Word: cic
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...Never seen Twitter so united in sarcasm as over the Nobel announcement." With that tweet - which at a mere 59 characters is terse even by Twitter's Procrustean standards - Alex Evans, a.k.a. @alexevansuk, a nonresident fellow at the Center on International Cooperation (CIC) at New York University, sums up the prevailing sentiment on the microblogging website...
...That was a pointed reference to the perils of investing in U.S. financial companies over the last 18 months. In May 2007, China Investment Corp. (CIC), the country's sovereign wealth fund, sank $3 billion into Blackstone Group, the U.S. private equity firm, only to watch its stake shrink by half in value as financial stocks tanked. "The leadership [in Beijing] thinks they got taken and they are determined not to let it happen again," says a Hong Kong investment banker close to CIC. But that does not mean the Chinese aren't interested. CIC bought 9.9% of Morgan Stanley...
...Xiqing, the chief investment officer of China's $200 billion sovereign wealth fund, meets in New York City this week with Morgan Stanley CEO John Mack to discuss increasing the Chinese government's stake in the venerable - and flailing - investment bank, he bears an obvious burden. Last December, the CIC (the China Investment Corp.) invested $5 billion for a 9.9% stake in Morgan Stanley (for which the bank must pay CIC a 9% annual dividend until 2010). On paper, that investment is now down more than 25%. Worse, Beijing paid $3 billion for a piece of the Blackstone Group just...
...moreover, even if valuations in the U.S. financial sector get more appealing should the market rout intensify, there's another factor in play: governments in East Asia and the Gulf want their funds to help domestic companies, not foreigners. On Thursday, for example, Beijing's CIC announced it would make investments in three of China's biggest commercial banks - Industrial and Commercial Bank of China, Bank of China and China Construction Bank - that themselves are getting hurt by an economic slowdown and a real estate slump at home. "This is a significant policy initiative aimed at supporting China's leading...
...just the prospect of riling trade partners that is persuading SWFs to curb high-profile foreign investments. To much fanfare, China's fledgling SWF, China Investment Corp. (CIC), earlier this year invested in the Blackstone Group shortly before the big New York City private-equity firm went public. But Blackstone's share price has sunk 38% below its June 2007 listing price of $31, costing CIC more than $1 billion. That pratfall appears to have prompted CIC to rein in its ambitions. Instead of making splashy investments in the U.S. and Europe, the fund is now looking closer to home...