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Sovereign Wealth Funds Briefing - Archive | July, 2010

China: Encourage Singapore GIC to participate in China SOE restructuring

Posted on 30 July 2010 by VRS  |  Email |Print

From Dow Jones: China welcomes Government of Singapore Investment Corp., the city state’s sovereign wealth fund, to strengthen cooperation with its state-owned enterprises and participate in their restructuring, a Chinese official said in a statement Thursday.
The remarks, made in a meeting between a Chinese regulator and a GIC executive, likely indicate that China would welcome investment in its state-owned companies by GIC, which manages Singapore’s foreign exchange reserves and is one of the world’s largest sovereign wealth funds……………………………………….Full Article: Source

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China’s sovereign fund posts 11.7 pct return in 2009

Posted on 30 July 2010 by VRS  |  Email |Print

From AFP: China’s 300-billion-dollar sovereign wealth fund recorded a double-digit return on its overseas investments in 2009, state media said Thursday, reversing a decline in the previous year.

China Investment Corporation made 11.7 percent on 58 billion dollars invested overseas last year, the official Xinhua news agency said, citing the fund’s annual report……………………………………….Full Article: Source

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CIC reaps gains from rosy overseas investments

Posted on 30 July 2010 by VRS  |  Email |Print

From Peopledaily.com.cn: China Investment Corporation (CIC), the nation’s sovereign wealth fund, said on Thursday it posted a solid return of 11.7 percent on its global investment portfolio in 2009, thanks to major global moves made last year.
The fund said it reaped a net profit of $41.66 billion in 2009 after making a total investment of $58 billion over the period……………………………………….Full Article: Source

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Here is the sovereign wealth fund making all others look average

Posted on 30 July 2010 by VRS  |  Email |Print

From Businessinsider.com: China’s sovereign wealth fund, China Investment Corp., has just announced profits and they are booming. 2009 profits for the fund were $41.66 billion, up significantly over 2008’s profits of $23.1 billion, according to China Daily. That’s an 83.4% change.
And all of these profits weren’t made just in the booming Chinese market. 11.7% of CIC’s profits were made outside the country. The fund’s assets are now at $300 billion. That makes it the fifth largest in the world, according to most recent information……………………………………….Full Article: Source

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China sovereign fund sees tough 2010 after good 2009

Posted on 30 July 2010 by VRS  |  Email |Print

From Ibtimes.com: China Investment Corp (CIC) faces a challenging environment in 2010 but its long-term prospects remain rosy, the $300 billion sovereign wealth fund said in its annual report published on Thursday.
After global markets rebounded in 2009, sovereign wealth funds, which manage an estimated $3 trillion in total, are slowly emerging from the credit crisis……………………………………….Full Article: Source

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Central Huijin said to plan bond sales as soon as next month

Posted on 30 July 2010 by VRS  |  Email |Print

From Bloomberg: Central Huijin Investment Co., the domestic arm of China’s sovereign wealth fund, plans to sell bonds as soon as next month, according to a person with direct knowledge of the matter.
China International Capital Corp. and Citic Securities Co. will help the Beijing-based company sell bonds in batches of up to 40 billion yuan ($5.9 billion), said the person, who asked not to be identified as the details are private. The total size of the sales hasn’t been decided, the person said……………………………………….Full Article: Source

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China Everbright Bank eyes Aug. 18 listing

Posted on 30 July 2010 by VRS  |  Email |Print

From Reuters: China Everbright Bank aims to complete its potential $2.9 billion Shanghai initial public offering by Aug. 18, joining larger rivals in tapping the market for funds after a 2009 lending binge dented balance sheets.
Controlled by Central Huijin, the investment arm of China’s sovereign wealth fund, Everbright Bank, China’s 11th biggest lender by assets, will kickstart investor roadshows in four major Chinese cities, including Beijing and Shanghai, from July 30 to Aug. 5 and aims to list on the Shanghai Stock Exchange on Aug. 18, it said in a statement late on Thursday……………………………………….Full Article: Source

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Singapore Mapletree bets on Beijing, Shanghai real estate

