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Sovereign Wealth Funds Briefing - Archive | March, 2010

SWFs to continue focusing on overseas investments

Posted on 31 March 2010 by VRS  |  Email |Print

From Financierworldwide.com: Amid the economic downturn, it came as no surprise that the assets under management of sovereign wealth funds (SWFs) dropped by 3 percent to about $3.8 trillion for 2009, according to a report by International Financial Services London (IFSL) entitled ‘Sovereign Wealth Funds 2010’.
However, assets are expected to rise to $5.5 trillion by the end of 2012, explained the London-based think tank……………………………….Full Article: Source

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China’s SWFs look for new money, more overseas investment

Posted on 31 March 2010 by VRS  |  Email |Print

From Chinastakes.com: China Investment Corporation, one of China’s sovereign wealth funds (SWF), has spent the past year intensively expanding its overseas portfolio. Alas, its capital stash of US$200 billion is proving inadequate to quench its thirst for more overseas deployment of funds.

With the yuan expected to appreciate and with foreign exchange reserves ever increasing, China’s two SWFs, CIC and Social Security Fund, are looking overseas to diversify China’s reserve assets, at present concentrated in US dollars……………………………….Full Article: Source

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CIC seeks extra $100bln forex reserve for investment

Posted on 31 March 2010 by VRS  |  Email |Print

From Chinadaily.com.cn: China Investment Corp (CIC), the country’s $300 billion sovereign wealth fund, hopes to get an additional $100 billion foreign exchange reserve from the Ministry of Finance for entrusted investment, a source said, the China Business News reported.
Central Huijin, the domestic investment arm of the nation’s sovereign wealth fund, also proposed issuing approximately 190 billion yuan ($27.83 billion) renminbi-denominated bonds for the capital injection into the Export-Import Bank of China and China Export & Credit Insurance Corp……………………………….Full Article: Source

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A close look at CIC’s recent investments

Posted on 31 March 2010 by VRS  |  Email |Print

From Eeo.com.cn: China Investment Corporation (CIC), China’s sovereign wealth fund, began to focus on investment in private equity funds and domestic heavy industry from the beginning of this year, according to a detailed list of CIC’s investments made in the second half of 2009 acquired by the EO.

The list shows the CIC has made 16 investments over the past seven months from last July to February of this year, mainly focusing on overseas energy resources and real estate……………………………….Full Article: Source

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Temasek’s Cosco stake falls

Posted on 31 March 2010 by VRS  |  Email |Print

From Straitstimes.com: Temasek Holdings has made a very late discovery that it is no longer a substantial shareholder of China-based Cosco Corp (Singapore). It reported yesterday that its deemed stake in the Singapore-listed firm had fallen to 4.99 per cent from 5.59 per cent.

Some of the transactions that led to the change in shareholding were done as far back as two years ago……………………………….Full Article: Source

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Emirate sheik who oversaw SWF found dead

Posted on 31 March 2010 by VRS  |  Email |Print

From Latimes.com: An emirate sheik who headed one of the world’s biggest sovereign wealth funds has been found dead four days after a glider crash in Morocco, state media said Tuesday.

Sheik Ahmed bin Zayed al Nahyan, 41, was a younger brother of the ruler of Abu Dhabi, who is also president of the United Arab Emirates. He was ranked No. 27 on the Forbes list of the world’s most powerful people last year……………………………….Full Article: Source

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Succession plan set for Abu Dhabi fund

Posted on 31 March 2010 by VRS  |  Email |Print

From Reuters: A succession plan for the Abu Dhabi Investment Authority (ADIA), among the world’s biggest sovereign wealth funds, has been set and will be announced within days, a source close to government said on Tuesday.

“A succession plan for ADIA has been formulated and will be announced in the coming days,” a source close to the government told Reuters, shortly after state media said ADIA’s managing director had been found dead following a glider crash in Morocco……………………………….Full Article: Source

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Humility and success went hand in hand for Sheikh Ahmed

Posted on 31 March 2010 by VRS  |  Email |Print

From Business24-7.ae: Sheikh Ahmed bin Zayed Al Nahyan, a younger brother of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, was Managing Director of the Abu Dhabi Investment Authority (Adia) and Chairman of the Board of Trustees of the Zayed Foundation for Charity and Humanitarian Works.

