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Sovereign Wealth Funds Briefing - Archive | June, 2010

Mumtalakat bonds may yield 300 points over midswaps

Posted on 23 June 2010 by VRS  |  Email |Print

From Bloomberg: Bahrain Mumtalakat Holding Co., the Persian Gulf country’s sovereign wealth fund, may price its bonds to yield about 300 basis points above benchmark midswaps, three people familiar with the pricing range said.
The banker and two investors declined to be identified because terms of the deal aren’t set. The fund may sell $500 million of bonds maturing in five years as soon as this week in its first sale of debt overseas, a person familiar with the plan said last week……………………………………….Full Article: Source

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Qatar sovereign fund eyes to become ABC’s largest investor

Posted on 23 June 2010 by VRS  |  Email |Print

From China Knowledge: Qatar Investment Authority, the country’s sovereign wealth fund, will spend US$2.8 billion to subscribe for shares to be offered by Agricultural Bank of China, thus to become the largest cornerstone investor of the Chinese lender, the Wall Street Journal reported yesterday, citing a source with the knowledge of the matter as saying.
The source also disclosed that Kuwait Investment Authority plans to invest between US$500 million and US$1 billion in ABC’s initial public offering………………………………………..Full Article: Source

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Kuwait fund confirms AgBank investment

Posted on 23 June 2010 by VRS  |  Email |Print

From Btimes.com.my: Kuwait’s Finance Minister yesterday confirmed that its sovereign wealth fund was interested in taking a US$800 million stake in the initial public offering of China’s Agricultural Bank (AgBank).
On Monday, sources said the Kuwait Investment Authority (KIA), the country’s sovereign wealth fund, was involved in a deal to invest US$800 million in the bank’s IPO……………………………………….Full Article: Source

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Arab sovereign wealth funds boost assets to $1.64 trillion

Posted on 23 June 2010 by VRS  |  Email |Print

From Zawya.com: Arab sovereign wealth funds boosted their size marginally in the first quarter of 2010 to $1.64 trillion aided by new cash injections and market recovery, data compiled in a recent study show.
“Along with new injections by their parent sovereigns, Arab sovereign wealth funds (SWF) are estimated to hold a total of as much as $1.62 trillion in assets in 2009 — increasing marginally to $1.64 trillion as of March 2010 — compared to holdings of between $0.9 and $1.5 trillion in 2007,” said the study titled “How Have Arab SWFs Been Affected by the
Financial Crisis?”………………………………………Full Article: Source

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Nigeria: There should be oil sovereign fund, says Utomi

Posted on 23 June 2010 by VRS  |  Email |Print

From Allafrica.com: Professor Pat Utomi, Chairman of the Social Democratic Mega Party has opined that only $30 of the value of oil sold should go into the Federal Allocation Account, FAAC.
The rest of the money should be kept in a Stabilisation Fund for a variety of federal interventions for subsidizing the everyday living of the poorest of the poor in our nation as well as investment for future generations of Nigerians………………………………………..Full Article: Source

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Azerbaijan sovereign fund to keep euro holdings

Posted on 23 June 2010 by VRS  |  Email |Print

From Reuters: Azerbaijan’s sovereign wealth fund has no plans to reduce euro holdings in its $17 billion portfolio as it is confident the euro zone will solve its debt crisis, the country’s chief investment officer said on Tuesday.
Concerns about huge debt in euro zone peripheral countries and the gloomy economic outlook pushed the euro to a four-year low around $1.1875 earlier this month — a 17 percent fall since January……………………………………….Full Article: Source

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CIC could invest in Bumi’s $495 mln stake sale

Posted on 23 June 2010 by VRS  |  Email |Print

From Reuters: PT Bumi Resources, Indonesia’s biggest coal miner by output, said Chinese sovereign fund China Investment Corp (CIC) could be one of the buyers of the company’s stake sale worth as much as $495 million.
In a statement issued on Wednesday in the Investor Daily newspaper, the company said JP Morgan, Credit Suisse and Raiffeisen Zentralbank Osterreich AG could also be potential buyers. CIC was not immediately available for comment……………………………………….Full Article: Source

