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Sovereign Wealth Funds Briefing 23.Jun 2011

Posted on 23 June 2011 by VRS |  Email |Print

Eric ZurrinSovereign wealth funds, private equity and some of the world’s multi-billionaires have descended onto Mongolia to sniff out investment opportunities, as they bet the country’s booming resources sector will produce big winners, business executives said on Wednesday.
Mongolia, blessed with abundant mineral resources, sits on the doorstep of the world’s largest resource consumer, China. But getting the minerals out of the ground to its southern neighbour and elsewhere is a big challenge with no sea port………………………………………..Full Article: Source

Posted on 23 June 2011 by VRS |  Email |Print

Waldemar PawlakPoland hopes to benefit from prospective shale gas output and may pass laws similar to those that helped Norway build its sovereign wealth fund, Economy Minister Waldemar Pawlak said. “In Norway oil and gas deposits allowed it to create funds that accumulate money for the future,” Pawlak said. “We will also need this type of solution.”
Norway, a nation of 4.9 million people, generates money for its $570 billion sovereign wealth fund from taxes on oil and gas, ownership of petroleum fields and dividends from its 67 percent stake in Statoil ASA, the country’s largest energy company………………………………………..Full Article: Source

Posted on 23 June 2011 by VRS |  Email |Print

Tony Tan, executive director at Singapore’s sovereign wealth fund GIC, said on Thursday he has resigned and will run for president in an election that must be held before end-August.
Tan, a former deputy prime minister, said at a media conference that his resignation will be effective from July 1………………………………………..Full Article: Source

Posted on 23 June 2011 by VRS |  Email |Print

Dr Tony Tan’s (picture) possible candidacy in the coming Presidential Election could leave the door wide open for a new executive director at the Government of Singapore Investment Corporation (GIC).
Dr Tan will have to resign from the GIC should he be elected as President. No names were readily offered as a possible replacement for Dr Tan at GIC by most of the GIC watchers whom Today spoke to………………………………………..Full Article: Source

Posted on 23 June 2011 by VRS |  Email |Print

Zhang Junsai, China’s ambassador to Canada, said his country is willing to invest heavily in Canada. He told The Associated Press that the fact that China’s $300 billion sovereign wealth fund, China Investment Corp., chose Toronto as the venue for its first overseas office is a “very good sign.”
The fund invested $800 million in Calgary-based Penn West Energy last year and $1.5 billion in Canadian mining company Teck Resources in 2009………………………………………..Full Article: Source

Posted on 23 June 2011 by VRS |  Email |Print

Bumi Resources , Asia’s biggest thermal coal exporter, said on Wednesday that it is considering reselling $2.07 billion of convertible bonds to its creditors to repay debt or to strategic investors. China’s sovereign wealth fund CIC is Bumi Resources’ biggest creditor.
Bumi will receive the bond from London-based Bumi Plc, the renamed venture of Vallar and its controlling shareholder, in exchange for a 75 percent stake in its unit Bumi Resources Minerals……………………………………….Full Article: Source

Posted on 23 June 2011 by VRS |  Email |Print

Despite an average oil price over $100 a barrel in 2011, Russia’s sovereign wealth funds are bleeding assets, not accumulating them, because social and military spending have rocketed. Ten years ago, the Russian budget balanced at an oil price of barely $20 a barrel.
This year, Finance Minister Alexei Kudrin says it won’t balance even at $115 a barrel. The non-oil budget deficit, according to the International Monetary Fund, will be 12.7% of gross domestic product this year, more than eight percentage points higher than before the financial crisis……………………………………….Full Article: Source

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