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Sovereign Wealth Funds Briefing 12.Oct 2009

Posted on 12 October 2009 by VRS |  Email |Print

From Bloomberg: China’s $300 billion sovereign wealth fund said it will continue increasing its stakes in the nation’s three biggest lenders, seeking to bolster investor confidence after Chinese shares fell last quarter.

Central Huijin Investment Co., a unit of China Investment Corp., “recently” bought Shanghai-traded shares in Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Bank of China Ltd., according to statements issued late yesterday…………………..Full Article: Source

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Posted on 12 October 2009 by VRS |  Email |Print

From Forbes: Pushing for excessive transparency, such as urging sovereign wealth funds to publish reports quarterly, does more harm than good, Jin Liqun, the chairman of the board of supervisors at China’s wealth fund said on Friday.
Jin Liquin, chairman of the board of supervisors at China Investment Corp (CIC) and also a deputy chair of the international forum of sovereign wealth funds (SWFs), also said China would consider ethical investing only when it is profitable…………………..Full Article: Source

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Posted on 12 October 2009 by VRS |  Email |Print

From Thepeninsulaqatar.com: An Abu Dhabi state-linked investment fund has invested $328m in depositary shares issued by Banco Santander’s Brazilian unit, the group said yesterday. The deal is the latest in a string of diverse transactions by Aabar Investments, one of the oil-rich emirate s most active and ambitious funds this year.

The investment follows Banco Santander’s $8.1bn initial public offering of its Brazilian unit…………………..Full Article: Source

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Posted on 12 October 2009 by VRS |  Email |Print

From Kuwaittimes.net: Qatar Holding, the investment arm of Qatar’s sovereign wealth fund, said yesterday it had become the largest shareholder in Songbird Estates, owner of much of London’s Canary Wharf business hub.
AIM-listed firm Songbird has confirmed plans for a 620 million pound ($991.3 million) placing, an open offer of shares at one penny each and a 275 million pound preference share placing, the latter with Qatar Holding and China Investment Corp’s (CIC) Fullbloom Investment Corp unit…………………..Full Article: Source

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Posted on 12 October 2009 by VRS |  Email |Print

From Arabfinance.com: Kuwait investment firm Securities Group Co is studying a bid to buy a stake of up to 24.6 percent stake in telecom firm Zain held by the country’s sovereign wealth fund, its chairman said on Sunday.

Bader al-Saad, managing director of the Kuwait Investment Authority (KIA), said on Oct. 5 the fund might sell its Zain stake, though the fund is not party to talks between shareholders, the telecom firm and potential buyers…………………..Full Article: Source

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Posted on 12 October 2009 by VRS |  Email |Print

From Thenational.ae: Every morning after dropping his children off at school, Yngve Slyngstad heads to the fifth floor of Norway’s central bank and monitors how the world’s second-largest sovereign wealth fund is doing with its investments.

Today, it makes for very good reading. It is worth more than US$430 billion (Dh1.58 trillion) and has never been higher since its creation in 1990…………………..Full Article: Source

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Posted on 12 October 2009 by VRS |  Email |Print

From Greenleft.org.au: The Norwegian government pension fund has been accused of unethical investment in fertiliser companies that buy phosphate rock exported from Moroccan-occupied Western Sahara.

An October 6 report by the Norwatch news service revealed that companies linked to the fund buy two-thirds of all phosphate exported from the occupied country. It estimated the trade was worth about €535 million to Morocco in 2008…………………..Full Article: Source

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Posted on 12 October 2009 by VRS |  Email |Print

From 4wheelsnews.com: Despite analysts’ warnings that nothing will come of its protests, Norway’s state fund — Norges Bank Investment Management — renewed its attack on Volkswagen AG’s impending takeover of parts of Porsche Automobil Holding SE.

Norway’s $420 billion wealth fund, one of the biggest sovereign wealth funds (SWF) worldwide, is a VW investor…………………..Full Article: Source

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Posted on 12 October 2009 by VRS |  Email |Print

From Newsminer.com: Compeau’s was fully staffed on Saturday with salesmen ready to sell boats and snowmachines, even though there wasn’t a snowflake in sight and moose hunting season is long over.

It’s no accident. Saturday marked the first weekend after $1,305 Permanent Fund Dividend checks were deposited into Alaskans’ bank accounts. Or, as it’s known in the snowmachine business, Early Christmas…………………..Full Article: Source

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Posted on 12 October 2009 by VRS |  Email |Print

From Gulf-times.com: The world’s leading sovereign wealth funds yesterday urged nations to keep investment borders and flows open and said they welcome supportive fiscal and monetary policy until the recovery is secured.
At the end of their two-day inaugural meeting in the capital of Azerbaijan, the International Forum of Sovereign Wealth Funds (SWFs) agreed to further apply the Santiago Principles, a voluntary code of practice guidelines adopted a year ago…………………..Full Article: Source

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Posted on 12 October 2009 by VRS |  Email |Print

From Abc.az: The 1st International Forum of Wealth Sovereign Funds held in Baku on 8-9 October there became clear reasons of IFWSF establishment – an attempt to prevent on-growing movement in the United States for more prudence and control over such organizations and their investments. In any case that follows from principles of the Baku Statement passed by the Forum.

At today’s news conference following the Forum, event’s chairman David Murrey said that at the conclusion of the meeting the Forum adopted the Baku Statement on its commitment to continue to contribute to a stable global financial system and maintain free flow of capital and investment…………………..Full Article: Source

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Posted on 12 October 2009 by VRS |  Email |Print

From Forbes: Moves by parts of the investment community to front-run investments made by sovereign wealth funds hurts returns of state-owned investors, a group of leading sovereign funds said on Friday.

“Because we are generally large institutional investors, there is the whole community of investment banks, brokers, analysts and others who want to front-run our investments in the market,” David Murray, who chairs the International Forum of Sovereign Wealth Funds, told a news conference at the end of a two-day meeting in the capital of Azerbaijan…………………..Full Article: Source

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Posted on 12 October 2009 by VRS |  Email |Print

From Reuters: Sovereign wealth funds may have turned the tables on the rest of the world. Wrapping up their inaugural meeting in the capital of Azerbaijan, 20 leading sovereign wealth funds urged host countries to make their investment regimes more transparent and discriminatory and keep investment borders and flows as open as possible.
This comes after years of host countries — the West — asking them to open their books…………………..Full Article: Source

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Posted on 12 October 2009 by VRS |  Email |Print

From Arabianbusiness.com: The world’s sovereign wealth funds made 11 investments totalling $3.5bn in the second quarter, the lowest spending since the final three months of 2004, according to Global consultancy Monitor Group.
It 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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