As the executive who ran the world’s richest sovereign wealth fund (SWF), the 41-year-old was ranked by Forbes magazine at number 27 on the list of the world’s most powerful people……………………………….Full Article: Source

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Harrods says not for sale amid reported QIA interest

Posted on 31 March 2010 by VRS  |  Email |Print

From Businessweek.com: Harrods Ltd., the London luxury department-store owner, said the company is not for sale after a report that it received an approach from Qatar’s investment arm.

The Knightsbridge-based store “is not for sale and is not being sold,” spokeswoman Katharine Witty said today in an e- mailed statement. The retailer has been “aware of gossip circulating over a possible sale,” and decided to make an announcement in order to reassure staff, Witty said………………………………Full Article: Source

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Khazanah, Petronas to lead state asset sales

Posted on 31 March 2010 by VRS  |  Email |Print

From Todayonline.com: Malaysia’s state-owned Khazanah Nasional and Petroliam Nasional (Petronas) will sell stakes in subsidiaries as the government accelerates efforts to reduce its business interests.

Khazanah, the government’s investment arm, will sell its stake in the national postal service, while state oil company Petronas will sell shares in two units on Bursa Malaysia, Prime Minister Najib Razak (picture) said yesterday……………………………….Full Article: Source

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Khazanah: NEM’s first part a realistic outline

Posted on 31 March 2010 by VRS  |  Email |Print

From Thestar.com.my: Khazanah Nasional Bhd believes the first part of the New Economic Model (NEM) is above all else an honest diagnosis, a bold prescription and a realistic outline of an implementation framework.

In a statement, managing director Tan Sri Azman Mokhtar said most importantly, from hereon, there were two necessary conditions for success, both of which the Prime Minister was well aware of……………………………….Full Article: Source

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Khazanah hopes to seal Pos Malaysia deal by year-end

Posted on 31 March 2010 by VRS  |  Email |Print

From Bernama: The government’s investment arm, Khazanah Nasional Bhd, hopes to conclude the divestment of a 32.2 percent stake in Pos Malaysia Bhd within this year.

Managing Director, Tan Sri Azman Mokhtar said the company was seeing keen bidders but would not confirm or deny, that DRB-Hicom Bhd and Tune Group were among them……………………………….Full Article: Source

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Australia - Wealth fund considers airport stake

Posted on 31 March 2010 by VRS  |  Email |Print

From Pfie.com: Market rumours are suggesting that Australia’s sovereign wealth fund may consider acquiring Macquarie Group Ltd.’s 23.2%stake in Macquarie Airports. If the deal goes ahead Macquarie could receive around A$1.5bn.
The Future Fund was also reported to be in the deal with two Canadian pension funds in a takeover bid for tollroad operator Transurban but pulled out last week……………………………….Full Article: Source

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Swedish AP funds’ ethical council maintains focus on oil sands

Posted on 31 March 2010 by VRS  |  Email |Print

From IPE: Oil sand extraction is one of the key areas of focus in 2010 for the Ethical Council of the Swedish AP funds, through both dialogue work and joint initiatives.

Details from the council’s 2009 annual report revealed that while the organisation – comprising representatives from the pension buffer funds AP1, AP2, AP3 and AP4 – had some success with company engagement last year, it had also recommended the exclusion of a firm from the investment universe……………………………….Full Article: Source

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Alaska Fund to invest directly in HFs

Posted on 31 March 2010 by VRS  |  Email |Print

From Emii.com: The Alaska Permanent Fund (APF) has amended its investment policy to allow for direct investments in hedge funds.
The $36.5 billion sovereign wealth fund will make investments in hedge funds through from its 6% allocation to absolute returns and bypass “gatekeeper” fees……………………………….Full Article: Source

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HSBC to back Dubai World plan

Posted on 31 March 2010 by VRS  |  Email |Print

From Thenational.ae: HSBC is ready to agree to Dubai World’s debt restructuring proposals, the bank’s regional chairman said yesterday, sending the strongest signal yet of a positive response from the conglomerate’s international lenders.

The 97 creditor banks of Dubai World are expected to discuss the proposals in the coming weeks under the leadership of a seven-member co-ordinating committee (CoCom), which is overseeing the restructuring……………………………….Full Article: Source

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Temasek, seeking mining assets, invests $100 mln in Platmin

Posted on 30 March 2010 by VRS  |  Email |Print

From Businessweek.com: Temasek Holdings Pte agreed to buy $100 million of convertible debt in Platmin Ltd., the South Africa-based platinum miner controlled by Brian Gilbertson’s Pallinghurst Resources Ltd.

