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Sovereign Wealth Funds Briefing - Archive | May, 2011

Lee Hsien Loong named chairman of GIC

Posted on 31 May 2011 by VRS  |  Email |Print

Lee Hsien LoongSingapore Prime Minister Lee Hsien Loong was named chairman of Government of Singapore Investment Corp., which manages more than $100 billion of the island’s assets, succeeding his father Lee Kuan Yew.
The elder Lee will be senior adviser to the sovereign wealth fund and the changes are effective June 1……………………………………….Full Article: Source

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PNG plans wealth fund to manage economic boom

Posted on 31 May 2011 by VRS  |  Email |Print

Ian KemishPapua New Guinea’s Government says the country risks high levels of inflation and currency appreciation, if it does not manage its current resources boom well. Australia’s High Commissioner to PNG Ian Kemish has told Radio Australia’s Pacific Beat program, one way to manage the boom is to establish sovereign wealth funds.
“Papua New Guinea has taken very careful advice from Australia in particular a set of in-prinicple decisions about the establishment of sovereign wealth funds,” he said……………………………………….Full Article: Source

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Australia’s Future Fund has no plans to buy EU rescue bonds

Posted on 31 May 2011 by VRS  |  Email |Print

Australia’s Future Fund has no plans to buy the debt being issued to rescue ailing eurozone countries as the fund is currently steering clear of sovereign bonds, Chairman David Murray said in an interview.
In an effort to stabilize the heavily indebted peripheral nations, eurozone authorities are issuing debt through a temporary bailout fund, the European Financial Stability Facility, while the European Union itself is also part-funding the rescue………………………………………Full Article: Source

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China to help EU overcome debt crisis

Posted on 31 May 2011 by VRS  |  Email |Print

The risk of default on European Union sovereign debt is less than markets expect, and China has confidence in the stability of the euro in the near term, a Chinese state researcher says.
China could even consider setting up a special organisation to assess the strategic return on its reserves, apart from the State Administration of Foreign Exchange and China Investment Corp, the country’s sovereign wealth fund, he said……………………………………….Full Article: Source

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China urged to invest vast forex reserves in agri sector abroad

Posted on 31 May 2011 by VRS  |  Email |Print

World’s largest forex reserves holder, China should use its huge foreign exchange reserves to expand investment in the agricultural sector overseas, according to a researcher with country’s Research Center For Rural Economy.
In an essay published in the state-owned Farmer’s Daily, Chen Jie said this will help to increase domestic market supply. China’s foreign exchange reserves to $3.04 trillion as of the end of March, with a substantial portion invested in U.S. Treasurys……………………………………….Full Article: Source

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Nigeria: Government defines sovereign wealth fund targets

Posted on 31 May 2011 by VRS  |  Email |Print

Higher revenues realised from the export of the country’s oil resources in excess of budgeted oil benchmarks under the newly established Sovereign Wealth Fund (SWF) are to be channeled into special funds for infrastructure development, protection of the future of Nigerian youth, and provision for annual fiscal stability.
Minister of finance, Olusegun Aganga, said at the formal assent to the Bill establishing the Nigerian Sovereign Investment Authority (NSIA) that the SWF has three components, namely the Nigeria Infrastructure Fund; the Future Generations Fund; and the Stabilisation Fund……………………………………….Full Article: Source

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Minister hails signing of budget, sovereign wealth fund

Posted on 31 May 2011 by VRS  |  Email |Print

The Minister of Finance, Dr Olusegun Aganga, has hailed the signing into law of the 2011 budget and the Sovereign Wealth Fund by President Goodluck Jonathan.
Aganga commended all the relevant agencies and bodies responsible for the preparation, passage and final assent of the president of the budget, stressing that the budget would bring about stronger economy and a sound macroeconomic environment that would ensure that Nigerians were employed, prosperous and able to engage their numerous talents in building a great nation……………………………………….Full Article: Source

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Sovereign wealth fund is illegal, says Tukur

