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Tj 210 0 TD 0 Tc -0.2205 Tw ( ) Tj -120.75 -17.25 TD ( ) Tj -42.75 -17.25 TD -0.0711 Tc -0.1494 Tw (Sacha Kumaria) Tj 85.5 0 TD 0 Tc -0.2205 Tw ( ) Tj -250.5 -14.25 TD /F1 11.25 Tf -0.2925 Tw ( ) Tj 0 -13.5 TD ( ) Tj T* ( ) Tj T* ( ) Tj 0 -12.75 TD /F3 9.75 Tf 0.0951 Tc 0 Tw (Long) Tj 19.5 0 TD 0.0165 Tc (-) Tj 3 0 TD 0.0814 Tc 0.5901 Tw (standing features of the global financial ) Tj 167.25 0 TD 0.0057 Tc 0 Tw (architecture) Tj 48 0 TD 0.1489 Tc 0.6476 Tw (, Sovereign We) Tj 61.5 0 TD 0.1017 Tc 0.6948 Tw (alth Funds \(SWFs\) leapt into ) Tj -299.25 -12.75 TD -0.0479 Tc 1.5944 Tw (the West) Tj 37.5 0 TD -0.1875 Tc 0 Tw (\222) Tj 2.25 0 TD 0.0821 Tc 1.4109 Tw (s political consciousness last year with a string of investments into troubled banks. 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endstream endobj 20 0 obj 268315 endobj 18 0 obj << /Length 21 0 R /Filter /ASCII85Decode >> stream !!!$!s8VhS*WQ0?zzzzzzzzz~> endstream endobj 21 0 obj 26 endobj 22 0 obj << /Length 23 0 R >> stream Q endstream endobj 23 0 obj 3 endobj 4 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R /F2 10 0 R /F3 14 0 R /F4 16 0 R >> /XObject << /im1 19 0 R >> /ProcSet 2 0 R >> /Contents [ 12 0 R 22 0 R ] >> endobj 25 0 obj << /Length 26 0 R >> stream BT 90.75 768.75 TD 0 0 0 rg /F4 11.25 Tf 0 Tc -0.2925 Tw ( ) Tj 0 -13.5 TD ( ) Tj T* ( ) Tj T* ( ) Tj 0 -12.75 TD ( ) Tj 0 -13.5 TD ( ) Tj T* ( ) Tj T* ( ) Tj T* -0.1255 Tc -0.167 Tw (Mutatis Mutandis) Tj 81.75 0 TD 0 Tc -0.2925 Tw ( ) Tj -81.75 -13.5 TD /F1 11.25 Tf ( ) Tj 0 -13.5 TD /F1 10.5 Tf -0.0075 Tc 0.581 Tw (The vagaries of each financial cycle are at once unique and familiar. The current ) Tj 350.25 0 TD 0.0615 Tc 0.5655 Tw (crisis over sub) Tj 61.5 0 TD -0.213 Tc 0 Tw (-) Tj -411.75 -12.75 TD -0.005 Tc -0.118 Tw (prime mortgages ) Tj 75 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD -0.0174 Tc 0.1444 Tw (which were bundled into complex debt instrum) Tj 202.5 0 TD 0.0803 Tc -0.2033 Tw (ents and dispersed through) Tj 117.75 0 TD 0.1455 Tc 0.4815 Tw (out ) Tj -400.5 -12.75 TD -0.0494 Tc 1.0514 Tw (the global financial system ) Tj 120 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.2603 Tc 0.1372 Tw (is ) Tj 9.75 0 TD -0.0723 Tc 0 Tw (merely) Tj 29.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.0197 Tc 0.6073 Tw (the latest ) Tj 45.75 0 TD -0.0699 Tc 0 Tw (manifestation) Tj 58.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.243 Tc 0 Tw (of) Tj 8.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.0103 Tc 1.2373 Tw (the bundling of financial risk ) Tj -289.5 -12.75 TD -0.1015 Tc -0.0215 Tw (and ) Tj 19.5 0 TD -0.0653 Tc 1.4423 Tw (speculative lending to borrowers of questionable credit) Tj 242.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0897 Tc (worthiness) Tj 47.25 0 TD 0.354 Tc (.) 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Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD -0.047 Tc 1.724 Tw (Others maintain that these funds ) Tj 153 0 TD -0.0633 Tc 2.4403 Tw (may have ulterior motives,) Tj 120.75 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD 0.011 Tc 1.3661 Tw (and that the ) Tj -358.5 -12.75 TD -0.0056 Tc 0.6326 Tw (uncertainty this creates, combined with their limited transparency, remains a source of) Tj 378 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0895 Tc 0.5375 Tw (political ) Tj -381 -12.75 TD -0.1226 Tc 0 Tw (concern.) Tj 36.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD ( ) Tj -39.75 -12.75 TD ( ) Tj 0 -19.5 TD /F5 12 Tf 0 Tw ( ) Tj 120 0 TD ( ) Tj ET 90.75 130.5 144 0.75 re f BT 234.75 128.25 TD ( ) Tj -144 -7.5 TD /F1 5.25 Tf 0.3382 Tc (1) Tj 3 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 3 0 TD 0.0797 Tc 0.8891 Tw (For the purposes of this research note, SWFs are being broadly defined and at times encompass Sovereign Pension ) Tj -6 -9.75 TD 0.1146 Tc 0.9673 Tw (Funds \(SPFs\). There remains no official definition of an SWF. 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Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.1215 Tc 2.2485 Tw (And lastly) Tj 42.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.0043 Tc 1.3727 Tw (to encourage po) Tj 72.75 0 TD -0.165 Tc 0 Tw (l) Tj 3 0 TD -0.121 Tc (icy) Tj 11.25 0 TD -0.213 Tc (-) Tj 3 0 TD 0.1254 Tc 0.8766 Tw (makers to ) Tj -370.5 -12.75 TD -0.0399 Tc 1.4169 Tw (look beyond simplistic) Tj 96.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.025 Tc 1.027 Tw (comparisons between SWFs and ) Tj 145.5 0 TD -0.003 Tc -0.12 Tw (the ) Tj 18 0 TD -0.0151 Tc 0.8921 Tw (traditional M&A activities ) Tj 115.5 0 TD -0.243 Tc 0 Tw (of) Tj 8.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.375 Tc 0 Tw (SOEs) Tj 21 0 TD 0.375 Tc 0.252 Tw (, ) Tj -412.5 -12.75 TD -0.0542 Tc 3.6812 Tw (and concerns about the magnitude of these funds,) Tj 0 Tc 0.627 Tw ( ) Tj 244.5 0 TD -0.1116 Tc 3.7386 Tw (in order) Tj 36.75 0 TD 0 Tc -0.123 Tw ( ) Tj 6 0 TD -0.0255 Tc -0.0975 Tw (to ) Tj 15 0 TD -0.0487 Tc 3.6757 Tw (better understand) Tj 0 Tc -0.123 Tw ( ) Tj 87 0 TD -0.078 Tc 0 Tw (SWF) Tj 18.75 0 TD 0.375 Tc (\222) Tj 3 0 TD 0.3945 Tc 0.2325 Tw (s ) Tj -411 -12.75 TD -0.1961 Tc 0 Tw (obje) Tj 18 0 TD 0.0371 Tc 0.0899 Tw (ctives, incentives and ) Tj 93.75 0 TD 0.0227 Tc 0 Tw (interests) Tj 36.75 0 TD 0.354 Tc (.) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD ( ) Tj -154.5 -12.75 TD /F1 11.25 Tf -0.2925 Tw ( ) Tj 0 -13.5 TD /F2 11.25 Tf -0.0797 Tc -0.2128 Tw (A Brief History of SWFs) Tj 105 0 TD 0 Tc -0.2925 Tw ( ) Tj -105 -13.5 TD 0 0 1 rg /F1 11.25 Tf ( ) Tj 0 -13.5 TD 0 0 0 rg /F1 10.5 Tf -0.1194 Tc 0.4964 Tw (The origins of ) Tj 60.75 0 TD -0.0285 Tc 0.6555 Tw (sovereign fund) Tj 63.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0607 Tc 0.4377 Tw (investment lie in ) Tj 74.25 0 TD 0.024 Tc 0.603 Tw (the recent past.) Tj 69 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.1423 Tc 0.7693 Tw (Within five years of Kuwait) Tj 114.75 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.0018 Tc 0.6287 Tw (s first ) Tj -391.5 -12.75 TD 0.0186 Tc 0.6084 Tw (export shipments of oil in 1946, ) Tj 141.75 0 TD -0.156 Tc 0.783 Tw (oil sales ) Tj 36.75 0 TD 0.0219 Tc 0.7123 Tw (constituted 94% of government revenue and provided ) Tj -178.5 -12.75 TD -0.0073 Tc -0.1157 Tw (the Kuwaiti government ) Tj 105 0 TD 0.5119 Tc 0 Tw (with) Tj 19.5 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD -0.0354 Tc 0.1624 Tw (a 69% budget surplus.) Tj 95.25 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (2) Tj 3.75 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD -0.1635 Tc 0.0405 Tw (The presc) Tj 40.5 0 TD 0.144 Tc -0.267 Tw (ient ) Tj 19.5 0 TD 0.1044 Tc 0 Tw (decision) Tj 35.25 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0917 Tc -0.0648 Tw (in 1953 to invest this ) Tj -325.5 -12.75 TD -0.1105 Tc 0.7375 Tw (fiscal surplus) Tj 54.75 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD -0.0252 Tc 0.2772 Tw (through the newly) Tj 78.75 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0833 Tc 0.5437 Tw (established ) Tj 51.75 0 TD 0.0198 Tc -0.1429 Tw (Kuwait Investment Authority \(KIA\)) Tj 146.25 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.021 Tc 0 Tw (\226) Tj 6 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0135 Tc -0.1365 Tw (the world) Tj 41.25 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.0018 Tc 0.6287 Tw (s first ) Tj -391.5 -12.75 TD -0.078 Tc 0.705 Tw (SWF ) Tj 21 0 TD -0.213 Tc 0 Tw (-) Tj 3.75 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.1175 Tc 0 Tw (has) Tj 14.25 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.1226 Tc 0.5044 Tw (allowed ) Tj 36.75 0 TD -0.157 Tc 0 Tw (Kuwait) Tj 30 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0119 Tc 0.2401 Tw (to stabilise its) Tj 59.25 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0412 Tc 0.2107 Tw (government revenues ) Tj 96.75 0 TD -0.003 Tc 0 Tw (despite) Tj 31.5 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0562 Tc -0.1792 Tw (the volatility ) Tj 56.25 0 TD 0.507 Tc 0 Tw (of) Tj 9 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.1267 Tc 0.1253 Tw (the global ) Tj -372 -13.5 TD 0.0228 Tc 1.3542 Tw (oil price. Figure 1 \() Tj 84 0 TD -0.0215 Tc -0.1015 Tw (below\) ) Tj 33 0 TD -0.008 Tc -0.115 Tw (demonstrates ) Tj 63 0 TD 0.0154 Tc 1.2783 Tw (the importance of this mechanism, as oil prices have ) Tj -180 -12.75 TD -0.0428 Tc 0.6698 Tw (fluctuated between nearly) Tj 113.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.1553 Tc 0 Tw (US) Tj 11.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0585 Tc 0.6855 Tw ($10 per barrel in ) Tj 75.75 0 TD -0.0709 Tc -0.0521 Tw (July ) Tj 18.75 0 TD -0.0735 Tc 0 Tw (199) Tj 15.75 0 TD (9) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.1015 Tc -0.0215 Tw (and ) Tj 18.75 0 TD -0.0683 Tc 0.6953 Tw (to a peak of) Tj 51.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.5947 Tc 0 Tw (US) Tj 12 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0735 Tc 0 Tw ($1) Tj 10.5 0 TD (14) Tj 10.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0138 Tc 0.6132 Tw (per barrel in ) Tj -361.5 -12.75 TD -0.1173 Tc 0 Tw (April) Tj 19.5 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.012 Tc 0.615 Tw (2008. ) Tj 27 0 TD 0 Tc -0.123 Tw ( ) Tj -48.75 -14.25 TD /F6 12 Tf -0.354 Tc 0 Tw ( ) Tj 1 1 1 rg 0.75 w 1 J 1 j 0 0 0 RG ET 99 306.75 396.75 234 re b* 0.7529 0.7529 0.7529 rg 157.5 479.25 m 436.5 479.25 l 436.5 355.5 l 157.5 355.5 l 157.5 479.25 l h f* q 157.5 378.75 279 1.5 re h W n 157.5 380.25 m 436.5 380.25 l S Q q 157.5 403.5 279 1.5 re h W n 157.5 405 m 436.5 405 l S Q q 157.5 429 279 1.5 re h W n 157.5 429.75 m 436.5 429.75 l S Q q 157.5 453.75 279 1.5 re h W n 157.5 454.5 m 436.5 454.5 l S Q q 157.5 478.5 279 1.5 re h W n 157.5 479.25 m 436.5 479.25 l S Q q 1 0 0 1 0 0 cm 0.502 0.502 0.502 RG 157.5 479.25 m 436.5 479.25 l S Q q 1 0 0 1 0 0 cm 0.502 0.502 0.502 RG 436.5 479.25 m 436.5 355.5 l S Q q 1 0 0 1 0 0 cm 0.502 0.502 0.502 RG 436.5 355.5 m 157.5 355.5 l S Q q 1 0 0 1 0 0 cm 0.502 0.502 0.502 RG 157.5 355.5 m 157.5 479.25 l S Q 157.5 479.25 m 157.5 355.5 l S 154.5 355.5 m 161.25 355.5 l S 154.5 380.25 m 161.25 380.25 l S 154.5 405 m 161.25 405 l S 154.5 429.75 m 161.25 429.75 l S 154.5 454.5 m 161.25 454.5 l S 154.5 479.25 m 161.25 479.25 l S 157.5 355.5 m 436.5 355.5 l S 157.5 352.5 m 157.5 358.5 l S 173.25 352.5 m 173.25 358.5 l S 188.25 352.5 m 188.25 358.5 l S 204.75 352.5 m 204.75 358.5 l S 219.75 352.5 m 219.75 358.5 l S 235.5 352.5 m 235.5 358.5 l S 250.5 352.5 m 250.5 358.5 l S 266.25 352.5 m 266.25 358.5 l S 281.25 352.5 m 281.25 358.5 l S 297 352.5 m 297 358.5 l S 312.75 352.5 m 312.75 358.5 l S 327.75 352.5 m 327.75 358.5 l S 343.5 352.5 m 343.5 358.5 l S 358.5 352.5 m 358.5 358.5 l S 374.25 352.5 m 374.25 358.5 l S 389.25 352.5 m 389.25 358.5 l S 405 352.5 m 405 358.5 l S 420.75 352.5 m 420.75 358.5 l S 436.5 352.5 m 436.5 358.5 l S q 1 0 0 1 0 0 cm 0 0 1 RG 165.75 441.75 m 180.75 412.5 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 180.75 412.5 m 196.5 360 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 196.5 360 m 211.5 403.5 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 211.5 403.5 m 227.25 442.5 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 227.25 442.5 m 243 451.5 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 243 451.5 m 258 453.75 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 258 453.75 m 273.75 452.25 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 273.75 452.25 m 288.75 450 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 288.75 450 m 305.25 453 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 305.25 453 m 320.25 442.5 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 320.25 442.5 m 336 451.5 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 336 451.5 m 351 447 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 351 447 m 366.75 441.75 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 366.75 441.75 m 382.5 453 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 382.5 453 m 397.5 465 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 397.5 465 m 413.25 471 l S Q q 1 0 0 1 0 0 cm 0 0 1 RG 413.25 471 m 428.25 470.25 l S Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 165.75 444 m 168 441.75 l 165.75 439.5 l 163.5 441.75 l 165.75 444 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 180.75 414.75 m 183 412.5 l 180.75 410.25 l 178.5 412.5 l 180.75 414.75 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 196.5 362.25 m 198.75 360 l 196.5 357.75 l 194.25 360 l 196.5 362.25 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 211.5 405.75 m 213.75 403.5 l 211.5 401.25 l 209.25 403.5 l 211.5 405.75 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 227.25 444.75 m 229.5 442.5 l 227.25 440.25 l 225 442.5 l 227.25 444.75 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 243 453.75 m 245.25 451.5 l 243 449.25 l 240.75 451.5 l 243 453.75 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 258 456 m 260.25 453.75 l 258 451.5 l 255.75 453.75 l 258 456 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 273.75 454.5 m 276.75 452.25 l 273.75 450 l 271.5 452.25 l 273.75 454.5 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 288.75 452.25 m 291.75 450 l 288.75 447.75 l 286.5 450 l 288.75 452.25 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 305.25 455.25 m 307.5 453 l 305.25 450.75 l 302.25 453 l 305.25 455.25 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 320.25 444.75 m 322.5 442.5 l 320.25 440.25 l 317.25 442.5 l 320.25 444.75 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 336 453.75 m 338.25 451.5 l 336 449.25 l 333.75 451.5 l 336 453.75 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 351 449.25 m 353.25 447 l 351 444.75 l 348.75 447 l 351 449.25 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 366.75 444 m 369 441.75 l 366.75 439.5 l 364.5 441.75 l 366.75 444 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 382.5 455.25 m 384.75 453 l 382.5 450.75 l 380.25 453 l 382.5 455.25 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 397.5 467.25 m 399.75 465 l 397.5 462.75 l 395.25 465 l 397.5 467.25 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 413.25 473.25 m 415.5 471 l 413.25 468.75 l 411 471 l 413.25 473.25 l h b* Q q 1 0 0 1 0 0 cm 0.6 0.8 1 rg 0 0 1 RG 428.25 472.5 m 430.5 470.25 l 428.25 468 l 426 470.25 l 428.25 472.5 l h b* Q 436.5 479.25 m 436.5 355.5 l S 432.75 355.5 m 439.5 355.5 l S 432.75 376.5 m 439.5 376.5 l S 432.75 396.75 m 439.5 396.75 l S 432.75 417 m 439.5 417 l S 432.75 438 m 439.5 438 l S 432.75 458.25 m 439.5 458.25 l S 432.75 479.25 m 439.5 479.25 l S q 1 0 0 1 0 0 cm 1 0 0 RG 165.75 383.25 m 180.75 394.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 180.75 394.5 m 196.5 405.75 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 196.5 405.75 m 211.5 388.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 211.5 388.5 m 227.25 390 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 227.25 390 m 243 381 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 243 381 m 258 388.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 258 388.5 m 273.75 393 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 273.75 393 m 288.75 403.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 288.75 403.5 m 305.25 386.25 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 305.25 386.25 m 320.25 376.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 320.25 376.5 m 336 403.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 336 403.5 m 351 401.25 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 351 401.25 m 366.75 394.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 366.75 394.5 m 382.5 414.75 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 382.5 414.75 m 397.5 414 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 397.5 414 m 413.25 427.