Mon, Dec 22, 2014
A A A
Welcome preal121
RSS

Sovereign Wealth Funds Briefing - Archive | August, 2011

Alberta’s financial state improves, but could turn

Posted on 18 August 2011 by VRS  |  Email |Print

The Heritage Savings Trust Fund mostly stayed the same in the first quarter, falling only slightly to $15.1 billion.
Provincial expenses are now forecast to be $39.6 billion, showing an increase of $650 million from the budget – Minister Lloyd Snelgrove said that was caused by disaster and emergency recovery, such as the wildfires in Slave Lake……………………………………….Full Article: Source

Sovereign wealth funds drop Europe for Asia

Posted on 17 August 2011 by VRS  |  Email |Print

Sovereign wealth funds are turning their focus towards Asia after a trend for investing heavily in Europe came to an abrupt halt in 2010, according to a report by US research and consultancy firm Monitor Group.
The report entitled ‘Braving the New World: Sovereign Wealth Fund Investment in the Uncertain Times of 2010’ analysed the investment behaviour of 30 of the world’s leading sovereign wealth funds……………………………………….Full Article: Source

Sberbank courts SWFs ahead of $5 bln stake sale

Posted on 17 August 2011 by VRS  |  Email |Print

Alexei UlyukayevRussia’s top lender Sberbank hopes to line up Asian and Arab wealth funds next week as core investors in its 7.6 percent stake sale, two banking sources told Reuters on Tuesday.
A team set to meet the funds will be headed by Chief Executive German Gref, with Alexei Ulyukayev, a first deputy chairman at Russia’s central bank and a member of Sberbank’s supervisory board, joining the trip……………………………………….Full Article: Source

Samruk-Kazyna wants private partners for nationwide housing project

Posted on 17 August 2011 by VRS  |  Email |Print

The Kazakh government is asking private investors to partner in a project to construct 21.5 million square feet of housing within four years throughout the vast country, the local Tengrinews web site reported Tuesday.
For the first time the apartments will be actively constructed in the regions rather than in major cities, said Kuandyk Bishimbayev, deputy chairman of Kazakhstan’s national welfare fund Samruk-Kazyna, which is expected to operate the initiative……………………………………….Full Article: Source

Kazakhstan: Making the most of its oil wealth

Posted on 17 August 2011 by VRS  |  Email |Print

Oil plays a big role in Kazakhstan. With nearly 40 billion barrels in reserves and 2 percent of global production, the country has the world’s ninth largest proven reserves and is among the 20 largest oil producers.
Kazakhstan’s stabilization fund—the National Fund of the Republic of Kazakhstan—is the cornerstone to managing and preserving the country’s oil wealth. The central bank manages the fund, using it to save the bulk of oil-related fiscal revenues. The government budget is allocated a fixed annual transfer of $8 billion from the fund………………………………………Full Article: Source

Two million sq.m of affordable housing to be built in Kazakhstan in 3-4 years

Posted on 17 August 2011 by VRS  |  Email |Print

Samruk-Kazyna Sovereign Wealth Fund in cooperation with private partners is ready to construct 2 million square meters of housing within 3-4 years, the Fund’s Deputy Chairman Kuandyk Bishimbayev said.
According to the top-manager, there is currently a slight raise of prices at the real estate market. Owing to the prices rise and striving to prevent deficiency of primary housing, the Government is preparing a new program of residential construction that will continue the anti-crisis part of “Rented housing” program that is close to completion stage right now……………………………………….Full Article: Source

Norway to Curb Krone gains as surplus lures buyers

Posted on 17 August 2011 by VRS  |  Email |Print

Norway pledged to counter krone gains that threaten its exports as the widest budget surplus of any AAA rated nation draws investors seeking refuge from debt crises in the U.S. and Europe.
The government will this year seek to limit expenditure to 4 percent of its $550 billion sovereign-wealth fund, as stipulated by its fiscal rule. The Finance Ministry breached the rule in 2010 and 2009 in an effort to pad the economy against the fallout of the global crisis……………………………………….Full Article: Source

