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Sovereign Wealth Funds Briefing 17.Dec 2012

Posted on 17 December 2012 by VRS |  Email |Print

President Vladimir Putin’s proposal to channel part of the National Welfare Fund into infrastructure projects could be a good alternative to using budget funds, a Finance Ministry official said Friday. “We support the idea of using alternative investment mechanisms, not only budget funds,” Deputy Finance Minister Alexei Moiseyev said.
Spending part of the money accumulated in the $87.5 billion rainy day fund on infrastructure will result in Russia cutting investment in the sovereign debts of Western countries next year, Finance Minister Anton Siluanov told reporters………………………………..Full Article: Source

Posted on 17 December 2012 by VRS |  Email |Print

Companies owned by Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, may borrow 1 trillion tenge ($6.6 billion) next year to fund investments and acquisitions. The companies plan to spend 2 trillion tenge on transactions such as investment projects and stake purchases, Nurlan Rakhmetov, the fund’s managing director, said yesterday in a phone interview from the capital, Astana. Half will come from debt and half from internal cash, he said.
Samruk-Kazyna’s units may raise debt internationally or at home, Rakhmetov said, with energy producer KazMunaiGaz National Co. poised to borrow $2.5 billion. The fund itself doesn’t plan to borrow………………………………..Full Article: Source

Posted on 17 December 2012 by VRS |  Email |Print

China Investment Corp., which helps manage the world’s largest foreign-currency reserves, will make a profit on its overseas investments this year after a loss in 2011, according to Jesse Wang, executive vice president of the sovereign wealth fund.
Monetary easing in Western countries boosted capital markets and investment returns, Wang said yesterday at forum in Sanya, China. While CIC is investing in Europe, it would do so more proactively if heavily indebted countries and the European Union create a more investor-friendly environment, he said………………………………..Full Article: Source

Posted on 17 December 2012 by VRS |  Email |Print

China’s sovereign wealth fund China Investment Corp said it is “not optimistic” about the outlook for the debt crisis in the eurozone, but will consider investing more in the region if countries create a more friendly environment.
Jesse Wang, an executive vice president at CIC, said Europe needed more time to increase fiscal revenues to lift itself out of the crisis. “I think the outlook for the European debt crisis is not optimistic yet,” Wang said on Sunday at a forum in Sanya in the southern tropical Hainan island………………………………..Full Article: Source

Posted on 17 December 2012 by VRS |  Email |Print

China’s sovereign wealth fund China Investment Corp is “still not optimistic” about the debt crisis in the eurozone, a top executive said on Sunday.
Jesse Wang, an executive vice president at CIC, was speaking at a forum in Sanya in the southern tropical Hainan island………………………………..Full Article: Source

Posted on 17 December 2012 by VRS |  Email |Print

European nations should ease visa limits to welcome Chinese consumers and be more open to foreign investors, an executive of China’s US$482 billion sovereign wealth fund said.
Jesse Wang Jianxi, an executive vice-president of China Investment Corp, said that as Europe sought to revive its economy it should learn from Hong Kong and gradually remove travel restrictions, just as Hong Kong and mainland China had done since 1998………………………………..Full Article: Source

Posted on 17 December 2012 by VRS |  Email |Print

China scrapped a ceiling on investments by overseas sovereign wealth funds and central banks in its capital markets, part of government efforts to encourage long-term foreign ownership and shore up slumping equities.
SWFs, central banks and monetary authorities can now exceed the $1 billion limit that still applies to other qualified foreign institutional investors, according to revised regulations posted Dec. 14 on the State Administration of Foreign Exchange’s website………………………………..Full Article: Source

Posted on 17 December 2012 by VRS |  Email |Print

When Carson Block likened Olam International Ltd. to fraud-ridden Enron Corp., he challenged more than the accounting of the Singapore-based commodities firm. He also took on Temasek Holdings Pte, the government-owned investment company whose money has helped build the city-state into a corporate dynamo known as Singapore Inc.
Temasek is Olam’s second-largest shareholder, with a 16 percent stake that has lost more than $100 million in value since Nov. 19, when Block’s Muddy Waters LLC first questioned the validity of the company’s finances and said it was betting against the stock. Temasek is also the biggest shareholder in many of the country’s best-known companies, including DBS Group Holdings Ltd., Southeast Asia’s largest bank, Singapore Telecommunications Ltd. and Singapore Airlines Ltd………………………………..Full Article: Source

Posted on 17 December 2012 by VRS |  Email |Print

The $US 16 billion New Zealand Superannuation Fund, which regularly ranks at the top of various sovereign wealth fund governance charts, has sold its small holdings in three Israeli companies for ethical reasons after a review of its passive international portfolio.
Two companies, Africa Israel and Shikun & Binui, had been involved in building Israeli settlements in the Occupied Palestinian Territories. The third, Elbit Systems, was involved in the construction of the separation barrier in occupied Palestine, which has been cited as illegal under international law, according to the United Nations………………………………..Full Article: Source

Posted on 17 December 2012 by VRS |  Email |Print

The New Zealand Superannuation Fund has reached a conditional agreement to purchase New Zealand Post’s 35 percent stake in technology services company Datacom for $142 million. The agreement is expected to become unconditional in early 2013.
Datacom ranks number 38 in the MIS100, the annual report on the top IT using organisations in New Zealand, up from number 41 in the 2011 report. The group employs more than 4000 staff across 22 locations in New Zealand, Australia, the Philippines and Malaysia, with more than 2000 of those employees located within New Zealand………………………………..Full Article: Source

Posted on 17 December 2012 by VRS |  Email |Print

In the last few years, filing a suit at the Supreme Court has turned to the proverbial magic wand that governors of the 36 states brandish at will with a view to getting the Federal Government to succumb to their demands.
The Nigeria Governors Forum, NGF, now provides a veritable platform for them to galvanize funds to pay Senior Advocates of Nigeria (SANs) that often jostle to be included in the list of “appearing with”, a legal term that has become as lucrative as defending oil subsidy fraud suspects………………………………..Full Article: Source

Posted on 17 December 2012 by VRS |  Email |Print

An academic study of sovereign wealth funds shows that they behave differently from other institutional investors when investing in private equity. The study, by Sofia Johan of York University in Canada, April Knill of Florida State University in the US, and Nathan Mauck of the University of Missouri in the US, examined the investments of 19 SWFs in 424 companies – both private and public – around the world between 1991 and 2010.
Similar to other institutional investors, the SWFs were less likely to invest in private equity, compared with listed companies, internationally. But unlike the others, they were more likely to invest in private equity, compared with public, in countries where investor protection was low and where bilateral political relations between the SWF and the target country were weak………………………………..Full Article: Source

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