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Sovereign Wealth Funds Briefing - Archive | January, 2011

GIC to hold stakes in Citigroup, UBS for ‘many years,’ Tan says

Posted on 31 January 2011 by VRS  |  Email |Print

Tony TanFrom Bloomberg: Government of Singapore Investment Corp., the biggest investor in Citigroup Inc. and UBS AG, plans to hold on to its stakes in the banks for “many years” and will only consider selling if there are attractive offers.

“We look to continue to hold on to our stakes in UBS and Citigroup for many years to come,” Tony Tan, deputy chairman of the Singapore sovereign wealth fund, said in a Jan. 29 interview at Davos, Switzerland, where he attended the World Economic Forum meeting. ‘But one never says never; if someone offers an extremely high price, of course we’ll look at the possibility.”……………………………………Full Article: Source

GIC buys European rescue debt, may support further bond sales

Posted on 31 January 2011 by VRS  |  Email |Print

From Bloomberg: Government of Singapore Investment Corp., a sovereign wealth fund with $100 billion of reserves, bought some of the European debt issued to finance Ireland’s bailout, Deputy Chairman Tony Tan said.

“We believe the bond is relatively safe given how it’s structured and it gives us reasonable yield,” Tan said in an interview at the World Economic Forum in Davos, Switzerland. GIC will consider buying more European rescue debt in future sales, he said…………………………………….Full Article: Source

Chinese banks on the prowl in Europe

Posted on 31 January 2011 by VRS  |  Email |Print

From WSJ: One area where China recently has held back: investments in Western banks. Its banks made an initial push abroad in 2007, but the deals soured. Among them: Sovereign wealth fund China Investment Corp. bought multibillion-dollar stakes in Morgan Stanley and Blackstone Group LP, while China Development Bank agreed to invest billions in British bank Barclays PLC.
With foreign-exchange reserves that have grown to $2.85 trillion, a large proportion of which is invested in U.S. Treasury bonds, China is seeking to diversify its assets. Its companies have been on a global investment binge in recent years, snapping up everything from real estate to mining companies to premier global brands like Volvo— even a 7% stake in Club Med…………………………………….Full Article: Source

Qatar Holding snaps up stake in farmland venture Adecoagro

Posted on 31 January 2011 by VRS  |  Email |Print

From Arabianbusiness.com: Qatar Holding, the investment arm of Gulf state’s sovereign wealth fund, has taken a stake in South American farmland venture Adecoagro following the firm’s US initial public offering. The Gulf fund agreed to buy stock equal to about 25 percent of proceeds in the IPO, which raised $314m for Adecoagro.

The initial offering comes as commodity prices rally and food prices reach record highs…………………………………….Full Article: Source

Dubai Investments Q4 net profit drops 36 pct

Posted on 31 January 2011 by VRS  |  Email |Print

From Reuters: UAE conglomerate Dubai Investments, in which the emirate’s sovereign wealth fund Investment Corporation of Dubai has a stake, reported a 36 percent drop in its fourth-quarter profit, as revenues for 2010 fell as the local economy remained weak after the burst of the asset bubble two years ago.

Dubai Investments, which is involved in sectors from real estate to manufacturing, said its profit for 2010 was 804.9 million dirhams ($219.2 million)…………………………………….Full Article: Source

Mubadala eyes Malaysia MRO deal

Posted on 31 January 2011 by VRS  |  Email |Print

From Tradearabia.com: Abu Dhabi-based Mubadala Aerospace has tied up with Malaysia’s National Aerospace & Defence Industries (NADI) to explore joint defence and commercial maintenance, repair and overhaul (MRO) cross-referral and partnership opportunities.