The Singapore state-owned investment company, through its Ridgewood Investments (Mauritius) Pte unit, agreed to buy the convertible debenture from Platmin, the mining firm said in a statement distributed through Marketwire. Platmin also plans a $250 million global equity offering, it said………………………………..Full Article: Source

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Platmin to sell $100 mln debenture to Temasek unit

Posted on 30 March 2010 by VRS  |  Email |Print

From Reuters: Canada’s Platmin Ltd agreed to sell a $100 million convertible debenture to a unit of Temasek Holdings, giving the Singapore sovereign wealth fund the right to nominate a board member.

Platmin also said it was looking to raise additional $250 million through an equity offering………………………………..Full Article: Source

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Swedish pension fund bans investment in Israeli company on ethical grounds

Posted on 30 March 2010 by VRS  |  Email |Print

From Haaretz.com: The biggest Swedish pension fund has barred Israeli defense electronics company Elbit Systems from its investment portfolios on ethical grounds, Israel Radio reported Monday.

Following the lead of Norway’s state oil fund, the Första AP-Fonden pension fund said it had banned investment in Elbit because the Israeli company had built and is operating a surveillance system for the much debated West Bank separation barrier………………………………..Full Article: Source

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China Construction Bank eyes fund-raising this year

Posted on 30 March 2010 by VRS  |  Email |Print

From Dow Jones: China Construction Bank Corp plans to raise funds as part of efforts to keep its capital adequacy ratio above 11.5% in the coming five years. Central Huijin Investment Ltd., the domestic investment arm of China’s sovereign wealth fund, may inject more capital into the lender so that its holding isn’t diluted.

Analysts said 2010 could be the biggest year for fund raising in China since the country’s largest banks launched initial public offerings four years ago, as a massive lending binge–the key platform of China’s stimulus spending last year–reduced their capital buffers………………………………..Full Article: Source

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China’s NSSF fund reports big gains on bank shares

Posted on 30 March 2010 by VRS  |  Email |Print

From Reuters: China’s National Social Security Fund (NSSF) has invested heavily in the shares of some big domestic banks, earning returns of more than 25 percent in the last three to four years, Dai Xianglong, the head of the pension fund, said.
Dai told reporters that the fund’s investments included Bank of China, China Construction Bank Corp and Industrial and Commercial Bank of China………………………………..Full Article: Source

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CITIC Resources’ net profit down 43pct in 2009

Posted on 30 March 2010 by VRS  |  Email |Print

From China Knowledge: CITIC Resources Holdings Ltd’s net profit for 2009 plunged 43% to HK$115.69 million from HK$204.26 million in 2008. Singapore’s state-owned Temasek Holdings Pte Ltd holds an 11.47% stake in CITIC Resources.

The Hong Kong-listed company attributed the decline to higher operating costs………………………………..Full Article: Source

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SWFs among top realty investors despite slowdown

Posted on 29 March 2010 by VRS  |  Email |Print

From Business24-7.ae: Sovereign wealth funds are among the largest investors in real estate, with substantial amounts of capital allocated to this particular asset class, according to a new report released by Preqin.

Their influence as a significant group of institutional investors has not diminished in the wake of the economic turmoil and at the start of a global economic recovery the aggregate assets under management of all SWFs reached $3.51 trillion (Dh12.89trn), which represents an nine per cent increase from last year, show the figures released in the report……………………………….Full Article: Source

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Big economies look to attract sovereign funds for their bonds

Posted on 29 March 2010 by VRS  |  Email |Print

From Gulfnews.com: Even the big economies need to cultivate the buyers of their debt and build up their relationships with investors, such as the SWFs, which hold billions of dollars in government bonds.

China’s State Administration of Foreign Exchange, or Safe, and Singapore’s Government Investment Corporation, or GSIC, have between them an estimated $600 billion in assets under management, with roughly 20 per cent held in government bonds……………………………….Full Article: Source

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Director of the world’s biggest sovereign wealth fund reported missing

Posted on 29 March 2010 by VRS  |  Email |Print

From Voltairenet.org: Sheikh Ahmed bin Zayed Al Nahyane, the younger brother of the president of the United Arab Emirates and director of the Abu Dhabi sovereign wealth fund (ADIA) was reported missing on 27 March 2010, at the age of 32.

He was in a glider which came down in a lake near Rabat (Morocco). Only the pilot was recovered alive………………………………..Full Article: Source

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ADIA head still missing

Posted on 29 March 2010 by VRS  |  Email |Print

From People.com.cn: Managing Director of Abu Dhabi Investment Authority (ADIA), Sheikh Ahmed bin Zayed al Nahyan, was still missing after his plane crashed in a lake in Morocco Friday night.

