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Sovereign Wealth Funds Briefing - Archive | February, 2011

Europe’s ties with Libya questioned

Posted on 22 February 2011 by VRS  |  Email |Print

From WSJ: European governments are coming under pressure to explain ears spent courting Libyan leader Col. Moammar Gadhafi despite the country’s oppressive human-rights record. For years, European leaders have turned a blind eye to Col. Gadhafi’s human-rights record as they rushed to secure access to Libya’s oil fields and wooed Libyan sovereign wealth funds to invest in firms weakened by the financial crisis.
The Libyan Investment Authority, Libya’s sovereign wealth fund, and the Central Bank of Libya hold a combined 7.5% stake in UniCredit SpA, making Libya the top shareholder in Italy’s biggest bank……………………………………….Full Article: Source

Shockwaves from Libya hit Italian business

Posted on 22 February 2011 by VRS  |  Email |Print

From AFP: Shockwaves from the unrest in Libya on Monday hit its former colonial overlord Italy — a top foreign investor in Libya and a country in which the North African state has also invested billions. Libya’s sovereign wealth fund and veteran ruler Moamer Kadhafi’s family own stakes in Italy’s biggest bank UniCredit, defence and industry giant Finmeccanica, as well as in the first-division Juventus football club.
Shares in UniCredit plunged 5.75 percent by close of trading in Milan……………………………………….Full Article: Source

S&P cuts Bahrain’s credit ratings amid unrest

Posted on 22 February 2011 by VRS  |  Email |Print

From Businessweek.com: An international rating agency is cutting the Bahrain government’s credit ratings because of concerns about political unrest in the small Persian Gulf kingdom. Standard & Poor’s cut the ratings Monday for Bahrain’s long and short-term sovereign credit ratings, as well as those for the island nation’s central bank and the country’s sovereign wealth fund.
All the ratings remain investment grade, but carry negative outlooks, suggesting further downgrades are possible……………………………………….Full Article: Source

UniCredit monitors Libyan situation closely, not worried -CEO

Posted on 22 February 2011 by VRS  |  Email |Print

From Dow Jones: Italian lender UniCredit SpA is closely monitoring the political turmoil in Libya but isn’t concerned about a possible impact on the bank, Chief Executive Federico Ghizzoni said. Libya’s sovereign wealth fund holds a 2.6% stake in UniCredit and its Central Bank has a 4.6% interest.
“We’re following the Libyan situation closely, but we’re not worried for the group,” Ghizzoni said……………………………………….Full Article: Source

Nigeria resumes oil savings, pledges greater transparency

Posted on 22 February 2011 by VRS  |  Email |Print

From Businessweek.com: Nigerian lawmakers are currently working on a sovereign wealth fund that will save some of the windfall crude revenue for future generations and invest some in infrastructure, ensuring that the government can’t use it to finance running costs.
Nigerian Finance Minister Olusegun Aganga said the government has resumed savings in its excess crude account, after almost emptying the fund by September, and pledged to be more open about foreign currency reserves……………………………………….Full Article: Source

Arab states must copy Asian tigers

Posted on 22 February 2011 by VRS  |  Email |Print

From Cityam.com: The creation of sovereign wealth funds has ensured oil money is no longer being entirely squandered, as has some infrastructure spending, but this hasn’t been enough.
It is not, of course, just about economics. But unless new regimes in Egypt, Libya, Tunisia and elsewhere introduce real market and tax reforms, proper property rights and sound money, and embrace free trade, there is no hope for the region……………………………………….Full Article: Source

Temasek taps CICC heavyweight for China operation

Posted on 22 February 2011 by VRS  |  Email |Print

From WSJ: State investment company Temasek Holdings Pte. Ltd. has appointed Ding Wei, the investment-banking chief at mainland China’s leading investment bank, China International Capital Corp., to head its China operations as it moves to shore up its presence in the world’s second-largest economy after the U.S..
In a statement Monday, Temasek said its appointment of Mr. Ding will help the company become a “long-term active” investor in successful Chinese enterprises……………………………………….Full Article: Source

