Fri, Jul 1, 2022
Welcome mteam

Sovereign Wealth Funds Briefing - Archive | October, 2008

Libyan funds talk to T.Italia and others on stakes

Posted on 31 October 2008 by VRS  |  Email |Print

From Guardian: Libyan sovereign funds are talking to Telecom Italia and other Italian companies about possible stake purchases, Saif al Islam Gaddafi, the son of Libyan leader Muammar Gaddafi, said on Thursday.

Libyan funds have recently raised their stake in Italian bank UniCredit to 4.9 percent, becoming the second biggest shareholder in the bank….. Full Article: Source

Barclays close to sealing a deal with Qatar over big cash injection

Posted on 31 October 2008 by VRS  |  Email |Print

From UK Press: Barclays is on the verge of securing a £6 billion capital injection from Middle Eastern investors in a move that will enable the bank to avoid using the Government for financial support.

Bosses are understood to be finalising deals with the Qatar Investment Authority (QIA) and an Abu Dhabi-based sovereign wealth fund. A formal announcement could be made later on Friday. If completed, the fund raising will help Barclays’ chief executive John Varley recapitalise the bank without Government help…… Full Article: Source

Sarkozy says strategic fund to start in coming weeks

Posted on 31 October 2008 by VRS  |  Email |Print

From Reuters: France’s strategic fund aimed at protecting domestic industries through the financial markets crisis will be set up in three weeks’ time, President Nicolas Sarkozy said Thursday.

Sarkozy has long championed the need to nurture French industry and a slump in market values has raised concerns in government that some companies might become takeover targets for far-away multinationals….. Full Article: Source

Permanent fund deposits to increase

Posted on 31 October 2008 by VRS  |  Email |Print

From Future dividends from the Alaska Permanent Fund will get a boost, as high oil prices this year have enabled the state to stop diverting oil royalty payments from the fund to state government operations.

In 2003 the Alaska Legislature reduced from 50 to 25 percent the amount of money from mineral royalties and lease sales that went to the permanent fund. The Alaska Constitution calls for at least 25 percent to go to the permanent fund, but in 1980 the Legislature boosted that to 50 percent….. Full Article: Source

S.Korea, Blackstone to invest $4 bln in Korea

Posted on 31 October 2008 by VRS  |  Email |Print

From Reuters: South Korea’s National Pension Service on Thursday said it had signed a preliminary agreement with private equity firm Blackstone Group to invest $2 billion each in the north Asian country.

“Blackstone plans to invest in alternative asset categories such as infrastructure and real estate as well as domestic stocks and bonds,” a statement from the NPS said….. Full Article: Source

Dubai World chairman says group does not face funding crunch

Posted on 31 October 2008 by VRS  |  Email |Print

From Dubai World on Thursday said it faced no resource-crunch in its expansion plans as its chairman discounted the likelihood of a huge impact of the global financial crisis on the Gulf region.

The group, which owns companies such as real estate developer Nakheel, private equity firm Istithmar and the world’s fourth-largest port operator DP World, said it continues to pursue acquisitions in many countries….. Full Article: Source

Big Gulf investors ‘looking to the US’

Posted on 31 October 2008 by VRS  |  Email |Print

From FT: Gulf sovereign wealth funds are seeking investments in the US economy, Robert Kimmitt, deputy US treasury secretary, said yesterday.

The funds had seemed reluctant to divert much of their estimated £1,300bn ($2,000bn, €1,600bn) portfolio into the US economy, worrying that the economic crisis has further to go. Gulf money has been instrumental in attempts to shore up big Wall Street names….. Full Article: Source

US Judge orders freeze on Argentine pension investments

Posted on 31 October 2008 by VRS  |  Email |Print

From Reuters: A U.S. judge ordered the freezing of Argentine pension fund investments in the United States to satisfy a prior $554 million judgment against the South American country on behalf of holders of its defaulted sovereign debt.

Judge Thomas Griesa of U.S. District Court in Manhattan on Wednesday granted a request by bondholders to freeze the assets. Griesa asked representatives of Argentina to respond in court on Nov 6….. Full Article: Source

CPPIB eyes property bargains in U.S., U.K.

Posted on 31 October 2008 by VRS  |  Email |Print

From The Canada Pension Plan Investment Board has set aside at least $1.4-billion to hunt for bargains in the top-quality office and retail property sectors in the United States and Britain.

