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Sovereign Wealth Funds Briefing 09.Aug 2010

Posted on 09 August 2010 by VRS |  Email |Print

From Business-standard.com: The government today said it had examined a proposal to set up a $5-billion sovereign wealth fund for financing overseas acquisitions by companies but decided against it.
In response to a question in the Lok Sabha, Minister of State for Finance Namo Narain Meena said that it was felt at that time that a number of avenues for funding of overseas acquisitions was available and money was not the primary constraint for Indian companies……………………………………….Full Article: Source

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Posted on 09 August 2010 by VRS |  Email |Print

From Marketwatch.com: For more than two years, quarterly dividends from Morgan Stanley rolled into a China Investment Corp. account at the healthy rate of 9% per year. It’s been a pleasant, predictable payoff to reward the Chinese sovereign wealth fund’s purchase of a $5.6 billion stake in Morgan Stanley in December 2007, just a few months after CIC was formed.
But attached to the deal was a special financing clause that, like a dark thunderstorm cloud, has been steadily growing in risk potential for CIC……………………………………….Full Article: Source

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Posted on 09 August 2010 by VRS |  Email |Print

From Scotsman.com: Should the sale of Liverpool FC to Hong Kong businessman Kenny Huang and his reputed backers, the China Investment Corporation (CIC), come to fruition, soccer wits, with dull predictability, will inevitably dub it the great Chinese takeaway.
The shock of this move comes from the fact that the CIC is, to all practical purposes, part of the Chinese government. And it is a government which, unlike most struggling under mountains of debt, has fabulous amounts of wealth……………………………………….Full Article: Source

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Posted on 09 August 2010 by VRS |  Email |Print

From China Knowledge: China Central Huijin Investment Ltd, the domestic investment arm of the nation’s sovereign wealth fund, is planning to issue more than RMB 190 billion worth of bonds in the next few months to fund major domestic commercial lenders and export-oriented financial institutions.
The report said that Central Huijin will use RMB 110 billion to participate in the share offerings of the country’s top three listed lenders, Industrial & Commercial Bank of China, China Construction Bank Corp and Bank of China……………………………………….Full Article: Source

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Posted on 09 August 2010 by VRS |  Email |Print

From Reuters: China Everbright Bank, controlled by Central Huijin, a unit of China’s $300 billion sovereign wealth fund, set a lower than expected price range for its $3 billion IPO, even after key investors pledged to buy the bulk of the shares, highlighting lingering caution over the country’s stock market.
State-controlled Everbright Bank said on Sunday the range for its Shanghai initial public offering backed up its commitment to offering value and would give the shares more upside on the secondary market……………………………………….Full Article: Source

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Posted on 09 August 2010 by VRS |  Email |Print

From Arabnews.com: Talk about Malaysian chutzpah. The country’s sovereign wealth fund (SWF), Khazanah Nasional Berhad forayed into neighboring rival Singapore’s Islamic capital market a few days ago with a landmark 5-year and a 10-year sukuk issuance in Singapore dollars.
The Khazanah 1.5 billion Singapore-dollar sukuk, which is equivalent to a $1.1 billion issuance, according to the SWF, achieved several milestones, being the largest and longest term sukuk issuance in Singapore;………………………………………Full Article: Source

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Posted on 09 August 2010 by VRS |  Email |Print

From Thisdayonline.com: Nigerians resident in the United States of America have declared support for the establishment of the Fiscal Responsibility Commission and the proposed establishment of the Sovereign Wealth Fund (SWF) in the country.
President of the Nigerian Society of South Central Pennsylvania, Mr Alexander Iloka Rajis who expressed the feeling of the Diaspora in a chat with newsmen said Nigerians abroad were excited at the prospect of setting up a Sovereign Wealth Fund. Rajis also applauded the position of the International Monetary Fund (IMF) over the idea of the Sovereign Wealth Fund……………………………………….Full Article: Source

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Posted on 09 August 2010 by VRS |  Email |Print

From Yemenpost.net: According to a report of the Central Bank of Yemen (CBY), Yemen reserves of foreign currency recorded $ 5.9 billion until end of May of this year at decrease of $ 1.4 billion compared to May of last year.
The report released earlier this week and published in governmental media showed increase in the total capital of the bank at YR 233 billion to be 1.8 trillion in end of May of 2010 against 1.6 trillion in May of last year……………………………………….Full Article: Source

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