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 413.25 427.5 m 428.25 471 l S Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 163.5 381.75 3.75 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 178.5 393 3.75 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 194.25 404.25 3.75 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 209.25 387 3.75 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 225 388.5 3.75 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 240.75 379.5 3.75 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 255.75 387 3.75 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 271.5 391.5 4.5 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 286.5 402 4.5 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 302.25 384.75 4.5 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 317.25 375 4.5 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 333.75 402 3.75 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 348.75 399.75 3.75 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 364.5 393 3.75 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 380.25 413.25 3.75 3 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 395.25 412.5 3.75 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 411 426 3.75 3.75 re b* Q q 1 0 0 1 0 0 cm 1 0.8 0 rg 1 0 0 RG 426 469.5 3.75 3.75 re b* Q q 148.5 510.75 301.5 14.25 re h W n BT 1.0217 0 0 1 148.5 513.75 Tm 0 0 0 rg /F2 11.9629 Tf 0.3514 Tc -0.0291 Tw (Kuwait Net Oil Exports and OPEC Weighted Average Oil ) Tj ET Q BT 1.0217 0 0 1 285 498 Tm 0 0 0 rg /F2 11.9629 Tf 0.5068 Tc (Price) Tj -138.0073 -146.25 TD 0 0 1 rg /F1 9.7199 Tf 0.2061 Tc (0) Tj -10.2771 24.75 TD (500) Tj -5.8726 24.75 TD 0.3857 Tc (1000) Tj 0 24.75 TD (1500) Tj T* (2000) Tj T* (2500) Tj 26.4269 -138 TD 0 0 0 rg (1989) Tj 30.0973 0 TD (1991) Tj 30.0973 0 TD 0.7449 Tc (1993) Tj 30.8314 0 TD 0.5653 Tc (1995) Tj 30.0973 0 TD (1997) Tj 30.0973 0 TD 0.3857 Tc (1999) Tj 30.0973 0 TD (2001) Tj 30.8314 0 TD (2003) Tj 30.0973 0 TD (2005) Tj -112.3144 -17.25 TD 0.1786 Tc (Year) Tj ET BT 0 1.0217 -1 0 120 374.25 Tm -0.0372 Tc -0.2027 Tw ('000 bpd Net Exports) Tj ET BT 1.0217 0 0 1 444 351.75 Tm 1 0 0 rg 0.2061 Tc 0 Tw (0) Tj 0 21 TD 0.9246 Tc (10) Tj 0 20.25 TD (20) Tj T* (30) Tj 0 21 TD (40) Tj 0 20.25 TD (50) Tj 0 21 TD (60) Tj 1 1 1 rg ET 459.75 363.75 18.75 105.75 re f* BT 0 1.0217 -1 0 471.75 366 Tm 0 0 0 rg -0.0847 Tc 0.0884 Tw (US $ bpd \(January Price\)) Tj ET 99 306.75 396.75 234 re S BT 501 302.25 TD /F6 12 Tf -0.354 Tc 0 Tw ( ) Tj -348.75 -7.5 TD ( ) Tj 36 0 TD ( ) Tj 36 0 TD ( ) Tj 36 0 TD ( ) Tj 36 0 TD ( ) Tj 36 0 TD ( ) Tj 36 0 TD ( ) Tj 36 0 TD ( ) Tj 36 0 TD /F3 8.25 Tf 0.0167 Tc -0.3812 Tw (Figure 1. Source: EIA) Tj 66 0 TD 0 Tc -0.3645 Tw ( ) Tj -415.5 -13.5 TD /F6 12 Tf -0.354 Tc 0 Tw ( ) Tj 0 -13.5 TD /F1 10.5 Tf -0.2122 Tc (When) Tj 24.75 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD 0.0041 Tc 1.5229 Tw (oil prices slumped in 1986, revenue) Tj 159 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.0018 Tc 1.3752 Tw (from Kuwait) Tj 54.75 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.0181 Tc 1.2089 Tw (s investment funds actually exceeded ) Tj -249.75 -12.75 TD -0.0111 Tc 0.6381 Tw (total oil export receipts) Tj 100.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.2483 Tc 1.1287 Tw (and f) Tj 22.5 0 TD -0.0334 Tc 0.6604 Tw (ollowing the Gulf War in 1990) Tj 130.5 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0079 Tc 0.6191 Tw (1, these funds were used to finance ) Tj -259.5 -12.75 TD -0.0243 Tc 0.6513 Tw (the rapid reconstruction of the kingdom) Tj 173.25 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.0119 Tc 0.6151 Tw (s economy and infrastructure.) Tj 130.5 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (3) Tj 3.75 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0246 Tc 0.6024 Tw (In 2007, ) Tj 38.25 0 TD -0.003 Tc 0.63 Tw (fifty four years ) Tj -351.75 -12.75 TD 0.0094 Tc 2.1176 Tw (after export) Tj 53.25 0 TD 0.0058 Tc 1.7462 Tw (s began, ) Tj 42.75 0 TD 0.0025 Tc 2.3745 Tw (oil shipments from Kuwait still provided 95% of the kingdom) Tj 279 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.1273 Tc 1.2497 Tw (s export ) Tj -378 -12.75 TD 0.0032 Tc -0.1262 Tw (revenues and around 80% of total government revenues.) Tj 243.75 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (4) Tj 3.75 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD ( ) Tj -249.75 -12.75 TD ( ) Tj 0 -12.75 TD -0.1271 Tc 1.5041 Tw (Many oil) Tj 37.5 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0317 Tc 1.4769 Tw (rich Gulf Cooperation Council \(GCC\) countries now operate SWFs, along with ) Tj 344.25 0 TD 0.0474 Tc 0 Tw (several) Tj 30.75 0 TD 0 Tc -0.123 Tw ( ) Tj -415.5 -13.5 TD 0.0039 Tc -0.1269 Tw (other commodity) Tj 74.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0 Tc -0.1226 Tw (dependent cou) Tj 65.25 0 TD 0.0076 Tc 0.0194 Tw (ntries. Research by Deutsche Bank reveals) Tj 180.75 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0467 Tc -0.1697 Tw (\(see Figure 2, below\)) Tj 90 0 TD 0 Tc -0.123 Tw ( ) Tj -415.5 -12.75 TD -0.0017 Tc -0.1213 Tw (that over half of the world) Tj 111.75 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.0122 Tc -0.0171 Tw (s twenty largest SWFs are funded by commodity exports.) Tj 243.75 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (5) Tj 3.75 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD ( ) Tj -364.5 -14.25 TD 0 0 1 rg /F6 12 Tf -0.354 Tc 0 Tw ( ) Tj 0 -22.5 TD 0 0 0 rg /F5 12 Tf 0 Tc ( ) Tj 120 0 TD ( ) Tj ET 90.75 130.5 144 0.75 re f BT 234.75 128.25 TD ( ) Tj -144 -7.5 TD /F1 5.25 Tf 0.3382 Tc (2) Tj 3 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 2.25 0 TD 0.0901 Tc 0.2454 Tw (\221Supreme Petroleum Council, Ministry of Energy and Kuwait Petroleum Corporation: Issues of a trilateral organisation\222 ) Tj -5.25 -9.75 TD 0.0556 Tc -0.0451 Tw (by Prof. Imad M. Al) Tj 66 0 TD -0.2745 Tc 0 Tw (-) Tj 3 0 TD 0.1666 Tc 0.2188 Tw (Atiqi ) Tj 18 0 TD -0.3585 Tc 0 Tw (\226) Tj 3.75 0 TD 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.268 Tc -0.3825 Tw (Joint Chatham House ) Tj 76.5 0 TD -0.3585 Tc 0 Tw (\226) Tj 3.75 0 TD 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.2202 Tc -0.5847 Tw (CEPMLP Project, 21) Tj 68.25 0 TD -0.2745 Tc 0 Tw (-) Tj 2.25 0 TD 0.1918 Tc (23/09/05) Tj 33 0 TD 0 Tc -0.3645 Tw ( ) Tj -277.5 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (3) Tj 3 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.1756 Tc 0.2099 Tw (\221About KIO\222, ) Tj 43.5 0 TD 0.1719 Tc -0.5364 Tw (Kuwait Investment Authority website \() Tj 133.5 0 TD 0 0 1 rg 0.1321 Tc 0 Tw (www.kia.gov.kw) Tj ET 272.25 95.25 57 0.75 re f BT 329.25 96.75 TD 0 0 0 rg -0.2497 Tc -0.1148 Tw (\) ) Tj 4.5 0 TD 0 Tc -0.3645 Tw ( ) Tj -243 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (4) Tj 3 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.1974 Tc -0.5619 Tw (\221Background Note: Kuwait\222, US Department of State, Bureau of Near Eastern Affairs, June 2007.) Tj 329.25 0 TD 0 Tc -0.3645 Tw ( ) Tj -333.75 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (5) Tj 3 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 12 0 TD 0.141 Tc 9.9945 Tw (\221Sovereign Wealth Funds) Tj 0 Tc 0.3855 Tw ( ) Tj 118.5 0 TD -0.3585 Tc 0 Tw (\226) Tj 3.75 0 TD 0 Tc -0.3645 Tw ( ) Tj 12 0 TD 0.1125 Tc 10.023 Tw (State Investments on the Rise\222, Deutsch) Tj 187.5 0 TD 0.0421 Tc 10.0934 Tw (e Bank, 10/09/07) Tj 0 Tc -0.3645 Tw ( ) Tj -336.75 -10.5 TD -0.2497 Tc 0 Tw (\() Tj 2.25 0 TD 0 0 1 rg 0.1477 Tc (www.dbresearch.com/PROD/DBR_INTERNET_EN) Tj 169.5 0 TD -0.2745 Tc (-) Tj 2.25 0 TD 0.1922 Tc (PROD/PROD0000000000215270.pdf) Tj ET 93 63.75 298.5 0.75 re f BT 391.5 65.25 TD 0 0 0 rg -0.2497 Tc -0.1148 Tw (\) ) Tj 4.5 0 TD 0 Tc -0.3645 Tw ( ) Tj ET endstream endobj 31 0 obj 20603 endobj 29 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F1 8 0 R /F2 10 0 R /F3 14 0 R /F5 27 0 R /F6 32 0 R >> /ProcSet 2 0 R >> /Contents 30 0 R >> endobj 35 0 obj << /Length 36 0 R >> stream BT 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0 TD 0 Tc 0.216 Tw ( ) Tj 29.25 11.25 TD -0.094 Tc 0 Tw (Non) Tj 15.75 0 TD 0.246 Tc (-) Tj -15.75 -11.25 TD 0.0487 Tc (commodity) Tj 41.25 0 TD 0 Tc 0.216 Tw ( ) Tj ET 90 574.5 0.75 0.75 re f 90.75 574.5 59.25 0.75 re f 150 574.5 0.75 0.75 re f 150.75 574.5 193.5 0.75 re f 344.25 574.5 0.75 0.75 re f 345 574.5 39.75 0.75 re f 384.75 574.5 0.75 0.75 re f 385.5 574.5 64.5 0.75 re f 450 574.5 0.75 0.75 re f 450.75 574.5 60 0.75 re f 510.75 574.5 0.75 0.75 re f 90 552 0.75 22.5 re f 150 552 0.75 22.5 re f 344.25 552 0.75 22.5 re f 384.75 552 0.75 22.5 re f 450 552 0.75 22.5 re f 510.75 552 0.75 22.5 re f BT 111 541.5 TD -0.3426 Tc 0 Tw (Libya) Tj 18.75 0 TD 0 Tc 0.216 Tw ( ) Tj 26.25 0 TD -0.0106 Tc 0.2266 Tw (Reserve Fund) Tj 49.5 0 TD 0 Tc 0.216 Tw ( ) Tj 150 0 TD 0.231 Tc 0 Tw (50bn) Tj 18.75 0 TD 0 Tc 0.216 Tw ( ) Tj 38.25 0 TD 0.1125 Tc 0 Tw (NA) Tj 11.25 0 TD 0 Tc 0.216 Tw ( ) Tj 32.25 0 TD 0.134 Tc 0 Tw (Oil) Tj 9.75 0 TD 0 Tc 0.216 Tw ( ) Tj ET 90 551.25 0.75 0.75 re f 90.75 551.25 59.25 0.75 re f 150 551.25 0.75 0.75 re f 150.75 551.25 193.5 0.75 re f 344.25 551.25 0.75 0.75 re f 345 551.25 39.75 0.75 re f 384.75 551.25 0.75 0.75 re f 385.5 551.25 64.5 0.75 re f 450 551.25 0.75 0.75 re f 450.75 551.25 60 0.75 re f 510.75 551.25 0.75 0.75 re f 90 538.5 0.75 12.75 re f 150 538.5 0.75 12.75 re f 344.25 538.5 0.75 12.75 re f 384.75 538.5 0.75 12.75 re f 450 538.5 0.75 12.75 re f 510.75 538.5 0.75 12.75 re f BT 109.5 528 TD 0.333 Tc 0 Tw (Qatar) Tj 21 0 TD 0 Tc 0.216 Tw ( ) Tj 25.5 0 TD 0.0332 Tc -0.0672 Tw (Qatar Investment Authority \(QIA\)) Tj 122.25 0 TD 0 Tc 0.216 Tw ( ) Tj 77.25 0 TD 0.231 Tc 0 Tw (40bn) Tj 18.75 0 TD 0 Tc 0.216 Tw ( ) Tj 34.5 0 TD -0.063 Tc 0 Tw (2000) Tj 18 0 TD 0 Tc 0.216 Tw ( ) Tj 29.25 0 TD 0.134 Tc 0 Tw (Oil) Tj 9.75 0 TD 0 Tc 0.216 Tw ( ) Tj ET 90 537.75 0.75 0.75 re f 90.75 537.75 59.25 0.75 re f 150 537.75 0.75 0.75 re f 150.75 537.75 193.5 0.75 re f 344.25 537.75 0.75 0.75 re f 345 537.75 39.75 0.75 re f 384.75 537.75 0.75 0.75 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(Algeria) Tj 25.5 0 TD 0 Tc 0.216 Tw ( ) Tj 23.25 0 TD -0.0106 Tc 0.2266 Tw (Reserve Fund) Tj 49.5 0 TD 0 Tc 0.216 Tw ( ) Tj 150 0 TD 0.231 Tc 0 Tw (25bn) Tj 18.75 0 TD 0 Tc 0.216 Tw ( ) Tj 38.25 0 TD 0.1125 Tc 0 Tw (NA) Tj 11.25 0 TD 0 Tc 0.216 Tw ( ) Tj 32.25 0 TD 0.134 Tc 0 Tw (Oil) Tj 9.75 0 TD 0 Tc 0.216 Tw ( ) Tj ET 90 465.75 0.75 0.75 re f 90.75 465.75 59.25 0.75 re f 150 465.75 0.75 0.75 re f 150.75 465.75 193.5 0.75 re f 344.25 465.75 0.75 0.75 re f 345 465.75 39.75 0.75 re f 384.75 465.75 0.75 0.75 re f 385.5 465.75 64.5 0.75 re f 450 465.75 0.75 0.75 re f 450.75 465.75 60 0.75 re f 510.75 465.75 0.75 0.75 re f 90 453 0.75 12.75 re f 150 453 0.75 12.75 re f 344.25 453 0.75 12.75 re f 384.75 453 0.75 12.75 re f 450 453 0.75 12.75 re f 510.75 453 0.75 12.75 re f BT 97.5 432.75 TD 0.0054 Tc 0.2106 Tw (South Korea) Tj 45 0 TD 0 Tc 0.216 Tw ( ) Tj 13.5 0 TD 0.0097 Tc -0.0437 Tw (Korea Investment Corporation \(KIC\)) Tj 130.5 0 TD 0 Tc 0.216 Tw ( ) Tj 69 0 TD 0.231 Tc 0 Tw (20bn) Tj 18.75 0 TD 0 Tc 0.216 Tw ( ) Tj 34.5 0 TD -0.063 Tc 0 Tw (2006) Tj 18 0 TD 0 Tc 0.216 Tw ( ) Tj 29.25 11.25 TD -0.094 Tc 0 Tw (Non) Tj 15.75 0 TD 0.246 Tc (-) Tj -15.75 -11.25 TD -0.057 Tc (c) Tj 3.75 0 TD 0.0619 Tc (ommodity) Tj 37.5 0 TD 0 Tc 0.216 Tw ( ) Tj ET 90 452.25 0.75 0.75 re f 90.75 452.25 59.25 0.75 re f 150 452.25 0.75 0.75 re f 150.75 452.25 193.5 0.75 re f 344.25 452.25 0.75 0.75 re f 345 452.25 39.75 0.75 re f 384.75 452.25 0.75 0.75 re f 385.5 452.25 64.5 0.75 re f 450 452.25 0.75 0.75 re f 450.75 452.25 60 0.75 re f 510.75 452.25 0.75 0.75 re f 90 429.75 0.75 22.5 re f 150 429.75 0.75 22.5 re f 344.25 429.75 0.75 22.5 re f 384.75 429.75 0.75 22.5 re f 450 429.75 0.75 22.5 re f 510.75 429.75 0.75 22.5 re f BT 104.25 410.25 TD 0.0795 Tc 0 Tw (Malaysia) Tj 32.25 0 TD 0 Tc 0.216 Tw ( ) Tj 19.5 0 TD 0.0818 Tc -0.3657 Tw (Khazanah Nasional BHD \(KNB\)) Tj 110.25 0 TD 0 Tc 0.216 Tw ( ) Tj 89.25 0 TD 0.231 Tc 0 Tw (18bn) Tj 18.75 0 TD 0 Tc 0.216 Tw ( ) Tj 34.5 0 TD -0.063 Tc 0 Tw (1993) Tj 18 0 TD 0 Tc 0.216 Tw ( ) Tj 29.25 10.5 TD -0.094 Tc 0 Tw (Non) Tj 15.75 0 TD 0.246 Tc (-) Tj -15.75 -10.5 TD 0.0487 Tc (commodity) Tj 41.25 0 TD 0 Tc 0.216 Tw ( ) Tj ET 90 429 0.75 0.75 re f 90.75 429 59.25 0.75 re f 150 429 0.75 0.75 re f 150.75 429 193.5 0.75 re f 344.25 429 0.75 0.75 re f 345 429 39.75 0.75 re f 384.75 429 0.75 0.75 re f 385.5 429 64.5 0.75 re f 450 429 0.75 0.75 re f 450.75 429 60 0.75 re f 510.75 429 0.75 0.75 re f 90 407.25 0.75 21.75 re f 150 407.25 0.75 21.75 re f 344.25 407.25 0.75 21.75 re f 384.75 407.25 0.75 21.75 re f 450 407.25 0.75 21.75 re f 510.75 407.25 0.75 21.75 re f BT 99.75 387.75 TD 0.0753 Tc 0 Tw (Kazakhstan) Tj 41.25 0 TD 0 Tc 0.216 Tw ( ) Tj 15 0 TD 0.067 Tc -0.351 Tw (Kazakhstan National Fund \(KNF\)) Tj 117 0 TD 0 Tc 0.216 Tw ( ) Tj 82.5 0 TD 0.231 Tc 0 Tw (18bn) Tj 18.75 0 TD 0 Tc 0.216 Tw ( ) Tj 34.5 0 TD -0.063 Tc 0 Tw (2000) Tj 18 0 TD 0 Tc 0.216 Tw ( ) Tj 29.25 10.5 TD 0.0319 Tc 0.1841 Tw (Oil, Gas & ) Tj 0 -10.5 TD 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Source: Deutsche Bank) Tj 76.5 0 TD 0 Tc -0.3645 Tw ( ) Tj -415.5 -12 TD 1 0 0 rg /F2 10.5 Tf -0.123 Tw ( ) Tj 0 -12.75 TD 0 0 0 rg /F1 10.5 Tf -0.0127 Tc 3.6397 Tw (These commodity) Tj 78.75 0 TD -0.213 Tc 0 Tw (-) Tj 3.75 0 TD -0.0095 Tc 3.6365 Tw (funded SWFs, such as the Abu Dhabi Investment Authority \(ADIA\) an) Tj 327 0 TD 0.4875 Tc 0.1395 Tw (d ) Tj -409.5 -12.75 TD 0.0793 Tc 0 Tw (Norway) Tj 33 0 TD 0.375 Tc (\222) Tj 3 0 TD -0.0299 Tc 0.6569 Tw (s Government Pension Fund) Tj 122.25 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (6) Tj 3.75 -5.25 TD /F1 10.5 Tf -0.0011 Tc 0.4781 Tw (, primarily function as fiscal ) Tj 122.25 0 TD 0.375 Tc 0 Tw (\221) Tj 3 0 TD 0.0212 Tc 0.6058 Tw (stabilisation funds) Tj 78 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.0129 Tc 0.6141 Tw (, according ) Tj -368.25 -12.75 TD -0.0534 Tc 1.2429 Tw (to IMF criteria, but may also serve as ) Tj 168.75 0 TD 0.375 Tc 0 Tw (\221) Tj 3 0 TD -0.0587 Tc 1.4357 Tw (savings funds) Tj 57 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.252 Tw (, ) Tj 6.75 0 TD 0 Tw (\221) Tj 3 0 TD -0.0544 Tc 1.4314 Tw (pension reserve funds) Tj 95.25 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.099 Tc -0.024 Tw (or ) Tj 12.75 0 TD 0.375 Tc 0 Tw (\221) Tj 3 0 TD -0.0524 Tc 0.6794 Tw (development ) Tj -359.25 -12.75 TD 0.0309 Tc 0 Tw (funds) Tj 23.25 0 TD 0.375 Tc (\222) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD -0.022 Tc 2.149 Tw (to finance infrastructure development. In some instanc) Tj 246.75 0 TD 0.022 Tc 1.805 Tw (es, most notably Saudi Arabia, ) Tj -277.5 -12.75 TD -0.0034 Tc 2.8804 Tw (foreign reserves are invested directly) Tj 170.25 0 TD 0 Tc -0.123 Tw ( ) Tj 5.25 0 TD 0.1155 Tc 0.5115 Tw (by ) Tj 15.75 0 TD -0.0509 Tc 2.9279 Tw (the central ba) Tj 66 0 TD -0.27 Tc 0 Tw (nk) Tj 9.75 0 TD 0.016 Tc 2.861 Tw (s, not via an independent SWF. ) Tj -267 -12.75 TD -0 Tc 1.3772 Tw (Similarly, non) Tj 58.5 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0415 Tc 1.4185 Tw (commodity funds such as Singapore) Tj 157.5 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.0193 Tc 1.2463 Tw (s Government Investment Corporation \(GIC\) ) Tj -222 -12.75 TD -0.0457 Tc 1.1727 Tw (and the Chinese Investment Corporation \(CIC\) ) Tj 204.75 0 TD 0.0547 Tc 0.5723 Tw (which are ) Tj 47.25 0 TD 0.375 Tc 0 Tw (\221) Tj 3 0 TD -0.0088 Tc 1.3858 Tw (reserve investment corporations) Tj 141 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.034 Tc -0.089 Tw (set ) Tj -402.75 -13.5 TD -0.2625 Tc 0.1395 Tw (up ) Tj 12.75 0 TD 0.375 Tc 0 Tw (\221) Tj 3 0 TD 0.1373 0.1216 0.1255 rg 0.0056 Tc -0.1286 Tw (to reduce the negative cost) Tj 117 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.243 Tc (of) Tj 9 0 TD -0.213 Tc (-) Tj 3 0 TD 0.0307 Tc -0.0037 Tw (carry of holding reserves or to pursue investment policies with ) Tj -147.75 -12.75 TD -0.0565 Tc -0.0665 Tw (higher returns) Tj 60 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD -0.0694 Tc 0.3214 Tw (have both short and long) Tj 107.