Temasek Holdings appoints new China head

Posted on 22 February 2011 by VRS  |  Email |Print

From Cri.cn: Temasek Holdings, Singapore’s sovereign investment company, has appointed Ding Wei, a former senior manager of China International Capital Corporation Limited, to head its operations in China, the company confirmed on Monday.
The appointment will take effect on Feb. 28, Temasek said……………………………………….Full Article: Source

CIC, Blackstone buy Japan property loan portfolio

Posted on 22 February 2011 by VRS  |  Email |Print

From Investors.com: China Investment Corporation (CIC), the country’s major sovereign wealth fund, has bought a Japan-based property loan portfolio in cooperation with US-based investment firm Blackstone Group L.P. (BX) at a price much lower than the face value of USD 1.1 billion, disclosed people familiar with the matter.
The deal, clinched with the seller Morgan Stanley (MS) last year, marks a shift of investment strategy as the Chinese fund becomes more experienced in investment. The two partners paid for the portfolio at a 35% discount to the face value, with a majority of the payment funded by CIC, said one of the people, noting that the portfolio includes current and non-performing loans……………………………………….Full Article: Source

China Hong Yuan Securities plans $1 bln share sale

Posted on 22 February 2011 by VRS  |  Email |Print

From Reuters: Hong Yuan Securities, a mid-sized Chinese brokerage, plans to raise up to 7 billion yuan ($1.07 billion) in a share placement on the Shenzhen Stock Exchange, the company said.
Hong Yuan will sell up to 500 million new shares to no more than 10 select investors in the placement, it said in a statement to the Shenzhen exchange. China Jianyin Investment, a unit of Central Huijin, the domestic investment arm of China’s $300 billion sovereign wealth fund, would subscribe to up to 3 billion yuan worth of shares in the placement, Hong Yuan said……………………………………….Full Article: Source

Khazanah pledges fair, transparent process

Posted on 22 February 2011 by VRS  |  Email |Print

From Thestar.com.my: The proposed divestment of Khazanah Nasional Bhd’s 32% stake in Pos Malaysia Bhd is finally taking place since it was first announced last March. However, details of the bidders are scarce but it was reported that several consortiums were eyeing the stake.
Khazanah did not indicate which companies were interested……………………………………….Full Article: Source

Malaysian fund joins race for Quinlan’s stake

Posted on 21 February 2011 by VRS  |  Email |Print

From Independent.ie: Rich Malaysia’s sovereign wealth fund 1Malaysia Development Berhad (1MDB) is thought to be interested in buying bank loans associated with Derek Quinlan’s stake in the €1.2bn-valued Maybourne hotel group in London, which owns the landmark Claridge’s, Connaught and Berkeley hotels.
The investment fund, owned by the Malaysian government, is believed to have approached Nama over buying the loans. Subject to certain conditions, 1MDB could then take a stake in the hotel group if any of the loans turned bad under a debt-for-equity deal……………………………………….Full Article: Source

CIC, Blackstone buys Morgan Stanley Japan loan portfolio

Posted on 21 February 2011 by VRS  |  Email |Print

From Reuters: China Investment Corp, the country’s $300 billion sovereign wealth management fund, has teamed up with private equity fund Blackstone Group LP to buy a Japanese loan portfolio from Morgan Stanley at a steep discount.
CIC and Blackstone paid 35 cents on the dollar for the portfolio, which had a face value of $1.1 billion, the newspaper reported, citing sources familiar with the matter, adding that CIC had put up most of the money……………………………………….Full Article: Source

China flexed its muscles using US Treasuries

Posted on 21 February 2011 by VRS  |  Email |Print

From Straitstimes.com : In June, 2009, the head of China’s powerful sovereign wealth fund met with Mr Geithner and requested that he lean on regulators at the US Federal Reserve to speed up the approval of its US$1.2 billion (S$1.5 billion) investment in Morgan Stanley, according to the cables, which were provided to Reuters by a third party.
Although the cables do not mention if Mr Geithner took any action, China’s deal to buy Morgan Stanley shares was announced the very next day……………………………………….Full Article: Source

