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Sovereign Wealth Funds Briefing 17.Feb 2010

Posted on 17 February 2010 by VRS |  Email |Print

From Domain-b.com: Temasek Holdings, Singapore’s sovereign wealth fund has reduced its stake in India’s second-largest lender ICICI Bank from 8.3 per cent to 5.9 per cent.

In a filing last Friday with the US Securities and Exchange Commission (SEC), Temasek, which manages a portfolio of over $127 billion as on 31 March 2008, current has a 5.9 per cent stake representing about 65.7 million equity shares of ICICI………………………………….Full Article: Source

Posted on 17 February 2010 by VRS |  Email |Print

From Gulf-times.com: Jeddah-based Islamic Development Bank (IDB) is tapping Qatar’s sovereign wealth fund as well as other government and private entities as the bank seeks to double financing for agriculture sector in developing countries.

“We are going in for talks with Qatari institutions,” IDB vice president Abdul Aziz al-Hinai told reporters on the sidelines of a function to mark the IDB Group day, which was attended by Finance Minster HE Yousef Hussein Kamal, Qatar Central Bank governor HE Sheikh Abdullah bin Saud al-Thani and IDB president Ahmed Mohamed Ali………………………………….Full Article: Source

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From Businessweek.com: Transurban Group, the Australian toll-road operator, said it hasn’t received any further takeover approaches from two Canadian pension funds since rejecting their A$6.8 billion ($6.1 billion) offer in November. Australia’s sovereign wealth fund, the Future Fund, which said in December it may join the Canadians’ bid, also hasn’t made any approach, Transurban said.

The directors of Transurban, which said the proposal from Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan undervalued the group, today said its corporate advisor Lazard agrees with the company’s own view of its value, Transurban said in a statement………………………………….Full Article: Source

Posted on 17 February 2010 by VRS |  Email |Print

From Agmetalminer.com: It would seem China can’t get enough of gold. The authorities were overtly encouraging the population to buy gold from the middle of last year, many said as an attempt to sop up excess consumer liquidity although we suspect if they really wanted to do that they would be pushing the banks to offer high savings rates and withdrawing the stimulus measures designed to encourage spending.
China has been a significant market for jewelry use and with a rising sense of affluence that has continued to grow………………………………….Full Article: Source

Posted on 17 February 2010 by VRS |  Email |Print

From Allafrica.com: Political rather than economic considerations were behind the sharing of Nigeria’s excess crude account by the three tiers of government. From a robust sum of $20 billion in January 2009, the account has now been reduced to $4.2 billion through successive withdrawals from the account.

While the need for economic development was always advanced for the sharing of the money, lack of development in all spheres of the nation’s building has shown otherwise………………………………….Full Article: Source

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From Apa.az: Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on February 16, 2010 the representatives of the US Congress.

Mr. Movsumov briefed the guests on the Fund’s activity, management of its assets, Sovereign Wealth Funds, major projects financed by the Fund. He talked about SOFAZ’s leading role in implementation of the Extractive Industries Transparency Initiative (EITI)………………………………….Full Article: Source

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From Abc.az: Referring to World Bank’s conclusions, Azerbaijani experts claim of jeopardy of the project of expansion of Samur Absheron Channel Complex to the region. One of the experts stated that the WB research of the situation with the Caspian Sea do not leave doubts that the level of the basin is going to raise.

“In this connection the Bank recommends the littoral states to refrain themselves from projects to promote to water level rise. And Azerbaijan keeps on increasing the burden on the coastal area connected with the Caspian water area through natural drainage system………………………………….Full Article: Source

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From Indiatimes.com: Dubai World will have to sell more assets in order to restructure about 22 billion dollars of debt owed by the state-owned conglomerate’s subsidiaries, global ratings agency Moody’s said.
“We believe that further major asset sales will constitute one of the conditions of any amicable restructuring agreement with Dubai World’s creditor banks,” said Philipp Lotter, senior vice president of Moody’s in Dubai………………………………….Full Article: Source

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From Thenational.ae: Mubadala Development’s aerospace division seems to be on a bull run. It has already launched Strata, a business in Al Ain to make fuselage parts for the world’s biggest aeroplane makers, and signed co-operation agreements with a who’s who of the top-tier aerospace and defence companies from Europe and the US to pursue joint ventures in Abu Dhabi.

