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Sovereign Wealth Funds Briefing - Archive | September, 2010

GIC expects slow growth in West for next 10 years

Posted on 30 September 2010 by VRS  |  Email |Print

From Thestar.com.my: The Government of Singapore Investment Corp (GIC) expects economic growth in developed countries to be slow over the next decade which is why it plans to invest more in the developing world, a senior official said yesterday.
Group chief investment officer Ng Kok Song told a conference in Singapore that GIC’s in-house economists expected the developed world to grow by 2.4% this year compared with 8% for emerging Asia……………………………………….Full Article: Source

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GIC to further boost emerging-market exposure

Posted on 30 September 2010 by VRS  |  Email |Print

From Asianinvestor.net: The larger of Singapore’s two sovereign wealth funds (SWFs) will continue the trend among state investment arms of building exposure to emerging markets, especially in Asia, its chief investment officer confirmed in a speech.
However, the Government of Singapore Investment Corporation’s (GIC’s) annual report, published this week, maintained another trend among SWFs – giving little away about its allocations and investment plans……………………………………….Full Article: Source

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GIC economists upbeat

Posted on 30 September 2010 by VRS  |  Email |Print

From Straitstimes.com: Economists at the Government of Singapore Investment Corp (GIC) are upbeat about global economic growth this year - especially for Asia. They believe global growth will average 3.8 per cent, as advanced economies advance a more modest 2.4 per cent.
However, emerging Asia will lead the world, charging ahead by a much faster 8 per cent, economists at the sovereign wealth fund expect……………………………………….Full Article: Source

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Singapore’s GIC sees faster economic growth in Asia

Posted on 30 September 2010 by VRS  |  Email |Print

From Msn.com: Singapore state investment agency GIC expects Asia’s economic growth to outpace developed economies’ and will concentrate its investments in the region, a top executive said Wednesday.
Government of Singapore Investment Corporation’s (GIC) internal analysts estimate the region’s emerging economies will grow at an average eight percent in 2010, group chief investment officer Ng Kok Song said……………………………………….Full Article: Source

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When real estate can lead to better returns

Posted on 30 September 2010 by VRS  |  Email |Print

From Todayonline.com: The Government of Singapore Investment corporation (GIC) said real estate and private equity investments can lead to better returns than equities in its emerging markets investment strategy.
This comes as the sovereign wealth fund said it expects slower growth in developed economies for the next 10 years……………………………………….Full Article: Source

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CIC to avoid defense, casino, and alcohol investments

Posted on 30 September 2010 by VRS  |  Email |Print

From Assetinternational.com: The $300 billion sovereign wealth fund’s supervisory board Chairman Jin Liqun said that the CIC will not invest in areas with repuational risk — such as defense, casino and alcohol-related sectors — and sees more room to collaborate with global institutions.
“We will not do anything that has a reputational risk for us,” CIC supervisory board Chairman Jin Liqun said at an address at the Super Return Asia 2010 conference, according to the news agency. He added that China’s private equity industry is set for growth in the years ahead, buoyed by a strong legal system and exit opportunities through initial public offerings……………………………………….Full Article: Source

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CIC among biggest investors in 3i EUR1.2bln growth fund

Posted on 30 September 2010 by VRS  |  Email |Print

From Dow Jones: China Investment Corp., the country’s $300 billion sovereign-wealth fund, was one of the biggest third-party investors in 3i Group PLC’s EUR1.2 billion growth capital fund raised earlier this year, a person familiar with the situation said Wednesday.
“3i has good ties with CIC and has been welcomed by the government there as it has been in India,” the person said, adding that 3i has been exploring raising a yuan fund that CIC could be involved in, although no decision has yet been taken……………………………………….Full Article: Source

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Dubai World says it can raise $19.4bln in 5-8 years