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0457 Tc -0.0773 Tw (term objectives.) Tj 69.75 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (7) Tj 3.75 -5.25 TD 0 0 0 rg /F6 12 Tf -0.354 Tc ( ) Tj -249 -12.75 TD 0.1373 0.1216 0.1255 rg /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 0 -12.75 TD -0.0814 Tc 0.7084 Tw (The oldest non) Tj 64.5 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0775 Tc 1.4545 Tw (commodity funds) Tj 75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.021 Tc 0 Tw (\226) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0157 Tc 0.3613 Tw (GIC and Temasek ) Tj 78 0 TD 0.021 Tc 0 Tw (\226) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.013 Tc 0.7212 Tw (were set up in Singapore, which needed ) Tj -240 -12.75 TD -0.0313 Tc 1.4083 Tw (to insulate its small, open economy from the distorting effects of massive capital inflows) Tj 392.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.1706 Tc 0.8314 Tw (as it ) Tj -396 -12.75 TD 0.0101 Tc 1.8169 Tw (became a major trading hub. ) Tj 136.5 0 TD 0 0 0 rg 0.0232 Tc 2.2288 Tw (As China has emerged as the world) Tj 162.75 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.0249 Tc 1.8021 Tw (s workshop over the last ) Tj -302.25 -12.75 TD 0.0244 Tc 0.6026 Tw (decade, ) Tj 37.5 0 TD 0.154 Tc 0 Tw (its) Tj 9.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.0488 Tc 1.4258 Tw (government has face) Tj 91.5 0 TD -0.2625 Tc 0.1395 Tw (d ) Tj 9 0 TD -0.0579 Tc 0.6849 Tw (a similar ) Tj 40.5 0 TD -0.0979 Tc 1.4749 Tw (predicament. 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528 m 320.25 530.25 l S 329.25 528 m 329.25 530.25 l S 338.25 528 m 338.25 530.25 l S 347.25 528 m 347.25 530.25 l S 356.25 528 m 356.25 530.25 l S 364.5 528 m 364.5 530.25 l S 374.25 528 m 374.25 530.25 l S 383.25 528 m 383.25 530.25 l S 391.5 528 m 391.5 530.25 l S 400.5 528 m 400.5 530.25 l S 410.25 528 m 410.25 530.25 l S 418.5 528 m 418.5 530.25 l S 427.5 528 m 427.5 530.25 l S 436.5 528 m 436.5 530.25 l S 445.5 528 m 445.5 530.25 l S 454.5 528 m 454.5 530.25 l S 463.5 528 m 463.5 530.25 l S 472.5 528 m 472.5 530.25 l S q 1 0 0 1 0 0 cm 1 0 0 RG 137.25 565.5 m 146.25 568.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 146.25 568.5 m 155.25 567 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 155.25 567 m 164.25 573 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 164.25 573 m 172.5 614.25 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 172.5 614.25 m 182.25 597 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 182.25 597 m 191.25 582.75 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 191.25 582.75 m 199.5 579 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 199.5 579 m 208.5 581.25 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 208.5 581.25 m 218.25 572.25 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 218.25 572.25 m 226.5 582.75 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 226.5 582.75 m 235.5 585 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 235.5 585 m 244.5 573 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 244.5 573 m 253.5 572.25 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 253.5 572.25 m 262.5 582 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 262.5 582 m 271.5 586.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 271.5 586.5 m 280.5 594 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 280.5 594 m 288.75 588 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 288.75 588 m 297.75 582 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 297.75 582 m 307.5 579.75 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 307.5 579.75 m 315.75 574.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 315.75 574.5 m 324.75 569.25 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 324.75 569.25 m 333.75 573 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 333.75 573 m 342 574.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 342 574.5 m 351.75 575.25 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 351.75 575.25 m 360.75 571.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 360.75 571.5 m 369.75 573 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 369.75 573 m 378 577.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 378 577.5 m 387.75 587.25 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 387.75 587.25 m 396.75 593.25 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 396.75 593.25 m 405 604.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 405 604.5 m 414 592.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 414 592.5 m 423 599.25 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 423 599.25 m 432.75 606 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 432.75 606 m 441 618 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 441 618 m 450 634.5 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 450 634.5 m 459 645 l S Q q 1 0 0 1 0 0 cm 1 0 0 RG 459 645 m 467.25 643.5 l S Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 137.25 567.75 m 140.25 565.5 l 137.25 563.25 l 135 565.5 l 137.25 567.75 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 146.25 570.75 m 148.5 568.5 l 146.25 566.25 l 144 568.5 l 146.25 570.75 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 155.25 569.25 m 157.5 567 l 155.25 564.75 l 153 567 l 155.25 569.25 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 164.25 575.25 m 166.5 573 l 164.25 570.75 l 161.25 573 l 164.25 575.25 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 172.5 616.5 m 174.75 614.25 l 172.5 612 l 170.25 614.25 l 172.5 616.5 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 182.25 599.25 m 184.5 597 l 182.25 594.75 l 180 597 l 182.25 599.25 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 191.25 585 m 193.5 582.75 l 191.25 580.5 l 188.25 582.75 l 191.25 585 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 199.5 581.25 m 202.5 579 l 199.5 576.75 l 197.25 579 l 199.5 581.25 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 208.5 583.5 m 210.75 581.25 l 208.5 579 l 206.25 581.25 l 208.5 583.5 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 218.25 574.5 m 220.5 572.25 l 218.25 570 l 216 572.25 l 218.25 574.5 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 226.5 585 m 229.5 582.75 l 226.5 580.5 l 224.25 582.75 l 226.5 585 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 235.5 587.25 m 237.75 585 l 235.5 582.75 l 233.25 585 l 235.5 587.25 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 244.5 575.25 m 246.75 573 l 244.5 570.75 l 242.25 573 l 244.5 575.25 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 253.5 574.5 m 255.75 572.25 l 253.5 570 l 250.5 572.25 l 253.5 574.5 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 262.5 584.25 m 264.75 582 l 262.5 579.75 l 260.25 582 l 262.5 584.25 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 271.5 588.75 m 273.75 586.5 l 271.5 584.25 l 269.25 586.5 l 271.5 588.75 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 280.5 596.25 m 282.75 594 l 280.5 591.75 l 277.5 594 l 280.5 596.25 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 288.75 590.25 m 291 588 l 288.75 585.75 l 286.5 588 l 288.75 590.25 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 297.75 584.25 m 300 582 l 297.75 579.75 l 295.5 582 l 297.75 584.25 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 307.5 582 m 309.75 579.75 l 307.5 577.5 l 305.25 579.75 l 307.5 582 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 315.75 576.75 m 318.75 574.5 l 315.75 572.25 l 313.5 574.5 l 315.75 576.75 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 324.75 571.5 m 327 569.25 l 324.75 567 l 322.5 569.25 l 324.75 571.5 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 333.75 575.25 m 336 573 l 333.75 570.75 l 331.5 573 l 333.75 575.25 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 342 576.75 m 345 574.5 l 342 572.25 l 339.75 574.5 l 342 576.75 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 351.75 577.5 m 354 575.25 l 351.75 573 l 349.5 575.25 l 351.75 577.5 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 360.75 573.75 m 363 571.5 l 360.75 569.25 l 358.5 571.5 l 360.75 573.75 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 369.75 575.25 m 372 573 l 369.75 570.75 l 366.75 573 l 369.75 575.25 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 378 579.75 m 380.25 577.5 l 378 575.25 l 375.75 577.5 l 378 579.75 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 387.75 589.5 m 390 587.25 l 387.75 585 l 385.5 587.25 l 387.75 589.5 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 396.75 595.5 m 399 593.25 l 396.75 591 l 394.5 593.25 l 396.75 595.5 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 405 606.75 m 408 604.5 l 405 602.25 l 402.75 604.5 l 405 606.75 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 414 594.75 m 416.25 592.5 l 414 590.25 l 411.75 592.5 l 414 594.75 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 423 601.5 m 425.25 599.25 l 423 597 l 420.75 599.25 l 423 601.5 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 432.75 607.5 m 435 606 l 432.75 603.75 l 429.75 606 l 432.75 607.5 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 441 620.25 m 443.25 618 l 441 615.75 l 438.75 618 l 441 620.25 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 450 636.75 m 452.25 634.5 l 450 632.25 l 447.75 634.5 l 450 636.75 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 459 647.25 m 461.25 645 l 459 642.75 l 456 645 l 459 647.25 l h b* Q q 1 0 0 1 0 0 cm 1 0.6 0 rg 1 0 0 RG 467.25 645.75 m 469.5 643.5 l 467.25 641.25 l 465 643.5 l 467.25 645.75 l h b* Q BT 1.029 0 0 1 250.5 716.25 Tm 0 0 0 rg /F2 11.9636 Tf 0.3291 Tc -0.1052 Tw (Global Imbalances) Tj ET q 141.75 697.5 318.75 14.25 re h W n BT 1.029 0 0 1 141.75 700.5 Tm 0.307 Tc 0.2699 Tw (\(Absolute Sum of Current Account Balances as % of Global ) Tj ET Q BT 1.029 0 0 1 286.5 684.75 Tm 0.4159 Tc 0 Tw (GDP\)) Tj -160.3473 -157.5 TD /F1 8.225 Tf 0.1973 Tc (0) Tj 0 20.25 TD (1) Tj 0 19.5 TD (2) Tj 0 20.25 TD (3) Tj 0 18.75 TD (4) Tj 0 20.25 TD (5) Tj 0 19.5 TD (6) Tj 0 20.25 TD (7) Tj ET q 138 503.25 24 19.5 re h W n BT 0.9326 -0.4349 0.4226 0.9063 140.25 513.75 Tm /F1 8.224 Tf 0.0208 Tc (1970) Tj ET Q q 172.5 503.25 24.75 19.5 re h W n BT 0.9326 -0.4349 0.4226 0.9063 175.5 513.75 Tm /F1 8.224 Tf -0.3352 Tc (1974) Tj ET Q q 208.5 503.25 24.75 19.5 re h W n BT 0.9326 -0.4349 0.4226 0.9063 211.5 513.75 Tm /F1 8.224 Tf -0.1572 Tc (1978) Tj ET Q q 244.5 503.25 24 19.5 re h W n BT 0.9326 -0.4349 0.4226 0.9063 247.5 513.75 Tm /F1 8.224 Tf -0.1572 Tc (1982) Tj ET Q q 280.5 503.25 24 19.5 re h W n BT 0.9326 -0.4349 0.4226 0.9063 282.75 513.75 Tm /F1 8.224 Tf 0.0208 Tc (1986) Tj ET Q q 316.5 503.25 24 19.5 re h W n BT 0.9326 -0.4349 0.4226 0.9063 318.75 513.75 Tm /F1 8.224 Tf -0.3352 Tc (1990) Tj ET Q q 351.75 503.25 24.75 19.5 re h W n BT 0.9326 -0.4349 0.4226 0.9063 354.75 513.75 Tm /F1 8.224 Tf -0.3352 Tc (1994) Tj ET Q q 387.75 503.25 24.75 19.5 re h W n BT 0.9326 -0.4349 0.4226 0.9063 390.75 513.75 Tm /F1 8.224 Tf -0.1572 Tc (1998) Tj ET Q q 423 503.25 24 19.5 re h W n BT 0.9326 -0.4349 0.4226 0.9063 426 513.75 Tm /F1 8.224 Tf -0.1572 Tc (2002) Tj ET Q q 459 503.25 24 19.5 re h W n BT 0.9326 -0.4349 0.4226 0.9063 461.25 513.75 Tm /F1 8.224 Tf 0.0208 Tc (2006) Tj ET Q BT 1.029 0 0 1 106.5 597 Tm -0.0487 Tc (%) Tj ET 97.5 499.5 400.5 234.75 re S BT 503.25 495 TD /F6 12 Tf -0.354 Tc ( ) Tj -105 -7.5 TD /F3 8.25 Tf -0.021 Tc -0.3435 Tw (Figure 3. Source: WEO 2007, IMF) Tj 108 0 TD 0 Tc -0.3645 Tw ( ) Tj -415.5 -13.5 TD /F6 12 Tf -0.354 Tc 0 Tw ( ) Tj 0 -12.75 TD /F1 10.5 Tf 0.0073 Tc 2.1197 Tw (These massive capital inflows have allowed producer nations to amass considerable foreign ) Tj T* -0.0417 Tc 1.6062 Tw (capital reserves. As Figure ) Tj 120.75 0 TD -0.0735 Tc 0 Tw (4) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD -0.1515 Tc 0 Tw (\(below\)) Tj 31.5 0 TD 1 0 0 rg 0 Tc -0.123 Tw ( ) Tj 5.25 0 TD 0 0 0 rg 0.0471 Tc 0 Tw (shows) Tj 26.25 0 TD 1 0 0 rg 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD 0 0 0 rg -0.1632 Tc 0 Tw (China) Tj 24 0 TD 0.375 Tc (\222) Tj 3 0 TD -0.0636 Tc 1.6281 Tw (s foreign exchange reserves ) Tj 127.5 0 TD 0.0303 Tc 1.5967 Tw (grew from US ) Tj -352.5 -12.75 TD -0.0621 Tc 0.3141 Tw ($150bn in ) Tj 45.75 0 TD -0.0344 Tc 0.5543 Tw (1999 to over US $1.5trn in 2007 ) Tj 141.75 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0347 Tc 0.6617 Tw (roughly 25% of total global foreign reserves ) Tj 192 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.1842 Tc 0.4428 Tw (while ) Tj -391.5 -12.75 TD -0.0291 Tc -0.0939 Tw (its total trade surplus ) Tj 92.25 0 TD 0.0458 Tc 0 Tw (concurrently) Tj 54.75 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD -0.0262 Tc 0.1532 Tw (increased from US $29bn to US $262bn.) Tj 171 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (9) Tj 3.75 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj -324 -14.25 TD /F6 12 Tf -0.354 Tc 0 Tw ( ) Tj 1 1 1 rg ET 97.5 175.5 399.75 225.75 re b* 0.7529 0.7529 0.7529 rg 182.25 363.75 m 418.5 363.75 l 418.5 204.75 l 182.25 204.75 l 182.25 363.75 l h f* q 1 0 0 1 0 0 cm 0.502 0.502 0.502 RG 182.25 363.75 m 418.5 363.75 l S Q q 1 0 0 1 0 0 cm 0.502 0.502 0.502 RG 418.5 363.75 m 418.5 204.75 l S Q q 1 0 0 1 0 0 cm 0.502 0.502 0.502 RG 418.5 204.75 m 182.25 204.75 l S Q q 1 0 0 1 0 0 cm 0.502 0.502 0.502 RG 182.25 204.75 m 182.25 363.75 l S Q q 1 0 0 1 0 0 cm 188.25 204.75 14.25 15 re h W n 0 0.502 0 rg 189.75 219 m 200.25 219 l 200.25 204.75 l 189.75 204.75 l 189.75 219 l h b* Q q 1 0 0 1 0 0 cm 214.5 204.75 14.25 15.75 re h W n 0 0.502 0 rg 216 219.75 m 226.5 219.75 l 226.5 204.75 l 216 204.75 l 216 219.75 l h b* Q q 1 0 0 1 0 0 cm 240.75 204.75 14.25 20.25 re h W n 0 0.502 0 rg 242.25 223.5 m 252.75 223.5 l 252.75 204.75 l 242.25 204.75 l 242.25 223.5 l h b* Q q 1 0 0 1 0 0 cm 267 204.75 14.25 27 re h W n 0 0.502 0 rg 268.5 230.25 m 279 230.25 l 279 204.75 l 268.5 204.75 l 268.5 230.25 l h b* Q q 1 0 0 1 0 0 cm 293.25 204.75 14.25 36.75 re h W n 0 0.502 0 rg 294.75 240 m 305.25 240 l 305.25 204.75 l 294.75 204.75 l 294.75 240 l h b* Q q 1 0 0 1 0 0 cm 319.5 204.75 14.25 55.5 re h W n 0 0.502 0 rg 321 258.75 m 331.5 258.75 l 331.5 204.75 l 321 204.75 l 321 258.75 l h b* Q q 1 0 0 1 0 0 cm 345.75 204.75 14.25 73.5 re h W n 0 0.502 0 rg 347.25 277.5 m 357.75 277.5 l 357.75 204.75 l 347.25 204.75 l 347.25 277.5 l h b* Q q 1 0 0 1 0 0 cm 372 204.75 14.25 95.25 re h W n 0 0.502 0 rg 373.5 298.5 m 384 298.5 l 384 204.75 l 373.5 204.75 l 373.5 298.5 l h b* Q q 1 0 0 1 0 0 cm 398.25 204.75 14.25 136.5 re h W n 0 0.502 0 rg 399.75 339.75 m 410.25 339.75 l 410.25 204.75 l 399.75 204.75 l 399.75 339.75 l h b* Q 182.25 363.75 m 182.25 204.75 l S 178.5 204.75 m 185.25 204.75 l S 178.5 222 m 185.25 222 l S 178.5 240 m 185.25 240 l S 178.5 258 m 185.25 258 l S 178.5 276 m 185.25 276 l S 178.5 293.25 m 185.25 293.25 l S 178.5 311.25 m 185.25 311.25 l S 178.5 328.5 m 185.25 328.5 l S 178.5 346.5 m 185.25 346.5 l S 178.5 363.75 m 185.25 363.75 l S 182.25 204.75 m 418.5 204.75 l S 182.25 201.75 m 182.25 207.75 l S 208.5 201.75 m 208.5 207.75 l S 234.75 201.75 m 234.75 207.75 l S 261 201.75 m 261 207.75 l S 287.25 201.75 m 287.25 207.75 l S 313.5 201.75 m 313.5 207.75 l S 339.75 201.75 m 339.75 207.75 l S 366 201.75 m 366 207.75 l S 392.25 201.75 m 392.25 207.75 l S 418.5 201.75 m 418.5 207.75 l S 418.5 363.75 m 418.5 204.75 l S 414.75 204.75 m 421.5 204.75 l S 414.75 231.75 m 421.5 231.75 l S 414.75 258 m 421.5 258 l S 414.75 284.25 m 421.5 284.25 l S 414.75 311.25 m 421.5 311.25 l S 414.75 336.75 m 421.5 336.75 l S 414.75 363.75 m 421.5 363.75 l S q 1 0 0 1 0 0 cm 1.5 w 1 0 0 RG 195.75 219.75 m 222 218.25 l S Q q 1 0 0 1 