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Sovereign Wealth Funds Briefing 27.Jun 2011

Posted on 27 June 2011 by VRS |  Email |Print

Laurence LauChina’s purchase of euros will be a long-term strategy and will not swing on short-term problems, the Hong Kong head of China’s $300 billion sovereign wealth fund said on Sunday.
“There is noting to be worried about. The euro will not fall apart,” Laurence Lau, chaiman of the Hong Kong office of China Investment Corp, told reporters on the sidelines of a forum in Beijing………………………………………..Full Article: Source

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Posted on 27 June 2011 by VRS |  Email |Print

China Investment Corp., the country’s $300 billion sovereign wealth fund, is tipped to buy a 5 percent stake in Sberbank, a Chinese newspaper reported, citing sources. The 21st Century Business Herald reported that an unidentified investment bank that is arranging the partial privatization of Sberbank has contacted CIC for a possible deal.
“The investment bank and CIC have made initial contact and if everything is smooth, they will start to talk about the [Sberbank] equity deal soon,” one source was quoted by the Chinese newspaper as saying………………………………………..Full Article: Source

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Posted on 27 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

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Posted on 27 June 2011 by VRS |  Email |Print

The New Zealand Superannuation Fund (NZS) was conceived by Michael Cullen, Labour Finance Minister from 1999 to 2008, and created by an act of Parliament in October 2001. Its mission is “to maximise the fund’s return over the long term, without undue risk, so as to reduce New Zealanders’ future tax burden”.
The establishment of the fund recognised New Zealand’s ageing population as a significant and multigenerational social and financial challenge………………………………………..Full Article: Source

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Posted on 27 June 2011 by VRS |  Email |Print

The best thing the Kurdistan Regional Government can do ahead of the oil boom is to establish a fully-transparent sovereign wealth fund. The region’s oil should be a resource for generations, not an asset to be spent on jewelry, luxury cars, and ostentatious homes for the elite and politically-connected few.
Norway and Kuwait established the first sovereign wealth funds more than a half century ago in order to channel oil income into investment funds which not only would amplify revenue, but would also ensure the resources would protect the governments against declines in oil prices and the day when oil ran out………………………………………..Full Article: Source

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Posted on 27 June 2011 by VRS |  Email |Print

U.S. bank Goldman Sachs lacked the standard documents it needed to protect itself in a series of options trades it made for the Libyan Investment Authority in 2008, the Wall Street Journal reported on Saturday.
The contracts, which are standard for the industry when structuring international deals in murky markets such as credit default swaps, would have defined the exact terms of the relationship between Goldman and the sovereign wealth fund controlled by Colonel Muammar Gaddafi, the Journal said………………………………………..Full Article: Source

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Posted on 27 June 2011 by VRS |  Email |Print

India’s foreign exchange (forex) reserves rose by $59 million to $310.56 billion for the week ended June 17 due to increase in the value of foreign currency assets even as the value of special drawing rights (SDRs) and reserves with the International Monetary Fund declined.
The forex reserves have risen for the fourth time in the past five reporting weeks. The country’s foreign exchange reserves kitty had dropped by $2.40 billion for the week ended June 10 after registering a gain of $5.41 billion in the previous three weeks………………………………………..Full Article: Source

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