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Sovereign Wealth Funds Briefing 06.Oct 2010

Posted on 06 October 2010 by VRS |  Email |Print

From Bloomberg: Norway’s sovereign wealth fund, the world’s second largest, proposed to add infrastructure and private equity investments to increase and safeguard returns on the money it manages for future generations.
“The fund is well-suited to harvesting the liquidity premium from such investments, as the fund has no short-term liquidity needs,” the Government Pension Fund Global said in a letter that was released today with Norway’s 2011 budget……………………………………….Full Article: Source

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Posted on 06 October 2010 by VRS |  Email |Print

From Reuters: Norway’s $470 billion sovereign wealth fund should refrain from earmarking funds specifically for green projects, the central bank said as Norway debates expanding its investment universe to include private equity.
The central bank-run wealth fund — the world’s second largest after that of the United Arab Emirates — and the fund’s owner, the Norwegian government, have been in a tug-of-war over whether the SWF should earmark funds for environmental projects……………………………………….Full Article: Source

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Posted on 06 October 2010 by VRS |  Email |Print

From AP: Norway on Tuesday unveiled next year’s budget plans aimed at curbing expenditure after the oil-rich country recovers from an economic downturn with a slightly upturned outlook for 2011.
The Finance Ministry proposed to cut excess spending from oil and gas proceeds to 7.4 billion kroner ($1.2 billion; euro880 million) — from 19 billion kroner this year……………………………………….Full Article: Source

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Posted on 06 October 2010 by VRS |  Email |Print

From Reuters: Norway announced on Tuesday that it was setting up a strategy council for its $471 billion oil-based sovereign wealth fund, which will publish its first report by Dec. 1, 2010.
“Such independent and critical reviews will provide useful professional input while fostering greater transparency and discussion about important issues related to the long-term investment strategy of the Fund,” Finance Minister Sigbjoern Johnsen said in a statement……………………………………….Full Article: Source

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Posted on 06 October 2010 by VRS |  Email |Print

From Bloomberg: Investment bankers for General Motors Co. have met with sovereign wealth funds and private investors in the Middle East and Asia to gauge interest in the automaker’s planned stock sale, said two people familiar with the meetings.
GM’s bankers had planned to approach Riyadh, Saudi Arabia- based Kingdom Holding Co., Abu Dhabi-based Mubadala Development Co., Qatar Holdings LLC and Singapore-based Temasek Holdings Pte. about GM’s initial public offering, said one of the people, who asked not to be named because the discussions are private……………………………………….Full Article: Source

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Posted on 06 October 2010 by VRS |  Email |Print

From Arabianbusiness.com: The presence of the vast sovereign wealth funds (SWFs) in the Middle East is sidelining the local private equity community, a leading US executive has said.
“As Middle East investors have grown in maturity, they don’t like these funds much,” Tom Barrak, chairman of US real estate private equity giant Colony Capital, said………………………………………Full Article: Source

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Posted on 06 October 2010 by VRS |  Email |Print

From Tradearabia.com: Bahrain’s sovereign wealth fund Mumtalakat plans to float up to 11.47 per cent of its stake in Aluminium Bahrain (Alba) in an initial public offering (IPO) planned for later this year.
In a statement on Tuesday, Alba said Mumtalakat plans to sell up to 163 million ordinary shares in the firm. An Alba spokesman said the company had 1.42 billion shares outstanding……………………………………….Full Article: Source

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Posted on 06 October 2010 by VRS |  Email |Print

From Bloomberg: Aluminium Bahrain BSC, operator of an 850,000 metric-tons-a-year smelter, hired JPMorgan Chase & Co. and Citigroup Inc. to manage the possible sale of as much as 11.5 percent of its shares on local and international exchanges.
Bahrain Mumtalakat Holding Co., the Persian Gulf nation’s sovereign wealth fund, may sell as many as 163 million shares, with ordinary stock listed on the Bahrain exchange and global depository receipts on the London bourse, Alba, as the smelter is known, said in an e-mailed statement today. The company has about 1.42 billion shares outstanding, a spokesman said……………………………………….Full Article: Source

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Posted on 06 October 2010 by VRS |  Email |Print

From Macauhub.com.mo: Libya plans to build a five star hotel in the centre of the city of Sao Tome, a project expected to cost US$35 million, the prime minister of Sao Tome, Patrice Trovoada said. The prime minister noted that construction of the hotel would be funded by Libya’s sovereign fund and that work could, “begin this year.”
Trovoada also said that, as well as the hotel, Libya also planned to build a condominium at Praia Governador, (near the international airport)……………………………………….Full Article: Source

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Posted on 06 October 2010 by VRS |  Email |Print

From Reuters: China Investment Corp would like to bid for Russian state assets in a sale that is expected to raise $50 billion, as the fund shifts focus to emerging markets, a CIC vice president said on Tuesday.
“We would like to take part in privatisation,” Jesse Wang, executive vice president at the $300 billion sovereign wealth fund, said on a visit to Moscow……………………………………….Full Article: Source

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Posted on 06 October 2010 by VRS |  Email |Print

From Gulf-times.com: Qatari companies are taking advantage of declining borrowing costs as the country with stakes in J Sainsbury and Volkswagen seeks to raise funds for expansion. Qatar’s sovereign wealth fund, the Qatar Investment Authority, bought Harrods Ltd department store this year and a stake in Agricultural Bank of China Ltd.
The fund may invest $30bn in 2010, Prime Minister HE Sheikh Hamad bin Jassim bin Jabor al-Thani said in March. ………………………………………Full Article: Source

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Posted on 06 October 2010 by VRS |  Email |Print

From Btimes.com.my: Khazanah Bhd, Malaysia’s sovereign wealth fund, says it does not need too long to decide on MMC Corp Bhd’s proposal to take over UEM Group Bhd, which includes its cash cow PLUS Expressways Bhd.
“We understand that the government has already received it (the proposal) and we have had some discussions at the Khazanah board last week. In due course, we will make an announcement,” managing director Tan Sri Azman Mokhtar said………………………………………Full Article: Source

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Posted on 06 October 2010 by VRS |  Email |Print

From Latimes.com: Although many Western investors remain skittish, the Chinese and sovereign wealth funds like the $60-billion Qatari Investment Authority are bucking the trend, eyeing Greece as a further inroad to one of the world’s largest markets: the European Union.
The foreign governments, including Qatar and Libya, are willing to risk their investments to gain a foothold in the European Union market……………………………………….Full Article: Source

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Posted on 06 October 2010 by VRS |  Email |Print

From WSJ: AIA Group Ltd., the pan-Asian life-insurance business of American International Group Inc., kicked off investor presentations for its initial public offering amid a flurry of requests for shares from institutional investors, people familiar with the matter said, helping offset earlier lackluster interest from tycoons and sovereign-wealth funds.
By midday Tuesday, demand from investors equaled the number of shares being offered, the people said……………………………………….Full Article: Source

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