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Sovereign Wealth Funds Briefing 15.Sep 2011

Posted on 15 September 2011 by VRS |  Email |Print

Saviour KasukuwereZimbabwe, which is compelling foreign-owned companies to cede control of their businesses to black citizens of the country, plans to establish a sovereign wealth fund that will hold stakes in mining companies.
The country wants foreign companies including Rio Tinto Plc and Impala Platinum Holdings Ltd. to sell 51 percent stakes in their mines. Zimbabwe has the world’s second-biggest platinum and chrome reserves as well as deposits of gold, iron ore, coal, diamonds and nickel……………………………………….Full Article: Source

Posted on 15 September 2011 by VRS |  Email |Print

Spending state oil revenues on prestige stakes in western brands no longer fits so well with the political climate in the Middle East. Mubadala has an alternative model for what Gulf governments can do with spare cash. If you want its investment money, you’d better bring something else to Abu Dhabi as well.
Like Abu Dhabi, Mubadala is taking stock after an initial growth spurt: seeing where it might go from here, weighing up its successes and failures……………………………………….Full Article: Source

Posted on 15 September 2011 by VRS |  Email |Print

Unanimously, Nigerians of all hues have stated that the financial security of Nigeria lies on the prudent management of Sovereign Wealth Fund (SWF), which aims at saving some portions of national oil revenue for future purposes.
The National Assembly upon the passage of the bill into law earlier this year approved the allocation of about $1 billion for the take off of the initiative……………………………………….Full Article: Source

Posted on 15 September 2011 by VRS |  Email |Print

The recent debate on the Sovereign Wealth Fund (SWF) by the governors’ forum after the law establishing it has been passed, reminds me of what a diplomat at the American Embassy once discussed with me several years ago.
He was always amused about the nonchalant attitude of Nigerians to bad laws. Many Nigerians, even the so called elite, sit by, while bad laws are being made. They will not lift a finger to challenge it or even raise awareness to the problems the new law will create. They only wait after the law has been made to find a way around it……………………………………….Full Article: Source

Posted on 15 September 2011 by VRS |  Email |Print

The Abu Dhabi Investment Authority issued its yearly statement Tuesday, documenting the investment strategy and holdings of what is considered to be the world’s largest sovereign wealth fund.
ADIA is the biggest of several funds Abu Dhabi uses to manage its oil wealth, controlled by the emirate’s hereditary ruler. Abu Dhabi is the capital of the United Arab Emirates and holder of nearly all the OPEC member’s oil reserves. The federation includes seven semiautonomous city-states and is the world’s third-largest oil exporter……………………………………….Full Article: Source

Posted on 15 September 2011 by VRS |  Email |Print

The Abu Dhabi Investment Authority, among the world’s largest sovereign wealth funds, is ramping up its private equity activities after a relatively subdued period over the past two years, sources familiar with the fund’s plans said.
Staffing within ADIA’s private equity department will likely more than double from its current complement of around two dozen, sources said, although no specific allocation targets have been set……………………………………….Full Article: Source

Posted on 15 September 2011 by VRS |  Email |Print

The decision in late August by Qatari investors to inject €500 million into the creation of Eurobank EFG in Greece was the most recent in a string of investments in euro zone assets by the Gulf state this year.
The investment, worth the equivalent of $685 million, in the merger of the troubled Greek banks Alpha Bank and Eurobank — creating the largest bank in Southeast Europe in terms of market capitalization — was in addition to a 7 percent stake the Qatar Investment Authority already held in Alpha Bank……………………………………….Full Article: Source

Posted on 15 September 2011 by VRS |  Email |Print

Temasek Holdings Pte and Kuwait Investment Authority are among early investors who agreed to buy $900 million of stock in Citic Securities Co.’s initial share sale in Hong Kong, two people with knowledge of the matter said.
The Singaporean state-owned investment firm will invest $150 million in the offering, while the Kuwaiti sovereign wealth fund is putting in $200 million, said the people, who declined to be identified as the process is confidential………………………………………Full Article: Source

Posted on 15 September 2011 by VRS |  Email |Print

Singapore isn’t in a position to help European nations facing sovereign default risks through bond purchases, and the European Union faces significant internal tensions that could result in its break-up, the city-state’s former Prime Minister Lee Kuan Yew, who is senior adviser to sovereign wealth fund Government of Singapore Investment Corp. said.
“Singapore’s (gross domestic product) is one-60th of the European GDP, and we’re in no position to rescue the Europeans by buying their bonds,” Lee said………………………………………Full Article: Source

Posted on 15 September 2011 by VRS |  Email |Print

Like other Southern European nations, Italy is suffering from severe sovereign debt issues. The Italian Ministry of Finance met with the China Investment Corporation to discuss possible scenarios.
Recently, investors wanted greater returns and drove up the bond auction. Italy is trying to lower soaring interest rates and introduce austerity measures……………………………………….Full Article: Source

Posted on 15 September 2011 by VRS |  Email |Print

The main player behind it is the China Investment Corporation (CIC), Beijing’s sovereign wealth fund. The CIC’s resources still come from the same source, the monetary reserves of the central bank.
But it is the CIC, with its greater freedom of action and more diverse functions, that is spearheading the penetration of China into the global economy. Its status gives it a “market orientation and purely economic-financial goals”. As a company, the CIC is accountable to its shareholders – which would be the government in Beijing……………………………………….Full Article: Source

Posted on 15 September 2011 by VRS |  Email |Print

Malaysia Airlines’ (MAS) largest shareholder Khazanah Nasional Bhd has defended the collaboration agreement between the national carrier and budget carrier AirAsia Bhd signed a month ago, calling the decision a “necessary” move.
Critics have raised concerns over the comprehensive collaboration framework between the airlines and the share-swap deal agreed by major shareholders of MAS and AirAsia, with some parties highlighting that the share-swap deal was not a solution to turn around loss-making MAS……………………………………….Full Article: Source

Posted on 15 September 2011 by VRS |  Email |Print

Khazanah Nasional Bhd is waiting for more clarity on the financial and business model of AirAsia X before it agrees to acquire a 10% stake in the airline.
“We are interested in the 10% stake in AirAsia X, but we need more clarity on their plans, their timeline and how they want to evolve, when there will be an initial public offering (IPO), and also on the business model,” Khazanah managing director Tan Sri Azman Mokhtar said……………………………………….Full Article: Source

Posted on 15 September 2011 by VRS |  Email |Print

The Future Fund is a complex beast because it combines two ideas, one good and one bad. Some form of compulsory savings vehicle is, on balance, a good idea. Not because bureaucrats know better than private individuals how their own money should be spent, but because it reduces the temptation to operate Ponzi schemes – this is the situation where old investors are paid from contributions by new investors.
This sort of scheme is common in public finances around the world and will become an ever-increasing burden on future taxpayers……………………………………….Full Article: Source

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