Posted on 30 July 2010 by VRS  |  Email |Print

Mapletree Investments Pte Ltd., real estatearm under Temasek Holdings that is an investment company owned by the government of Singapore, announced that it would start a private equity fund specializing in the real estate investment on the Chinese market, especially first- and second-tier cities such as Beijing and Shanghai.
The fund is designed to mainly engage in projects integrating residential use, commercial use, and retail……………………………………….Full Press Release: Source

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German team visits RAK to explore opportunities

Posted on 30 July 2010 by VRS  |  Email |Print

From Menafn.com: Ras Al Khaimah Investment Authority (RAKIA), a major provider of investment opportunities and one-stop solutions in its free zones, industrial parks and offshore facilities, has announced that it recently welcomed a 15-member German business delegation that visited the emirate to explore investment opportunities.
The German delegation was given a comprehensive presentation highlighting the emerging investment avenues in Ras Al Khaimah. The presentation focused on the role and achievements of RAKIA and RAK Ceramics, the world’s largest ceramic tiles and sanitary ware manufacturing company……………………………………….Full Article: Source

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Sovereign wealth fund from LNG project set to give large boost to PNG economy

Posted on 30 July 2010 by VRS  |  Email |Print

From Rnzi.com: The proposed Papua New Guinea Sovereign Wealth Fund to be set up to invest funds from the large Liquefied Natural Gas project is expected to double the country’s Gross Domestic Product to about 18 billion US dollars.
PNG’s deputy secretary of Treasury and the chairman of the Fund’s working group, Anthony Yauieb, says huge dividends would flow into the fund from 2014 when the LNG project is in full operation……………………………………….Full Article: Source

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Teck Resources profit drops with currency fluctuation

Posted on 30 July 2010 by VRS  |  Email |Print

From Peopledaily.com.cn: Teck Resources Limited, the Canadian base metal producer which received a 1.5-billion- U.S.- dollar-investment from China’s Sovereign Wealth Fund last year, reported a 54 percent drop in second-quarter profit Wednesday in comparison to the period a year ago.
In a conference call with media, the Vancouver-based producer of coal, zinc and copper, among others, reported a net income of 260 million Canadian dollars (about 268 million U.S. dollars), or 44 Canadian cents a share, down from 570 million Canadian dollars a year ago……………………………………….Full Article: Source

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Big is beautiful in hedge fund land, for now

Posted on 30 July 2010 by VRS  |  Email |Print

From Reuters: More than ever, sovereign wealth funds and institutions are entrusting their money disproportionately to the largest hedge funds. They may find out bigger isn’t always better.
The size fetish has meant that the share of industry assets held by firms with more than $1 billion under management has risen gradually from about 75 percent in 2006 to about 82 percent at the start of this year………………………………………Full Article: Source

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CIC sells another $125mln of Morgan Stanley stock

Posted on 29 July 2010 by VRS  |  Email |Print

From Dow Jones: China Investment Corp. continued to sell shares of Morgan Stanley (MS), unloading another $125 million of the stock, according to a recent filing with the U.S. Securities and Exchange Commission.
The stock sale, made in two separate transactions, follows CIC’s $138.5-million sale of 5.1 million of the investment bank’s shares last week. CIC, whose stake in Morgan Stanley rose to more than 10% last month, may have sold the shares to avoid more regulatory scrutiny as ownership above that percentage could mean additional disclosure requirements……………………………………….Full Article: Source

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CIC sold $396.5 mln of Morgan Stanley shares in past week

Posted on 29 July 2010 by VRS  |  Email |Print

From Bloomberg: China Investment Corp., the Chinese sovereign wealth fund that bought a 9.9 percent stake in Morgan Stanley in 2007, sold $132.8 million of shares in the investment bank yesterday, bringing the total amount sold in the last week to $396.5 million.
CIC sold 4.88 million shares at a weighted average of $27.25 yesterday, the Beijing-based fund said in a regulatory filing. CIC still owns 161.6 million Morgan Stanley shares, according to the filing……………………………………….Full Article: Source

