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Sovereign Wealth Funds Briefing 23.Nov 2010

Posted on 23 November 2010 by VRS |  Email |Print

From Bloomberg: Mauritius plans to set up a $500 million sovereign wealth fund, Finance Minister Pravind Jugnauth said in Port Louis today as he presented the annual budget. “To ensure greater stability in the forex market, the government is creating a sovereign wealth fund that will be invested in a range of asset classes abroad,” Jugnauth told parliament.
The Indian Ocean island nation will use $350 million from its foreign currency reserves and $150 million from a Treasury foreign currency fund, which it will close, he said……………………………………….Full Article: Source

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Posted on 23 November 2010 by VRS |  Email |Print

From Pbn.com: China’s sovereign wealth fund, in a bet that U.S. real estate and retail spending will recover, has acquired a 7.4 percent stake in General Growth Properties Inc., the second-largest U.S. mall owner and the parent company of Providence Place.
China Investment Corp. holds 59.3 million common shares and warrants to buy an additional 14.7 million shares, according to a Form 4 filed on Thursday with the U.S. Securities and Exchange Commission. The Future Fund Board of Guardians, a manager for Australian government pension funds, holds a 6.4 percent stake in Chicago-based General Growth, documents show……………………………………….Full Article: Source

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Posted on 23 November 2010 by VRS |  Email |Print

From Irishtimes.com: Whereas the Greek rescue saw euro zone countries intervene to save Athens, Ireland’s rescue will go further than that. With the aid of euro zone guarantees, the EU’s €440 billion rescue fund in Luxembourg will tap sovereign wealth funds and other investors in Asia.
Klaus Regling, head of the bailout fund, said at the weekend that he has held discussions with potential investors in Beijing. He declined to say whether China will participate but it seems clear that Ireland will be rescued in the first instance with money from very far afield……………………………………….Full Article: Source

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Posted on 23 November 2010 by VRS |  Email |Print

From Tradearabia.com: Kuwait Investment Authority (KIA) will not take part in General Motors’ initial public offering (IPO), a source said. The auto giant had raised $20.1 billion from the issue last week.
Earlier this month, KIA’s managing director Bader Al Saad said the fund was considering taking in GM’s IPO if it is feasible, but a person familiar with the matter at KIA said they had decided not to invest due to the increase in the share price……………………………………….Full Article: Source

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Posted on 23 November 2010 by VRS |  Email |Print

From Tradingmarkets.com: Approval by the Australian Government is needed for the proposed takeover of stock exchange operator ASX by Singapore Exchange. A stake of 23% in the latter is owned by Temasek, the investment arm of the Singaporean Government, and this has sparked concern in Australia over foreign control.
Singaporean Deputy Prime Minister Tao Chee Hean, visiting Australia, has stressed that the Temasek holding is not a voting stake and should not create any barrier for the merger. A motion has been launched by independent MP Bob Katter in the federal parliament that would block any deal for ASX where majority ownership is transferred offshore……………………………………….Full Article: Source

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