In addition to this capital, which will be invested in opportunistic real estate funds run by managers including Blackstone Group and Morgan Stanley, the CPPIB is also searching for direct investments, said Graeme Eadie, senior vice-president of real estate investments at the CPPIB….. Full Article: Source

Russian currency reserves drop $31B in one week

Posted on 31 October 2008 by VRS  |  Email |Print

From Business Week: Russia’s hard currency reserves dropped a record $31 billion last week as the country spent money on keeping the ruble from plummeting and the banking sector from melting down, the central bank said Thursday.

The central bank said in a statement its international foreign exchange reserves fell to $484.7 billion as of Friday, down from $515.7 billion a week before….. Full Article: Source

Qatari Diar acquires Cegelec

Posted on 31 October 2008 by VRS  |  Email |Print

From Qatari Diar, a wholly-owned subsidiary of the Qatar Investment Authority (QIA), completed its acquisition of Cegelec, an international group providing technological services to companies and public authorities.

Cegelec is an international integrated group providing technological services to companies and public authorities. The group generates an annual turnover of around 3 billion euro and employs 25,000 people….. Full Article: Source

New investments Arabs in the West

Posted on 31 October 2008 by VRS  |  Email |Print

From The radical change that has brought the possibility that the U.S. remove 10,400,000,000 barrels of oil that has under his basement, plus 86,000 -10 times the oil that Americans consume in a year- the service says Mineral Exploitation that is beneath its shores, it marked a turning point this summer in crude prices.

Whenever Obama or McCain met his electoral promise, the summer of 2008 may have opened the door to that for the first time, a stable Western democracy to control one of the largest reserves of the planet. And the consequences should rejoice….. Full Article: Source

SWFs under threat from tumbling crude

Posted on 30 October 2008 by VRS  |  Email |Print

From The plummeting price of oil could cause another source of capital to dry up: the Sovereign Wealth Funds (SWFs) of the Persian Gulf. This could be another blow for global credit markets.

These oil-rich funds fueled with petrodollars invested trillions over the past few years, notably with high-profile infusions of billions in CitiGroup, Carlyle Group, Merrill Lynch and the Nasdaq Stock Market. Now with oil down more than 50% from near $150 a barrel in July, the Persian Gulf is beginning to suffer from its own credit squeeze…… Full Article: Source

Reality check on SWFs

Posted on 30 October 2008 by VRS  |  Email |Print

From Nearly $1.5 trillion, or half of the world’s sovereign wealth funds are owned by the six GCC states. Yet small investors in Kuwait are protesting, while others in the countries are either counting losses or fuming amid widespread concerns of a severe impact of the global financial meltdown.

This leads to the obvious question - are the Gulf states investing enough in their own economies?….. Full Article: Source

Temasek to invest up to $147 mln in Pakistan NIB Bank

Posted on 30 October 2008 by VRS  |  Email |Print

From Reuters: Singapore sovereign wealth fund Temasek Holdings has agreed to a further investment of up to 12 billion rupees (94 million pounds) in Pakistan’s NIB Bank via a rights issue, NIB said.

Temasek, already NIB’s largest shareholder with 63.15 percent, will participate in the Pakistani bank’s 12 billion rupee rights issue and subscribe for shares not taken up by minority holders…… Full Article: Source

Arab investors not eyeing hostile take-over bids, says minister

Posted on 30 October 2008 by VRS  |  Email |Print

From A Qatari minister said that Arab sovereign wealth funds have only a commercial aim and are not interested in hostile takeover bids of European companies at knock-down prices.

“The sovereign wealth funds of the Gulf countries do not intend to take advantage of the financial crisis in order to run after European companies and buy them at low prices,” Qatar’s Minister of Commerce Fahad bin Jasim al-Thani told Adnkronos International (AKI). “The sovereign wealth funds have only a commercial aim. Their objective is to diversify investments in order to have various sources of income, aside from oil. …… Full Article: Source

The CIC, the world’s best performing SWF?

Posted on 30 October 2008 by VRS  |  Email |Print

From CFR: To date, the CIC hasn’t exactly distinguished itself with its investment acumen. Its investments in Blackstone and Morgan Stanley are underwater. Its Blackstone shares are down something like 75%.