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Parkway falls on advice Khazanah bid ‘not compelling’

Posted on 23 June 2010 by VRS  |  Email |Print

From Bloomberg: Parkway Holdings Ltd., the target of a S$1.18 billion ($852 million) bid for control by Khazanah Nasional Bhd., fell in Singapore trading after Morgan Stanley said the offer wasn’t compelling.
Parkway, Asia’s biggest hospital operator, lost 1.6 percent to S$3.69 as of 11:56 a.m., headed for the lowest close since June 7.
The price is less than the S$3.78 a share Khazanah offered on May 27 to more than double its Parkway stake to 51.5 percent and overtake Fortis Healthcare Ltd. as the Singapore- based company’s largest stakeholder……………………………………….Full Article: Source

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Khazanah’s partial offer for Parkway is a masterstroke

Posted on 23 June 2010 by VRS  |  Email |Print

From Thestar.com.my: An interesting feature in the much-publicised tussle for control over Singapore-listed Parkway Healthcare Ltd is Khazanah Nasional Bhd’s masterstroke of launching a partial offer to gain control of the former.
Khazanah’s partial offer put it in an advantageous position, whereby it only needs to fork out about a third of what it have to pay had it made a full general offer……………………………………….Full Article: Source

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Khazanah still mum on sale of Pos Malaysia stake

Posted on 23 June 2010 by VRS  |  Email |Print

From Thestar.com.my: Although news has surfaced that 11 parties are interested in bidding for Khazanah Nasional Bhd’s 32.2% stake in Pos Malaysia Bhd and that local bidders may team up with foreign ones, no further word has been forthcoming on how this plan is coming along.
It is believed that Khazanah has also not issued the “request for proposal” document, which would kickstart the tender process……………………………………….Full Article: Source

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Arab sovereign wealth funds boost assets to $1.64 trillion

Posted on 22 June 2010 by VRS  |  Email |Print

From Khaleejtimes.com: Arab sovereign wealth funds boosted their size marginally in the first quarter of 2010 to $1.64 trillion aided by new cash injections and market recovery, data compiled in a recent study show.
“Along with new injections by their parent sovereigns, Arab sovereign wealth funds (SWF) are estimated to hold a total of as much as $1.62 trillion in assets in 2009 — increasing marginally to $1.64 trillion as of March 2010 — compared to holdings of between $0.9 and $1.5 trillion in 2007,” said the study titled “How Have Arab SWFs Been Affected by the
Financial Crisis?”………………………………………Full Article: Source

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GCC funds eyeing New York assets - lawyer

Posted on 22 June 2010 by VRS  |  Email |Print

From Arabianbusiness.com: GCC sovereign wealth funds are seeking to invest heavily in the New York property market, a leading Manhattan-based real estate lawyer has told Arabian Business.
“There’s definitely been a renewed interest from Middle Eastern governmental funds coming back into the market, reworking their positions, and pre-negotiating with lenders on major positions that they’re holding,” Rheem Bell & Mermelstein co-founder Edward Mermelstein said in an interview……………………………………….Full Article: Source

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Recent investments by Qatar’s sovereign wealth fund

Posted on 22 June 2010 by VRS  |  Email |Print

From Reuters: Qatar’s sovereign wealth plans to invest $2.8 billion in Agricultural Bank of China’s initial public offering, sources confirmed.
Qatar Investment Authority (QIA) was one of the most active sovereign funds in 2009 with 14 publicly reported investments valued at over $32 billion. The fund was established in 2005 and is believed to have assets under management around $70 billion……………………………………….Full Article: Source

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Mideast funds take big bite of AgBank IPO

Posted on 22 June 2010 by VRS  |  Email |Print

From Tradearabia.com: The Kuwait Investment Authority has invested $800 million in Agricultural Bank of China, two sources said on Monday, giving Middle East funds a big slice of AgBank’s likely record $23 billion IPO.
The same sources confirmed a weekend report that the Qatar Investment Authority agreed to invest $2.8 billion in AgBank, a bigger-than-expected sum that gets underwriters closer to their goal of raising around $6 billion through cornerstone investors in the planned Hong Kong offering……………………………………….Full Article: Source