Posted on 30 September 2010 by VRS  |  Email |Print

From Emirates247.com: Dubai World (DW) has assured its creditors it could raise $19.4 billion from the sale of its assets if they agree on a restructuring period of up to eight years, the Saudi American Bank Group (Samba) said on Wednesday.
In a study, Samba said a landmark debt restructuring deal reached between DW and more than 99 per cent of its lenders had a positive impact in the country as it boosted share prices and cut the cost of insuring Dubai’s sovereign debt……………………………………….Full Article: Source

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Etisalat said to offer $10.5 bln for Zain stake

Posted on 30 September 2010 by VRS  |  Email |Print

From Bloomberg: Emirates Telecommunications Corp. known as Etisalat, is offering about $10.5 billion for a majority stake in Zain, Kuwait’s largest mobile-phone company. Kuwait Investment Authority, the country’s sovereign wealth fund, is Zain’s largest shareholder with 24.6 percent.
The bid is for all Zain assets controlled by shareholders who own about 46 percent of the company, including operations in Saudi Arabia, one of the people said, declining to be named because the talks are private……………………………………….Full Article: Source

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Uganda fund reports 7pct return on members’ contributions

Posted on 30 September 2010 by VRS  |  Email |Print

From Globalpensions.com: Uganda’s state pension fund reported a return of 7% on members’ contributions for the year to June, chairman Vincent Ssekkono said.
The National Social Security Fund has increased the interest rate paid to members from 3% to 7% in fiscal 2010,” he said. The fund “will pay a higher rate in future as the fund’s financial performance continues to improve”, he added……………………………………….Full Article: Source

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Sovereign funds expected to boost commercial property activity

Posted on 30 September 2010 by VRS  |  Email |Print

From Mellersh.co.uk: Sovereign wealth fund St Martins Property Corp Ltd is set to start marketing commercial property assets across Europe. The company, which is the real estate arm of Kuwait, will start pushing £1 billion worth of assets, including individual properties in the UK and on the continent, stated the news provider.
Some buildings could be folded into larger portfolios, although the company has not made it clear which assets are to be shifted……………………………………….Full Article: Source

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Azerbaijan to provide additional funds to Baku-Tbilisi-Kars railway project

Posted on 30 September 2010 by VRS  |  Email |Print

From News.am: The Azerbaijani Government allocated a U.S. $200m credit to Georgia for the work on the Georgian section of the railway. The funds were provided from the State Oil Fund of Azerbaijan (SOFAZ) for 25 years, at an annual interest rate of 1%.
A new, 105-km-long section is to be constructed under the project, with a 76-km-long section to run through Turkey and a 29-km-long one, through Georgia. Also, the Akhalkalaki-Marabda-Tbilisi section will be renovated, which will increase its annual capacity up to 15m tons……………………………………….Full Article: Source

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Canadian funds rank high in new book on sovereign wealth

Posted on 30 September 2010 by VRS  |  Email |Print

From Theglobeandmail.com: Sovereign wealth funds are often cast as the bogeymen of global investing. Critics slam these big pools of government owned or managed cash for playing geopolitics with their cash. But economist Edwin Truman of the Peterson Institute for International Economics argues not all SWFs are created equal.
In a new book, Sovereign Wealth Funds: Threat or Salvation?, Mr. Truman rates funds on such things as their independence from government masters (and official reserves), their transparency and their track records……………………………………….Full Article: Source

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Permanent fund principle input high, despite declining north slope production

Posted on 30 September 2010 by VRS  |  Email |Print

From Aprn.org: The Alaska Permanent Fund Corporation is holding its annual meetings in Fairbanks this week. The state owned corporation’s director Mike Burns says the fund’s value has been on a roller coasters ride in recent years, as the economy has gone from boom to bust, and now recovery.
Burns says the fund survived despite the heavy financial slump of 2008, one of the five worst economic years on record in the U.S. Permanent Fund investments are diversified worldwide, and Burns says fund managers did not react when the sharp down turn hit……………………………………….Full Article: Source

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Petrobras could raise up to $79 bln in the world’s biggest share offering

