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Sovereign Wealth Funds Briefing 04.Jan 2010

Posted on 04 January 2010 by VRS |  Email |Print

From Businessweek.com: Brazil’s decision to allow its sovereign wealth fund to buy dollars in the foreign-exchange market indicates it will use the investment vehicle to try to stem the real’s world-beating rally, Nomura Holdings Inc. said.

Treasury official Cleber Oliveira said last week that the year-old fund can make purchases of dollars in the market, creating another government-related buyer of U.S. currency in addition to the central bank……………………………………Full Article: Source

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Posted on 04 January 2010 by VRS |  Email |Print

From MNI: Brazil’s Treasury last week received permission to use its R$16 billion ($9.2 billion) sovereign wealth fund to purchase dollars, potentially creating a second source of intervention in the currency market independent of the Central Bank.

The executive order, issued without a press conference, also permits the Finance Ministry to increase the size of the SWF, which is currently invested entirely in Brazilian government bonds……………………………………Full Article: Source

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Posted on 04 January 2010 by VRS |  Email |Print

From Mining-journal.com: London-listed Kazakhmys plc has secured up to US$2.7 billion from a Kazakh sovereign wealth fund, Samruk-Kazyna. This follows a US$3 billion financing facility made available to Samruk in June 2009 from China Development Bank Corp (CDB) for the development of infrastructure and resource projects in Kazakhstan.

Kazakhmys announced this week that it had already secured approval from Samruk and CDB for US$2 billion to be spent on development of the Boschekul copper project, and US$100 million to fund development of the Bozymchak gold-copper project……………………………………Full Article: Source

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Posted on 04 January 2010 by VRS |  Email |Print

From Qatar-tribune.com: Qatar Investment Authority (QIA) has bought five percent more stakes in the country’s listed banks, except Qatar National Bank, in a bid to boost confidence in the country’s banking sector.

All the major banks announced on Thursday that they had received funds from QIA……………………………………Full Article: Source

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Posted on 04 January 2010 by VRS |  Email |Print

From Thepeninsulaqatar.com: Commercial Bank of Qatar, the largest private sector bank in Qatar, yesterday announced that it has received funds from the Qatar Investment Authority (QIA) which are to be used to subscribe for a further issue of shares in the capital of the Bank.

The proposed issue would involve a placement of 10,310,265 additional ordinary shares at a price of QR78.30 per share and would increase QIA’s shareholding in Commercialbank to 9.1 percent……………………………………Full Article: Source

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Posted on 04 January 2010 by VRS |  Email |Print

From Bloomberg: Qatar Islamic Bank SAQ, the country’s biggest Islamic lender, sold a five percent stake to Qatar Investment Authority, the Persian Gulf country’s sovereign wealth, as part of a plan to boost bank capital.

Qatar Investment Authority paid 956 million riyals ($263 million) for the stake, Qatar Islamic Bank said in a statement posted on the Doha bourse Web site today……………………………………Full Article: Source

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Posted on 04 January 2010 by VRS |  Email |Print

From Bloomberg: Al Ahli Bank QSC, a Qatari lender, said it received funds from the country’s sovereign wealth fund to bolster its capital.

The funds will increase the Qatar Investment Authority’s stake in the bank by 5 percent, Al Ahli said in a release on the Qatar Exchange Web site. The bank didn’t reveal the value of the funds received……………………………………Full Article: Source

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Posted on 04 January 2010 by VRS |  Email |Print

From Thestar.com.my: Institutional investors, Khazanah Nasional Bhd and the Employees Provident Fund (EPF), are believed to have agreed to sell their combined 20.7% stake in EON Capital Bhd.

This followed an earlier decision by two major shareholders – Rin Kei Mei and Tan Sri Tiong Hiew King – to seek permission to negotiate with Hong Leong Bank for the sale of their combined indirect stake of 31.7%……………………………………Full Article: Source

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Posted on 04 January 2010 by VRS |  Email |Print

From Juneauempire.com: The state will reduce the size of Alaska Permanent Fund dividend applications and change the schedule for distributing dividends.

The annual dividend is paid from investment profits averaged over the past five years from the permanent fund, a $34 billion oil-wealth savings account……………………………………Full Article: Source

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Posted on 04 January 2010 by VRS |  Email |Print

From Business-standard.com: Singapore’s Temasek, which is one of the largest sovereign wealth funds, manages $6.4 billion assets under in its South Asia portfolio. A majority of these investments are India-centric. The fund has invested in top Indian companies such as ICICI Bank and Tata Sky.
The Singapore-based entity’s Senior Managing Director and Head for India, Manish Kejriwal says: “It has been extremely challenging to raise funds in the current climate. I expect the fund-raising environment to ease a bit but still remain extremely difficult over the coming year, when funds will be smaller and fund-raising periods longer.”…………………………………..Full Article: Source

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Posted on 04 January 2010 by VRS |  Email |Print

From Business24-7.ae: The global financial distress, which has jolted major industrial powers and other nations, could also prompt those powers to end turmoil they triggered about the role of sovereign wealth funds (SWFs) before the eruption of the crisis, said Jassim Al Manai, Chairman of the Arab Monetary Fund (AMF).

In a study published in the Arabic-language newspaper Al Hayat, Manai said he anticipates post-crisis radical changes in the worldwide economic, financial, banking and monetary system, adding that reforms in the banking sector could be the quickest and most serious……………………………………Full Article: Source

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Posted on 04 January 2010 by VRS |  Email |Print

From Businessweek.com: China Investment Corp., the nation’s sovereign wealth fund, in November bought $500 million of 30-year senior convertible bonds issued by SouthGobi, according to a draft prospectus posted on the Hong Kong stock exchange’s Web site.

SouthGobi is 79 percent-owned by Ivanhoe Mines Ltd. before the Hong Kong share sale and CIC conversion of the bonds into shares, the prospectus said……………………………………Full Article: Source

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Posted on 04 January 2010 by VRS |  Email |Print

From Tradearabia.com: From Tradearabia.com: Opec member Algeria’s foreign exchange reserves reached $146 billion at the end of September, slightly higher than at the half-year stage, official news agency APS said.

Reserves stood at $144.3 billion at the end of June, up from $143.1 billion in December 2008, APS reported, citing the finance ministry……………………………………Full Article: Source

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