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Sovereign Wealth Funds Briefing 02.Sep 2010

Posted on 02 September 2010 by VRS |  Email |Print

From Reuters: Sovereign wealth funds, a $3 trillion industry managing windfall revenues for future generations, arguably need a set of benchmarks different from those used by other private investors as they are state-owned.
Andrew Ang, an associate at U.S. National Bureau of Economics and a professor at Columbia Business School, proposes the following four benchmarks in a recent paper distributed to SWFs……………………………………….Full Article: Source

Posted on 02 September 2010 by VRS |  Email |Print

From Thebanker.com: Global corporate mergers and acquisitions involving sovereign wealth funds (SWFs) increased to more than $12bn in the second quarter of 2010 - a rise of $11bn from the previous quarter, according to data from Thomson Reuters. The number of deals rose to 33 from 24 between January and March.
Many SWF balance sheets suffered during the financial crisis due to ill-timed investments into Western financial institutions, which lost about $80bn……………………………………….Full Article: Source

Posted on 02 September 2010 by VRS |  Email |Print

From Bloomberg: The Libyan Investment Authority, a sovereign wealth fund, may raise its stake in UniCredit SpA to about 5 percent, Italian daily La Stampa reported, without saying where it got the information.
That would bring the combined stakes held by Libya, through the fund and its central bank, to almost 10 percent, the newspaper reported……………………………………….Full Article: Source

Posted on 02 September 2010 by VRS |  Email |Print

From Investinbrazil.biz: Hassad Food, owned and controlled by the Qatar sovereign wealth fund is keen on acquiring a sugar project in Brazil. In the report, Hassad Food plans to acquire a sugar project in Brazil with a capacity to produce 25 million tons yearly.
According to the news report, the move is aimed at securing sugar supplies as it seeks to bolster its supplies. The news report quoted Hassad Food’s chairman as having reiterated the Brazilian business plans. Qatar, just like the other states in the Gulf imports most of its food requirements and securing future food supplies comes naturally as a priority for the government, said the report……………………………………….Full Article: Source

Posted on 02 September 2010 by VRS |  Email |Print

From Nationalpost.com: The U.S. Federal Reserve yesterday approved China Investment Corp.’s bid to buy up to a 10% voting stake in investment giant Morgan Stanley. The U.S. central bank and regulator said the government-backed wealth fund was free to buy up the 10% stake, noting that CIC had vowed not to try to control how the U.S. firm is run.
“Based on the foregoing and all the facts of record, the board has approved CIC’s application to acquire up to 10% of the voting shares of Morgan Stanley,” it said……………………………………….Full Article: Source

Posted on 02 September 2010 by VRS |  Email |Print

From Independent: Chinese regulators are considering an investigation into BHP Billiton’s proposed $40bn (£26bn) takeover of Potash Corporation of Saskatchewan. The Middle Kingdom’s sovereign wealth fund and the state-owned fertiliser company, Sinofert, were both tipped as possible white-knight bidders to help push up the share price towards the $150-plus that PotashCorp is thought to want.
According to local media reports, the Chinese monopolies watchdog is weighing up inquiries into both BHP’s takeover bid and into the proposed merger between two Russian potash suppliers, Uralkali and Silvinit……………………………………….Full Article: Source

Posted on 02 September 2010 by VRS |  Email |Print

From WSJ: Spain hopes China will increase its investment in Spanish government debt, Prime Minister José Luis Rodríguez Zapatero said. The State Administration of Foreign Exchange, which manages the reserves, and China Investment Corp., the nearly three-year-old fund set up to manage a $200 billion chunk of the reserves more aggressively, are both constantly approached by foreign companies soliciting investments.
Zapatero made the comments in a group interview with Chinese media Tuesday, during a brief stop in Beijing after visiting the World Expo in Shanghai……………………………………….Full Article: Source

Posted on 02 September 2010 by VRS |  Email |Print

From Business-standard.com: State-owned Nalco today said it is considering selling stake in its $3.9 billion (over Rs 18,000 crore) aluminium project in Indonesia in lieu of acquiring equity in coal mines in the island country. Nalco holds 76 per cent stake in the Indonesian project, while RAK Minerals & Metals Investments, a unit of RAK Investment Authority, holds 24 per cent.
“We are open to selling stake in the aluminium project to the firm, which offers us its coal mines. In return, we will acquire stake in the coal mine offered to us,” Nalco Director Finance B L Bagra said……………………………………….Full Article: Source

Posted on 02 September 2010 by VRS |  Email |Print

From Csr-asia.com: Last week, the Malaysian newspaper The Star published an unusual article. It reported that the Norwegian Government Pension Fund’s (NGPF), one of the world’s largest sovereign wealth funds, announced that it would divest its holdings in Samling Global, a Malaysian forestry company listed on the Hong Kong Stock Exchange “due to an unacceptable risk of contributing to current and future severe environmental damage” from its activities in Sarawak, Malaysia and Guyana.
The pension fund had in its funds approximately USD1.3 million shares in Samling Global……………………………………….Full Article: Source

Posted on 02 September 2010 by VRS |  Email |Print

From Itar-Tass: Russia’s Reserve Fund has accumulated 1.229 trillion roubles by September 1, 2010 (USD 1 = RUB 30.80), the Prime Tass economic news agency said on Wednesday, quoting an official report of the Russian Finance Ministry.
By the reporting date, the Sovereign Wealth Fund amounted to 2,671.54 billion roubles, or 87.12 billion U.S. dollars, Prime Tass said……………………………………….Full Article: Source

Posted on 02 September 2010 by VRS |  Email |Print

From Theaustralian.com.au: Global currency trading volume has hit $US4 trillion a day as investors in rich nations move out of home markets amid economic turmoil.
The $US4 trillion ($4.48 trillion) mark represents a 20 per cent gain from $US3.3 trillion in 2007, the last time the global forex markets were surveyed, according to the Bank for International Settlements……………………………………….Full Article: Source

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