Ahmed’s pilot was rescued, but Ahmed’s whereabouts are still not available. ADIA is believed to be the world’s largest sovereign wealth fund, with estimates of its size ranging from about $400 billion to more than $875 billion………………………………..Full Article: Source

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Qatar Diar buys 50% stake in Seychelles resort

Posted on 29 March 2010 by VRS  |  Email |Print

From Arabianbusiness.com: Qatari Diar Real Estate Investment Company announced on Thursday that it has reached a deal to acquire a 50% stake in Maia Luxury Resort and Spa in Mahé, Seychelles.

The firms reached the deal terms with Tsogo Sun Holdings, one of South Africa’s most successful entertainment and hospitality groups, the Qatari company said in a press release………………………………..Full Article: Source

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Future Fund eyeing Macquarie’s airports stake-report

Posted on 29 March 2010 by VRS  |  Email |Print

From Reuters: Australia’s sovereign wealth fund, the Future Fund, is considering buying Macquarie Group’s 23.2 percent stake in airports fund MAP Group.

Macquarie is rumoured to be looking for a price of around A$1.5 billion ($1.36 billion) for the stake in the fund that it managed until last year, The Age newspaper said………………………………..Full Article: Source

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Alaska SWF tips $1bn into investments

Posted on 29 March 2010 by VRS  |  Email |Print

From Financialstandard.com.au: Sovereign wealth fund (SWF), Alaska Permanent Fund Corporation (APFC), has poured over $1 billion into various global fund managers following an investment meeting in December.

The SWF’s fund gave $250 million to Oaktree Capital Management and Audax Management Company as part of the fund’s strategy to invest in mezzanine level debt………………………………..Full Article: Source

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Norway to curb oil fund’s investment risk

Posted on 29 March 2010 by VRS  |  Email |Print

From Reuters: Norway’s finance minister said on Friday the government was proposing to limit the risk in the active management of the country’s sovereign wealth fund, but that parts of the fund would still be managed actively.

“In our opinion there still ought to be some leeway for the fund to deviate from its benchmark portfolio,” Finance Minister Sigbjoern Johnsen said in a statement………………………………..Full Article: Source

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GCC investment agency posts $91m net profits in 2009

Posted on 29 March 2010 by VRS  |  Email |Print

From Peopledaily.com.cn: An investment agency owned by the Gulf Cooperation Council (GCC) said Saturday its net profits in 2009 stood at 91 million US dollars.

The Gulf Investment Corporation (GIC) said in a statement its shareholders equity totalled 1.75 billion dollars at the end of 2009, seeing an increase of 1.1 billion dollars over 2008, despite that the global financial market was ravaged by a spreading turmoil………………………………..Full Article: Source

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Fund push for foreign coal assets

Posted on 29 March 2010 by VRS  |  Email |Print

From Telegraphindia.com: Indian firms could buy more foreign coal assets to meet the growing gap between demand and availability, which is set to shoot up to 200 million tonnes by the end of the Twelfth Five Year Plan (2012-17). A sovereign fund to buy the foreign assets is under the consideration of the Indian government.

“Coal production is not growing fast enough. This is leading to an increasing dependence on imports. Coal imports are likely to reach 183 million tonnes (per annum) by the end of the Twelfth Plan,” according to the mid-term appraisal of the Planning Commission………………………………..Full Article: Source

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Profits up at Canary Wharf owner Songbird Estates

Posted on 29 March 2010 by VRS  |  Email |Print

From Guardian: Songbird came close to collapsing under the weight of its debts last year but managed to eliminate them after raising £1bn in a refinancing that saw the Qatar and Chinese sovereign wealth funds become its largest shareholders.

Analysts welcomed the results, which also boosted shares in property developers including British Land, Hammerson and Liberty International………………………………..Full Article: Source

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Dubai World debt plan ‘better than expected’

Posted on 29 March 2010 by VRS  |  Email |Print

From Business24-7.ae: The Dubai World debt restructuring was better than expected, said the Director-General of the Ministry of Finance, Younis Haji Al Khouri.

The restructuring has big positive effects on debtors, he said, speaking on the sidelines of a forum on financing inter-exports, organised by the Abu Dhabi Department of Economic Development, Ministry of Finance and the International Islamic Trade Finance Corporation at the capital’s Park Rotana Hotel………………………………..Full Article: Source

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UAE sovereign embezzlement fund CEO ‘vanishes with the loot’ (Satire)

Posted on 29 March 2010 by VRS  |  Email |Print

From Smoke ‘N’ Mirrors: Sources close to to Brunei slippery bastard Prince Jefri Archer have strenuously denied his former UAE business partner has done a runner.

