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Eastern SWFs and SOEs Embark on Energy Infrastructure Binge

energy_natSovereign wealth funds and state-owned enterprises are attracted to energy infrastructure in benign regulatory environments. Chinese state-owned State Grid Corporation of China wants to purchase more energy assets in Australia. State Grid is the largest utility in China and one of the biggest in the world in terms of annual revenue. They plan to pay Singapore Power A$ 824 million for a 19.9% stake in ASX-listed SP Ausnet, an energy distributor. This deal would cut Singapore Power’s stake down to 31%. State Grid would also purchase a 60% position in SPI Australia branded as Jemena, a Singapore Power subsidiary.

In late November 2012, State Grid bought a 41.1% stake in ElectraNet, an Australian power supplier in Southern Australia, for around A$ 500 million from Powerlink Queensland. Powerlink Queensland is a government-owned entity.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

UNICEF and NBIM to Host Meetings on Children’s Human Rights

The United Nations Children’s Fund (UNICEF), a United Nations programme headquartered in New York City, has partnered with Norges Bank Investment Management (NBIM) to facilitate a series of meetings between companies to discuss issues surrounding children’s human rights.

According to the news release, “the network will facilitate dialogue between leading brands and retailers in the garment and footwear industry to strengthen children’s rights.”

NBIM is invested in many listed companies and have invited them to join a network to tackle these issues. Over the next two years, the organizations plan to hold three workshops as well as quarterly meetings surrounding these issues.

“Over time, we hope and expect that the network will contribute to improved market practices among companies and greater respect for children’s rights,” says Carine Smith Ihenacho, Global Head of Ownership Strategies, in a NBIM press release.

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SouthGobi’s CEO Arrested, CIC Struggles with Investment

The China Investment Corporation (CIC) has long struggled with its investments in coal assets, specifically in globally-listed coal miner SouthGobi Resources Ltd, which operates its flagship coal mine in Mongolia. In November 2009, CIC and SouthGobi Resources inked a convertible debenture deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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