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Sovereign Wealth Funds Briefing 08.Nov 2011

Posted on 08 November 2011 by VRS |  Email |Print

Jin LiqunA top official of China’s $400 billion sovereign wealth fund has accused Europe of “indolence” and said any Chinese investment in the debt-laden region would be based on financial returns.
Jin Liqun, chairman of the board of supervisors of China Investment Corp, slammed the welfare systems of European countries and said the continent must address its own problems to attract outside investment………………………………………..Full Article: Source

Posted on 08 November 2011 by VRS |  Email |Print

Jin Liqun, an economist and the Chairman of China Investment Corp (i.e. China’s sovereign wealth fund), talked to Al Jazeera on how they look at investing in European Financial Stability Facility (EFSF). Or, he talked about why the sovereign wealth fund has little interest in investing in EFSF.
Many of the points are fair. For instance, he considers investing in EFSF to help the Eurozone essentially in the same way as investing in any other things. Fair enough. They operate under Chinese law as well as the law of the country they are thinking about investing, and they try to avoid investing in sensitive industry………………………………………..Full Article: Source

Posted on 08 November 2011 by VRS |  Email |Print

Jin Liqun, the chairman of China’s sovereign wealth fund, gets tough with Europe and criticizes its welfare state: “If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society. I think the labor laws are outdated. The labor laws induce sloth, indolence, rather than hardworking. The incentive system, is totally out of whack.
Why should, for instance, within the Eurozone, some members’ people have to work to 65, even longer, whereas in some other countries they are happily retiring at 55, languishing on the beach? This is unfair………………………………………..Full Article: Source

Posted on 08 November 2011 by VRS |  Email |Print

China’s sovereign-wealth fund China Investment Corp. (CIC) is preparing to separate its overseas business operations to expand into a newly established international investment subsidiary. A source close to CIC told Caixin that restructuring is aimed at clarifying CIC’s investment activities in overseas and domestic markets.
According to the adjustment plan, a new, wholly separate entity — CIC International — will take over all of CIC’s overseas investments, while CIC’s current subsidiary Central Huijin will concentrate on domestic investment projects. ……………………………………….Full Article: Source

Posted on 08 November 2011 by VRS |  Email |Print

China’s State Council has approved a plan to separate the international operations of the country’s sovereign wealth fund China Investment Corp. from its wholly-owned, domestically-focused unit Central Huijin Investment Ltd so that the two companies operate as separate subsidaries under the control of CIC.
The government will establish a new entity, CIC International, that will focus on overseas investment, the new entity will be a wholly-owned subsidary of the CIC parent company, with the Ministry of Finance (MOF) and the People’s of Bank of China also taking shares in the company………………………………………..Full Article: Source

Posted on 08 November 2011 by VRS |  Email |Print

China’s sovereign wealth fund CIC has announced the appointment of Fan Kungsheng as president of its Hong Kong subsidiary and made several changes to key senior managers.
Fan, 53, has been with China Investment Corporation since 2008 when he moved to Beijing from the US. He is a member of China’s 1000plan, a top-level recruitment programme to source the best Chinese talent from around the globe………………………………………..Full Article: Source

Posted on 08 November 2011 by VRS |  Email |Print

Supporting the industry ministry’s proposal to set up a sovereign wealth fund to finance infrastructure projects, chief economic adviser Kaushik Basu on Monday said India can use a part of its large foreign exchange reserves to create the fund.
“If a small part of our forex reserves is used to set up a sovereign wealth fund and deployed strategically, this can yield steady long-run returns and at the same time enhance India’s policy role in the world,” Basu said………………………………………..Full Article: Source

Posted on 08 November 2011 by VRS |  Email |Print

Japan’s foreign reserves rose to $1.21 trillion at the end of October, the Ministry of Finance said on Tuesday. The data does not take into account Japan’s yen-selling currency market intervention on Oct. 31 as those sales were settled in November.
Earlier Bank of Japan money market data suggested authorities sold a record of nearly $100 billion worth of yen to tame its high-flying currency on that day, much bigger than its previous foray into the market in August………………………………………..Full Article: Source

Posted on 08 November 2011 by VRS |  Email |Print

Gulf sovereign wealth funds have always been able to provide a steady stream of recruitment regardless of the presiding economic conditions. Hiring sprees are rare, but then so are hiring freezes.
Recently, however, there are some reasons for concern about their exposure to the eurozone crisis. Writing in the Emirates Centre for Strategic Studies and Research, Mohammed al Asumi, head of economic research at the state-run Emirates Industrial Bank, said:……………………………………….Full Article: Source

Posted on 08 November 2011 by VRS |  Email |Print

The SWF could not have come at a more inopportune time. Just as the federal government seeks to keep funds from the states and local government, it passes legislation asking states to satisfy unfunded mandates such as the new minimum wage.
A better minimum wage is a good thing but this combination of laws is not the way to achieve it. The federal government is unwittingly turning a beneficial thing into an unsustainable burden that may wreck state budgets………………………………………..Full Article: Source

Posted on 08 November 2011 by VRS |  Email |Print

Israel’s foreign exchange reserves rose to $76.9 billion at the end of October 2011, $571 million more than a month earlier, the Bank of Israel reported today. The bank attributed the growth to an upward revaluation of the reserves by $1 billion, which was partly offset by $304 million in government transfers and a decrease of $147 million from private sector transactions.
Israel’s foreign currency reserves have increased by $6 billion from the $70.91 billion at the end of 2011, and have increased by almost 25% from the $60.6 billion at the end of 2010………………………………………..Full Article: Source

Posted on 08 November 2011 by VRS |  Email |Print

European finance ministers pledged to roll out a bulked-up rescue fund next month, leaving Greece and Italy on the front lines until then in the fight against the debt crisis.
Greece was ordered to provide written acceptance of bailout terms in order to win an 8 billion-euro ($11 billion) loan installment by the end of November, while Italy was pressed to turn budget-cut promises into reality………………………………………..Full Article: Source

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