0 0 cm 1.5 w 1 0 0 RG 222 218.25 m 234.75 216.75 l 241.5 216.75 l 248.25 216.75 l S Q q 1 0 0 1 0 0 cm 1.5 w 1 0 0 RG 248.25 216.75 m 254.25 217.5 l 261 219 l 267.75 219.75 l 274.5 220.5 l S Q q 1 0 0 1 0 0 cm 1.5 w 1 0 0 RG 274.5 220.5 m 280.5 220.5 l 287.25 219.75 l 294 219 l 300.75 219 l S Q q 1 0 0 1 0 0 cm 1.5 w 1 0 0 RG 300.75 219 m 306.75 219 l 313.5 218.25 l 317.25 218.25 l 323.25 219.75 l 327 222 l S Q q 1 0 0 1 0 0 cm 1.5 w 1 0 0 RG 327 222 m 330 225 l 333 228.75 l 336 234 l 339.75 238.5 l 346.5 249 l 353.25 258.75 l S Q q 1 0 0 1 0 0 cm 1.5 w 1 0 0 RG 353.25 258.75 m 366 278.25 l 379.5 298.5 l S Q q 1 0 0 1 0 0 cm 1.5 w 1 0 0 RG 379.5 298.5 m 385.5 309.75 l 392.25 321 l 405.75 343.5 l S Q q 1 0 0 1 0 0 cm 1 1 0 rg 1 0 0 RG 195.75 222 m 198 219.75 l 195.75 218.25 l 193.5 219.75 l 195.75 222 l h b* Q q 1 0 0 1 0 0 cm 1 1 0 rg 1 0 0 RG 222 219.75 m 224.25 218.25 l 222 216 l 219.75 218.25 l 222 219.75 l h b* Q q 1 0 0 1 0 0 cm 1 1 0 rg 1 0 0 RG 248.25 219 m 250.5 216.75 l 248.25 214.5 l 246 216.75 l 248.25 219 l h b* Q q 1 0 0 1 0 0 cm 1 1 0 rg 1 0 0 RG 274.5 222.75 m 276.75 220.5 l 274.5 219 l 272.25 220.5 l 274.5 222.75 l h b* Q q 1 0 0 1 0 0 cm 1 1 0 rg 1 0 0 RG 300.75 220.5 m 303 219 l 300.75 216.75 l 298.5 219 l 300.75 220.5 l h b* Q q 1 0 0 1 0 0 cm 1 1 0 rg 1 0 0 RG 327 224.25 m 329.25 222 l 327 219.75 l 324.75 222 l 327 224.25 l h b* Q q 1 0 0 1 0 0 cm 1 1 0 rg 1 0 0 RG 353.25 261 m 355.5 258.75 l 353.25 257.25 l 351 258.75 l 353.25 261 l h b* Q q 1 0 0 1 0 0 cm 1 1 0 rg 1 0 0 RG 379.5 300.75 m 381.75 298.5 l 379.5 297 l 377.25 298.5 l 379.5 300.75 l h b* Q q 1 0 0 1 0 0 cm 1 1 0 rg 1 0 0 RG 405.75 345.75 m 408 343.5 l 405.75 341.25 l 403.5 343.5 l 405.75 345.75 l h b* Q q 203.25 383.25 183 14.25 re h W n BT 1.0635 0 0 1 203.25 386.25 Tm 0 0 0 rg /F2 11.5543 Tf 0.2389 Tc -0.0142 Tw (China: Foreign Exchange Reserves ) Tj ET Q BT 1.0635 0 0 1 235.5 371.25 Tm 0 0 0 rg /F2 11.5543 Tf 0.2624 Tc 0.407 Tw (& Total Trade Surplus) Tj -62.7635 -170.25 TD /F1 9.3878 Tf 0.1662 Tc 0 Tw (0) Tj -10.5781 17.25 TD 0.6083 Tc (200) Tj 0 18 TD (400) Tj 0 17.25 TD (600) Tj 0 18 TD (800) Tj -5.6417 17.25 TD 0.6635 Tc (1000) Tj 0 18.75 TD (1200) Tj 0 17.25 TD (1400) Tj 0 18 TD (1600) Tj 0 17.25 TD (1800) Tj 31.0291 -172.5 TD 0.332 Tc (1999) Tj 24.6823 0 TD (2000) Tj 24.6823 0 TD (2001) Tj 24.6823 0 TD (2002) Tj 24.6823 0 TD (2003) Tj 24.6823 0 TD (2004) Tj 24.6823 0 TD (2005) Tj 24.6823 0 TD (2006) Tj 24.6823 0 TD (2007) Tj -269.3894 103.5 TD 0 0.502 0 rg /F2 9.3878 Tf 0.3954 Tc (Reserves) Tj 1.4104 -12.75 TD 0.2517 Tc -0.2282 Tw (\(US $bn\)) Tj 297.5977 -77.25 TD 0 0 0 rg /F1 9.3878 Tf 0.1662 Tc 0 Tw (0) Tj 0 27 TD 0.8293 Tc (50) Tj 0 25.5 TD 0.3872 Tc (100) Tj 0 27 TD (150) Tj T* (200) Tj 0 25.5 TD (250) Tj 0 27 TD (300) Tj 26.0927 -64.5 TD 1 0 0 rg /F2 9.3878 Tf 0.3002 Tc (Trade) Tj -3.526 -12.75 TD -0.1236 Tc (Balance) Tj -2.1156 -13.5 TD 0.0622 Tc -0.0607 Tw (\(US $bn\)) Tj ET 97.5 175.5 399.75 225.75 re S BT 502.5 171 TD 0 0 0 rg /F6 12 Tf -0.354 Tc 0 Tw ( ) Tj -158.25 -7.5 TD /F3 8.25 Tf 0.0103 Tc -0.3748 Tw (Figure ) Tj 22.5 0 TD 0.3172 Tc 0 Tw (4) Tj 4.5 0 TD -0.0854 Tc -0.2791 Tw (. Source: PBOC/ US China Business Council) Tj 135 0 TD 0 Tc -0.3645 Tw ( ) Tj -415.5 -15 TD /F5 12 Tf 0 Tw ( ) Tj 120 0 TD ( ) Tj ET 90.75 150.75 144 0.75 re f BT 234.75 148.5 TD ( ) Tj -144 -6.75 TD /F1 5.25 Tf 0.3382 Tc (8) Tj 3 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 2.25 0 TD 0.164 Tc 0.2215 Tw (For these purposes, global imbalances are th) Tj 157.5 0 TD 0.1603 Tc -0.1157 Tw (e net asymmetry between all countries\222 budget deficits and surpluses. If ) Tj -162.75 -10.5 TD 0.1456 Tc 0.1075 Tw (all countries had equal savings \(monies retained internally\) and investment \(monies invested or spent aboard, then no ) Tj 0 -10.5 TD 0.1531 Tc 0.2324 Tw (imbalance would exist. The other major contributory factor to glo) Tj 231.75 0 TD 0.1527 Tc 0.1578 Tw (bal imbalances has been the rising oil price over the ) Tj -231.75 -9.75 TD 0.1312 Tc 0.1605 Tw (last four years which has fuelled a similar dynamic between oil consumer and oil producer nations ) Tj 345.75 0 TD -0.3585 Tc 0 Tw (\226) Tj 3.75 0 TD 0 Tc -0.3645 Tw ( ) Tj 2.25 0 TD 0.0618 Tc 0.0737 Tw (the previous peak, ) Tj -351.75 -10.5 TD 0.0806 Tc 0.3049 Tw (unsurprisingly, occurring in 1974 at the height of the oil crisis, when oil) Tj 246.75 0 TD -0.2745 Tc 0 Tw (-) Tj 2.25 0 TD -0.0154 Tc (produci) Tj 26.25 0 TD 0.0955 Tc 0.29 Tw (ng nations garnered hug) Tj 84.75 0 TD 0.0435 Tc 0.092 Tw (e windfalls from ) Tj -360 -10.5 TD 0.1887 Tc -0.5532 Tw (record prices.) Tj 47.25 0 TD 0 Tc -0.3645 Tw ( ) Tj -47.25 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (9) Tj 3 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 7.5 0 TD 0.1623 Tc 5.3482 Tw (People\222s Bank of China website, statistics ) Tj 5.7502 Tc 0 Tw (\() Tj 180.75 0 TD 0 0 1 rg 0.1259 Tc (www.pbc.gov.cn/english) Tj ET 282 74.25 85.5 0.75 re f BT 367.5 75.75 TD 0 0 0 rg 0.0946 Tc 5.5409 Tw (\), and US China Business Council) Tj 0 Tc -0.3645 Tw ( ) Tj -276.75 -10.5 TD -0.2497 Tc 0 Tw (\() Tj 2.25 0 TD 0 0 1 rg 0.1107 Tc (www.uschina.org/statistics/tradetable.html) Tj ET 93 63.75 152.25 0.75 re f BT 245.25 65.25 TD 0 0 0 rg -0.2497 Tc -0.1148 Tw (\) ) Tj 3.75 0 TD 0 Tc -0.3645 Tw ( ) Tj ET endstream endobj 39 0 obj 22358 endobj 37 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F1 8 0 R /F2 10 0 R /F3 14 0 R /F5 27 0 R /F6 32 0 R >> /ProcSet 2 0 R >> /Contents 38 0 R >> endobj 41 0 obj << /Length 42 0 R >> stream BT 90.75 767.25 TD 0 0 0 rg /F6 12 Tf -0.354 Tc 0 Tw ( ) Tj 0 -12.75 TD /F1 10.5 Tf -0.1071 Tc 0.7341 Tw (However, China) Tj 67.5 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.3555 Tc (s) Tj 3.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0317 Tc 0.6587 Tw (reserves grew at this rate in large part because of its complex capital controls, ) Tj -77.25 -12.75 TD -0.0303 Tc 0.7073 Tw (under which all business and banks are required to exchange their foreign currency earnings for ) Tj 0 -13.5 TD 0.0121 Tc 2.1149 Tw (Renminbi with the People) Tj 117 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.0335 Tc 2.348 Tw (s Bank of China \(PBOC\).) Tj 110.25 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (10) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD 0.0383 Tc 2.0887 Tw (The growth of these foreign) Tj 128.25 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD 0.0068 Tc -0.1298 Tw (exchange ) Tj -375 -12.75 TD -0.0365 Tc 0.5752 Tw (reserves prompted China to become the latest country to create its own SWF in order to attract ) Tj 0 -12.75 TD -0.0565 Tc -0.0665 Tw (higher returns ) Tj 62.25 0 TD 0.051 Tc -0.174 Tw (when it ) Tj 34.5 0 TD 0.0154 Tc 0.0491 Tw (allocated an estimated $200bn of its foreign reserves to the newly created ) Tj -96.75 -12.75 TD -0.0059 Tc -0.1171 Tw (China Investment Corporation \(CIC\), which officially ) Tj 222 0 TD 0.1542 Tc 0 Tw (began) Tj 26.25 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0016 Tc -0.1246 Tw (trading on September 29, 2007.) Tj 135.75 5.25 TD /F1 6.75 Tf 0 Tc -0.0255 Tw ( ) Tj 1.5 -5.25 TD /F1 10.5 Tf -0.123 Tw ( ) Tj -387.75 -12.75 TD /F1 11.25 Tf -0.2925 Tw ( ) Tj 0 -13.5 TD /F2 11.25 Tf -0.0238 Tc -0.2688 Tw (The Credit Crunch) Tj 81.75 0 TD 0 Tc -0.2925 Tw ( ) Tj -81.75 -13.5 TD /F1 11.25 Tf ( ) Tj 0 -13.5 TD /F1 10.5 Tf 0.0169 Tc 2.8601 Tw (Several months prior to this) Tj 130.5 0 TD 0.375 Tc 0 Tw (,) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 6 0 TD 0.0618 Tc 2.8152 Tw (in May) Tj 32.25 0 TD 0 Tc -0.123 Tw ( ) Tj 5.25 0 TD -0.1338 Tc 0 Tw (2007,) Tj 24 0 TD 0 Tc -0.123 Tw ( ) Tj 6 0 TD 0.0567 Tc 2.9703 Tw (CIC had burst onto the world) Tj 138.75 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.0487 Tc 2.6757 Tw (s headlines by ) Tj -348.75 -12.75 TD -0.0422 Tc 0.6692 Tw (announcing that they would be taking a $3bn stake in the IPO of Blackstone, a US private equity ) Tj 0 -12.75 TD -0.0135 Tc 0.6405 Tw (firm. ) Tj 22.5 0 TD -0.035 Tc 0 Tw (The) Tj 15.75 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0984 Tc 0 Tw (inves) Tj 21.75 0 TD 0.0629 Tc -0.0609 Tw (tment was lauded as imaginative and political) Tj 196.5 0 TD -0.0793 Tc 0.7063 Tw (ly savvy ) Tj 35.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0346 Tc 0.1424 Tw (in part because CIC waived ) Tj -300 -12.75 TD -0.0177 Tc 0 Tw (their) Tj 20.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0371 Tc 0 Tw (shareholder) Tj 51 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0141 Tc 0.6129 Tw (voting rights) Tj 53.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0508 Tc 0.6778 Tw (to ameliorate political concerns about their intent) Tj 215.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.021 Tc 0 Tw (\226) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0731 Tc 0.5539 Tw (but l) Tj 19.5 0 TD -0.0017 Tc 0.6287 Tw (ess than ) Tj -379.5 -12.75 TD -0.0103 Tc 1.1373 Tw (a month later, global credit markets ) Tj 163.5 0 TD 0.0115 Tc 0 Tw (ground) Tj 30.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.0322 Tc 1.3448 Tw (to a halt amidst growing conc) Tj 133.5 0 TD 0.0298 Tc 0.5972 Tw (ern about ) Tj 47.25 0 TD 0.0863 Tc 0.5407 Tw (financial ) Tj -378.75 -12.75 TD 0.0251 Tc 0 Tw (institution) Tj 43.5 0 TD -0.3555 Tc (s) Tj 3.75 0 TD 0.375 Tc (\222) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 5.25 0 TD -0.0973 Tc 3.3493 Tw (exposure to sub) Tj 74.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0796 Tc 2.7974 Tw (prime mortgage) Tj 72.75 0 TD 0 Tc -0.123 Tw ( ) Tj 5.25 0 TD -0.0349 Tc 0 Tw (liabilities) Tj 36.75 0 TD 0.0066 Tc 3.0579 Tw (. The scale of banks) Tj 94.5 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 5.25 0 TD 0.0123 Tc 1.7397 Tw (losses remains ) Tj -350.25 -12.75 TD -0.0213 Tc 0.6483 Tw (unclear, and ) Tj 57.75 0 TD -0.0651 Tc -0.0579 Tw (media ) Tj 30 0 TD 0.047 Tc 1.1425 Tw (estimates of the final ) Tj 99 0 TD -0.0137 Tc 1.3907 Tw (bill range from) Tj 65.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.5947 Tc 0 Tw (US) Tj 12 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.0735 Tc 0 Tw ($) Tj 5.25 0 TD (150) Tj 15.75 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.0737 Tc 1.4507 Tw (460bn, but) Tj 48 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.0588 Tc 0.9432 Tw (several major ) Tj -355.5 -12.75 TD -0.1338 Tc 0.7608 Tw (banks have) Tj 47.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.2205 Tc 0 Tw (a) Tj 5.25 0 TD -0.0539 Tc 0.6809 Tw (lready announced massive losses.) Tj 144.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.111 Tc -0.012 Tw (Citi ) Tj 16.5 0 TD -0.0325 Tc 0.6595 Tw (announced a) Tj 54.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0735 Tc 0 Tw (2007) Tj 21 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.1859 Tc 0.6254 Tw (Q4 net loss of ) Tj 61.5 0 TD 0.122 Tc 0.505 Tw (US $) Tj 19.5 0 TD 0.1048 Tc 0.5222 Tw (9.83bn, ) Tj -382.5 -12.75 TD -0.0436 Tc 0.6706 Tw (caused by sub) Tj 60 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0456 Tc 0.5814 Tw (prime write) Tj 51 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0337 Tc 0.6607 Tw (downs totalling ) Tj 69 0 TD -0.1553 Tc 0.0322 Tw (US ) Tj 14.25 0 TD -0.0735 Tc 0 Tw ($1) Tj 10.5 0 TD -0.0894 Tc 0.6227 Tw (8.1bn, while Merrill Lynch recorded a loss of ) Tj 192.75 0 TD 0.2197 Tc 0.4072 Tw (US ) Tj -403.5 -12.75 TD -0.0735 Tc 0 Tw ($) Tj 5.25 0 TD -0.0264 Tc 1.4034 Tw (7.8bn for 2007 after writing) Tj 123.75 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0165 Tc -0.1065 Tw (down ) Tj 27.75 0 TD -0.1553 Tc 0 Tw (US) Tj 11.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.0735 Tc 0 Tw ($) Tj 5.25 0 TD 0.0871 Tc 1.2899 Tw (14.1bn in high) Tj 63.75 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0176 Tc 1.3594 Tw (risk mortgage losses. In Europe, Swiss ) Tj -246.75 -13.5 TD -0.0925 Tc 1.0945 Tw (bank UBS posted a ) Tj 86.25 0 TD -0.0735 Tc -0.0495 Tw (2007 ) Tj 24.75 0 TD -0.1607 Tc 1.0377 Tw (Q4 loss of ) Tj 47.25 0 TD 0.372 Tc 1.005 Tw (US $) Tj 20.25 0 TD 0.0133 Tc 0.9887 Tw (11.3bn after taking a ) Tj 96.75 0 TD 0.372 Tc 1.005 Tw (US $) Tj 20.25 0 TD -0.112 Tc 1.489 Tw (13.7bn hit in the sub) Tj 91.5 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0579 Tc 0.5691 Tw (prime ) Tj -390 -12.75 TD 0.0709 Tc 0 Tw (market.) Tj 33 5.25 TD /F1 6.75 Tf 0.3277 Tc (11) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0489 Tc -0.0741 Tw (British ) Tj 30 0 TD -0.1875 Tc 0.0645 Tw (banks ) Tj 27 0 TD -0.0671 Tc 0.587 Tw (performance is harder to assess because only ) Tj 198 0 TD 0.1451 Tc 0 Tw (HSBC) Tj 22.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.021 Tc 0 Tw (\226) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.2265 Tc -0.3495 Tw (at ) Tj 12 0 TD 0.122 Tc 0.505 Tw (US $) Tj 19.5 0 TD -0.0653 Tc -0.0578 Tw (11.7bn ) Tj 32.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.3825 Tc -0.4905 Tw (has ) Tj -402 -12.75 TD 0.0092 Tc -0.1322 Tw (published a realistic figure for their ) Tj 151.5 0 TD 0.1072 Tc 0 Tw (aggregate) Tj 43.5 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD -0.2935 Tc 0 Tw (sub) Tj 14.25 0 TD -0.213 Tc (-) Tj 3 0 TD 0.0579 Tc -0.1809 Tw (prime ) Tj 27.75 0 TD 0.0333 Tc 0 Tw (write) Tj 22.5 0 TD -0.213 Tc (-) Tj 3 0 TD -0.0843 Tc (downs) Tj 27.75 0 TD 0.354 Tc (.) Tj 3.75 0 TD 0 Tc -0.123 Tw ( ) Tj -299.25 -12.75 TD ( ) Tj 0 -12.75 TD -0.081 Tc 0.708 Tw (Prior to the credit) Tj 77.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0621 Tc 0.6891 Tw (crunch, major western banks had received only limited investment from SWFs ) Tj -80.25 -12.75 TD 0.0307 Tc 1.3463 Tw (and foreign s) Tj 57 0 TD 0.1766 Tc 0 Tw (tate) Tj 18 0 TD -0.213 Tc (-) Tj 3 0 TD -0.0481 Tc 1.4251 Tw (owned banks, and often for) Tj 122.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.0222 Tc 1.0242 Tw (specific strategic ) Tj 76.5 0 TD -0.0017 Tc 0 Tw (projects) Tj 33.75 0 TD -0.0397 Tc 1.0417 Tw (. For example, Barclays ) Tj -314.25 -12.75 TD -0.0037 Tc 0.6307 Tw (sought additional capital from Temasek and China Development Bank, a Chinese SOE, du) Tj 385.5 0 TD 0.0606 Tc 0.5664 Tw (ring its ) Tj -385.5 -12.75 TD -0.0448 Tc 0.1718 Tw (bid for ABN Amro) Tj 75 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0047 Tc -0.1278 Tw (in 2006) Tj 32.