Posted on 30 September 2010 by VRS  |  Email |Print

From Glgroup.com: Brazil’s sovereign wealth fund, state-owned national development bank BNDES and other state enterprises also bought shares as part of the record-setting Petrobras sale that totaled $70 billion, Finance Minister Guido Mantega said.
“The deal was a huge success, surpassing expectations, in an adverse moment because there still a crisis in the world,” Mantega told reporters before a ceremony to commemorate the Petrobras offer at the Sao Paulo stock exchange……………………………………….Full Article: Source

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Algeria : $ 150 bln foreign exchange reserves at end-July

Posted on 30 September 2010 by VRS  |  Email |Print

From Ennaharonline.com: Algeria has $ 150 billion foreign exchange reserves at end-July 2010, an increase of 1.1 billion dollars since December 2009, said Wednesday the chief policies and planning at the Ministry of Finance, Abdelmalek Zoubeidi.
“The financial health of Algeria is excellent and its external financial position remains comfortable” because such a “good volume of official foreign exchange reserves, estimated at 150 billion dollars at end July 2010,” he said……………………………………….Full Article: Source

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China’s possible Potash bid fans unease over SWFs

Posted on 29 September 2010 by VRS  |  Email |Print

From Reuters: China’s possible bid for Potash illustrates the priority some surplus-rich countries still put on pursuing strategic national goals with their windfall cash and risks a regulatory backlash against sovereign wealth funds.
Sources say China’s state-owned Sinochem could bid for the Canadian firm (POT.TO), possibly partnering with its wealth fund CIC or Singapore’s Temasek, in a deal worth almost $40 billion……………………………………….Full Article: Source

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Lift GIC’s cloud of opacity

Posted on 29 September 2010 by VRS  |  Email |Print

From Todayonline.com: The Government of Singapore Investment Corporation’s (GIC) disclosure policy is akin to that of an Indian dancer at a nightclub who swivels and shakes her body a lot, and smiles a lot but reveals little. So it was not much of a surprise that little came out of Monday’s briefing by our largest sovereign wealth fund.
Yes, we were told that as at end-March this year, the 20-year nominal average rate of return annually was 7.1 per cent in US-dollar terms, and the real rate of return, above global inflation, was 3.8 per cent during the same period……………………………………….Full Article: Source

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GIC sees opportunities in emerging property, private equity

Posted on 29 September 2010 by VRS  |  Email |Print

From Bloomberg: Government of Singapore Investment Corp., manager of more than $100 billion of reserves, said real estate and private equity in emerging economies will present more rewarding opportunities than equity markets.
“While publicly listed equities is likely to remain GIC’s main implementation vehicle for our emerging market strategy, our view is that the private markets such as real estate and private equities will present even more rewarding opportunities,” GIC’s Chief Investment Officer Ng Kok Song said………………………………………Full Article: Source

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Apollo to soon talk to Khazanah on partnerships here and across Asean

Posted on 29 September 2010 by VRS  |  Email |Print

From Business-standard.com: Apollo Hospitals, Asia’s largest integrated healthcare company, will shortly initiate a dialogue with Malaysian sovereign wealth fund Khazanah to explore possible partnerships in India and the Asean region.
“We have an excellent understanding with Khazanah. But they have been busy with the Parkway acquisition, and we haven’t been able to have a one-to-one with them. Hopefully, we will soon be able to discuss opportunities both within India and across the entire Asean,” said Apollo Chairman Prathap C Reddy……………………………………….Full Article: Source

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Khazanah is Camco’s biggest shareholder

Posted on 29 September 2010 by VRS  |  Email |Print

From Btimes.com.my: Khazanah Nasional Berhad of Malaysia became the biggest shareholder of Camco International Ltd after buying shares on the market yesterday and forming a venture with the developer of emission reduction projects.
Payar Investments Ltd, a unit of Khazanah, yesterday bought 34.5 million shares representing 19.56 per cent, Camco said today in a statement distributed by the Regulatory News Service………………………………………..Full Article: Source

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Qatar looks to invest US$5 billion in Greek economy

