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Sovereign Wealth Funds Briefing 15.Oct 2010

Posted on 15 October 2010 by VRS |  Email |Print

From Dow Jones: A large part of the Brazilian government’s investment fund is tied up in the fortunes of federal oil company Petroleo Brasileiro SA, or Petrobras, but experts believe it can still be deployed as a weapon in what Finance Minister Guido Mantega calls a global “currency war.”
Brazil’s Fiscal Investment and Stabilization Fund was founded in 2008 to offset troughs in global economic cycles, and about 80% of the fund’s 18.5 billion Brazilian reals ($11.2 billion) are now invested in Petrobras shares. A further 10% are tied up in shares of the state-run Banco do Brasil SA, apparently leaving little cash left over to fight forex battles……………………………………….Full Article: Source

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Posted on 15 October 2010 by VRS |  Email |Print

From Reuters: General Motors Co GM.UL is on track to move ahead with its initial public offering during the week of November 15 after a recent round of meetings with sovereign wealth funds, sources with knowledge of preparation for the deal said.
Singapore-based GIC and Temasek Holdings, Kuwait Investment Authority, Qatar Investment Authority and the Abu Dhabi Investment Authority were all approached as part of those meetings, one of the sources said……………………………………….Full Article: Source

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Posted on 15 October 2010 by VRS |  Email |Print

From Bloomberg: Kazakhstan has joined Hong Kong billionaires Li Ka-shing, Larry Yung and Cheng Yu Tung to form a $400 million private equity fund that will help Kazakh companies list in the city, Prime Minister Karim Massimov said.
Kazyna Capital Management JSC, a unit of the country’s sovereign wealth fund, will initially contribute $100 million and four Hong Kong partners, including Li’s Cheung Kong (Holdings) Ltd., will provide $300 million, the prime minister said in an interview yesterday……………………………………….Full Article: Source

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Posted on 15 October 2010 by VRS |  Email |Print

From Maktoob.com: Italy’s Enel is in touch with Middle Eastern and Asian sovereign wealth funds, hoping they will take stakes of 2 to 3 percent in renewable energy unit Enel Green Power, a source close to the deal said.
Enel is actively seeking foreign long-term investors for Enel Green Power, to be listed in Europe’s biggest initial public offering this year, sources close to the matter said……………………………………….Full Article: Source

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Posted on 15 October 2010 by VRS |  Email |Print

From Irishtimes.com: A €3 billion economic recovery fund should be created with finance from the National Pensions Reserve Fund, an independent think-tank said today. In its Budget 2011 proposals, Tasc also said tax increases worth €2.8 billion to the economy including a 0.28 per cent property tax and a reduction in pension tax relief to the standard rate, should be introduced.
And it said €300 million could be found by cutting expenditure, including reducing consultancy fees by half, imposing restrictions on travel and subsistence and reducing support to private schools……………………………………….Full Article: Source

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Posted on 15 October 2010 by VRS |  Email |Print

From Tradearabia.com: Qatari Diar, a property arm of Qatar’s sovereign wealth fund, will build a tourism complex in southern Tunisia at the cost of $80 million, its managing director Mohamed al Hadfa said.
The planned complex, which will include a hotel, shopping centre and other leisure facilities, will be completed within two years over 40 hectares in the city of Tozeur — Tunisia’s main tourism destination at the gate of its desert Sahara south, he added……………………………………….Full Article: Source

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Posted on 15 October 2010 by VRS |  Email |Print

From Asiaone.com: Two of Malaysia’s state linked funds will buy out highway operator PLUS Expressways for 23 billion ringgit (S$9.6 billion), the largest deal so far in the Southeast Asian country.
The Edge Financial daily quoted sources as saying that the Employees Provident Fund (EPF) and state investment arm Khazanah Nasional will form a special purpose vehicle (SPV) to take over the assets and liabilities of PLUS at 4.60 ringgit per share……………………………………….Full Article: Source

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