Abu Dhabi mulls investment

Posted on 17 August 2011 by VRS  |  Email |Print

Middle Eastern sovereign fund Abu Dhabi Investment Authority could invest $100 million in Russian regional banks as part of a joint project with the International Finance Corporation, or IFC, Kommersant reported Monday.
The investment would be through the Fund for the Capitalization of Russian Banks — an organization to be created by the IFC that was approved by the Finance Ministry in June……………………………………….Full Article: Source

Contribution of oil to total exports hits record low

Posted on 17 August 2011 by VRS  |  Email |Print

Efforts by the Federal Government of Nigeria to diversify the nation’s economy may be yielding fruitful results if trade statistics released by the National Bureau of Statistics (NBS) is anything to go by.
“We believe that the establishment of the Sovereign Wealth Fund (SWF) is capable of achieving the desired objectives, but we note the possibility of less than optimal accretion to external reserves, which is capable of derailing the objectives of achieving price stability in the Nigerian economy.”………………………………………Full Article: Source

Temasek Holdings clarifies mistaken GDP claims

Posted on 17 August 2011 by VRS  |  Email |Print

Temasek Holdings said it accounts for around 10 per cent of Singapore’s economic output, not 60 per cent as claimed by a presidential hopeful.
The investment company said it was “puzzled” by recent, mistaken claims by Mr Tan Jee Say, one of candidates standing for the Presidential Election August 27……………………………………….Full Article: Source

Malaysia, Singapore deals show region’s draw

Posted on 17 August 2011 by VRS  |  Email |Print

Temasek Holdings Pte. Ltd. is looking to sell its entire stake of about 23% in Indonesia’s PT Chandra Asri Petrochemical Tbk. for up to US$400 million, people familiar with the situation said Tuesday, in the latest divestment by the Singapore state investment company.
Several companies from Thailand, South Korea and Japan have shown interest in Temasek’s stake, one of those people said……………………………………….Full Article: Source

AMRI raises Sterling Hospital bid as Khazanah enters fray

Posted on 17 August 2011 by VRS  |  Email |Print

Emami-backed AMRI put in a revised bid of over Rs 600 crore to acquire Ahmedabad-based Sterling Hospitals after being challenged by private equity biggies, including Malaysia’s sovereign wealth fund Khazanah, said sources directly briefed on the matter.
Khazanah controls Singapore’s Parkway Holdings and also holds minority shares in India’s largest private healthcare group Apollo Hospitals Enterprise……………………………………….Full Article: Source

Telstra’s future with no Future Fund

Posted on 17 August 2011 by VRS  |  Email |Print

A healthy profit and the removal of the Future Fund’s dead hand from the market have conspired to lift Telstra shares to their best level in a year - although still below the 1997 float price.
Still, its chief executive, David Thodey, is getting plaudits for mending torn relationships with government, customers and competitors on the way to producing a business structure that buys it a space in the interactive future……………………………………….Full Article: Source

New Mexico SIC FY investment returns of 22.5pct

Posted on 17 August 2011 by VRS  |  Email |Print

The State Investment Council (NMSIC) announced record returns of 22.5% for the fiscal year ending June 30, 2011. The investment returns helped grow the total funds managed by the NMSIC more than $2.5 billion year-over-year, and placed it in the top third among peer funds of more than $1 billion.
“The State Investment Council was well positioned for the bull market we experienced for much of the year,” said State Investment Officer Steve Moise. “The Council is also working diligently to diversify its assets, and create a balanced portfolio of quality investments that will be less vulnerable to the volatility we have seen recently on Wall Street.” (Press Release)

