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Sovereign Wealth Funds Briefing 23.Sep 2010

Posted on 23 September 2010 by VRS |  Email |Print

From Brecorder.com: Brazil’s government authorised on Monday the use of its sovereign wealth fund to buy US dollars in the foreign exchange market, as part of an effort aimed at stemming a recent rally in the local currency. The government set no limit on the amount of dollars that can be purchased by the $10.4 billion fund to curb a more than 4 percent rally in Brazil’s real since late June, the finance ministry said in a statement.
The fund was created last year to help finance overseas expansion by Brazilian companies, and its use in the currency markets has been considered for months. The move gives the government another tool in its fight against the appreciation of the local currency that threatens to hamper exports and slow economic growth……………………………………….Full Article: Source

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Posted on 23 September 2010 by VRS |  Email |Print

From Bloomberg: Brazil’s currency fell further today after Finance Minister Guido Mantega’s comments on the country’s sovereign wealth fund added to speculation the government may step up dollar purchases soon.
The real, which was already declining when Mantega spoke, fell 0.4 percent to 1.7183 per U.S. dollar today after gaining as much as 0.4 percent earlier……………………………………….Full Article: Source

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Posted on 23 September 2010 by VRS |  Email |Print

From Publicpropertyuk.com: Birmingham City Council has denied claims that it wants to sell assets including the NEC (National Exhibition Centre) to Middle Eastern investors. Council leader Mike Whitby said yesterday that he was in talks with sovereign wealth funds about “partnership” deals that would use key assets to plug the authority’s £330m budget gap.
He said that stakes in the NEC, Symphony Hall, the International Convention Centre and the National Indoor Arena could all be used to raise funds……………………………………….Full Article: Source

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Posted on 23 September 2010 by VRS |  Email |Print

From WSJ: The ouster of UniCredit SpA Chief Executive Alessandro Profumo after his courtship of Libyan investment shows the growing sensitivity in Italy to its former colony’s involvement in the Italian economy.
Alessandro Profumo resigned Tuesday after years of feuding with UniCredit shareholders over a variety of issues. But the trigger for his departure was his defense of the Libyan investors in Italy’s largest bank who supported his decisions as CEO which appeared to strengthen his control over UniCredit……………………………………….Full Article: Source

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Posted on 23 September 2010 by VRS |  Email |Print

From Tradearabia.com: 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.
‘The listing will definitely happen this year,’ Mahmood Al Kooheji said, confirming what sources familiar with the matter earlier said……………………………………….Full Article: Source

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Posted on 23 September 2010 by VRS |  Email |Print

Perella Weinberg Partners, a leading financial services firm providing corporate advisory and asset management services to clients globally has opened its latest office in Abu Dhabi, United Arab Emirates. The firm already has strong ties to the Middle East and counts a number of the region’s sovereign wealth funds among its clients.
Joseph Perella, Chairman and Chief Executive Officer of Perella Weinberg Partners, said, “We are very pleased to be opening our Abu Dhabi office. This is an important development in our firm’s continuing commitment to an exceedingly important region of the world, and we are enthusiastic about the growth prospects for both our advisory and asset management businesses.”………………………………………Full Press Release: Source

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Posted on 23 September 2010 by VRS |  Email |Print

From Bernama: The recent decision by the Norwegian Government Pension Fund to divest its stake in the company gave a wrong message about its logging operations, said Sarawak-based Samling Global Ltd.
Samling said it has endeavoured to safeguard its reputation as a public limited company because it was sensitive to market sentiments and public perception……………………………………….Full Article: Source

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Posted on 23 September 2010 by VRS |  Email |Print

From Smh.com.au: The New Zealand Superannuation Fund’s 60 per cent exposure to global equities has cost it in August, helping produce a $NZ230 million ($A177.7 million) loss in the month.
The fund made a negative return of 1.37 per cent in August compared to a positive 4.76 per cent return in July. It has made a 5.85 per cent annualised return since inception in the 2003/04 year……………………………………….Full Article: Source

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Posted on 23 September 2010 by VRS |  Email |Print

From Businessweek.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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