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Sovereign Wealth Funds Briefing 14.Dec 2010

Posted on 14 December 2010 by VRS |  Email |Print

From Businessday.co.za: In order to assess whether we need one, and what form it might take, it is important to understand where this suggestion originated. Sovereign wealth funds, while by no means a new phenomenon, have proliferated in recent years and have become something of an obsession among financial analysts, asset managers, politicians and policy makers.
When sovereign wealth funds from emerging markets made a number of high- profile investments in troubled western banks in the early days of the global financial crisis, interest exploded……………………………………….Full Article: Source

Posted on 14 December 2010 by VRS |  Email |Print

From 234next.com: The balance in the Excess Crude Oil Account surged to about N450billion at the end of last month, the accountant general of the federation, Ibrahim Dankwambo, said at the end of the monthly Federation Accounts Allocation Committee meeting in Abuja at the weekend.
He said the balance of revenue in the dollar-denominated component of the ECA was about $1.9billion, while about N50billion was transferred into the domestic ECA. This excludes the $1billion already deposited by the federal government as seed money for the take-off of the newly created Sovereign Wealth Fund (SWF)……………………………………….Full Article: Source

Posted on 14 December 2010 by VRS |  Email |Print

From Tradearabia.com: Mubadala GE Capital, a 50:50 joint venture between General Electric (GE) and the Mubadala Development Company (Mubadala), has reached $2 billion in commitments in its first full year of operation.
Licensed in January 2010 by the UAE Central Bank, Mubadala GE Capital combines the international corporate finance experience of GE Capital with the regional insights of Mubadala……………………………………….Full Article: Source

Posted on 14 December 2010 by VRS |  Email |Print

From Reuters: Abu Dhabi investment fund Mubadala is open to raising its stake in General Electric Co (GE) and expects to close a joint infrastructure fund with the U.S. firm worth $500 million in 2011, its chief operating officer said.
The Abu Dhabi investment fund is the 14th largest shareholder in GE with 76.92 million shares, or 0.2 percent of the total……………………………………….Full Article: Source

Posted on 14 December 2010 by VRS |  Email |Print

From Cellular-news.com: Qatar’s Qtel is reported to be in talks over a partnership with the country’s sovereign wealth fund to jointly fund the company’s expansion plans. Qtel Chairman Sheikh Abdullah Bin Mohammed Bin Saud Al Thani made the remarks in Qatari Arabic language daily El Raya.
“We are about to sign a partnership agreement between Qtel and the Qatar Investment Authority so that we become an investment arm of the authority… there is agreement to establish a joint company to invest and seize appropriate opportunities in telecommunications and information technology (sectors) abroad,” he said……………………………………….Full Article: Source

Posted on 14 December 2010 by VRS |  Email |Print

From Gulf-times.com: Dubai’s ruler has turned to a trusted uncle, Sheik Ahmed bin Saeed al-Maktoum (pictured), head of Emirates Airline, to take on the chairman’s role at Dubai World as the government conglomerate seeks to get back on a growth path after it secured creditor approval to restructure almost $25bn worth of debt.
Sheik Ahmed, 52 years old, who is also president of the Dubai Civil Aviation Authority, was appointed as part of a larger reshuffle of Dubai World’s board and replaces Sultan Ahmed bin Sulayem as chairman, the UAE’s official WAM news agency reported late Sunday, carrying an official statement……………………………………….Full Article: Source

Posted on 14 December 2010 by VRS |  Email |Print

From WSJ: Selling 15% of Areva to strategic investors was supposed to herald a fresh start for France’s state-owned nuclear-technology champion after years of dithering. Instead, the government has come up with a temporary fix in raising €600 million ($794 million) by selling just 4.8% to Kuwait’s sovereign-wealth fund.
Getting more strategic investors on board next year may be difficult given doubts about Areva’s long-term strategy……………………………………….Full Article: Source

Posted on 14 December 2010 by VRS |  Email |Print

From Peopledaily.com.cn: China will continue to work in close collaboration with its Asian neighbors to expand market integration in the region, Jin Liqun, chairman of the Board of Supervisory of the China Investment Corporation (CIC), said in Bangkok on Monday.
“China has always attached great importance to enhancing cooperation among Asian economies,” Jin said in his prepared speech delivered at the Chin Sophonpanich Memorial Lecture hosted by Thailand’s Bangkok Bank……………………………………….Full Article: Source

Posted on 14 December 2010 by VRS |  Email |Print

From Reuters: Private equity firm Blackstone Group on Monday appointed a senior executive to take the helm of its private equity unit in Asia, signaling an increased focus on a region which promises faster growth than the mature Western Europe and U.S. economies. China Investment Corp, the sovereign wealth fund, has about a 10 percent stake in Blackstone.
Michael Chae, a senior managing director in Blackstone’s private equity unit in New York, will move to Hong Kong to run the firm’s private equity unit in Asia, in a newly created position……………………………………….Full Article: Source

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