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Sovereign Wealth Funds Briefing 15.Dec 2009

Posted on 15 December 2009 by VRS |  Email |Print

From Reuters: Norway’s sovereign wealth rose by 3.8 percent to a preliminary 2.591 trillion Norwegian crowns ($448.6 billion) in November from 2.497 trillion at the end of October, central bank data showed on Monday.

The fund’s value has jumped from 2.273 trillion crowns at the end of 2008 due to surging equity markets worldwide……………………………….Full Article: Source

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Posted on 15 December 2009 by VRS |  Email |Print

From Arabianbusiness.com: The Abu Dhabi Investment Authority, one of the world’s top two sovereign wealth funds, has acquired a 10.9 percent stake in the Pritzker family’s Hyatt Hotels Corp.

The sovereign wealth fund holds 4.76 million Hyatt Class A shares, according to a filing on Tuesday with the US Securities and Exchange Commission. The stake has a market value of about $140.4 million……………………………….Full Article: Source

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Posted on 15 December 2009 by VRS |  Email |Print

From Abc.az: The Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) has considered and submitted for approval of the Azerbaijani President the Fund’s draft budget for 2010.

SOFAZ reports that its forecast on budget revenues for next year makes up AZN 5.96 bn and expenditures AZN 5.428 bn. Fund’s operating expenditures are restricted with AZN 33.4 million……………………………….Full Article: Source

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Posted on 15 December 2009 by VRS |  Email |Print

From Asiaone.com: SWFs, or sovereign wealth funds, are government-owned investment funds that invest their country’s savings or reserves in international assets such as stocks and bonds.

Singapore’s Temasek Holdings and Government of Singapore Investment Corporation (GIC) are well-known examples of SWFs, as are the Kuwait Investment Authority, the Abu Dhabi Investment Authority and Norway’s Government Pension Fund……………………………….Full Article: Source

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Posted on 15 December 2009 by VRS |  Email |Print

From Reuters: U.S. asset manager BlackRock and Kuwait’s sovereign wealth fund are in talks to buy stakes in foreign banks, a Kuwaiti newspaper said in an unsourced report on Monday.
The talks aim at elevating banking connections between BlackRock, the world’s largest asset manager, and the Kuwait Investment Authority, and might include increasing KIA’s deposits at BlackRock, Kuwaiti daily al-Anbaa said……………………………….Full Article: Source

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Posted on 15 December 2009 by VRS |  Email |Print

From Reuters: Power plant operator GCL-Poly Energy said on Tuesday that it aims to set up a joint venture with China Investment Corp, China’s sovereign wealth fund, early next year.

The JV, which would have registered capital of $500 million, would invest in solar power generation stations overseas, said GCL-Poly Chief Financial Officer Samual Tong, speaking to journalists in Hong Kong……………………………….Full Article: Source

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Posted on 15 December 2009 by VRS |  Email |Print

From Reuters: China Investment Corp (CIC) bought an 11 percent stake in KazMunaiGas Exploration and Production, an upstream arm of Kazakh state energy firm KazMunaiGas, for $939 million in October.

KazMunaiGas EP produced 12 million tonnes of oil in 2008 and is one of Kazakhstan’s top three producers……………………………….Full Article: Source

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Posted on 15 December 2009 by VRS |  Email |Print

From WSJ: China is already Mongolia’s biggest foreign investor, and new funds are pouring in. In recent months, China’s sovereign-wealth fund, China Investment Corp., has agreed to invest $1.2 billion in mining companies with Mongolian assets.

That sum is about a quarter of Mongolia’s gross domestic product, but less than half a percent of CIC’s total assets of $300 billion……………………………….Full Article: Source

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Posted on 15 December 2009 by VRS |  Email |Print

From Zawya Dow Jones: Dubai’s debt woes are becoming an albatross around the neck of oil-rich Abu Dhabi, which has committed the equivalent of almost 60% of this year’s oil income to bail out its ailing neighbor, according to Zawya Dow Jones calculations.

Abu Dhabi, the largest of the seven emirates that make up the United Arab Emirates and producer of almost all the country’s crude oil, will earn an estimated $43 billion this year from crude exports………………………………Full Article: Source

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Posted on 15 December 2009 by VRS |  Email |Print

From Bloomberg: Four days before Dubai World sought to delay $26 billion of debt repayments last month, Sheikh Mohammed bin Rashid Al Maktoum set out to race his horse, Al Ayed, across 120 kilometers (75 miles) of Persian Gulf desert. He had to withdraw when the mount became fatigued.

Now Sheikh Mohammed must prove that the transformation of Dubai from fishing village to global business hub isn’t also running out of steam……………………………….Full Article: Source

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Posted on 15 December 2009 by VRS |  Email |Print

From Cnbc.com: I had the opportunity to meet with Dr. Tony Tan Keng Yam, who is the deputy chairman and executive director of the Singapore Investment Corporation. He essentially runs the country’s sovereign wealth fund (SWF).

I was in Dr. Tan’s office when his secretary said to me, “Maria, if there is one picture of the global economy, this is it.”………………………………Full Article: Source

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Posted on 15 December 2009 by VRS |  Email |Print

From Indiatimes.com: The GMR Group is in an advanced stage of talks with Temasek Holdings and ICICI Bank to raise Rs 1,200 crore to support the expansion plans of its power generation arm GMR Energy, two persons privy to the discussions said.

Temasek, a sovereign wealth fund of the Singapore government, will invest Rs 600 crore in GMR Energy’s equity, while ICICI Bank will invest an equal amount by subscribing to its non-convertible debentures, said one company executive who asked not to be named……………………………….Full Article: Source

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Posted on 15 December 2009 by VRS |  Email |Print

From Infotoday.com: Springer Science+Business Media is to be sold to EQT, a Swedish private equity (PE) firm, and GIC, a PE fund backed by the government of Singapore. The deal is expected to close by late January or early February 2010.
The German company is the world’s second-largest scientific, technical, and medical publisher after Reed Elsevier and was formed in 2003 by the merger of Kluwer Academic Publishers and Bertelsmann Springer……………………………….Full Article: Source

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