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Sovereign Wealth Funds Briefing 09.Oct 2009

Posted on 09 October 2009 by VRS |  Email |Print

From Reuters: The world’s sovereign wealth funds made 11 investments totalling $3.5 billion in the second quarter, the lowest spending since the final three months of 2004, according to a report to be published this week.

Global consultancy Monitor Group said transactions completed in the second quarter represented only two-fifths of the deals of the first quarter and just over the half of their value………………..Full Article: Source

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Posted on 09 October 2009 by VRS |  Email |Print

From Rgemonitor.com: It certainly seems so—at least in terms of new purchases. At least two of the conditions that contributed to SWF’s rapid rise in 2007 and early 2008— a rally of equities and alternative assets, as well as the growth in foreign exchange reserves—have resumed, to some extent. Yet future growth might be more muted—the third condition—large oil surpluses—no longer exists.

The revival of equity and commodity prices has contributed to the rise of sovereign funds’ assets under management, allowing them on average to make back half of the paper losses sustained in the 2008/09 price correction………………..Full Article: Source

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Posted on 09 October 2009 by VRS |  Email |Print

From Reuters: Norway’s $420 billion oil fund is rattling the cage of some of the foreign companies in which it has invested. As a shareholder it deserves praise for putting its head above the parapet. But as a sovereign wealth fund it is treading a fine line.

Norges Bank Investment Management (NBIM) has been stung into action by a combination of domestic political pressure to account for its investments and heavy losses on some parts of its extensive external investment portfolio………………..Full Article: Source

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Posted on 09 October 2009 by VRS |  Email |Print

From Maktoob.com: Kuwait Investment Authority, the country’s sovereign wealth fund, and Kuwait Investment Co. plan to sell their 54% stake in Bahrain’s National Hotels Co., Kuwait’s Al-Watan newspaper reports Thursday, citing an unidentified source.

The two parties are asking for a price of one Bahraini dinar a share ($2.65), up from their previous demand of 0.65 Bahraini dinar, the paper reports………………..Full Article: Source

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Posted on 09 October 2009 by VRS |  Email |Print

From Reuters: Singapore state investor Temasek Holdings will meet bond investors on Oct 13-14 to update them on its recent performance and outlook, sources said on Friday.

Bank of America’s Merrill Lynch, Morgan Stanley and Deutsche Bank are arranging these meetings, one of the sources told Reuters………………..Full Article: Source

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Posted on 09 October 2009 by VRS |  Email |Print

From Temasekreview.com: In an email to Forbes, Jaslyn Go disputes the ranking of Ms. Ho Ching, wife of Singapore’s Prime Minister Lee Hsien Loong and the CEO of Temasek Holdings, as the 5th Most Powerful Women in the World
Forbes’ annual ranking of the most powerful women in the world measures “power” as a composite of public profile–calculated using press mentions–and financial heft………………..Full Article: Source

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Posted on 09 October 2009 by VRS |  Email |Print

From Ktuu.com: The Alaska Permanent Fund dividend was deposited Thursday morning into the bank accounts of eligible state residents. Paper checks will be mailed on Oct. 22.

This year’s $1,305 dividend is down from last year’s $2,069. The payments shrank because investment earnings allocated to the annual dividends are based on a 5-year average of fund performance, which was weak last year because of the economic downturn………………..Full Article: Source

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Posted on 09 October 2009 by VRS |  Email |Print

From Zawya Dow Jones: Dubai World and its financial advisors Rothschild and Deutsche Bank AG (DB) are close to a deal with banks on easing part of the conglomerate’s $20 billion debt burden, according to people familiar with the matter.

A plan to repay, or extend part of a $3.52 billion Islamic bond due in December for its troubled real estate unit Nakheel is at an advanced stage of discussion, the people said………………..Full Article (Subscription Required): Source

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Posted on 09 October 2009 by VRS |  Email |Print

From Bloomberg: PT Bumi Resources, Indonesia’s biggest coal company, plans to acquire mines in the country and may include China Investment Corp. as a partner after borrowing $1.9 billion from the sovereign wealth fund last month.
Bumi and CIC “signed a strategic partnership agreement where in all our investments above $75 million we show to them first,” and potential targets will be discussed with the Chinese fund this month, he said in an interview in Singapore yesterday………………..Full Article: Source

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Posted on 09 October 2009 by VRS |  Email |Print

From Rte.ie: The National Pensions Reserve Fund has been valued at €20.9bn after a recovery in world stock markets.

Figures from the National Pensions Reserve Fund show that it gained 7.5% in value in the third quarter of this year………………..Full Article: Source

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Posted on 09 October 2009 by VRS |  Email |Print

From Apa.az: Azerbaijani President Ilham Aliyev has signed a decree to make amendments to the budget for 2009 of the State Oil Fund of Azerbaijan (SOFAZ).

The President’s Press Service said the measure aimed to ensure the timely performance of SOFAZ-funded projects for the improvement of social condition of refugees and internally displaced persons, the construction of the Oghuz-Gabala-Baku water supply system and the reconstruction of the Samur-Absheron irrigation system………………..Full Article: Source

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Posted on 09 October 2009 by VRS |  Email |Print

From Khaleejtimes.com: Oman and Uzbekistan have concluded a pact to establish a joint investment fund with an authorised capital of $500 million and paid up capital of $100 million.

It was signed between the State Public Reserve Fund and the Construction and Development Fund in Uzbekistan here on Monday, the second and last day of an official visit to Oman by Uzbek President Islam Karimov………………..Full Article: Source

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Posted on 09 October 2009 by VRS |  Email |Print

From Reuters: The world’s leading sovereign wealth funds are gathering in Baku, capital of Azerbaijan, for a two-day inaugural meeting which ends on Friday.

A year after adopting the Santiago Principles of best practice guidelines, they are meeting next to the Caspian sea to review investment activities and assess how regulation and efforts to open up are helping them gain wider acceptance in a still-sceptical world………………..Full Article: Source

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Posted on 09 October 2009 by VRS |  Email |Print

From Thenational.ae: Representatives of the world’s sovereign wealth funds met in the Azerbaijan capital Baku on Thursday to discuss policy and prospects in the post-crisis environment, amid calls for greater transparency in SWF dealings, and use of their huge wealth to promote alternative energy projects.

SWF leaders reiterated their commitment to the Santiago principles, agreed under the auspices of the International Monetary Fund, for openness and accountability in SWF dealings………………..Full Article: Source

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Posted on 09 October 2009 by VRS |  Email |Print

From CNN: In September alone, China’s sovereign wealth fund, the China Investment Corp. (CIC), shelled out nearly $1 billion to buy an 11% stake in JSC KazMunaiGas Exploration Production, a Kazakhstan oil and gas company.
Just a week earlier CIC paid $850 million to acquire 14.9% of Noble Group, the Hong Kong commodity-trading powerhouse. Earlier this summer the China Development Bank lent Petrobras, the Brazilian national oil company, $10 billion to help fund exploration in deep waters off Brazil………………..Full Article: Source

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