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Bahrain’s Mumtalakat plans 5-yr, $500 mln bond

Posted on 22 June 2010 by VRS  |  Email |Print

From Reuters: Bahrain’s sovereign wealth fund Mumtalakat plans to raise at least $500 million from a sale of bonds maturing in a minimum of five years, banking sources said on Monday.
The bond sale could be launched in the next few days to take advantage of a global rally and a boost from China’s vow to allow a more flexible yuan exchange rate. Beijing’s move has boosted global stocks and led to a fall in U. S. debt prices……………………………………….Full Article: Source

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Abu Dhabi’s investment fund looks to go private

Posted on 22 June 2010 by VRS  |  Email |Print

From Kuwaittimes.net: A fast-growing Abu Dhabi investment fund that is the top shareholder in Mercedes-Benz maker Daimler signaled yesterday it may take itself private, potentially shielding it from transparency requirements.
Aabar Investments announced it is considering the move in a brief regulatory filing on Abu Dhabi Securities Exchange. The firm is unusual among the Gulf’s often secretive investment funds in that it sells some shares to the public……………………………………….Full Article: Source

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Sovereign Wealth Funds from Asia invest in Chesapeake Energy

Posted on 22 June 2010 by VRS  |  Email |Print

From Bloomberg: Sovereign wealth funds from China, Singapore and South Korea and two private-equity firms agreed to invest $900 million in Chesapeake Energy Corp., the third- largest natural-gas producer in the U.S.
The investors bought the Oklahoma City-based gas company’s 5.75 percent convertible preferred stock on June 18, Chesapeake said yesterday in a statement, without giving details of the individual stakes. South Korea’s $30 billion sovereign wealth fund said yesterday it will spend $200 million……………………………………….Full Article: Source

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KIC, CIC, Temasek to invest in Chesapeake stake

Posted on 22 June 2010 by VRS  |  Email |Print

From Reuters: Korea Investment Corp (KIC) said on Monday it would invest $200 million in Chesapeake Energy Co as the U.S. No.2 natural gas company was set to issue $900 million worth of convertible preferred stock.
China Investment Corp (CIC) and Singapore state investor Temasek Holdings [TEM.UL] would also take stakes in Chesapeake, although the exact investment amount was not disclosed, KIC said in a statement……………………………………….Full Article: Source

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Korea Investment to spend $200 mln on Chesapeake

Posted on 22 June 2010 by VRS  |  Email |Print

From Bloomberg: Korea Investment Corp. will invest $200 million in Chesapeake Energy Corp., the third-largest U.S. natural-gas producer, as the South Korean sovereign wealth fund seeks to diversify its portfolio.
KIC joined other sovereign wealth funds Temasek Holdings Pte of Singapore and China Investment Corp., as well as private equity firms Hopu Investment Management Co. and Li Ka Shing (Canada) Foundation in the investor group that bought a total of $900 million of 5.75 percent convertible preferred stock on June 18, Chesapeake said today in a statement. The individual stakes weren’t announced……………………………………….Full Article: Source

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Yingru Li leaves China Investment Corp

Posted on 22 June 2010 by VRS  |  Email |Print

From Pehub.com: Yingru Li has been named co-chief investment officer for China Asean Fund, a $1 billion private equity fund targeting infrastructure, energy and natural resources opportunities in Southeast Asia.
Li previously was a managing director in of private equity investments for China Investment Corp. (one of CAF’s largest LPs) — a role that now will be filled by Jingping Guo (mostly focused on fund commitments and co-investments)……………………………………….Full Article: Source

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RiskMetrics recommends Khazanah bid for Parkway

Posted on 22 June 2010 by VRS  |  Email |Print

From Thestar.com.my: RiskMetrics, an independent advisory firm, yesterday recommended that Parkway investors approve a proposal allowing a partial takeover bid by Malaysia’s Khazanah Nasional Bhd.
The company said Khazanah’s offer price of S$3.78 a share exceeded Parkway’s share price before the offer, and shareholders would still be free to decide whether or not to accept Khazanah’s offer after the vote……………………………………….Full Article: Source

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Kazakhstan prepares for major privatizations