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Khazanah ‘hires 3 banks to sell S$ sukuk’

Posted on 29 July 2010 by VRS  |  Email |Print

From Todayonline.com: Khazanah Nasional, Malaysia’s state investment company, has hired three banks to help it sell Singapore dollar-denominated sukuk or Islamic bonds, according to a source.
CIMB Investment Bank, DBS Bank and OCBC will arrange a so-called benchmark sale of five- and 10-year sukuk, the source said. Benchmark typically means at least $500 million……………………………………….Full Article: Source

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Winners emerge, but it’s not game over

Posted on 29 July 2010 by VRS  |  Email |Print

From Todayonline.com: Malaysian sovereign wealth fund Khazanah Nasional had triggered the battle for control of Parkway on May 27 by making a partial offer through its wholly-owned Integrated Healthcare Holdings for the Singapore-based health care group at $3.78 a share.
Then, India’s Fortis Healthcare countered with a general offer through RHC Healthcare at $3.80 a share, which would have cost the group some $3.2 billion on full acceptance……………………………………….Full Article: Source

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Temasek in Mexico JV

Posted on 29 July 2010 by VRS  |  Email |Print

From Straitstimes.com: Singapore state investor Temasek Holdings said it has formed a joint venture with Impulsora Mexicana de Desarrollos Inmobiliarios to invest in land and real estate in Mexico.
The partners will invest a total of US$200 million (S$272 million) in the venture, which will formally start this quarter, according to an e-mailed statement from Temasek……………………………………….Full Article: Source

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Mapletree Logistics sees value of assets doubling in five years

Posted on 29 July 2010 by VRS  |  Email |Print

From Bloomberg: Mapletree Logistics Trust, an industrial landlord partly owned by Temasek Holdings Pte, expects to double the value of its assets to about S$6 billion ($4.4 billion) in five years, spurred by tailor-made warehouses.
“We want to be able to get ourselves to a size where it makes us a leading player” serving logistics operators across Asia, Chief Executive Officer Richard Lai said in an interview in Singapore yesterday. “There’s a lot of growth potential and opportunities out there.”………………………………………Full Article: Source

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Dubai Investments Q2 profit falls 32 pct

Posted on 29 July 2010 by VRS  |  Email |Print

From Arabianbusiness.com: Dubai Investments, in which the emirate’s sovereign wealth fund Investment Corporation of Dubai has a stake, derives most of its revenues from the United Arab Emirates and other Gulf Arab countries.
It competes with developer Emaar Properties and Deyaar in Dubai’s residential sector and launched its first residential project, Ritaj, in 2006……………………………………….Full Article: Source

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Emirates Aluminium reaches financial close on direct loans and loan guarantees

Posted on 29 July 2010 by VRS  |  Email |Print

From Ameinfo.com: EMAL, a 50/50 joint-venture between Dubai Aluminium Company (DUBAL) and Mubadala Development Company (Mubadala), has reached financial close on $736m of direct loans and guarantees from a consortium of Export Credit Agencies (ECAs).
The ECA financing facilities complement the initial financing from term lenders that reached financial close in December 2007……………………………………….Full Article: Source

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NZ Super pips Australian through international equities

Posted on 29 July 2010 by VRS  |  Email |Print

From Financialstandard.com.au: The New Zealand Superannuation Fund beats the average return of an Australian super fund by 50 per cent, buoyed by a portfolio that is heavily biased towards international equities.
NZ Super recently released results showing the $12.8 billion fund had returned 15.45 per cent over the 2009/2010 financial year, after fees but before tax……………………………………….Full Article: Source

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China’s CIC to start new round of global hiring

Posted on 28 July 2010 by VRS  |  Email |Print

From Bloomberg: China Investment Corp., the nation’s sovereign wealth fund, is starting a new round of international hiring to meet its “business development needs,” according to a statement today on its website.
The company is offering 64 positions from asset allocation to private equity investment, with jobs posted on its website……………………………………….Full Article: Source

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CIC might be launching a hedge fund right now

