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Sovereign Wealth Funds Briefing - Archive | August, 2010

Emergent BioSolutions and Temasek Life Sciences ventures establish joint venture

Posted on 12 August 2010 by VRS  |  Email |Print

Temasek Life Science Ventures Pte Ltd (TLV) and Emergent BioSolutions Inc. announced their agreement to form EPIC BIO Pte Ltd, a joint venture to develop, manufacture, and commercialize a multivalent, cross-protective human vaccine to protect against influenza caused by a broad range of circulating H5 influenza strains.
The broad spectrum pandemic flu vaccine is expected to be based on multiple antigens held by TLV and to be delivered as a single vaccine using Emergent’s MVAtor(TM) vaccine delivery platform. Completion of this joint venture is expected in the next few weeks……………………………………….Full Press Release: Source

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GCL-Poly rises on report of Polysilicon price gain

Posted on 12 August 2010 by VRS  |  Email |Print

From Bloomberg: GCL-Poly Energy Holdings Ltd., , of which China’s sovereign wealth fund owns a 20 percent stake, rose the most in more than two months in Hong Kong after a report said prices of the raw material used in solar cells have gained as much as 54 percent.
The shares increased as much as 7.7 percent, the most since May 31, and were at HK$1.92 at the midday break. The benchmark Hang Seng index declined 0.4 percent……………………………………….Full Article: Source

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India govt drops proposal for creating $5 bln sovereign wealth fund

Posted on 11 August 2010 by VRS  |  Email |Print

From Indiatimes.com: The government today said it has dropped the idea of creating a sovereign wealth fund for financing company acquisitions abroad, as it felt that Indian firms had enough money for foreign takeovers.
“It was decided not to pursue this proposal (of setting up a sovereign wealth fund). It was felt at that time that a number of avenues for funding of acquisition abroad were available and that money was not a constraint for Indian companies to acquire assets/companies abroad,” Minister of State for Finance Namo Narain Meena told the Rajya Sabha……………………………………….Full Article: Source

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Central Huijin plans bond sales

Posted on 11 August 2010 by VRS  |  Email |Print

From WSJ: Central Huijin Investment Ltd., the domestic-investment arm of China’s sovereign-wealth fund, will sell its first batch of bonds as soon as this month and aims to issue up to 187.5 billion yuan ($27.7 billion) of bonds by 2011 to help maintain its stakes in large state-controlled banks, a person familiar with the situation said Tuesday.
The debt issue comes as Central Huijin faces increasing financing pressure in its efforts to maintain its controlling stakes in major domestic banks, which have been gearing up for share offerings and convertible-bond sales in recent months to boost their capital after a sharp increase in lending last year—the key platform of China’s stimulus measures—eroded their capital……………………………………….Full Article: Source

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Khazanah exercises discretion to sell additional shares to CIMB

Posted on 11 August 2010 by VRS  |  Email |Print

From Bernama: Khazanah Nasional Bhd has exercised discretion to sell 615,993,242 additional Class B ordinary shares with par value of Indonesian Rupiah 50 each in CIMB Niaga (CIMB Niaga B-Shares).
In an announcement to Bursa Malaysia Tuesday, CIMB Group Holdings Bhd (CIMB) said the disposal represents 2.57 per cent of the total number of shares in the issued and paid-up share capital of CIMB Niaga……………………………………….Full Article: Source

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World Bank unit leads big funds into Africa

Posted on 11 August 2010 by VRS  |  Email |Print

From Peacefmonline.com: The private-sector lending arm of the World Bank is leading large government-owned wealth and state pension groups into frontier markets in Africa and elsewhere where few big investors have sought to venture.
The hope is that by investing money on behalf of these deep-pocketed funds in regions they would normally shun as too volatile, they will learn to appreciate the long-term profit potential. Over the past few months, the International Finance Corp’s Asset Management Company has made investments using capital from the Korea Investment Corporation, Azerbaijan’s state oil fund, Dutch pension fund manager PGGM, and an unnamed fund investor in Saudi Arabia……………………………………….Full Article: Source