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0735 Tc (7) Tj 5.25 0 TD 0.0505 Tc -0.0581 Tw (. But during late 2007 and early 2008, four major banks received over ) Tj -117.75 -12.75 TD -0.1553 Tc 0.0322 Tw (US ) Tj 13.5 0 TD -0 Tc 0.1021 Tw ($40bn in additional capital from SWF \(see Figure 5, below\). ) Tj 254.25 0 TD 0 Tc -0.123 Tw ( ) Tj -267.75 -14.25 TD /F6 12 Tf -0.354 Tc 0 Tw ( ) Tj 17.25 -16.5 TD /F2 9 Tf 0.0585 Tc (Date) Tj 18 0 TD 0 Tc 0.216 Tw ( ) Tj 24 0 TD -0.162 Tc 0 Tw (Bank) Tj 18.75 0 TD 0 Tc 0.216 Tw ( ) Tj 64.5 0 TD 0.236 Tc 0 Tw (SWF) Tj 17.25 0 TD 0 Tc 0.216 Tw ( ) Tj 2.25 0 TD -0.12 Tc 0.336 Tw (/ ) Tj 5.25 0 TD /F4 9 Tf 0.137 Tc 0 Tw (SOE) Tj 14.25 0 TD /F2 9 Tf 0 Tc 0.216 Tw ( ) Tj 109.5 0 TD 0.044 Tc 0.172 Tw ($ Stake) Tj 27 0 TD 0 Tc 0.216 Tw ( ) Tj 43.5 0 TD 0.0518 Tc 0.1642 Tw (Size of Stake) Tj 47.25 0 TD 0 Tc 0.216 Tw ( ) Tj ET 89.25 387.75 0.75 0.75 re f 89.25 387.75 0.75 0.75 re f 90 387.75 54 0.75 re f 144 387.75 0.75 0.75 re f 144.75 387.75 82.5 0.75 re f 227.25 387.75 0.75 0.75 re f 228 387.75 147.75 0.75 re f 375.75 387.75 0.75 0.75 re f 376.5 387.75 50.25 0.75 re f 426.75 387.75 0.75 0.75 re f 427.5 387.75 77.25 0.75 re f 504.75 387.75 0.75 0.75 re f 504.75 387.75 0.75 0.75 re f 89.25 372.75 0.75 15 re f 144 372.75 0.75 15 re f 227.25 372.75 0.75 15 re f 375.75 372.75 0.75 15 re f 426.75 372.75 0.75 15 re f 504.75 372.75 0.75 15 re f BT 99.75 360 TD /F3 9 Tf 0.0172 Tc 0 Tw (23/07/07) Tj 34.5 0 TD 0 Tc 0.216 Tw ( ) Tj 15.75 0 TD -0.0716 Tc 0 Tw (Barclays) Tj 30.75 0 TD 0 Tc 0.216 Tw ( ) Tj 52.5 0 TD -0.0209 Tc 0.2369 Tw (China Development Bank) Tj 91.5 0 TD 0 Tc 0.216 Tw ( ) Tj 57 0 TD -0.063 Tc 0 Tw ($3) Tj 9 0 TD -0.126 Tc (bn) Tj 9.75 0 TD 0 Tc 0.216 Tw ( ) Tj 81 0 TD -0.1448 Tc 0 Tw (3.1%) Tj 18 0 TD 0 Tc 0.216 Tw ( ) Tj ET 89.25 372 0.75 0.75 re f 90 372 54 0.75 re f 144 372 0.75 0.75 re f 144.75 372 82.5 0.75 re f 227.25 372 0.75 0.75 re f 228 372 147.75 0.75 re f 375.75 372 0.75 0.75 re f 376.5 372 50.25 0.75 re f 426.75 372 0.75 0.75 re f 427.5 372 77.25 0.75 re f 504.75 372 0.75 0.75 re f 89.25 357 0.75 15 re f 144 357 0.75 15 re f 227.25 357 0.75 15 re f 375.75 357 0.75 15 re f 426.75 357 0.75 15 re f 504.75 357 0.75 15 re f BT 99.75 343.5 TD /F1 9 Tf 0.0217 Tc 0 Tw (23/07/07) Tj 34.5 0 TD 0 Tc 0.216 Tw ( ) Tj 15.75 0 TD -0.204 Tc 0 Tw (Barclays) Tj 30 0 TD 0 Tc 0.216 Tw ( ) Tj 53.25 0 TD -0.0304 Tc 0 Tw (Temasek) Tj 32.25 0 TD 0 Tc 0.216 Tw ( ) Tj 116.25 0 TD 0.231 Tc 0 Tw ($2bn) Tj 18.75 0 TD 0 Tc 0.216 Tw ( ) Tj 81 0 TD -0.1448 Tc 0 Tw (2.1%) Tj 18 0 TD 0 Tc 0.216 Tw ( ) Tj ET 89.25 356.25 0.75 0.75 re f 90 356.25 54 0.75 re f 144 356.25 0.75 0.75 re f 144.75 356.25 82.5 0.75 re f 227.25 356.25 0.75 0.75 re f 228 356.25 147.75 0.75 re f 375.75 356.25 0.75 0.75 re f 376.5 356.25 50.25 0.75 re f 426.75 356.25 0.75 0.75 re f 427.5 356.25 77.25 0.75 re f 504.75 356.25 0.75 0.75 re f 89.25 341.25 0.75 15 re f 144 341.25 0.75 15 re f 227.25 341.25 0.75 15 re f 375.75 341.25 0.75 15 re f 426.75 341.25 0.75 15 re f 504.75 341.25 0.75 15 re f BT 99.75 327.75 TD /F3 9 Tf 0.0172 Tc 0 Tw (22/10/07) Tj 34.5 0 TD 0 Tc 0.216 Tw ( ) Tj 15.75 0 TD 0.0291 Tc 0.1869 Tw (Bear Ste) Tj 30.75 0 TD -0.126 Tc 0 Tw (a) Tj 4.5 0 TD 0.012 Tc (rns) Tj 11.25 0 TD 0 Tc 0.216 Tw ( ) Tj 36.75 0 TD 0.0008 Tc -0.1598 Tw (Citic Securities \(China\)) Tj 80.25 0 TD 0 Tc 0.216 Tw ( ) Tj 68.25 0 TD -0.0945 Tc 0 Tw ($1bn) Tj 18.75 0 TD 0 Tc 0.216 Tw ( ) Tj 81 0 TD -0.1448 Tc 0 Tw (6.0%) Tj 18 0 TD 0 Tc 0.216 Tw ( ) Tj ET 89.25 340.5 0.75 0.75 re f 90 340.5 54 0.75 re f 144 340.5 0.75 0.75 re f 144.75 340.5 82.5 0.75 re f 227.25 340.5 0.75 0.75 re f 228 340.5 147.75 0.75 re f 375.75 340.5 0.75 0.75 re f 376.5 340.5 50.25 0.75 re f 426.75 340.5 0.75 0.75 re f 427.5 340.5 77.25 0.75 re f 504.75 340.5 0.75 0.75 re f 89.25 325.5 0.75 15 re f 144 325.5 0.75 15 re f 227.25 325.5 0.75 15 re f 375.75 325.5 0.75 15 re f 426.75 325.5 0.75 15 re f 504.75 325.5 0.75 15 re f BT 99.75 312 TD /F1 9 Tf 0.0217 Tc 0 Tw (26/11/07) Tj 34.5 0 TD 0 Tc 0.216 Tw ( ) Tj 15.75 0 TD -0.1755 Tc 0 Tw (Citi) Tj 12 0 TD 0 Tc 0.216 Tw ( ) Tj 71.25 0 TD 0.3188 Tc 0 Tw (ADIA) Tj 18 0 TD 0 Tc 0.216 Tw ( ) Tj 130.5 0 TD 0.1405 Tc 0 Tw ($7.5bn) Tj 25.5 0 TD 0 Tc 0.216 Tw ( ) Tj 74.25 0 TD -0.1448 Tc 0 Tw (4.9%) Tj 18 0 TD 0 Tc 0.216 Tw ( ) Tj ET 89.25 324.75 0.75 0.75 re f 90 324.75 54 0.75 re f 144 324.75 0.75 0.75 re f 144.75 324.75 82.5 0.75 re f 227.25 324.75 0.75 0.75 re f 228 324.75 147.75 0.75 re f 375.75 324.75 0.75 0.75 re f 376.5 324.75 50.25 0.75 re f 426.75 324.75 0.75 0.75 re f 427.5 324.75 77.25 0.75 re f 504.75 324.75 0.75 0.75 re f 89.25 309 0.75 15.75 re f 144 309 0.75 15.75 re f 227.25 309 0.75 15.75 re f 375.75 309 0.75 15.75 re f 426.75 309 0.75 15.75 re f 504.75 309 0.75 15.75 re f BT 99.75 296.25 TD 0.0217 Tc 0 Tw (10/12/07) Tj 34.5 0 TD 0 Tc 0.216 Tw ( ) Tj 15.75 0 TD 0.315 Tc 0 Tw (UBS) Tj 15 0 TD 0 Tc 0.216 Tw ( ) Tj 68.25 0 TD 0.502 Tc 0 Tw (GIC) Tj 12.75 0 TD 0 Tc 0.216 Tw ( ) Tj 135.75 0 TD 0.1114 Tc 0 Tw ($9.75bn) Tj 30 0 TD 0 Tc 0.216 Tw ( ) Tj 69.75 0 TD -0.1448 Tc 0 Tw (9.0%) Tj 18 0 TD 0 Tc 0.216 Tw ( ) Tj ET 89.25 308.25 0.75 0.75 re f 90 308.25 54 0.75 re f 144 308.25 0.75 0.75 re f 144.75 308.25 82.5 0.75 re f 227.25 308.25 0.75 0.75 re f 228 308.25 147.75 0.75 re f 375.75 308.25 0.75 0.75 re f 376.5 308.25 50.25 0.75 re f 426.75 308.25 0.75 0.75 re f 427.5 308.25 77.25 0.75 re f 504.75 308.25 0.75 0.75 re f 89.25 293.25 0.75 15 re f 144 293.25 0.75 15 re f 227.25 293.25 0.75 15 re f 375.75 293.25 0.75 15 re f 426.75 293.25 0.75 15 re f 504.75 293.25 0.75 15 re f BT 99.75 280.5 TD 0.0217 Tc 0 Tw (19/12/07) Tj 34.5 0 TD 0 Tc 0.216 Tw ( ) Tj 15.75 0 TD 0.1027 Tc 0.1133 Tw (Morgan Stanley) Tj 57.75 0 TD 0 Tc 0.216 Tw ( ) Tj 25.5 0 TD 0.296 Tc 0 Tw (CIC) Tj 12 0 TD 0 Tc 0.216 Tw ( ) Tj 136.5 0 TD 0.231 Tc 0 Tw ($5bn) Tj 18.75 0 TD 0 Tc 0.216 Tw ( ) Tj 81 0 TD -0.1448 Tc 0 Tw (9.9%) Tj 18 0 TD 0 Tc 0.216 Tw ( ) Tj ET 89.25 292.5 0.75 0.75 re f 90 292.5 54 0.75 re f 144 292.5 0.75 0.75 re f 144.75 292.5 82.5 0.75 re f 227.25 292.5 0.75 0.75 re f 228 292.5 147.75 0.75 re f 375.75 292.5 0.75 0.75 re f 376.5 292.5 50.25 0.75 re f 426.75 292.5 0.75 0.75 re f 427.5 292.5 77.25 0.75 re f 504.75 292.5 0.75 0.75 re f 89.25 277.5 0.75 15 re f 144 277.5 0.75 15 re f 227.25 277.5 0.75 15 re f 375.75 277.5 0.75 15 re f 426.75 277.5 0.75 15 re f 504.75 277.5 0.75 15 re f BT 99.75 264 TD 0.0217 Tc 0 Tw (21/12/07) Tj 34.5 0 TD 0 Tc 0.216 Tw ( ) Tj 15.75 0 TD -0.0028 Tc 0.2188 Tw (Merrill Lynch) Tj 48 0 TD 0 Tc 0.216 Tw ( ) Tj 35.25 0 TD -0.0304 Tc 0 Tw (Temasek) Tj 32.25 0 TD 0 Tc 0.216 Tw ( ) Tj 116.25 0 TD -0.0518 Tc 0.2678 Tw ($ 4.4) Tj 18 0 TD 0 Tc 0.216 Tw ( ) Tj 54 0 TD -0.0349 Tc 0.2509 Tw (\(Conv.\) 9.4%) Tj 45.75 0 TD 0 Tc 0.216 Tw ( ) Tj ET 89.25 276.75 0.75 0.75 re f 90 276.75 54 0.75 re f 144 276.75 0.75 0.75 re f 144.75 276.75 82.5 0.75 re f 227.25 276.75 0.75 0.75 re f 228 276.75 147.75 0.75 re f 375.75 276.75 0.75 0.75 re f 376.5 276.75 50.25 0.75 re f 426.75 276.75 0.75 0.75 re f 427.5 276.75 77.25 0.75 re f 504.75 276.75 0.75 0.75 re f 89.25 261.75 0.75 15 re f 144 261.75 0.75 15 re f 227.25 261.75 0.75 15 re f 375.75 261.75 0.75 15 re f 426.75 261.75 0.75 15 re f 504.75 261.75 0.75 15 re f BT 99.75 248.25 TD 0.0217 Tc 0 Tw (15/01/08) Tj 34.5 0 TD 0 Tc 0.216 Tw ( ) Tj 15.75 0 TD -0.1755 Tc 0 Tw (Citi) Tj 12 0 TD 0 Tc 0.216 Tw ( ) Tj 71.25 0 TD 0.447 Tc 0 Tw (KIA) Tj 12 0 TD 0 Tc 0.216 Tw ( ) Tj 136.5 0 TD 0.231 Tc 0 Tw ($3bn) Tj 18.75 0 TD 0 Tc 0.216 Tw ( ) Tj 60.75 0 TD -0.1227 Tc 0.3387 Tw (\(Est.\) 2.3%) Tj 38.25 0 TD 0 Tc 0.216 Tw ( ) Tj ET 89.25 261 0.75 0.75 re f 90 261 54 0.75 re f 144 261 0.75 0.75 re f 144.75 261 82.5 0.75 re f 227.25 261 0.75 0.75 re f 228 261 147.75 0.75 re f 375.75 261 0.75 0.75 re f 376.5 261 50.25 0.75 re f 426.75 261 0.75 0.75 re f 427.5 261 77.25 0.75 re f 504.75 261 0.75 0.75 re f 89.25 246 0.75 15 re f 144 246 0.75 15 re f 227.25 246 0.75 15 re f 375.75 246 0.75 15 re f 426.75 246 0.75 15 re f 504.75 246 0.75 15 re f BT 99.75 232.5 TD 0.0217 Tc 0 Tw (15/01/08) Tj 34.5 0 TD 0 Tc 0.216 Tw ( ) Tj 15.75 0 TD -0.0028 Tc 0.2188 Tw (Merrill Lynch) Tj 48 0 TD 0 Tc 0.216 Tw ( ) Tj 35.25 0 TD 0.447 Tc 0 Tw (KIA) Tj 12 0 TD 0 Tc 0.216 Tw ( ) Tj 136.5 0 TD 0.231 Tc 0 Tw ($2bn) Tj 18.75 0 TD 0 Tc 0.216 Tw ( ) Tj 53.25 0 TD -0.0349 Tc 0.2509 Tw (\(Conv.\) 3.3%) Tj 45.75 0 TD 0 Tc 0.216 Tw ( ) Tj ET 89.25 245.25 0.75 0.75 re f 90 245.25 54 0.75 re f 144 245.25 0.75 0.75 re f 144.75 245.25 82.5 0.75 re f 227.25 245.25 0.75 0.75 re f 228 245.25 147.75 0.75 re f 375.75 245.25 0.75 0.75 re f 376.5 245.25 50.25 0.75 re f 426.75 245.25 0.75 0.75 re f 427.5 245.25 77.25 0.75 re f 504.75 245.25 0.75 0.75 re f 89.25 229.5 0.75 15.75 re f 144 229.5 0.75 15.75 re f 227.25 229.5 0.75 15.75 re f 375.75 229.5 0.75 15.75 re f 426.75 229.5 0.75 15.75 re f 504.75 229.5 0.75 15.75 re f BT 99.75 216.75 TD 0.0217 Tc 0 Tw (15/01/08) Tj 34.5 0 TD 0 Tc 0.216 Tw ( ) Tj 15.75 0 TD -0.1755 Tc 0 Tw (Citi) Tj 12 0 TD 0 Tc 0.216 Tw ( ) Tj 71.25 0 TD 0.502 Tc 0 Tw (GIC) Tj 12.75 0 TD 0 Tc 0.216 Tw ( ) Tj 135.75 0 TD 0.1114 Tc 0 Tw ($6.88bn) Tj 30 0 TD 0 Tc 0.216 Tw ( ) Tj 33.75 0 TD ( ) Tj 6.75 0 TD ( ) Tj 1.5 0 TD -0.0349 Tc 0.2509 Tw (\(Conv.\) 4.0%) Tj 45.75 0 TD 0 Tc 0.216 Tw ( ) Tj ET 89.25 228.75 0.75 0.75 re f 90 228.75 54 0.75 re f 144 228.75 0.75 0.75 re f 144.75 228.75 82.5 0.75 re f 227.25 228.75 0.75 0.75 re f 228 228.75 147.75 0.75 re f 375.75 228.75 0.75 0.75 re f 376.5 228.75 50.25 0.75 re f 426.75 228.75 0.75 0.75 re f 427.5 228.75 77.25 0.75 re f 504.75 228.75 0.75 0.75 re f 89.25 213.75 0.75 15 re f 144 213.75 0.75 15 re f 227.25 213.75 0.75 15 re f 375.75 213.75 0.75 15 re f 426.75 213.75 0.75 15 re f 504.75 213.75 0.75 15 re f BT 99.75 201 TD 0.0217 Tc 0 Tw (15/01/08) Tj 34.5 0 TD 0 Tc 0.216 Tw ( ) Tj 15.75 0 TD -0.0028 Tc 0.2188 Tw (Merrill Lynch) Tj 48 0 TD 0 Tc 0.216 Tw ( ) Tj 35.25 0 TD 0.0213 Tc -0.3053 Tw (Korean Investment Corp. \(KIC\)) Tj 110.25 0 TD 0 Tc 0.216 Tw ( ) Tj 38.25 0 TD 0.231 Tc 0 Tw ($2bn) Tj 18.75 0 TD 0 Tc 0.216 Tw ( ) Tj 52.5 0 TD 0.0333 Tc 0.1827 Tw (\(Conv.\) 3.3% ) Tj ET q 501 198.75 3.75 10.5 re h W n BT 501 201 TD 0 Tc 0.216 Tw ( ) Tj ET Q 89.25 213 0.75 0.75 re f 90 213 54 0.75 re f 144 213 0.75 0.75 re f 144.75 213 82.5 0.75 re f 227.25 213 0.75 0.75 re f 228 213 147.75 0.75 re f 375.75 213 0.75 0.75 re f 376.5 213 50.25 0.75 re f 426.75 213 0.75 0.75 re f 427.5 213 77.25 0.75 re f 504.75 213 0.75 0.75 re f 89.25 198 0.75 15 re f 144 198 0.75 15 re f 227.25 198 0.75 15 re f 375.75 198 0.75 15 re f 426.75 198 0.75 15 re f 504.75 198 0.75 15 re f BT 99.75 186.75 TD 0.0217 Tc 0 Tw (18/02/08) Tj 34.5 0 TD 0 Tc 0.216 Tw ( ) Tj 15.75 0 TD 0.027 Tc 0.189 Tw (Credit Suisse) Tj 46.5 0 TD 0 Tc 0.216 Tw ( ) Tj 36.75 0 TD 0.488 Tc 0 Tw (QIA) Tj 13.5 0 TD 0 Tc 0.216 Tw ( ) Tj 135 0 TD 0.0114 Tc 0 Tw ($500m) Tj 25.5 0 TD 0 Tc 0.216 Tw ( ) Tj 53.25 0 TD 0.1127 Tc 0.1033 Tw (\(Est.\) 1) Tj 25.5 0 TD 0.246 Tc 0 Tw (-) Tj 3 0 TD -0.249 Tc (2%) Tj 10.5 0 TD 0 Tc 0.216 Tw ( ) Tj ET 89.25 197.25 0.75 0.75 re f 90 197.25 54 0.75 re f 144 197.25 0.75 0.75 re f 144.75 197.25 82.5 0.75 re f 227.25 197.25 0.75 0.75 re f 228 197.25 147.75 0.75 re f 375.75 197.25 0.75 0.75 re f 376.5 197.25 50.25 0.75 re f 426.75 197.25 0.75 0.75 re f 427.5 197.25 77.25 0.75 re f 504.75 197.25 0.75 0.75 re f 89.25 184.5 0.75 12.75 re f 89.25 183.75 0.75 0.75 re f 89.25 183.75 0.75 0.75 re f 90 183.75 54 0.75 re f 144 184.5 0.75 12.75 re f 144 183.75 0.75 0.75 re f 144.75 183.75 82.5 0.75 re f 227.25 184.5 0.75 12.75 re f 227.25 183.75 0.75 0.75 re f 228 183.75 147.75 0.75 re f 375.75 184.5 0.75 12.75 re f 375.75 183.75 0.75 0.75 re f 376.5 183.75 50.25 0.75 re f 426.75 184.5 0.75 12.75 re f 426.75 183.75 0.75 0.75 re f 427.5 183.75 77.25 0.75 re f 504.75 184.5 0.75 12.75 re f 504.75 183.75 0.75 0.75 re f 504.75 183.75 0.75 0.75 re f BT 402.75 176.25 TD /F3 8.25 Tf 0.0687 Tc -0.0582 Tw (Figure 5. ) Tj 30.75 0 TD -0.0628 Tc -0.3017 Tw (Source: Media Reports) Tj 72.75 0 TD 0 Tc -0.3645 Tw ( ) Tj -415.5 -12 TD /F1 10.5 Tf -0.123 Tw ( ) Tj 0 -15.75 TD /F5 12 Tf 0 Tw ( ) Tj 120 0 TD ( ) Tj ET 90.75 150.75 144 0.75 re f BT 234.75 148.5 TD ( ) Tj -144 -6.75 TD /F1 5.25 Tf 0.3382 Tc (10) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 3.75 0 TD 0.1083 Tc 1.6105 Tw (According to James Fallows, a journalist, the People\222s Bank of China receives over $1bn per day in exchanged ) Tj -9.75 -10.5 TD 0.0835 Tc 0.927 Tw (currency. See \221The $1.4 Trillion Question\222, ) Tj 151.5 0 TD /F3 8.25 Tf 0.0915 Tc 1.044 Tw (Atlantic Monthly) Tj 58.5 0 TD /F1 8.25 Tf 0.0852 Tc 0.8003 Tw (, January/February 2008. ) Tj 90.75 0 TD 0.0497 Tc 0.7108 Tw (This policy allows to the Chinese ) Tj -300.75 -10.5 TD 0.1219 Tc 0.1313 Tw (Government to both mitigate the inflationary pressures of rapid growth and, more controversially, control the value of ) Tj 0 -9.75 TD 0.1745 Tc -0.539 Tw (Renminbi against other major currencies. ) Tj 146.25 0 TD 0 Tc -0.3645 Tw ( ) Tj -146.25 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (11) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 3 0 TD 0.1782 Tc 0.6573 Tw (UBS subsequently announced a further write) Tj 161.25 0 TD -0.2745 Tc 0 Tw (-) Tj 2.25 0 TD 0.1223 Tc 1.0132 Tw (down of US $ 19) Tj 60.75 0 TD 0.1653 Tc 0.5952 Tw (bn in early April 2008, taking their total sub) Tj 157.5 0 TD -0.2745 Tc 0 Tw (-) Tj 2.25 0 TD 0.2384 Tc (prime) Tj 21 0 TD -0.2745 Tc (-) Tj -414 -10.5 TD 0.0848 Tc 0.884 Tw (related losses to over US $37bn, according to the ) Tj 179.25 0 TD /F3 8.25 Tf 0.0559 Tc 1.0796 Tw (Financial Times) Tj 53.25 0 TD /F1 8.25 Tf 0.3825 Tc 0.753 Tw (.: \221) Tj 9.75 0 TD 0.0554 Tc 0.8926 Tw (April 1 predicament is no joke for UBS\222, ) Tj 143.25 0 TD /F3 8.25 Tf 0.0141 Tc -0.3786 Tw (Financial ) Tj -385.5 -10.5 TD 0.0156 Tc 0.3699 Tw (Times, ) Tj 24.75 0 TD /F1 8.25 Tf 0.184 Tc 0.9515 Tw (02/04/08. Merrill Lynch\222s write) Tj 112.5 0 TD -0.2745 Tc 0 Tw (-) Tj 2.25 0 TD 0.1353 Tc 1 Tw (down now total over $24bn according to Reute) Tj 171.75 0 TD 0.4054 Tc 0.7301 Tw (rs: \221) Tj 14.25 0 TD 0.0987 Tc 0.6618 Tw (Merrill Lynch targeted by ) Tj -325.5 -10.5 TD 0.1681 Tc -0.5326 Tw (earnings downgrades\222, Reuters, 25/03/08.) 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Tj -206.4665 31.5 TD 0.2354 Tc ($6.88bn) Tj 76.2876 -77.25 TD 0.2407 Tc ($4.4bn) Tj 0 18 TD 0.5298 Tc ($2bn) Tj 75.5877 -32.25 TD 0.3665 Tc ($5bn) Tj -207.8662 -22.5 TD 0.2032 Tc (0) Tj 0 15.75 TD (2) Tj 0 15 TD (4) Tj T* (6) Tj 0 15.75 TD (8) Tj -2.0996 15.75 TD -1.103 Tc (10) Tj 0 14.25 TD (12) Tj 0 15.75 TD (14) Tj T* (16) Tj 0 14.25 TD (18) Tj -1.3998 15.75 TD 0.2032 Tc (20) Tj 20.2967 -161.25 TD 0.4609 Tc (Citi) Tj 71.3884 0 TD 0.2849 Tc (Merrill) Tj 1.3998 -7.5 TD 0.0654 Tc (Lynch) Tj 72.7882 7.5 TD 0.2625 Tc (Morgan) Tj 1.3998 -7.5 TD -0.0116 Tc (Stanley) Tj 78.3873 7.5 TD 0.7971 Tc (UBS) Tj -254.0587 90.75 TD /F1 8.1154 Tf 0.0762 Tc -0.4716 Tw (US ) Tj -2.0996 -11.25 TD 0.4236 Tc 0 Tw ($bn) Tj 1 1 1 rg ET 419.25 528.75 87.75 188.25 re f* q 1 0 0 1 0 0 cm 0.2 0.2 0.2 rg 424.5 708.75 5.25 4.5 re b* Q BT 1.0716 0 0 1 432.75 707.25 Tm 0 0 0 rg 0.3992 Tc -0.753 Tw (CIC \(China\)) Tj ET q 1 0 0 1 0 0 cm 0 0.4 0.8 rg 424.5 684.75 5.25 4.5 re b* Q BT 1.0716 0 0 1 432.75 684 Tm 0.4131 Tc -0.765 Tw (KIC \(Korea\)) Tj ET q 1 0 0 1 0 0 cm 1 0.4 0 rg 424.5 661.5 5.25 4.5 re b* Q BT 1.0716 0 0 1 432.75 660.75 Tm 0.5761 Tc 0 Tw (Temasek) Tj 0 -10.5 TD 0.3479 Tc (\(Singapore\)) Tj ET q 1 0 0 1 0 0 cm 0 0.502 0 rg 424.5 637.5 5.25 4.5 re b* Q BT 1.0716 0 0 1 432.75 636.75 Tm 0.241 Tc -0.6152 Tw (QIA \(Qatar\)) Tj ET q 1 0 0 1 0 0 cm 0.4 0 0.4 rg 424.5 614.25 5.25 4.5 re b* Q BT 1.0716 0 0 1 432.75 613.5 Tm 0.3471 Tc -0.7076 Tw (GIC \(Singapore\)) Tj ET q 1 0 0 1 0 0 cm 1 1 0 rg 424.5 591 5.25 4.5 re b* Q BT 1.0716 0 0 1 432.75 590.25 Tm 0.2846 Tc -0.6532 Tw (KIA \(Kuwait\)) Tj ET q 1 0 0 1 0 0 cm 0 0 0.502 rg 424.5 567.75 5.25 4.5 re b* Q BT 1.0716 0 0 1 432.75 567 Tm 0.1434 Tc 0.1229 Tw (ADIA \(Abu Dhabi\)) Tj ET q 1 0 0 1 0 0 cm 1 0 0 rg 424.5 543.75 5.25 4.5 re b* Q BT 1.0716 0 0 1 432.75 543 Tm 0.353 Tc -0.7127 Tw (Sub-Prime Loss \(to) Tj 0 -10.5 TD 0.3568 Tc -0.716 Tw (March 2008\)) Tj ET 94.5 515.25 411 219 re S BT 511.5 510.75 TD /F6 12 Tf -0.354 Tc 0 Tw ( ) Tj -118.5 -7.5 TD /F3 8.25 Tf 0.0103 Tc -0.3748 Tw (Figure ) Tj 22.5 0 TD 0.3172 Tc 0 Tw (6) Tj 4.5 0 TD 0.171 Tc (.) Tj 2.25 0 TD 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD -0.0734 Tc -0.2911 Tw (Source: Company Reports) Tj 82.5 0 TD 0 Tc -0.3645 Tw ( ) Tj -415.5 -13.5 TD /F6 12 Tf -0.354 Tc 0 Tw ( ) Tj 0 -12.75 TD /F1 10.5 Tf -0.035 Tc -0.088 Tw (The ) Tj 19.5 0 TD -0.1474 Tc 0.0244 Tw (SWFs ) Tj 26.25 0 TD 0.0129 Tc -0.1359 Tw (drove ) Tj 28.5 0 TD -0.0251 Tc 1.4021 Tw (hard bar) Tj 37.5 0 TD -0.0433 Tc 1.6249 Tw (gains for these crucial injections of liquidity. The deal announced on ) Tj -111.75 -12.75 TD -0.009 Tc 0.5289 Tw (27th November 2007 between Citi and ADIA ) Tj 195.75 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0471 Tc 0.8616 Tw (the first major recapitalisation of a Western bank ) Tj -201.75 -12.75 TD -0.0081 Tc 0.528 Tw (by a SWF during the credit crunch ) Tj 150.75 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0611 Tc 0.5659 Tw (provided Citi with) Tj 77.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.122 Tc 0.505 Tw (US $) Tj 19.5 0 TD 0.0256 Tc 0.8514 Tw (7.9bn in new capital in return f) Tj 135.75 0 TD 0.1275 Tc 0.4995 Tw (or an ) Tj -392.25 -12.75 TD -0.074 Tc 0.701 Tw (11% annual ) Tj 54 0 TD -0.091 Tc 0 Tw (coupon) Tj 31.