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Sovereign Wealth Funds Briefing 07.Oct 2013

Posted on 07 October 2013 by VRS |  Email |Print

The Bank of Thailand remains committed to moving ahead with plans to establish a sovereign wealth fund, pledging it will be up and running by 2015, says Ampon Kittiampon, the central bank’s newly appointed chairman.
He said the fund is being studied by a working panel in order to make the best use of surplus foreign reserves and ease the government’s burden for international borrowing to finance state spending………………………………………..Full Article: Source

Posted on 07 October 2013 by VRS |  Email |Print

The Malaysia state investment fund Khazanah Nasional Bhd acquired almost 5 percent of Beijing Enterprises Water Group Ltd. (371) for $152 million to expand in China, making it the company’s third-largest shareholder.
Beijing Enterprises Water plans to use the net proceeds for working capital, the sovereign wealth fund said today in a statement. The water-treatment group announced 400 million new shares would be issued at HK$2.95 each to Mount Reskit Investments Ltd., a unit of Khazanah Nasional, last month………………………………………..Full Article: Source

Posted on 07 October 2013 by VRS |  Email |Print

Inari Amertron Bhd has dismissed a news report that it was being approached by Khazanah Nasional Bhd for a 20% stake in the group. “There’s a lot of speculation in the market but I cannot comment on that (report) because I have not read the report myself,” its vice-chairman Dr Tan Seng Chuan told a press conference after the Penang-based semiconductor wafer manufacturer’s EGM here last Friday.
On Friday, Business Times quoted a report by UOB Kay Hian as saying that Inari Amertron was placing out a 20% stake to Khazanah in exchange for a stake in wafer fabrication company, SilTerra Malaysia Sdn Bhd which is 98% owned by the state investment arm………………………………………..Full Article: Source

Posted on 07 October 2013 by VRS |  Email |Print

Singapore’s sovereign wealth fund Temasek and Chinese refiner Sinopec have approached Spanish oil company Repsol over its 4.7 billion euro ($6.4 billion) stake in Gas Natural , the Financial Times reported on Sunday.
Repsol said in July it was considering disposing of its Gas Natural stake because the agreed sale of its liquefied natural gas business to Royal Dutch Shell , due to close this year, diminishes the holding’s strategic rationale………………………………………..Full Article: Source

Posted on 07 October 2013 by VRS |  Email |Print

Russia’s Economic Development Minister said Sunday that up to 1.2 trillion rubles ($37 billion) could be taken from a rainy-day windfall oil revenue fund and invested in infrastructure projects as the Russian economy faces a growing risk of stagnation.
The amount is 40 percent of the contents of Russia’s National Welfare Fund, a key fiscal buffer built up by the Kremlin during years of high energy prices………………………………………..Full Article: Source

Posted on 07 October 2013 by VRS |  Email |Print

In principle there can be little objection to using the annual tax revenues from North Sea hydrocarbons to establish a stabilisation fund and a sovereign wealth fund. In reality, however, it is pie in the sky, as Finance Secretary John Swinney well knows, not least because all the revenues are being consumed in order to fund a pattern of public spending bequeathed by Gordon Brown, never opposed by the SNP, and barely curtailed by David Cameron’s Coalition.
The UK has an annual fiscal deficit of £120bn. Scotland’s share on the more favourable population ratio basis is at least £11bn………………………………………..Full Article: Source

Posted on 07 October 2013 by VRS |  Email |Print

Who would want to work for a sovereign wealth fund? Not many people, it would seem, as the government-owned goliaths – which are increasingly trying to build up their in-house investment teams – continue to struggle to attract the people they want to hire.
Most SWFs have a recruitment shopping list that includes exemplary academics from an Ivy League or Russell Group university combined with extensive experience working for an internationally recognised financial services organisation. However, they’re also unwilling to budge when it comes to remuneration, which means they’re struggling to compete with the private sector – and this is having an effect on their ability to hire………………………………………..Full Article: Source

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