Venezuela plans to move reserve funds

Posted on 17 August 2011 by VRS  |  Email |Print

Venezuela plans to transfer billions of dollars in cash reserves from abroad to banks in Russia, China and Brazil and tons of gold from European banks to its central bank vaults.
The planned moves would include transferring $6.3 billion in cash reserves, most of which Venezuela now keeps in banks such as the Bank for International Settlements in Basel, Switzerland, and Barclays Bank in London to unnamed Russian, Chinese and Brazilian banks, one document said……………………………………….Full Article: Source

Sovereign wealth funds: Friendly giants

Posted on 16 August 2011 by VRS  |  Email |Print

Sovereign wealth funds (SWFs) are not a new phenomenon. The first SWF was established more than 50 years ago, but they attract more interest now than ever. This is both because of their sheer scale - the Gulf-based SWFs alone are thought to control assets equivalent to those of the entire hedge fund industry - and a number of high-profile transactions in recent years.
Detractors often incorrectly assume that SWFs are a homogeneous group of investors. Although an SWF is, in generic terms, an investment vehicle with authority to invest the assets of a nation, such institutions range from central banks to state-owned companies and include stabilisation funds, savings funds and state pension funds……………………………………….Full Article: Source

Arab, Korean funds may invest in Russian banks, Kommersant says

Posted on 16 August 2011 by VRS  |  Email |Print

The Abu Dhabi Investment Authority may invest $100 million in Russian regional banks through a fund set up by the International Finance Corp. and VEB, Russia’s state-run development bank, Kommersant reported.
Investment funds from South Korea have also expressed interest in the fund, which may invest as much as $1 billion, the newspaper reported, citing documents prepared for VEB’s supervisory board……………………………………….Full Article: Source

Thailand: Thirachai wants BOT to reconsider inflation policy

Posted on 16 August 2011 by VRS  |  Email |Print

Finance Minister Thirachai Phuvanatnaranubala plans to hold discussions with Bank of Thailand Governor Prasarn Trairatvorakul on the the central bank’s inflation-targeting policy in view of a pressing need to stimulate domestic demand to counter the global economic weakness.
On the possibility of creating a Sovereign Wealth Fund, he said this issue would also be explored as many countries were now using their reserves to invest in tangible assets such as commodities……………………………………….Full Article: Source

Australia’s Future Fund cuts holding in Telstra to 0.8 pct

Posted on 16 August 2011 by VRS  |  Email |Print

Australia’s Future Fund, which helps Australian governments meet pension liabilities for public servants, said Monday it had reduced its holding in telecommunications giant Telstra Corp. (TLS) to 0.8% of the company as part of a rebalancing of its portfolio.
“Completion of the rebalancing meets the Board’s long-stated objective of reducing its Telstra holding in an orderly manner over the medium term,” the Fund, which has 75.2 billion Australian dollars (US$78.3 billion) in assets, said in a statement……………………………………….Full Article: Source

China moves in on Trinidad & Tobago Gas

Posted on 16 August 2011 by VRS  |  Email |Print

The China Investment Corporation (CIC), the special-purpose company which manages China’s sovereign wealth fund, is to acquire the ten percent stake from French firm GDF Suez under a new memorandum of understanding signed between both.
In exchange for joint-investment opportunities in Asia Pacific, including China, GDF Suez will, possibly before the end of the year, transfer its ten percent stake in Train 1 of the Atlantic LNG natural gas plant, as well as production payments associated with trains 2, 3 and 4 for EURO 600 million (TT$5.5b). CIC will also acquire a 30 percent of GDF Suez’s Exploration and Production division……………………………………….Full Article: Source

Qatari SWF defeats Wellcome Trust in bid for London Olympic Village

Posted on 16 August 2011 by VRS  |  Email |Print

A joint venture involving the Qatari sovereign wealth fund’s $1bn (€690m) property subsidiary has acquired London’s Olympic Village for £557m, defeating a rival £1bn bid headed by the UK’s Wellcome Trust to buy the freehold of the Olympics site.
The deal will give Qatari Diar and joint-venture partner UK developer Delancey an equal stake in 1,439 residential units next to the Olympics site, as well as six plots with development potential for 2,000 additional units……………………………………….Full Article: Source