Posted on 29 September 2010 by VRS  |  Email |Print

From Themovechannel.com: The Qatar Investment Authority intends to invest with an aggregate target budget of as much as US$5 billion, according to the memorandum.
Greek Prime Minister George Papandreou is seeking foreign investment to help Greece return to growth. The economy is expected to contract 4% this year and 2.6% in 2011, before resuming growth in 2012……………………………………….Full Article: Source

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No bond in 2010; 3-4pct GDP growth expected - Bahrain

Posted on 29 September 2010 by VRS  |  Email |Print

From Arabianbusiness.com: Bahrain’s sovereign wealth fund Mumtalakat reopened Gulf Arab bond markets by issuing a five year $750 million bond in June after the market was hit by the European debt crisis, raising the prospect other issuers from the region could follow.
Bahrain does not plan to issue sovereign bonds any time soon and the Gulf Arab country’s economy may grow by 3-4 percent this year, central bank governor Rasheed al Maraj said on Tuesday……………………………………….Full Article: Source

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Azerbaijan needs to demonstrate it is a close ally of the West

Posted on 29 September 2010 by VRS  |  Email |Print

From Telegraph: Samir Sharifovov, the Azeri finance minister, who is director of the State Oil Fund (SOFAZ) and is directly responsible for investing the country’s oil revenues, is seen by many in Washington as the man to help stabilise Azerbaijan, and prevent it from going the way of Krygyzstan.
The importance of Azerbaijan’s role has been reflected in the recent high-profile visits to Baku, the Azeri capital, by Hillary Clinton, the U.S. Secretary of State, and Defence Secretary Robert Gates, who delivered personal letters of support from U.S. President Barack Obama……………………………………….Full Article: Source

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Permanent Fund Dividend draws notice, but billion-dollar issues remain

Posted on 29 September 2010 by VRS  |  Email |Print

From Newsminer.com: The Permanent Fund Dividend number grabbed front-page headlines last week, as it does every fall. It is easy to imagine what a check of $1,281 means and how to spend or save it.
It’s impossible to comprehend what $36,188,700,000 means to Alaskans of today and tomorrow……………………………………….Full Article: Source

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McAdams calls for a ‘Renewable Energy Permanent Fund’

Posted on 29 September 2010 by VRS  |  Email |Print

From Alaskadispatch.com: Scott McAdams, Democratic candidate for the U.S. Senate, unveiled his energy plan Tuesday afternoon at his campaign headquarters in downtown Anchorage.
McAdams’ main idea is to take the oil royalties the federal government currently claims and use them to endow a “Renewable Energy Permanent Fund” instead of letting the money disappear into the “black hole of the federal treasury.”………………………………………Full Article: Source

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Brazil gov’t to buy nearly 2/3 of Petrobras offer

Posted on 29 September 2010 by VRS  |  Email |Print

From Reuters: Brazil’s government, through its sovereign wealth fund and other state entities, agreed to buy nearly two-thirds of the shares in oil major Petrobras as part of the company’s massive $70 billion offering that was sealed last week.
The sovereign fund, state development bank BNDES and the National Treasury committed to buy about 2.8 billion shares of the 4.27 billion offered, Petrobras said in a statement on Tuesday……………………………………….Full Article: Source

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SWFs to pump $5 trillion into developing countries

Posted on 28 September 2010 by VRS  |  Email |Print

From Emirates247.com: Sovereign wealth funds are expected to shy away from US Treasury Bills and pump $2.7 trillion (Dh10trn) to $5trn into the developing countries by 2017 split between equities and bonds, according to World Bank estimates.
Projected to have assets worth $17trn under management by 2017, the study projected that two global factors will increase the size and number of SWFs……………………………………….Full Article: Source

