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Sovereign Wealth Funds Briefing 26.Jan 2012

Posted on 26 January 2012 by VRS |  Email |Print

Kazakhstan’s sovereign-wealth fund ordered BTA Bank, which is seeking a second debt restructuring in as many years, to sell construction assets as part of an initiative to make state-controlled companies more efficient.
The state-owned oil and gas producer, KazMunaiGaz National Corp., and railway monopoly Kazakhstan Temir Zholy will also divest investments that fall outside the scope of the companies’ primary activities, Umirzak Shukeyev, head of the Samruk-Kazyna fund, told reporters today in the capital, Astana………………………………………..Full Article: Source

Posted on 26 January 2012 by VRS |  Email |Print

The Kazakh National Welfare Fund Samruk-Kazyna will get rid of the non-specialised assets of its affiliated companies, Fund’s head Umirzak Shukeyev told journalists on Wednesday, Novosti-Kazakhstan reported.
“Some of the National Company’s external assets are dragging them down,” Mr Shukeev said. He went on to say a board has been created which will examine all the Samruk-Kazyna’s companies to determine unnecessary areas………………………………………..Full Article: Source

Posted on 26 January 2012 by VRS |  Email |Print

Kazakhstan’s sovereign wealth fund Samruk-Kazyna named Yelena Bakhmutova, the former head of the State Agency for Financial Supervision, deputy chief executive officer.
Bakhmutova, 49, will in charge of financial institutions including banks and development companies, Umirzak Shukeyev, the head of Samruk-Kazyna, said in the capital Astana………………………………………..Full Article: Source

Posted on 26 January 2012 by VRS |  Email |Print

Israel is putting together a plan for a national investment fund that would tap an anticipated natural gas bonanza to fuel both an export-geared economy and provide a nest egg of US$10 billion (S$12.7 billion) in under a decade for future generations.
The proposed Israeli sovereign wealth fund is still in the planning phase but officials have said some of the revenues would be invested in strategically-critical targets such as education and health………………………………………..Full Article: Source

Posted on 26 January 2012 by VRS |  Email |Print

A unit of Dubai Holding, a conglomerate owned by Dubai’s ruler, said Wednesday that it will repay $500 million in bonds maturing on February 1, while Fitch agency revised the rating of the group from negative to stable.
Dubai Holding Commercial Operations — a hospitality, media and property group — said in statement to Nasdaq Dubai financial market that it confirmed repayment of the $500 million maturing on February 1………………………………………..Full Article: Source

Posted on 26 January 2012 by VRS |  Email |Print

A Gulf Air Airbus A330 takes off from Bahrain international airport in Muharraq, Bahrain. The struggling national carrier of Bahrain, hit by falling passenger numbers, will shrink operations and seek cash from government funds, its chief executive said.
The airline could tap Bahrain’s sovereign wealth fund Mumtalakat, which has a stake in the carrier………………………………………..Full Article: Source

Posted on 26 January 2012 by VRS |  Email |Print

China over-accumulated foreign exchange reserves and began to switch to building up a sovereign wealth fund to supplant it. China saw the competition for resources heating up and knew it was deficient. Its lack of key natural resources would limit it, so it has tried to use its sovereign wealth fund to accumulate minerals.
China’s recent move to limit exports of rare earth, a scarce ingredient in battery-making that China has in abundance, may signal more rivalry and a sharper-elbowed future with a country that is beginning to be hemmed in by its own past success………………………………………..Full Article: Source

Posted on 26 January 2012 by VRS |  Email |Print

Throughout the years in which it supported the pro-democracy movement, Norway came under fire from campaigners who alleged that its state-owned investment body, the Norwegian Pension Fund, held shares in energy companies operating in Burma, including Total and Chevron, and had invested up to $US5 billion in the country’s oil and gas sectors.
Foreign Minister Jonas Gahr Støre said that Norwegian officials would soon hold a roundtable on responsible investment in the country………………………………………..Full Article: Source

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