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Sovereign Wealth Funds Briefing 16.Jun 2009

Posted on 16 June 2009 by VRS |  Email |Print

From Reuters: Norway’s sovereign wealth fund grew by 5 percent to a preliminary 2.308 trillion Norwegian crowns ($359 billion) in May from the end of April, the central bank’s monthly balance sheet showed on Monday.

The value stood at 2.196 trillion at the end of April and at 2.273 trillion at the end of 2008…….Full Article: Source

Posted on 16 June 2009 by VRS |  Email |Print

From Businessspectator.com.au: Property developer Goodman Group Ltd says China Investment Corporation (CIC) has bought into a $485 million finance facility, after Macquarie Bank reduced its stake in the capital pool by $15 million.

The news sent Goodman shares tumbling 9.18 per cent to 44.5 cents in early trade, against a 1.3 per cent drop in the benchmark index. ……Full Article: Source

Posted on 16 June 2009 by VRS |  Email |Print

From Hedged.biz: On 8 June, I wrote in the Straits Times, a newspaper in Singapore that Temasek Holdings should not shy away from risk despite recent losses. Here is the article: “Temasek’s track record has come under fire of late for a couple of false steps, notably its investments in Merrill and Barclays. These false steps are unfortunate, but so too is a general criticism of Temasek.

Temasek should not shy away from taking risk, particularly now. The last 30 years have seen steady growth in economies and wealth. ……Full Article: Source

Posted on 16 June 2009 by VRS |  Email |Print

Temasek Holdings (Temasek) is an Asian investment company. The company manages a portfolio with a net value of about SGD 185 billion.

The company manages a diverse portfolio with investment in industries that is comprised of energy and resources, financial services, media, property, education, telecommunications, consumer and lifestyle, pharmaceuticals, transportation and logistics, infrastructure,
engineering, technology and biosciences. Its diversified portfolio is managed in principal geographic locations including the OECD economies, North Asia, ASEAN, South Asia, Singapore and others……Full Press Release: Source

Posted on 16 June 2009 by VRS |  Email |Print

From Dow Jones: Singapore state-owned investment company Temasek Holding Pte. Ltd. wants a better offer for its controlling stake in Chartered Semiconductor Manufacturing Ltd. (CHRT) than the one it got from Abu Dhabi-owned Advanced Technology Investment Co., two people familiar with the situation said Monday.

Temasek is “still considering the Arab offer, but there are no talks right now,” one of the people said, noting that the company feels it can get a better offer. ……Full Article (Subscription Required): Source

Posted on 16 June 2009 by VRS |  Email |Print

From Todayonline.com: Three sovereign wealth funds (SWFs) have reportedly emerged as the mystery backers that are making possible BlackRock’s US$13.5-billion ($19.6-billion) proposed acquisition of Barclays Global Investors, the asset management unit of the British bank.

The Kuwait Investment Authority, Government of Singapore Investment Corporation (GIC) and China Investment Corporation are said to have altogether contributed US$2.8 billion of the US$6.6 billion cash element of the deal that will create the world’s largest money manager…….Full Article: Source

Posted on 16 June 2009 by VRS |  Email |Print

From Canada.com: Alberta’s rainy day fund took a massive $3 billion hit last year - the largest loss ever in its 33-year history.

The Heritage Savings Trust Fund (HSTF) loss, revealed in a draft annual report obtained by the Edmonton Journal, drops the value of the fund to just under $14 billion…….Full Article: Source

Posted on 16 June 2009 by VRS |  Email |Print

From Inews880.com: Finance Minister Iris Evans hinted the Heritage Savings Trust Fund would feel the same investment pain as all others but now we know a number.

Evans confirms to the Edmonton Journal, the fund lost $3 billion dollars; it’s biggest drop in history. She blames most of the loss on hard hit equity markets and promises changes to minimize economic turmoil in future…….Full Article: Source

Posted on 16 June 2009 by VRS |  Email |Print

From AP: A former Alaska lawmaker has been named to the Permanent Fund Corp. board of trustees.

Gov. Sarah Palin in Monday appointed Steve A. Rieger to the six-member board, which oversees corporate operations and sets investment policy for the Permanent Fund…….Full Article: Source

Posted on 16 June 2009 by VRS |  Email |Print

From Zawya Dow Jones: Libya’s sovereign wealth fund will target more investments in international oil companies to add to its holdings in Italy’s Eni, the country’s top oil official told Zawya Dow Jones.……Full Article (Subscription Required) : Source

Posted on 16 June 2009 by VRS |  Email |Print

From Edmunds.com: Porsche is preparing to sell up to 25 percent of the company to the oil-rich emirate of Qatar, in part to reduce a staggering debt load that the sports-car manufacturer incurred earlier this year in its bid to acquire full control of Volkswagen.

Porsche is now saddled with more than $12 billion in debt, and its stake in VW has stalled at 51 percent…….Full Article: Source

Posted on 16 June 2009 by VRS |  Email |Print

From Tradearabia.com: Bahrain Mumtalakat Holding, a leading Bahrain-based investment company, has announced three significant senior appointments to its management team.

Joining Mumtalakat as chief operating officer is John Knight, whose role is to bring organisational best practices to Mumtalakat…….Full Article: Source

Posted on 16 June 2009 by VRS |  Email |Print

From Reinforcedplastics.com: Investment company Mubadala Development Company has announced the construction of its composites plant in Abu Dhabi, UAE, will start this month and that the plant will be operational in 2010.

The new plant will be called Strata. Construction of phase one – a-state-of-the-art 21 600 m2 facility – will start on 29 June 2009. Manufacturing of advanced composite aerostructures is scheduled to begin in the fourth quarter of 2010…….Full Article: Source

Posted on 16 June 2009 by VRS |  Email |Print

From Tribune.ie: A Middle Eastern sovereign wealth fund is in exclusive negotiations to acquire four office blocks at AIB Bankcentre in Ballsbridge, Dublin 4, for about €98m, more than €70m less than owner Aviva Investors paid for them in 2006.

Until now, sovereign wealth funds’ exposure to Irish property was limited to the 50% stake that the Oman Investment Fund has in Jurys Inns…….Full Article: Source

Posted on 16 June 2009 by VRS |  Email |Print

From Typepad.com: Wei Cui (China University of Political Science and Law) has posted Is Section 892 the Right Place to Look for a Response to Sovereign Wealth Funds?, 123 Tax Notes 1237 (June 8, 2009), on SSRN. Here is the abstract:

At a superficial glance, Internal Revenue Code Section 892 appears to favor sovereign wealth funds (SWFs) over foreign private investors by exempting the former from tax on a significant range of US investments…….Full Article: Source

Posted on 16 June 2009 by VRS |  Email |Print

From Reuters: The U.S. dollar will remain the main global reserve currency “for as far as we can see” and the recent spike in longer-dated U.S. government bond yields is not a sign of inappropriate monetary policy, a top IMF official said on Monday.

The U.S. dollar and Treasury debt securities have come under pressure as worries have grown that the government’s massive efforts to rescue the economy from the longest recession since the Great Depression would undermine the appeal of U.S. assets to foreign investors…….Full Article: Source

Posted on 16 June 2009 by VRS |  Email |Print

From Bloomberg: Japan’s public pension fund, the world’s largest with about 120 trillion yen ($1.2 trillion) in reserves, said it may sell Japanese government bonds this year to cover payments to retirees.

The Government Pension Investment Fund, the biggest buyer of the nation’s government bonds, won’t receive more money from the state after it was made independent in 2006, President Takahiro Kawase said…….Full Article: Source

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