Posted on 22 June 2010 by VRS  |  Email |Print

From Reuters: Kazakhstan is ready to cut stakes in key companies to modernize the economy, and is looking to sell banks and energy assets in the next five years, the head of the sovereign wealth fund Samruk-Kazyna said.
“We are in discussions. A political decision is pending. For many large companies linked to Samruk-Kazyna there is talk of IPOs within 3-5 years,” Kairat Kelimbetov, chairman of the fund, whose holdings exceed $70 billion, told Reuters in interview……………………………………….Full Article: Source

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Brazil debt luring Sovereign Funds

Posted on 22 June 2010 by VRS  |  Email |Print

From Bloomberg: International pension and sovereign wealth funds are increasing demand for local Brazilian government bonds, lured by interest rates above 10 percent and a stable economy, Deputy Treasury Secretary Paulo Valle said.
Foreign investors hold 8.7 percent of Brazil’s domestic debt, compared with almost zero in 2006, Valle said in an interview at Bloomberg headquarters in New York. Investors from European and Asian nations such as South Korea and China are showing more interest, he said……………………………………….Full Article: Source

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SWFs eye BRICs but rules, liquidity restrain

Posted on 21 June 2010 by VRS  |  Email |Print

From Reuters: Euro zone woes have prodded Sovereign Wealth Funds’ towards more investments in emerging markets, but a lack of liquidity and rules on risk limit how much they can invest, financiers told a forum on Saturday.
The BRIC grouping of major emerging powers — Brazil, Russia, India and China — offered especially attractive prospects, according to a panel of SWF managers, bankers and economists discussing the issue……………………………………….Full Article: Source

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Saudi investor prince meets with Qatar Wealth Fund

Posted on 21 June 2010 by VRS  |  Email |Print

From AP: The investment company headed by the Saudi prince who is a major Citigroup shareholder says he discussed investments and future projects with the chief of an arm of Qatar’s sovereign wealth fund.
Prince Alwaleed bin Talal’s Kingdom Holding said Saturday the prince met with Qatar Holding CEO Ahmad al-Sayed in the Saudi capital Riyadh. The company says they discussed the Saudi prince’s existing holdings, “economic and investment issues, and future projects.”………………………………………Full Article: Source

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Qatar said to invest $2.8 bln in AgriBank IPO to tap growth

Posted on 21 June 2010 by VRS  |  Email |Print

From Bloomberg: The Qatar Investment Authority, the Gulf country’s sovereign wealth fund, agreed to invest $2.8 billion in Agricultural Bank of China Ltd.’s initial public offering to tap growth in the world’s third-biggest economy.
The $58 billion fund signed an agreement with Agricultural Bank on June 17, two people with knowledge of the matter said, declining to be identified because the deal is private. The bank has allocated more than $5 billion for corporate investors such as QIA in the Hong Kong part of its IPO, the people said……………………………………….Full Article: Source

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Qataris raise bet on London real estate to protect gas wealth

Posted on 21 June 2010 by VRS  |  Email |Print

From Bloomberg: Qatar’s sovereign wealth fund has been buying up some of the highest quality properties in London, as the Persian Gulf country takes advantage of lower prices and the pound’s weakness to invest its gas wealth.
Barwa Real Estate Co., controlled by the fund, yesterday agreed to buy Park House for 250 million pounds ($370 million)……………………………………….Full Article: Source

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QIA set to take over Canary Wharf owner

Posted on 21 June 2010 by VRS  |  Email |Print

From Thepeninsulaqatar.com: Qatar’s sovereign wealth fund is set to take over Songbird, the listed owner of Canary Wharf, as the country steps up its London spending spree.
The Qatar Investment Authority, which already owns Harrods and stakes in Barclays and the London Stock Exchange, plans to spend more than £700m to mop up the 76 percent of Songbird that it does not already own, it is learnt……………………………………….Full Article: Source

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Songbird estates: No approach from Qatar Investment Authority

