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Sovereign Wealth Funds Briefing 12.Apr 2011

Posted on 12 April 2011 by VRS |  Email |Print

Darrell WestSovereign wealth funds control some $4 trillion, and economic trends suggest some will become even wealthier. “In our integrated global economy, capital is going to move across borders,” points out Gordon Goldstein, one of the Brookings report’s co-authors. If the U.S. doesn’t embrace such global investments, he says, other countries will, and they will gain a competitive advantage.
Sovereign wealth funds represent a highly diverse universe of actors, Goldstein admits: “It would be a mistake to characterize them in broad-brush terms.” Not so long ago, nobody would have envisioned multibillion-dollar Chinese holdings in U.S. Treasury bonds……………………………………….Full Article: Source

Posted on 12 April 2011 by VRS |  Email |Print

Norway’s giant sovereign wealth fund is considering increasing the proportion of corporate bonds in its target portfolio, as it adjusts to the changes in debt markets wreaked by Europe’s sovereign crisis and a bruising experience with asset-backed securities in 2008.
Norway’s central bank, which manages the €398bn Government Pension Fund, has proposed changes to the fund’s target portfolio which suggest a higher appetite for corporate bonds in the future……………………………………….Full Article: Source

Posted on 12 April 2011 by VRS |  Email |Print

Russian economic growth may slow more than previously forecast next year as oil prices stagnate and the government uses its energy revenue this year to rebuild the nation’s sovereign wealth funds, the Economy Ministry said.
The ministry revised down its growth forecast to 3.5 percent in 2012 from the previous estimate for a 3.9 percent increase, Deputy Economy Minister Andrei Klepach told reporters today in Moscow……………………………………….Full Article: Source

Posted on 12 April 2011 by VRS |  Email |Print

Kazakhstan appointed Kairat Kelimbetov as economy minister on Monday. Kelimbetov, appointed by presidential decree, was previously head of Kazakhstan’s sovereign wealth fund, Samruk-Kazyna. He replaces Zhanar Aitzhanova as economy minister.
Veteran President Nursultan Nazarbayev, embarking on his third decade in office, also appointed the head of Kazakhstan’s sovereign wealth fund as minister for the $147 billion economy and replaced the agriculture minister with an experienced farm-sector bureaucrat……………………………………….Full Article: Source

Posted on 12 April 2011 by VRS |  Email |Print

The 42-storey Canary Wharf tower which houses the European headquarters of Citigroup is being put up for sale for more than £1bn. Landmark deals in 2010 included the Norwegian sovereign wealth fund’s £448m purchase of a stake in Regent Street, and Qatar’s £1.5bn acquisition of Harrods, the Knightsbridge department store.
The boom is expected to continue this year. JLL estimates that more than £52bn is ready to flood into Britain from overseas, more than 80 per cent of it targeting London……………………………………….Full Article: Source

Posted on 12 April 2011 by VRS |  Email |Print

Glencore, the commodities and trading giant, could launch its long-awaited float within days. But a $60bn (£37bn) IPO is not the only option available to the company. Attract the eye (and money) of sovereign wealth funds, such as Qatar Investment Authority. Qatar’s prime minister said last week that the company is considering buying a stake in Glencore.
Analysts believe that the IPO is aimed at high profile institutions and sovereign funds anyway……………………………………….Full Article: Source

Posted on 12 April 2011 by VRS |  Email |Print

Bahrain Mumtalakat Holding Company has welcomed the launch of the Gulf Technics’ Components Centre, which offers airline maintenance support including warehousing, supply of components and airplane spare parts.
The launch follows the commencement of the first stage of its business strategy, an airline components support programme……………………………………….Full Article: Source

Posted on 12 April 2011 by VRS |  Email |Print

Abu Dhabi-based Mubadala Development Company will boost its spending to around 60 billion dirhams this year. The state-owned investor, which holds stakes in companies such as the Carlyle Group and General Electric, will make substantial investments during the period 2011 to 2015 in Advanced Technology Investment Co., Mubadala GE Capital, Masdar, real estate and oil & gas, as well as a number of public-private partnership projects.………………………………………Full Article: Source

Posted on 12 April 2011 by VRS |  Email |Print

Kuwait is forging ahead with plans to introduce offset projects that will see the country’s private sector play a greater role in driving sustainable economic growth, says Anwar Abdul Rahman Al Jawdar, Chairman of the Kuwait National Offsets Company (NOC). The NOC was set up by the Kuwait Investment Authority (KIA) in 2006 to manage the country’s Offset Program.
The Company plays a key part in overseeing direct offset projects by working closely on developing them with government entities. It also adopts a matchmaking role for indirect offset ventures, teaming foreign offset obligors with local entrepreneurs and institutions……………………………………….Full Article: Source

Posted on 12 April 2011 by VRS |  Email |Print

The Excess Crude Account (ECA), created to provide succour in rainy days, has increased to about $6.9 billion from about $3 billion in December last year.
The Acting Accountant-General of the Federation (AGF), Mr. Aderemi Ogunsanya, disclosed this to journalists in Abuja Monday at the monthly meeting of the Federation Accounts Allocation Committee (FAAC)……………………………………….Full Article: Source

Posted on 12 April 2011 by VRS |  Email |Print

Singapore Government-owned Temasek Holdings has rejected suggestions it has control over Singapore Exchange, even though it owns an investment vehicle that holds almost a quarter stake in the bourse.
The comments come as Treasurer Wayne Swan today formally blocked the SGX’s planned $8 billion acquisition of the Australian Stock Exchange, prompting the Singapore exchange operator to withdraw the offer……………………………………….Full Article: Source

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