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Sovereign Wealth Funds Briefing 19.Feb 2009

Posted on 19 February 2009 by VRS |  Email |Print

From Reuters: The Japanese government will waive the tax on the interest accrued on sovereign wealth funds’ holdings in the country. Overseas investors generally face a 15 percent tax on interest income.

Investors from countries with which Japan has bilateral tax accords are imposed a lower tax of 5 to 10 percent….. Full Article: Source

Posted on 19 February 2009 by VRS |  Email |Print

From Reuters: Libya’s sovereign wealth fund investments abroad total $50.58 billion and have returned profits of $2.37 billion since the scheme started in 2006, an official report showed on Wednesday.

More than 78 percent of the money, or $39.81 billion, was invested in short-term financial instruments abroad, added the summary of the report published by Libyan newspaper Oea, which is close to Saif al Islam, Libyan leader Muammar Gaddafi’s most influential son….. Full Article: Source

Posted on 19 February 2009 by VRS |  Email |Print

From FT: The head of China Investment Corp, the country’s $200bn sovereign wealth fund, flew to Australia to meet its federal treasurer shortly before Rio Tinto announced plans for a $19.5bn cash injection from Chinalco, the state-owned metals group.

Lou Jiwei, CIC chairman, also held talks with Colin Barnett, premier of the resource-rich state of Western Australia, and with Fortescue Metals, Australia’s third-largest iron ore producer. …. Full Article: Source

Posted on 19 February 2009 by VRS |  Email |Print

From Alaskareport.com: Today 4 Democrats renewed a call on the Permanent Fund Corporation to cooperate in efforts to stop investing state funds in companies implicated in the 5 year long Darfur genocide. The Corporation is meeting today and tomorrow, and will reconsider its position opposing these efforts.

“Last year we tried hard, but failed, to get the Permanent Fund Corporation to offer proactive input, and help in crafting bill language they found workable. There’s a welcome openness at the Corporation this year to reconsider their position, and we are encouraged,” said Rep. Les Gara, who is co-sponsoring legislation to require divestment with Democrats Reps….. Full Article: Source

Posted on 19 February 2009 by VRS |  Email |Print

From Capitalcityweekly.com: Dave Rose helped make the Alaska Permanent Fund what it is today, and even after his death, his words are shaping discussion of what the fund of the future will look like.

The first executive director of the Alaska Permanent Fund, Rose’s life and the life of the Fund are two parts of the same book, “Saving for the Future: My Life and the Alaska Permanent Fund,” by Rose as told to Charles Wohlforth. …. Full Article: Source

Posted on 19 February 2009 by VRS |  Email |Print

From Ktva.com: While talk about the permanent fund at the capitol has mostly focused on if PFD checks will materialize this year, in the light of the energy crisis the House Speaker Mike Chenault, R- Nikiski, wants to invest some of the fund into energy projects.

Chenalt’s House Bill 44 would basically send the Permanent Fund Corporation the message it is OK to invest in in-state energy projects, like an in-state gas line, more commonly called a bullet line. …. Full Article: Source

Posted on 19 February 2009 by VRS |  Email |Print

From Reuters: Australian iron ore miner Fortescue Metals Group has held talks with a range of parties seeking to explore investment opportunities, it said in a statement on Thursday.

On Wednesday the company said it had held talks with Anglo American Plc and China’s sovereign wealth fund about possible investment opportunities, after receiving a query about a move in its share price from the Australian stock exchange….. Full Article: Source

Posted on 19 February 2009 by VRS |  Email |Print

From Domain-b.com: Australian Greens, the political party dedicated to conservation and responsible environmental management and caring for the planet, has vehemently opposed the Rio Tinto-Chinalco $19-5 billion deal because of China’s poor human rights records.

Bob BrownGreens leader Bob Brown said that the proposed Chinalco’s purchase and control over major Australian resources raises major political questions….. Full Article: Source

Posted on 19 February 2009 by VRS |  Email |Print

From Reuters: Dubai faces its first critical test of the economic crisis as one of its most high profile companies, Borse Dubai, struggles to secure enough market funding to avoid defaulting on about $3.4 billion in debt.

Experts say the exercise will clarify whether Dubai, the financial and tourism center for the Gulf, can muscle its way out of the crisis alone, or whether the federal government dominated by Dubai’s wealthy neighbor Abu Dhabi will provide a safety net….. Full Article: Source

Posted on 19 February 2009 by VRS |  Email |Print

From Thenational.ae: Shareholders of the US computer chip maker, AMD, will vote today on a multibillion-dollar joint venture with Abu Dhabi’s Mubadala Development.

Analysts and AMD management expect the deal to be approved. At a vote last week, 97 per cent of participating shareholders were in favour of the agreement, but just 42 per cent of all shareholders took part in the vote, making it invalid….. Full Article: Source

Posted on 19 February 2009 by VRS |  Email |Print

From B92.net: The National Bank’s (NBS) foreign currency reserves fell by EUR 166.8mn in January, ending the month on EUR 7.99bn, the NBS has announced.

According to a statement, that figure includes money from the sale of the Serbian Oil Industry (NIS)….. Full Article: Source

Posted on 19 February 2009 by VRS |  Email |Print

From Reuters: Sri Lanka’s sharply fallen foreign currency reserves have increased substantially after the central bank’s recent efforts to boost the reserves, the bank’s governor said on Wednesday.

Sri Lanka’s gross official foreign currency reserves had fallen to $2.03 billion, sufficient to fund just over seven weeks of imports, at the end of November, according to the central bank’s latest figures….. Full Article: Source

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