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Sovereign Wealth Funds Briefing 19.Nov 2010

Posted on 19 November 2010 by VRS |  Email |Print

From Reuters: Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, will present its privatisation plan in January, and Kazakh citizens are likely to be the first ones to buy its stakes, a senior Kazakh official said on Thursday.
The fund, which manages $70 billion of assets, told Reuters in July it planned to raise funds in an initial public offering (IPO), which would help it improve corporate governance and become a key player in global markets……………………………………….Full Article: Source

Posted on 19 November 2010 by VRS |  Email |Print

From Albawaba.com: Fiat has bought back 5 per cent stake in Ferrari that Abu Dhabi government’s investment arm Mubadala purchased five years ago. Following the deal, Fiat controls 90 per cent of Ferrari. According to the UAE newspaper, The National, the buy-back has cost Fiat US$167 million.
“I can confirm that Fiat has exercised the call option for the purchase of the Ferrari stake held by Mubadala,” said a Fiat spokesman. “We have no further comment to make.”………………………………………Full Article: Source

Posted on 19 November 2010 by VRS |  Email |Print

From Domain-b.com: Mubadala Development Co, one of the investment vehicles of Abu Dhabi’s sovereign wealth fund, has sold back its 5 per cent stake in sports-car maker Ferrari SpA to Italian carmaker Fiat Group SpA.
Fiat, which owns a majority stake in Ferrari, exercised an option that gave it the right to buy back the stake that Mubadala had acquired in 2005 from Mediobanca, Italy’s largest investment bank for €114 million……………………………………….Full Article: Source

Posted on 19 November 2010 by VRS |  Email |Print

From Alwatan Daily: A US newspaper reported that the Kuwait Investment Authority (KIA) withdrew from taking part in the first public offering (IPO) of General Motors Company (GM) after the company increased its initial public offering for the regular share to reach 32-33 US dollars from $26-$29.
This seems to go hand in hand with the authority’s Managing Director Bader Al-Saad’s statements which he had made earlier, conditioning the authority’s approval in taking part in the offering with the marginal rates and achieving investment feasibility. Al-Saad mentioned that the authority might take part in the GM IPO if the deal was fruitful, and announced that the authority would be interested in acquiring shares if their prices were lower……………………………………….Full Article: Source

Posted on 19 November 2010 by VRS |  Email |Print

From Arabianbusiness.com: If General Motors Co shares rise when they begin trading on Thursday, it will be investors in North America who stand to benefit the most, two sources familiar with the situation said.
GM’s initial public offering was upsized primarily on demand from big North American mutual and pension fund investors, the sources said. North American investors will account for more than 90 percent of the IPO, one source said……………………………………….Full Article: Source

Posted on 19 November 2010 by VRS |  Email |Print

From Reuters: Bankers kicked off the first meetings with the likes of Singapore-based GIC and Temasek Holdings and investment authorities in Kuwait, Qatar and Dubai in October after the U.S. Treasury signaled it had no objections, according to those involved in the process.
U.S. officials led by Ron Bloom, a former Lazard Freres banker, had been worried about the potential political backlash if a large share of GM stock was placed with foreign governments at the kind of discount — between 10 percent and 20 percent — that is typical for IPOs……………………………………….Full Article: Source

Posted on 19 November 2010 by VRS |  Email |Print

From One.org: Finally, Nigeria, Africa’s largest oil producer, has decided to set up a Sovereign Wealth Fund, safeguarding some of its riches for future generations. Since the discovery of large petroleum deposits in the late 1950s, there have been several attempts to put aside some of the unexpected bounty that comes from rising oil prices.
The most recent version of these initiatives was the aptly named the Excess Crude Account (ECA)……………………………………….Full Article: Source

Posted on 19 November 2010 by VRS |  Email |Print

From Asiaone.com: It is easy for Singapore to deal with the large pools of capital flowing in, especially when compared to territories like South Korea and Taiwan, as we have conduits like GIC and Temasek Holdings, which make sizeable investments abroad to deflect the pressure.
Singapore is the fastest-growing economy in the world this year after Qatar, according to calculations by the International Monetary Fund……………………………………….Full Article: Source

Posted on 19 November 2010 by VRS |  Email |Print

From Cnbc.com: China Investment Corporation’s Hong Kong chairman Lawrence Lau said China should stop purchasing US Treasuries but should continue to buy US dollar assets and warned of the impact of a simultaneous sell-down of Treasuries by holders such as China, Hong Kong, Japan and Korea.
The challenge for the Chinese is that they have never had to face domestic stimulation on this scale from an outside force……………………………………….Full Article: Source

Posted on 19 November 2010 by VRS |  Email |Print

From Theaustralian.com.au: Telstra’s biggest shareholder, the Future Fund, has voted against all resolutions at the telco’s AGM in Melbourne.
Representatives for the Future Fund weren’t immediately available to comment on the decision to vote against all the resolutions at the meeting, including the appointment of new director Nora Scheinkestel, Telstra’s remuneration report and changes to the group’s constitution……………………………………….Full Article: Source

Posted on 19 November 2010 by VRS |  Email |Print

From Agmetalminer.com: The Irish state is sitting on a cash pile of $26 billion and a sovereign wealth fund of over $30 billion, and borrowing costs this year were, at 4.7%, pretty much the same as last year.
The mistake Ireland made was guaranteeing its banks’ debts and it’s the size of those debts that are getting bond markets worried and the ECB trying to force funds onto the Irish government……………………………………….Full Article: Source

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