Posted on 31 May 2011 by VRS  |  Email |Print

The former chairman of National Revenue Mobilisation and Fiscal Commission, Alhaji Hammam Tukur, has declared as “illegal” the Sovereign Wealth Fund bill that was signed into law by President Goodluck Jonathan last Thursday.
He said this was because the National Assembly did not have any right to legislate on money in the Federation Account……………………………………….Full Article: Source

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Libya’s Goldman dalliance ends in losses, acrimony

Posted on 31 May 2011 by VRS  |  Email |Print

In early 2008, Libya’s sovereign-wealth fund controlled by Col. Moammar Gadhafi gave $1.3 billion to Goldman Sachs Group to sink into a currency bet and other complicated trades. The investments lost 98% of their value, internal Goldman documents show.
What happened next may be one of the most peculiar footnotes to the global financial crisis. In an effort to make up for the losses, Goldman offered Libya the chance to become one of its biggest shareholders, according to documents and people familiar with the matter……………………………………….Full Article: Source

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West freezes billions of dollars from Libya’s sovereign wealth funds, 7pct of which placed in alternative funds

Posted on 31 May 2011 by VRS  |  Email |Print

Rebels have been fighting the 41-year-long regime of the Libyan government of Muammar Qaddafi (or Gaddafi) for three months, and NATO countries became involved – to protect civilian lives and also to protect Gadhafi’s enemies from his forces (according to Statfor) – for two months.
So what has happened in Libya most recently? Libyan Deputy Foreign Minister Khaled Kaim said on May 27th that his country was not concerned with decisions made by the G8, after Russia (which is mediating the conflict) joined NATO in calling for Gadhafi’s departure, AFP reported. During the G8 summit this week-end, President Barack Obama said the U.S. and France were committed to finishing the job in Libya, said News24……………………………………….Full Article: Source

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Key shifts in GCC sovereign wealth fund investment behaviour

Posted on 31 May 2011 by VRS  |  Email |Print

Invesco Asset Management Limited today released its second annual Invesco Middle East Asset Management Study which offers insight into the complex investment behaviour of sovereign wealth funds (SWFs) in the Gulf Cooperation Council (GCC) region and provides a new framework to help interpret investment preferences across these ever-evolving markets.
The new model helps dispel the myth about the prevalence of international ‘trophy asset’ investing, and suggests geo-political drivers could be drawing money flows towards local development. (Press Release)

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Russia: State fund looks to plug gaps

Posted on 31 May 2011 by VRS  |  Email |Print

As Russian corporate debt swells to over $500 billion and foreign loans become more expensive due to the strengthening rouble, the Kremlin is hoping that its new state-led private equity fund can plug some of the gaps left by a dearth of foreign direct investment.
The $10 billion Russia Sovereign Direct Investments Fund, a brainchild of President Dmitry Medvedev, in May appointed as its CEO Kirill Dmitriyev, a 36-year-old Stanford and Harvard graduate who has run the Icon and Delta private equity funds in Russia……………………………………….Full Article: Source

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Philippines : Time for a sovereign wealth fund

Posted on 30 May 2011 by VRS  |  Email |Print

A $20-billion sovereign wealth fund will mean that the country will revert back to its end-May 2010 reserve level of $47.689 billion, enough to finance 7.2 months of imports, which is way past the prudent level of six months of imports.
This $20-billion start-up wealth fund for the Philippines can be used to fund some of the so-called PPPs, or Public-Private Partnership Projects, that the government has identified to jump-start the economy. More than 15 PPPs are in the pipeline and ready for bidding from local and foreign investors from China to Australia, and Thailand to the United Kingdom……………………………………….Full Article: Source

Australia: Shorten dismisses sovereign funds as ‘elitist’

Posted on 30 May 2011 by VRS  |  Email |Print

David MurrayAssistant Treasurer Bill Shorten does not believe tying up money from the government’s proposed mining tax in a sovereign wealth fund is a sensible idea.
The Organisation for Economic Cooperation and Development has previously recommended that Australia should not spend the proceeds of the planned minerals resource rent tax (MRRT), instead placing it in a sovereign wealth fund……………………………………….Full Article: Source