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Nigeria: NEC blames banks over failed agric fund

Posted on 11 August 2010 by VRS  |  Email |Print

From Vanguardngr.com: National Economic Council, NEC, deferred presentation of the report on the proposed sovereign wealth fund which was expected to be submitted at its yesterday’s meeting by a committee of governors headed by the Finance minister.
According to the Governor Rotimi Amaechi , “one of the issues discussed is that we reviewed the N200 billionv commercial agriculture credit scheme with CBN and the banks and we looked at the fact that a lot of people are not able to access the scheme……………………………………….Full Article: Source

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Libya buys more stake in Unicredit

Posted on 11 August 2010 by VRS  |  Email |Print

From Tripolipost.com: Libyan government-controlled investors have become the largest combined shareholders in UniCredit after the Libyan Investment Authority (LIA) raised its stake in the Italian bank to 2.075 per cent.
Consob, the Italian market authority, made the disclosure on Wednesday, saying the transaction had taken place on July 28. LIA’s share in Unicredit was valued at about €800m ($1.06bn)……………………………………….Full Article: Source

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Asian reserves jump in July

Posted on 11 August 2010 by VRS  |  Email |Print

From WSJ: Asia’s foreign exchange hit a record high in July as the region’s fast-growing economies kept attracting strong inflows amid sluggish growth in the developed world, burnishing the role of Asian central banks as key players in the currency market.
Reserves held by 11 key Asian central banks, excluding China’s, amounted to $2.861 trillion at the end of July, up 2% from $2.803 trillion at the end of June and topping the previous high hit in April, according to calculations by Dow Jones Newswires……………………………………….Full Article: Source

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Sudan foreign currency reserves down 75 percent since 2006, IMF data shows

Posted on 11 August 2010 by VRS  |  Email |Print

From Sudantribune.com: Rebuilding foreign exchange reserves is an “immediate priority” for Sudan in 2010 said the International Monetary Fund (IMF) in a report released last week that contained a detailed overview of the country’s major economic indicators.
Sudan has agreed to an IMF Staff Monitored Program (SMP) in 2009 to help it achieve a set of economic and financial policies and objectives which include sustaining economic growth, controlling inflation, reforming the banking sector and reducing budget deficit among others……………………………………….Full Article: Source

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PNG NRI suggests 2 sovereign wealth funds

Posted on 10 August 2010 by VRS  |  Email |Print

From Radioaustralia.net.au: Papua New Guinea’s National Research Institute says the country should have two separate funds established under its Sovereign Wealth Fund to manage revenues from its mining projects.
A report compiled by NRI’s senior research fellow Peter Johnson says two separate structures are needed to achieve a balance between the economic, political and development tradeoffs……………………………………….Full Article: Source

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Nomura hires RBS banker for SWF, central bank sales

Posted on 10 August 2010 by VRS  |  Email |Print

From Reuters: Nomura Holdings said on Tuesday it has appointed Henrik Melph as its managing director and global head of its sales division for central banks and sovereign wealth funds. Melph, who will be based in Singapore, joined Nomura from Royal Bank of Scotland, where he held the same position.
‘Central banks and sovereign wealth funds have become increasingly important players in the global financial markets and Henrik brings to Nomura vast experience and an impressive track record in servicing their diverse needs,’ said Nomura’s Global Head of Rates Sales Chris Fleming……………………………………….Full Article: Source

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Mumtalakat to sell stake in Family Leisure

Posted on 10 August 2010 by VRS  |  Email |Print

From Tradearabia.com: Bahrain’s sovereign wealth fund Mumtalakat said on Monday it plans to sell a 12.5 per cent stake in Bahrain Family Leisure for at least BD625,000 ($1.66 million).
Bahrain Family Leisure is a Manama-based public shareholding company that operates in the entertainment industry……………………………………….Full Article: Source

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Dubai World to withdraw investment in Qingdao

