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Sovereign Wealth Funds Briefing 24.Jul 2009

Posted on 24 July 2009 by VRS |  Email |Print

From The Australian: Chip Goodyear’s shock decision to pull out of plans to head up Singapore’s $100 billion investment agency Temasek again turns the spotlight on the complex world of sovereign wealth funds.

The controversy over the growing power of these funds, which reached a peak at the top of the boom in 2007, has temporarily abated because of the global financial crisis………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Bloomberg: Russia will transfer 1.36 trillion rubles ($43.7 billion) from the Reserve Fund, one of its two sovereign wealth funds, in the third quarter as the government tries to plug its first budget shortfall in a decade.
The Finance Ministry will use the cash to finance spending during the quarter, according to a decree signed by Prime Minister Vladimir Putin and published on the government’s Web site late yesterday………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Zonebourse.com: The newly created French sovereign wealth fund Fonds Strategique d’Investissement, or FSI, is in no hurry to sell stakes in listed companies it owns to fund future investments, but will use the dividends it receives from its holdings, its Chief Executive Gilles Michel told Dow Jones Newswires.

FSI was launched last December by French President Nicolas Sarkozy in the thick of the global downturn to provide financial support via minority shareholdings to companies deemed strategic to the French economy or those with a strong potential for innovation and sector leadership………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Reuters: Bahrain’s sovereign wealth fund Mumtalakat extended the aircraft refinancing it sought for Gulf Air to three airplanes from two initially planned due to strong investor demand, one of the lead arrangers said on Thursday.

“From the outset they planned to finance two planes, but increased it to three due to strong demand,” Ahmed Abbas, chief executive of Bahrain-based Islamic investment bank Liquidity Management Center (LMC) told Reuters………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Abc.az: International rating agency Standard & Poor’s has published its outlook “How does Azerbaijan react to the world economic crisis?”

Then outlook says that if prices for oil increase and expenditures do not exceed the oil price level stipulated in State Budget, then by the end of 2009 volume of finances in State Oil Fund of Azerbaijan will grow up to $11.5-12 bn versus $11.2 bn in December 2008………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Dow Jones: Qatar Investment Authority will take a stake of around 17% in Volkswagen AG by acquiring share options held by Porsche Automobil Holding SE, a person familiar with the negotiations told Dow Jones Thursday.

Porsche currently holds around 51% of Volkswagen ordinary shares and has options to purchase a further stake of around 20%………..Full Article (Subscription Required): Source

Posted on 24 July 2009 by VRS |  Email |Print

From Bloomberg: Qatar used its $63 billion sovereign wealth fund to give the world’s second-richest country behind Liechtenstein investment clout, snapping up stakes in established brands or troubled companies in need of cash.
Four years after its inception, the fund has become the biggest shareholder in Barclays Plc, J. Sainsbury Plc and Credit Suisse AG…………Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Radioaustralia.net.au: Singapore’s sovereign wealth fund and CEO-heir apparent Charles “Chip” Goodyear have parted ways.
The company and the high-profile former resources executive say the decision was based on strategy differences. But analyst say it’s likely clashes in management style caused the split………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Ameinfo.com: Moody’s Investors Service today assigned a Baa3 (negative outlook) long-term issuer rating to Kuwait Investment Company (KIC).
The rating reflects Moody’s application of its Global Rating Methodology for Asset Management Firms and Joint Default Analysis (JDA) methodology to government-related issuers (GRIs)………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Reuters: A New Zealand fund that will use private capital to help fund public infrastructure works has signed up the state pension fund as its first investor, the manager of the fund said on Thursday.

The New Zealand Superannuation fund will contribute up to NZ$100 million ($66 million) to a fund with an initial investment limit of NZ$500 million, to be managed by infrastructure investment firm HRL Morrison and Co………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Belfasttelegraph.co.uk: The National Pensions Reserve Fund lost almost a quarter of its value last year, but regained over €3bn. in the first half of this year.

The figures are contained in the annual reports of the National Treasury Management Agency………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From WSJ: The China-Africa Development Fund, which was founded by state-owned lender China Development Bank Corp., plans to raise $2 billion by November to help expand business links between Africa and China, CDB Vice Governor Li Jiping said.

Separately, China’s Communist Party leaders vowed on Thursday to continue their focus on steady economic growth, carrying on with an active fiscal policy and moderately loose monetary policy in the second half…………Full Article (subscription Required): Source

Posted on 24 July 2009 by VRS |  Email |Print

From Resourceinvestor.com: The world’s largest consumer of mineral resources is fast becoming a key source of mining capital for Canadian companies – large and small. This reality was underscored earlier this month when state-owned China Investment Corp. purchased a 17.2% equity stake in Teck Resources.

Such developments bode especially well for Allana Resources. It announced just this week its own preliminary joint venture agreement with a major state-run Chinese mining company to build a potash mine on Allana’s property in the potash-rich Danakil Evaporate Basin………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Newsminer.com: The Fairbanks Permanent Fund continues to inch upward, paralleling a slow rebound in financial markets, financial advisers told city officials Wednesday.

The 12-year-old fund — a significant contributor, through earnings, to the city’s budget — grew by 8.7 percent between March and June, according to the Anchorage-based firm Alaska Permanent Capital Management………..Full Article: Source

Posted on 24 July 2009 by VRS |  Email |Print

From Xinhua: Malaysia’s central bank said on Wednesday that its international reserves amounted to 91.2 U.S. billion U.S. dollars as of July 15 this year, slightly down from 91.5 billion U.S. dollars on June 30.
The bank said that its reserves position was sufficient to finance 8.8 months of retained imports and it was 3.8 times the short-term external debt………..Full Article: Source

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