New approach needed to T&T’s wealth fund

Posted on 15 August 2011 by VRS  |  Email |Print

Trinidad and Tobago’s sovereign wealth fund, more formally known as the Heritage and Stabilisation Fund (HSF), shot into the news this week following the disclosure by the Governor of the Central Bank, Ewart Williams, that the HSF would be impacted by the volatility in the United States equity markets.
The most recent quarterly report of the HSF reveals that the total market value of its portfolios as at March 31 was US$3.759 billion. Of that amount, the fixed income mandates accounted for 63.7 per cent of the total investments, while the equity mandates made up the balance of the 36.3 per cent……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

ADIA ‘not accused of any wrongdoing’

Posted on 15 August 2011 by VRS  |  Email |Print

A $300 million (Dh1.1 billion) lawsuit against the Abu Dhabi Investment Authority (ADIA) is one of more than 1,000 filed by Irving Picard, the trustee authorised to recover money for victims of Bernard Madoff’s Ponzi scheme.

They said it is virtually identical to a lawsuit filed against ADIA, one of the world’s largest sovereign wealth funds, in April by Fairfield Sentry, which was one of many so-called “feeder funds” that invested in Madoff……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Qatari Diar JV buys Olympic Village for $900mln

Posted on 15 August 2011 by VRS  |  Email |Print

London’s Olympic Village has been sold for GBP557 million ($903.5 million) to a Delancey and Qatari Diar joint venture (JV) in a deal which sees the JV acquiring homes on the site in Stratford, east London, and its long-term management.

The deal would also include arrangements to provide a future profit-share for the public sector. Qatari Diar is the property arm of Qatar’s sovereign wealth fund……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Delancey and Qatari Diar buy London’s Olympic Village

Posted on 15 August 2011 by VRS  |  Email |Print

Property developer Delancey and Qatari Diar have snapped up London’s Olympic Village in a deal worth GBP 557 million ($903.5 million). The 27-hectare site will become a new neighbourhood for London after the 2012 games.
London Mayor Boris Johnson described the sale as a “great deal” for London that showed the confidence big private investors had in the future of east London……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Olympic Village to become homes after sale to Qatari sovereign fund

Posted on 15 August 2011 by VRS  |  Email |Print

London’s Olympic Village has been sold for close to $1 billion to a joint venture involving Qatar’s sovereign wealth fund and a British developer.

The $903 million deal was sealed this week between the British developer Delancey and Qatari Diar, which will acquire the Olympic Village site and its long-term management, the Olympic Delivery Authority (ODA) said……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Value of giant Norwegian oil fund drops

Posted on 15 August 2011 by VRS  |  Email |Print

Norway’s sovereign wealth fund - filled by tax revenues from the nation’s oil industry - has fallen in value since the end of the second quarter because of the slump in global stock markets, figures yesterday showed.
While the fund’s value crept up by 0.3 per cent to 3.1 trillion Norwegian krona (£344 billion) in the three months to 30 June, plunges in share prices have dragged it down to KNr2.9 trillion……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Oil fund continues to suffer

Posted on 15 August 2011 by VRS  |  Email |Print

Norway’s sovereign wealth fund, known officially as the “Government Pension Fund – Global” and unofficially as the “oil fund,” continues to lose value in the current international financial climate, with second quarter figures released on Friday suggesting that the outlook for the fund has not been particularly positive for much of the year.

The fund managed just a 0.3 percent yield on its investments in the second quarter of 2011, relying on fixed-income investments that gave a return of 1.8 percent to make up for a 0.7 percent loss in equity holdings……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Norway oil fund head unruffled by US downgrade

Posted on 15 August 2011 by VRS  |  Email |Print

The U.S. credit rating downgrade by Standard & Poor’s will have no impact on the large holdings of U.S. Treasury bonds by Norway’s oil fund, the head of the agency that manages the fund told MarketWatch in an interview Friday.

