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Sovereign Wealth Funds Briefing 08.Oct 2009

Posted on 08 October 2009 by VRS |  Email |Print

From Reuters: Norway’s sovereign wealth fund, Europe’s biggest equity investor, on Wednesday criticized German auto maker Volkswagen for plans to take over some Porsche assets, which it called costly and “unacceptable.”

The wealth fund, which at the end of 2008 held stock worth $450 million in Volkswagen, did not openly threaten to sell its shares but said it saw “little reason” to support the proposed transactions if its concerns were not alleviated………………..Full Article: Source

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Posted on 08 October 2009 by VRS |  Email |Print

From Thepeninsulaqatar.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 08 October 2009 by VRS |  Email |Print

From Forbes: A Kuwaiti investment firm, affiliated to the Gulf state’s sovereign wealth fund, has approached governments in Southeast Asian countries to invest in underdeveloped farmland, its chief financial officer said.
Kuwait China Investment Co’s (KCIC), an asset management firm, had a long-term strategy to invest in the agricultural sector, but no deals were imminent, Faisal Nawaz told Reuters………………..Full Article: Source

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Posted on 08 October 2009 by VRS |  Email |Print

From Maktoob.com: Qatar Investment Authority, or QIA, the country’s sovereign wealth fund, will start early next month implementing procedures to acquire an additional 5% stake in the capital of local banks, Doha-based Asharq daily reports Wednesday.

QIA is expected to inject between 1.5 billion Qatari riyals ($412 million) and QAR2 billion before the end of the current year to acquire the stakes, the paper reports citing people familiar with the matter………………..Full Article: Source

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Posted on 08 October 2009 by VRS |  Email |Print

From Maktoob.com: Qatar is considering investing in the food and real estate sectors in Malaysia, Doha-based Asharq daily reports Wednesday citing Khalid Al Attiyah, Qatari Minister of State for International Cooperation.

Hassad Food, Qatar’s investment arm in food projects abroad, is evaluating investment opportunities in Malaysia as a prelude to taking a decision in this regard, Attiyah, who is also his country’s Acting Minister of Business and Trade, said according to the paper………………..Full Article: Source

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Posted on 08 October 2009 by VRS |  Email |Print

From Business24-7.ae: RAK Investment Authority (Rakia) is looking at building a bigger solar island next year based on studies on the current prototype.

According to Dr Khater Massaad, CEO at Rakia and principal advisor to Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, the venture with CSEM on the initial solar island is giving positive results………………..Full Article: Source

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Posted on 08 October 2009 by VRS |  Email |Print

From Trend.az: Role of Sovereign Wealth Fund rather increased during financial crisis, head of Public Finance Monitoring Center (PFMC) NGO, Ingilab Akhmadov, said during the workshop ‘Sovereign Wealth Fund: Global prospects and local challenges’ on October 7.

Serious discussions on importance of sovereign wealth funds and their role in solving problems with the global financial crisis’s impact were held at today’s workshop”, Akhmadov said………………..Full Article: Source

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Posted on 08 October 2009 by VRS |  Email |Print

From Reuters: Shares in Thailand’s Shin Corp jumped nearly 19 percent on Wednesday on expectations a plan by Singapore’s Temasek Holdings to sell its stake in the telecoms group would boost share liquidity.

Shin Corp Director Somprasong Boonyachai said the plan by several Thai firms to acquire shares, if it goes through, would be positive, a local newspaper quoted him as saying………………..Full Article: Source

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Posted on 08 October 2009 by VRS |  Email |Print

From Allafrica.com: The 36 state governors ratified the planned release of $2 billion dollars from the excess crude account, saying the action was part of palliative measures to mitigate the effect of the nation’s economic recession and stabilise the imminent crash crunch affecting the economy.
They expressed hope that the money would strengthen the economy and restore it to the path of normalcy and economic growth………………..Full Article: Source

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Posted on 08 October 2009 by VRS |  Email |Print

From Trend.az: President of Azerbaijan Ilham Aliyev signed a decree amending the 2009 budget of the State Oil Fund of Azerbaijan, AzerTAj state news agency reported.

According to the decree, in order to ensure timely execution of the State Oil Fund-financed activities related to social and domestic problems of refugees and the issues on their placement, as well as construction of water pipes from the Oguz-Gabala zone to Baku……………….Full Article: Source

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Posted on 08 October 2009 by VRS |  Email |Print

From China Knowledge: China Investment Corp, the country’s US$200-billion sovereign wealth fund, will invest US$2 billion in three U.S. funds to acquire distressed assets in sectors ranging from property to infrastructure, said sources close to the matter.

The unnamed sources said that the Chinese sovereign wealth fund plans to invest between US$600 million and US$700 million in each of the three distressed asset investment funds, one of which is managed by Goldman Sachs and another of which is managed by Oaktree Capital. However, the name of the third fund remains unknown………………..Full Article: Source

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Posted on 08 October 2009 by VRS |  Email |Print

From Skynews.com.au: As for the future, your task is not to foresee it but to enable it,’ wrote French author Antoine de Saint-Exupery. One man who is responsible to enable the future of many Australians is the man at the helm of the government’s Future Fund, David Murray.

And despite what was a horror year for global stock markets, the fund boasted a strong performance. So, what are the secrets to this success?……………….Full Article: Source

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Posted on 08 October 2009 by VRS |  Email |Print

From Dow Jones: Brazil’s foreign reserves rose to $221.63 billion through the end of September, from $215.63 billion in August, the country’s central bank said Wednesday in a monthly report.
According to the report, reserves held in foreign-currency-linked assets totaled $211.37 billion………………..Full Article (Subscription Required): Source

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Posted on 08 October 2009 by VRS |  Email |Print

From Xinhua: Hong Kong Monetary Authority announced Wednesday that the city’s official foreign currency reserve assets amounted to 226.9 billion U.S. dollars at the end of September, up 3.6 billion dollars from August’s 223.3 billion dollars.

Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of September, 2009 stood at229.2 billion U.S. dollars, also higher than the 223.3-billion dollar by the end of August………………..Full Article: Source

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