Posted on 28 July 2010 by VRS  |  Email |Print

From Businessinsider.com: China Investment Corp has started a big round of international hiring, and word is it’s because they’re starting a hedge fund.
CIC is hiring for 64 new positions available within areas like asset allocation and strategic research, financial analysis, credit- and country-risk management, hedge-fund analysis, special investment, and private-equity investment………………………………………Full Article: Source

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‘Second’ asset management firm to be set up

Posted on 28 July 2010 by VRS  |  Email |Print

From Peopledaily.com.cn: Nicknamed the second China Investment Corporation (CIC), the new firm will be a domestically oriented sovereign wealth fund set up by SASAC to better manage State-owned assets in the industrial sector, similar to the role of CIC that manages part of the country’s foreign exchange reserve in the financial sector.
Zhang Weiguo, an analyst at China Galaxy Securities, said the new firm will help optimize operations of large State-owned enterprises by spinning off their non-performing assets……………………………………….Full Article: Source

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CIC sold $138.5 mln Morgan Stanley shares - SEC filing

Posted on 28 July 2010 by VRS  |  Email |Print

From Dow Jones: China’s sovereign wealth fund sold $138.5 million worth of Morgan Stanley (MS) shares last week, according to a filing to the U.S. Securities and Exchange Commission.
The reason for the sale wasn’t immediately clear, but China Investment Corp. may have sold the shares, which represent a small fraction of its holdings in Morgan Stanley, to avoid closer regulatory scrutiny after its stake in the investment bank rose to more than 10% last month. Owning a stake of more than 10% in a U.S.-listed company would trigger additional disclosure requirements……………………………………….Full Article: Source

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Singapore Temasek in $200 mln JV with Mexico’s IMDI

Posted on 28 July 2010 by VRS  |  Email |Print

From Reuters: Singapore state investor Temasek Holdings has agreed to enter a joint venture with Impulsora Mexicana de Desarrollos Inmobiliarios (IMDI) to seek investment opportunities in Mexico’s real estate sector.
The two partners will commit $200 million to the joint venture, which will be formally launched in the third quarter of this year, Temasek said in a statement on Tuesday……………………………………….Full Article: Source

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Temasek eyes Viet firm’s convertible bonds

Posted on 28 July 2010 by VRS  |  Email |Print

From Todayonline.com: Vietnam’s HAGL Group is said to be in talks with Singapore’s investment arm Temasek Holdings for its subscription in US$57.6 million ($78.36 million) of convertible bonds that the conglomerate is issuing.
Quoting HAGL chairman Doan Nguyen Duc, Dow Jones News Wires said the Vietnamese firm is in the process of completing the procedures to sell the bonds……………………………………….Full Article: Source

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UBS earns $2.6bln in Q2

Posted on 28 July 2010 by VRS  |  Email |Print

From Todayonline.com: Swiss banking giant UBS, in which the Government of Singapore Investment Corp (GIC) is the biggest shareholder with a 6.6-per-cent stake, yesterday said it posted a net profit of 2 billion francs ($2.58 billion) for the second quarter, beating analysts’ expectations.
Analysts polled by news agency AWP had predicted a profit of 1.1 billion francs for the April-to-June period……………………………………….Full Article: Source

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Top Singapore firms lead on Khazanah bid for Parkway Holdings

Posted on 28 July 2010 by VRS  |  Email |Print

From Typepad.com: Most of Singapore’s top domestic law firms got in on the scrum that saw Malaysia’s sovereign wealth fund outbid an Indian health care group to acquire Parkway Holdings Ltd., Southeast Asia’s largest hospital chain, for around $2.6 billion. The deal was announced Monday.
The bid by a wholly owned subsidiary of Khazanah Nasional, an investment arm of the Malaysian government, beat out a $2.3 billion bid by India’s Fortis Healthcare for Parkway……………………………………….Full Article: Source

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Fortis exits Parkway, makes $85 mln