Posted on 10 August 2010 by VRS  |  Email |Print

From China Knowledge: Dubai World has decided to withdraw investment from “Palm Island” property project in Qingdao, Shandong Province, said Wang Jianping, deputy director of the Qingdao Municipal Development and Reform Commission.
In earlier this year, rumors said that Dubai World may probably cancel its first China-located property plan, Wang confirmed the news on Aug. 4……………………………………….Full Article: Source

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CIC’s bitter payoff for Morgan Stanley stake

Posted on 10 August 2010 by VRS  |  Email |Print

From Marketwatch.com: For more than two years, quarterly dividends from Morgan Stanley rolled into a China Investment Corp. account at the healthy rate of 9% per year.
It’s been a pleasant, predictable payoff to reward the Chinese sovereign wealth fund’s purchase of a $5.6 billion stake in Morgan Stanley in December 2007, just a few months after CIC was formed……………………………………….Full Article: Source

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Morgan Stanley stake to result in loss for CIC.?

Posted on 10 August 2010 by VRS  |  Email |Print

From Nytimes.com: A convertible equity stake in Morgan Stanley that was acquired by China Investment Corp. is now proving costly for the sovereign wealth fund.
Caixin Online reported that for over two years, quarterly dividends from Morgan Stanley brought in a healthy rate of 9 percent per year……………………………………….Full Article: Source

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Fund in no mood to risk own goal

Posted on 10 August 2010 by VRS  |  Email |Print

From Thestandard.com.hk: Chinese-American businessman Kenny Huang’s attempt to buy Liverpool Football Club has set off a huge controversy. The British media are speculating that the move is backed by the mainland overseas investment arm, China Investment Corporation, to increase its clout in international sports.
If the rumor is true, it would complicate the acquisition……………………………………….Full Article: Source

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CIC denies report on Liverpool FC acquisition

Posted on 10 August 2010 by VRS  |  Email |Print

From China Knowledge: China Investment Corp, the country’s US$300-billion sovereign wealth fund, denied the report that it is considering to acquire the debt-ridden U.K.-based Liverpool Football Club, sources reported.
Media reported that CIC is backing Hong Kong businessman Kenneth Huang to take over the football club……………………………………….Full Article: Source

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Temasek eyes stake in IPO-bound Embassy

Posted on 10 August 2010 by VRS  |  Email |Print

From Vccircle.com: Singapore sovereign fund may co-invest over $100 mn with HDFC, which has exposures in Embassy SPVs. Southern real estate major Embassy Property Developments Ltd is holding talks with Singapore’s Temasek and HDFC Property Ventures for private equity placement topping $100 million.
Banking sources familiar with the development said, Temasek could be co-investing with HDFC Property Ventures, which has made three large project level investments with Embassy in the past………………………………………..Full Article: Source

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Temasek to inject USD1bln into China real estate market

Posted on 10 August 2010 by VRS  |  Email |Print

From Supplychain.cn: Adjustments China makes in the domestic real estate market provide great opportunities for international capital, which is snapping projects there in the mode of funds.
Mapletree Investments, a unit of Singapore-based Temasek Holdings, said recently that with the completion of the investment of Mapletree India China Fund, it would establish an about USD 1 billion fund to aim at commercial complexes in first-tier Chinese cities……………………………………….Full Article: Source

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State funds and environmental investing

Posted on 10 August 2010 by VRS  |  Email |Print

From Reuters: An Australian local government superannuation fund has become the latest state-owned fund to invest in environmental funds. Investing in ethical investing serves a multitude of objectives, especially for sovereign wealth funds keey to be accepted in the West.
Local Government Super (LGS), which manages around A$6 billion in assets for 100,000 local government employees in New South Wales, has invested A$50 million ($45.96 million) into a portfolio which invests in small cap environmental technology stocks, run by London-based Impax Asset Management……………………………………….Full Article: Source

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Hong Kong: Foreign currency reserve assets rise

