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Sovereign Wealth Funds Briefing 22.Oct 2008

Posted on 22 October 2008 by VRS |  Email |Print

From Business-standard.com: Even as foreign institutional investors rapidly pull out their money from Dalal Street, Norway’s sovereign wealth fund, the world’s second largest, is set to invest $2 billion in Indian stocks. The Norwegian Pension Fund, which has assets of $350 billion, is the world’s largest sovereign wealth fund after only the Abu Dhabi Investment Authority, credited with assets of over $875 billion.

The Bombay Stock Exchange’s benchmark Sensex has been in a free fall this year, dipping below 10,000 last week, but the Norwegian government said the investments by the Government Pension Fund would take place between this month and January 2009….. Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From Bloomberg.com: French President Nicolas Sarkozy called on European governments to set up sovereign wealth funds to buy stakes in European companies at beaten-down prices and prevent takeovers by overseas predators.

Purchases by nationally run investment funds in the wake of the stock-market rout could also spin a profit for governments once share prices recover, Sarkozy told the European Parliament in Strasbourg, France today. Germany called the plan unnecessary….. Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From IHT: With some European corporate gems trading at beaten-down prices because of recent market turbulence, President Nicolas Sarkozy of France on Tuesday suggested that European leaders should set up their own sovereign wealth funds to buy stakes in crucial industries to shield them from potential foreign raiders.

The widely differing reactions to the French proposal refocused attention on the fierce tug-of-war under way between those European countries eager to see government take a more active and expansive role in responding to the financial turmoil and its impact on the economy, and those intent on keeping state intervention to an absolute minimum….. Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From Jordantimes.com: Jordan Securities Commission (JSC) Chairman Bassam Al Saket expects Arab sovereign funds to gain prominence soon.

According to Saket, Western countries, led by the US, will seek Arab sovereign funds as a saviour to extinguish the financial “fires caused by the Americans, in America, without any interference from other parties”…… Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From Livemint.com: If governments in the US and Europe have acted sufficiently to avert the failure of large financial institutions, then buying now is as good a time as any.

Leveraged sovereign fund investors also often rely on Western banks to help conduct their operations. That’s particularly true of the Gulf where regional and local banks lack experience and scale. Large foreign banks are needed there to coordinate financing above the $500 million mark….. Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From Financialnews.com: The chief financial officer at Fidelity International has left the fund manager to join the state-owned investment vehicle of the United Arab Emirates, as sovereign wealth funds continue to attract top talent from western firms to support a surge in foreign spending.

Chris Coombe has joined the Abu Dhabi Investment Company as chief operating officer from Fidelity International….. Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From Bloggingstocks.com: When the global markets entered the credit crunch, sovereign wealth funds (SWFs) funneled billions of dollars into a variety of struggling companies, especially financial institutions like Citigroup and Merrill Lynch.

Alas, the transactions have shown tremendous losses. True, SWFs are focused on the long-term, which may extend into decades. But the extent of the losses were certainly jarring…. Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From FT: The substantial reserves of central banks and their acolytes, sovereign wealth funds, are frequently cited in support of the case for a large pool of “unleveraged” liquidity, that is “real” money.

These funds, it is reckoned by some, sit ready to support asset values across the globe. In reality, the available pool of money may be more modest than assumed….. Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From Chinadaily.com.cn: Central Huijin Investment Co Ltd, a unit of China’s $200 billion sovereign wealth fund, will buy a 50 percent stake in Beijing-based Agricultural Bank of China (ABC), with the remaining half going to the Ministry of Finance.

In fact, Central Huijin released a recruitment notice in September, offering director-level posts at the bank…… Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From FT: Italy’s centre-right government opposes sovereign wealth funds buying more than 5 per cent of individual Italian companies, Franco Frattini, foreign minister, said.

Rome has set up a national interests committee to establish rules about the funds’ behaviour. A 5 per cent stake ceiling would make Italy one of the more restrictive markets for sovereign wealth funds among its European competitors…… Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From Zawya.com: Kuwait’s foreign investments have sustained some losses due to the global financial crisis but the impact has been minimal, Finance Minister Mustafa al-Shamali said.

Kuwait’s foreign investments, which stood at more than 260 billion dollars at the end of March, are managed in two funds by the Kuwait Investment Authority, the Gulf emirate’s sovereign wealth fund….. Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From Brudirect.com: With the consent of His Majesty the Sultan and Yang DiPertuan of Brunei Darussalam, the government through the Ministry of Finance will guarantee all Brunei dollars and foreign currency deposits of individual and non-bank customers in Islamic, conventional banks and finance companies, licensed and regulated by the Ministry of Finance.

The guarantee is with immediate effect and will be valid till December 31, 2010, the Ministry of Finance said in a statement yesterday amid global financial turmoil affecting the world’s economy today….. Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From Albawaba.com: In response to tremendous growth opportunities in global natural resources business sector, Dubai World today announced the formation of a new business unit, Dubai Natural Resources World, designed to explore new long-term investment avenues, while contributing positively towards sustainable development.

Dubai Natural Resources World will drive the growth of the Group’s interests across the entire natural resources value chain, including oil and gas, alternative energy, mining and agriculture. It will adopt a strategy of deriving long-term returns from all natural resources in a safe, clean and sustainable way….. Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From Itar-Tass: Ukraine’s National Security and Defence Council on Monday decided to create a stabilisation fund. “It will be filled with privatisation revenues,” Ukrainian President Viktor Yushchenko said in a televised address to the nation after the council’s meeting.

”The National Security and Defence Council decided that privatisation revenues should not be used for consumption but should be invested in development,” the president said….. Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From Koreatimes.co.kr: Lawmakers battered the Korea Investment Corporation (KIC) for its huge investment losses at a National Assembly audit, Tuesday. One of them said KIC has no reason to exist as trade account turned into a deficit.

Rep. Kim Hyo-seuk of the main opposition Democratic Party (DP) criticized KIC which lost 850 billion won in its investment in Merrill Lynch. “It recorded 32.5 percent investment loss in nine months,” the lawmaker added….. Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From Pionline.com: Jeffrey Scott was named CIO of the $29.4 billion Alaska Permanent Fund Corp., Juneau, effective Nov. 17. He replaces Richard Shafer, who retired in August. Mr. Shafer was named director of investments at the $5.9 billion New Hampshire Retirement System, Concord, in September.

Mr. Scott founded financial management and consulting business JCS Advisors, and previously was CEO and CIO of Tahoma Capital, a $245 million global multistrategy hedge fund….. Full Article: Source

Posted on 22 October 2008 by VRS |  Email |Print

From Prime-Tass: Russian Prime Minister Vladimir Putin has signed a ruling to allow the government to invest the National Wealth Fund on the Russian stock market, the government’s press service reported Tuesday.

Under the ruling, the National Wealth Fund, which accumulates a portion of the government’s oil and gas tax revenues, may be invested in Russian companies’ stocks and bonds, as well as in unit investment funds….. Full Article: Source

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