Posted on 21 June 2010 by VRS  |  Email |Print

From Dow Jones: Songbird Estates PLC, which owns most of London’s second financial district Canary Wharf, Friday said it hasn’t received any approaches from investor and major shareholder Qatar Investment Authority, but its shares soared on speculation that the Gulf sovereign wealth fund is considering a takeover of the property specialist.
A spokeswoman for Songbird said the company hasn’t received “any approach” from QIA at all, whether to launch a bid or increase its shareholding in the company……………………………………….Full Article: Source

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Bahrain wealth fund to launch bond road show

Posted on 21 June 2010 by VRS  |  Email |Print

From Arabnews.com: Bahrain’s sovereign wealth fund has joined a rush by Gulf entities to market bonds and, according to a source at one of the arranging banks, plans to meet Asian and European fixed income investors from Thursday.
The state-owned wealth fund Mumtalakat Holding has appointed Deutsche Bank, HSBC, J.P. Morgan and Standard Chartered to arrange the meetings……………………………………….Full Article: Source

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Bahrain’s Mumtalakat FY loss rises on Gulf Air

Posted on 21 June 2010 by VRS  |  Email |Print

From Reuters: Bahrain’s sovereign wealth fund Mumtalakat Holding’s full-year net loss in 2009 more than doubled due to higher losses at its portfolio companies Gulf Air and Aluminium Bahrain, a document showed.
Mumtalakat, which bundles Bahrain’s non-oil state-owned companies, said in an investor presentation reviewed by Reuters that its 2009 net loss was $487.2 million, compared with a loss of $184.3 million in 2008……………………………………….Full Article: Source

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Mumtalakat eyes new investments

Posted on 21 June 2010 by VRS  |  Email |Print

From Gulf-daily-news.com: The aftermath of the global economic downturn has seen significant reductions in asset valuations in large parts of the world, creating potential investment opportunities for Mumtalakat, according to its chief executive officer Talal Alzain.
He said there were many opportunities to buy distressed assets worldwide, although he was cautious about some parts of Asia where prices were still inflated……………………………………….Full Article: Source

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GCC foreign assets set to scale new peak

Posted on 21 June 2010 by VRS  |  Email |Print

From Business24-7.ae: Independent estimates showed more than half the GCC’s foreign assets are controlled by their sovereign wealth funds (SWFs), including the Abu Dhabi Investment Authority (Adia), and the Kuwaiti and Qatari Investment Authorities. The Saudi Arabian Monetary Agency (Sama), the kingdom’s Central Bank, is also believed to be one of the world’s largest foreign asset holders.
Estimates by the US SWF Institute showed Adia controlled about $627bn at the end of 2009 while funds held by KIA and QIA were put at nearly $202.8bn and $65bn respectively. Sama’s assets stood at $431bn……………………………………….Full Article: Source

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China-invested noble, buys U.S. uranium supplier stake

Posted on 21 June 2010 by VRS  |  Email |Print

From Bloomberg: Noble Group, in which China’s sovereign wealth fund is a shareholder, bought a 5.1 percent stake in USEC Inc., the only American-owned provider of enriched uranium for use in civilian nuclear reactors, the New York Times reported, citing a filing to the Securities and Exchange Commission.
Noble, which paid $30.2 million for the stake, wants to become USEC’s partner in marketing uranium enrichment for reactors in Asia, particularly China, Richard Elman, Noble’s founder and executive chairman, told the newspaper……………………………………….Full Article: Source

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Chairman of CIC to visit Egypt

Posted on 21 June 2010 by VRS  |  Email |Print

From Ce.cn: The chairman of China’s sovereign wealth fund, which manages $300 billion in assets, will visit Egypt to discuss infrastructure and other possible investments in the Arab world’s most populous nation, a minister said.
Egypt, whose economy has kept growing at around 5 percent throughout the global financial crisis, wants to push foreign direct investment (FDI) back to around $10 billion a year, the level it hit before the world downturn……………………………………….Full Article: Source

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A $3-bln question

Posted on 21 June 2010 by VRS  |  Email |Print

From Todayonline.com: The possible entry of Mukesh Ambani of Reliance Industries as a potential stakeholder of Fortis Healthcare, takes its battle with Malaysian sovereign wealth fund, Khazanah Nasional, for control of Singapore healthcare group, Parkway Holdings, on to a whole new dimension.
Mr Ambani’s reported fortune of some US$29 billion ($40 billion) may provide Fortis the financial muscle to take on Khazanah, which controls assets worth US$30-billion……………………………………….Full Article: Source