Mubadala Aerospace, a business unit of Mubadala Development Company, said the move is in line with its strategy to identify locations for the potential expansion of its MRO network in Asia, connecting it with its existing hubs in the Middle East and Europe…………………………………….Full Article: Source

Kuwait’s investment performance promising: Albert Bellas

Posted on 31 January 2011 by VRS  |  Email |Print

From Alwatan Daily: You have been following the investment policies of sovereign funds and their performance in various countries, what is your assessment of the performance of Kuwaiti investment in global markets?
Bellas: No one can deny Kuwait’s ability to enter global investment markets, especially since Public Investment Authority is considered to be one of the first authorities and has been managing investment funds since the 1950s……………………………………Full Article: Source

Norway: Oil, wealth and humanitarianism go hand in hand

Posted on 31 January 2011 by VRS  |  Email |Print

From Theepochtimes.com: In case you are thinking that major global corporations aren’t exactly quaking in their boots at the prospect of divestiture by Norway, think again. Built on the healthy revenues of Norway’s thriving oil sector, the country’s sovereign fund invests its considerable wealth in over 7,000 corporations worldwide. In fact, the fund is the largest single investor in Europe.

To judge from the WikiLeaked cable, the combination of Norway’s financial heft with its righteous ethical stance concerned American diplomats because, well, it disproportionately affects U.S. corporations—specifically, America’s highly profitable and politically influential arms manufacturers…………………………………….Full Article: Source

IMF says some sovereign funds too quick to change asset policy

Posted on 28 January 2011 by VRS  |  Email |Print

From Bloomberg: Some sovereign wealth funds may have been too quick to alter their investing policy during the financial crisis, the International Monetary Fund said in a report posted yesterday on its website.
Sovereign wealth funds have “substantial” capacity to play a stabilizing role in international capital markets because of their size and long-term investing strategy, the Washington- based lender said……………………………………….Full Article: Source

Kazakh people’s IPO could happen next year, says wealth fund chief

Posted on 28 January 2011 by VRS  |  Email |Print

Kairat KelimbetovFrom Centralasianewswire.com: Kazakhstan may begin privatizing major state enterprises as early as next year, the head of the country’s sovereign wealth fund Samruk-Kazyna said at the World Economic Forum in Davos, Switzerland on Thursday.
Samruk-Kazyna chief Kairat Kelimbetov expounded during an interview with Reuters on the wealth fund’s plans to raise money by offering shares through a people’s initial public offering (IPO)………………………………………Full Article: Source

Kazakhstan to sell oil, power firms from 2012

Posted on 28 January 2011 by VRS  |  Email |Print

From Reuters: Kazakhstan will put oil companies, miners, and power firms up for sale in a major privatisation drive which could start next year, the head of the Kazakh sovereign wealth fund said in an interview on Thursday.
The fund, which manages $70 billion of assets including national oil firm KazMunaiGas (KMG), told Reuters it is planning to raise funds in an initial public offering dubbed the ‘people’s IPO’……………………………………….Full Article: Source

Azeri oil fund assets up 53 pct yr/yr in 2010

Posted on 28 January 2011 by VRS  |  Email |Print

From Reuters: The assets of Azerbaijan’s rainy day oil fund grew 52.8 percent year-on-year in 2010 to $22.77 billion, mainly due to rising oil and gas revenues, the fund’s head said on Thursday.
The fund, most of whose assets are held in sovereign papers, is a major part of the ex-Soviet country’s more than $29 billion in strategic reserves, the rest being made up of central bank reserves and deposits……………………………………….Full Article: Source

State Oil Fund of Azerbaijan exceeded annual revenue budget in 2010

Posted on 28 January 2011 by VRS  |  Email |Print

From Abc.az: The State Oil Fund of Azerbaijan (SOFAZ) has summarized the results of its activities for 2010 by exceeding budget revenues.
At today’s press conference SOFAZ executive director Shahmar Movsumov has said that Fund’s budget revenues for 2010 amounted to AZN 13.09 bn and expenditures AZN 6.386 bn……………………………………….Full Article: Source

BOTAS to pay off $1.351 bln debt to Azerbaijan for gas supply by 1st of April

Posted on 28 January 2011 by VRS  |  Email |Print

From Abc.az: Turkish pipeline monopoly BOTAS will fully pay off the debt for gas supply from Azerbaijani Shah- Deniz field to Turkish market till the end of March. Today in Baku State Oil Fund of Azerbaijan (SOFAZ)CEO Shahmar Movsumov has reported that total sum of the debt is $1.351 bn.
“More than $700 million of it has already been repaid and SOFAZ received $ 138 million. The rest of the debt will be fully paid till the end of March and $165 million more will be received by the Fund”,- Sh. Movsumov emphasized……………………………………….Full Article: Source