GIC recoups most losses

Posted on 28 September 2010 by VRS  |  Email |Print

From Straitstimes.com: The Government of Singapore Investment Corporation (GIC) has recouped most of the losses incurred during the global financial crisis and said that it will strengthen its investment focus on emerging markets.
Its annual report released on Monday shows that the 20-year nominal annual rate of return in US dollar terms jumped from 5.7 per cent to 7.1 per cent for the 12 months to March 31. The investment firm’s real rate of return, after accounting for global inflation, rose to 3.8 per cent from 2.6 per cent……………………………………….Full Article: Source

Singapore GIC’s average rate of return rises

Posted on 28 September 2010 by VRS  |  Email |Print

From WSJ: The Government of Singapore Investment Corp. said its average rate of return had picked up pace in the year ended March from the previous year as global equities markets rebounded but warned that significant challenges remained ahead.
In a statement, GIC, which manages Singapore’s foreign-exchange reserves, said its average rate of return from its investments for the 20 years to March rose 7.1% in U.S. dollar terms, accelerating from a 20-year average 5.7% return a year earlier. Its real rate of return—in excess of global inflation—was 3.8%, it said……………………………………….Full Article: Source

Singapore GIC’s portfolio at a glance

Posted on 28 September 2010 by VRS  |  Email |Print

From Reuters: Singapore’s biggest sovereign wealth fund GIC increased its exposure to stocks in developed countries and cut its bond holdings during its last financial year.
In its report for the financial year ended March 2010, GIC also said it will increase its exposure to emerging markets ……………………………………….Full Article: Source

GIC to be more flexible, says emerging economies to outperform

Posted on 28 September 2010 by VRS  |  Email |Print

From Bloomberg: Government of Singapore Investment Corp., manager of more than $100 billion of reserves, will be able to more quickly adjust the make-up of its assets and will focus on emerging markets as they outpace developed economies.
The fund, with the approval of the board, will be free to change its asset allocation over the medium term, or within five years, to “respond more flexibly to significant risks or opportunities,” Chief Investment Officer Ng Kok Song said in the annual report yesterday……………………………………….Full Article: Source

GIC’s logistics unit seeks to raise $2.95 bln in IPO

Posted on 28 September 2010 by VRS  |  Email |Print

From Reuters: Singapore sovereign wealth fund GIC’s logistics unit is seeking to raise as much as S$3.9 billion ($2.95 billion) in an initial public offering, making it the city-state’s second-biggest IPO ever.
Global Logistic Properties (GLP), which owns industrial and logistic properties in China and Japan, will be the first listing of a firm majority-owned by the Government of Singapore Investment Corp, the world’s fourth-biggest sovereign fund……………………………………….Full Article: Source

GIC’s logistics unit sets price of S$1.78-$1.96 for IPO shares

Posted on 28 September 2010 by VRS  |  Email |Print

From Channelnewsasia.com: The Government of Singapore Investment Corporation (GIC) has said its logistics arm could seek to raise as much as S$3.9 billion in its initial public offering. This would make it the country’s second-biggest IPO.
Global Logistic Properties has set an indicative price range of S$1.78 to S$1.96 per share. According to its prospectus, the IPO will comprise up to nearly two billion shares, including for cornerstone investors and over-allotment……………………………………….Full Article: Source

Singapore’s GIC says no rush to sell Citi, UBS stakes

Posted on 28 September 2010 by VRS  |  Email |Print

From Reuters: Singapore sovereign wealth fund GIC is in no hurry to reduce its stakes in Citigroup and UBS as it believes the worst is over for both lenders, the Business Times reported on Tuesday.
“These two banks have weathered the crisis; the worst is behind them. Both banks have returned to profitability over the last two quarters,” GIC Group Chief Investment Officer Ng Kok Song told local media……………………………………….Full Article: Source

Khazanah forms joint venture with Camco International

Posted on 28 September 2010 by VRS  |  Email |Print

From Bernama: Khazanah Nasional Bhd through its wholly owned subsidiary Payar Investment Ltd has signed a joint venture agreement with Camco International Ltd to set up a South-East Asian emission reduction company.
The joint venture will focus on investments in emission-to-energy projects, carbon credit development and advisory services, said Khazanah, the government’s investment arm, in a statement Monday……………………………………….Full Article: Source