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.032 Tc 1.409 Tw (to ADIA until 2010) Tj 81.75 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0312 Tc 1.4082 Tw (11, when the loan converts into a 4.9% equity stake.) Tj 234 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (12) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj -415.5 -12.75 TD -0.0342 Tc 0.6612 Tw (Tellingly, ) Tj 40.5 0 TD -0.0277 Tc 0.6547 Tw (11% is nearly twice the interest rate at which Citi ) Tj 216.75 0 TD -0.0206 Tc 0.8351 Tw (managed to sell only US) Tj 104.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0658 Tc 0.5612 Tw ($4bn worth ) Tj -364.5 -13.5 TD -0.1582 Tc 0.0352 Tw (of 10) Tj 21 0 TD -0.213 Tc 0 Tw (-) Tj 3.75 0 TD 0 Tc -0.0403 Tw (year bonds on the open market only two weeks earlier.) Tj 236.25 0 TD 0 Tc -0.123 Tw ( ) Tj -261 -12.75 TD ( ) Tj 0 -12.75 TD -0.0705 Tc 0.6975 Tw (Citi agreed to these) Tj 84.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0484 Tc 0 Tw (exacting) Tj 36 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.029 Tc 0.8435 Tw (terms because its large sub) Tj 119.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0456 Tc 0.5814 Tw (prime write) Tj 51 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0051 Tc 0.8094 Tw (down had undermined its ) Tj -303 -12.75 TD -0.0147 Tc -0.1083 Tw (capital adequacy ratio) Tj 94.5 0 TD -0.3555 Tc 0 Tw (s) Tj 3.75 0 TD -0.0142 Tc 0.2662 Tw (. Under domestic) Tj 73.5 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD -0.1553 Tc 0 Tw (US) Tj 12 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0592 Tc -0.0989 Tw (legislation, derived from the Basle I & II international ) Tj -188.25 -12.75 TD 0.0462 Tc 2.0808 Tw (banking agreements, banks with retail depositors \(like Citi\) m) Tj 279 0 TD 0.0051 Tc 1.9969 Tw (ust maintain a level of capital ) Tj -279 -12.75 TD -0.0654 Tc -0.0576 Tw (adequacy ) Tj 42.75 0 TD 0.021 Tc 0 Tw (\226) Tj 6 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0451 Tc 0.0462 Tw (defined as the proportion of shareholder equity \(the most reliable and liquid form of ) Tj -51 -12.75 TD 0.0025 Tc 0.6245 Tw (equity, called Tier 1\) to the bank) Tj 141 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.0831 Tc 0.7101 Tw (s total risk) Tj 44.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0012 Tc 0.6282 Tw (weighted assets. Typically, financial regulators set a ) Tj -191.25 -12.75 TD 0.0042 Tc 0.3728 Tw (minimum requirement \(4% ) Tj 120 0 TD 0.0396 Tc 0.6499 Tw (in the UK and US\), and banks set their own internal targets ) Tj 263.25 0 TD 0.021 Tc 0 Tw (\226) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.264 Tc 0 Tw (Citi) Tj 14.25 0 TD 0.375 Tc (\222) Tj 3 0 TD 0.0098 Tc 0.6172 Tw (s, ) Tj -408.75 -12.75 TD -0.0131 Tc 2.8901 Tw (for example, is 7.5%. Prior to the ADIA investment, Citi) Tj 257.25 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.0749 Tc 2.9519 Tw (s ratio had dropped to 7.3%) Tj 0 Tc -0.123 Tw ( ) Tj 136.5 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 5.25 0 TD -0.021 Tc -0.102 Tw (an ) Tj -405 -12.75 TD -0.0636 Tc 1.6906 Tw (unacceptably low figure ) Tj 110.25 0 TD -0.0505 Tc 1.8025 Tw (which prompted the share ) Tj 123.75 0 TD 0.1715 Tc 0 Tw (issuances) Tj 40.5 0 TD 0.354 Tc (.) Tj 3 5.25 TD /F1 6.75 Tf 0.3277 Tc (13) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD -0.0104 Tc 1.5749 Tw (Following the cash infusions ) Tj -289.5 -12.75 TD 0.1761 Tc 1.2009 Tw (from A) Tj 30 0 TD 0.0379 Tc 1.3391 Tw (DIA, KIA and GIC, Citi estimated that their Tier 1 ratio would return to around 8.2%.) Tj 378 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (14) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj -415.5 -13.5 TD -0.0515 Tc 2.0785 Tw (These investments, at the crucial early stages of the credit crunch, propped up key financial ) Tj 0 -12.75 TD -0.0022 Tc -0.0583 Tw (institutions and arguably prevented a far greater calamity than we are now ) Tj 322.5 0 TD 0.0439 Tc 0 Tw (facing.) Tj 28.5 0 TD 0 Tc -0.123 Tw ( ) Tj -351 -12.75 TD ( ) Tj 0 -12.75 TD /F2 11.25 Tf -0.0514 Tc -0.2411 Tw (Lingering Concerns) Tj 86.25 0 TD 0 Tc -0.2925 Tw ( ) Tj -86.25 -13.5 TD /F1 10.5 Tf -0.123 Tw ( ) Tj 0 -12.75 TD -0.0599 Tc 0.6869 Tw (Yet concerns remain about the sheer size of SWFs, and their presumed intent to buy up swathes ) Tj T* -0.188 Tc 1.565 Tw (of the West) Tj 51.75 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.0046 Tc 1.3724 Tw (s critical infrastructure. Angela Merkel) Tj 168.75 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.0148 Tc 1.2668 Tw (s comments last summer crystallised these ) Tj -226.5 -12.75 TD -0.081 Tc 0 Tw (misgivings.) Tj 46.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.111 Tc 0 Tw (\223) Tj 4.5 0 TD 0.0287 Tc 1.3483 Tw (How do we actually deal w) Tj 120 0 TD -0.0108 Tc 1.3878 Tw (ith funds in state hands? This is a phenomenon which ) Tj -174.75 -12.75 TD -0.0044 Tc 1.4439 Tw (until now has not existed on such a scale\205 One can question whether) Tj 313.5 0 TD /F1 11.25 Tf 0 Tc -0.2925 Tw ( ) Tj 3.75 0 TD /F1 10.5 Tf 0.0623 Tc 1.1272 Tw (these funds are solely ) Tj -317.25 -12.75 TD -0.0282 Tc 2.1552 Tw (concerned with attaining a high return on capital. State) Tj 251.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0865 Tc 2.2135 Tw (owned funds can also have politico) Tj 157.5 0 TD -0.213 Tc 0 Tw (-) Tj -411.75 -12.75 TD -0.0316 Tc -0.0914 Tw (strategic aims in mi) Tj 82.5 0 TD -0.0201 Tc 0.0043 Tw (nd that could be problematic in sensitive areas.) Tj 201.75 0 TD 0.111 Tc 0 Tw (\224) Tj 4.5 5.25 TD /F1 6.75 Tf 0.3277 Tc (15) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 3 0 TD ( ) Tj -299.25 -25.5 TD /F5 12 Tf 0 Tw ( ) Tj 120 0 TD ( ) Tj ET 90.75 120 144 0.75 re f BT 234.75 117.75 TD ( ) Tj -144 -6.75 TD /F1 5.25 Tf 0.3382 Tc (12) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.1951 Tc -0.4914 Tw (\221Citigroup to Raise $7.5 billion from Abu Dhabi State\222, Bloomberg,, 27/11/07 ) Tj 264.75 0 TD 0 Tc -0.3645 Tw ( ) Tj -272.25 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (13) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.2064 Tc 0 Tw (Ibid.) Tj 15.75 0 TD 0 Tc -0.3645 Tw ( ) Tj -23.25 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (14) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.1792 Tc -0.5437 Tw (\221Citigroup, Merrill tap foreign) Tj 102 0 TD -0.2745 Tc 0 Tw (-) Tj 2.25 0 TD 0.1704 Tc -0.4099 Tw (aid lifelines; damage tops $90 billion\222, ) Tj 132 0 TD /F3 8.25 Tf 0.1818 Tc -0.5463 Tw (The Wall Street Journ) Tj 73.5 0 TD 0.306 Tc 0 Tw (al) Tj 6.75 0 TD /F1 8.25 Tf 0.1913 Tc -0.5558 Tw (, 17/01/08) Tj 36 0 TD 0 Tc -0.3645 Tw ( ) Tj -360 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (15) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 3 0 TD 0.0768 Tc 0.7774 Tw (\221Concern about \221sovereign wealth funds\222 spreads to Washington\222, ) Tj 233.25 0 TD /F3 8.25 Tf 0.0938 Tc 1.0417 Tw (International Herald Tribune) Tj 99 0 TD /F1 8.25 Tf 0.0136 Tc 0.7469 Tw (, 20/08/07 & \221Merkel ) Tj -341.25 -10.5 TD 0.1533 Tc -0.1428 Tw (Plays Protector\222, ) Tj 58.5 0 TD /F3 8.25 Tf 0.1239 Tc 0 Tw (Forbes.com) Tj 39.75 0 TD /F1 8.25 Tf 0.1893 Tc -0.1788 Tw (, 20/07/07. ) Tj 40.5 0 TD 0 Tc -0.3645 Tw ( ) Tj ET endstream endobj 47 0 obj 15785 endobj 44 0 obj << /Type /Page /Parent 45 0 R /Resources << /Font 50 0 R /ProcSet 2 0 R >> /Contents 46 0 R >> endobj 50 0 obj << /F1 8 0 R /F2 10 0 R /F3 14 0 R /F5 27 0 R /F6 32 0 R /F7 48 0 R >> endobj 52 0 obj << /Length 53 0 R >> stream BT 90.75 768.75 TD 0 0 0 rg /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 0 -12.75 TD 0.02 Tc 1.4252 Tw (An examination of SWFs track record suggests such fears are overdone. ) Tj 324.75 0 TD 0.0517 Tc 1.3253 Tw (The IMF admits in a ) Tj -324.75 -12.75 TD 0.0286 Tc 0.8484 Tw (recent report that ) Tj 84 0 TD 0.375 Tc 0 Tw (\221) Tj 3 0 TD 0.0032 Tc 1.4988 Tw (there is no clear evidence that SWF investments have been motivated by ) Tj -87 -12.75 TD -0.0416 Tc 1.4186 Tw (narrow political objec) Tj 94.5 0 TD 0.3474 Tc 0 Tw (tives) Tj 20.25 0 TD 0.375 Tc (\222) Tj 3 5.25 TD /F1 6.75 Tf 0.3277 Tc (16) Tj 7.5 -5.25 TD /F1 10.5 Tf 0.0294 Tc 1.3476 Tw (, and deals such as ADIA) Tj 109.5 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.0224 Tc 1.0779 Tw (s investment in Citi demonstrate what a ) Tj -237.75 -12.75 TD -0.0547 Tc 0 Tw (hard) Tj 19.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0302 Tc 0 Tw (commercial) Tj 49.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0201 Tc 0 Tw (bargain) Tj 32.25 0 TD -0.3555 Tc (s) Tj 3.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0325 Tc 0.6595 Tw (SWFs can drive) Tj 65.25 0 TD -0.0973 Tc 0.7243 Tw (, though like CIC,) Tj 72.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0618 Tc 0.6888 Tw (ADIA forwent) Tj 58.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0792 Tc 0.4562 Tw (seats on the ) Tj 55.5 0 TD -0.1005 Tc 0 Tw (board) Tj 24.75 0 TD 0.354 Tc (.) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.1433 Tc 0.4837 Tw (On ) Tj -402.75 -12.75 TD -0.0548 Tc 0.5318 Tw (the rare occasions when SWFs ) Tj 133.5 0 TD -0.1551 Tc 1.5321 Tw (have bought) Tj 54 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0316 Tc 0.6586 Tw (companies outright ) Tj 87 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0751 Tc 0.3271 Tw (for example ) Tj 54 0 TD 0.0404 Tc 0.5866 Tw (Istithmar, a Dub) Tj 70.5 0 TD 0.0278 Tc -0.1508 Tw (ai ) Tj -408 -12.75 TD -0.1523 Tc 0.7793 Tw (SWF, ) Tj 25.5 0 TD -0.0901 Tc 0 Tw (purchasing) Tj 46.5 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD 0.016 Tc 0 Tw (Barney) Tj 30 0 TD 0.375 Tc (\222) Tj 3 0 TD -0.0299 Tc 2.0888 Tw (s, a New York fashion retailer, or the Qatar Investment Authority) Tj 298.5 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.3945 Tc 0.2325 Tw (s ) Tj -411 -12.75 TD -0.0249 Tc 0.6519 Tw (attempted purch) Tj 72.75 0 TD 0.0315 Tc 1.0955 Tw (ase of J Sainsbury) Tj 78 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0108 Tc 0.6378 Tw (last summer ) Tj 57 0 TD -0.213 Tc 0 Tw (-) Tj 3.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD ( ) Tj 3 0 TD 0.0362 Tc 0.8408 Tw (their interest has focussed explicitly on non) Tj 191.25 0 TD -0.213 Tc 0 Tw (-) Tj -411.75 -13.5 TD -0.0706 Tc 0.6976 Tw (sensitive economic sectors.) Tj 117 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0376 Tc 0.6646 Tw (Moreover, they will logically remain i) Tj 159 0 TD -0.0297 Tc 0.6567 Tw (ntolerant of investing on a loss) Tj 132.75 0 TD -0.213 Tc 0 Tw (-) Tj -411.75 -12.75 TD -0.0528 Tc 1.4299 Tw (leading basis, for example to under) Tj 156 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0174 Tc 1.3262 Tw (cut prices and grow market share, for any period of time. ) Tj -159 -12.75 TD -0.0348 Tc -0.0882 Tw (Indeed, Mrs Merkel) Tj 83.25 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.0178 Tc 0.0092 Tw (s comment, made in the midst of the German debate over Gazprom, and in a ) Tj -86.25 -12.75 TD -0.0186 Tc 1.3956 Tw (political milieu prone to periodic ta) Tj 156 0 TD -0.0017 Tc 1.2716 Tw (ntrums about foreign investors, intentionally conflates two ) Tj -156 -12.75 TD -0.0218 Tc 0.2738 Tw (different types of investors. ) Tj 120 0 TD 0 Tc -0.123 Tw ( ) Tj -120 -12.75 TD ( ) Tj 0 -12.75 TD 0.0118 Tc 0.6152 Tw (The political difference between Gazprom) Tj 183 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0757 Tc 0.5513 Tw (like SOEs and SWFs is that while the former) Tj 192.75 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.0535 Tc 0.5735 Tw (s words ) Tj -381.75 -12.75 TD -0.0043 Tc 0.0177 Tw (and actions have all too often had a destabilising influence on markets) Tj 299.25 0 TD 0.0415 Tc 0.1355 Tw (, SWFs have constituted an ) Tj -299.25 -12.75 TD -0.0066 Tc 1.52 Tw (all too rare source of stability during the recent credit crunch. ) Tj 282 0 TD 0.0139 Tc 0 Tw (Gazprom) Tj 39 0 TD 0.375 Tc (\222) Tj 3 0 TD 0.0148 Tc 1.3622 Tw (s stated intention to ) Tj -324 -12.75 TD 0.0258 Tc 0.6012 Tw (vertically integrate energy supply lines from gas) Tj 207.75 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0261 Tc 0.6009 Tw (field to domestic consumer would likely create ) Tj -210.75 -12.75 TD -0.0106 Tc 1.3876 Tw (considerable economic inefficiencies) Tj 158.25 0 TD 0.375 Tc 0 Tw (,) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.0022 Tc 1.2855 Tw (reduce competition in the sector and increase consumer ) Tj -165 -13.5 TD -0.1449 Tc 0 Tw (prices.) Tj 27.75 0 TD 0 Tc -0.123 Tw ( ) Tj 5.25 0 TD 0.2036 Tc 2.6734 Tw (The United States, UK and m) Tj 138.75 0 TD -0.3855 Tc 0 Tw (ost) Tj 12.75 0 TD 0 Tc -0.123 Tw ( ) Tj 6 0 TD -0.0414 Tc 0 Tw (other) Tj 23.25 0 TD 0 Tc -0.123 Tw ( ) Tj 5.25 0 TD 0.0243 Tc 2.7027 Tw (European nations have robust competition ) Tj -219 -12.75 TD -0.0638 Tc -0.0592 Tw (authorities ) Tj 49.5 0 TD 0.1485 Tc 0.4785 Tw (and ) Tj 20.25 0 TD 0.1695 Tc 0 Tw (such) Tj 19.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.0102 Tc 1.3668 Tw (issues, arising from either a SOE or SWF investment would be examined ) Tj -93 -12.75 TD 0 Tc -0.1234 Tw (accordingly at a) Tj 66.75 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD -0.0516 Tc 0 Tw (natio) Tj 22.5 0 TD 0 Tc 0.1442 Tw (nal or EU level. There are no examples of SWFs seeking to integrate existing ) Tj -91.5 -12.75 TD 0.0249 Tc 0.6021 Tw (and prospective investments to monopolise or cartelise strategic ) Tj 285.75 0 TD 0.021 Tc 0 Tw (\226) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0235 Tc 0.6505 Tw (or indeed, any ) Tj 66 0 TD 0.021 Tc 0 Tw (\226) Tj 6 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0122 Tc 0.9898 Tw (markets in ) Tj -369 -12.75 TD -0.0117 Tc 0.6387 Tw (Western countries. As Peter Mandelson, EU Commissioner for Trade, recently put it, ) Tj 368.25 0 TD 0.375 Tc 0 Tw (\221) Tj 3 0 TD -0.1277 Tc 0.7547 Tw (both kinds ) Tj -371.25 -12.75 TD 0.0174 Tc 0.7034 Tw (of asset sales can in certain circumstances raise issues. But treating them the same ignores the ) Tj 0 -12.75 TD -0.0329 Tc 0.6599 Tw (difference between a state acting like a business and a state acting like an investor.) Tj 360.75 0 TD 0.375 Tc 0 Tw (\222) Tj 3 5.25 TD /F1 6.75 Tf 0.3277 Tc (17) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0938 Tc -0.0292 Tw (Sovereign ) Tj -374.25 -12.75 TD 0.0039 Tc 2.9669 Tw (Wealth Funds are much more analogous to large ins) Tj 246 0 TD 0.033 Tc 2.844 Tw (titutional inve) Tj 63 0 TD 0.0275 Tc 2.4745 Tw (stors like CalPERS than ) Tj -309 -12.75 TD -0.0373 Tc 0 Tw (Gazprom.) Tj 41.25 0 TD 0 Tc -0.123 Tw ( ) Tj -41.25 -12.75 TD ( ) Tj 0 -12.75 TD -0.0645 Tc 1.1915 Tw (The other source of political concern ) Tj 165 0 TD -0.013 Tc 1.39 Tw (about SWFs is their sheer size.) Tj 135.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.033 Tc 0 Tw (N) Tj 6.75 0 TD -0.0114 Tc 1.1384 Tw (umerous column inches ) Tj -311.25 -13.5 TD -0.0452 Tc 0.6722 Tw (have been devoted to ever) Tj 116.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0895 Tc 0.5375 Tw (greater estimates) Tj 76.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.021 Tc 0 Tw (\226) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0286 Tc 0.2806 Tw (ranging from ) Tj 58.5 0 TD -0.0008 Tc 0.6278 Tw (US $2trn at present to US $13.4) Tj 138 0 TD -0.2315 Tc -0.6415 Tw (trn ) Tj -403.5 -12.75 TD 0.0047 Tc 0.6223 Tw (in 2018 ) Tj 35.