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Sovereign Wealth Funds Briefing 07.Dec 2012

Posted on 07 December 2012 by VRS |  Email |Print

Much has been said about the impact on the commodities sector of Glencore’s proposed £56 billion ($89 billion) merger with Xstrata, which at the time of writing appeared to be heading for completion. However, in the long term it might be remembered for a different reason: the role of a Middle East sovereign wealth fund as kingmaker in a deal that has nothing to do with that region.
Qatar’s role – which, ultimately, decided if the deal would go ahead or not – came about because Qatar Holding, the international arm of the Qatar Investment Authority (QIA) sovereign wealth fund, holds a 12% stake in Xstrata. The Anglo-Swiss multinational mining company generally has precious little to do with the Gulf: it is the world’s largest exporter of power-station coal………………………………………..Full Article: Source

Posted on 07 December 2012 by VRS |  Email |Print

The Government of Singapore Investment Corp (GIC) is set to acquire a group of resorts owned by hedge fund Paulson & Co for the sum of US$1.5 billion (S$1.8 billion) after no competing bidders emerged for the bankrupt properties.
An auction for the properties was cancelled after no other bids were received, leaving GIC as the successful bidder, according to a filing yesterday in the United States Bankruptcy Court in Manhattan………………………………………..Full Article: Source

Posted on 07 December 2012 by VRS |  Email |Print

The Government of Singapore Investment Corp. will buy the Grand Wailea on Maui and three other luxury U.S. resorts owned by a group led by New York-based Paulson & Co. for $1.5 billion after no other bidders stepped up to bid on the bankrupt resort properties.
An auction that had been scheduled for Thursday was canceled a day earlier after no other competing bids were received by the Monday deadline, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York in Manhattan………………………………………..Full Article: Source

Posted on 07 December 2012 by VRS |  Email |Print

A Singapore sovereign wealth fund has emerged as the winning bidder for MSR Resort Golf Course LLC after no competing bidders came forward to best its $1.5 billion stalking horse bid for the company’s five-resort portfolio, according to court documents filed in New York federal bankruptcy court Wednesday.
No competing bids emerged before MSR’s Dec. 3 bid deadline, meaning Government of Singapore Investment Corp. (Realty) Private Ltd.’s $1.5 billion offer is now the winning bid, according to a notice filed by MSR on Wednesday………………………………………..Full Article: Source

Posted on 07 December 2012 by VRS |  Email |Print

Singapore state-investment firm Temasek Holdings Pte. Ltd. has bought a stake in a Turkish government-owned bank and is looking at other lenders as it makes its first entry into the fast-growing economy, people with knowledge of the process said.
With a portfolio of more than $160 billion, Temasek is seeking to expand into emerging markets both within and outside Asia, with a focus on buying banks as a way to benefit from the rising spending by the growing middle class………………………………………..Full Article: Source

Posted on 07 December 2012 by VRS |  Email |Print

Olam International Ltd. (OLAM), the commodity trader that Muddy Waters LLC said may fail, isn’t another Enron Corp., according to a former senior managing director at Temasek Holdings Pte.
“I completely reject” the Enron comparison made by Muddy Waters, Michael Dee, who worked at Temasek from 2008 to 2010, said.Olam is “a company that saw a tremendous business opportunity, to take an existing platform and grow it on the back of relatively inexpensive debt. And perhaps executed that a little bit too fast and too far.”……………………………………….Full Article: Source

Posted on 07 December 2012 by VRS |  Email |Print

To briefly recap the questionable finances of Singapore, with $364 billion SGD in public debt and $266 billion in accumulated surpluses, all supposedly invested, totaling $630 billion SGD in public assets. Temasek and GIC claim to have earned 17% and 7% annually since 1974 and 1981 respectively.
However, the Singapore government only lists assets totaling a little more than $705 billion SGD on its balance sheet. In other words, it cannot mathematically 1) take in $630 billion SGD since 1974 2) claim to earn 17% and 7% in Temasek and GIC and 3) only have a little more than $700 billion SGD. Even after accounting for interest and currency costs, that is some truly magic accounting………………………………………..Full Article: Source

Posted on 07 December 2012 by VRS |  Email |Print

A robust corner of Asia’s hedge fund industry lies in South Korea, where the government, faced with the familiar global problem of an ageing population, has actively encouraged the development of alternatives to boost pension and other investment returns.
Domestic Korean institutions have certainly adopted alternatives. The Korea Investment Corporation (the KIC) is the sovereign wealth fund of Korea with assets of some $50bn under management. In an interview with Asia Pacific Intelligence, Minjun Kim, Senior Investment Manager, Investment Strategy Group, Head of Hedge Funds for KIC, reports that currently the KIC has roughly about $1.3 billion invested in hedge funds. At the time of writing, the KIC is not allowed to invest in the domestic Korean hedge fund industry and observers feel that it won’t until the local funds have proved themselves capable of good and steady returns………………………………………..Full Article: Source

Posted on 07 December 2012 by VRS |  Email |Print

Aztelekom intends to invest AZN 30 million in the development of its network. Association’s head Magomed Mammadov informs that for the first three quarters of 2012 the volume of investments in the network amounted to about AZN 20 million.
“Our goal today is to increase the number of broadband internet users. As a whole, we plan to spend more than AZN 200 million in the broadband Internet project in regions in 2013 to be allocated by the State Oil Fund of Azerbaijan (SOFAZ),” he said………………………………………..Full Article: Source

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