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GIC to launch $700 mln IPO

Posted on 21 June 2010 by VRS  |  Email |Print

From Supplychain.cn: Singapore’s biggest sovereign wealth fund GIC is looking to kick off an initial public offering of its logistics business around the fourth quarter to raise at least S$1 billion ($707 million).
It is set be the biggest IPO in Singapore since CapitaMalls Asia raised $2 billion late last year and will allow the world’s fourth-biggest sovereign fund to raise cash for further investments……………………………………….Full Article: Source

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Brazil’s sovereign fund to purchase central bank shares

Posted on 21 June 2010 by VRS  |  Email |Print

From Peopledaily.com.cn: Brazil’s Sovereign Fund (FSB), which has raised some 9.5 billion U.S. dollars since its inception two years ago, will purchase shares of Bank of Brazil for the first time.
The official Agencia Brasil news agency reported Friday that the Fiscal Fund for Investment and Stabilization, a subordinate body of the FSB, has been authorized to purchase up to 21.85 percent of the new shares to be offered by the central bank early next month……………………………………….Full Article: Source

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Say ‘Bom Dia’ to Brazilian businesses

Posted on 21 June 2010 by VRS  |  Email |Print

From Slate.com: A few years ago, dealmakers were abuzz—and many analysts were fearful—about the prospect of sovereign wealth funds from the Persian Gulf and China shifting their strategies from buying U.S. government bonds to purchasing U.S. companies. Since many of those bubble-era deals exploded, the sovereign wealth funds have become much less aggressive about entering the U.S. market.
But now there are signs that the Brazilians may be picking up some of the slack. Last week, Brazilian meatpacker Marfrig agreed to acquire Keystone Foods for $1.25 billion. As a result, the Brazilian firm will now become a key supplier to all-American fast-food chains like Subway and McDonald’s……………………………………….Full Article: Source

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Brazil Sovereign Wealth Fund to buy Banco Do Brasil shares

Posted on 18 June 2010 by VRS  |  Email |Print

From Dow Jones: The Brazilian sovereign wealth fund will buy 66.5 million shares to be offered by state-run Banco do Brasil SA, Latin America’s biggest bank by assets, through bank’s primary and secondary offering of shares on the Sao Paulo Stock Exchange, BMFBovespa.
Banco do Brasil said, in a statement late Wednesday, that Brazil’s sovereign wealth fund, Fundo Soberano do Brasil, will acquire its shares via a special fund known as FFIE…………………………………………..Full Article: Source

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CIC speeds up investment in North America

Posted on 18 June 2010 by VRS  |  Email |Print

From People.com.cn: Focusing on financial and energy companies, the China Investment Corporation (CIC) is expanding its holdings in North America.
Earlier this month, the United States Securities and Exchange Commission (SEC) revealed that CIC agreed to pay 817 million U.S. dollars for a 45 percent interest in a joint venture to develop Penn West Energy Trust’s Peace River oil sands assets along with an additional 435 million U.S. dollars to take a 5 percent equity stake in the trust itself…………………………………………..Full Article: Source

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Who’s afraid of Sovereign Wealth Funds?

Posted on 18 June 2010 by VRS  |  Email |Print

From Investmentreview.com: Sovereign wealth funds conjure up images of Middle Eastern countries buying U.S. companies or China making a grab for resource stocks. They certainly stir up anxiety – one reason for the U.S. to dust off rules on foreign ownership that had lain dormant for decades.
But is the worry merited? Do sovereign wealth funds act any differently than other corporations making mergers and acquisitions?………………………………………….Full Article: Source

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Euro zone crisis and sovereign wealth funds