Khazanah to start restricted tender process for sale of Pos Malaysia stake

Posted on 21 February 2011 by VRS  |  Email |Print

From Bernama: Khazanah Nasional Bhd has entered into the second stage of the divestment process of its 32.21 percent stake in Pos Malaysia Bhd, starting with the restricted tender process for bidders.
It said bidding would be on a level playing field whereby the emphasis would be on bidders who would be able to introduce sound strategies and business plans sustainable to bring the postal entity to the next level of growth……………………………………….Full Article: Source

Dirty deals, and done dirt cheap

Posted on 21 February 2011 by VRS  |  Email |Print

From Smh.com.au: Canvassing opinion as to whether Australia should start a sovereign wealth fund, only one, the boss of Leighton Holdings, was prepared publicly to put the case against a fund.
Chief executives from Lend Lease, Tabcorp, Mirvac, CSL, Foster’s, Orica, and Coca-Cola Amatil, and prominent chairmen, all told BusinessDay they favoured such a fund - either for stabilistion or savings, or both……………………………………….Full Article: Source

Abu Dhabi to buy Spanish refiner Cepsa for $5bln

Posted on 21 February 2011 by VRS  |  Email |Print

From Omantribune.com: Abu Dhabi sovereign wealth fund IPIC is buying half of Cepsa from French oil major Total for 3.7 billion euros ($5 billion), giving it control of the Spanish refining and marketing-focused group.
IPIC, wholly owned by the government of Abu Dhabi, has a mandate to invest in the oil sector outside the emirate……………………………………….Full Article: Source

Bahrain’s banking sector bucks crisis

Posted on 21 February 2011 by VRS  |  Email |Print

From Gulf-daily-news.com: Bahrain’s banking industry has not been affected by recent turmoil, officials said yesterday. A spokesperson for sovereign wealth fund Bahrain Mumtalakat Holding Company said it was business as usual with everyone working normally, both at its headquarters and all the companies it owned.
Bahrain Association of Banks chairman Abdul Karim Bucheery said that to date, the banks had not suffered any fallout……………………………………….Full Article: Source

IMF sees Nigeria 2011 growth of 7pct, welcomes SWF

Posted on 21 February 2011 by VRS  |  Email |Print

From Reuters: Nigeria’s economy is expected to grow around 7 percent this year, down from 8.5 percent in 2010, with growth moderating gradually in subsequent years, the International Monetary Fund (IMF) said on Thursday. The IMF welcomed the planned establishment of a sovereign wealth fund, meant to better manage Nigeria’s oil savings, which it said would help shield the budget from oil revenue volatility.
It viewed the central bank’s increase in the benchmark interest rate to 6.5 percent last month as “appropriate” and said further monetary tightening may be required if inflationary pressures continue……………………………………….Full Article: Source

Italy and Libya share close investment ties

Posted on 21 February 2011 by VRS  |  Email |Print

From Reuters: Italian Prime Minister Silvio Berlusconi has attracted criticism for failing to condemn violence in Libya, which in recent years has deepened business and political ties with Rome. Libya’s stake in banking group UniCredit stands at a total 7.5 percent after the Libyan Investment Authority (LIA) acquired a 2.59 percent stake in Italy’s biggest lender.
Flush with petrodollars, Libya has been buying stakes in Italian companies, while Italian companies have nabbed contracts for energy and infrastructure projects in the North African state……………………………………….Full Article: Source

Fitch: Mubadala’s ratings unaffected by ATIC integration

Posted on 21 February 2011 by VRS  |  Email |Print

From Ameinfo.com: Fitch Ratings says that Mubadala Development Company PJSC’s (Mubadala; ‘AA/Stable’) announcement of its ownership of Advanced Technology Investment Company (ATIC; not rated) has no impact on its ratings.
The agency believes that the deal has no implications on the implied support of, commitment from, and ownership of Government of Abu Dhabi(’AA’/Stable) for Mubadala, which is the main driver of its ratings……………………………………….Full Article: Source

