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Sovereign Wealth Funds Briefing 26.Apr 2013

Posted on 26 April 2013 by VRS |  Email |Print

The head of China’s $500 billion sovereign wealth fund criticized the U.S. process of reviewing foreign investment, calling it a slap in the face, at a conference in Washington Thursday.
Gao Xiqing, head of China Investment Corp ., said that China is “singled out” for challenge by the U.S. and isn’t regarded as an ordinary member of the international community………………………………………..Full Article: Source

Posted on 26 April 2013 by VRS |  Email |Print

China Investment Corp., the world’s fifth-largest sovereign wealth fund, is treated differently than other investors by U.S. regulators, the company’s president said in Washington.
CIC faces challenges in the U.S. and is “singled out as a different investor,” CIC President Gao Xiqing said yesterday at a conference after meetings with officials in the U.S. capital.“We thought we were friends,” Gao said. “All of the sudden, you’ve got people slapping you in the face and telling you, OK, we don’t like you.”……………………………………….Full Article: Source

Posted on 26 April 2013 by VRS |  Email |Print

The top executive of China’s $500 billion sovereign wealth fund Thursday said he is not concerned by recent data showing slower growth by the world’s second largest economy, pointing to underlining changes that show a country heading in “a much better direction.”
In a keynote speech at the Committee of 100’s 22nd Annual Conference, Gao Xiqing, Vice Chairman and President of the China Investment Corporation, also called for more action to loosen the grip of China’s powerful state-run companies on the economy, while also slamming the treatment his organization receives at the hands of U.S. regulators………………………………………..Full Article: Source

Posted on 26 April 2013 by VRS |  Email |Print

Singapore state investor Temasek Holdings Pte Ltd said on Thursday it was comfortable with Olam International Ltd’s credit position and its longer-term prospects.
The statement came after Olam, whose biggest shareholder is Temasek with 24 percent, announced a new strategic plan to halve its capital spending between 2014 and 2016, cut its stake in a urea plant in Gabon and reduce its debt levels………………………………………..Full Article: Source

Posted on 26 April 2013 by VRS |  Email |Print

Olam International Ltd , propped up by Singapore state investor Temasek Holdings after worries mounted over its high debt, said it will halve its capital spending in 2014 to 2016, cut its stake in an urea plant in Gabon and reduce its debt levels.
The Singapore-based agricultural commodities company, which came under attack from short-seller Muddy Waters last November and was forced to raise cash as its stock and bond prices tumbled, has been under pressure from investors to rein in its expansion plans………………………………………..Full Article: Source

Posted on 26 April 2013 by VRS |  Email |Print

Diversified holding company PT Multipolar (MLPL), the owner of Hypermart and Matahari Department Stores, looks set to forge further partnerships with Singaporean investment firm Temasek Holding Ltd. to expand its business.
According to Multipolar director Reynold Pena Ong, the two sides have the possibility to conduct projects in other sectors, including property. “Temasek is interested in venturing into other fields, but everything is still at a preliminary stage. We are looking at many sectors, one of which is property,” he said in Jakarta on Wednesday………………………………………..Full Article: Source

Posted on 26 April 2013 by VRS |  Email |Print

The government’s fiscal reserve has managed to squeeze a return of less than 1.75 percent out of its billion-dollar investments in its first year. University of Macau public economics professor Jenny Huang Bihong said the return was “too low, much lower than inflation”.
“As such its value is essentially declining.” The average rate of inflation for same period, the 12 months ending February 28, was 6.16 percent. Ms Huang told Business Daily that Macau should establish a sovereign wealth fund similar to Singapore’s Temasek Holdings (Private) Ltd. But another scholar disagrees, warning that such a move might not improve return on investment………………………………………..Full Article: Source

Posted on 26 April 2013 by VRS |  Email |Print

In 1978, Volvo and Norway unveiled an audacious proposal. The Swedish company would sell 40 per cent of itself to the government in Oslo and in return would gain access to Norway’s North Sea oil reserves. The contentious plan eventually floundered because of shareholder opposition at Volvo.
However, now the Norwegian state – through its $720bn oil fund, the largest sovereign wealth fund in the world – is the second-largest owner of the Swedish truckmaker in terms of capital………………………………………..Full Article: Source

Posted on 26 April 2013 by VRS |  Email |Print

Norway’s sovereign wealth fund is looking into selling off shares in oil firms that work in Equatorial Guinea, where oil revenue does nothing to relieve abject poverty, the fund’s ethics council said, a list that includes Exxon Mobil.
The Norwegian Pension Fund Global was Exxon Mobil’s tenth-largest shareholder at end-2012 with some 16 billion crowns ($2.7 billion) worth of shares, or a stake of 0.81 percent. The fund, whose investments totalled $725 billion on Wednesday, invests Norway’s revenues from oil and gas production for future generations. Exxon Mobil was its tenth-largest equity holding at end-2012, according to its annual report………………………………………..Full Article: Source

Posted on 26 April 2013 by VRS |  Email |Print

Azerbaijan’s $34 billion state oil fund plans to spend about $1 billion on real estate abroad this year, mainly in Asia and Australia, as it further diversifies a broad portfolio of foreign assets.
The state oil fund uses investment proceeds to help finance social spending and infrastructure projects. It transferred 7.04 billion manats ($9 billion) to the Azeri state budget in the first nine months of last year. The fund spent $600 million on real estate in Europe in 2012, buying office blocks in central London and Paris and a shopping complex in Moscow………………………………………..Full Article: Source

Posted on 26 April 2013 by VRS |  Email |Print

A $ 500 million sukuk from Turkiye Finans this week was just the latest in a flood of international debt issues from Turkey. But the identity of the arranging banks, and the investors who bought the issue, pointed to a shift in capital markets.
Of the four banks arranging the deal for Turkiye Finans, an Islamic bank majority-owned by Saudi Arabia’s National Commercial Bank, two were based in the Gulf: NCB Capital and Dubai’s Noor Islamic Bank. And Middle Eastern investors dominated buying of the sukuk, taking 51 percent of the deal, which received just under $ 2 billion in orders………………………………………..Full Article: Source

Posted on 26 April 2013 by VRS |  Email |Print

The Sudanese government should use renewed oil revenue to provide a foundation to its economy, an International Monetary Fund representative said.The Sudanese government announced that oil began to flow through pipelines extending to Port Sudan in early April. South Sudan gained control over the bulk of the region’s oil reserves when it gained independence from Sudan in 2011.
Sudan controls the exports pipelines, however, and disputes over transit fees prompted the South Sudanese government to halt oil production in 2012. South Sudan gets nearly all of its revenue from oil………………………………………..Full Article: Source

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