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Sovereign Wealth Funds Briefing 06.Oct 2009

Posted on 06 October 2009 by VRS |  Email |Print

From Reuters: Sovereign wealth funds, eager to be accepted in the West, are increasingly keen on “socially responsible” or ethical investing, which could generate big flows into a sector that has so far failed to give convincing returns.

Socially responsible investing (SRI) involves buying shares in companies that manage environmental, social and governance (ESG) risks. For example, firms which make clean technologies are favoured, while businesses which pollute environment, abuse human rights or produce nuclear arms are shunned……………….Full Article: Source

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Posted on 06 October 2009 by VRS |  Email |Print

From Dawn.com: Sovereign wealth funds are cushioning oil-dependent Gulf economies against the financial crisis, but observers warn that some governments have raided them for current spending and many investments have shrunk in value.

The four main funds are Abu Dhabi Investment Authority (Adia), Kuwait Investment Authority (Kia), Qatar Investment Authority (Qia) and the Saudi foreign assets managed by the Saudi Arabian Monetary Agency (Sama)……………….Full Article: Source

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Posted on 06 October 2009 by VRS |  Email |Print

From Reuters: Kuwait’s sovereign wealth fund considers the price offered to fellow shareholders for a stake in mobile telecom firm Zain as “good”, the fund’s managing director said in remarks aired on Monday.

Bader al-Saad said the Kuwait Investment Authority was not part of the negotiations between other shareholders and the potential buyers, but said the fund would look into selling its stake at the right price……………….Full Article: Source

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Posted on 06 October 2009 by VRS |  Email |Print

From Arabianbusiness.com: Mudabala Real Estate and Hospitality said on Monday it would raise debt through syndicated loans to fund construction of its multi billion dollar Sowwah Island project in Abu Dhabi.MREH, which specialises in large commercial, residential and leisure developments, is a division of Mubadala, the investment company, owned by the Abu Dhabi government.

“We will look at traditional project financing,” said John Thomas, executive director of MREH, while adding that the company would look to fund between 75 percent and 80 percent of construction costs through debt raising……………….Full Article: Source

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Posted on 06 October 2009 by VRS |  Email |Print

The World Bank’s investment arm is aiming to raise up to $1 billion from sovereign wealth funds and pension funds.

The IFC, which will invest through private equity firms and banks such as HSBC Holdings, is also planning a $5.5 billion initiative to acquire distressed assets from banks in emerging countries……………….Full Press Release: Source

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Posted on 06 October 2009 by VRS |  Email |Print

From Reuters: Last October, the country’s sovereign wealth fund, the Qatar Investment Authority, said it would buy 10 percent to 20 percent of listed banks’ capital to boost confidence.
Qatar will buy another five percent of local banks’ capital in December under a 2008 plan to deal with the impact of the global financial crisis, the Gulf state’s finance minister said in remarks aired on Monday……………….Full Article: Source

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Posted on 06 October 2009 by VRS |  Email |Print

From Antara.co.id: RAK Investment Authority, the government agency responsible for attracting economic development and promoting the emirate of Ras Al Khaimah, issued a statement today addressing the concerns raised about security for the upcoming 33rd America’s Cup to be held in February 2010.

“The UAE and specifically Ras Al Khaimah is an extremely safe venue for the America’s Cup. The Emirate of Ras al Khaimah has peaceful and friendly relations with all of its neighbours……………….Full Article: Source

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Posted on 06 October 2009 by VRS |  Email |Print

From Nation.co.ke: The National Social Security Fund is seeking to transform itself into a pension scheme if Parliament approves a proposal before it. Once given the nod, retirees will now withdraw their benefits, spread over several years, in bits.
Presently, NSSF operates as a provident fund with contributors receiving a lump sum payment upon retirement……………….Full Article: Source

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Posted on 06 October 2009 by VRS |  Email |Print

From Bloomberg: CMA CGM is in talks with the FSI sovereign wealth fund established by French President Nicolas Sarkozy. Yves Jambu-Merlin, a spokesman for the FSI sovereign wealth fund, didn’t return calls seeking comment.

FSI wouldn’t consider an investment in CMA CGM before the company restructures its debt, Jambu- Merlin said in a Sept. 29 interview……………….Full Article: Source

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Posted on 06 October 2009 by VRS |  Email |Print

From Bloomberg: Melbourne-based Australian Foundation has equity holdings in Telstra worth about A$4.6 billion ($4 billion). It is the biggest holder of Telstra stock behind the government-owned Future Fund which has a 10.86 percent stake.
Telstra Corp.’s split being proposed by the government may not be in the best interests of investors, the nation’s biggest publicly traded equity manager said……………….Full Article: Source

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Posted on 06 October 2009 by VRS |  Email |Print

From Sharecast.com: Royal Bank of Scotland (RBS) foresees sovereign wealth funds turning their attention to the sector.
Miners feature prominently among the top performers Monday morning, helped by bullish comment from RBS……………….Full Article: Source

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Posted on 06 October 2009 by VRS |  Email |Print

From Theaustralian.news.com.au: Norway and Chile have set up national funds to quarantine the excess tax bounty generated by their resource boom sectors. By investing offshore, such sovereign wealth funds dampen the tendency for their booming resource sectors to push up domestic inflation, interest rates and the exchange rate.

And some of the earnings can be brought back, as in Chile during the global crisis, to cushion the economy from downturns. Or they can provide a foreign income stream for when the resource demand, or the resource itself, runs out……………….Full Article: Source

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Posted on 06 October 2009 by VRS |  Email |Print

From Reuters: Nigeria will release $2 billion from its excess crude account (ECA) to stimulate its economy, leaving between $6 billion and $7 billion in the fund, Finance Minister Mansur Muhtar confirmed on Monday.
“We are going to look at various activities aimed at stimulating the manufacturing sector,” he told reporters……………….Full Article: Source

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Posted on 06 October 2009 by VRS |  Email |Print

From Dailytimes.com.pk: French President Nicolas Sarkozy announced on Monday two billion euros or $2.9 billion in aid to help small and medium-sized businesses bounce back from the economic crisis. Half will come from France’s 20 billion euros Strategic Investment Fund.

“We are going to put two billion euros at the disposal of small and medium-sized businesses to shore up their equity capital,” Sarkozy told a meeting of business leaders in Paris……………….Full Article: Source

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Posted on 06 October 2009 by VRS |  Email |Print

From Allafrica.com: As part of efforts to boost its foreign reserves, Nigeria will soon join other countries of the world to set up a sovereign wealth funds (SWF), to create more assets for the country with foreign reserves.

The Minister of Finance Dr. Mansur Murhtar, made the disclosure during the ongoing annual meetings of the World Bank/IMF in Istanbul, Turkey, where he also told newsmen the results of the Nigerian delegation’s meetings with the IMF/World Bank officials and the Africa caucus……………….Full Article: Source

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Posted on 06 October 2009 by VRS |  Email |Print

From Xinhua: South Korea saw its foreign exchange reserves jump to a 15-month high in September mainly due to a rise in the U.S. dollar-converted value of assets denominated in other currencies, the central bank said Tuesday.

According to the Bank of Korea (BOK), South Korea’s foreign reserves amounted to 254.25 billion dollars, marking an on-month rise of 8.79 billion dollars……………….Full Article: Source

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