Even its “safe” investments haven’t been safe: it put money in the Reserve Primary Fund — the money market fund that famously broke the buck…… Full Article: Source

Kuwait backs deposits; Gulf cbankers optimistic

Posted on 30 October 2008 by VRS  |  Email |Print

From Guardian: Kuwait passed a law to guarantee bank deposits on Wednesday even as Gulf central banks offered reassurances about the health of their banking systems, saying there was no need to provide more assistance to lenders.

The government-sponsored bill came after the central bank stepped in to save the country’s fifth-biggest lender, Gulf Bank , this week following steep derivatives losses.
The news sent shockwaves through Gulf bourses, sending stocks into a tailspin and investor confidence to new lows…… Full Article: Source

Abu Dhabi will aid Dubai pay debts if needed, says Citigroup

Posted on 30 October 2008 by VRS  |  Email |Print

From Abu Dhabi, which holds almost 8% of the world’s oil reserves, is likely to help Dubai pay its debts if the second-largest country in the United Arab Emirates is unable to meet its obligations, a Citigroup official said.

“Dubai is highly leveraged, everybody knows that, but they are the second emirate in the U.A.E. and Abu Dhabi will not let Dubai go down,” said Citigroup’s managing director of Equities Middle East & North Africa Kaveh Samie in an interview in London late Tuesday. Kuwait, Abu Dhabi, Qatar and Saudi Arabia are the “safest” Gulf economies to invest in because they are the “main beneficiaries of the high oil price”, Samie said…… Full Article: Source

CPPIB set to bargain-hunt for real estate

Posted on 30 October 2008 by VRS  |  Email |Print

From The Canada Pension Plan Investment Board (CPPIB) has set aside at least $1.4-billion to bargain-hunt during the credit crunch for top-quality office and retail properties in the United States and the United Kingdom.

In addition to this capital, which will be invested in opportunistic real estate funds run by managers including The Blackstone Group and Morgan Stanley, the CPPIB is also searching for direct investments, said Graeme Eadie, senior vice-president of real estate investments at the CPPIB. ….. Full Article: Source

Korea: Gov’t might guarantee foreign currency deposits

Posted on 30 October 2008 by VRS  |  Email |Print

From KBS: The government is reviewing offering a state guarantee of foreign currency deposits, as it does for deposits made in the Korean currency.

An official of the Financial Services Commission said that the suggestion is under consideration as a measure to encourage people to keep their foreign currency in domestic banks. But government agencies are cautious about implementing the measure, since it could be interpreted as a sign of weakness in the nation’s foreign reserves. ….. Full Article: Source

Dubai World acquires 50% of Singita

Posted on 30 October 2008 by VRS  |  Email |Print

From Singita Game Reserves has successfully concluded an agreement that sees Dubai World acquire 50% of Singita’s interest in their Kruger National Park concession, incorporating two Relais & Chateaux lodges - Singita Lebombo and Singita Sweni.

The new ownership structure will not give rise to any change in the management and marketing of the operations, which will continue to be contracted to Singita’s management company. Luke Bailes, CEO of Singita says: ‘Working with one of the world’s leading global investment companies bodes well for Singita Game Reserves…… Full Article: Source

Half of state royalties now to go into Alaska Permanent Fund

Posted on 30 October 2008 by VRS  |  Email |Print

From ADN: Starting this month, 50 percent of the royalties generated from state mineral leases issued after Dec. 1, 1979, will be placed in the Permanent Fund. That’s an increase from the 25 percent that has been transferred since 2003.

The increase is due to the automatic repeal of a 2003 law that temporarily cut the rate at 25 percent, the state Department of Revenue said. Under the state constitutional amendment in 1976 that created the Permanent Fund, an oil wealth savings account now worth about $28 billion, at least 25 percent of all mineral lease rentals, royalties, royalty sale proceeds and federal mineral revenue sharing payments and bonuses received by the state shall be placed in a permanent fund, the department said…… Full Article: Source

Federal Reserve to lend cash to emerging nations

Posted on 30 October 2008 by VRS  |  Email |Print

From The Federal Reserve said today it will lend money for the first time to central banks in several emerging nations, as it tries to prevent a global shortage of dollars.

The central bank said it is establishing “swap lines” of up to $30 billion each with the central banks of Brazil, Singapore, Mexico and South Korea. This will allow those banks to pump cash into their respective financial systems…… Full Article: Source

Gulf funds ‘looking’ to invest in US

Posted on 30 October 2008 by VRS  |  Email |Print

From FT: Sovereign wealth funds in the oil-rich Gulf states are actively seeking investments in the troubled US economy, Robert Kimmitt, the deputy US treasury secretary, said.