Australia: Pressure for sovereign wealth fund

Posted on 18 February 2011 by VRS  |  Email |Print

From Smh.com.au: Some of Australia’s most powerful business leaders have thrown their support behind a Norwegian-style sovereign wealth fund to ensure Australia does not squander its windfall from the mining boom.
Comments by the heads of a broad range of the biggest companies are likely to increase pressure on the Gillard government to reconsider ways to secure more from the resource windfall with a long-term investment fund……………………………………….Full Article: Source

Australia: Heavyweights call for sovereign wealth fund

Posted on 18 February 2011 by VRS  |  Email |Print

From Smh.com.au: Business leaders are solidly in favour of creating a sovereign wealth fund to bolster Australia’s future, but they differ on its design and purpose. Executives from Lend Lease, Tabcorp, Foster’s, Mirvac, CSL and Coca-Cola Amatil have joined the Fairfax Media chairman, Roger Corbett, and the Commonwealth Bank chief executive, Ralph Norris, in calling for a sovereign wealth fund to better manage the nation’s legacy from the resources boom.
They are concerned about the long-term cost to the economy of high commodity prices and high terms of trade, and believe the nation should take advantage of the boom while it lasts……………………………………….Full Article: Source

CBA in favour of sovereign wealth fund backing

Posted on 18 February 2011 by VRS  |  Email |Print

From Finnewsnetwork.com.au: Commonwealth Bank of Australia’s chief executive is strongly in favour of a Norwegian-style sovereign wealth fund, according to Fairfax Media. Ralph Norris reportedly said Australia should look to get a return from mining companies recovering resources.
Fairfax Media reports that chief executives from Lend Lease, Tabcorp, Mirvac, CSL, Foster’s, Orica, Coca-Cola Amatil as well as Reserve Bank governor Glenn Stevens are said to be in favour of a fund to ensure Australia benefits from the current mining boom in the future……………………………………….Full Article: Source

Push for wealth fund to cash in on boom

Posted on 18 February 2011 by VRS  |  Email |Print

From Smh.com.au: Support is growing for the creation of a sovereign wealth fund to invest the proceeds of the mining boom. The Herald surveyed Australia’s business leaders before BHP Billiton, the world’s largest mining company, posted a half-year profit of $US10.6 billion.
The chief executives of Lend Lease, Tabcorp, Mirvac, CSL, Foster’s, Orica and Coca-Cola Amatil, and the chairman of Mirvac, Gloucester Coal and Pacific Brands all favour such a fund……………………………………….Full Article: Source

Wealth fund: CEOs happy to let someone else pay

Posted on 18 February 2011 by VRS  |  Email |Print

From Smh.com.au: Nice to see so many high-profile CEOs and chairmen backing the national interest by supporting the establishment of an Australian sovereign wealth fund. What’s missing though is any of them volunteering to pay for it.
The national wealth fund bandwagon is gathering moment - and a perfectly fine bandwagon it is too. A very sound idea to invest some of the present commodity price windfall for the greater long-term benefit of the nation. The Reserve Bank, Treasury and any passing economist would all like to see it……………………………………….Full Article: Source

China fund manager asked Geithner for favor in Morgan Stanley deal

Posted on 18 February 2011 by VRS  |  Email |Print

From Barrons.com: The head of China’s sovereign wealth fund in mid-2009 asked U.S. Treasury Secretary Timothy Geithner to press the Federal Reserve to speed approval of the fund’s $1.2 billion investment in Morgan Stanley, according to Reuters.
Based on cables by diplomats supplied by WikiLeaks, the news agency also notes that China at one point shifted its U.S. Treasury holdings away from longer-term notes which impacted borrowing costs in the U.S. But officials here weren’t concerned that leaders in Beijing would stop entirely buying U.S. debt, according to the report……………………………………….Full Article: Source

Lingui says its businesses open and transparent

Posted on 18 February 2011 by VRS  |  Email |Print

From Thestar.com.my: Lingui Developments Bhd, which has been excluded from Norway’s sovereign wealth fund because of its alleged “contribution to severe environmental damage,” said it practised open and transparent businesses.
In a statement yesterday, the company said its parent, Samling Global Ltd, had also been excluded from the fund last year……………………………………….Full Article: Source