Khazanah buys into UK’s Camco

Posted on 28 September 2010 by VRS  |  Email |Print

From Thestar.com.my: Khazanah Nasional Bhd will pay a premium to acquire shares in London-based Camco International Ltd, and pump money into a joint venture with the clean energy project developer for the purpose of investing in emission-reduction businesses around the region.
Khazanah managing director Tan Sri Azman Mokhtar told reporters at the World Capital Markets Symposium yesterday that he believed the state investment fund paid “a fair price” for the stake in Camco……………………………………….Full Article: Source

Azeri Oil Fund to invest in stock indexes in ‘low-yield’ world

Posted on 28 September 2010 by VRS  |  Email |Print

From Bloomberg: The State Oil Fund of Azerbaijan, with $20 billion of assets, plans to shed its fixed-income only strategy and start investing in equities to boost returns.
“As a long-term investor, being in fixed-income is not going to help so the fund will start moving to riskier asset classes as soon as possible,” Chief Investment Officer Israfil Mammadov, 37, said in an interview at his office in Baku, the nation’s capital. “Most likely we will start with the developed world and passive management, meaning indexes.”………………………………………Full Article: Source

IMF to disburse $353 mln to Angola after review

Posted on 28 September 2010 by VRS  |  Email |Print

From Bloomberg: The International Monetary Fund approved a $353 million disbursement to Angola as part of a $1.3 billion loan. “Plans to establish a sovereign wealth fund are welcome, given the need to smooth the spending of oil revenues over time,”IMF Deputy Managing Director Murilo Portugal said.
Angola sought relief from the IMF last year amid a global economic crisis that had pushed down the price of oil to $32.70 a barrel in January 2009. Oil accounts for about 95 percent of the sub-Saharan country’s export revenue and about 60 percent of its gross domestic product……………………………………….Full Article: Source

Keen on stake in IOC: Kuwait

Posted on 28 September 2010 by VRS  |  Email |Print

From Indiatimes.com: Oil-rich Kuwait is keen on buying a stake in Indian Oil Corp (IOC) if the government decides to sell its shareholding through a strategic divestment, Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said today.
“If government divests some stake through strategic sale, we are very interested in such proposal,” he said. “It has to be strategic sale,” he said when asked if Kuwait Petroleum Corp (KPC), of which he is the Chairman, or Kuwait Investment Authority would been keen on buying IOC shares in the public offering……………………………………….Full Article: Source

Qatar ‘must open up’ to woo Japanese industries

Posted on 28 September 2010 by VRS  |  Email |Print

From Gulf-times.com: If Japanese companies are to establish manufacturing bases in Qatar, the government has to allow 100% foreign ownership outgoing Japanese Ambassador Yukio Kitazume has said. “We hope the Qatar Investment Authority would invest in the Japanese industry,” he stated.
“Qatar has to open up if they wish to attract high standard, advanced, value added industries such as electronics, which are not there now,” he said……………………………………….Full Article: Source

Permanent Fund board holds annual meeting in Fairbanks this week

Posted on 28 September 2010 by VRS  |  Email |Print

From Newsminer.com: The Alaska Permanent Fund Board of Trustees is to hold its annual meeting Wednesday and Thursday in Fairbanks. In addition to sessions at the Princess Hotel, the fund is to host a presentation at the University of Alaska Fairbanks Wood Center titled, “Inflation or Deflation: Where are we going?”
That public forum, with speakers from Callan Associates, Goldman Sachs, Mellon Capital Management and RCM, is at 4 p.m. Wednesday. There will also be a community reception at UAF……………………………………….Full Article: Source

Thailand’s international reserves surge at US$159 bln

Posted on 28 September 2010 by VRS  |  Email |Print

From Thailand-business-news.com: Thailand’s international reserves as of Sept 17 stood at US$159.1 billion or some Bt4.9 trillion, up $1.5 billion or Bt46 billion from the $157.6 billion or Bt4.86 trillion registered the week before, according to the Bank of Thailand BoT.
The reserve amount is calculated based on the current baht value standing at Bt30.7 to the US dollar……………………………………….Full Article: Source