In Norway, start-ups say ja to ’socialism’- - An American perspective

Posted on 28 January 2011 by VRS  |  Email |Print

From Finfacts.ie: Norway, an oil producer, which has a sovereign wealth fund worth more than $500bn, is according to Inc.’s senior writer Max Chafkin, also full of entrepreneurs like Wiggo Dalmo. Rates of start-up creation are among the highest in the developed world, and Norway has more entrepreneurs per capita than the United States, according to the latest report by the Global Entrepreneurship Monitor.
He cites a 2010 study released by the US Small Business Administration reported a similar result: Although America remains near the top of the world in terms of entrepreneurial aspirations — that is, the percentage of people who want to start new things - - in terms of actual start-up activity, the US has fallen behind not just Norway but also Canada, Denmark, and Switzerland……………………………………….Full Article: Source

China Investment Corp head says QE devaluing money, stoking inflation

Posted on 28 January 2011 by VRS  |  Email |Print

From Bloomberg: China Investment Corp. Vice Chairman Gao Xiqing said that central banks’ quantitative easing policies are hurting the value of money just one day after the Federal Reserve maintained plans to buy $600 billion of Treasuries.
“You know money is gradually becoming not worth the paper it’s printed on,” Gao said at an event sponsored by HSBC Holdings Plc at the World Economic Forum in Davos, Switzerland today……………………………………….Full Article: Source

SET denies report on Temasek

Posted on 28 January 2011 by VRS  |  Email |Print

From Nationmultimedia.com: Stock Exchange of Thailand flatly denied the news report quoting an exchange executive saying that Temasek Holdings was one of foreign investors that sold Thai shares at high prices to take profits.
SET President Charamporn Jotikasthira said in a statement that none of the executives revealed the information and that the exchange has no policy to reveal the information of sellers or buyers to the public……………………………………….Full Article: Source

Israel to launch sovereign wealth fund within a year

Posted on 27 January 2011 by VRS  |  Email |Print

From WSJ: Israel hopes to establish its first sovereign-wealth fund with revenues from recent offshore natural-gas finds within one year, the head of Israel’s National Economic Office, Eugene Kandel, said on Wednesday. “It’s not a fantasy,” Mr. Kandel said. “We are working to implement this within the year.”
In 2009, a partnership that included Texas Based Noble Energy Inc. and Israeli oil companies discovered Tamar, an offshore gas field containing eight trillion cubic feet of natural gas. It was the largest gas find in the world in 2009 and the largest ever for Israel at the time……………………………………….Full Article: Source

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Sovereign wealth funds must invest more in SMEs - Clinton

Posted on 27 January 2011 by VRS  |  Email |Print

From Arabianbusiness.com: Sovereign wealth funds in the oil-rich Gulf should pledge a portion of their capital to support local businesses, former US President Bill Clinton has said. Clinton said small and medium-sized businesses were key to diversifying the Gulf’s oil-dependent economies and creating jobs for its youth.
“I believe a lot of countries’ sovereign wealth funds are set up make major big investment. A portion of [their capital] should be set aside for small to medium sized enterprises for new businesses and expansion,” Clinton said……………………………………….Full Article: Source

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Bahrain’s Mumtalakat sees 5-15pct equity returns

Posted on 27 January 2011 by VRS  |  Email |Print

From Arabianbusiness.com: Bahrain’s sovereign wealth fund Mumtalakat is looking at equity returns of as high as 15 percent this year, chief executive Talal Al Zain said on Wednesday.
“Our outlook going forward in 2011… we are looking at returns at anywhere from 5 to 15 percent that we expect to generate from shares,” Al Zain told Reuters on the sidelines of the World Economic Forum……………………………………….Full Article: Source

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Adia reports surge in local employees

Posted on 27 January 2011 by VRS  |  Email |Print

From Emirates247.com: A drive by the Abu Dhabi Investment Authority (Adia) to nationalise jobs is paying off, with the number of citizens working in the world’s largest sovereign wealth fund peaking at 500, an official has said.
More than 60 nationals were employed by the government-controlled Fund in 2010 alone, bringing the size of the national workforce to nearly 38 per cent of Adia’s total employees of about 1,300, said Mohammed Al Hamli, who represented Adia at a job exhibition being held in the capital……………………………………….Full Article: Source