Posted on 10 August 2010 by VRS  |  Email |Print

From Gov.hk: Hong Kong’s official foreign currency reserve assets amounted to US$260.7 billion at the end of July, up on the US$256.8 billion recorded at the end of June, the Monetary Authority says.
There were no unsettled forward contracts at end of July……………………………………….Full Article: Source

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India: Govt says no to sovereign wealth fund

Posted on 09 August 2010 by VRS  |  Email |Print

From Business-standard.com: The government today said it had examined a proposal to set up a $5-billion sovereign wealth fund for financing overseas acquisitions by companies but decided against it.
In response to a question in the Lok Sabha, Minister of State for Finance Namo Narain Meena said that it was felt at that time that a number of avenues for funding of overseas acquisitions was available and money was not the primary constraint for Indian companies……………………………………….Full Article: Source

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CIC’s bitter payoff for Morgan Stanley stake

Posted on 09 August 2010 by VRS  |  Email |Print

From Marketwatch.com: For more than two years, quarterly dividends from Morgan Stanley rolled into a China Investment Corp. account at the healthy rate of 9% per year. It’s been a pleasant, predictable payoff to reward the Chinese sovereign wealth fund’s purchase of a $5.6 billion stake in Morgan Stanley in December 2007, just a few months after CIC was formed.
But attached to the deal was a special financing clause that, like a dark thunderstorm cloud, has been steadily growing in risk potential for CIC……………………………………….Full Article: Source

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With cash reserves of GBP1,500bln, China is ready to go on a worldwide spending spree

Posted on 09 August 2010 by VRS  |  Email |Print

From Scotsman.com: Should the sale of Liverpool FC to Hong Kong businessman Kenny Huang and his reputed backers, the China Investment Corporation (CIC), come to fruition, soccer wits, with dull predictability, will inevitably dub it the great Chinese takeaway.
The shock of this move comes from the fact that the CIC is, to all practical purposes, part of the Chinese government. And it is a government which, unlike most struggling under mountains of debt, has fabulous amounts of wealth……………………………………….Full Article: Source

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Central Huijin plans RMB 190-bln bond issue

Posted on 09 August 2010 by VRS  |  Email |Print

From China Knowledge: China Central Huijin Investment Ltd, the domestic investment arm of the nation’s sovereign wealth fund, is planning to issue more than RMB 190 billion worth of bonds in the next few months to fund major domestic commercial lenders and export-oriented financial institutions.
The report said that Central Huijin will use RMB 110 billion to participate in the share offerings of the country’s top three listed lenders, Industrial & Commercial Bank of China, China Construction Bank Corp and Bank of China……………………………………….Full Article: Source

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Everbright Bank sets price range for Shanghai IPO

Posted on 09 August 2010 by VRS  |  Email |Print

From Reuters: China Everbright Bank, controlled by Central Huijin, a unit of China’s $300 billion sovereign wealth fund, set a lower than expected price range for its $3 billion IPO, even after key investors pledged to buy the bulk of the shares, highlighting lingering caution over the country’s stock market.
State-controlled Everbright Bank said on Sunday the range for its Shanghai initial public offering backed up its commitment to offering value and would give the shares more upside on the secondary market……………………………………….Full Article: Source

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Khazanah’s debut foray into Singapore market

Posted on 09 August 2010 by VRS  |  Email |Print

From Arabnews.com: Talk about Malaysian chutzpah. The country’s sovereign wealth fund (SWF), Khazanah Nasional Berhad forayed into neighboring rival Singapore’s Islamic capital market a few days ago with a landmark 5-year and a 10-year sukuk issuance in Singapore dollars.
The Khazanah 1.5 billion Singapore-dollar sukuk, which is equivalent to a $1.1 billion issuance, according to the SWF, achieved several milestones, being the largest and longest term sukuk issuance in Singapore;………………………………………Full Article: Source

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Nigerians in diaspora hail sovereign wealth fund