Firms prioritise SWFs on investor target lists

Posted on 30 May 2011 by VRS  |  Email |Print

Listed companies are increasingly meeting with hedge funds and sovereign wealth funds, while a quarter are mulling a secondary listing in a high-growth market, mostly China or Hong Kong. 47% of all companies meet sovereign wealth funds (SWFs), with an additional 23% saying they are considering meeting them.
“This is about corporates broadening their investor target lists,” says Gregory Roath, head of Asia-Pacific for BNY Mellon’s Depositary Receipts business. “That includes hedge funds and sovereign wealth funds (SWFs), and they are recognising the importance of those investment flows to the market……………………………………….Full Article: Source

BNY Mellon targets Asian sovereign wealth funds

Posted on 30 May 2011 by VRS  |  Email |Print

BNY Mellon, the global leader in asset management and securities servicing, has appointed Eleni Wang as head of Client Management for Asia-Pacific. Wang replaces Jai Arya, who was recently named head of BNY Mellon’s newly created Sovereign Institutions Group.
“Our clients in Asia include some of the world’s largest financial institutions, central banks and several key sovereign wealth funds,” said Christopher Sturdy, Chairman of BNY Mellon’s Asia-Pacific region………………………………………Full Article: Source

Big chunks of Gaddafi’s stash of oil wealth went into Italy — And bad investments

Posted on 30 May 2011 by VRS  |  Email |Print

An overview of the Libyan sovereign wealth fund’s bad moves, including investments in some of Italy’s top firms such as energy giant ENI and industrialist Finmeccanica. The real mystery of Libya’s oil treasure seems to be how much of it has been squandered by disastrous investments.
The anti-corruption organization Global Witness has published on its website a detailed report, originally dated June 30 2010, about the troubled investments of Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA)……………………………………….Full Article: Source

Nigeria: We’ll make oil assets vehicle for wealth creation-President Jonathan

Posted on 30 May 2011 by VRS  |  Email |Print

Nigeria’s President Goodluck Jonathan said the Nigerian Federal capital city, that his administration was fully committed to making Nigeria’s oil assets a vehicle for wealth creation, economic diversification and development, according to a statement from his Special Adviser on Media and Publicity, Ima Niboro.
In his remarks after signing the 2011 Appropriation (Amendment) Bill and the Nigerian Sovereign Investment Authority (NSIA) Bill into law at the Presidential Villa, President Jonathan said that the new NSIA would provide the country with a “strong, transparent and effective tool for the management of our nation’s petroleum wealth for the good of all Nigerians”……………………………………….Full Article: Source

Kazakh BTA bank bonds in sharp selloff

Posted on 30 May 2011 by VRS  |  Email |Print

Bonds in Kazakhstan’s BTA bank extended recent sharp losses on Monday, with the 2025 issue trading at a record low 56 cents on the dollar, following recent results which some said had disappointed investors.
BTA, the biggest of the four Kazakh banks to default in 2009, underwent a high-profile debt restructuring last year and is now 81 percent owned by sovereign wealth fund Samruk-Kazyna……………………………………….Full Article: Source

Banking giants linked to Qaddafi-controlled sovereign wealth fund

Posted on 27 May 2011 by VRS  |  Email |Print

HSBC, Goldman Sachs and Arab Banking Corporation have emerged as the biggest holders of cash and deposits for the Libyan Investment Authority, the sovereign wealth fund controlled by the regime of Muammar Qaddafi.
Leaked documents obtained by Global Witness, a UK-based advocacy group, purport to show where the Libyan government’s oil revenues were stashed……………………………………….Full Article: Source