The region’s economic powerhouses had seemed reluctant to divert much of their estimated $2,000bn (€1,600bn, £1,300bn) portfolio into the US economy, worrying that the economic crisis has further to go. Gulf money has been instrumental in previous attempts to shore up the balance sheets of major Wall Street names…… Full Article: Source

US welcomes SWF buys in crisis

Posted on 29 October 2008 by VRS  |  Email |Print

From Reuters: The United States would welcome investment from sovereign wealth funds as it grapples with the impact of the global financial crisis on its economy, Deputy U.S. Treasury Secretary Robert Kimmitt said on Tuesday.

Kimmitt is on a five-country swing through the Gulf Arab region to drum up investment in the ailing U.S. economy….. Full Article: Source

Asian SWFs may turn toward home

Posted on 29 October 2008 by VRS  |  Email |Print

From IHT: Asian sovereign wealth funds may become more active closer to home, shoring up markets as emerging economies turn to their deep pockets to steer around the damaging effects of the global market turmoil, analysts say.

Bets on Western banks like Citigroup and UBS - where the funds pumped in billions of dollars during the early phase of the credit crisis - have shown few signs of paying off….. Full Article: Source

SWF assets to hit $10tn by 2015

Posted on 29 October 2008 by VRS  |  Email |Print

From Cash-rich sovereign wealth funds (SWFs) are expected to grow their assets under management by 15 percent a year, amassing a massive $10 trillion in assets by 2015, Deutsche Bank said in a report published on Tuesday.

The German bank said assets under management currently stand at around $3.6 trillion. Deutsche Bank said growth will be driven by hydrocarbon reserves, current account and government surpluses and receipts from the sale of commodities, which the bank described as a “formidable source from which governments can theoretically feed their state-owned funds”….. Full Article: Source

SWF investment in financials at all-time high

Posted on 29 October 2008 by VRS  |  Email |Print

From The amount of money being invested in financial companies by sovereign wealth funds has hit an all-time high this year, according to new research, as state-owned investment vehicles continue to see value in struggling western banks despite some heavy paper-losses on deals to date.

The value of finance-targeted investment from SWFs so far this year has reached $31.3bn (€25bn), according to data provider Dealogic. The figure is almost three times the value of $12.7bn at the same time last year and is the highest year-to-date value on record….. Full Article: Source

$41bln target unrealistic, says Future Fund chief

Posted on 29 October 2008 by VRS  |  Email |Print

From The chairman of the Future Fund, the Australian SWF, says the Rudd Government has “no hope” of finding a planned $41 billion for its infrastructure, health and education investment funds in the short term.

“I don’t know the timing, but on a cyclical basis there’s no way those sort of surpluses will be available to any Australian government,” David Murray said yesterday….. Full Article: Source

Norway SWF to invest in renewable energy

Posted on 29 October 2008 by VRS  |  Email |Print

From Oil-rich Norway is pushing ahead with plans to use part of its EUR 312 bn sovereign wealth fund to invest in renewable energy development, a deputy finance has minister said.

The idea to divide the wealth fund, officially named the Government Pension Fund — Global, and siphon off part of it to invest in environmental projects has been criticised by Norway’s central bank, which runs the fund for the government….. Full Article: Source

Inward shift by Gulf funds will impact global finance

Posted on 29 October 2008 by VRS  |  Email |Print

From Dubai An inward shift in investments by Gulf wealth funds will impact the global financial system, according to an economist.

Philippe Dauba-Pantan-acce, senior economist for MENA and global markets with Standard Chartered Bank, said that sovereign wealth funds of the Gulf Cooperation Council (GCC) countries that have been investing internationally are beginning to consider internal investments….. Full Article: Source

Plucky new wealth fund enters the fray

Posted on 29 October 2008 by VRS  |  Email |Print

From FT: Will the largest US banks spend or hoard the $125bn made available by a plucky sovereign wealth fund?

Unlike its Asian and Middle Eastern peers, the new entrant in the game of throwing money at the battered financial sector has not cloaked its identity in a three-letter acronym, opting for the more streamlined “US Treasury”. Like CIC (China Investment Corporation), KIA (Kuwait Investment Authority) and QIA (Qatar … you get the idea), it has attached conditions to its disbursement of taxpayers’ money….. Full Article: Source

Abu Dhabi Investment Co. plans to start equity funds

Posted on 29 October 2008 by VRS  |  Email |Print

From Abu Dhabi Investment Co., the government-controlled fund manager with more than $2 billion in assets, plans to start equity funds as it looks to manage more third-party money.

