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Sovereign Wealth Funds Briefing 01.Aug 2013

Posted on 01 August 2013 by VRS |  Email |Print

Norway’s central bank will sell 200 million Norwegian crowns ($33.69 million) a day in August to buy foreign currency for the country’s $750 billion sovereign wealth fund, unchanged from July, it said on Wednesday.
The fund invests Norway’s surplus tax revenue from oil and gas production for future generations. It is the world’s largest sovereign wealth fund and owns about 1 percent of all global shares………………………………………..Full Article: Source

Posted on 01 August 2013 by VRS |  Email |Print

Norway’s sovereign wealth fund under their subsidiary NBIM Clement SCI has been approved by the European Commission to acquire 50% of French developer SCI Pasquier. Currently, SCI Pasquier is solely owned by Assicurazioni Generali S.p.A which is part of the Italian insurer Generali Group.
Generali will maintain 50% ownership in the properties. The sovereign wealth fund investment includes five properties in Paris. The real estate transaction would augment NBIM’s exposure to core properties in central Paris………………………………………..Full Article: Source

Posted on 01 August 2013 by VRS |  Email |Print

Robert Zoellick, former World Bank president, will join the board of Singapore state investment fund Temasek Holdings Pte. Lte., the second board-level personnel move at the fund this month.
Mr. Zoellick, who held the top role at the World Bank until June 2012, will officially assume his role at Temasek on Aug. 15, according to a statement Thursday. His appointment comes after Temasek named a former cabinet minister, Lim Boon Heng, as chairman earlier this month, replacing S. Dhanabalan who will retire next month………………………………………..Full Article: Source

Posted on 01 August 2013 by VRS |  Email |Print

Temasek Holdings Pte appointed former World Bank President Robert Zoellick to its board of directors as Singapore’s state-owned investment company looks to start its first office in the U.S.
Zoellick, 60, will take up the position from Aug. 15, Temasek said in a statement on its website today. Zoellick was president of the World Bank from July 2007 through June last year and also served as the U.S. trade representative in 2001 to 2005, during which Singapore and America signed their free trade agreement, according to the statement………………………………………..Full Article: Source

Posted on 01 August 2013 by VRS |  Email |Print

DBS Group Holdings Ltd. (DBS) ended a bid to buy PT Bank Danamon Indonesia for $6.5 billion in what would have been Southeast Asia’s largest banking takeover after failing to win regulatory approval for a majority stake.
The agreement to acquire control from Temasek Holdings Pte’s Fullerton Financial Holdings unit will lapse after today’s deadline, Singapore-based DBS said in a statement yesterday. Southeast Asia’s largest bank had offered on April 2, 2012, to buy 99 percent of Danamon — including a 67 percent stake from Fullerton — for 66.4 trillion rupiah ($6.5 billion)………………………………………..Full Article: Source

Posted on 01 August 2013 by VRS |  Email |Print

Chinese foreign exchange reserves fell in May and June, providing fresh evidence that capital is again leaving the country as the domestic economy slows and global risks rise. People’s Bank of China data showed foreign exchange reserves rising $91.8 billion in April but then falling $19.7 billion in May and another $18.1 billion in June.
May and June’s apparent outflows were the heaviest since March to May last year. The foreign exchange reserve numbers follow data suggesting that China is again seeing capital outflows on the back of a slowing economy and noises in Washington about the beginning of the end of quantitative easing………………………………………..Full Article: Source

Posted on 01 August 2013 by VRS |  Email |Print

While an appreciating yuan may have taken the sting out of the Sino-U.S. currency quarrel, the issue has not quite gone away. Come autumn, when Chinese leaders meet over major reforms, we can expect the liberalization of exchange rates to accelerate.
The inception of China Investment Corp. (CIC) six years ago marked the birth of a true sovereign wealth fund for China. Though it is undoubtedly heading in the right direction, the CIC is hobbled by the terms of its inception……………………………………….Full Article: Source

Posted on 01 August 2013 by VRS |  Email |Print

Mumtalakat, the investment arm for Bahrain’s non-oil and gas strategic assets, has a revised strategy in place that would enable it to reverse the decline in revenues, its top official has said. “We have laid the groundwork and have begun the execution of a number of initiatives that we believe will support our long-term growth strategy and benefit the kingdom,” chief executive Mahmood Al Kooheji said.
“Mumtalakat works closely with its existing portfolio companies to develop and maximise their growth potential, and last year conducted a full and comprehensive review of its strategic direction,” he said………………………………………..Full Article: Source

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