Banks sold investments for billions to Libya fund

Posted on 27 May 2011 by VRS  |  Email |Print

The Libyan Investment Authority, the North African country’s sovereign wealth fund, lost billions of dollars on financial products sold to it by western banks, the Financial Times reported, citing a Libyan government document posted on the website of U.K. advocacy group Global Witness.
The banks that did business with the Libyan regime of President Muammar Qaddafi included Societe Generale (GLE) SA, JPMorgan Chase & Co., Credit Suisse Group AG and BNP Paribas (BNP) SA, the newspaper said……………………………………….Full Article: Source

Gaddafi sovereign fund bled tens of millions in British business disasters

Posted on 27 May 2011 by VRS  |  Email |Print

The Gaddafi regime was caught out by the implosion at Royal Bank of Scotland and also lost tens of millions of pounds when BP was hit by the Gulf of Mexico disaster, a leaked document shows.
Details of the $US53 billion ($49.8bn) investment portfolio of the Libyan Investment Authority also reveal how the Bank of England and Network Rail were among British institutions indirectly bankrolled by Libya……………………………………….Full Article: Source

Gaddafi’s Aussie banks link

Posted on 27 May 2011 by VRS  |  Email |Print

A Libyan sovereign wealth fund controlled by the Gaddafi regime held $US30 million ($28.3 million) in Commonwealth Bank and National Australia Bank bonds, a leaked report reveals.
Anti-corruption group Global Witness has obtained a June 2010 summary of the Libyan Investment Authority’s assets and investments. The authority was established by Colonel Muammar Gaddafi’s regime in 2006 to handle the country’s billions of dollars in oil revenues……………………………………….Full Article: Source

Carlyle Group took $118 mln from Libyan Fund

Posted on 27 May 2011 by VRS  |  Email |Print

Buyout firm Carlyle Group accepted $118 million from the biggest sovereign-wealth fund in Libya, demonstrating the North African nation’s success in courting asset managers and banks after persuading Western politicians that it had dropped ties to terrorism.
Carlyle, whose advisers have included former U.S. President George H.W. Bush and former Defense Secretary Frank Carlucci, received $75.5 million for its Carlyle-Partner V Fund, according to a document released today by Global Witness, a London-based advocacy group……………………………………….Full Article: Source

Libya’s wealth fund takes a bath on complex investments

Posted on 27 May 2011 by VRS  |  Email |Print

Moammar Gadhafi appears to have learned what many other investors learned at the height of the financial crisis: Watch out for complex products.
Libya’s sovereign wealth fund lost billions last year on products such as currency derivatives and others. An internal report posted on the website of an activist group highlights the bath that the Libyan Investment Authority took by the middle of 2010……………………………………….Full Article: Source

Goldman restructures hotel debt

Posted on 27 May 2011 by VRS  |  Email |Print

Goldman Sachs Group Inc.’sWhitehall Real Estate Funds restructured $1.42 billion of debt coming due on one of its largest hotel portfolios, the latest indication that property owners are working through some of their most troubled assets.
Under terms of the deal, the Abu Dhabi Investment Authority, the investment arm of the United Arab Emirates capital city, will inject $475 million into the portfolio, people familiar with the matter said. In exchange, the sovereign-wealth fund is receiving a preferred equity stake……………………………………….Full Article: Source

Dubai World mulls refinancing a further $850mln

Posted on 27 May 2011 by VRS  |  Email |Print

State-owned conglomerate Dubai World, the firm at the heart of the emirate’s debt crisis, is considering refinancing a further $850m, it emerged Thursday.
Dubai World, which includes DP World, Nakheel and Drydocks World among its units, signed a final agreement with its 80 creditors to restructure $26bn of debt in April……………………………………….Full Article: Source

Norway’s $525 bln sovereign wealth fund essentially an index fund

Posted on 27 May 2011 by VRS  |  Email |Print

The Statens Pensjonsfond, Norway’s sovereign wealth fund, combines the oil profits from its 2/3 stake in Statoil with an aggressive, 60% equities investment strategy. The Pensjonsfund is massive, has a very long investment horizon and is actively managed.
Norway’s Finance Ministry recently hired three well known professors to analyze the Pensjonsfond’s stewardship of Norway’s $525 billion. The results were surprising……………………………………….Full Article: Source