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0245 Tc 0.6025 Tw (about thei) Tj 45 0 TD 0.1384 Tc 0.4886 Tw (r scale.) Tj 31.5 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (18) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0492 Tc 0.4528 Tw (But to conflate size with power ) Tj 140.25 0 TD 0.0563 Tc 0.1957 Tw (presumes that ) Tj 66 0 TD 0.0736 Tc 0.3659 Tw (SWFs operate as a ) Tj -334.5 -12.75 TD -0.0572 Tc 2.1842 Tw (bloc, or even that each SWF pursues a uniform investment strategy.) Tj 307.5 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (19) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc 2.127 Tw ( ) Tj 9 0 TD -0.1226 Tc 1.6871 Tw (The former notion is ) Tj -324 -12.75 TD -0.1444 Tc 0 Tw (nonsens) Tj 35.25 0 TD 0.1748 Tc (ical) Tj 14.25 0 TD -0.0701 Tc 1.4471 Tw (, as these funds are) Tj 87 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD /F3 10.5 Tf -0.0054 Tc 1.3824 Tw (de facto) Tj 36 0 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.0317 Tc 0.9587 Tw (direct competitors, and the latter ) Tj 150 0 TD -0.1141 Tc -0.0089 Tw (proposition ) Tj 51.75 0 TD 0.239 Tc 1.138 Tw (is b) Tj 15 0 TD 0.162 Tc 1.215 Tw (eing ) Tj -396.75 -12.75 TD -0.0424 Tc 1.0444 Tw (undermined by ) Tj 71.25 0 TD -0.1106 Tc 0 Tw (growing) Tj 34.5 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD 0.0276 Tc 2.0244 Tw (evidence that SWFs are fragmenting their capital base and utilising ) Tj -110.25 -12.75 TD 0.019 Tc 0.6615 Tw (independent fund managers to diversify their risk. ADIA, the largest SWF, for example, recently ) Tj 0 -12.75 TD -0.0381 Tc 0 Tw (revealed) Tj 36.75 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0818 Tc -0.2048 Tw (that it ) Tj 28.5 0 TD 0.375 Tc 0 Tw (\221) Tj 3 0 TD 0.0021 Tc 0.0624 Tw (uses a combination of in) Tj 103.5 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0097 Tc -0.1327 Tw (house capabilities as ) Tj 90 0 TD 0 Tc 0.1265 Tw (well as outside portfo) Tj 93 0 TD 0.0892 Tc 0.1628 Tw (lio managers ) Tj -360 -12.75 TD -0.0121 Tc 1.7641 Tw (and fund advisors\205.in fact, ) Tj 125.25 0 TD 0.0663 Tc 2.0607 Tw (80% of ADIA) Tj 57 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.1061 Tc 2.2331 Tw (s funds are managed by outside firms.) Tj 172.5 0 TD 0.375 Tc 0 Tw (\222) Tj 3 5.25 TD /F1 6.75 Tf 0.3277 Tc (20) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD 0.354 Tc 0 Tw (I) Tj 3 0 TD -0.1228 Tc -0 Tw (ncreasing ) Tj -375.75 -12.75 TD -0.0216 Tc 0.8361 Tw (numbers of SWFs are seeking to invest via fiduciary vehicles such as private equity firms, which ) Tj 0 -12.75 TD 0.0673 Tc 0.5597 Tw (allow them to garner the ) Tj 113.25 0 TD 0.0964 Tc 0 Tw (enhanced) Tj 42 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0579 Tc 0.6762 Tw (rewards of business transformation without directly taking ) Tj -158.25 -12.75 TD 0.0334 Tc -0.1564 Tw (an equity stake. GIC has revealed that it has invested in around 50 hedge funds.) Tj 341.25 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (21) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.09 Tc 0 Tw (L) Tj 4.5 0 TD 0.004 Tc -0.127 Tw (arge investors ) Tj -355.5 -13.5 TD -0.0448 Tc 2.0111 Tw (will always seek to diversify their risk across a range of assets and managers ) Tj 352.5 0 TD 0.021 Tc 0 Tw (\226) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD -0.1432 Tc 1.5202 Tw (all of whom ) Tj -362.25 -12.75 TD -0.1212 Tc 0 Tw (compe) Tj 28.5 0 TD -0.0079 Tc 2.1349 Tw (te with each other) Tj 84.75 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD 0.0177 Tc 2.1093 Tw (for greater allocations) Tj 99 0 TD 0.1581 Tc 1.9689 Tw (. A SWF) Tj 36.75 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.0108 Tc 1.8662 Tw (s total resources are therefore less ) Tj -256.5 -12.75 TD 0.0251 Tc -0.0481 Tw (important than the nature of their deployment. CIC, for example, which holds roughly US $200bn ) Tj 0 -16.5 TD /F5 12 Tf 0 Tc 0 Tw ( ) Tj 120 0 TD ( ) Tj ET 90.75 203.25 144 0.75 re f BT 234.75 201 TD ( ) Tj -144 -7.5 TD /F1 5.25 Tf 0.3382 Tc (16) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.2125 Tc -0.327 Tw (\221Sovereign Wealth Funds ) Tj 88.5 0 TD -0.3585 Tc 0 Tw (\226) Tj 3.75 0 TD 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.1973 Tc -0.5618 Tw (A Work Agenda\222, International Monetary Fund, 29/02/08) Tj 197.25 0 TD 0 Tc -0.3645 Tw ( ) Tj -298.5 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (17) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD /F3 8.25 Tf 0.2435 Tc 0 Tw (Put) Tj 12 0 TD 0.1613 Tc -0.4008 Tw (ting Sovereign Wealth Funds in Perspective, ) Tj 151.5 0 TD /F1 8.25 Tf 0.2267 Tc -0.5912 Tw (Speech to the OECD, Paris 28/03/08 ) Tj 129 0 TD 0 Tc -0.3645 Tw ( ) Tj -300 -6 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (18) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 3.75 0 TD 0.1652 Tc 1.6703 Tw (Simon Johnson, Chief Economist at the IMF, estimates that SWF capital is between US $ 2) Tj 337.5 0 TD -0.2745 Tc 0 Tw (-) Tj 2.25 0 TD 0.0934 Tc 1.0421 Tw (3trn and Standard ) Tj -349.5 -10.5 TD 0.08 Tc 1.0555 Tw (Chartered have proposed US $13.4trn by 2018. Other banks\222 estimates) Tj 251.25 0 TD 0 Tc -0.3645 Tw ( ) Tj 3 0 TD 0.0229 Tc 0.9459 Tw (fill out this range. By way of comparison, IFSL ) Tj -254.25 -10.5 TD 0.1129 Tc 0.1147 Tw (Research estimates that Pension Funds managed US $28.5trn in 2006, and the IMF calculates the global value of traded ) Tj 0 -10.5 TD 0.2007 Tc -0.5652 Tw (assets in global capital markets in 2006 to total US $190trn.) Tj 204.75 0 TD 0 Tc -0.3645 Tw ( ) Tj -204.75 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (19) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 2.25 0 TD 0.0922 Tc 0.2932 Tw (Peter Mandelson recently e) Tj 96 0 TD 0.0562 Tc 0.2221 Tw (xemplified the politicians\222 quandaries about this issue when he argued that \221[SWFs] do not ) Tj -104.25 -10.5 TD 0.1121 Tc 0.7609 Tw (have a single brain or governing mind. We are in fact dealing with forty funds\205and they are all making independent ) Tj 0 -9.75 TD 0.1734 Tc 0.2121 Tw (investment decisions ) Tj 76.5 0 TD -0.3585 Tc 0 Tw (\226) Tj 3.75 0 TD 0 Tc -0.3645 Tw ( ) Tj 2.25 0 TD 0.233 Tc 0.0275 Tw (no more likely to act in un) Tj 93.75 0 TD 0.165 Tc 0.2205 Tw (ison than pension or hedge funds. Still ) Tj 138 0 TD -0.3585 Tc 0 Tw (\226) Tj 3.75 0 TD 0 Tc -0.3645 Tw ( ) Tj 2.25 0 TD 0.1958 Tc 0.1897 Tw (it is a large pool of money. ) Tj -320.25 -10.5 TD 0.1327 Tc 0.8957 Tw (Should we be worried about these things? My politician\222s answer is yes and no.\222 ) Tj 293.25 0 TD /F3 8.25 Tf 0.0972 Tc 0.7383 Tw (Putting Sovereign Wealth Funds in ) Tj -293.25 -10.5 TD 0.0866 Tc 0.2989 Tw (Perspective, ) Tj 42.75 0 TD /F1 8.25 Tf 0.2267 Tc -0.5912 Tw (Speech to the OECD, Paris 28/03/08 ) Tj 129 0 TD 0 Tc -0.3645 Tw ( ) Tj -171.75 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (20) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.2611 Tc -0.6256 Tw (Letter to Hank Paul) Tj 67.5 0 TD 0.1529 Tc -0.4021 Tw (son from Yousef Al Otaiba, Director of International Affairs, Government of Abu Dhabi, 12/03/08) Tj 333 0 TD 0 Tc -0.3645 Tw ( ) Tj -408 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (21) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.21 Tc -0.5745 Tw (\221Singapore\222s GIC to invest more in high) Tj 134.25 0 TD -0.2745 Tc 0 Tw (-) Tj 2.25 0 TD 0.1676 Tc -0.5321 Tw (risk assets\222, Reuters, 11/07/06) Tj 104.25 0 TD 0 Tc -0.3645 Tw ( ) Tj ET endstream endobj 53 0 obj 15530 endobj 51 0 obj << /Type /Page /Parent 45 0 R /Resources << /Font << /F1 8 0 R /F3 14 0 R /F5 27 0 R >> /ProcSet 2 0 R >> /Contents 52 0 R >> endobj 55 0 obj << /Length 56 0 R >> stream BT 90.75 768.75 TD 0 0 0 rg /F1 10.5 Tf -0.018 Tc 0.645 Tw (in operating capital, recently announced that it was planning to deploy ) Tj 310.5 0 TD 0.5947 Tc 0 Tw (US) Tj 12 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0009 Tc -0.1239 Tw ($80bn ) Tj 30 0 TD 0.021 Tc 0 Tw (\226) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.012 Tc 0.889 Tw (only 40% of ) Tj -363.75 -12.75 TD -0.0148 Tc -0.1082 Tw (its capital ) Tj 42.75 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD -0.0598 Tc 0 Tw (overseas.) Tj 41.25 5.25 TD /F1 6.75 Tf 0.3277 Tc (22) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj -96.75 -12.75 TD ( ) Tj 0 -12.75 TD -0.0947 Tc 1.4717 Tw (The IMF and OECD) Tj 83.25 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.3555 Tc 0.2325 Tw (s ) Tj 7.5 0 TD -0.0926 Tc 0.7196 Tw (ongoing ) Tj 37.5 0 TD -0.0905 Tc 1.4675 Tw (work on voluntary codes of conduct for) Tj 173.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.0435 Tc 0 Tw (both) Tj 19.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.0401 Tc 0 Tw (SWFs) Tj 22.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.0008 Tc 1.0012 Tw (and recipient ) Tj -357.75 -12.75 TD -0.0202 Tc 0 Tw (countries) Tj 39 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0102 Tc 0.2087 Tw (has highlighted the dual issues of transparency and strategic intent as areas of concern. ) Tj -42 -12.75 TD -0.0835 Tc 1.4605 Tw (On the latter point) Tj 83.25 0 TD 0.0104 Tc 1.3089 Tw (, there is an emerging but fragile political consensus that, cognisant of the ) Tj -83.25 -12.75 TD -0.0136 Tc 1.3406 Tw (current political environment in the US and Europe, SWFs accept that certain sectors, such as ) Tj 0 -12.75 TD -0.0866 Tc 0 Tw (defence) Tj 33.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0237 Tc 0.6033 Tw (and energy firms) Tj 72.75 0 TD -0.0181 Tc 0.6451 Tw (, are off limits to foreign investors f) Tj 153 0 TD -0.04 Tc 0.667 Tw (or all but tiny, pass) Tj 82.5 0 TD 0.0884 Tc 0.5386 Tw (ive stakes. M) Tj 57 0 TD -0.3855 Tc 0 Tw (ost) Tj 13.5 0 TD 0 Tc -0.123 Tw ( ) Tj -415.5 -13.5 TD -0.0861 Tc 0 Tw (Western) Tj 36 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0251 Tc 0.6521 Tw (politicians would regard this as an acceptable outcome, ) Tj 243 0 TD -0.0975 Tc -0.0255 Tw (but ) Tj 17.25 0 TD -0.0592 Tc 0.5362 Tw (it is important to recognise ) Tj -299.25 -12.75 TD 0.1058 Tc -0.2288 Tw (that ) Tj 24 0 TD 0.001 Tc 3.8135 Tw (protectionist scepticism in the West carries an opportunity cost.) Tj 303.75 0 TD 0 Tc -0.123 Tw ( ) Tj 6 0 TD -0.0256 Tc 0 Tw (Politically) Tj 40.5 0 TD -0.213 Tc (-) Tj 3 0 TD 0.1061 Tc 0.5209 Tw (marginal ) Tj -377.25 -12.75 TD -0.0886 Tc 1.4656 Tw (investments that may once have been pursued by Mid) Tj 240 0 TD -0.0596 Tc 1.2223 Tw (dle Eastern SWFs, for example, are now ) Tj -240 -12.75 TD 0.0013 Tc 0.0632 Tw (likely to be ignored for opportunities in Asia. ) Tj 192 0 TD 0 Tc -0.123 Tw ( ) Tj -192 -12.75 TD ( ) Tj 0 -12.75 TD -0.0992 Tc 0.9762 Tw (Saudi Arabia is ) Tj 67.5 0 TD 0.0855 Tc 0 Tw (r) Tj 3.75 0 TD -0.0844 Tc (eluctant) Tj 35.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.0566 Tc 1.3836 Tw (to set up an official SWF for fear of a political backlash in the United ) Tj -110.25 -12.75 TD -0.0365 Tc 0.6635 Tw (States, so their foreign reserves continue to be invested by their c) Tj 284.25 0 TD -0.0141 Tc 0.6411 Tw (entral bank, the Saudi Arabian ) Tj -284.25 -12.75 TD -0.0289 Tc 1.1559 Tw (Monetary Authority \(SAMA\). ) Tj 128.25 0 TD 0.111 Tc 0 Tw (\223) Tj 4.5 0 TD -0.0574 Tc 1.3594 Tw (People are assuming that sovereign wealth funds are guilty until ) Tj -132.75 -12.75 TD -0.1337 Tc 0.7607 Tw (proven innocent) Tj 69.75 0 TD 0.111 Tc 0 Tw (\224) Tj 4.5 0 TD 0.0506 Tc 0.5764 Tw (, Mohammad al) Tj 68.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.04 Tc 0.667 Tw (Jasser, vice governor of SAMA, recently argued.) Tj 204.75 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (23) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.1121 Tc -0.0109 Tw (Indeed, even ) Tj -360.75 -12.75 TD 0.0793 Tc 0 Tw (Norway) Tj 33 0 TD 0.375 Tc (\222) Tj 3 0 TD -0.055 Tc 0.682 Tw (s fund, regarded as the best) Tj 121.5 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0255 Tc (prac) Tj 18.75 0 TD -0.0341 Tc 0.7293 Tw (tice model by many in the West, is feeling the political ) Tj -179.25 -12.75 TD -0.0522 Tc 0.6792 Tw (backlash. ) Tj 41.25 0 TD 0.111 Tc 0 Tw (\223) Tj 4.5 0 TD 0.1543 Tc -0.2773 Tw (They don) Tj 39.75 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.0239 Tc -0.0398 Tw (t like us, but they want our money) Tj 147 0 TD 0.111 Tc 0 Tw (\224) Tj 4.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0319 Tc -0.0049 Tw (said Norwegian Finance Minister Kristen ) Tj -243 -13.5 TD -0.0029 Tc 0.0674 Tw (Halvorsen at Davos this year.) Tj 123.75 0 TD 0 Tc -0.123 Tw ( ) Tj -123.75 -12.75 TD ( ) Tj 0 -12.75 TD 0.5944 Tc 1.5326 Tw (Yet n) Tj 24 0 TD -0.0685 Tc 2.5705 Tw (either should policy) Tj 87.75 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.034 Tc 2.093 Tw (makers under) Tj 61.5 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0145 Tc 2.3 Tw (estimate the growing pressures of) Tj 154.5 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD 0.048 Tc 1.329 Tw (transparency and ) Tj -338.25 -12.75 TD -0.0178 Tc 1.2877 Tw (accountability on SWFs from their own people. ) Tj 211.5 0 TD -0.0433 Tc 0.9203 Tw (According to the ) Tj 76.5 0 TD /F3 10.5 Tf 0.0529 Tc 1.3241 Tw (New York Times) Tj 70.5 0 TD /F1 10.5 Tf -0.0093 Tc 1.1988 Tw (, the drop of ) Tj -358.5 -12.75 TD -0.0815 Tc 0.7084 Tw (nearly US $1) Tj 54 0 TD 0.5152 Tc 0 Tw (.4) Tj 8.25 0 TD -0.0423 Tc 0.8193 Tw (bn in the value of CIC) Tj 93 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.0397 Tc 0.6667 Tw (s stake in Blackstone) Tj 89.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0209 Tc 0.4979 Tw (was the subject of considerable ) Tj 139.5 0 TD -0.165 Tc 0 Tw (i) Tj 2.25 0 TD 0.0532 Tc (re) Tj 9 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.102 Tc 0.525 Tw (on ) Tj -404.25 -12.75 TD -0.009 Tc 0.636 Tw (the Chinese blogosphere.) Tj 109.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0559 Tc 1.0579 Tw (\221Chinese bloggers, ) Tj 81 0 TD -0.0148 Tc 0.6418 Tw (and even some financial media, have not taken the ) Tj -193.5 -12.75 TD 0.0143 Tc 1.4204 Tw (hammering lying down. They are assiduously tracking the dwindling value of the government ) Tj 0 -12.75 TD 0.012 Tc 0.8828 Tw (stake, and some bloggers and postings in Internet chat rooms are bitterly questioning Beijing\222s ) Tj T* -0.0388 Tc 3.6658 Tw (stock judgment) Tj 0 Tc -0.123 Tw ( ) Tj 75 0 TD 0.2475 Tc 0 Tw (\227) Tj 9.75 0 TD 0 Tc -0.123 Tw ( ) Tj 6 0 TD -0.3345 Tc 0 Tw (oft) Tj 12 0 TD -0.0448 Tc 3.3991 Tw (en in particularly Chinese terms. \223O senior officials of the Chinese ) Tj -102.75 -12.75 TD -0.0101 Tc -0.0057 Tw (Government please do not be fooled by sweet) Tj 197.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0069 Tc 0.2172 Tw (talking wolves dressed in human skin,\224 said one of ) Tj -200.25 -12.75 TD -0.0043 Tc -0.0033 Tw (seven scathing Internet postings compiled by an anonymous blogger on Sina.com, a Chinese Web) Tj 415.5 0 TD 0 Tc -0.123 Tw ( ) Tj -415.5 -13.5 TD 0.0428 Tc 0.0426 Tw (site. \223The foreign reserves are the product of the sweat and blood of the people of China, please ) Tj 0 -12.75 TD 0.0054 Tc 0.4716 Tw (invest them with more care!\224 ) Tj 131.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (24) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.1518 Tc 0 Tw (Cyber) Tj 24 0 TD -0.213 Tc (-) Tj 3 0 TD -0.0203 Tc 0.8723 Tw (scrutiny of this kind by the citizenry of investor nations, ) Tj -172.5 -12.75 TD -0.052 Tc 0.679 Tw (easily conducted on publicly traded stakes, may come to con) Tj 261.75 0 TD 0.1132 Tc 0.5137 Tw (stitute a) Tj 36 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.1346 Tc 0 Tw (powerful) Tj 37.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0558 Tc 0.6828 Tw (political check on ) Tj -341.25 -12.75 TD -0.0471 Tc 0.6741 Tw (SWFs. ) Tj 29.25 0 TD 0.009 Tc 0 Tw (U) Tj 6.75 0 TD -0.0235 Tc 1.6505 Tw (nused to such public criticism, Chinese official) Tj 203.25 0 TD -0.3555 Tc 0 Tw (s) Tj 3.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.0164 Tc 1.3606 Tw (are understood to have intervened to ) Tj -246.75 -12.75 TD -0.0429 Tc 0.5199 Tw (prevent the China Development Bank ) Tj 164.25 0 TD 0.021 Tc 0 Tw (\226) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0424 Tc 0.7376 Tw (which was already carrying a trading loss on its US $3bn ) Tj -172.5 -12.75 TD -0.0327 Tc 0.4097 Tw (stake in Barclays ) Tj 74.25 0 TD 0.021 Tc 0 Tw (\226) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0887 Tc 0.7157 Tw (from inves) Tj 44.25 0 TD 0.2149 Tc 0.4121 Tw (ting ) Tj 20.25 0 TD 0.0258 Tc 0.6012 Tw (a further US $) Tj 60.75 0 TD -0.0318 Tc 0.5651 Tw (2bn in Citi last November, fearing greater public ) Tj -207.75 -12.75 TD -0.0624 Tc 1.4394 Tw (opprobrium given the likelihood of short) Tj 177.75 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0855 Tc 1.4625 Tw (term losses.) Tj 53.25 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (25) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.0926 Tc -0.0304 Tw (Similar ) Tj 32.25 0 TD -0.1191 Tc 0 Tw (ructions) Tj 33.