“The downgrade will have no effect on our view of the situation in the U.S. nor on the valuation of U.S. Treasurys nor on our holdings in U.S. Treasurys. In a way, it’s irrelevant,” said Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, which manages the oil fund officially known as Government Pension Fund Global……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Abu Dhabi Authority sued by Madoff Trustee

Posted on 12 August 2011 by VRS  |  Email |Print

Irving PicardThe liquidator for Bernard L. Madoff’s firm sued the Abu Dhabi Investment Authority, seeking to recover $300 million for victims of the confidence man’s Ponzi scheme.
Irving Picard, the Madoff firm’s trustee, said the sovereign wealth fund withdrew the money from Fairfield Sentry, a so-called feeder fund to Madoff’s fraud, in a complaint filed today in U.S. Bankruptcy Court in Manhattan……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Delancey, Qatari Diar sign Olympic village deal-sources

Posted on 12 August 2011 by VRS  |  Email |Print

A joint venture between UK developer Delancey and the property arm of Qatar’s sovereign wealth fund has bought the athlete’s village on the Olympic park in east London, two sources familiar with the matter told Reuters.
The deal was signed in the last 48 hours, the two sources said. It has been reported that a successful bid for the Olympic Village would have to be at least 500 million pounds ($811 million)……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

BofA talks to Gulf funds to cut $17 bln CCB stake

Posted on 12 August 2011 by VRS  |  Email |Print

Bank of America Corp has held exploratory talks with the principal investment funds of Kuwait and Qatar about selling part of its $17 billion stake in China Construction Bank , three sources with direct knowledge of the talks told Reuters.
Talks about the Chinese bank have been held with other investors in addition to the Kuwait Investment Authority and the Qatar Investment Authority, the sources said……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Dubai gets bank loans as economy defies global rout: Arab Credit

Posted on 12 August 2011 by VRS  |  Email |Print

Investment Corp. of Dubai said on Aug. 8 it will repay $4 billion of loans when they mature on Aug. 21, rather than pursue refinancing it began in May. The obligation will be repaid from internally generated cash, mainly dividends received from the company known as ICD’s operating subsidiaries.
“ICD paying back $4 billion of maturing debt is a very strong message that Dubai’s debt story is on an increasingly better footing,” said Rawad Hakme, the Dubai-based co-manager of fixed income at the United Arab Emirates unit of EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

CIC to buy 7pct stake in Bank of Shanghai

Posted on 12 August 2011 by VRS  |  Email |Print

China Investment Corp, the country’s sovereign wealth fund, is buying a 7 percent stake in the Bank of Shanghai from International Finance Corp. “The deal is going through the proper procedures,” the Bank of Shanghai said after reporters questioned the lender about a shareholder change.
Citing sources familiar with the matter, the 21st Century Business Herald yesterday reported CIC has bought the IFC’s 7 percent stake in the Bank of Shanghai………………………………………Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Temasek’s Mapletree to pay RMB 2.4 bln for Shanghai commercial property

Posted on 12 August 2011 by VRS  |  Email |Print

Mapletree Investments Pte. Ltd., a real estate firm wholly owned by Singapore’s sovereign wealth fund Temasek Holdings Ltd., will pay RMB 2.4 billion for the Shanghai-based commercial property Yongyin Building via its Mapletree India-China Fund.
Mapletree Investments is buying the mixed-use complex, which is located in Shanghai’s commercial circle of Middle Huaihai Road, from U.S. private equity fund Pacific Esplanade. The deal does not include a 28-storey hotel, a 16-storey office building and another 5-storey building at the site, according to media reports……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Singapore ups stake in Rockhopper Exploration