Apax Partners said to seek $13 bln for leveraged-buyout fund

Posted on 27 May 2011 by VRS  |  Email |Print

Apax Partners LLP, the British buyout firm, is seeking 9 billion euros ($13 billion) for a new fund, two people with knowledge of the matter said.
Apax, whose backers include China Investment Corporation, follows BC Partners Ltd., Cinven Ltd. and EQT Partners AB in seeking a total of 24 billion euros from investors in Europe as private equity deal activity recovers from a near-halt during the credit crisis……………………………………….Full Article: Source

New investment fund could catalyze more capital for infrastructure

Posted on 27 May 2011 by VRS  |  Email |Print

The Russian government’s decision to create a US$10bn investment fund highlights the state’s commitment to sharing the risks inherent in investment in Russia with the private sector - in an effort to attract a greater level of private capital.
Prime Minister Putin presented the Russia investment fund to a group of foreign investors including the Abu Dhabi Investment Authority, Kuwait Investment Authority, China Investment Authority, Goldman Sachs , Blackstone , the French Caisse des Depots, and private equity house Permira……………………………………….Full Article: Source

CIC, Temasek said to be among key investors in Huaneng offering

Posted on 27 May 2011 by VRS  |  Email |Print

China Investment Corp. and Temasek Holdings Pte are among key investors who plan to buy a combined $415 million of shares in Huaneng Renewables Corp.’s initial public offering, two people with knowledge of the matter said.
The Chinese sovereign wealth fund has agreed to subscribe for $60 million of shares, while Temasek, Singapore’s state investment company, plans to invest $50 million, said the people, who declined to be identified as the process is private……………………………………….Full Article: Source

China CIC to inject $3.1 bln into Sinosure

Posted on 27 May 2011 by VRS  |  Email |Print

China Investment Corp , the country’s $300 billion sovereign wealth fund, has won approval from the cabinet to inject 20 billion yuan ($3.1 billion) into the China Export and Credit Insurance Corp (Sinosure).
Sinosure is the Chinese government’s arm that promotes exports, and the agency has provided insurance for $116.6 billion worth of Chinese exports in 2009………………………………………Full Article: Source

Wealth fund to invest NZ$6 bln on New Zealand assets and government bonds

Posted on 27 May 2011 by VRS  |  Email |Print

Wealth Fund to invest NZ$6 billion on New Zealand assets and government bonds. China’s state-owned sovereign wealth fund, the China Investment Corporation may have set aside NZ$6 billion of its massive foreign reserves to invest in New Zealand assets, including government bonds.
The report by interest.co.nz caught traders by surprise. The market was short and many had to run to cover their bets. It sent NZD/USD flying higher over 100 pips to .81, up 1.5% for the day……………………………………….Full Article: Source

English says CIC investing in N.Z. debt wouldn’t be surprise

Posted on 27 May 2011 by VRS  |  Email |Print

New Zealand Finance Minister Bill English said investments in his government’s bonds by China’s sovereign wealth fund wouldn’t be surprising after a report the Beijing-based company may buy some of the island nation’s debt.
“I wouldn’t be surprised if they allocate a tiny slip of it to New Zealand and a slightly larger slip of it to Australia,” English said at an event in Hong………………………………………Full Article: Source

Large Asian investment ‘not surprising’ - Key

Posted on 27 May 2011 by VRS  |  Email |Print

Prime Minister John Key says it is hardly surprising a Chinese sovereign wealth fund wants to invest in New Zealand.
There have been reports that a possible $6 billion is being lined up for investment in New Zealand. Market analyst Peter McIntyre, of Craigs Investment Partners said it may have caused the kiwi dollar to rise to a three year high of 81 cents against the greenback……………………………………….Full Article: Source

