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Sovereign Wealth Funds Briefing 08.Dec 2009

Posted on 08 December 2009 by VRS |  Email |Print

From Reuters: Financial markets need global climate talks getting underway in Copenhagen to iron out a plan to price emissions more effectively and seal the switch to a low carbon economy, Europe’s biggest investor told Reuters on Monday.

Norway’s oil revenue-fuelled $440 billion sovereign wealth fund says climate change poses risks for its long-term investment and has lobbied along with other international investors for a strong agreement in Copenhagen…………………………….Full Article: Source

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Posted on 08 December 2009 by VRS |  Email |Print

From Nytimes.com: In less than two years, many of the biggest overseas government investment funds, known as sovereign wealth funds, have reaped huge gains from bailing out financial institutions, and in turn, the global financial system.

In the latest announcement, Kuwait’s sovereign wealth fund said on Sunday that it had booked a $1.1 billion profit on the stake it took in Citigroup in January 2008…………………………….Full Article: Source

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Posted on 08 December 2009 by VRS |  Email |Print

From WSJ: Kuwait Investment Authority – a sovereign wealth fund —invested $3 billion in Citigroup in 2008, as the Wall Street lender was reeling from subprime losses. Over the weekend, the KIA converted its preferred shares into common shares and sold them for a profit.
Government of Singapore Investment Corp. earned a $1.6 billion profit on its Citigroup investment in September. The Singapore government fund exchanged $6.88 billion of convertible preferred stock for Citigroup common shares at $3.25 apiece on Sept. 11…………………………….Full Article: Source

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Posted on 08 December 2009 by VRS |  Email |Print

From Khaleejtimes.com: Kuwait’s sovereign wealth fund will invest the proceeds of a $4.1 billion sale of a stake in Citigroup abroad and not in the local market, the Gulf state’s finance minister said in remarks published on Monday.

The fund, Kuwait Investment Authority, has no plans to sell more foreign assets in the remaining three weeks of 2009, Al Rai newspaper reported Mustapha Al Shamali as saying…………………………….Full Article: Source

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Posted on 08 December 2009 by VRS |  Email |Print

From Busrep.co.za: The Kuwait Investment Authority, the Gulf nation’s sovereign wealth fund, said on Sunday it had sold its stake in Citigroup for $4.1bn, earning a $1.1bn profit.

Citigroup shares fell to $4 in European trading yesterday, down 1.5 percent from their $4.06 close in New York trading on Friday. The shares have tumbled 47 percent this year, paring Citigroup’s market value to about $92bn…………………………….Full Article: Source

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Posted on 08 December 2009 by VRS |  Email |Print

From Am Law Daily: Almost two years after pumping $3 billion into Citigroup as part of a $12.5 billion investment aimed at propping up the ailing banking giant, the Kuwait Investment Authority is cashing out.

The KIA, the sovereign wealth fund of Kuwait, announced on Sunday that it had sold its stake of preferred Citi shares for $4.1 billion after converting them to common stock. The $1.1 billion profit works out to a gain of nearly 37 percent on KIA’s January 2008 investment……………………………..Full Article: Source

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Posted on 08 December 2009 by VRS |  Email |Print

From Bloomberg: Dubai World, the state-owned holding company that’s in talks to renegotiate $26 billion of debt, may sell assets in the United Arab Emirates and abroad to repay its borrowings, a government official said.

Asset sales are normal to shore up finances in such circumstances, Abdulrahman Al Saleh, director general of Dubai’s Department of Finance and head of the government fund that’s leading the restructuring of Dubai World, said yesterday in an interview with Al Jazeera television…………………………….Full Article: Source

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Posted on 08 December 2009 by VRS |  Email |Print

From Guardian: Dubai World may sell off domestic and overseas assets as it attempts to rescue itself from the burden of $60bn (£36.5bn) debts, the emirate’s government said today.

The stricken conglomerate, which owns a variety of assets around the world including P&O, the QE2 and a stake in Cirque du Soleil, has played down suggestions that it would have to give up prized assets since it emerged nearly two weeks ago that it was struggling to repay its debts…………………………….Full Article: Source

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Posted on 08 December 2009 by VRS |  Email |Print

From Chinadaily.com.cn: Hong Kong’s official foreign-currency reserve assets rose to $256.3 billion in November, up $16.2 billion over October, the Hong Kong Monetary Authority said on Monday.
Including unsettled forward contracts, foreign-currency reserve assets also stood at $256.3 billion in November, up $16.2 billion over October…………………………….Full Article: Source

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Posted on 08 December 2009 by VRS |  Email |Print

From Bloomberg: Nigeria’s foreign currency reserves rose 3 percent in the month through Dec. 3 as oil prices and production improved.

Reserves climbed to $44.04 billion from $42.7 billion the month before, the Central Bank of Nigeria, based in the capital, Abuja, said on its Web site today…………………………….Full Article: Source

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