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Sovereign Wealth Funds Briefing 08.Mar 2011

Posted on 08 March 2011 by VRS |  Email |Print

From Reuters: Italy will not oppose European Union sanctions on Libya being extended to include the Libyan Investment Authority, which holds stakes in UniCredit and Finmeccanica, an Italian source familiar with the matter said.
European Union member states are set to add the $70 billion Libyan sovereign wealth fund to the embargoed list on Tuesday if none of the EU’s 27 member states voices an objection, diplomats have said……………………………………….Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From Financialstandard.com.au: The future mandate of Libya’s sovereign wealth fund is uncertain following political unrest, a new report has said. A new report from Preqin said the Libyan Investment Authority had been able to invest more freely after sanctions on the north African dictatorship were eased in recent years.
The fund controls an estimated $70 billion in total assets……………………………………….Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From AP: An Abu Dhabi state investment fund is planning to acquire the remainder of a local joint venture it has with U.S. real estate firm John Buck Company.
Mubadala Development Company said Monday it hopes to complete its acquisition of the 49 percent stake in the Abu Dhabi-based venture this month. The deal would give it full control of the partnership, John Buck International Properties, which is developing real estate projects in the Emirati capital……………………………………….Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From Bloomberg: National Central Cooling Co., the United Arab Emirates company known as Tabreed, said it will receive 3.1 billion dirhams ($844 million) from Mubadala Development Co. as part of a recapitalization.
“We are in the final stages of our recapitalization program,” Chief Financial Officer Stephen Ridlington said………………………………………Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From Reuters: Aldar Properties will pay 4 percent interest on 2.8 billion dirhams ($762.5 million) of convertible bonds to be sold as part of its rescue package, a much higher rate than analysts had expected.
Abu Dhabi developer Aldar, which is selling the bonds to state-owned fund Mubadala, announced the coupon in a statement to the bourse on Monday……………………………………….Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From Ninemsn.com.au: The Russian government is setting up a $US10 billion ($A9.87 billion) joint investment fund with private equity firms in a bid to bring new foreign capital to the country, the Financial Times reported on Monday.
The report follows President Dmitry Medvedev’s commitment last year to create a “special sovereign fund” that could help boost his economic modernisation effort and make Moscow into a global financial centre……………………………………….Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From Creditwritedowns.com: Despite the large size of Norway’s fund (second only to that of Abu Dhabi), its managers treat it in much the same way that a Norwegian family would treat its own personal savings account.
The money is consigned to fund managers to invest in a wide array of stocks and bonds so as to minimize risk. In effect, Norway has a big set of mutual funds. The aim is to avoid converting oil export proceeds into domestic currency and thus pushing up the exchange rate (the Dutch Disease), while using the revenue for future generations to use as best they can……………………………………….Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From Asiaone.com: Singapore state investor Temasek Holdings is in talks with potential partners to set up a project finance institution that would benefit many sectors, such as the maritime industry, a government minister said on Monday.
The government is prepared to provide some support for the initiative during its start-up phase, said Lim Hwee Hua, Singapore’s second minister for finance and transport, in the parliament……………………………………….Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From Dow Jones: Mapletree Commercial Trust, the parent of the trust and a unit of Singapore state investment firm Temasek Holdings, has begun a two-week investor education program for its Singapore initial public offer and is expected to list on April 8, people familiar with the transaction said Tuesday.
One of the people said the offering will represent about 60% of Mapletree’s total outstanding units. The offer will also include a 10% overallotment……………………………………….Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From Reuters: The National Social Security Fund has sold HK$243.6 million ($31.3 million) worth of H shares in Industrial & Commercial Bank of China Ltd (ICBC), reducing its stake in the Chinese lender to 17.99 percent, a disclosure from the Hong Kong bourse showed.
The National Social Security Fund, ICBC’s largest shareholder, sold 40.1 million Hong Kong-listed shares in the world’s largest bank by market capitalisation at HK$6.074 each on March 1, according to the disclosure………………………………………Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From Trefis.com: The Bank of New York Mellon Co created a new Sovereign Institutions Group with the focus of providing asset management and advisory services as well as service assets for sovereign wealth funds, sovereign pension plans, central banks, monetary authorities and sovereign owned entities looking for professional advice to meet their future needs and growth plans.
BNY Mellon primarily competes with State Street, JPMorgan Chase and Citigroup in areas like providing investment servicing (asset servicing, issuer services, clearing services) and investment management services to institutional investors around the world……………………………………….Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From Internationallawoffice.com: In 2008 Steven Tyrrell, then chair of the Department of Justice Fraud Section, acknowledged heightened departmental interest in potential violations of the Foreign Corrupt Practices Act arising out of sovereign wealth fund investments in US companies, including financial institutions.
Although he refused to confirm a specific ongoing investigation, Tyrrell stated that the “boom of sovereign wealth funds is an area at the top of the Justice Department’s hit list”……………………………………….Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From Mineweb.com: A whole new class of conservative investor is piling into the mining sector — once the exclusive domain of daring risk-takers — bringing a bonanza of funding options to junior miners racing toward production.
Pension fund managers and sovereign wealth funds are now hungry to provide financing for projects deemed worthy of delivering stable, long-term returns……………………………………….Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From Bloomberg: Israel’s foreign currency reserves rose to a record in February, helped by central bank purchases. Reserves increased to $73.8 billion, from $73.4 billion at the end of the previous month, the Bank of Israel said.
The bank bought $200 million in February, it said. The reserves also benefited from a $441 million revaluation and an increase of $28 million from private sector transactions, which were partially offset by government transfers abroad of $278 million, it said……………………………………….Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From Iol.co.za: The South African Reserve Bank’s SARB) dollar-denominated holdings of gold and foreign assets rose by US$1.840 billion to US$47.311 billion in February from $45.471 billion in January, data released by the Reserve Bank on Monday shows.
Net reserves rose $324 million to $44.775 billion. Foreign exchange reserves were up $1.488 billion, while gold reserves rose $342 million……………………………………….Full Article: Source

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Posted on 08 March 2011 by VRS |  Email |Print

From Reuters: Egypt’s net foreign reserves plunged by $1.69 billion in February, their biggest one-month decline in over a decade as political turmoil drove capital out of the country and put pressure on its currency.
The central bank played down the decline but analysts said the figure did not seem to reflect the full extent of capital outflows from the Egyptian economy……………………………………….Full Article: Source

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