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Sovereign Wealth Funds Briefing 30.Dec 2009

Posted on 30 December 2009 by VRS |  Email |Print

From Dow Jones: A year after setting aside 14.1 billion Brazilian reals ($8.2 billion) for establishment of a sovereign wealth fund, Brazil’s government by executive decree Tuesday formalized rules for the fund’s operation.

According to information published in the country’s federal register, investments made by the fund abroad must yield a return equal to or greater than the six-month London interbank offered rate, or Libor. Investments locally must yield the equivalent of Brazil’s TJLP long-term interest rate, currently at 6% annually…………………………………….Full Article: Source

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Posted on 30 December 2009 by VRS |  Email |Print

From Businessweek.com: Brazilian President Luiz Inacio Lula da Silva issued rules for the country’s so-called sovereign wealth fund, benchmarking returns against Libor and a government-set long term interest rate.

The minimum return sought on the fund’s investments abroad will be the six-month London interbank offered rate, or Libor, according to a decree published today in the official gazette…………………………………….Full Article: Source

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Posted on 30 December 2009 by VRS |  Email |Print

From Dow Jones: The Brazilian real closed slightly weaker against the U.S. dollar Tuesday after the government took steps to streamline management of its sovereign wealth fund.

The real closed at BRL1.7410 to the dollar, slightly weaker against the Monday close of BRL1.7395…………………………………….Full Article: Source

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Posted on 30 December 2009 by VRS |  Email |Print

From China Knowledge: China Investment Corp, the country’s US$300-billion sovereign wealth fund, is likely to invest in United Company RUSAL, the world’s largest aluminum producer, when the Russian firm launches an initial public offering on the Hong Kong Stock Exchange, said industry sources, local newspaper Vedomosti Daily reported.

The report said that U.S.-based fund BlackRock also plans to take part in RUSAL’s Hong Kong IPO…………………………………….Full Article: Source

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Posted on 30 December 2009 by VRS |  Email |Print

From Thestar.com.my: Primus Pacific Partners Ltd, the major shareholder at the centrestage of a buyout tussle for EON Capital Bhd (EON Cap), is said to have made a last minute attempt to mount a counter bid to Hong Leong Bank Bhd’s proposed takeover of EON Cap.

However, sources indicated that Primus’ invitation to Temasek Holdings Ltd, which is the Singapore government’s investment arm, was not likely to materialise as Temasek had declined the offer for a joint bid…………………………………….Full Article: Source

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Posted on 30 December 2009 by VRS |  Email |Print

From News.az: The assets of the State Oil Fund of Azerbaijan have risen 55 times to $15 bn within 10 years of activity.

“During SOFAZ’s creation in December of 1999 the fund’s assets made $271 mln. Through 10 years the overall volume of fund’s assets has reached $15 bn”, said Shahmar Movsumov SOFAZ chief executive in his article published in official press Tuesday…………………………………….Full Article: Source

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Posted on 30 December 2009 by VRS |  Email |Print

From Apa.az: The foundation of the Azerbaijan State Oil Fund’s new building was laid on December 29, the day of the Fund’s 10 years anniversary. President of Azerbaijan Ilham Aliyev attended the ceremony and looked at the building’s project and model, APA reports.

A number of offices, Heydar Aliyev museum, 200-seat conference hall, 150-car two-storey parking place will be constructed in the 23-storey building of 117 meters height (140 m with lighthouse) and 13 000 square meters of square (27 000 square meters with the underground parking area)…………………………………….Full Article: Source

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Posted on 30 December 2009 by VRS |  Email |Print

From Gazeta.kz: The National Welfare Fund Samruk-Kazyna will leave the structure of banks’ shareholders within 3 - 5 years.
The head of the department, Kayrat Kelimbetov, informed: “We are the shareholders of five banks in Kazakhstan. We have the corresponding plans that within 3 - 5 years, maybe, earlier we will leave the structure of shareholders of these banks.”……………………………………Full Article: Source

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Posted on 30 December 2009 by VRS |  Email |Print

From Gazeta.kz: The National Welfare Fund Samruk-Kazyna will hold the second phase of optimisation of the structure of the national companies until July 1 of 2010. The head of department, Kayrat Kelimbetov, informed at the press conference devoted to the results of the year, Kazakhstan Today agency reports.

“Fund Samruk-Kazyna in 2009 has done much work directed at optimisation of the national companies. Central offices of all national companies have been reduced by 15 % that is 600 people in the largest companies,” K. Kelimbetov said…………………………………….Full Article: Source

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Posted on 30 December 2009 by VRS |  Email |Print

From Iii.co.uk: ADIA’s (Abu Dhabi Investment Authority) foreign assets alone are considerably greater than the external liabilities of the country, even according to pessimistic estimates.
Abu Dhabi assured Moody’s that its financial assets are worth at least double the value of the Gulf emirate’s gross domestic product, well above the external debt of the United Arab Emirates, the rating agency said on Tuesday…………………………………….Full Article: Source

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Posted on 30 December 2009 by VRS |  Email |Print

From Bloomberg: Liberia’s foreign currency reserves have risen to about $248 million from $49.4 million at the end of last year, partly due to the grant of special drawing rights by the International Monetary Fund, central bank Governor John Mills Jones said.

“The improved position of the country’s international reserves should help us better manage shocks to the balance of payments and the exchange rate,” Mills Jones said in an address to bankers in the capital, Monrovia, yesterday…………………………………….Full Article: Source

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Posted on 30 December 2009 by VRS |  Email |Print

From China Knowledge: The People’s Bank of China, the central bank, yesterday said that China, Japan, and South Korea have finalized plans for a US$120-billion regional foreign-exchange reserve pool designed to help Asian countries deal with a possible foreign capital flow shortage, sources reported.

China and Japan will each contribute US$38.4 billion, while South Korea will contribute US$19.2 billion. The total from the three nations will account for 80% of the US$120-billion reserve pool…………………………………….Full Article: Source

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