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Sovereign Wealth Funds Briefing 22.Sep 2010

Posted on 22 September 2010 by VRS |  Email |Print

From Reuters: The chief executive of Libya’s sovereign wealth fund said on Tuesday all relations between Libya and Italian lender Unicredit (CRDI.MI) were handled by the Libyan central bank.
Both the central bank and Libyan Investment Authority (LIA) hold stakes in Unicredit whose management has said the growing Libyan shareholdings did not violate bank rules because they were independent of each other……………………………………….Full Article: Source

Posted on 22 September 2010 by VRS |  Email |Print

From Gulfnews.com: Libya’s central bank sought to deflect criticism from Italian politicians and a top shareholder about its stake-building in UniCredit. A financial source said on Friday the Libyan Investment Authority, Tripoli’s sovereign wealth fund, had raised its holding to 2.59 per cent.
Italian market regulator Consob and the Bank of Italy have requested clarification on the stakes and whether the two investors are independent of each other. Bank rules bar a shareholder from having a voting stake of more than 5 per cent……………………………………….Full Article: Source

Posted on 22 September 2010 by VRS |  Email |Print

From Tradearabia.com: Birmingham council leaders are in talks with Middle East sovereign funds, hoping to plug a budget hole selling some of the billions of pounds of trophy assets owned by Britain’s second city.
The NEC - the country’s biggest exhibition centre, prime real estate and a stake in Birmingham Airport could all be up for grabs, councillors said, as they look to fund big capital projects at a time when the national government is demanding deep spending cuts……………………………………….Full Article: Source

Posted on 22 September 2010 by VRS |  Email |Print

From Theglobeandmail.com: The fund that manages Norway’s massive oil and gas wealth has been buying Greek bonds. It hasn’t stopped with that risky call, and is also loading up on the unloved bonds of Portugal and Spain, among others.
The move by the highly regarded fund has focused attention on the investment merits of Europe’s high-yielding sovereign bonds, which in the case of Greece are offering about 11.5 per cent if held to maturity, while those of Portugal clock in at about 6.3 per cent, both for 10-year terms……………………………………….Full Article: Source

Posted on 22 September 2010 by VRS |  Email |Print

From Gulf-daily-news.com: Bahrain has always led the way in implementing change across the Gulf, according to Mumtalakat Holding Company chief executive officer Talal Alzain. So it was natural for Mumtalakat itself to set an example in becoming more transparent and introducing a higher level of governance, he said in an interview in the autumn issue of The Bahrain Banker magazine.
The magazine, published by the Bahrain Association of Banks (BAB), devotes its cover story to Mr Alzain’s plans for Mumtalakat following an international roadshow and the successful raising of $750 million in the capital markets by the sovereign wealth fund earlier this year……………………………………….Full Article: Source

Posted on 22 September 2010 by VRS |  Email |Print

From Reuters: Aluminium Bahrain (Alba), owned by the country’s sovereign wealth fund Mumtalakat, plans to launch an initial public offering (IPO) later this year, its chairman said on Tuesday.
“The listing will definitely happen this year,” Mahmood Hashim Al Kooheji told Reuters, confirming what sources familiar with the matter earlier told Reuters……………………………………….Full Article: Source

Posted on 22 September 2010 by VRS |  Email |Print

From Reuters: Chinese property firm Sunac China Holding Ltd has secured China Investment Corp (CIC), China’s $300 billion sovereign wealth fund, in its up to $385 million Hong Kong IPO, a source told Reuters on Tuesday.
China’s CIC will buy $25 million worth of shares from the institutional tranche of Sunac’s IPO, said the source, who has direct knowledge of the deal but declined to be named due to the sensitive nature of the matter……………………………………….Full Article: Source

Posted on 22 September 2010 by VRS |  Email |Print

From China Knowledge: Industrial and Commercial Bank of China, the world’s most profitable bank, yesterday announced that the Ministry of Finance and the Central Huijin Investment Ltd, the domestic investment arm of the nation’s sovereign wealth fund, China Investment Corp, will fully participate in ICBC’s rights issue plans, sources reported.
In Jul. 28, ICBC said that it had secured approval from the board of directors to raise as much as RMB 45 billion via a rights issue in Hong Kong and Shanghai to replenish its capital……………………………………….Full Article: Source

Posted on 22 September 2010 by VRS |  Email |Print

From Theglobeandmail.com: The head of BHP Billiton is warning Canada that a Chinese-led rival bid to his company’s $38.6-billion (U.S.) hostile takeover offer for Potash Corp. would reduce government revenue by giving too much pricing influence to a major customer of the coveted crop nutrient. China Investment Corp. (CIC) paid $817-million (Canadian) earlier this year for a 45-per-cent stake in an Alberta oil sands project.
Marius Kloppers, the chief executive officer of Australia’s BHP, said that because China is among the world’s largest consumers of potash, any Chinese state-owned enterprise allowed to purchase a major stake in Potash Corp. would seek to drive down the price of the commodity……………………………………….Full Article: Source

Posted on 22 September 2010 by VRS |  Email |Print

From Rediff.com: GIC, Singapore government investment vehicle, and Qatar Holding, sovereign wealth fund, are seen as potential cornerstone investors given their sub-underwriting roles in the Prudential’s planned takeover, but a number of other wealthy Asian and mainland Chinese funds or individuals could also be involved.
Insurer American International Group is planning to list its Asian life insurance unit AIA in Hong Kong on October 29 in a move to raise over $15 billion, says a report……………………………………….Full Article: Source

Posted on 22 September 2010 by VRS |  Email |Print

From Newsminer.com: Most Alaskans’ bank accounts will grow by $1,281 next month when the first of the 2010 Alaska Permanent Fund dividends will be distributed. Gov. Sean Parnell, in a much anticipated announcement Tuesday, revealed the dividend amount, ripping it from a gold-sealed envelope in front of TV cameras.
The annual dividend is paid from investment earnings from the state’s $35.7-billion savings account……………………………………….Full Article: Source

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