Danamon’s fourth-quarter profit more than quadruples

Posted on 18 February 2011 by VRS  |  Email |Print

From Bloomberg: PT Bank Danamon Indonesia, controlled by Temasek Holdings Pte and Deutsche Bank AG, said profit more than quadrupled in the fourth quarter last year on loan growth and non-interest income such as fees and insurance.
The lender posted net income of 680 billion rupiah ($77 million) in the three months to Dec. 31, compared with 167 billion rupiah a year earlier, Bank Danamon said in a statement released in Jakarta today……………………………………….Full Article: Source

Phillippines: US$2bln IPP investment eyed from Gulf states

Posted on 18 February 2011 by VRS  |  Email |Print

From Malaya.com.ph: The Department of Trade and Industry (DTI) is tapping two oil-producing countries in the Gulf for $2 billion of investments in public-private partnership projects, Undersecretary Cristino Panlilio said yesterday.
Panlilio said he will meet officials of the investment authorities of Qatar and Abu Dhabi this weekend to solicit equity investments for PPPs and a wide range of sectors, including those listed in the Investment Priorities Plan……………………………………….Full Article: Source

Following KIC’s lead, Korea’s pension pursues alts

Posted on 18 February 2011 by VRS  |  Email |Print

From Ai-cio.com: The Korean National Pension Service (NPS),the world’s fourth latest pension, is aiming to broaden its portfolio this year by investing $4 billion oversees in alternative assets, including infrastructure. NPS’s aggressive approach toward investing more heavily in alternatives coincides with the strategy taken by the Korea Investment Corporation (KIC), South Korea’s government-owned investment management company that specializes in overseas investments.
KIC’s Chief Investment Officer Scott Kalb told aiCIO that alternative assets have all been profitable……………………………………….Full Article: Source

Africa struggles to develop rainy-day funds

Posted on 18 February 2011 by VRS  |  Email |Print

From Reuters: “It’s raining now,” politicians told then-Nigerian finance minister Ngozi Okonjo-Iweala seven years ago, when she began to develop ways to save the country’s oil wealth for a rainy day.
Okonjo-Iweala’s brainchild Excess Crude Account (ECA) began its short life in 2004, growing to as much as $20 billion in 2007. The ECA then dwindled to less than $1 billion, a victim of political wrangling between central and local government……………………………………….Full Article: Source

Qatar Holding not in talks to buy Man United

Posted on 18 February 2011 by VRS  |  Email |Print

From Emirates247.com: Qatar Holding, the investment arm of the Gulf Arab state’s sovereign wealth fund, has not held discussions to buy Manchester United football club, a source close to Qatar Holding said.
The British football club’s high-yield bonds rose to near record highs on Tuesday on speculation of a deal……………………………………….Full Article: Source

Corruption in Azerbaijan ‘must not reach danger levels’

Posted on 18 February 2011 by VRS  |  Email |Print

From News.az: According to international organizations, Azerbaijan has achieved great results in this sphere. The State Oil Fund of Azerbaijan is one of two structures in the world to have received an international certificate on transparency in its work.
There should be no corruption in Azerbaijan, considering the favourable conditions created. If there is any, then it should be in isolated instances and at a minimum level……………………………………….Full Article: Source

Norway targets ‘12 deficit below 4pct of oil revenue

Posted on 18 February 2011 by VRS  |  Email |Print

From Dow Jones: Norwegian Finance Minister Sigbjorn Johnsen is aiming to bring the budget deficit below 4% of oil revenues next year as he seeks to reduce government spending to within state guidelines and ease pressure on the central bank to raise interest rates. According to a fiscal rule adopted in 2001, the Norwegian government can over time spend up to 4% of the balance of the Global Pension Fund, where the state’s oil revenues are held.
That amount should correspond to the fund’s expected long-term real return……………………………………….Full Article: Source