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.0308 Tc 1.4078 Tw (in Singapore) Tj 54 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.0152 Tc -0.1078 Tw (prompted ) Tj -372.75 -12.75 TD -0.0188 Tc 0.7083 Tw (GIC to promise greater transparency in future. This impetus for transparency and accountabili) Tj 406.5 0 TD 0.363 Tc 0.264 Tw (ty ) Tj -406.5 -12.75 TD -0.0497 Tc 2.0613 Tw (carries greater legitimacy than exhortations by recipient countries, all of whom already have ) Tj 0 -12.75 TD -0.0049 Tc -0.1181 Tw (their own corporate disclosure laws.) Tj 155.25 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (26) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0226 Tc -0.1456 Tw (Indeed, some commentators have argued that these alone ) Tj -165 -12.75 TD -0.0151 Tc 0.1921 Tw (should suffice to keep SWFs transparent.) Tj 174.75 5.25 TD /F1 6.75 Tf 0.3277 Tc 0 Tw (27) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj -182.25 -13.5 TD ( ) Tj 0 -12.75 TD -0.0489 Tc 1.6134 Tw (Mimicking the array of ) Tj 106.5 0 TD -0.0302 Tc 1.9697 Tw (national and international initiatives to encourage SWF transparency, ) Tj -106.5 -12.75 TD -0.0375 Tc 0.6645 Tw (SWFs are) Tj 39.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0057 Tc 0 Tw (responding) Tj 48.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.011 Tc 0.616 Tw (to these concerns) Tj 78 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0015 Tc 0.7755 Tw (in a variety of ways. Russia) Tj 118.5 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD -0.039 Tc 0.291 Tw (s SWFs ) Tj 33 0 TD 0.021 Tc 0 Tw (\226) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.07 Tc 0.807 Tw (the Reserve Fund ) Tj -338.25 -12.75 TD -0.0435 Tc 0.8205 Tw (and the National Wellbeing Fund ) Tj 146.25 0 TD 0.021 Tc 0 Tw (\226) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0451 Tc 0.5819 Tw (have issued a list of the foreign sovereign bonds into whic) Tj 255 0 TD 0.4875 Tc 0.1395 Tw (h ) Tj -409.5 -12.75 TD 0.0162 Tc 2.064 Tw (they intend to invest, including Fannie Mae and Freddie Mac, the US debt agencies, and a ) Tj 0 -12.75 TD 0.0302 Tc 1.3468 Tw (segmented breakdown of their investment portfolio. Following a letter sent by ADIA to Hank ) Tj T* 0.0045 Tc 1.3725 Tw (Paulson, the US Treasury Secretary in early March, which outlined ADIA) Tj 318 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.4897 Tc 0.8872 Tw (s i) Tj 9.75 0 TD 0.028 Tc 0.599 Tw (nvestment strategy ) Tj -330.75 -12.75 TD -0.0187 Tc 1.3488 Tw (and principles, ADIA and GIC subsequently agreed with the US Treasury a set of principles for ) Tj 0 -25.5 TD /F5 12 Tf 0 Tc 0 Tw ( ) Tj 120 0 TD ( ) Tj ET 90.75 130.5 144 0.75 re f BT 234.75 128.25 TD ( ) Tj -144 -7.5 TD /F1 5.25 Tf 0.3382 Tc (22) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.1894 Tc -0.4468 Tw (\221CIC chief brands sovereign wealth attacks unfair\222, ) Tj 174.75 0 TD /F3 8.25 Tf 0.0971 Tc -0.4616 Tw (Private Equity News) Tj 67.5 0 TD /F1 8.25 Tf 0.1913 Tc -0.5558 Tw (, 02/04/08) Tj 37.5 0 TD 0 Tc -0.3645 Tw ( ) Tj -287.25 -6 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (23) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.1744 Tc -0.4556 Tw (\221Sovereign Wealth Funds defend themselves against calls for regulation\222, ) Tj 252.75 0 TD /F3 8.25 Tf 0.1542 Tc 0.2313 Tw (The Guardian,) Tj 49.5 0 TD /F1 8.25 Tf 0.0981 Tc 0 Tw (24/01/08) Tj 31.5 0 TD 0 Tc -0.3645 Tw ( ) Tj -341.25 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (24) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.2038 Tc -0.4611 Tw (\221Feeling the Heat, not breathing the fire\222, ) Tj 144 0 TD /F3 8.25 Tf 0.1799 Tc -0.5444 Tw (New York Times) Tj 54 0 TD /F1 8.25 Tf 0.1913 Tc -0.5558 Tw (, 03/08/07) Tj 36.75 0 TD 0 Tc -0.3645 Tw ( ) Tj -242.25 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (25) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.216 Tc -0.5805 Tw (\221Watching ) Tj 37.5 0 TD 0.1709 Tc -0.1604 Tw (Sovereign Wealth\222, ) Tj 67.5 0 TD /F3 8.25 Tf 0.1988 Tc -0.5633 Tw (Wall Street Journal Europe) Tj 91.5 0 TD /F1 8.25 Tf 0.1913 Tc -0.1808 Tw (, 28/02/08 ) Tj 38.25 0 TD 0 Tc -0.3645 Tw ( ) Tj -242.25 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (26) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.2347 Tc -0.4117 Tw (In the UK, for exam) Tj 66.75 0 TD 0.214 Tc -0.5785 Tw (ple, any investor owning more than a 3% stake in a company must declare that fact publicly.) Tj 318 0 TD 0 Tc -0.3645 Tw ( ) Tj -392.25 -6.75 TD /F1 5.25 Tf 0.3382 Tc 0 Tw (27) Tj 6 -3.75 TD /F1 8.25 Tf 0 Tc -0.3645 Tw ( ) Tj 1.5 0 TD 0.1865 Tc -0.301 Tw (\221Watching Sovereign Wealth\222, ) Tj 105 0 TD /F3 8.25 Tf 0.1988 Tc -0.5633 Tw (Wall Street Journal Europe) Tj 91.5 0 TD /F1 8.25 Tf 0.1913 Tc -0.5558 Tw (, 28/02/08) Tj 36 0 TD 0 Tc -0.3645 Tw ( ) Tj ET endstream endobj 56 0 obj 14444 endobj 54 0 obj << /Type /Page /Parent 45 0 R /Resources << /Font << /F1 8 0 R /F3 14 0 R /F5 27 0 R >> /ProcSet 2 0 R >> /Contents 55 0 R >> endobj 58 0 obj << /Length 59 0 R >> stream BT 90.75 768.75 TD 0 0 0 rg /F1 10.5 Tf -0.0188 Tc 5.8958 Tw (SWFs and countries receiving SWF investment, outlining their mutual and reciprocal) Tj 0 Tc 0.627 Tw ( ) Tj 0 -12.75 TD 0.0195 Tc 0.6075 Tw (responsibilities. In Britain, the British Venture Capital As) Tj 244.5 0 TD 0.0526 Tc 0.5744 Tw (sociation, a trade body, is in discussion ) Tj -244.5 -12.75 TD 0.0463 Tc 2.0807 Tw (with an as) Tj 47.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0022 Tc 1.5668 Tw (yet unnamed SWF about ) Tj 116.25 0 TD 0.027 Tc 2.1 Tw (compliance with) Tj 72 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD -0.0021 Tc 2.022 Tw (their code of practice and the Walker ) Tj -243 -12.75 TD 0.0254 Tc 1.3516 Tw (guidelines, which deal) Tj 97.5 0 TD -0.3555 Tc 0 Tw (s) Tj 3.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.0772 Tc 1.2998 Tw (with disclosure issues from companies taken private by investor buy) Tj 306.75 0 TD -0.213 Tc 0 Tw (-) Tj -411.75 -12.75 TD -0.213 Tc (outs.) Tj 21 0 TD 0 Tc -0.123 Tw ( ) Tj -21 -12.75 TD /F2 10.5 Tf ( ) Tj 0 -12.75 TD 0.0578 Tc -0.1808 Tw (Once Bitten, Twice Shy) Tj 99.75 0 TD 0 Tc -0.123 Tw ( ) Tj -99.75 -12.75 TD 1 0 0 rg ( ) Tj 0 -13.5 TD 0 0 0 rg /F1 10.5 Tf -0.2603 Tc 0 Tw (Mont) Tj 23.25 0 TD 0.2803 Tc 1.0967 Tw (hs on, a) Tj 36 0 TD -0.1123 Tc 1.275 Tw (lmost all of the SWF investments in ) Tj 159 0 TD -0.0295 Tc 1.1565 Tw (financial institutions during the credit crunch ) Tj -218.25 -12.75 TD -0.0552 Tc 0 Tw (constitute) Tj 42.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.0933 Tc -0.2163 Tw (large ) Tj 25.5 0 TD 0.0132 Tc 1.3638 Tw (potential losses. Temasek) Tj 112.5 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.0165 Tc 1.2355 Tw (s stake in Barclays, purchased at ) Tj 149.25 0 TD -0.0735 Tc 0 Tw (\243) Tj 5.25 0 TD (7) Tj 5.25 0 TD 0.354 Tc (.) Tj 3 0 TD 0.0991 Tc 1.0904 Tw (20, is down to ) Tj -350.25 -12.75 TD -0.0735 Tc 0 Tw (\243) Tj 5.25 0 TD (4) Tj 5.25 0 TD 0.354 Tc (.) Tj 3 0 TD -0.0735 Tc (10) Tj 10.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0559 Tc 1.4329 Tw (per share) Tj 41.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0872 Tc 0.2898 Tw (as of early ) Tj 48.75 0 TD 0.2455 Tc 0 Tw (May) Tj 19.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0735 Tc 0 Tw (2008) Tj 21 0 TD 0.354 Tc 0.273 Tw (. ) Tj 6.75 0 TD 0.0586 Tc 0.8184 Tw (Similarly, KIC and KIA) Tj 93 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.059 Tc 0.568 Tw (s investments in Merrill Lynch will ) Tj -266.25 -12.75 TD 0.0332 Tc 0.7438 Tw (see both SWFs pay $52.40 for those shares in 2010, which) Tj 255.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0347 Tc 0.6995 Tw (at a current trading price of US $48) Tj 156.75 0 TD 0 Tc -0.123 Tw ( ) Tj -415.5 -12.75 TD 0.0508 Tc 0.7905 Tw (constitutes a current loss of around US $) Tj 179.25 0 TD -0.0735 Tc 0 Tw (150) Tj 15.75 0 TD 0.0644 Tc 0.4376 Tw (m each, though they will garner ) Tj 143.25 0 TD 0.2197 Tc 0.4072 Tw (US ) Tj 15 0 TD 0.1262 Tc 0.5008 Tw ($375m on the ) Tj -353.25 -12.75 TD -0.0198 Tc 2.4468 Tw (bond yield over the two y) Tj 118.5 0 TD 0.0252 Tc 1.5393 Tw (ear period. Worst hit ) Tj 100.5 0 TD -0.2603 Tc 0 Tw (is) Tj 6 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD -0.0423 Tc 1.0443 Tw (GIC, whose ) Tj 54 0 TD -0.1553 Tc 0.0322 Tw (US ) Tj 15.75 0 TD 0.0389 Tc 1.7881 Tw ($9.75bn stake in UBS has ) Tj -299.25 -12.75 TD -0.035 Tc 0.662 Tw (plummeted in value. The agreement will see GIC purchase UBS shares at minimum of CHF 51.48 ) Tj 0 -12.75 TD -0.024 Tc 0.0082 Tw (in 2010. Those shares traded in early ) Tj 158.25 0 TD 0.2455 Tc 0 Tw (May) Tj 18.75 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0735 Tc -0.0495 Tw (2008 ) Tj 23.25 0 TD -0.0009 Tc -0.1221 Tw (at CHF ) Tj 30 0 TD 0.6765 Tc 0 Tw (32) Tj 11.25 0 TD 0.354 Tc 0.273 Tw (. ) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj -249.75 -12.75 TD ( ) Tj 0 -12.75 TD 0.13 Tc -0.253 Tw (Yet ) Tj 18.75 0 TD -0.3349 Tc 0.2119 Tw (SWFs ) Tj 26.25 0 TD -0.04 Tc 0 Tw (remain) Tj 30 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD -0.0015 Tc 0 Tw (sanguine) Tj 38.25 0 TD 0.212 Tc 1.915 Tw (, arguing that t) Tj 69.75 0 TD -0.3315 Tc 0 Tw (hese) Tj 19.5 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD -0.0516 Tc 0 Tw (inves) Tj 21 0 TD -0.0593 Tc 2.1863 Tw (tments are inherently long) Tj 119.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0499 Tc (term) Tj 21 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD 0.0272 Tc 0.5998 Tw (because ) Tj -380.25 -12.75 TD -0.0213 Tc 2.4483 Tw (they are predicated on financial institutions) Tj 196.5 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD -0.0444 Tc 0 Tw (reputation) Tj 45 0 TD -0.3555 Tc (s) Tj 3.75 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD 0.0171 Tc 1.5474 Tw (and ability to recover ) Tj 102 0 TD -0.0177 Tc 0 Tw (their) Tj 20.25 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD 0.1488 Tc 0.4782 Tw (market ) Tj -384 -13.5 TD -0.0994 Tc 0 Tw (position) Tj 34.5 0 TD -0.3555 Tc (s) Tj 3.75 0 TD 0.354 Tc (.) Tj 3 5.25 TD /F1 6.75 Tf 0.3277 Tc (28) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 3 0 TD /F3 10.5 Tf -0.0094 Tc 0.6364 Tw (The Independent) Tj 72.75 0 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0425 Tc 0.3345 Tw (recently quoted a ) Tj 80.25 0 TD 0.375 Tc 0 Tw (\221) Tj 3 0 TD 0.0297 Tc 0.6911 Tw (leading Emirate financier, who runs one of the ) Tj -210.75 -12.75 TD 0.0398 Tc 1.0872 Tw (biggest funds in ) Tj 74.25 0 TD 0.0336 Tc 1.3434 Tw (the Gulf) Tj 36 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.0039 Tc 1.5606 Tw (stating that he was investing) Tj 129 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.111 Tc 0 Tw (\223) Tj 4.5 0 TD 0.0613 Tc 1.4407 Tw (with a 25 year view in mind) Tj 127.5 0 TD 0.111 Tc 0 Tw (\224) Tj 4.5 0 TD 0.354 Tc (.) Tj 3 5.25 TD /F1 6.75 Tf 0.3277 Tc (29) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.086 Tc -0.209 Tw (But ) Tj -400.5 -12.75 TD -0.0267 Tc 2.1537 Tw (actions speak louder than words) Tj 145.5 0 TD 0.354 Tc 0 Tw (.) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj 4.5 0 TD -0.0398 Tc 1.9418 Tw (Following the initial flurry last winter, there have been no ) Tj -153 -12.75 TD -0.0566 Tc 0.6836 Tw (further major ) Tj 63 0 TD -0.0298 Tc 1.9068 Tw (investments by SWFs in) Tj 105 0 TD -0.0235 Tc 1.6505 Tw (to Western financial institutions) Tj 141 0 TD 0.0816 Tc 1.2954 Tw (. Rumours are cur) Tj 81 0 TD 0.0675 Tc 0.5595 Tw (rently ) Tj -390 -12.75 TD -0.0473 Tc 1.9743 Tw (circulating that the Korea Investment Corporation \(KIC\) may seek to take a stake in Barclays ) Tj 0 -12.75 TD 0.0427 Tc 0.6284 Tw (bank, which needs to increase its core Tier 1 equity ratio of 5.6%, but as a rule, ) Tj 351.75 0 TD 0.0759 Tc 0.9261 Tw (SWFs stepping ) Tj -351.75 -12.75 TD 0.0491 Tc 0.5779 Tw (back from the crisis to assess their) Tj 151.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD 0.1059 Tc 0 Tw (strateg) Tj 30.75 0 TD -0.0498 Tc 0.6768 Tw (ies amidst conc) Tj 66 0 TD 0.0689 Tc 0.6652 Tw (ern about how their advance may be ) Tj -252 -12.75 TD -0.0064 Tc -0.1166 Tw (received by recipient countries in the West) Tj 183 0 TD 0.354 Tc 0 Tw (.) Tj 3 0 TD 0 Tc -0.123 Tw ( ) Tj -186 -26.25 TD -0.011 Tc 0.638 Tw (Chancellor Alistair Darling stated) Tj 141 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.026 Tc 0.601 Tw (late last year) Tj 56.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.1058 Tc -0.2288 Tw (that ) Tj 21 0 TD 0.111 Tc 0 Tw (\223) Tj 4.5 0 TD -0.0846 Tc 0.8991 Tw (sovereign wealth funds need to play by the ) Tj -228.75 -13.5 TD 0.0227 Tc -0.0775 Tw (rules. We believe in liberal trade. Britain gets tremendous benefits from lib) Tj 320.25 0 TD 0.086 Tc -0.0215 Tw (eral trade. The reason ) Tj -320.25 -12.75 TD 0.0827 Tc 0.5443 Tw (London is the world) Tj 87 0 TD 0.375 Tc 0 Tw (\222) Tj 3 0 TD 0.0431 Tc 0.6911 Tw (s number one financial centre is because we have a very open economy. I ) Tj -90 -12.75 TD -0.0214 Tc 0.0234 Tw (am vehemently opposed to moves to re) Tj 169.5 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.0305 Tc 0.034 Tw (establish protectionism from wherever it arises. It would ) Tj -172.5 -12.75 TD -0.0198 Tc 0.7406 Tw (be a hugely backward step. We welcome inward i) Tj 215.25 0 TD 0.0208 Tc 0.6062 Tw (nvestment from sovereign wealth funds but it ) Tj -215.25 -12.75 TD 0.0202 Tc 0.6068 Tw (has to be a two) Tj 68.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD -0.0313 Tc 0.9468 Tw (way street. They have to operate on a commercial basis and no other basis.) Tj 332.25 0 TD 0.111 Tc 0 Tw (\224) Tj 4.5 5.25 TD /F1 6.75 Tf 0.3277 Tc (30) Tj 7.5 -5.25 TD /F1 10.5 Tf 0 Tc -0.123 Tw ( ) Tj -415.5 -12.75 TD -0.0411 Tc 0.6681 Tw (This would seem to suggest that) Tj 139.5 0 TD -0.1027 Tc 0.7297 Tw (, unlike in Germany,) Tj 86.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0444 Tc 0.4839 Tw (there is no intention to create an American ) Tj -228.75 -13.5 TD -0.0707 Tc 1.1977 Tw (style Committee for Fo) Tj 99.75 0 TD -0.0281 Tc 0.6551 Tw (reign Investment) Tj 73.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.0723 Tc 0.5547 Tw (into the United States \(CFIUS\) ) Tj 134.25 0 TD 0.021 Tc 0 Tw (\226) Tj 5.25 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD 0.2205 Tc 0 Tw (a) Tj 5.25 0 TD -0.0585 Tc 1.4355 Tw (n inter) Tj 29.25 0 TD -0.213 Tc 0 Tw (-) Tj 3 0 TD 0.1201 Tc (departmental) Tj 59.25 0 TD 0 Tc -0.123 Tw ( ) Tj -415.5 -12.75 TD -0.0028 Tc 1.3798 Tw (panel that) Tj 45 0 TD 0 Tc -0.123 Tw ( ) Tj 3.75 0 TD -0.0458 Tc 1.3478 Tw (examines large foreign direct investments from a national security perspective, ) Tj 350.25 0 TD -0.1015 Tc 0 Tw (and) Tj 16.5 0 TD 0 Tc -0.123 Tw ( ) Tj -415.5 -12.75 TD 0.0882 Tc 0.5388 Tw (has become a t) Tj 66.75 0 TD -0.0196 Tc 0.6466 Tw (ool for protectionist lobbyists.) 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Tj 349.5 0 TD 0 Tc -0.123 Tw ( ) Tj 3 0 TD -0.0684 Tc 0.3204 Tw (The entangling ) Tj -352.5 -12.75 TD 0.0256 Tc -0.1486 Tw (economic interdependence between China and the United) Tj 251.25 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0467 Tc -0.1697 Tw (States, for example, will ) Tj 105 0 TD 0.08 Tc 0.297 Tw (go some way ) Tj -358.5 -12 TD 0.3495 Tc 0 Tw (to) Tj 9 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD 0.0744 Tc 0 Tw (mitigat) Tj 30.75 0 TD -0.291 Tc (ing) Tj 12.75 0 TD 0 Tc -0.123 Tw ( ) Tj 2.25 0 TD -0.0047 Tc -0.0433 Tw (the periodic susceptibility of both sides to nationalist and protectionist ) Tj 303 0 TD 0.0707 Tc 0 Tw (impulses) Tj 37.5 0 TD 0.354 Tc (.) 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