Posted on 28 July 2010 by VRS  |  Email |Print

From Livemint.com: Brothers Malvinder and Shivinder Mohan Singh withdrew from the battle for Singapore-based healthcare chain Parkway Holdings Ltd, agreeing to sell their 25% stake to Malaysian state fund Khazanah Nasional Bhd for a premium over the price they had bought it for.
The Singhs stand to make an estimated $85 million (around Rs399 crore) from the trade, besides having gained information about expansion opportunities during their Parkway stint……………………………………….Full Article: Source

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How the Singh brothers bagged S$116 mln profit

Posted on 28 July 2010 by VRS  |  Email |Print

From Rediff.com: By agreeing to sell their stake to Khazanah, the Malaysian sovereign wealth fund, for a profit of S$116 million (Rs 383 crore), the brothers have shown they are practical businessmen; their head is above their heart.
The Singhs are rich people: they had sold their family firm, Ranbaxy, to Daiichi Sankyo of Japan in mid-2008 for almost Rs 10,000 crore. They have now chosen to bow out of a bidding war with Khazanah which could have bled them……………………………………….Full Article: Source

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Superannuation fund ’should be dismantled’

Posted on 28 July 2010 by VRS  |  Email |Print

From Stuff.co.nz: Despite achieving a 15.45 per cent return for the 2009-10 year, the New Zealand Superannuation Fund has not increased the security of the country’s superannuation and it should be dismantled, a retirement think-tank says.
The fund’s performance and portfolio update released yesterday shows it sat at $15.63 billion at June 30 and its annual result this year is a big improvement on this time last year when it reported a 22.14 per cent loss in the midst of the global financial crisis……………………………………….Full Article: Source

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Excess Crude: Govs want $3bln shared

Posted on 28 July 2010 by VRS  |  Email |Print

From Thisdayonline.com: Governors from the 36 states of the federation are mounting pressure on the Federal Government to share another $3 billion be shared from the savings in Excess Crude Account (ECA).
The governors, THISDAY can reveal, made the demand at the recent National Economic Council (NEC) meeting in Abuja……………………………………….Full Article: Source

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EDF received two offers Monday for U.K. grids

Posted on 28 July 2010 by VRS  |  Email |Print

From Dow Jones: French state-controlled power giant Electricite de France SA received two fully financed offers–both valued at more than GBP5 billion–for its U.K.-based power distribution grids, a person familiar with the matter said Tuesday.
Hong Kong-based Cheung Kong Infrastructure, or CKI, and a consortium comprising sovereign wealth fund Abu Dhabi Investment Authority, Macquarie Capital and Canada Pension Plan, made the two separate offers……………………………………….Full Article: Source

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This Chile is a hot investment!

Posted on 28 July 2010 by VRS  |  Email |Print

From Wallstcheatsheet.com: Chile operates one of the most successful and balanced sovereign wealth funds in the world, which enabled the country to undertake an aggressive stimulus plan in the face of a troubled global economy in 2008.
In Boom, Bust and Better Policy, both Joseph Stiglitz, a Nobel prize economist, and Chris Canavan, the Chief Risk Officer at Goldman Sachs, highlighted Chile as one of the ultimate success stories in its ability to manage economic and resource volatility with a sovereign wealth fund……………………………………….Full Article: Source

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Malaysian sovereign wealth fund set to buy Parkway

Posted on 27 July 2010 by VRS  |  Email |Print

From Chinaeconomicreview.com: Singaporean health care company Parkway is about to be sold, but is its business model a winner? So there we have it. The healthcare company that started as Gleneagles Hospital in Singapore in 1957 is now worth S$4.5 billion ($3.3 billion) and is about to sold off to Malaysia’s sovereign wealth fund.
Khazanah has offered S$3.5 billion for almost three-quarters of Asia’s largest hospital operator, topping a bid by Fortis Healthcare……………………………………….Full Article: Source

Khazanah bids S$3.5bln to buy Parkway; Fortis to exit

Posted on 27 July 2010 by VRS  |  Email |Print

From Dow Jones: Khazanah Holdings Monday launched a full takeover offer for Parkway Holdings Ltd., prompting Indian rival Fortis Healthcare Ltd. to abandon its bid for control of the Singapore healthcare group and sell its stake to the Malaysian sovereign wealth fund.
Khazanah, through its wholly owned Integrated Healthcare unit, has offered S$3.95 a share for the Parkway shares it doesn’t already own in a deal that would cost the sovereign wealth fund S$3.5 billion……………………………………….Full Article: Source

