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Sovereign Wealth Funds Briefing 01.Sep 2011

Posted on 01 September 2011 by VRS |  Email |Print

Beijing plans to restructure China Investment Corporation (CIC) , including spinning off the sovereign wealth fund’s domestic investment arm, Central Huijin Investment Ltd, China Business News reported on Thursday, without citing sources.

The proposal is said to have been submitted to China’s State Council by a few central government departments, including the Ministry of Finance (MOF)……………………………………….Full Article: Source

Posted on 01 September 2011 by VRS |  Email |Print

China may inject another US$100 billion into China Investment Corp. for overseas investment, as part of a potential restructuring of the sovereign wealth fund, the China Business News reported Thursday.

The report cited unnamed persons as saying that China is mulling an entity that would focus solely on overseas investment under CIC……………………………………….Full Article: Source

Posted on 01 September 2011 by VRS |  Email |Print

Australian Prime Minister Julia Gillard Wednesday ruled out creating a sovereign wealth fund, saying the nation’s mandatory pension savings were an “anchor” in volatile economic times.

Some business figures have called for the establishment of a sovereign fund to capture the earnings of a mining boom fuelled by demand from Asia. “Some say that in the current economic environment we should be considering establishing a sovereign wealth fund,” Gillard said in an address to the Financial Services Council in Sydney……………………………………….Full Article: Source

Posted on 01 September 2011 by VRS |  Email |Print

A dispute has erupted over control of Libya’s $65bn sovereign wealth fund, as the national transitional council attempts to maintain stability in the oil-rich nation. Several NTC members have contested the authority of Mahmoud Badi, who is probing corruption at the Libyan Investment Authority.

Albudery Shariha, who was appointed senior director in the LIA’s legal department in July 2009, told the FT that Mohamed Layas would remain in charge of the fund. Mr Layas was chairman of the LIA before the revolution when it was controlled by Seif al-Islam, one of Colonel Muammer Gaddafi’s sons……………………………………….Full Article: Source

Posted on 01 September 2011 by VRS |  Email |Print

Norway’s central bank will make daily sales of 500 million Norwegian crowns ($93.1 million) in September to buy foreign currency for the country’s oil fund, the bank said on Wednesday, expanding its August practice. Last month the central bank said it would buy foreign exchange equivalent to 400 million crowns a day so the fund could invest money in foreign stocks and bonds.
Norges Bank manages Norway’s $549 billionGovernment Pension Fund Global, which invests surplus oil wealth to save for a future when the country’s oil and gas resources run dry……………………………………….Full Article: Source

Posted on 01 September 2011 by VRS |  Email |Print

Angela Merkel’s German cabinet on Wednesday approved changes to the latest European rescue fund which now goes to parliament for ratification, officials said.

Extending the European Financial Stability Facility’s (EFSF) mandate was agreed on July 21 by European leaders to alleviate the eurozone debt crisis. The reforms must be ratified by lawmakers across the 17-nation eurozone……………………………………….Full Article: Source

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