But over $100 billion of the Abu Dhabi Embezzlement Authority’s $400 billion coffers has vanished into thin heir along with the fund’s CEO Shaikh Kamal Jokki………………………………..Full Article: Source

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Mauritius considering setting up a Sovereign Fund

Posted on 26 March 2010 by VRS  |  Email |Print

From Bloomberg: Mauritius is considering setting up a sovereign fund to help reduce currency fluctuations, Industry Minister Dharambeer Gokhool said.

The fund would be used to channel foreign exchange derived from donor funding, he told members of the country’s Chamber of Commerce and Industry at a meeting today in Port Louis………………………………Full Article: Source

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SWFs to increase their investments in risky assets again

Posted on 26 March 2010 by VRS  |  Email |Print

From Financial.de: Sovereign wealth funds to increase their investments in risky assets again. But the focus is shifting towards emerging markets, infrastructure as well as alternative energies. Sovereign wealth funds have developed into important market participants and manage more than USD 3.5 trillion worldwide.

Since 2002, they have multiplied their assets, even though they have been affected by the financial crisis. Sovereign wealth funds currently sit on high cash reserves, which will not help them in the long term, As a result, they will have to increase their investments in risky assets again. This is the conclusion of a study by Dr. Bernhard Eschweiler, Senior Economic Advisor of Silvia Quandt & Cie. AG………………………………Full Article: Source

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SWFs get back to basics

Posted on 26 March 2010 by VRS  |  Email |Print

From Qfinance.com: The financial meltdown did not just devastate Western economies. It also took large bites out of the sovereign wealth funds and inflicted some harsh lessons on those charged with running these funds, many of whom have solid careers behind them as bureaucrats and bankers rather than as mainstream investment managers.

In a recent analysis of sovereign wealth funds post the crash, State Street anatomized the funds’ reactions and strategies. The report is the second on this theme by the company’s three authorities on SWFs, John Nugee, Andrew Rozanov, and George Hoguet………………………………Full Article: Source

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China SWF may finance Ethiopian mine

Posted on 26 March 2010 by VRS  |  Email |Print

From WSJ: China’s $300 billion sovereign wealth fund may finance China Mining United Fund’s plan to develop a potash project in Ethiopia that is also being eyed by mining giant BHP Billiton Ltd., a senior official familiar with the situation said Thursday.

China Investment Corp. is studying whether to take a stake in the potash project being jointly developed by China Mining United Fund and Canada’s Allana Potash Corp., or finance part of the project’s construction costs, the person familiar with the situation said………………………………Full Article: Source

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ONGC once again loses out to China for oil assets in Africa news

Posted on 26 March 2010 by VRS  |  Email |Print

From Domain-b.com: In the absence of a domestic sovereign wealth fund backing, public sector oil explorer Oil and Natural Gas Corporation (ONGC), has once again lost the race to acquire energy assets to China’s large state owned enterprise, the latest in a string of losses to its cash rich neighbour.
ONGC Videsh, the overseas arm of ONGC has been outbid by CNOOC, China’s third-largest oil company in acquiring a 50-per cent interest in Uganda’s oil fields………………………………Full Article: Source

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Singapore’s Temasek buys stake in Chile’s LAN Airlines

Posted on 26 March 2010 by VRS  |  Email |Print

From Alibaba.com: Singapore’s stake investor Temasek Holdings has bought a 1.18 percent stake in Chile’s LAN Airlines, a spokesman said in a statement on Thursday.

The statement gave no further details. Chilean President Sebastian Pinera sold a 3.3 percent stake in the airline in an auction on Thursday, a move that brings the billionaire closer to divesting his holdings in the nation’s flagship carrier………………………………Full Article: Source

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Norway plans clean tech, real estate hires

Posted on 26 March 2010 by VRS  |  Email |Print

From Globalmoneymanagement.com: The mega Norwegian Government Pension Fund plans to hire managers for clean energy technology and real estate sometime this year. Norges Bank Investment Management (NBIM), the arm of the Oslo central bank that administers the fund, will search for external managers, said Yngve Slyngstad, ceo at NBIM.
The scheme’s NOK2.6 trillion (GBP291 billion) in assets make it the world’s second largest sovereign wealth fund………………………………Full Article: Source