N.Z. dollar rises to three-year high on optimism China will buy

Posted on 27 May 2011 by VRS  |  Email |Print

New Zealand’s dollar rose to the highest level since March 2008 on speculation China will buy the nation’s assets to diversify the world’s largest holdings of foreign reserves.
The so-called kiwi headed for the biggest weekly gain in two months after the Marlborough Express newspaper reported today Finance Minister Bill English said that China Investment Corp., a sovereign wealth fund, has expressed interest in buying his country’s government bonds at auction……………………………………….Full Article: Source

China energy firms eyeing Canadian oil

Posted on 27 May 2011 by VRS  |  Email |Print

China has become a major investor in the world’s second largest oil reserve in western Canada, spending over $13 billion in the last 18 months, senior officials from the Canadian province of Alberta said.
China Investment Corp, the nation’s $300 billion sovereign wealth fund, plans to move a managing director to Canada to bolster investment bids for natural resource assets, a company official who requested anonymity said……………………………………….Full Article: Source

Oz fund being used to make n-weapons in India, US

Posted on 27 May 2011 by VRS  |  Email |Print

Australian government’s 74 billion dollar Future Fund has come under scrutiny after a report said that the money was being used to make components for nuclear weapons for US, Britain, France and India.
According to ‘The Age’, records obtained under freedom of information laws said that funds of 135.4 million dollars invested in 15 companies involved in the design, production and maintenance of nuclear weapons for the United States, Britain, France and India……………………………………….Full Article: Source

Future Fund nuclear row

Posted on 27 May 2011 by VRS  |  Email |Print

The Future Fund will consider seeking legal advice over its decision to plough $135 million into companies involved in the nuclear weapons industry amid a political backlash.
Future Fund chief investment officer David Neal yesterday agreed to take to its board of guardians a request from the Greens to obtain a legal opinion on the investments……………………………………….Full Article: Source

India plans sovereign wealth fund for energy assets abroad

Posted on 26 May 2011 by VRS  |  Email |Print

Montek Singh AhluwaliaPlanning Commission is now setting its eyes on a sovereign fund to acquire energy assets around the globe. The government is planning to set aside $10 billion for the fund. Moreover, 2-5 per cent of India’s forex reserves may be set aside for the fund.
“We have been asked to look into the feasibility of setting up such a fund for energy assets. Given the present resources situation a fund like this is necessary. I believe a paper has been prepared and will be examined by the group of ministers,” said Montek Singh Ahluwalia, deputy chairman of Planning Commission……………………………………….Full Article: Source

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Israel may establish a SWF

Posted on 26 May 2011 by VRS  |  Email |Print

Israel is sitting on at least $150 billion in future revenues following the discovery of vast offshore gas deposits, its finance minister said. While Israel may be relishing the prospect of running sovereign wealth investment like Middle East contemporaries Abu Dhabi, Qatar or Kuwait, officials are quick to emphasize that they are not about to abandon their high-tech, export-driven growth model.
“I assume that we will decide to put a lot of the money in some kind of sovereign wealth fund, an Israeli fund that will invest elsewhere,” Steinitz said, adding that a portion would also pay down government debt of around 75 percent of GDP……………………………………….Full Article: Source

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China may establish a new sovereign wealth fund

Posted on 26 May 2011 by VRS  |  Email |Print

China should establish a new sovereign wealth fund to invest part of the country’s foreign-currency reserves to fund pension obligations, a state think-tank official wrote in the China Securities Journal Thursday.
Such a move would help diversify investment of foreign-exchange reserves and improve public confidence in public pension support, Zheng Bingwen, head of the Latin America department of the Chinese Academy of Social Sciences, wrote in the paper………………………………………Full Article: Source

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China’s sovereign wealth fund ready to spend $6bln in NZ