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Porsche says Qatar unlikely to increase stake

Posted on 27 January 2011 by VRS  |  Email |Print

From Arabianbusiness.com: Qatar is unlikely to raise its 10 percent stake in German automaker Porsche though it is in talks on potential cooperation in several areas. The Gulf Arab state, through its sovereign wealth fund Qatar Investment Authority, bought a 10 percent stake in Porsche for $10bn in September 2009.
Porsche SE is to be subsumed into Volkswagen’s empire, with shareholders set to receive stock in Europe’s largest carmaker once their own company is debt-free as part of a planned merger……………………………………….Full Article: Source

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Qatar to win second VW board seat, Lower Saxony says

Posted on 27 January 2011 by VRS  |  Email |Print

From Arabianbusiness.com: Volkswagen’s third-largest shareholder Qatar Holdings, part of the country’s sovereign wealth fund, will receive another supervisory board seat after the annual general meeting in May, Lower Saxony prime minister David McAllister said in an interview.
“It’s pretty obvious that Qatar will get a second seat,” McAllister, who represents Lower Saxony on the board, said on Wednesday in Doha. “We are very glad that Qatar has committed itself.” Lower Saxony is VW’s second-biggest owner……………………………………….Full Article: Source

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Mubadala unit forms alliance with Gulf Related

Posted on 27 January 2011 by VRS  |  Email |Print

From Gulfnews.com: Abu Dhabi government-owned Mubadala Development Company said yesterday its unit Mubadala Real Estate and Hospitality (MREH) has entered into a joint venture with Gulf Related, a regional real estate development company to develop, lease, and operate ‘The Galleria at Sowwah Square’, a signature retail and dining concept in Sowwah Square.
Sowwah Square is a premium commercial real estate development located at the heart of Abu Dhabi’s new Central Business District (CBD) on Sowwah Island……………………………………….Full Article: Source

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Medvedev plans Russian fund to lure investors, damp terror focus

Posted on 27 January 2011 by VRS  |  Email |Print

From Bloomberg: President Dmitry Medvedev said Russia plans to create a “special sovereign fund” to attract foreign capital. Russia, holder of the world’s third-largest reserves, has stowed away its oil wealth in two sovereign wealth funds, created after the splitting of its Stabilization Fund in January 2008.
“It may make sense now to think about creating a special sovereign fund that comprises state property and money to attract an array of private investments from abroad and within the country,” Medvedev said………………………………………Full Article: Source

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China shows way ahead

Posted on 27 January 2011 by VRS  |  Email |Print

From Atimes.com: One set of policies would be to establish stabilization and sovereign wealth funds with the windfall profits from commodities exports to China and beyond. Chile’s stabilization fund allows the government to have funds on hand to stabilize the economy when copper prices are volatile.
Such a fund enabled Chile to have the largest stimulus package to respond to the financial crisis in Latin America. Peru has set up a sovereign wealth fund from copper and silver exports - a fund that could be used for public investment……………………………………….Full Article: Source

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Jetstar aims for 30pct Asian growth

Posted on 27 January 2011 by VRS  |  Email |Print

From Businessspectator.com.au: Asia Pacific budget carrier Jetstar is aiming to grow its Asian business by at least 30 per cent this year and is looking to open routes to Europe and North America when it takes delivery of the long-delayed Boeing 787 Dreamliner in 2012. Singapore state investor Temasek Holdings controls 19 per cent of the Asian operation.
The move would put the Melbourne-based airline, which has an Asian hub in Singapore, in competition with Malaysia’s Air Asia X and potentially with some established long-haul full service carriers such as Singapore Airlines……………………………………….Full Article: Source

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Sovereign wealth funds take an active approach

Posted on 26 January 2011 by VRS  |  Email |Print

From Efinancialnews.com: Sovereign wealth funds are taking a more active investment stance to counter low returns from traditional asset classes, such as investment grade bonds and developed equity markets, Patrick Thomson, head of sovereign wealth at J.P. Morgan Asset Management, said.
The result is a switch from a traditionally passive approach to investments in real estate and other alternative opportunities……………………………………….Full Article: Source