Posted on 12 August 2011 by VRS  |  Email |Print

Falkland oil explorer Rockhopper Exploration this afternoon told investors that the Government of Singapore Investment Corporation has increased its stake in the company.
A regulatory statement on London’s AIM market confirmed that the investor acquired 250,000 Rockhopper shares, taking its total holding to 7.825 million shares or 3.031 per cent……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Super Fund ‘complacent on ethical investment’

Posted on 12 August 2011 by VRS  |  Email |Print

Bill English’s statement that the New Zealand Superannuation Fund has one of the world’s most developed ethical investment policies needs rethinking, the Green Party said.
“Bill English needs to look at the recent record of the Super Fund on ethical investment to see that their management has been complacent and unprofessional, risking serious damage to our reputation as a responsible member of the world community,” said Green Party Co-leader Dr Russel Norman……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Infrastructure investments in an age of austerity : The pension and sovereign funds perspective

Posted on 12 August 2011 by VRS  |  Email |Print

The financial balance of power has clearly shifted further away from Western governments and central banks in favor of large private agents such as investment banks and pension funds as well as Asian and Middle-Eastern sovereign wealth funds.
This growing interest for infrastructure investments should come as no surprise to actuarial experts: most pension funds as well as sovereign wealth and reserve funds have long-dated liabilities, be it explicitly (pensions) or implicitly (sovereign and reserve funds, often acting as “future generations” long-term revenue diversifiers in the Arabian Gulf, Norway, Venezuela, Malaysia etc.)……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

KIA creates executive committee for portfolio Real Estate Investment Authority

Posted on 11 August 2011 by VRS  |  Email |Print

Director of the Real Estate Department at Kuwait Investment Authority (KIA) Khaled Al-Hassoon announced Wednesday the creation of an executive committee for the portfolio Real Estate Investment Authority.
Al-Hassoon told the press that the committee consisted of members from KIA and the Real Estate Authority, adding that meetings were held to launch the committee’s operation. The Real Estate Investment Authority is ran by Kuwait Finance House (KFH)……………………………………….Full Article: Source

MDM Bank seeks Arab, Asian sovereign wealth investors

Posted on 11 August 2011 by VRS  |  Email |Print

MDM Bank, Russia’s second largest private lender, is holding talks with some Asian and Arabic sovereign investment funds, including Abu Dhabi Investment Authority and Investment Corporation of Dubai.
MDM, whose shareholders include businessman Sergey Popov with a 56.3 percent stake and Igor Kim with 11 percent, may offer up to a blocking stake of 25 percent to the potential investor, according to Kommersant……………………………………….Full Article: Source

HSBC plans sale of Bank of Shanghai interest

Posted on 11 August 2011 by VRS  |  Email |Print

HSBC plans to dispose of its 8 percent stake in Bank of Shanghai. HSBC’s plan to exit from the Chinese lender comes as China Investment Corp, the country’s sovereign wealth fund, has bought the International Finance Corporation’s 7 percent stake in Bank of Shanghai, the 21st Century Business Herald reported, citing sources familiar with the matter.
HSBC and China Investment Corp were not immediately available for comment……………………………………….Full Article: Source

BofA negotiates to sell big China bank stake

Posted on 11 August 2011 by VRS  |  Email |Print

Bank of America Corp has held exploratory talks with the principal investment funds of Kuwait and Qatar about selling part of its stake in China Construction Bank.
Talks about the Chinese bank have been held with other investors in addition to the Kuwait Investment Authority and the Qatar Investment Authority, the sources said……………………………………….Full Article: Source

GDF Suez nears $4 bln deal with Chinese sovereign wealth fund

Posted on 11 August 2011 by VRS  |  Email |Print

The French utility GDF Suez and China’s sovereign wealth fund said Wednesday that they were in exclusive talks to seal a $4 billion alliance that would help GDF finance its expansion in Asia and offer Beijing access to new energy resources.
GDF outlined the details of the partnership, its second large deal in a year, after the purchase of 70 percent of International Power, as it reported earnings for the first half of 2011 that beat forecasts……………………………………….Full Article: Source