With names such as Rolls-Royce, GE, Boeing and Sikorksy, the partnerships Mubadala is forging will ensure aerospace will be an important driver in Abu Dhabi’s future economy………………………………….Full Article: Source

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From Businessweek.com: The Gulf Arab region pumps more than 20 percent of the world’s crude oil and is home to some of the world’s biggest sovereign wealth funds.
The Abu Dhabi Investment Authority managed $328 billion at the end of 2008, the Kuwait Investment Authority had $228 billion of assets and the Qatar Investment Authority $58 billion, according to estimates by economists at the New York-based Council on Foreign Relations………………………………….Full Article: Source

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From WSJ: Libya, once shunned by much of the international community, is in the process of opening up its economy. The country’s sovereign wealth fund, the Libyan Investment Authority, is quietly building a portfolio of international assets.

Libya has recently become a familiar presence in Italian business, taking a minority stake in the country’s biggest energy company Eni SpA………………………………….Full Article: Source

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From Businessweek.com: Zain expects a return of as much as $5 billion from selling most of its African operations to Bharti Airtel Ltd. in a deal that would almost halve its assets. Kuwait Investment Authority, the emirate’s sovereign wealth fund, is Zain’s biggest shareholder with about 25 percent.
Bharti, South Asia’s biggest mobile-phone company, and Zain said yesterday they entered into exclusive talks under which the Indian company would buy the African assets for $10.7 billion. Bharti will pay $10 billion when the deal is completed and the rest a year later, Zain said in a statement on the Kuwait Stock Exchange Web site today………………………………….Full Article: Source

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From UPI: R.P. Eddy of Ergo, a consulting firm, said, “a lot of sovereign wealth funds have a vested interest in seeing the United States stabilize. But some wealth fund coming in to save the day? That is not going to happen.”

Paul O’Brien, head of fixed-income strategy at the Abu Dhabi Investment Authority, said the U.S. government was likely to step in with a new program to support the housing market………………………………….Full Article: Source

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Temasek Holdings (Temasek) is an Asian investment company based in Singapore. The company managed investment portfolio with a net value of about SGD 127 billion as of November 30, 2008. The company has a diversified investment portfolio with investments in industries such as energy and resources, financial services, media, property, education, telecommunications, consumer and lifestyle, pharmaceuticals, transportation and logistics, infrastructure, engineering, technology and biosciences. The company’s diversified portfolio includes the investments in principal geographic regions including the OECD economies, North Asia, ASEAN, South Asia, Singapore and others………………………………….Full Press Release: Source

Posted on 17 February 2010 by VRS |  Email |Print

From Businessweek.com: China’s ownership of U.S. government debt fell in December by the most since 2000, allowing Japan to regain the position as the largest foreign holder of Treasury securities.

Japan’s holdings rose 1.5 percent in December to $768.8 billion while China’s dropped 4.3 percent to $755.4 billion, Treasury Department figures today showed. China allowed its short-term Treasury bills to mature and replaced them with a smaller amount of longer-term notes and bonds, the data showed………………………………….Full Article: Source

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From Balkans.com: Serbia’s euro-denominated hard currency reserves rose by 44 million euros to 10.6 billion euros in January, mainly due to disbursement of loans from the World Bank and European Investment Bank (155.2 million euros).

Also contributing were mandatory foreign exchange reserves (36.4 million euros net) at the central bank from commercial lenders, the National Bank of Serbia said in a statement………………………………….Full Article: Source

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