GIC to buy 25pct stake in 5 US power plants

Posted on 26 January 2011 by VRS  |  Email |Print

From Channelnewsasia.com: Singapore sovereign wealth fund Government of Singapore Investment Corporation (GIC) has agreed to buy a 24.95 per cent stake in a portfolio of power plants in the United States. The portfolio consists of five natural gas fired power plants owned by energy investment firm ArcLight Capital Partners.
ArcLight will retain a 50.1 per cent majority stake, while GIC and GE Energy Financial Services will own 25 per cent each……………………………………….Full Article: Source

China wants Canada’s oil sands

Posted on 26 January 2011 by VRS  |  Email |Print

From UPI: Energy-hungry China is seen as courting Canadian energy companies for access to the country’s vast deposits of crude oil, a provincial leader said. The state investment agency China Investment Corp. took a 45 percent stake in a separate oil sands project owned by Penn West Energy Trust as well.
Canadian oil sands deposits are estimated at more than 100 billion barrels, which puts it second only to Saudi Arabia. Saskatchewan alone holds as much as 1.2 billion barrels of crude oil……………………………………….Full Article: Source

Brunei, Malaysia to boost ties

Posted on 26 January 2011 by VRS  |  Email |Print

From Brudirect.com: Brunei and Malaysia are expected to increase bilateral cooperation in the area of trade and education following a meeting between His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam and Malaysia’s Deputy Prime Minister. Malaysia’s deputy premier said the investment would be taken up by the Brunei Investment Agency (BIA).
In a briefing with Malaysian media after a visit to the Nakhoda Ragam Vocational School, Tan Sri Muhyiddin Yassin disclosed to media that Brunei had identified three territories with great potential for investment, namely Iskandar Malaysia in Johor, Sabah and Sarawak……………………………………….Full Article: Source

Abu Dhabi wealth fund IPIC puts assets at $48.2 bln

Posted on 26 January 2011 by VRS  |  Email |Print

From Middle-east-online.com: Abu Dhabi’s International Petroleum Investment Company (IPIC), one of the sovereign wealth funds of the oil-rich emirate, said its 2010 investments stood at $48.2 billion. A report released by the fund, which is wholly-owned by the government of Abu Dhabi, said the “value of (its) investment portfolio in 2010 stood at $48.2 billion,” according to WAM state news agency.
IPIC’s board discussed on Tuesday “new investment opportunities being considered by the company,” WAM said……………………………………….Full Article: Source

Dubai Group sets up two restructuring committees

Posted on 26 January 2011 by VRS  |  Email |Print

From Gulfnews.com: Dubai Group, the investment company controlled by Dubai Holding is seeking to restructure its $6 billion (Dh22.03 billion) of loans has set up two bank committees to speed up the process of restructuring. Investment Corporation of Dubai and Dubai Holding, two other holding companies, as well as other government-related firms, account for the remaining $50.2 billion, according to Credit Suisse.
A source close to the restructuring talks told Gulf News that the two committees are working closely with Dubai Group to reschedule the loans……………………………………….Full Article: Source

Qatar seeks cultural edge in bid for status

Posted on 26 January 2011 by VRS  |  Email |Print

From Nzherald.co.nz: Ambitious emirate wants to be global player - not only in sport, but also the arts. Qatar’s sovereign wealth fund goes shopping, it is apt to land the iconic likes of Harrods; it also owns large parts of a series of banks - Credit Suisse, Barclays and Santander - plus the London Stock Exchange.
But it’s also to arrive in a place obsessed with being known for something beyond its untold wealth - a place that recognises that while money has its huge merits, it doesn’t, as the song has it, buy you love……………………………………….Full Article: Source

Portugal’s premier rejects aid

Posted on 26 January 2011 by VRS  |  Email |Print

From WSJ: Portuguese Prime Minister José Sócrates says he is counting on a pickup in exports and foreign investors to ease Portugal’s debt crisis. “We don’t need any help,” Sócrates said, referring to whether Portugal might need to ask for a bailout from the European Union or International Monetary Fund.
Last week Sócrates was in Qatar and Abu Dhabi, where he signed bilateral trade agreements ranging from renewable energy to tourism. His ministers have also spoken to Gulf sovereign-wealth funds and to China, both have expressed interest in Portugal’s debt and its privatization program……………………………………….Full Article: Source

