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Sovereign Wealth Funds Briefing 06.Jul 2009

Posted on 06 July 2009 by VRS |  Email |Print

From Etaiwannews.com: China’s sovereign wealth fund said it would buy US$1.5 billion worth of shares of the Canadian mining company Teck Resources Ltd.

The purchase by the China Investment Corp would amount to a 17.2 percent equity stake in Teck, giving the US$200-billion wealth fund a 6.7 percent voting interest in the mining company, the corporation said Friday………Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Dow Jones: China Investment Corp. remains focused on all investment opportunties, not just in the mining sector, Jesse Wang, executive vice president of China’s $200 billion sovereign wealth fund, said Saturday.
Wang’s comment comes a day after CIC said it was taking a stake in Canadian mining company Teck Resources Ltd. (TCK) in a deal valued around US$1.5 billion………Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Globeinvestor.com: China Investment Corp., which moved Friday to take a 17-per-cent stake in Teck Resources Ltd., is a state-owned sovereign wealth fund with $200-billion (U.S.) of assets under management, making it one of the world’s largest sovereign wealth funds.

Formed in 2007, the fund is responsible for investing a portion of China’s $2-trillion in currency reserves for the benefit of the state. After being burned by earlier investments in financial services firms, CIC shifted its focus to natural resources, fixed income and real estate………Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Dow Jones: China Investment Corp . has set up its international advisory board, which will have its first meeting soon, Jesse Wang, executive vice president of China’s $200 billion sovereign wealth fund, said Saturday.

Wang, who was speaking on the sidelines of the Global Think Tank Summit in Beijing, didn’t elaborate………Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Forbes: Italian defence company Finmeccanica denied on Saturday a website report that it was in talks with a Libyan sovereign fund over the sale of a stake of up to 10 percent.

‘Finmeccanica categorically denies all news relating to purported negotiations with a Libyan sovereign fund over the possible sale of stakes,’ the company said in a statement………Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Businesstimes.com.sg: Temasek Holdings has finally made its foray into the oil and gas business by clinching its first-ever exploration rights - an Indonesian concession in West Belida onshore Sumatra.

This comes a year after it first set up Orchard Energy, its oil and gas exploration and production (E&P) subsidiary. Things have started moving now that Orchard has an experienced team in place, led by 30-year E&P veteran Tony Tan who crossed over from Singapore Petroleum Company in January to be its CEO………Full Article (Subscription Required): Source

Posted on 06 July 2009 by VRS |  Email |Print

From Arabianoilandgas.com: The Abu Dhabi sovereign wealth fund, International Petroleum Investment Company (IPIC), has announced that it has successfully completed a US$5 billion fund-raising exercise.

IPIC, who are responsible for making investments in the hydrocarbons industry for the Abu Dhabi government said that the Bank of Tokyo-Mitsubishi, HSBC Bank Middle East and Banco Santander have been appointed as co-ordinators to jointly arrange syndicated term loan facilities to support financing requirements………Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Bloomberg: Porsche SE and its stock options in Volkswagen AG have attracted interest from three potential investors besides the Qatar Investment Authority, Focus reported, without saying where it got the information.

Sovereign wealth funds from Russia and China and an unnamed hedge fund are the possible bidders, the weekly news magazine said in an e-mailed summary of a story to be published in its upcoming edition. Porsche currently is talking only to Qatar, Focus reported………Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Chathamhouse.org.uk: One of the most striking financial developments in recent years is the emergence of sovereign wealth funds (SWFs)-large publicly owned investment portfolios, which are growing rapidly in both number and size.

In a global environment already roiled by a prolonged credit crisis, SWFs raise tricky and potentially controversial new questions for international financial regulation. One issue of concern to many in host countries is the possibility that some SWFs might be used for overt or tacit political purposes, posing a challenge for global monetary governance:……..Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Ctv.ca: More than 30 years after it was created, Alberta’s multibillion-dollar Heritage Savings Trust Fund has become a stagnant pool of money that has failed to achieve one of its primary goals — diversifying the province’s boom-bust economy.

Former Tory premier Peter Lougheed, whose government created the fund in 1976, is sorely disappointed and has renewed his push to breathe new life into the fund………Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Gulfnews.com: Abu Dhabi state investment agency Mubadala Development said on Sunday it had started operating its 1,227 megawatt gas-fired thermal power plant in Algeria.

The plant, in Tipaza, a coastal province west of Algiers, aims to add close to 20 per cent of the country’s energy supply, a company statement said………Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Bloomberg: Hopu Investment Management Co., a fund backed by Temasek Holdings Pte, plans to team up with a Chinese state-owned company for an $800 million investment in China Mengniu Dairy Co., a person familiar with the matter said.

Hopu, a $2.5 billion fund run by Goldman Sachs Group Inc.’s China partner Fang Fenglei, and its partner may form a consortium to buy about 20 percent of the milk producer, the person said, declining to be identified……….Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Nation.co.ke: Billions of shillings held by the National Social Security Fund can‘t be properly accounted for even as the fund continues flouting rules governing the pensions industry.

An audit report seen by the Sunday Nation portrays a loosely regulated statutory fund still losing cash hand over fist through sheer incompetence or probably outright conspiracy - including in the traditionally murky arena of property………Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Indiainfoline.com: The foreign currency assets climbed by US$924mn to US$253.7bn, while the nation`s gold reserves were unchanged at US$9.6bn

India’s foreign exchange reserve rose by US$932mn to US$264.6bn in the week ended June 26, partly due to revaluation of non-dollar currencies, and partly owing to the Reserve Bank of India (RBI) buying dollars to check the rupee’s rise………Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Globeinvestor.com: China’s massive foreign currency reserves place it in an enviable position compared with other debt-ridden, import-dependent economies.
But China’s economy has slowed, it is worried about a depreciating U.S. dollar, and its trading partners are irritated that the country is keeping its own currency, the yuan, undervalued………Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Zawya.com: The total reserves of Kuwait amounts to KD 103 billion which equals 350 billion US dollars, reports Al-Qabas daily quoting government sources.
Of this reserve, KD 55 billion has been allotted to state general reserve which is 6 percent less compared to last year, and KD 48 billion has been allotted to the future generations reserve, showing a dip of 16 percent from last year………Full Article: Source

Posted on 06 July 2009 by VRS |  Email |Print

From Insidecostarica.com: The Venezuelan economy continues to strengthen as its international reserves increased to 30.5 billion dollars at the beginning of July in spite of the world economic crisis.

According to figures released by the Central Bank, from June 1 to July 1 reserves jumped 4.82 percent which is equivalent to 1.407 billion dollars………Full Article: Source

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