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Sovereign Wealth Funds Briefing 20.Oct 2008

Posted on 20 October 2008 by VRS |  Email |Print

From Reuters: Australia’s sovereign wealth fund, the Future Fund, is eyeing widespread opportunities to buy cheap assets when the current global financial crisis eases, it said.

The Fund, Australia’s largest single investment fund with A$63.4 billion ($44 billion) in assets as at Sept. 30, was established by the government in 2006 to cover public pension liabilities…… Full Article: Source

Posted on 20 October 2008 by VRS |  Email |Print

From Chinabynumbers.com: China Development Bank (CDB), the mainland’s largest policy lender, could raise its stake in mining firm Anglo American as the company’s share price falls.

CDB currently holds a small stake of less than 3%, though the exact amount is not known…… Full Article: Source

Posted on 20 October 2008 by VRS |  Email |Print

From News-leader.com: Government investment funds from China and Qatar are moving new money into Western financial companies, a sign that the cash-rich funds haven’t completely pulled back from the volatile U.S. and European markets.

The funds, often known as sovereign wealth funds, plowed about $40 billion into troubled institutions such as Citigroup Inc. and Merrill Lynch & Co. Inc. early this year but have since largely avoided U.S. and European banks as the financial crisis worsened. Any renewal of interest from the sovereign funds could provide much-needed capital to Western financial institutions and other companies….. Full Article: Source

Posted on 20 October 2008 by VRS |  Email |Print

Sovereign wealth funds’ stock investments tend to perform less well than comparable local indices, according to the first empirical research into the financial impact of the funds’ investments.

On average, companies with sovereign wealth funds as investors underperform their respective markets by 8% over one year and 14% over two years, according to research published by the University of Oklahoma…… Full Article: Source

Posted on 20 October 2008 by VRS |  Email |Print

From Arabnews.com: Chinese sovereign wealth funds, along with their counterparts in Arab Gulf states have not simply been busy helping recapitalize US banks and incidentally often seeing their investments nose dive — at least in the short-term.

Beijing has been busy buying US government debt. In the first half of this year the Chinese purchased some $225 billion of US Treasury bonds and paper from other US government agencies….. Full Article: Source

Posted on 20 October 2008 by VRS |  Email |Print

From Timesonline.co.uk: Prudential is considering handing a 20 per cent stake to a sovereign wealth fund to bankroll a bid for part of AIG, its stricken American rival.

Britain’s second-largest insurer has appointed Credit Suisse to lead talks with potential investors across the Gulf and the Far East. Mark Tucker, the Prudential chief executive, will confirm the move when the group reports its third-quarter new business figures tomorrow….. Full Article: Source

Posted on 20 October 2008 by VRS |  Email |Print

From Sundayherald.com: Sovereign wealth funds and other major investors have lined up multi-billion-pound funds to invest in the over-extended Scottish commercial property market when prices bottom out.

Groups which do not need bank loans, or already have debt facilities in place, are said to be ready to pounce if major developments are placed on the market by groups struggling to cope with debt in the wake of the downturn…… Full Article: Source

Posted on 20 October 2008 by VRS |  Email |Print

From Pressdemocrat.com: Government investment funds from China and Qatar are moving new money into Western financial companies, a sign that the cash-rich funds haven’t completely pulled back from the volatile U.S. and European markets.

The funds, often known as sovereign wealth funds, plowed about $40 billion into troubled institutions such as Citigroup Inc. and Merrill Lynch & Co. Inc. early this year but then largely avoided U.S. and European banks as the financial crisis worsened….. Full Article: Source

Posted on 20 October 2008 by VRS |  Email |Print

From Timesonline.co.uk: The Russian Government said that it would tap its sovereign wealth fund to buy shares in Russian companies and shore up values in the collapsing Moscow stock markets.

Alexei Kudrin, the Russian Finance Minister, said that the stock market interventions would begin next week, adding that the state would invest 175 billion roubles (£3.9 billion) to buy shares in Russian enterprises….. Full Article: Source

Posted on 20 October 2008 by VRS |  Email |Print

From Bloomberg.com: South Korea sought to rescue its financial system by guaranteeing $100 billion of lenders’ foreign-currency debts and providing $30 billion in U.S. dollars to banks.

The won rose and the Kospi was little changed after the government said it will also give tax benefits for long-term investors, and the central bank will provide “adequate” currency liquidity to the markets. The plan, unveiled yesterday, aims to help lenders overcome overseas funding difficulties….. Full Article: Source

Posted on 20 October 2008 by VRS |  Email |Print

From Bi-me.com: Ahmed Bin Sulayem, Chairman of Dubai World met in Beijing Li Shilin, prominent businessman and Chairman of CITIC Guoan Group, a multi-sector conglomerate engaged in industrial investment and economic development in diversified fields.

The two corporate leaders discussed a wide range of investment-related topics, including potentials for future projects and possibilities for working together….. Full Article: Source

Posted on 20 October 2008 by VRS |  Email |Print

From WSJ: Bayerische Landesbank, one of Germany’s largest state-owned regional lenders, appeared increasingly likely Sunday to tap billions of euros from the government’s newly minted bank rescue fund to shore up its balance sheet.

In separate interviews published on the Web sites of two German newspapers, Bavarian Finance Minister Erwin Huber signaled BayernLB was leaning toward requesting “billions” of euros in government help in the coming days….. Full Article: Source

Posted on 20 October 2008 by VRS |  Email |Print

From Forbes: The Italian government will negotiate directly with sovereign funds seeking to invest in Italy to prevent them from making unwelcome purchases of stakes in Italian companies, the foreign minister said.

Italian Prime Minister Silvio Berlusconi last week warned that market turmoil had made Italian companies vulnerable to hostile bids by cash-rich sovereign funds and said new rules were being drawn up to allow companies to defend themselves better….. Full Article: Source

Posted on 20 October 2008 by VRS |  Email |Print

From Theage.com.au: The value of the Future Fund shrank in the September quarter as Australia’s sovereign wealth fund was buffeted by the global financial storm.

The fund’s value ”was slightly reduced” in the quarter, Finance Minister Lindsay Tanner told Question Time in Parliament, without disclosing the size of the reversal.The value of the fund totals $63.4 billion, about 0.2% less than when it started in July 2007, Mr Tanner said…… Full Article: Source

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