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Sovereign Wealth Funds Briefing 04.Aug 2010

Posted on 04 August 2010 by VRS |  Email |Print

From Bloomberg: Taiwan’s government, with stakes in companies from China Steel Corp. to Land Bank of Taiwan, said it’s considering setting up a state investment firm similar to Singapore’s Temasek Holdings Pte to manage the island’s assets.
A group of academics and experts were asked to submit a proposal by the end of this year on setting up a committee or investment company to manage resources and boost returns, Finance Minister Lee Sush-der said in an interview today……………………………………….Full Article: Source

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Posted on 04 August 2010 by VRS |  Email |Print

From Thehindubusinessline.com: New Delhi’s proposal to establish a $10-billion sovereign wealth fund should be treated with caution. The necessary preconditions for setting up a SWF are squarely lacking in India. Besides, the purported objectives of the fund to pursue strategic investment opportunities abroad are highly debatable.
It appears that New Delhi is blindly following a “me-too” approach rather than understanding the rationale behind setting up such funds. What are sovereign wealth funds? In simple terms, SWF is a large pool of assets and investments owned and managed (directly or indirectly) by a national or state government……………………………………….Full Article: Source

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Posted on 04 August 2010 by VRS |  Email |Print

From WSJ: In a major push into the battered U.S. commercial real-estate market, China’s $300 billion sovereign-wealth fund is in advanced talks with Harvard University’s endowment to buy its stakes in half a dozen U.S.-focused real-estate funds for about $500 million, according to people familiar with the matter.
The deal would follow commitments that China Investment Corp., or CIC, has made to invest $1 billion in funds managed by Brookfield Asset Management, headquartered in both Toronto and New York, and $1 billion to Cornerstone Real Estate Advisers, of Hartford, Conn., people with knowledge of the situation say……………………………………….Full Article: Source

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Posted on 04 August 2010 by VRS |  Email |Print

From Thejakartaglobe.com: China Investment Corporation may invest as much as $25 billion in Indonesia’s energy, mining and infrastructure sectors, potentially providing a huge boost to foreign investment and improving the country’s chances of receiving an investment-grade debt rating.
State Enterprises Minister Mustafa Abubakar said China’s $300 billion sovereign wealth fund had expressed interest in investing in three of Indonesia’s state firms — coal miner Tambang Batubara Bukit Asam, electricity utility Perusahaan Listrik Negara and port operator Pelabuhan Indonesia II (Pelindo II)……………………………………….Full Article: Source

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Posted on 04 August 2010 by VRS |  Email |Print

From Dow Jones: China Investment Corp. sold another $90.5 million of Morgan Stanley’s (MS) stock–the latest in a series of transactions–according to a regulatory filing late Tuesday.
Over a nearly two-week period, the sovereign wealth fund has now sold more than 20 million shares of the investment bank for proceeds of $557.3 million. CIC may be selling the stock to keep its ownership stake under 10% to avoid closer regulatory scrutiny……………………………………….Full Article: Source

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Posted on 04 August 2010 by VRS |  Email |Print

From Dow Jones: Malaysian sovereign wealth fund Khazanah Holdings has raised S$1.85 billion through a syndicated loan, a person familiar with the transaction said Tuesday.
The proceeds of the loan will be used to partially fund Khazanah’s general offer for Singapore healthcare group Parkway Holdings……………………………………….Full Article: Source

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Posted on 04 August 2010 by VRS |  Email |Print

From Thestar.com.my: Khazanah Nasional Bhd has issued a 5-year and a 10-year sukuk for S$1.5bil (RM3.6bil) – its single largest sukuk issuance to-date.
In a late statement, the country’ sovereign wealth fund said the Khazanah Singapore dollar sukuk, issued at nominal value, was priced through an accelerated book building process on Aug 3 and at the tightest end of the price guidance at 2.615% and 3.725% for the 5-year and 10-year sukuk, respectively……………………………………….Full Article: Source

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Posted on 04 August 2010 by VRS |  Email |Print

From Radioaustralia.net.au: The Asian Development Bank says the Papua New Guinea government’s massive drawdown on the nation’s trust funds in 2009 was not necessary.
And the ADB has urged the PNG government to deal with the problem before it sets up its new sovereign wealth fund……………………………………….Full Article: Source

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Posted on 04 August 2010 by VRS |  Email |Print

From Arabtimesonline.com: Kuwait’s sovereign wealth fund and BP Plc on Monday denied a local newspaper report that the embattled oil giant had asked the fund to raise its stake in the company to 3 percent, to fend off potential takeover bids.
“The Kuwait Investment Authority did not receive an offer from BP to increase its stake,” KIA said in a statement. “There is no truth in this story. It’s a rumour and speculation,” BP spokeswoman Sheila Williams said in a statement……………………………………….Full Article: Source

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Posted on 04 August 2010 by VRS |  Email |Print

From Bloomberg: Kuwait is satisfied with its stake in BP Plc and may increase its holding if market conditions are favorable, the Persian Gulf nation’s oil minister said.
“We already have a stake there,” Sheikh Ahmad al-Abdullah al-Sabah told reporters in Moscow today. “If Kuwait investment authorities see that there are more attractive opportunities, I am sure they will take them depending on the situation in the market.”………………………………………Full Article: Source

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Posted on 04 August 2010 by VRS |  Email |Print

From Reuters: ArcelorMittal executive Jean-Yves Gilet has been chosen to head France’s state-backed FSI investment fund, the Economy Ministry and state bank Caisse des Depots said in a joint statement on Tuesday.
Gilet will take the reins in September and replace outgoing Chief Executive Gilles Michel, who announced in June he was leaving for minerals company Imerys, the statement said……………………………………….Full Article: Source

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Posted on 04 August 2010 by VRS |  Email |Print

From Dow Jones: Brazil’s foreign-currency reserves increased $4.19 billion in July from the previous month, amid continued dollar purchases in the foreign exchange market by the monetary authority, according to figures published on the bank’s website Tuesday.
Foreign reserves totaled $257.3 billion as of July 30, up from $253.1 billion at the end of June……………………………………….Full Article: Source

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