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Sovereign Wealth Funds Briefing 22.Oct 2009

Posted on 22 October 2009 by VRS |  Email |Print

From Dow Jones: China Investment Corp. will seize beneficial investment opportunities within reasonable levels of risk to create wealth for the country, the People’s Daily reported Thursday, citing Lou Jiwei, chairman of China’s sovereign wealth fund.

Lou said CIC has been getting good returns on its overseas investments, according to the newspaper, which is the mouthpiece of China’s Communist Party. The sovereign wealth fund’s investment decisions are driven by research and asset allocation, he said, according to the report……………………Full Article: Source

Posted on 22 October 2009 by VRS |  Email |Print

From Dow Jones: Chinese sovereign wealth funds would be welcome as minority shareholders of GDF Suez SA, Chief Operating Officer Jean-Francois Cirelli said Wednesday.

GDF Suez isn’t interested in buying the stake currently being offered in Poland’s ENEA , he also told reporters on the sidelines of a gas conference……………………Full Article: Source

Posted on 22 October 2009 by VRS |  Email |Print

From Temasekreview.com: Temasek Holdings is an Asian investment company owned by the Government of Singapore. It is governed by the Singapore Companies Act. They are also designated a Fifth Schedule Company under the Singapore Constitution in 1991.
Temasek is a member of the International Working Group of Sovereign Wealth Funds……………………Full Article: Source

Posted on 22 October 2009 by VRS |  Email |Print

From Maktoob.com: Abu Dhabi’s largest sovereign wealth fund is investing in the construction of two towers in Rio de Janeiro, Brazil, the official Emirates news agency WAM reported late Tuesday.

United Arab Emirates Foreign Minister Sheikh Abdullah Al Nahyan inspected construction progress “on two towers being undertaken by Abu Dhabi Investment Authority (ADIA) in Rio de Janeiro” during a trip to Brazil in which officials from both countries discussed joint areas of economic cooperation, the news agency reported……………………Full Article: Source

Posted on 22 October 2009 by VRS |  Email |Print

From Arabianmoney.net: Qatar is following Abu Dhabi in downsizing its stake in the British bank Barclays, only acquired less than a year ago to help the bank survive the global financial crisis without state aid. It seems the sovereign wealth funds of the Gulf are going cool on banks.

You can hardly blame Qatar for choosing to cash in some of its chips. The gas-rich Gulf state will make a $1 billion profit on the deal and still retain more than seven per cent of Barclays stock as the bank’s largest shareholder……………………Full Article: Source

Posted on 22 October 2009 by VRS |  Email |Print

From Dow Jones: The French sovereign wealth fund Fonds Strategique d’Investissement, or FSI, is likely to be talking to the consortium comprising U.S.-based General Electric Co. (GE) and private equity firm CVC Capital Partners about joining the group in a potential bid for French nuclear group Areva SA’s transmission and distribution business, people familiar with the situation said.

Joining up with the French sovereign wealth fund would enable General Electric’s bid to have more of a French flavor, since the French government is understood to be keen to see a French champion emerge as the buyer of T&D, one of these people said……………………Full Article: Source

Posted on 22 October 2009 by VRS |  Email |Print

From Abc.az: The State Oil Fund of Azerbaijan (SOFAZ) does not consider the issue of placement of country’s currency reserves in local banks.

“In compliance with the SOFAZ rules all the finances it runs are placed in overseas banks. The matter of the beginning of placement in domestic banks is not under consideration,” Movsumov stated……………………Full Article: Source

Posted on 22 October 2009 by VRS |  Email |Print

From Dow Jones: Australia’s Future Fund Chairman David Murray said Thursday the financial system has reached a point of “reasonable” stability but that the global banking sector still faces risks.

Murray, who was chief executive of Commonwealth Bank of Australia (CBA.AU) before taking the helm of Australia’s sovereign wealth fund, said certain banks globally still may have writedowns to report……………………Full Article: Source

Posted on 22 October 2009 by VRS |  Email |Print

From Bloomberg: Korea National Oil Corp. agreed to buy Canadian oil producer and refiner Harvest Energy Trust for C$4.1 billion ($3.9 billion) to secure supplies as South Korea competes with China and India for global energy resources.
South Korean state-run energy developers may team up with private companies including SK Energy Co. and the country’s $30 billion sovereign wealth fund to buy overseas oil and gas fields, the Ministery of Knowledge Economy said on Oct. 6……………………Full Article: Source

Posted on 22 October 2009 by VRS |  Email |Print

From Reuters: BNP Paribas has named Peter Foo, currently chief executive for Fortis Bank in Singapore, as a senior banker to oversee sovereign wealth funds, supranationals and central banks in Asia.

Foo will be responsible for business development with this client segment across fixed income, equities, alternative investments and strategic investments, as well as asset management and custody services……………………Full Article: Source

Posted on 22 October 2009 by VRS |  Email |Print

From Dow Jones: Brazil’s government should create a special fund to regulate future inflows of dollars from the country’s sub-salt offshore oil reserves, Finance Minister Guido Mantega said Wednesday.

Speaking at a congressional hearing, Mantega said that such a fund would be aimed at slowing the rapid appreciation of the local currency and helping to maintain a healthy foreign trade balance……………………Full Article: Source

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