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Sovereign Wealth Funds Briefing 04.Nov 2011

Posted on 04 November 2011 by VRS |  Email |Print

Fortis Healthcare (India) Ltd. Thursday said GIC Special InvestmentsPte. Ltd. now holds a 6.25% stake in the company after the Singapore sovereign wealth fund converted the bonds issued to it into shares.
Lathe Investment Pte. Ltd., an investment vehicle affiliated to GIC, converted the bonds at a price of 167 rupees a share, the Indian hospital chain operator informed the Indian stock exchanges………………………………………..Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

Singapore’s sovereign wealth fund has disclosed it is invested in blue-chip oil producer China Petroleum & Chemical Corp., or Sinopec, after its shareholding rose to a level requiring public disclosure.
The Government of Singapore Investment Corp., which, according to analysts, has a US$300 billion portfolio under management, raised its stake in the Hong Kong-listed shares of Sinopec to 5.00% from 4.99% on Oct. 31, according to a disclosure to the city’s stock exchange published Thursday. The exchange requires investors to reveal stakes in listed companies of 5% or more………………………………………..Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

Singapore Airlines Ltd (SIA), about 55 percent owned by Singapore SWF Temasek Holdings, posted on Thursday a 49 percent drop in second quarter net profit due to high jet fuel prices and said yields will remain under pressure.
The global airlines industry, which only recovered from its worst-ever downturn last year, is facing new headwinds such as rising jet fuel prices and economic uncertainties in Europe and United States………………………………………..Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

Singaporean healthcare company Parkway Pantai is planning an initial public offering that could raise as much as $2 billion, people familiar with the situation said Thursday.
Parkway Pantai operates a network of 16 hospitals throughout Asia with more than 3,000 beds, mostly in Singapore and Malaysia………………………………………..Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

China Investment Corporation (CIC) has completed a set of preparatory work to put China Investment International (Hong Kong) Co., Limited (hereafter referred as “CIC International (Hong Kong)”), a wholly-owned subsidiary of CIC, on course to be a fully functioning institution with senior managers appointed.
CIC International (Hong Kong) will take a market-based approach under the principle of measured progress and professional commitment, in accordance with well-defined investment and risk management strategies guided by its clear mandate. The primary business of CIC International (Hong Kong) covers equity investment and bond investment on the public market, non public market investment and economic research. (Press Release)

Posted on 04 November 2011 by VRS |  Email |Print

Sovereign-wealth fund China Investment Corp. said Thursday it is establishing a unit in Hong Kong to cover equity and bond investments in the public market, non-public market investment, and economic research.
CIC’s Hong Kong unit will take a “market-based approach…in accordance with well-defined investment and risk management strategies guided by its clear mandate,” it said in a news release posted on its website………………………………………..Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

Europe’s leaders face an embarrassing reversal over their plans for the eurozone bail-out fund after attempts to drum up backing from China and other wealthy states backfired.
Officials had hoped to use the European Financial Stability Facility (EFSF) to raise money from sovereign wealth funds in China and the Middle East to buy up Italian and Spanish debt………………………………………..Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

The State Oil Fund of Azerbaijan is going to adopt a new investment strategy. The principles of such a strategy were approved by the country’s president Ilham Aliyev. The head of the fund, Shakhmar Movsumov, said that the fund will be allowed to invest in real estate, gold and shares. The list of the countries the fund can invest in now includes Russia and Turkey.
The head of the Azerbaijani Oil Reaserch Center, Ilham Shaban, says the changes are fundamental. According to him, the fund will now be able to invest 10 per cent of its money in risky projects………………………………………..Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

Kazakh Prime Minister Karim Massimov has held a regular meeting of the Board of Directors of Samruk-Kazyna National Welfare Fund.
Deputy CEO of the Fund Kuandyk Bishimbayev informed of the progress of implementation of the People’s IPO Program……………………….Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

The fund has developed a package of proposals and submitted it to the government. The Board of Directors reviewed information on the development of the new law of Kazakhstan “On the National Welfare Fund”.
The Board of Directors of the “Samruk-Kazyna” National Welfare Fund has reviewed information on the development of the new law of Kazakhstan “On the National Welfare Fund”, according to the press service of Kazakh Prime Minister. The draft law will soon be introduced for consideration by the government………………………………………..Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

The U.K.’s foreign-currency reserves rose to $45.813 billion in October from $44.425 billion in September, with currency movements accounting for most of the increase, according to Treasury data published Thursday.
Valuation effects–or changes in currency prices–added $1.248 billion to the net currency reserves held, while transactions against sterling adding a further $139 million, accounting for the $1.387 billion rise, the Treasury said………………………………………..Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

Carlyle Group has successfully refinanced its subsidiary Freeport, saying that the assets had been provided by a sovereign wealth fund “based in the Middle East”.
Freeport, part of Carlyle Europe Real Estate, also announced that it has created a new entity, with Freeport Retail providing outsourced asset management services………………………………………..Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has been ranked by prominent US magazine Forbes among the 100 most powerful people in the world, considering his achievements.
It referred to the creation of the Abu Dhabi Investment Authority, now one of the largest sovereign wealth funds, which aims at tapping surplus oil revenue and ensuring sufficient funds for future generations. In a recent article, Forbes described the President as “a man of difficult situations.”……………………………………….Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

Truly, a better wage structure is needed. In a perfect setting, the increased wage would prompt an automatic recalculation of the revenue allocation between federal and state governments by lowering the former and raising the latter. If the federal government is serious about the wage, it must go back to the drawing board and do this in a more equitable and transparent fashion.
Aside from its constitutional flaws, the operational anatomy of the SWF reveals a scandal in waiting. The law gives too much power and latitude to the SWF “Authority” to invest funds and to borrow. There is too little transparency and oversight. The SWF will become a den of corrupt practice………………………………………..Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

Alaska’s Permanent Fund lost more than three billion dollars in the first quarter of fiscal year 2012, the Alaska Permanent Fund Corp. announced Wednesday. That could mean a big hit for next year’s dividend, depending on whether the losses are made up during the remainder of the year.
The fund ended the quarter Sept. 30 at $37 billion, down $3.1 billion from where it had been at the start of the quarter and fiscal year on July 1………………………………………..Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

The Alaska Permanent Fund Corporation announced Wednesday that the state investment fund it manages started fiscal year 2012 with a loss of $3.1 billion.
The first-quarter ended Sept. 30 with the Alaska Permanent Fund valued at $37 billion. The fund was coming off of its best year yet, earning a 20 percent return in 2011, but market declines were somewhat expected, said Permanent Fund Executive Director Mike Burns in a release. “Bull markets don’t last forever,” he noted………………………………………..Full Article: Source

Posted on 04 November 2011 by VRS |  Email |Print

Brazil’s foreign-currency reserves increased in October against the previous month, reversing a drop seen in the September-from-August figure, the central bank said Thursday.
Foreign reserves totaled $352.9 billion in October, up from $349.7 billion at the end of September, according to figures published on the central bank’s website………………………………………..Full Article: Source

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