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Sovereign Wealth Funds Briefing 24.Feb 2009

Posted on 24 February 2009 by VRS |  Email |Print

From Bloomberg: Apax Partners Worldwide LLP, a London-based private equity firm, agreed to sell a stake of less than 10 percent to two investors to raise money for investments.

The Government of Singapore Investment Corp.’s private equity unit, GIC Special Investments, and the Australian public pension plan Future Fund acquired the stake for an undisclosed amount, Ben Harding, an Apax spokesman in London, said today. …. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From Arabianbusiness.com: Kuwait’s sovereign wealth fund (KIA) should invest in local banks to shore up the economy in the face of the global crisis, the chief executive of National Bank of Kuwait said.

Kuwait should support the local market through direct investments in the bourse and increase capital expenditures to ease the financial turmoil, Ibrahim Dabdoub told a shareholders’ meeting….. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From Efinancialnews.com: Talks over a bigger US government stake in Citigroup could put Singapore’s sovereign wealth fund in the difficult position of having to decide whether to convert its beaten-down Citi stake into common stock and wind up owning more of the troubled bank than it might want.…. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From WSJ: A major Singaporean investor in Citigroup Inc. doesn’t currently plan to convert its preferred shares into common stock as part of a potential U.S. government effort to help the ailing bank, according to people familiar with the matter.

But Government of Singapore Investment Corp., a sovereign-wealth fund that has seen the value of its initial US$6.88 billion investment in Citigroup plunge in recent months, could face a dilemma if the bank reaches an agreement with U.S. officials that includes a greater government role….. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From Globalpensions.com: The board of the Alaska Permanent Fund has dropped two private equity investments as staff focus on boosting its core assets.

At a board meeting February 18 and 19, the Permanent Fund set aside its allocation to a small/mid cap private equity fund managed by Pathway Capital Management and the Alinda II Infrastructure Fund. Both managers were hired in July….. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From Financialstandard.com.au: The $43 billion Alaska Permanent Fund Corporation has axed two alternative investment mandates in light of the fund’s shrinking assets.

According to a press statement by the American fund, the board decided “not to move forward with two planned alternative investments in light of changes to the fund’s value, and the need to balance toward core asset classes”….. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From Edhec.com: It is hardly surprising that sovereign wealth funds have been among the few institutions capable of taking long positions in the current crisis.

Sovereign wealth funds are often free from short-term solvency constraints or even markto- market valuations of their portfolios, so they can take advantage of crises to acquire undervalued stocks….. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From News.com.au: Fortescue Metals Group said today its talks with sovereign wealth fund China Investment Corp regarding a hybrid funding package for its ambitious expansion program.

Fortescue said in a statement released to the Australian Securities Exchange it was in “advanced negotiation” with Chinese steel maker Hunan Valin Iron and Steel for an ordinary equity investment…… Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From Chinadaily.com.cn: Few companies have had such inauspicious beginnings as China Investment Corporation (CIC), China’s first sovereign wealth fund, backed by the world’s largest foreign exchange reserves.

Seventeen months ago the $200-billion fund had a lavish inaugural ceremony in Beijing and immediately started investing in some of the hottest names on Wall Street, including $5 billion in Morgan Stanley and $3 billion in then-celebrated hedge fund Blackstone. …. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From ICIS news: The acquisition of NOVA Chemicals by an Abu Dhabi sovereign wealth fund could close in 60-75 days, giving the Canadian producer a financial lifeline and the Abu Dhabi fund access to technology, NOVA CEO Jeff Lipton said on Monday.

The fund, the International Petroleum Investment Co (IPIC), plans to buy NOVA Chemicals in a $2.3bn (€1.8bn) deal worth $6/share, a premium of almost 3.5 times higher than the company’s Friday close on the New York Stock Exchange….. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From Thenational.ae: Mubadala Development, an Abu Dhabi investment unit, will establish the region’s most advanced military aircraft maintenance centre in the emirate through a preliminary agreement signed with Sikorsky Aerospace Services at the IDEX military expo yesterday.

The deal is targeting a regional market of up to US$4 billion (Dh14.69bn) annually to service fixed-wing and rotorcraft operated by regional air forces, including fighter jets such as the F-16 and attack helicopters such as the Black Hawk….. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From Indiatimes.com: NRI businessman C Sivasankaran and the Singapore government’s private equity arm, Temasek, will see their stakes fall in Tata Teleservices, as the telecom major brings in NTT DoCoMo as its strategic partner.

There was speculation that Sivasankaran might not wish to dilute his 8.6% stake in the mobile phone operator….. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From Eternal-hap: A Temasek wrapped up in a mystery within the abyss of the Singapore economy. Public displeasure should be directed correctly, for it to be effective. The recent revelation, that Temasek Holdings has lost 31 percent of its net portfolio value between March and November 2008, is initially shocking, given its supposed reputation as a professional and long-term investor.

Temasek also seemed to have made a wrong judgement on hindsight, when it injected capital into Barclays and Merrill Lynch….. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From Alibaba.com: Shin Corp, controlled by Singapore’s Temasek Holdings, reported a quarterly net loss due to lower profits at its mobile phone unit and a loss made by its satellite business.

Shin Corp, Thailand’s leading telecoms group, reported an October-December net loss of 342 million baht ($10 million), compared with a net profit of 730 million baht a year earlier….. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From Timesonline.co.uk: Fears are growing that the International Monetary Fund will struggle to raise enough cash to help all the countries that need emergency aid as the global financial crisis unfolds.

The leaders of Europe’s wealthiest countries pledged on Sunday to help the IMF to raise at least a further $200 billion for crisis loans, but there was little sign on Monday that EU members will be able to find such sums while facing their own pressures….. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From Guardian: European leaders yesterday agreed that an emergency IMF fund should be doubled to $500bn prevent the worldwide recession turning into a fullscale depression.

As Gordon Brown prepares to launch a fresh package of measures to encourage bank lending, starting with a £14bn injection into Northern Rock to revive the mortgage market, the EU’s senior leaders agreed to boost the role of the IMF and the World Bank….. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From CNBC: South Korean foreign exchange officials said they may use some of the foreign reserves to shore up the tumbling won even if the reserves fall below $200 billion, Yonhap news agency reported.

The report came after the won fell for nine consecutive sessions to trade near an 11-year low set in November last year on worries about South Korean banks’ ability to secure dollars to meet their maturing foreign debt….. Full Article: Source

Posted on 24 February 2009 by VRS |  Email |Print

From Reuters: The Chilean government said on Monday it would auction about $50 million a day for a total of $3 billion as part of a previously announced $4 billion fiscal plan to stimulate the economy amid global crisis.

The auctions in U.S. currency will start in March and will be funded from a $20 billion sovereign wealth fund….. Full Article: Source

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