Posted on 09 August 2010 by VRS  |  Email |Print

From Thisdayonline.com: Nigerians resident in the United States of America have declared support for the establishment of the Fiscal Responsibility Commission and the proposed establishment of the Sovereign Wealth Fund (SWF) in the country.
President of the Nigerian Society of South Central Pennsylvania, Mr Alexander Iloka Rajis who expressed the feeling of the Diaspora in a chat with newsmen said Nigerians abroad were excited at the prospect of setting up a Sovereign Wealth Fund. Rajis also applauded the position of the International Monetary Fund (IMF) over the idea of the Sovereign Wealth Fund……………………………………….Full Article: Source

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Yemen currency reserves hit fresh low

Posted on 09 August 2010 by VRS  |  Email |Print

From Yemenpost.net: According to a report of the Central Bank of Yemen (CBY), Yemen reserves of foreign currency recorded $ 5.9 billion until end of May of this year at decrease of $ 1.4 billion compared to May of last year.
The report released earlier this week and published in governmental media showed increase in the total capital of the bank at YR 233 billion to be 1.8 trillion in end of May of 2010 against 1.6 trillion in May of last year……………………………………….Full Article: Source

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Libya puts some of oil wealth into London fund

Posted on 06 August 2010 by VRS  |  Email |Print

From Reuters: Libya has put hundreds of millions of dollars into a London asset management firm to turn a profit while training up Libyans to plug the country’s shortage of financial experts, the firm’s chief executive said.
Oil exporter Libya has about $65 billion in its sovereign wealth funds but its investments to date have been modest partly because, after decades of international isolation, it does not have enough people who understand financial markets……………………………………….Full Article: Source

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CIC deny Reds interest

Posted on 06 August 2010 by VRS  |  Email |Print

From Skysports.com: The Chinese government’s foreign investment arm, China Investment Corporation, have denied funding a bid for Liverpool. The Chinese Government have been linked to a takeover bid fronted by Kenny Huang for the Anfield outfit.
Reports have suggested Huang’s takeover bid was backed by the state-funded China Investment Corporation (CIC). However, a spokesperson for CIC claims they are not involved in any bid for the English giants……………………………………….Full Article: Source

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Liverpool the odd one out for CIC portfolio

Posted on 06 August 2010 by VRS  |  Email |Print

From Guardian: Domestic and American banks; a Canadian mining firm; Coca Cola, Apple and Motorola – the companies in which China Investment Corporation has invested are a diverse bunch.
But even so, its reported interest in Liverpool is a striking anomaly. The club has nothing in common with the rest of the sovereign wealth fund’s portfolio……………………………………….Full Article: Source

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Is China’s sovereign wealth fund selling Morgan Stanley shares to buy Liverpool

Posted on 06 August 2010 by VRS  |  Email |Print

From Businessinsider.com: It appears China’s sovereign wealth fund, CIC, is preparing a bid for Liverpool Football Club of the English Premier League, according to The Guardian. Kenny Huang, who was preparing the bid for Liverpool, now appears to be linked to China’s sovereign wealth fund as their deal maker in the UK.
The bid is reportedly being financed through the sale of Morgan Stanley shares by the CIC, which amount to $558 million. That number is equivalent to Liverpool’s outstanding debt, which is 351.4 pounds, or $558 million……………………………………….Full Article: Source

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How China’s state investment fund works

Posted on 06 August 2010 by VRS  |  Email |Print

From Guardian: The China Investment Corporation (CIC), tipped as a backer for the Liverpool FC buyout, has more than $330bn to splash out and an open mind on how to spend it.
The China Investment Corporation (CIC) is a sovereign wealth fund set up three years ago by the communist government to get better returns from its huge foreign exchange reserves……………………………………….Full Article: Source

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Poverty and social inequality: Should India set up a sovereign wealth fund?