The open-ended funds, to be seeded with some capital from ADIC, will focus on the Middle East and North Africa and will be started in the first quarter of 2009, Mohammed Al Hashemi, executive director of asset management at ADIC, said in an interview in London on Tuesday….. Full Article: Source

Gulf funds take stock after global slowdown

Posted on 29 October 2008 by VRS  |  Email |Print

From Regional investment funds with $1.25 trillion in assets strike cautious note as money managers head to Dubai summit.

Arabian Gulf investment funds - managing asset portfolios worth over $1.25 trillion before the global market slowdown - are taking a more cautious approach in their future investment strategies, according to leading industry observers….. Full Article: Source

Kyrgyzstan holds $1bln gold and currency reserves

Posted on 29 October 2008 by VRS  |  Email |Print

From Kyrgyzstan is holding a $1 billion gold and foreign currency reserve, Abdybaly tegin Suerkul, deputy chairman of the Kyrgyz National Bank said during the session of parliament committee on energy, budget and finance on Tuesday, October 28, 2008.

“Today the Kyrgyzstan’s reserves make $1.2 billion, which is about 40 billion KGS according to the current exchange rates. One third of this amount is kept in Euro, about 29-30 percent is kept in U.S. dollars and another 40 percent are kept in various currencies and precious metals….. Full Article: Source

SWF: Potential strategic tools for regional stability and social cohesion?

Posted on 29 October 2008 by VRS  |  Email |Print

From The opportunities for more cross-border GCC investments within the MENA region itself, as well as other emerging market regions, could be a good strategic response to the growing scrutiny over SWF investment in Western markets, says Alessandro Bruno.

True “sustainable” investment has at least three dimensions: economic, environmental, and social. With the conspicuous exception of Norway’s Government Pension Fund – Global, Sovereign Wealth Funds (SWFs) have paid relatively little attention to the latter two dimensions….. Full Article: Source

Brown looks to China to strengthen IMF’s hand

Posted on 29 October 2008 by VRS  |  Email |Print

From Guardian: Gordon Brown will this weekend call on China and oil-producing countries in the Gulf to pump hundreds of billions of dollars into the International Monetary Fund to prevent the global financial “contagion” from destroying vulnerable economies.

As the IMF finalises plans to shore up the Hungarian and Ukrainian economies with combined loans of $29bn, the prime minister will make clear that more needs to be done to ensure the fund can step in to help struggling economies….. Full Article: Source

Russia 2008: How can a country with US$500 billion in foreign reserves get into a crisis?

Posted on 29 October 2008 by VRS  |  Email |Print

From Since last June Russia has been one of the hardest hit countries in the emerging world. The stock market has plunged, capital has flown out of the country and inflows have stopped.

A liquidity crisis in the domestic banking sector emerged and even corporate giants in the energy sector have begun to have difficulties in refinancing or even repaying their debts….. Full Article: Source

Will China come out to rescue the world?

Posted on 29 October 2008 by VRS  |  Email |Print

From Sify: Given China’s huge international reserves at $1.9 trillion, it can maintain its own stability, but it can also help developed countries overcome the crisis. Is it ready to offer the money? And will anyone take it?

China’s dependence on exports is not as heavy as may seem at first glance. Officially, exports account for 37 per cent of its revenues and seem to be the driver of the Chinese economy….. Full Article: Source

Brown and Sarkozy unite in call for increased IMF funds

Posted on 29 October 2008 by VRS  |  Email |Print

From Gordon Brown tonight received the backing of French president Nicolas Sarkozy for a substantial increase in the resources available to the International Monetary Fund to stop the “financial contagion” from spreading around the world.

The two EU leaders said they wanted to work together to ensure a coordinated response to the financial crisis….. Full Article: Source

A new breed of SWF?

Posted on 29 October 2008 by VRS  |  Email |Print

From The news moves fast during times of crisis. French President Sarkozy called for a more aggressive French sovereign wealth fund (SWF) to protect domestic institutions from foreign investment just a week ago.

