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Sovereign Wealth Funds Briefing 27.Feb 2009

Posted on 27 February 2009 by VRS |  Email |Print

From Sovereign wealth funds (SWFs) are taking stock of the global downturn, which has not only eaten into their revenue streams, but left the funds with registered losses of 20-30 percent on average, measured against their 2007 asset portfolio.

SWFs recent rise to prominence has sparked some public debate, and quite a bit of pundit and policymaker navel-gazing, with Cassandras lifting their heads to shout their fears of Gulf and Asian covert takeovers of key western banks and even utilities. Now the debate has capsized - with western governments seeking revenues to underwrite pump-priming economic interventions at home. …. Full Article: Source

Posted on 27 February 2009 by VRS |  Email |Print

From The stock market’s recent slide to new lows has a lot to do with the lack of confidence in the recent actions initiated by the Obama administration. The stimulus bill, bank plan and mortgage relief plan have been met with skepticism and in some cases disdain.

While some of the money used in these plans falls into the category of investment and will eventually be paid back, a considerable amount has no payback potential. In this second category are the tax cuts, extended unemployment benefits, payments to states to fund current operations, and payments under the mortgage relief plan. …. Full Article: Source

Posted on 27 February 2009 by VRS |  Email |Print

From Bloomberg: Australia’s A$60 billion ($39 billion) Future Fund will stick to its “long-term” investment approach even as the global economic crisis ravages global stock and credit markets, the fund’s Chairman David Murray said.

“The value to the Australian community of retaining a proper portfolio with a long-term focus through this crisis will be double the value of reverting to a less long-term focus,” Murray said at a gathering in Sydney today. …. Full Article: Source

Posted on 27 February 2009 by VRS |  Email |Print

From IPE: The Alaska Permanent Fund Corporation (APFC) Board has scrapped some of its alternative investment plans following the corporation’s decline in value in 2008.

The APFC has abandoned plans to invest $250m (€196m) in the Alinda Infrastructure Fund II and $400m in a mid-cap private equity fund managed by Pathway as part of its reviewed investment strategy to focus more on core asset classes after dropping approximately $10.01bn in value to $29.29bn….. Full Article: Source

Posted on 27 February 2009 by VRS |  Email |Print

From The sovereign wealth funds of other Gulf states invested in hedge funds and private equity and took stakes in Western banks. The conservative Saudis, by contrast, mostly parked their cash in U.S. and European government bonds.

These days, with growth tumbling and credit hard to find, the Saudis’ cautious approach looks smart—and is making the kingdom more attractive as an investment destination. …. Full Article: Source

Posted on 27 February 2009 by VRS |  Email |Print

From IHT: Abu Dhabi-based developer Al Maabar International Investments said Thursday it launched a $10 billion tourism and real estate venture in a Jordanian Red Sea resort, showing that while the global economic crunch has hammered many such mega-projects in the region, it hasn’t halted them entirely.

The announcement came just days after the United Arab Emirates’ federal government said it was bailing out the emirate of Dubai. The glitzy city-state famed for its palm-shaped islands and indoor ski slopes appeared finally to be succumbing to the world credit crunch, with developers scaling back or delaying mega-projects amid financing woes and mounting debt….. Full Article: Source

Posted on 27 February 2009 by VRS |  Email |Print

From In end January, Macedonia’s foreign currency reserves have dropped by €53.2 million, compared with a month earlier, National Bank of Macedonia (NBM) said Thursday.

NBM announced that Macedonia’s gross foreign currency reserves stood at €1,44 billion, continuing the downward trend, adding that the interventions on the foreign currency market will continue after multiple steps in this direction in January, aimed at maintaining the stability of the Denar….. Full Article: Source

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