Posted on 18 June 2010 by VRS  |  Email |Print

From Reuters: Two academics from the Fletcher School at the Tufts University have written a special guest blog for Macroscope on the impact of the euro zone debt crisis on sovereign wealth funds. Dr. Eliot Kalter is a senior fellow, The Fletcher School at Tufts University, Sovereign Wealth Fund Initiative, and president of E M Strategies, Inc. Thomas F. Holt, Jr. is an adjunct professor of law, The Fletcher School and partner in the global law firm K&L Gates LLP.
“While Sovereign Wealth Funds (SWFs) vary widely in their size and investment objections, continuing tensions in the euro zone and in global markets more generally can only accelerate their concerns about investing in the West…………………………………………..Full Article: Source

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Qatar fund set to buy Canary Wharf -paper

Posted on 18 June 2010 by VRS  |  Email |Print

From Reuters: Qatar’s sovereign wealth fund is set to take over Songbird Estates, owner and manager of much of Canary Wharf, as the Gulf state expands its growing London property portfolio, the Times reported on Friday.
Qatar Investment Authority (QIA) plans to spend more than $700 million to buy the 76 percent of Songbird it does not already own, the paper said. Songbird’s two top shareholders are currently Qatar and China’s wealth funds. ………………………………………….Full Article: Source

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Qatar Fund moves on two of London’s luxury hotels

Posted on 18 June 2010 by VRS  |  Email |Print

From Bloomberg: The Qatar Investment Authority, one of the world’s best endowed sovereign wealth funds, is in talks to buy a one-third stake in London’s Savoy Hotel and is among the final bidders in an auction for the Grosvenor House Hotel, the London-based Times reported, without saying where it got the information.
The Savoy, currently being restored, is jointly owned by Lloyds Banking Group Plc’s HBOS unit and Saudi Arabia’s Prince Alwaleed bin Talal; none of the parties would comment on the talks, the newspaper said…………………………………………..Full Article: Source

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Mumtalakat may sell $500 mln of bonds next week

Posted on 18 June 2010 by VRS  |  Email |Print

From Bloomberg: Bahrain Mumtalakat Holding Co., the Persian Gulf country’s sovereign wealth fund, may sell $500 million of bonds as soon as next week in its first sale of debt overseas, according to a person familiar with the plan.
The offering will depend on market conditions and proceeds will be used to refinance short-term bank loans, said the person, who declined to be identified because terms aren’t set. The wealth fund is meeting with investors in Asia, the Middle East and Europe…………………………………………..Full Article: Source

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Istithmar postpones ISS sale after drawn-out process

Posted on 18 June 2010 by VRS  |  Email |Print

From Dow Jones: Istithmar, part of Dubai’s sovereign wealth fund, has postponed the sale of Inchcape Shipping Services, a person familiar with the situation told Dow Jones Newswires Thursday.
The decision comes after a long drawn out process that frustrated bidders because of confusing and limited due diligence, people said. In particular, bidders weren’t provided with adequate information as part of the due diligence process, people said…………………………………………..Full Article: Source

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Kuwait must expand its financial sector

Posted on 18 June 2010 by VRS  |  Email |Print

From Forbes: Although Kuwait’s official surpluses have been channeled through the Kuwait Investment Authority (KIA), established in 1982, much of the private wealth which has accumulated over the last half-century has gone into private investment funds.
One of the most reputable has been Investment Dar, a company founded in 1994 that only invests in sharia-compliant activities…………………………………………..Full Article: Source

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Oil Fund earns over $60 mln from foreign assets in Q1

Posted on 18 June 2010 by VRS  |  Email |Print

From News.az: Azerbaijan’s State Oil Fund, SOFAZ, received its highest income from assets invested abroad in the first quarter of 2010.
As of 1 April 2010, SOFAZ had earned $62.2 million from its assets abroad, according to figures from the Central Bank of Azerbaijan…………………………………………..Full Article: Source

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Azerbaijan State Oil Fund to provide more funds to improve IDPs’ living conditions

Posted on 18 June 2010 by VRS  |  Email |Print

From Today.az: This year the State Oil Fund provided 80 million manat to improve living conditions of IDPs. However, these funds are expected to be increased up to 100 million manat through additional funds.
Chairman of the Azerbaijan State Committee for Refugees and IDPs Ali Hasanov said that the state program provides for resettlement of internally displaced persons from summer camps, boarding houses, sanatoria, kindergartens, and this process is carried out gradually…………………………………………..Full Article: Source

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