Posted on 06 August 2010 by VRS  |  Email |Print

From Globalresearch.ca: New Delhi’s proposal to establish a $10-billion sovereign wealth fund should be treated with caution. The necessary preconditions for setting up a SWF are squarely lacking in India. Besides, the purported objectives of the fund to pursue strategic investment opportunities abroad are highly debatable.
It appears that New Delhi is blindly following a “me-too” approach rather than understanding the rationale behind setting up such funds. What are sovereign wealth funds? In simple terms, SWF is a large pool of assets and investments owned and managed (directly or indirectly) by a national or state government……………………………………….Full Article: Source

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Temasek invests $46.3mln in Tudou

Posted on 06 August 2010 by VRS  |  Email |Print

From Todayonline.com: Singapore investment company Temasek Holdings is ploughing US$35 million ($46.3 million) into Tudou, accounting for the largest portion of the Chinese online video company’s latest round of equity financing worth US$50 million.
Temasek’s investment in Shanghai-based Tudou is its first in the Internet sector in China, which boasts the most number of online users in the world……………………………………….Full Article: Source

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Temasek Holdings to set up two non-profit philanthropic foundations

Posted on 06 August 2010 by VRS  |  Email |Print

From Channelnewsasia.com: Temasek Holdings is setting up two non-profit philanthropic foundations. The Temasek Education Foundation and the Temasek International Foundation will oversee five endowments, named after five Singapore pioneers to honour and recognise their contributions in nurturing talent and promoting international fellowship.
A total of S$165 million will support the five new endowments under the Temasek Education Foundation and the Temasek International Foundation……………………………………….Full Article: Source

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Temasek to inject USD1bn into China real estate market

Posted on 06 August 2010 by VRS  |  Email |Print

Adjustments China makes in the domestic real estate market provide great opportunities for international capital, which is snapping projects there in the mode of funds.
Mapletree Investments, a unit of Singapore-based Temasek Holdings, said recently that with the completion of the investment of Mapletree India China Fund, it would establish an about USD 1 billion fund to aim at commercial complexes in first-tier Chinese cities……………………………………….Full Press Release: Source

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Axiom, run by ex-GIC managers, turns to ‘underserved’ markets

Posted on 06 August 2010 by VRS  |  Email |Print

From Bloomberg: Axiom Asia Private Capital, run by former managers of Government of Singapore Investment Corp., plans to allocate more money to Vietnam and other private-equity markets that are shunned by most investors.
The Singapore-based firm, which oversees $1.4 billion, has put money into private-equity funds that focus on Taiwan as a “proxy way of playing China,” said Marc Lau, an investment director at Axiom……………………………………….Full Article: Source

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GIC’s GLP listing may raise $4bln

Posted on 06 August 2010 by VRS  |  Email |Print

From Straitstimes.com: The Government of Singapore Investment Corp (GIC) is one step closer to launching what could be the second-largest public listing here. People familiar with the deal said GIC has added three more financial institutions to its group of underwriters for the upcoming initial public offering (IPO) of its property and logistics unit.
The sources told Reuters on Thursday that Singapore’s DBS Bank, Swiss bank UBS and China International Capital Corp (CICC) will join JPMorgan and Citigroup as joint coordinators for the IPO of GIC’s Global Logistic Properties (GLP)……………………………………….Full Article: Source

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GIC said to be planning to list real-estate assets

Posted on 06 August 2010 by VRS  |  Email |Print

From Todayonline.com: The market is abuzz with talk that the real estate arm of the Government of Singapore Investment Corp (GIC) intends to list property assets on the Singapore Exchange (SGX) in a move that could raise a whopping US$3 billion ($4 billion).
That is higher than the previously estimated share sale worth US$2 billion, as a result of higher valuations in GIC Real Estate’s portfolio. This will make GIC RE’s IPO the biggest in 17 years since SingTel’s listing in 1993, as well as CapitaMalls Asia’s US$2 billion listing last year. When contacted by MediaCorp yesterday, GIC declined to comment……………………………………….Full Article: Source

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Mubadala ‘will look’ at BP assets

Posted on 06 August 2010 by VRS  |  Email |Print

From Bi-me.com: Mubadala Oil and Gas, a business unit of Mubadala Development Company, will look at BP PLC assets going on sale but is not in direct talks, a senior company official said Thursday.
“Like most oil companies that are expanding, we will be looking at what’s available,” David Douglas, senior vice president at Mubadala’s oil and gas unit, told Zawya Dow Jones on the sidelines of an event in Abu Dhabi……………………………………….Full Article: Source

