Wednesday, December 5

London open to Sovereign Wealth Funds!

Absolutely right and I think this is a good thing that the government is doing. We have to be open, welcoming and regulate with a light touch!

But they have to be transparent otherwise they will hurt London as BCCI did. See what I said before. Also quote

Concerns about sovereign wealth funds’ poor transparency and their close links to national governments have triggered a protectionist backlash against them, such as the one that forced China’s CNOOC to abandon its bid for Unocal in the US.
Temasek, of which the chief executive is also the wife of Singapore’s prime minister, ran into trouble with the Thai authorities over its purchase of telecommunications from Thailand’s former prime minister.
In the UK, Sir David Walker, author of guidelines on transparency for private equity, has called for sovereign wealth funds to sign up to his code of conduct. He secured such a commitment from the Qatari Investment Authority before it abandoned its bid for J Sainsbury, the supermarket chain.

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All this to be taken with a grain of piquant salt!!!

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