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Qatari Diar invest into Montenegro resort

Posted on 26 March 2010 by VRS  |  Email |Print

From Balkans.com: QatarDiar has acquired the rights to hotel complex Blue Horizon for 24 million euros. Qatari Diar is fully owned by the SWF Qatar Investment Authority and was founded tosupport Qatar’s rapidly expanding economy and to provide structure and qualitycontrol for the country’s real estate development priorities.
Qatari Diar isbuilding signature projects and facilitating vibrant, new communities on anunprecedented scale………………………………Full Article: Source

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Qatari Diar acquires 50pct of Seychelles resort

Posted on 26 March 2010 by VRS  |  Email |Print

From Gulf-times.com: An agreement has been signed between Qatari Diar and Tsogo Sun Holdings, one of South Africa’s top entertainment and hospitality groups, to acquire a 50% stake in the MAIA Luxury Resort and Spa in Mahé, Seychelles.

The agreement was signed at the Intercontinental Hotel Paris Le Grand on the sidelines of the “5th Finance and Investment in Qatar Forum”, in the presence of HE the Prime Minister Sheikh Hamad bin Jassim bin Jabor al-Thani………………………………Full Article: Source

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Debt-saddled Dubai World gets $9.5bln state bailout

Posted on 26 March 2010 by VRS  |  Email |Print

From Independent: Dubai’s rulers yesterday bailed out Dubai World, the debt-ridden state-owned conglomerate which caused global investor panic last November when it asked for more time to repay $4bn (£3bn) worth of bonds.

The $9.5bn package was welcomed by the market as the Dubai bond prices surged. Traded debt in Nakheel, Dubai World’s property arm which initially sparked the panic, jumped by 45 per cent after investors were promised that lenders would be fully repaid………………………………Full Article: Source

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Sovereign wealth funds courted in debt sales

Posted on 25 March 2010 by VRS  |  Email |Print

From Thepeninsulaqatar.com: This month Carl Heinz Daube, the head of Germany’s formidable debt management agency, did something that would have seemed almost unimaginable - or unnecessary - five years ago.
He travelled to China and Singapore for a meeting with two of the world’s biggest investors - as part of an attempt to charm a new pool of investors, such as sovereign wealth funds - who might be willing to buy German government bonds……………………………..Full Article: Source

Temasek bond issues fire up market

Posted on 25 March 2010 by VRS  |  Email |Print

From Asiaone.com: The local bond market is buzzing - issuance has hit $5 billion even before the quarter has ended, helped in no small way by Temasek’s 5 benchmark issues over the last five months.

The Singapore dollar bond market has been small. Since 2006 issuance has averaged $10 billion to $12 billion a year although this rose to $16 billion in 2008 which included $5.9 billion issuances from the three local banks and Maybank……………………………..Full Article: Source

Ghana plans to stash oil cash

Posted on 25 March 2010 by VRS  |  Email |Print

From Upstreamonline.com: Ghana’s Finance Minister is seeking to create two investment funds fed by future oil revenues that would fill budget gaps and preserve the West African country’s hoped-for energy wealth.
The proposal, posted today on the ministry’s web site, comes as the leading cocoa and gold producer seeks to avoid the pitfalls affecting many of the world’s energy exporters ahead of its own commercial output expected later this year……………………………..Full Article: Source

Central Huijin seeks capital boost

Posted on 25 March 2010 by VRS  |  Email |Print

From Chinadaily.com.cn: Central Huijin, the domestic investment arm of the nation’s sovereign wealth fund, China Investment Corp, is seeking a capital injection of between $15 billion and $50 billion, in an effort to boost its capital base and prepare itself for the impending public offering of Chinese lenders, sources close to the sovereign fund said.

As the parent of the country’s three big lenders - Industrial and Commercial Bank of China, China Construction Bank and Bank of China (BOC) - Central Huijin will participate in the share sales, sources said……………………………..Full Article: Source

Mubadala eyes Yemen energy opportunities

Posted on 25 March 2010 by VRS  |  Email |Print

From Gulfnews.com: Mubadala Development Company, the Abu Dhabi government investment firm, is studying plans to invest in Yemen’s oil, gas and mining, and petrochemical industries, state-run WAM news agency reports.

A delegation from the company, who held talks with the Yemen’s oil minister in Sana’a, also proposed a partnership with Yemen’s Safer E&P Company to increase oil and gas production from Block 18 in Ma’rib province, WAM said……………………………..Full Article: Source

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