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Sovereign Wealth Funds Briefing 02.Dec 2009

Posted on 02 December 2009 by VRS |  Email |Print

From Themoscowtimes.com: Two sovereign wealth funds declined 1.5 percent last month as the government used some of its savings from oil sales to stimulate the economy, the Finance Ministry said Tuesday.

The funds held $168 billion at the end of November compared with $170.6 billion a month earlier, the ministry said. The Reserve Fund fell to $75.1 billion from $77.2 billion, while the Welfare Fund declined by $500 million to $92.9 billion……………………………Full Article: Source

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Posted on 02 December 2009 by VRS |  Email |Print

From Rian.ru: Russia’s Reserve Fund decreased by 1.8% to 2.238 trillion rubles ($76.87 bln) from 2.242 trillion rubles ($77 bln) in November, the country’s Finance Ministry said on Tuesday.

As of December 1, the Russian National Prosperity Fund stood at 2.77 trillion rubles ($95.1 bln), up 2.1% from 2.712 trillion rubles ($93.1 bln) on November 1……………………………Full Article: Source

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Posted on 02 December 2009 by VRS |  Email |Print

From Ktuu.com: The financial fallout from Dubai World took a $430 million bite out of Alaska’s Permanent Fund Dividend investments.

The losses reflect a world market reeling from Dubai’s credit crisis– a market that Alaska’s permanent fund is heavily invested in……………………………Full Article: Source

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Posted on 02 December 2009 by VRS |  Email |Print

From Chinadaily.com.cn: Teck Resources Ltd, Canada’s largest base-metals producer, said its partnership with China’s sovereign wealth fund will win the company more coal, copper and zinc sales and provide financing for future acquisitions.

China Investment Corp (CIC), which bought about 17 percent of Teck in July, has helped the company gain better access to customers including Jiangxi Copper Co as well as three of the nation’s largest steelmakers, Chief Executive Officer Don Lindsay said in an interview yesterday in New York……………………………Full Article: Source

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Posted on 02 December 2009 by VRS |  Email |Print

From WSJ: The securities firm’s largest shareholder is the country’s sovereign wealth fund, China Investment Corp., and CICC’s chief executive is Levin Zhu, the son of former Chinese premier Zhu Rongji. Support from both Mr. Zhu and the Chinese sovereign fund will be important in concluding a deal.

Government of Singapore Investment Corp., another state-owned fund, which already owns a 7.35% stake in CICC, is also reviewing its options to potentially increase its stake as part of the process, according to one person familiar with the situation……………………………Full Article: Source

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Posted on 02 December 2009 by VRS |  Email |Print

From Bloomberg: Abu Dhabi has one of the largest sovereign wealth funds in the world, worth $627 billion, according to the Roseville, California-based Sovereign Wealth Fund Institute.

The upheaval of the past week may mark a turning point in the U.A.E.’s history toward a stronger central state, which investors say will make Dubai a more attractive destination by bolstering its creditworthiness……………………………Full Article: Source

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Posted on 02 December 2009 by VRS |  Email |Print

From Dow Jones: The head of China’s pension fund said Tuesday reform of the world financial system ought to focus on reducing the system’s reliance on one nation’s currency as the reserve currency, state-run Xinhua News Agency reported.

“The core of the reform should be to change the monopoly one nation’s currency has in terms of reserve currencies,” the report cited National Social Security Fund Chairman Dai Xianglong as saying at a conference……………………………Full Article: Source

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Posted on 02 December 2009 by VRS |  Email |Print

From Yonhap: South Korea’s foreign exchange reserves rose to a record high in November as a weaker U.S. dollar boosted the conversion value of assets in other currencies and investment profits gained, the central bank said Wednesday.

The nation’s foreign reserves totaled US$270.89 billion as of the end of November, up $6.7 billion from the previous month and the ninth straight monthly gain, according to the Bank of Korea (BOK)……………………………Full Article: Source

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Posted on 02 December 2009 by VRS |  Email |Print

Comments are invited on the OECD Discussion Drafts on Tax Treaty Applications to Sovereign Wealth Funds. The Drafts are available to download here in Adobe (pdf) format.
This public discussion draft includes proposals for additions and changes to the Commentary on the OECD Model Tax Convention that result from the work of the Working Party on these issues……………………………Full Paper: Source

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