SEC investigation of financial institutions and sovereign-wealth funds

Posted on 26 January 2011 by VRS  |  Email |Print

From Lexology.com: The US Securities and Exchange Commission has reportedly initiated an inquiry into possible Foreign Corrupt Practices Act violations in the US banking and private-equity industries. In recent weeks, the SEC has reportedly sent letters of inquiry to at least ten different financial firms focusing on the recipients’ involvement with sovereign-wealth funds.
According to press reports, the letters do not contain allegations of bribery or misconduct, but ask about recipients’ connections to sovereign-wealth funds and request that the firms retain documents related to their dealings with such funds……………………………………….Full Article: Source

US hedge funds set to relaunch legal fight to Porsche/VW deal

Posted on 26 January 2011 by VRS  |  Email |Print

From Arabianbusiness.com: US hedge funds are likely to relaunch a legal bid targeting a planned merger between carmakers Porsche and Volkswagen, both of which Qatar Holding owns a minority stake in, VW’s finance chief said. Qatar Holding, the sovereign wealth fund of the gas-rich Gulf state owns a ten percent stake in Porsche and a 17 percent stake in VW, Europe’s biggest carmaker.
“There is a high probability that the merger will be completed with Porsche, but we still have to remove some hurdles,” Hans Dieter Poetsch said……………………………………….Full Article: Source

IMF urges Israel to create sovereign wealth fund

Posted on 25 January 2011 by VRS  |  Email |Print

From Asiaone.com: The International Monetary Fund called on Israel on Tuesday to use the revenue generated by offshore gas fields in the Mediterranean to cut public debt and establish a sovereign wealth fund.
“The first use of tax proceeds from gas should be to reduce public debt, and additional funds from this source should be placed in a sovereign wealth fund,” the IMF said in its annual report on the Israeli economy……………………………………….Full Article: Source

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Kazakh sovereign fund plans to raise $1 bln in 2011

Posted on 25 January 2011 by VRS  |  Email |Print

From Reuters: Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, plans to attract more than $1 billion from local and international markets this year to fund a range of financial and industrial projects, the company said on Monday.
Samruk-Kazyna will also draw down an additional $2 billion in Chinese state funding already agreed as part of a $13 billion loan package signed in 2009, the fund’s press service said, citing executive director Abai Iskenderov……………………………………….Full Article: Source

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SWFs, plotted

Posted on 25 January 2011 by VRS  |  Email |Print

From FT Alphaville: We’ve got the same question as the Oxford SWF Project: If the funds on the left are low in transparency, how do we know their strategy? Japan technically does not have SWF,the money is mostly run from three different institution’s including worlds largest pension fund.
As to UK and all that lovely tax revenue well most of it been spent.there was a oil company called enterprise oil that was set up by the Wilson government under tony ben who hoped some of the money would be reinvested back into industry ETC but it was pravertised and then taken over under thatcher………………………………………Full Article: Source

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SEC probe of SWFs seen as wake-up call

Posted on 25 January 2011 by VRS  |  Email |Print

From Pionline.com: An SEC investigation involving improper payments made by financial services institutions to sovereign wealth funds could dramatically change the way U.S. money managers conduct business with SWF officials — regardless of the probe’s outcome.
“All financial institutions will be looking to re-examine their compliance programs to be sure that what they’re doing is what they need to be doing,” said Simeon Kriesberg, partner at Mayer Brown LLP in Washington who is not directly involved in the matter……………………………………….Full Article: Source

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Mubadala Healthcare to open Wooridul Spine Centre in Dubai this year

Posted on 25 January 2011 by VRS  |  Email |Print

From Ameinfo.com: Mubadala Healthcare, a business unit of Mubadala Development Company (Mubadala), announced plans to expand its Wooridul Spine Centre project with an outpatient facility in Dubai, opening early this year.
The new Centre represents an extension of the relationship with Korean spine care specialists, Wooridul, who will manage and operate this outpatient facility in addition to their flagship facility, which is scheduled to open in Abu Dhabi in 2012……………………………………….Full Article: Source

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Manchester United in sale talks

