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Sovereign Wealth Funds Briefing 29.Mar 2011

Posted on 29 March 2011 by VRS |  Email |Print

Assets managed by sovereign wealth funds around the world rose 11 per cent to reach US$3.98 trillion (US$1 = RM3.03) at the start of 2011, alternative assets research provider Preqin said.

The proportion of state-backed funds investing in alternative assets is likely to rise further this year as they pursue higher returns and seek greater diversity, Preqin said in a release. “Following global economic stabilisation, many sovereign wealth funds that had delayed plans to diversify their holdings as a result of the economic downturn have now resumed these plans,” it observed…………………………………….Full Article: Source

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Posted on 29 March 2011 by VRS |  Email |Print

Temasek Holdings has approached Supajee Suthampan, general manager of Global Technology Services at IBM Asean, to become Thaicom’s CEO, replacing Arak Cholatanon, whose term ends in June.

A source close to Shin Corp shareholders said Singapore’s investment arm needs a person with a neutral image to lead Thaicom, as part of Temasek’s effort to shake off the public perception that Thaicom is associated with politics…………………………………….Full Article: Source

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Posted on 29 March 2011 by VRS |  Email |Print

Singapore subway, bus and taxi operator SMRT said on Monday that chief financial officer Lim Cheng Cheng has resigned to pursue her own personal interests. The company, in which Singapore state investor Temasek Holdings has a 54 percent stake, said there was no difference in opinion on material matters between Lim and the board of directors.
Lim’s last day will be April 30, SMRT said in a filing to the Singapore Exchange…………………………………….Full Article: Source

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Posted on 29 March 2011 by VRS |  Email |Print

Temasek Holdings has written to the Australian media to reiterate that it does not control the Singapore Exchange (SGX). The letter was in response to a number of articles in the Australian media inaccurately reporting Temasek’s role vis-a-vis the Singapore bourse.

In its letter - dated March 23 - Temasek said it plays no part in the governance, operation or investment decisions of the Exchange. It did, however, acknowledge that it is a non-voting trustee of SEL Holdings - which Temasek described as “a special purpose entity which holds a 23.5 per cent stake in SGX”……………………………………..Full Article: Source

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Posted on 29 March 2011 by VRS |  Email |Print

Malaysia’s Khazanah Nasional has shortlisted three local firms to buy its 32.2 percent stake in Pos Malaysia Bhd , the Business Times reported on Tuesday, as the state investor seeks to divest its non-core assets.

Khazanah has shortlisted DRB-HICOM , Nationwide Express Courier Services Bhd and a joint-venture between Amanah Reit and Malaysia Pacific Corp , the newspaper reported, citing sources familiar with the bidding process for the national postal firm……………………………………..Full Article: Source

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Posted on 29 March 2011 by VRS |  Email |Print

One of the arguments put forward for resisting the revaluation of the Chinese yuan is that China will “lose value” on its large foreign-exchange reserves, held mainly in U.S. dollars but also in sundry other currencies. If China’s exchange rate is moved, for example, by 10% from 6.6 yuan per dollar to 6.0 yuan per dollar, the yuan value of China’s reserves will fall by 10%, thus reducing China’s wealth.

This argument is arithmetically correct, but economically incorrect. China’s wealth will not decline with revaluation of its currency…………………………………….Full Article: Source

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Posted on 29 March 2011 by VRS |  Email |Print

Companies with mining operations in Zimbabwe have been given six months to comply with indigenization regulations providing for the transfer of majority control to sovereign wealth funds or other state-controlled entities in the name of black empowerment.

A new Indigenization Ministry notice published in the official gazette sets the minimum holding by indigenous investors as a controlling 51 percent stake. There had been some discussion of a lower indigenous stakeholding benchmark for the mining sector……………………………………..Full Article: Source

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Posted on 29 March 2011 by VRS |  Email |Print

Abu Dhabi’s Masdar City, a subsidiary of the government-owned Mubadala Development Company, aims to address the issues of climate change and energy security by creating an international hub for sustainable technologies and renewable energy.

Dr Afshin Afshari, Head of Energy Management at Masdar City, said there had been to be consumer acceptance of new technologies that are being developed to combat the threat of climate change……………………………………..Full Article: Source

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Posted on 29 March 2011 by VRS |  Email |Print

As Alaskans face the March 31 deadline for applying for the 2011 Permanent Fund Dividend (PFD), I thought it might be useful to present some history linked to the PFD that is not contained in Alaska’s history books.

The concept of the PFD was created by Gov. Jay Hammond. He had floated various versions of the PFD concept during his first term of office, but it wasn’t until his second term — when Prudhoe Bay oil began to flow down the TAPS pipeline, and millions of dollars from oil production began to cascade into the state treasury — that the PFD program became a reality…………………………………….Full Article: Source

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