Innovating sovereign wealth funds

Posted on 18 February 2011 by VRS  |  Email |Print

From Policyinnovations.org: At the national level such funds are referred to as Sovereign Wealth Funds (SWF) and they aim to capitalize on windfall profits or economic rents from natural resource unearned increments and other excess income. The goal of these funds is to stabilize revenues, save assets for contingencies, and allow for more effectively planned expenditures.
The Sovereign Wealth Funds Institute, based in Las Vegas, estimates the total value of SWF assets at $4.16 trillion. The six largest SWFs account for 75 percent of all assets held by such funds worldwide—China, Kuwait, Norway, Saudi Arabia, Singapore, and United Arab Emirates……………………………………….Full Article: Source

Abu Dhabi fund buys Spain’s Cepsa

Posted on 17 February 2011 by VRS  |  Email |Print

From Bloomberg: An Abu Dhabi holding company agreed to take control of Cia. Espanola de Petroleos SA, Spain’s second-largest oil company, through a 3.97 billion-euro ($5.37 billion) offer that will buy out Cepsa shareholder Total SA.
International Petroleum Investment Co., owned by the Abu Dhabi state, agreed to buy the French oil company’s 48.8 percent stake and bid for the remaining Cepsa stock at 28 euros a share in cash, a 23 percent premium to yesterday’s closing price in Madrid, IPIC said in a regulatory filing today……………………………………….Full Article: Source

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CIC invests in Russia’s VTB Group

Posted on 17 February 2011 by VRS  |  Email |Print

From Bloomberg: China Investment Corp. and Harvard University were among investors that bought shares in VTB Group, Russia’s second-largest lender, Vedomosti reported, citing Herbert Moos, the bank’s deputy chairman.
The Chinese sovereign wealth fund bought $100 million of VTB stock, in its first big investment in Russia, the newspaper said. The largest buyer in the placement of 10 percent of the state-run bank’s shares was Assicurazioni Generali SpA, which invested $300 million, and private-equity fund TPG Capital LP bought shares worth $100 million, Vedomosti reported……………………………………….Full Article: Source

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US$5 bln scheme to boost Temasek’s funding flexibility

Posted on 17 February 2011 by VRS  |  Email |Print

From Straitstimes.com: Temasek Holdings has pulled off another trailblazing fund-raising exercise, bringing more depth to the local debt market and broadening its stakeholder base.
The state investment company announced on Wednesday that it is setting up a US$5 billion (S$6.4 billion) euro commercial paper programme to add flexibility to its funding options……………………………………….Full Article: Source

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Temasek Holdings launches US$5bln euro-commercial paper programme

Posted on 17 February 2011 by VRS  |  Email |Print

From Channelnewsasia.com: Temasek Holdings said on Wednesday that it launched a US$5 billion euro-commercial paper programme to add flexibility to the Singapore investor’s funding options.
Temasek said the programme presents a cost-effective ongoing short-term funding option. It allows Temasek maximum flexibility in terms of issue size, currency and maturity to match its financing objectives……………………………………….Full Article: Source

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GIC offers US$1.5 bln for resorts

Posted on 17 February 2011 by VRS  |  Email |Print

From Todayonline.com: The Government of Singapore Investment Corp, which has a stake in Hyatt Hotels, has offered to pay US$1.5 billion (S$1.9 billion) for a group of bankrupt resorts owned by investors including the hedge fund Paulson and Co.
GIC seeks to buy five resorts, one of GIC’s lawyers, Mr Michael Sage of Dechert LLP, said, after unveiling the offer at a bankruptcy court hearing yesterday in New York……………………………………….Full Article: Source

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Norway fund excludes Lingui

Posted on 17 February 2011 by VRS  |  Email |Print

From Thestar.com.my: Norway’s sovereign wealth fund, the world’s second largest, has excluded Lingui Developments Bhd from its portfolio, citing the timber company’s contribution to “severe environmental damage”.
The US$546b il fund had completed its divestment from t he company, which is involved in operations in tropical rainforests, the Norwegian Finance Ministry said yester day in a statement on its website……………………………………….Full Article: Source

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Hospital giant adds to portfolio