Ball now in Khazanah’s court

Posted on 27 July 2010 by VRS  |  Email |Print

From Straitstimes.com: Speculation mounted on Monday over Khazanah Nasional’s next move in its battle with India’s Fortis Healthcare for control of Parkway Holdings.
The Malaysian sovereign wealth fund’s $1.18 billion partial offer for a majority stake in the local health-care giant closes on Monday, after it was extended without any changes to its terms from July 8……………………………………….Full Article: Source

A five-month brewing of a bonanza

Posted on 27 July 2010 by VRS  |  Email |Print

From Business-standard.com: At the beginning of this month, when the Fortis-Khazanah tussle over Parkway was getting intense, brothers Malvinder and Shivinder Mohan Singh, the promoters of Fortis, came to Mumbai to meet senior bankers from IDBI, Exim Bank, Bank of India, Axis and State Bank of India to explain their strategy and get the lenders’ support.
In one such meeting, a banker asked the brothers to what extent they would fight it out. “We will fight,” Malvinder had said, “but we are not emotional about it. In business, decisions should be taken from the head, not from the heart.”………………………………………Full Article: Source

Japanese brewer Kirin to buy Temasek’s 14.7pct stake in Fraser & Neave for S$1.34 bln

Posted on 27 July 2010 by VRS  |  Email |Print

From Domain-b.com: Kirin Holdings, Japan’s largest brewer, today said that it agreed to buy Singapore sovereign wealth fund Temasek Holdings 14.7 per cent stake in Fraser & Neave, maker of Tiger beer for S$1.34 billion ($974 million).
Kirin Holdings will buy 205.5 million Fraser & Neave shares from Seletar Investments Pte, a wholly owned subsidiary of Temasek Holdings for S$1.34 billion ($974 million), said the Tokyo-based Kirin……………………………………….Full Article: Source

Singapore Airlines’ Q1 net profit beats forecast

Posted on 27 July 2010 by VRS  |  Email |Print

From Asiaone.com: Shares in Singapore Airlines, which is 54.5 per cent owned by state investor Temasek Holdings, have fallen about 1 per cent this year, underperforming the broader Singapore market which rose 2.3 per cent as well as major rivals.
Analysts say Singapore Airlines’ reliance on premium travellers and its conservative growth strategy compared to its rivals have made its share price lag other major Asian carriers……………………………………….Full Article: Source

Switzerland’s Partners Group to manage Korean sovereign money

Posted on 27 July 2010 by VRS  |  Email |Print

From IPE: Partners Group will help Korea Investment Corporation (KIC) invest in recapitalising opportunities in the real estate markets as part of the sovereign wealth fund’s drive to double its exposure to alternative investments.
The investment manager, which specialises in investing in a broad range of non-listed real estate opportunities – from funds to direct deals – was awarded the mandate several months after KIC revealed it was increasing its weighting to alternatives from 5% to 10%……………………………………….Full Article: Source

China Everbright Bank gets nod for Shanghai IPO

Posted on 27 July 2010 by VRS  |  Email |Print

From Indiatimes.com: China Everbright Bank’s plan to raise up to $2.9 billion in a Shanghai IPO has been approved by the securities regulator, two sources said, in what will be the latest Chinese bank to try and tap markets for funds when conditions are still favourable.
Controlled by Central Huijin, the investment arm of China’s sovereign wealth fund, Everbright Bank, China’s 11th biggest bank by assets, would sell up to 6.1 billion shares in the initial public offering, said the sources……………………………………….Full Article: Source