Posted on 26 May 2011 by VRS  |  Email |Print

China’s enormous sovereign wealth fund, the China Investment Corporation, may have set aside up to 1.5 per cent or about $6 billion of its massive foreign exchange reserves to invest in New Zealand assets, including government bonds, companies and potentially dairy farms.
The 1.5 per cent figure was suggested by a well placed source, alongside the likely scenario that the China Investment Corporation has been a heavy bidder of late in the bond tenders run by the New Zealand Debt Management Office (NZDMO), the government’s debt manager……………………………………….Full Article: Source

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Huaneng Renewables secures $415 mln from CIC, Temasek for IPO

Posted on 26 May 2011 by VRS  |  Email |Print

Huaneng Renewables Corp Ltd has secured $415 million from 13 cornerstone investors for its planned initial public offering in Hong Kong, Thomson Reuters publication IFR reported on Thursday.
Investors in the IPO, which could raise nearly $950 million, included Chinese sovereign wealth fund China Investment Corp and Singapore’s Temasek Holdings , as well as GE Capital, IFR said……………………………………….Full Article: Source

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Temasek’s Mapletree plans Japanese property fund after 90pct profit surge

Posted on 26 May 2011 by VRS  |  Email |Print

Mapletree Investments Pte, the real estate unit of Singapore’s state investment firm Temasek Holdings Pte, said it plans to start this year a fund investing in business space in Japan.
The fund, which will be between 25 billion yen ($305 million) and 40 billion yen in size, will invest in property at the periphery of Tokyo’s central business district, said Terence Heng, general manager of Japan at Singapore-based Mapletree. It will also seek assets in Osaka and Nagoya, he said……………………………………….Full Article: Source

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Mapletree to launch three new property funds in China, Vietnam, Japan

Posted on 26 May 2011 by VRS  |  Email |Print

Real estate firm Mapletree Investments said it plans to launch three property funds worth US$2 billion over the next few years. The funds will invest in commercial and mixed-use properties in China, Vietnam and Japan.
Mapletree, the real estate arm of Temasek Holdings, also announced a 90 per cent increase in its profit after tax to S$747 million for the full year ended March 31, driven by higher rental contributions from its assets……………………………………….Full Article: Source

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Future Fund denies govt influenced investment

Posted on 26 May 2011 by VRS  |  Email |Print

The Future Fund has rejected suggestions it was influenced by the federal government to dump holdings in companies involved in the manufacture of cluster bombs. But the government-owned investment body sees nothing wrong with buying up shares in tobacco companies.
The Future Fund board in March made the decision to sell its holdings in Lockheed Martin and other companies, and the transactions were finalised in early April……………………………………….Full Article: Source

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Future Fund rejects pressure on N-weapons

Posted on 26 May 2011 by VRS  |  Email |Print

The Future Fund is resisting pressure from global campaigners to divest its shares in companies associated with the development and maintenance of nuclear weapons.
Although the Future Fund recently dumped shares in companies involved with cluster bombs, the federal government’s investment arm has rejected calls to distance itself from nuclear weapons……………………………………….Full Article: Source

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Future Fund sees no conflict in tobacco investment

Posted on 26 May 2011 by VRS  |  Email |Print

The Future Fund sees nothing wrong with investing in tobacco companies despite the ongoing stoush over plain packaging. It was responding to a Senate estimates hearing query on whether the government’s plan to introduce plain packaging for cigarettes would influence the fund’s decision to invest in tobacco stocks.
“We don’t believe the manufacturers are doing anything illegal in Australia, so there is no consideration in terms of whether we should exclude tobacco,” Mr Neal said……………………………………….Full Article: Source

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Libya sovereign fund suffers big losses

Posted on 26 May 2011 by VRS  |  Email |Print

Libya lost billions of dollars on financial products that international institutions sold to Moammar Gadhafi’s sovereign wealth fund, the Financial Times newspaper reported Thursday on its website, citing a confidential Libyan government document.
Societe Generale SA (SCGLA) is among the banks and hedge funds named in about $5 billion in Libyan deals, the report said, adding that the Libyan Investment Authority’s $1.2 billion equity and currency derivatives portfolio suffered a loss of 98.5% percent in its value……………………………………….Full Article: Source

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