million), has been deposited in the company’s bank account,” First Finance said….. Full Article: Source

Posted on 12 February 2009 by VRS |  Email |Print

From Newsminer.com: When the principal consultant and the executive director of the Alaska Permanent Fund appeared before the Senate Finance Committee Tuesday, this is what I would have liked to hear: “We didn’t see the collapse coming. We missed it. Just like most of the other high-paid experts.”

A simple statement in plain English would be a good starting point in helping Alaskans understand why the state’s main savings account was transformed from a $40 billion fund into a $29 billion fund in a little more than a year. …. Full Article: Source

Posted on 12 February 2009 by VRS |  Email |Print

From Business24-7.ae: There is a new player in the United Kingdom real estate industry – the Sovereign Wealth Fund. But what is it? There is no formal definition of what a SWF actually is, but the nearest we have is that many countries – often those benefiting from windfalls from gas, minerals or oil – have extensive funds that are usually state-owned and invested in industries throughout the world.

The Middle East in particular has SWFs, which now may become more dominant worldwide as they remain strong at just the time that other global regions have become much weaker and need investment from outside….. Full Article: Source
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Posted on 12 February 2009 by VRS |  Email |Print

From Thepeninsulaqatar.com: The Qatar Financial Markets Authority (QFMA) has decided to extend the restriction on business transactions of the Gulf Investment Group, a licensed brokerage firm at the Doha Securities Market (DSM), for further two weeks effective from today.

The ban has been imposed on its transactions for violating internal rules of the bourse….. Full Article: Source

Posted on 12 February 2009 by VRS |  Email |Print

From Thenational.ae: The US computer chip maker, AMD, failed to obtain approval for a multibillion-dollar joint-venture deal with Mubadala Development Company on Tuesday, because too few shareholders participated in a special meeting to vote on the issue.

The venture is the UAE’s largest technology investment and will provide a foothold in the competitive global market for semiconductor products….. Full Article: Source

Posted on 12 February 2009 by VRS |  Email |Print

From Asiaone.com: The global financial meltdown cost Temasek Holdings a $58 billion paper loss in eight months, the government revealed yesterday. And the Government of Singapore Investment Corporation’s portfolio is expected to yield a lower than average return this year.

But despite the blows, the government has full confidence in Temasek and GIC to ride out the market downturn - and says they will produce solid returns in the long term….. Full Article: Source

Posted on 12 February 2009 by VRS |  Email |Print

From Singaporeangle.com: The exit of Ho Ching can be seen as the rebranding of Temasek as a Government-Linked Company to a domestic crowd, and as a Sovereign Wealth Fund to an international audience.

Ho Ching’s send off is overall a nicely timed publicity move to restore some hope in Temasek, especially when its high profile strategic investments in Wall Street have suffered considerable short term paper loses brought about by the subprime crisis….. Full Article: Source

Posted on 12 February 2009 by VRS |  Email |Print

From Nationmultimedia.com: Temasek Holdings has opposed Thaicom’s plan to launch a new satellite to replace Thaicom 1, which will expire in July. A source at Shin Corp said Temasek is of the view that the launch would require a huge investment in this time of economic downturn.

The cost of building a conventional satellite is estimated at US$150 million (Bt5.2 billion)….. Full Article: Source

Posted on 12 February 2009 by VRS |  Email |Print

From Metalbulletin.com: When Charles Goodyear left BHP Billiton on January 1 2008, having stepped back from his role as ceo the previous October, the commodities boom had a few months to run.

Iron ore miners were about to win yet another price increase from steel mills, and BHP’s audacious bid for Rio Tinto had just been launched by Goodyear’s successor, Marius Kloppers…… Full Article: Source

Posted on 12 February 2009 by VRS |  Email |Print

From Reuters: The value of assets managed by the Kuwait Investment Authority, the Gulf Arab state’s sovereign wealth fund, fell by about 9 billion dinars (21.3 billion pounds) in the nine months to December 2008, two MPs said on Tuesday after a government briefing.

Member of Parliament Waleed al-Tabtabae told reporters the government said KIA’s losses due to the financial crisis, in the March-December period, totalled 9 billion dinars. Kuwait’s fiscal year ends on March 31….. Full Article: Source

Posted on 12 February 2009 by VRS |  Email |Print

From Svherald.com: Mexico’s federal reserves fell $1.5 billion in the past week due to central bank intervention to stop the fall of the battered peso, the bank said.

The bank sold $1.06 billion directly to banks over a three-day period last week to boost the peso after it dropped to a record low of 14.6 on Feb. 3. It spent another $400 million auctioning off reserves, and $86 million on other, unspecified actions. Federal reserves now stand at $82 billion, the bank said….. Full Article: Source

Posted on 12 February 2009 by VRS |  Email |Print

From Marketwatch.com: Bank of China Ltd has emerged as Beijing’s preferred choice as a potential bidder for the Asian life assurance unit of American International Group Inc. The dealmakers said that CIC, China’s sovereign wealth fund, is keen to back a single mainland bidder in the auction.

The mainland lender is in discussions with financial advisers and Chinese policymakers about the merits of joining the auction for assets owned by the U.S. insurance giant, the newspaper said on its Web site…… Full Article: Source

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