Posted on 25 January 2011 by VRS  |  Email |Print

From Marketingweek.co.uk: The owners of Manchester United are understood to have held discussions with Qatar Holding, a Middle Eastern sovereign wealth fund, about a £1.5bn offer to buy the club.
The Glazer family reportedly met with representatives of the investment group, which represents the Qatari royal family, last month……………………………………….Full Article: Source

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Man United fend off talk of Qatari sale

Posted on 25 January 2011 by VRS  |  Email |Print

From Newstime.co.za: Manchester United Football Club has insisted that they are not up for sale. The denial came after reports on Sunday linked the Old Trafford club with a take-over by Qatar Holding.
The value of the deal was estimated at £1.5billion with reports suggesting that Qatar Holdings were already in talks with owners The Glazer Family. Qatar Holdings are a subsidiary of Qatar Investment Authority and are run by Sheik Hamad bin Jassem bin Jabr Al Thani, Prime Minister of Qatar……………………………………….Full Article: Source

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Khazanah ups Axiata stake to 42.43pct

Posted on 25 January 2011 by VRS  |  Email |Print

From Theedgemalaysia.com: The government’s investment arm, Khazanah Nasional Bhd has raised its shareholding in Axiata Group Bhd to 42.43% or 3.583 billion shares.
A filing with the stock exchange showed Khazanah converted part of the exchangeable sukuk bonds issued by Axiata into 5.79 million shares on Jan 19……………………………………….Full Article: Source

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Russia, facing big budget gap, warms to foreign investors

Posted on 25 January 2011 by VRS  |  Email |Print

From Nytimes.com: A few years ago, Vladimir V. Putin, as president, compared the energy riches of Siberia to a piece of candy held tightly by Russia, as if in a “sweaty fist.” However much investors might want it, it was off limits. Russia’s sovereign wealth fund, the Reserve Fund, is down to $26 billion — not enough to cover even half of the projected 2011 budget deficit.
Yet just last month, Mr. Putin, now prime minister, said Russian officials “understand that we need foreign investment.”………………………………………Full Article: Source

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Freeze to rebuild assets after hedge fund gains 210pct

Posted on 25 January 2011 by VRS  |  Email |Print

From Bloomberg: Curtis Freeze, who has been investing in Japan for more than 20 years, aims to rebuild his firm’s assets after they fell more than 85 percent from their peak. Honolulu-based Prospect Asset Management Inc., which manages $280 million, aims to increase total assets to $1 billion in three to four years, said Freeze.
The firm also runs a long-only fund and individual accounts for a sovereign wealth fund, family office and a fund of funds, according to Freeze……………………………………….Full Article: Source

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Bizim targeting 17pct sales gain in 2011 after IPO

Posted on 25 January 2011 by VRS  |  Email |Print

From Bloomberg: Bizim Toptan Satis Magazalari AS, a Turkish wholesale food supplier holding an initial public offering this week, aims to raise revenue 17 percent this year as the stock sale helps fund its parent company’s growth abroad. Strategic Investment Fund will continue owning 20 percent, according to IPO documents.
Bizim Toptan, majority owned by food producer Yildiz Holding AS, plans 15 new stores in 2011 to expand its current 109-outlet network, Mustafa Yasar Serdengecti, vice president of the unit, said………………………………………Full Article: Source

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Yemen’s foreign currency reserves reach $5.9 bln

Posted on 25 January 2011 by VRS  |  Email |Print

From Saba: Yemen’s foreign currency reserves have declined to $5.99 billion at the end of October 2010 compared with $6.6 billion in September of the same year.
According to a report issued by the Central Bank of Yemen (CBY), the central bank’s budget dropped YR 36 billion to YR 1.8 trillion by the end of October 2010……………………………………….Full Article: Source

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Wealthy takes it all

Posted on 24 January 2011 by VRS  |  Email |Print

From Financialexpress.com: India’s quest for energy assets abroad is expected to intensify in the coming years, but Indian firms are likely to lag behind Chinese giants in the race as India’s ability to set up a sovereign wealth fund (SWF) to match the neighbour’s $300-billion fund is in question, feel energy experts.
According to a senior official in the ministry of external affairs, which has an energy diplomacy division, China’s energy acquisitions are funded by its huge current account surplus, while India has a current account deficit………………………………………Full Article: Source

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