Posted on 17 February 2011 by VRS  |  Email |Print

From Bangkokpost.com: The country’s largest hospital group has added to its growing market strength with a substantial purchase of shares in highly rated Bumrungrad Hospital in Bangkok. The Singapore government’s investment arm, Temasek Holdings, was reported to have sold 42.66 million shares, or 5.86%, for 29.25 baht apiece. An unnamed shareholder sold 49.13 million shares, or 6.74%.
Bangkok Dusit Medical Services (BGH) told the Stock Exchange of Thailand yesterday it had bought 46.1 million shares, or 6.32%, of the paid-up capital of Bumrungrad Hospital (BH) and 35 million units, or 4.79%, of the hospital’s non-voting depository receipts, which are like shares but have no voting rights……………………………………….Full Article: Source

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Super Fund makes 1.6pct return

Posted on 17 February 2011 by VRS  |  Email |Print

From Stuff.co.nz: The New Zealand Superannuation Fund was worth $18.47 billion on January 31 after posting a return of 1.61 per cent for that month.
The fund, set up to help pay for state pensions in future years, made a one-month return of $300m after fees mainly due to “modest” gains in its global equity investments……………………………………….Full Article: Source

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Super Fund guardians ‘comfortable’ with investment link

Posted on 17 February 2011 by VRS  |  Email |Print

From Stuff.co.nz: Guardians of New Zealand’s multibillion-dollar Superannuation Fund say they are “comfortable” about the appointment of a rural investment manager with close links to a professional dairying manager facing animal welfare charges.
Ross Cottier, a director of sharemilking management company MilkPride, is among five parties the Agriculture Ministry is taking to court over treatment of cows following an investigation at a Crafar farm in 2009……………………………………….Full Article: Source

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Qatar Holding have not held Man United talks - source

Posted on 17 February 2011 by VRS  |  Email |Print

From Latimes.com: Qatar Holding joined Manchester United in quashing rumours of a takeover on Wednesday with a source close to the Gulf Arab state’s sovereign wealth fund saying no talks had been held with the English soccer club.
Premier League leaders United have repeatedly said the Old Trafford club was not for sale but its high-yield bonds rose to near record highs on Tuesday on speculation of a deal……………………………………….Full Article: Source

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Nigeria: FG eyes $14 bln in SWF

Posted on 17 February 2011 by VRS  |  Email |Print

From Allafrica.com: The Federal Government may save about $14 billion in the proposed Sovereign Wealth Fund (SWF) this year, if the bill is eventually passed into law by the National Assembly.
But the forecast is dependent on the fact that lawmakers retain the benchmark oil price of $65 per barrel, as insisted by the Minister of Finance, Olusegun Aganga. The other expectation is that oil price continues to soar at the international market and oil production target of 2.3 million barrels per day is achieved……………………………………….Full Article: Source

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Key political risks to watch in Libya

Posted on 17 February 2011 by VRS  |  Email |Print

From Reuters: Social unrest has come to Libya after street revolts in its neighbours Tunisia and Egypt. How will politicians in Europe and the United States respond as Libya’s sovereign wealth fund, which controls about $65 billion, ramps up its investments in developed countries.
The wealthiest North African country had began to dig deeper into its pockets to address social grievances, but rioting broke out in the city of Benghazi in mid-February……………………………………….Full Article: Source

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IMF: Libya posting non-hydrocarbon growth by 6pct

Posted on 17 February 2011 by VRS  |  Email |Print

From Globalarabnetwork.com: Directors welcomed the passing of the Libyan Investment Authority law, which enhances its regulatory and operational framework. While recognizing the role that investment funds are playing as part of Libya’s diversification strategy, Directors noted that investment funds outside the budget can complicate public expenditure management.
It would also be important to ensure that the CBL’s involvement with these funds does not conflict with monetary policy objectives……………………………………….Full Article: Source

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Advanced Technology Investment Company integrated into Mubadala Development Company

Posted on 17 February 2011 by VRS  |  Email |Print

Mubadala Development Company (Mubadala) announced that the Advanced Technology Investment Company (ATIC) has become a wholly owned business of Mubadala.
“With common executive leadership and the Government of Abu Dhabi as shareholder of both organizations, ATIC’s integration into Mubadala will further drive the creation of innovative industries for the benefit of Abu Dhabi and the UAE,” said Waleed al Muhairi, COO of Mubadala……………………………………….Full Press Release: Source

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