But in the midst of all this, it’s worth pausing a moment to think about how far SWFs have come. While some of the funds themselves have been around much longer, the term was invented just a few years ago and only more recently have the funds captured wider attention….. Full Article: Source

Taqa to raise investment portfolio

Posted on 29 October 2008 by VRS  |  Email |Print

From The Abu Dhabi National Energy Company (Taqa), a semi-sovereign wealth fund controlled by the government, is pushing ahead with ambitious plans to lift its investment portfolio by nearly $39 billion (Dh143.24bn) within four years, its chief executive has said.

Peter Barker-Homek said the company is in control of a massive portfolio worth nearly $21bn and the next investment strategy would focus on the Middle East, India, Pakistan, North Africa, Europe and North America….. Full Article: Source

U.S. treasury bonds: A hot potato?

Posted on 29 October 2008 by VRS  |  Email |Print

From Despite the global credit crunch, China increased its U.S. Treasury bonds holdings to $541 billion by the end of August, making it the second largest holder of U.S. government debt.

China bought $22.3 billion in U.S. Treasury bonds in August alone, the biggest single month accumulation this year, according to the U.S. Treasury Department….. Full Article: Source

Russian companies look to SWF for cash

Posted on 28 October 2008 by VRS  |  Email |Print

From Russian corporations are looking to leading sovereign wealth funds abroad for cash in the wake of the global liquidity squeeze. In the estimation of JP Morgan, assets managed by sovereign funds amount to half of all international reserves, and they exceed the combined worth of all private and hedge funds.

Russian industrial companies, banks and management companies are showing interest in these funds, analysts say. Managing a total worth of between $3 trillion and $3.7 trillion, sovereign wealth funds are large investors, JP Morgan said in its quarterly bulletin for depositary receipts. About one-third of the amount is managed by the Abu Dhabi Investment Authority (ADIA), which controls an estimated $1 trillion….. Full Article: Source

Revised German SWF law is not licence to veto

Posted on 28 October 2008 by VRS  |  Email |Print

From Sovereign wealth funds and state-controlled investments from abroad are topics which are currently under the international media spotlight. The principal concern is the intent of these funds and their potential threat to the domestic industries in which these market players might invest.

In Germany, the Federal Ministry of Economics and Technology has initiated changes to the German law on foreign trade to address these issues. Its restrictions on acquisitions by foreign investors, in its draft bill, has drawn a lot of attention abroad as well as in Germany…… Full Article: Source

Confindustria Head: SWFs an opportunity for Italy

Posted on 28 October 2008 by VRS  |  Email |Print

From The head of Italy’s main business lobby group Confindustria said Monday that sovereign wealth funds represent an opportunity for Italian business.

“We have to consider those sovereign funds as an opportunity to take advantage of in a moment where growth is slowing,” Confindustria President Emma Marcegaglia said at a conference in Rome. “I think there are a lot of opportunities.” She also said the Gulf countries have a very significant amount of liquidity and sovereign wealth funds will become a very important issue in the coming months….. Full Article: Source

China equities funds performance still weak

Posted on 28 October 2008 by VRS  |  Email |Print

From The Hua An International Balanced Fund, the country’s first QDII product, has been affected by a large amount of structured notes guaranteed by Lehman Brothers.

Equity funds in China posted an average loss of 6.6% in September, extending August’s 12.21% decline, according to Lipper data. That brings equity fund performance for the three quarters of 2008 to an average loss of 52.71%….. Full Article: Source

SWF designed to boost France’s economic security

Posted on 28 October 2008 by VRS  |  Email |Print

From France’s plan to create a sovereign wealth fund is a part of the country’s efforts to guarantee its economic security out of the current world financial crisis.

The fund, announced by French President Nicolas Sarkozy on Thursday, is designed to protect the strategically important French enterprises threatened by the global credit crunch and prevent those companies from foreign takeover, the latest manifestation of economic patriotism in the country….. Full Article: Source

China stays quiet amid talk of new financial order

Posted on 28 October 2008 by VRS  |  Email |Print

From Reuters: Just as it was never realistic to think China could single-handedly save the world economy, it’s probably wise to tone down any expectations that Beijing somehow holds the key to a new international financial order.

Premier Wen Jiabao promised after talks among 43 Asian and European Union countries that China would actively participate in a November 15 summit that U.S. President George W. Bush is convening to rake over the global credit crisis. China, which keeps its own markets on a tight leash, will presumably support any drive to keep a better check on new-fangled financial instruments and cross-border money flows….. Full Article: Source

October 2008
« Sep   Nov »