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Sovereign Wealth Funds Briefing 17.Jun 2009

Posted on 17 June 2009 by VRS |  Email |Print

From Thestandard.com.hk: China Investment Corp is pouring money into an Australian property company after burning its fingers in US financial institutions.

The mainland’s sovereign wealth fund will spend A$200 million (HK$1.2 billion/US$158.9 million) for an 8 percent stake in property firm Goodman Group, the latter’s chief executive Greg Goodman said……..Full Article: Source

Posted on 17 June 2009 by VRS |  Email |Print

From Businessspectator.com.au: News of Goodman’s deal with China Investment Corporation (CIC) sent the Australian firm’s shares down 15.3% on 16 June 2009, to $A0.415.
Investors anticipate Goodman will need more than the $A200 million that will be provided via the CIC agreement. Goldman Sachs JBWere analysts have suggested the deal with the Chinese group may be the first stage of a “developing partnership” between Goodman and CIC…….Full Article: Source

Posted on 17 June 2009 by VRS |  Email |Print

From Glgroup.com: China Investment Corporation’s (CIC) reported intention in buying up to 5% of Italy’s largest power utility ENEL for $1.4 billion came at no surprise as China has been known to target the energy sector as a priority in its foreign investment strategy.
What makes the news interesting is Stampa’s comment on CIC’s interest in a significant stake of ENEL’s Green Power renewable energy unit. Does that mean CIC would shift its focus to greentech investments? How would the clean energy sector benefit from CIC’s investment strategy?…….Full Article: Source

Posted on 17 June 2009 by VRS |  Email |Print

From Dow Jones: The Chilean government announced late Monday it will issue another $1.7 billion in sovereign debt on the local market and will withdraw another $4 billion from one of its sovereign wealth funds.

In addition, the central bank will suspend some of its bond issues and buy back five- and 10-year central bank bonds for up to $1 billion, the monetary authority said separately……..Full Article (Subscription Required): Source

Posted on 17 June 2009 by VRS |  Email |Print

From Inews880.com: Alberta’s Heritage Fund is out 3 billion dollars. According to the dean of the University of Alberta School of Business it’s all thanks to the global economic crisis.

Dr. Michael Percy told iNews880 the fund invests for the long-term……..Full Article: Source

Posted on 17 June 2009 by VRS |  Email |Print

From Businessweek.com: Germany’s Porsche and Piëch families have always held tight to their control of the automaker, but now they need help from Qatar’s sovereign wealth fund.
The emirate of Qatar wants to invest in Porsche. The two families only need to agree on a capital increase, which would allow Qatar to acquire ordinary shares for €2 billion ($2.77 billion)……..Full Article: Source

Posted on 17 June 2009 by VRS |  Email |Print

From Bloomberg: Qatar aims to keep its stake in Barclays Plc because it’s committed to the bank as a long-term investor. Qatar Holding LLC, a unit of the country’s sovereign wealth fund, sold 35 million shares in April, reducing its stake in Barclays to 487.8 million shares, or 5.8 percent.

“We will keep the shares because we want to be investors in the long run,” Qatar’s prime minister Hamad Bin Jasim Bin Jaber al-Thani said today at a business conference in the capital, Doha……..Full Article: Source

Posted on 17 June 2009 by VRS |  Email |Print

From Ameinfo.com: Mubadala Development Company PJSC, rated Aa2 with a stable outlook, was established in 2002 by decree of the Emir of Abu Dhabi with the primary task of developing the emirate’s economy from a largely hydrocarbonbased to a diversified economy.
The company’s business lines span an array of different sectors and industries, all of which are central to the Government’s economic development mandate……..Full Article: Source

Posted on 17 June 2009 by VRS |  Email |Print

From Juneauempire.com: Gov. Sarah Palin appointed a former Anchorage legislator to a seat on the Alaska Permanent Fund Corporation’s Board of Trustees on Monday.

Steven Rieger, who served in the Legislature from 1985 to 1995 has been named to replace trustee Carl Brady to the six-member board that oversees the $31 billion state investment portfolio……..Full Article: Source

Posted on 17 June 2009 by VRS |  Email |Print

From Pionline.com: The Irish government could skip payment of its annual contribution to the €15.5 billion ($21.5 billion) National Pensions Reserve Fund, Dublin, as part of a government proposal to take over 14 public pension plans, according to a bill introduced in the Irish parliament.

The bill would allow the government to subtract from its annual NPRF contributions the amount of assets transferred from the 14 plans……..Full Article: Source

Posted on 17 June 2009 by VRS |  Email |Print

From Americanchronicle.com: All Thai citizens over age 20 will be eligible to join the new national savings fund, according to Somchai Sujjapongse, the director-general of the Fiscal Policy Office.

The draft law would give membership and rights to all adult citizens, including the right to matching contributions from the government……..Full Article: Source

Posted on 17 June 2009 by VRS |  Email |Print

From Emportal.rs: NBS foreign exchange reserves rose by EUR 804.2 million in May, reaching at the end of the month EUR 8,914.4 million or USD 12,468.9 million. The ratio of foreign exchange reserves over money supply (M1) was 380 percent.

Together with foreign exchange reserves of commercial banks (EUR 594.2 million on 31 May), the country’s overall foreign exchange reserves came to EUR 9,508.6 million or USD 13,299.8 million……..Full Article: Source

Posted on 17 June 2009 by VRS |  Email |Print

From Reuters: Countries seeking to diversify the pool of assets in their foreign exchange reserve portfolio should consider including commodity currencies to the mix, Barclays’ chief currency strategist, Steven Englander, said on Tuesday.

Commodity currencies including the Australian, Canadian and New Zealand dollars, whose values are strongly linked to the export of certain raw materials, offer protection against commodity price shocks and also do not face the risk of falling interest rates, Englander said……..Full Article: Source

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