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Libya c.bank stake in Unicredit unchanged

Posted on 06 August 2010 by VRS  |  Email |Print

From Reuters: The Libyan central bank’s 4.613 percent stake in Unicredit SpA is unchanged after a Libyan sovereign wealth fund acquired a 2.075 percent stake in the firm, a Libyan central bank official said on Thursday.
“The share of the central bank of Libya remains the same… What has been bought by the LIA (Libyan Investment Authority) is not from the central bank’s stake. The LIA bought it on their own and independently of the central bank,” the official, who did not want to be identified, told Reuters……………………………………….Full Article: Source

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Apollo, French SWF offer to buy Rio Tinto’s Alcan EP

Posted on 06 August 2010 by VRS  |  Email |Print

From Bloomberg: Apollo Global Management LLC and the French government’s strategic investment fund offered to buy aluminum producer Alcan EP from Rio Tinto Plc for an undisclosed amount.
Apollo would take 51 percent of the company and the French fund would buy another 10 percent, according to an e-mailed statement today. Rio Tinto would keep a 39 percent holding……………………………………….Full Article: Source

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Israel: Foreign currency reserves rise over $1bln

Posted on 06 August 2010 by VRS  |  Email |Print

From Globes.co.il: The Bank of Israel’s foreign currency reserves rose by $1.22 billion in July 2010 to $64.31 billion, the highest amount since April.
The increase in the foreign currency reserves was due to a $1.43 billion revaluation caused by the euro’s 6% rise against the dollar, which increased the reserves in dollar terms. This was offset by a $204 million in government transfers overseas and a $13 million reduction in reserves held by the private sector……………………………………….Full Article: Source

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China fund raises finance to match Liverpool asking price

Posted on 05 August 2010 by VRS  |  Email |Print

From Guardian: Sources have confirmed that the China Investment Corporation, the sovereign wealth fund to the world’s most populous nation, is the organisation being fronted by Kenny Huang, who admitted interest in bidding for Liverpool.
In a series of trades since 19 July, CIC has sold $558m of shares in Morgan Stanley, equating to £351.4m. That sum is equivalent to Liverpool’s debt to the nearest decimal place, and is exactly the number insiders say has been quoted to interested parties as the sale price……………………………………….Full Article: Source

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CIC pushes on with Morgan Stanley sell-off

Posted on 05 August 2010 by VRS  |  Email |Print

From Marketwatch.com: China Investment Corp. (CIC) has sold 25 million shares worth $558 million in Morgan Stanley since July 21. Following the most recent sell-off, CIC now holds 155.7 million shares, representing an 8.9% stake in the New-York based firm.
In 2007, CIC purchased a $5.6 billion stake in Morgan Stanley , just three months after the Chinese sovereign wealth fund was established. The mandatory convertible options issued by Morgan Stanley expire Aug. 17, 2010……………………………………….Full Article: Source

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China’s Huijin to issue 190 bln yuan in bonds

Posted on 05 August 2010 by VRS  |  Email |Print

From Reuters: Central Huijin Investment Co, the domestic arm of China’s sovereign wealth fund, plans to issue at least 190 billion yuan ($28 billion) in bonds in the next few months, the official China Daily reported on Thursday, citing unidentified sources.
That points to an increase in the amount that Huijin is aiming to raise……………………………………….Full Article: Source

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HMC considers selling real estate investments to Chinese SWF

Posted on 05 August 2010 by VRS  |  Email |Print

From Thecrimson.com: Harvard Management Company is exploring options for unloading several of its real estate investments to China’s $300 billion sovereign wealth fund, a move that could represent a significant change from an investment strategy that had stressed diversity of holdings before the recession struck.
According to a Wall Street Journal report, China Investment Corp., or CIC, recently approached the University’s money managers about a possible purchase of Harvard’s positions in six real estate funds……………………………………….Full Article: Source

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