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Sovereign Wealth Funds Briefing 22.Feb 2010

Posted on 22 February 2010 by VRS |  Email |Print

From Rnzi.com: Papua New Guinea’s Institute of National Affairs says it’s essential that a well-designed sovereign wealth fund be set up to manage projected revenue from PNG’s Liquified Natural Gas project.

This follows a comment from the head of the United Nations Development Programme that the organisation wants to help PNG establish the best sovereign fund it can so that the money is tied up for future generations…………………..Full Article: Source

Posted on 22 February 2010 by VRS |  Email |Print

From Timesonline.co.uk: Glencore, the Swiss commodities trader, is sounding out potential partners as it prepares to buy back the $2.5 billion Prodeco coalmine owned by Xstrata. The Swiss trading group is understood to be discussing a possible deal with Vale, the Brazilian miner, and GIC, the Singaporean sovereign wealth fund.

It is also believed to have held talks with First Reserve, a US-based investment fund, and Alpha Natural Resources, an American coal producer…………………..Full Article: Source

Posted on 22 February 2010 by VRS |  Email |Print

From China Knowledge: China Investment Corp, the country’s US$300 billion sovereign wealth fund, will keep expanding in the overseas markets by agreeing to invest a combined US$1.5 billion in the private equity secondary market, sources reported.

Reportedly, CIC will open custom accounts with Lexington Partners, Goldman Sachs and Pantheon Ventures, which each gained mandates to manage US$500 million for the sovereign fund in special accounts…………………..Full Article: Source

Posted on 22 February 2010 by VRS |  Email |Print

From Pressrun.net: The Economic Survey of 2009, released today by the Ministry of Trade and Industry, Singapore, notes how the government fought the recession. The centrepiece of Budget 2009 was the 20.5 billion Singapore dollar (SGD20.5 billion) Resilience Package, it says.

The stimulus worked. Singapore is out of the recession with overall unemployment down to 2.1 per cent…………………..Full Article: Source

Posted on 22 February 2010 by VRS |  Email |Print

From Timesonline.co.uk: Dubai World will present its banks with a restructuring proposal for its $22 billion (£13.5 billion) debts by the end of next month.

An insider close to the Dubai Government said that the struggling state-owned conglomerate will finalise a complete valuation of the group’s assets by the end of February and will have a restructuring offer on the table within the following four weeks…………………..Full Article: Source

Posted on 22 February 2010 by VRS |  Email |Print

From Themalaysianinsider.com: The Barisan Nasional federal government yesterday argued why states in the Malay peninsula are not entitled to oil royalty, but was silent about its decision to resume paying the 5 per cent cash payment direct to oil-rich Terengganu.

The Information, Communication and Culture Ministry took out full page advertisements in Malay weeklies listing eight questions and answers to rebut Tengku Razaleigh Hamzah’s argument that Kelantan and all other states are entitled to the 5 per cent oil royalty under the Petroleum Development Act 1974…………………..Full Article: Source

Posted on 22 February 2010 by VRS |  Email |Print

From Arabnews.com: In Saudi Arabia, the establishment of a new sovereign wealth fund (SWF), Hassana Investment Company, which will invest in real estate and commercial projects, and stock markets in the Middle East and overseas, may be a potentially significant development for the Islamic finance sector.
Hassana’s mandate is to be the fund manager of the assets of the General Organization for Social Insurance (GOSI), the social security and pension agency of the Kingdom…………………..Full Article: Source

Posted on 22 February 2010 by VRS |  Email |Print

From Guardian: Back in 2007, Norway’s $455bn sovereign wealth fund had made a decision to bet on the misfortune of Iceland’s banking sector. Iceland was furious, and the Norwegians retreated. Yet a small band of Scandinavian economists and bankers remained utterly unconvinced by the stability of Iceland’s banks.
Concerns centred on overinvestment in retail, leisure and property in northern Europe and the UK at the peak of a consumer boom. The Iceland bank sceptics pinged around emails depicting a spider’s web of overlapping ownership. Funding dried up, and credit markets indicated Icelandic banks were the riskiest in Europe…………………..Full Article: Source

Posted on 22 February 2010 by VRS |  Email |Print

From Reuters: The head of Dutch ABP, the world’s third-largest sovereign pension fund, has resigned over an investigation into a failed savings bank where he once sat on the board, ANP-Reuters said.

Ed Nijpels sent a letter to ABP’s board late Friday saying he could not continue given the investigation into the collapse of DSB and the likely months of public debate after its release, the agency said…………………..Full Article: Source

Posted on 22 February 2010 by VRS |  Email |Print

From Nytimes.com : The Simon Property Group is in preliminary talks with the Blackstone Group and sovereign wealth funds about making a potential joint bid for General Growth Properties, the bankrupt mall operator, people briefed on the matter said.
The talks, which come after General Growth rejected Simon’s unsolicited $10 billion bid for the company, are in early stages and might not lead to a joint bid, these people said…………………..Full Article: Source

Posted on 22 February 2010 by VRS |  Email |Print

From Saba: Yemen reserves of the foreign currency have recorded in 2009 nearly $7 billion, backing by $1.15 billion more than in the 2008 reserves which amounted to about $8.15 billion.

A report issued by the Central Bank of Yemen (CBY) obtained by Saba, showed that the bank’s total balance sheet reached nearly YR1.8 trillion, with a slight increase hit YR 8 billion more than in 2008…………………..Full Article: Source

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