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Sovereign Wealth Funds Briefing 05.Aug 2009

Posted on 05 August 2009 by VRS |  Email |Print

From Guardian: As the world emerges from financial crisis, a new generation of sovereign wealth funds is set to be born, and it may act as a catalyst for the recovery of global markets.
An estimated $3 trillion is currently parked in state-owned funds which manage nations’ windfall earnings from sources such as oil, commodities and trade surpluses. Newly established funds could help to double that figure in coming years………..Full Article: Source

Posted on 05 August 2009 by VRS |  Email |Print

From Pionline.com: Alaska Permanent Fund, Juneau, had $30 billion in assets as of June 30, the end of its fiscal year, sustaining a 17.4% loss from the year earlier, according to a news release.

“I can’t say we’re out of the woods yet, but the market rally that began in March allowed the fund to return 11.2% in the final quarter of the fiscal year,” CEO Michael J. Burns said in the release………..Full Article: Source

Posted on 05 August 2009 by VRS |  Email |Print

From Businessweek.com: Until last week Richard Branson’s proposed flight into space had looked like a flight of fancy—another personal adventure by the man who has set records for journeys by sea and balloon.
Then an Arab investment company bought a third of his Virgin Galactic company in a deal valuing the venture at $900m. Suddenly the space project looked like it might be a business after all………..Full Article: Source

Posted on 05 August 2009 by VRS |  Email |Print

From Thenational.ae: Dubai World will put on hold some of the projects in a planned US$1.5 billion (Dh5.51bn) investment in Africa, the company announced Tuesday.

Over the past two years, Dubai World has signed agreements to develop luxury hotels and a residential golf course in Rwanda, a $200 million eco-friendly golf and beach resort in Mozambique and a five-star hotel and game reserve in Senegal, among other projects………..Full Article: Source

Posted on 05 August 2009 by VRS |  Email |Print

From Business24-7.ae: Abu Dhabi Finance, 52 per cent of which is owned by SWF Mubadala Development Company, offers attractive mortgage products to a wide range of clients.

CEO Philip Ward said the nine-month-old company is set to become the leading mortgage company in the country with a strong and positive outlook………..Full Article: Source

Posted on 05 August 2009 by VRS |  Email |Print

From Dow Jones: Singapore state investment company Temasek Holdings has yet to decide whether it will participate in the GBP1 billion share sale by Standard Chartered PLC, two people familiar with the situation said Tuesday.

“It’s being considered but there is no decision yet whether Temasek will buy any new shares. It will come later in the week,” one person told Dow Jones Newswires………..Full Article (Subscription Required) : Source

Posted on 05 August 2009 by VRS |  Email |Print

From Csr-asia.com: Ho Ching, executive director and CEO of Temasek Holdings delivered an interesting speech last week.
It is interesting as it speaks about CSR without specifically mentioning CSR. ……….Full Article: Source

Posted on 05 August 2009 by VRS |  Email |Print

From Monitor.co.ug: A new report commissioned by the Office of the Auditor General has questioned a deal in which a private business partner of the National Social Security Fund acting Managing Director, Mr Martin Bandeebire, was retained as the Fund’s Legal Advisor in a multi-billion Shilling real estate project.

The forensic audit report, which was prepared by Kenyan firm KPMG and submitted to the Auditor General’s office in June, cites conflict of interest in the May 6, 2008 appointment of Peter Mugimba as a retained legal advisor for the controversial Lubowa Housing Project………..Full Article: Source

Posted on 05 August 2009 by VRS |  Email |Print

From Thenational.ae: Analysts have speculated that ADIA and the Council are receiving less new oil cash to invest abroad as oil prices fall and the government boosts spending to ease the pain of the crisis. This turns out to be true in the extreme.
This may come as a disappointment for those expecting Abu Dhabi’s SWFs to become bigger players in overseas markets. Aside from the dividends and interest on existing investments, the only way they stand to raise more funds for new investments is to sell those they already have………..Full Article: Source

Posted on 05 August 2009 by VRS |  Email |Print

From Dow Jones: Brazil’s foreign currency reserves reached a new record in July on persistent government purchases of U.S. dollars in recent months, the Brazilian Central Bank said Tuesday.

Brazil’s foreign reserves totaled $211.87 billion at the end of July, up from $208.4 billion at the end of June………..Full Article(Subscription Required) : Source

Posted on 05 August 2009 by VRS |  Email |Print

From Forbes: Denmark’s foreign exchange reserves rose by 6.2 billion Danish crowns to 336.4 billion in July ($6.98 billion), the central bank said on Tuesday.

No consensus estimate was available, but Moody’s Economy had estimated that the forex reserves would rise to 350.0 billion crowns, Nordea had expected a minor increase to 336.0 billion, and Fionia Bank had forecast a decline to 324.3 billion………..Full Article: Source

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