China to diversify reserves

Posted on 28 September 2010 by VRS  |  Email |Print

From Dow Jones: China will continue to shift its foreign reserves into non-dollar assets, but U.S. government debt will remain the prime holding, former central bank adviser Fan Gang said Monday.
In an interview with Dow Jones Newswires and Malaysian media on the sidelines of a conference in Kuala Lumpur, he also said he expects the yuan to keep rising gradually, regardless of what the dollar does……………………………………….Full Article: Source

Sovereign wealth funds offer stability to markets

Posted on 27 September 2010 by VRS  |  Email |Print

From Gulfnews.com: Lack of confidence in financial markets has driven investors and funds away from corporations. As balance sheets deteriorate, companies are in need of more and more capital, which investors are not willing to provide. In this setting, sovereign wealth funds (SWFs) have emerged as the funding source of the next decade.
SWFs manage more than $3 trillion (Dh11 trillion). To put this figure into perspective, the hedge fund and private equity markets combined account for less than $2 trillion. Some estimates suggest that SWFs will manage more than $10 trillion by 2015……………………………………….Full Article: Source

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Sovereign wealth fund urged for Australia

Posted on 27 September 2010 by VRS  |  Email |Print

From Moneymanagement.com.au: Australia should establish a Sovereign Wealth Fund to secure its future wealth and prosperity, according to Investec Asset management global strategist, Michael Power.
Power said that the Sovereign Wealth Fund should be created in addition to the existing Future Fund but, instead, be funded out of foreign capital inflows and not occasional government surpluses……………………………………….Full Article: Source

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CIC to buy US$25 mln worth of shares in Sunac’s HK IPO

Posted on 27 September 2010 by VRS  |  Email |Print

From China Knowledge: China Investment Corp, the country’s US$300-billion sovereign wealth fund, will subscribe US$25 million worth of shares in the initial public offering of Sunac China Holding Ltd, a Chinese property firm, sources reported.
Sunac China plans to issue up to US$385 million in IPO on the Hong Kong Stock Exchange. It will raise up to HK$2.99 billion through issuing as many as 750 million shares……………………………………….Full Article: Source

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Nigeria: The sovereign wealth bill

Posted on 27 September 2010 by VRS  |  Email |Print

From Compassnewspaper.com: At last, after much delay and resentment by the state governors, the Federal Government and the state governments have agreed to the setting up of a National Sovereign Wealth Fund. A bill to establish the Fund has also been sent to the National Assembly by President Goodluck Jonathan.
A National Sovereign Wealth Fund is an investment fund owned by a country. It is usually composed of financial assets such as hard currencies, investments in high quality stocks, bonds, property, gold bars, precious metals or other financial instruments……………………………………….Full Article: Source

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Qatar signals intention to invest in Greece

Posted on 27 September 2010 by VRS  |  Email |Print

From Balkans.com: Greece has signed a preliminary deal with Qatar’s sovereign wealth fund that could clear the way for investments of up to $5 billion in the indebted European country, officials said Friday.
A memorandum of understanding was signed in New York on Thursday by a Qatar Investment Authority executive, Ahmad Al-Sayyed, and Harris Pamboukis, Greece’s state minister in charge of investment……………………………………….Full Article: Source

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Norway’s central bank sues Citigroup: Report

Posted on 27 September 2010 by VRS  |  Email |Print

From Indiatimes.com: Norway’s central bank is suing Citigroup for alleged non-disclosure of financial risks at the time when Norwegian sovereign wealth funds were used to purchase securities issued by the US lender prior to the global financial crisis.
Norges Bank alleges that it lost USD 835 million because Citi failed to fully reveal the financial risks it was facing, particularly from investments in sub-prime mortgages, British daily The Financial Times reported, citing a lawsuit filed in New York……………………………………….Full Article: Source

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