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Sovereign Wealth Funds Briefing 14.Jun 2012

Posted on 14 June 2012 by VRS |  Email |Print

Frank De LimaLawmakers in Panama approved the government’s plan to create the country’s first sovereign wealth fund with revenue from an expanded Panama Canal to help buffer Latin America’s fastest-growing economy in a downturn.
Lawmakers voted 41-19 today to approve the creation of the fund, which would take effect after the canal’s $5.25 billion expansion is completed in 2014. With at least $300 million to start, the government estimates savings will grow by about $1.5 billion per year from taxes on the canal, Finance Minister Frank De Lima told lawmakers before voting took place………………………………………..Full Article: Source

Posted on 14 June 2012 by VRS |  Email |Print

Temasek Holdings Pte, which holds stakes in China’s biggest banks, said it filed an application to boost its quota for publicly traded securities in mainland exchanges to tap the nation’s long-term growth.
The Singapore state-owned investment company is seeking to increase allocations through the so-called qualified foreign institutional investor, or QFII, program, it said. Only approved institutional investors can buy or sell yuan-denominated securities under the QFII program………………………………………..Full Article: Source

Posted on 14 June 2012 by VRS |  Email |Print

Singapore state-investment company Temasek Holdings Pte. Ltd. has applied for $700 million new-investment quotas under China’s Qualified Foreign Institutional Investors, or QFIIs, program, the China Securities Journal reported Thursday, citing Ding Wei, head of Temasek’s China operations.
The QFII program, launched in late 2002, is one of the few methods through which foreign investors can trade China’s domestically listed yuan-denominated A shares within a preset quota………………………………………..Full Article: Source

Posted on 14 June 2012 by VRS |  Email |Print

Tan Chong Lee, chief investment officer of Temasek Holdings Pte, Singapore’s state-owned investment company, comments on the outlook in Indonesia, new hires and market prospects.
On Indonesia’s regulatory changes: “We take things in our stride. The banking sector, not only in Indonesia, is a regulated sector. ‘‘Indonesia is broadly accepted to be an interesting market for banking. It has one of the lowest penetration, and for that reason, there continues to be significant interest in Indonesia, in particular the banking market………………………………………..Full Article: Source

Posted on 14 June 2012 by VRS |  Email |Print

For China’s sovereign-wealth fund, the slump in global commodity prices may be far from welcome. China Investment Corp. has been bingeing on energy and resource assets in North American and Europe since 2009.
It has invested at least $12 billion in overseas resources companies in the past three years, seeking to both hedge against inflation and take advantage of potential growth, the result of increasing demand from China, the fastest-growing major economy and biggest consumer of commodities………………………………………..Full Article: Source

Posted on 14 June 2012 by VRS |  Email |Print

The head of China’s giant sovereign-wealth fund sees mounting risks of a breakup of the euro zone, and says the fund has scaled back its holdings of stocks and bonds across the continent.
The comments by Lou Jiwei, chairman of China Investment Corp., are among the most bearish pronouncements yet on Europe by a senior Chinese official. They reflect growing dismay in Beijing at how European leaders are handling the escalating crisis in China’s largest export market, and anxiety over the potential for global contagion………………………………………..Full Article: Source

Posted on 14 June 2012 by VRS |  Email |Print

Last week we reported that European hedge fund managers were liquidating their European assets to reduce exposure. Now it appears that the lend-happy Chinese will be doing the same. This looks really bad for Europe as a whole as investors are steering clear of its volatility. BBC reports:
“China’s sovereign wealth fund, China Investment Corporation (CIC), has cut its European stock and bond investments on fears of a eurozone break-up………………………………………..Full Article: Source

Posted on 14 June 2012 by VRS |  Email |Print

R. Allen Stanford’s court-appointed receiver can’t have a preliminary injunction freezing at least $50 million a Libyan sovereign wealth fund recovered during the final days of the Ponzi scheme, an appeals court ruled.
“The funds sought by the receiver are property of a foreign state and are not subject to attachment,” a three-judge panel of the U.S. Court of Appeals in New Orleans said today. The order sought would be “functionally equivalent to an attachment,” the court said………………………………………..Full Article: Source

Posted on 14 June 2012 by VRS |  Email |Print

Sovereign wealth fund Kuwait Investment Authority will invest about $150 million in Malaysia’s IHH Healthcare’s planned $2 billion initial public offering in Kuala Lumpur and Singapore, two sources with direct knowledge of the deal said.
Malaysia’s pension fund EPF will separately invest about $200 million in the deal, sources said. This is Kuwait fund’s biggest investment in an Asian IPO after it poured $800 million in Agriculture Bank of China’s $21 billion IPO in 2010………………………………………..Full Article: Source

Posted on 14 June 2012 by VRS |  Email |Print

Nigeria’s politicians are currently embroiled in discussions over how to appropriately manage and utilise excess profits from its oil industry. Oil is the most crucial pillar upon which the Nigerian economy depends and the country would be in poor position to weather a fall in oil prices were there to be a renewed global economic downturn.
The 2012 budget originally submitted to parliament by President Goodluck Jonathan in December 2011 provoked controversy by setting the benchmark price at $70 per barrel………………………………………..Full Article: Source

Posted on 14 June 2012 by VRS |  Email |Print

The recent Oil Fund move to buy property based from tax haven Luxembourg is under fire from Norwegian-born French. “I cannot understand how it’s possible to set up a branch of the Oil Fund in a tax haven. It should be prohibited,” said a shocked Joly to Klassekampen.
NOK 6.6 billion (almost USD 1.1 billion) was invested in companies registered in tax havens the Cayman Islands, Jersey, Guernsey, and Luxembourg last year. Whilst critical to these transactions, Joly rebuffed the Oil Fund for the fact its strategy “is not just an unfortunate consequence of the managers’ investments, this is deliberate.”……………………………………….Full Article: Source

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