Beyond oil: Global energy security & sovereign wealth funds

Posted on 27 July 2010 by VRS  |  Email |Print

From ensec.org: Does the rise of sovereign wealth funds (SWFs), government owned investment vehicles, as relevant financial and political vehicles have any relevance for the analysis of energy security? “
An issue ignored is a crisis invited”, Henry Kissinger once pointedly remarked. For the past decades, the industrialized economies of the West and the oil producers of the Gulf region have been linked by an uneasy, yet robust energy supply and demand relationship, determining respective political agendas and interests……………………………………….Full Article: Source

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Norwegian sovereign fund eyes a stake in Regent Street

Posted on 26 July 2010 by VRS  |  Email |Print

From Telegraph: Norway’s sovereign wealth fund is in the running to buy a stake in Regent Street, one of the world’s most famous shopping destinations and a prized asset of the Crown Estate, The Daily Telegraph understands.
The Norwegian Government Pension Fund Global is one of a small number of potential partners, mainly sovereign wealth funds, that have expressed an interest in acquiring a share of the £1.6bn asset………………………………………Full Article: Source

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SWF losses nominal during financial crisis

Posted on 26 July 2010 by VRS  |  Email |Print

From Emirates247.com: Sovereign wealth funds (SWFs) lost nearly $ 200 billion during 2009 because of the global economic crisis but they were mostly paper losses given the long-term nature of their investments, according to the United Nations.

From around $ 4 trillion at the end of 2008, the combined assets of the world’s SWFs slumped to nearly $ 3.8 trillion at the end of 2009, the UN Conference on Trade and Development (UNCTAD) said in its 2010 investment report………………………………………Full Article: Source

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A Lebanon fund: what we should know

Posted on 26 July 2010 by VRS  |  Email |Print

From Dailystar.com.lb: The possibility that Lebanon might benefit from exploiting massive natural resources that exist off shore in the eastern Mediterranean has provoked a debate about establishing a sovereign wealth fund (SWF) to manage the accumulated revenues.

If Lebanon chooses to do so, it would follow the example of an increasing number of countries storing their national wealth in a SWF. In recent years, a host of SWFs have been established by governments across the world, either on the back of burgeoning commodity incomes, trade imbalances, or the necessity to cover future pension liabilities facing aging populations………………………………………Full Article: Source

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GIC says risk of shocks may trigger world recession ’sooner than expected’

Posted on 26 July 2010 by VRS  |  Email |Print

From Bloomberg: The global rebound is “fragile” and shocks could push the world toward another recession, according to Government of Singapore Investment Corp., manager of more than $100 billion of the nation’s foreign reserves.

Risks to the global recovery have increased due to Europe’s debt turmoil, continued deleveraging in the U.S. and protectionist pressures, Tony Tan, deputy chairman of GIC, said in a speech in Singapore today. The fund is ranked the world’s sixth-largest state investment company by Sovereign Wealth Fund Institute in California………………………………………Full Article: Source

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GIC says Asia will not challenge the world order

Posted on 26 July 2010 by VRS  |  Email |Print

From Asianinvestor.net: Asian countries generally feel a multilateral international order is critical to their long-term growth, says Tony Tan of the Singapore sovereign wealth fund. It’s clear that the increasing economic power of the emerging world could raise geopolitical risks, but that does not mean the US and Europe will inevitably decline as Asia grows, says Tony Tan, deputy chairman of Singapore’s Government Investment Corporation.

“I do not see Asia aggressively challenging the global order, which has benefited Asian countries for decades,” said Tan, speaking at the Swiss Re Forum in Singapore on Friday. “Asian countries, including China, generally share the view that a multilateral, rules-based international order is critical to their long-term growth and development.”……………………………………..Full Article: Source

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Sovereign funds among bidders for port of Brisbane

Posted on 26 July 2010 by VRS  |  Email |Print

From Bloomberg: Global Infrastructure Partners, Morgan Stanley Infrastructure Partners and HRL Morrison and Infratil are leading three groups that are among the first-round bidders for Australia’s Port of Brisbane, the Australian Financial Review reported in its Street Talk column.
Sovereign wealth funds from Singapore and Malaysia are also bidding for the A$2.5 billion asset, according to the report. All five offers are believed to be fully funded, the newspaper said………………………………………Full Article: Source

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