GDF Suez’s missing spark

Posted on 11 August 2011 by VRS  |  Email |Print

GDF Suez’s inventive streak continues. The Franco-Belgian power giant has sold minority stakes in upstream units for EUR2.9 billion to China’s sovereign wealth fund, partly to unlock value hidden within the group.
That should help end the stock’s losing streak given GDF Suez’s robust profits and stable dividend. Still, investors will likely remain skittish as long as politics wreak havoc on domestic earnings……………………………………….Full Article: Source

GDF Suez shares up on earnings, China investment deal

Posted on 11 August 2011 by VRS  |  Email |Print

GDF Suez SA Wednesday posted a decrease in first half net profits and announced a partnership with sovereign debt fund China Investment Corp. to trim debt and boost the French power group’s presence in Asia.
The Paris based group reported an 8.2% rise in earnings before interest, tax, depreciation and amortization, or Ebitda, helped by the consolidation of results from International Power Plc………………………………………Full Article: Source

Temasek unit Fullerton Fund appoints new CEO

Posted on 11 August 2011 by VRS  |  Email |Print

Fullerton Fund Management, a unit of Singapore state-investment company Temasek Holdings, has appointed Manraj Sekhon as its chief executive - the latest in a series of management changes at the state-investment company and its units.
Manraj, who was a director and the head of international equities at Henderson Global Investors, will assume the position from Oct 1, Fullerton Fund said……………………………………….Full Article: Source

Future fund posts 12.4pct return

Posted on 11 August 2011 by VRS  |  Email |Print

Future Fund has posted a return of 12.4% for the financial year ending 30 June, with the fund’s assets under management totalling A$75.15bn(US$77.8bn).
For the three years ending 30 June, the return was 6% pa, while since the first contribution to the Future Fund, in May 2006, the fund has generated a return of 5.2% pa. The return for the last quarter of the financial year, excluding assets in its Telstra stock allocation, was 0.6%, the fund said……………………………………….Full Article: Source

Future Fund confirms stake in Telstra has fallen to 2.5pct

Posted on 11 August 2011 by VRS  |  Email |Print

The Future Fund, which was established in 2006 and was designed to help the Australian government meet the cost of public sector superannuation (pension) liabilities by delivering investment returns on contributions to the fund, has revealed that its stake in fixed line incumbent Telstra has fallen to around 2.5%.
Having issued a portfolio update yesterday, the Fund said it had decreased its holding in Telstra to approximately 313 million shares, valued in total at AUD939 million (USD953 million), down from its original holding of 17%. The Fund’s board also reiterated its intention to continue selling off its shares in the telco until it hits market weight (around 100 million shares)……………………………………….Full Article: Source

Alaska Permanent Fund down $2 bln since reporting highest ever year-end finish

Posted on 11 August 2011 by VRS  |  Email |Print

The Alaska Permanent Fund’s value dropped more than $1 billion Monday when the Dow Jones Industrial average fell 634 points.
The fund was established decades ago to share Alaska’s oil wealth with its residents. The fund reported a value of $40.1 billion on June 30, its highest-ever finish to a fiscal year……………………………………….Full Article: Source

Permanent Fund loses $1 bln in one day

Posted on 11 August 2011 by VRS  |  Email |Print

The Alaska Permanent Fund’s value dropped more than a billion dollars in a single day Monday when the stock market tumbled, and even after Tuesday’s market rally is estimated to be about $2 billion down from its June 30 heights.
The market value of the fund reached $40.1 billion at the close of the fiscal year on June 30. That was the highest it has ever ended the year, prompting officials to send out an Aug. 2 announcement to the news media that led to widespread coverage of the fund’s success……………………………………….Full Article: Source

banner
banner
August 2011
M T W T F S S
« Jul   Sep »
1234567
891011121314
15161718192021
22232425262728
293031