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Sovereign Wealth Funds Briefing 24.Oct 2008

Posted on 24 October 2008 by VRS |  Email |Print

From AP: French President Nicolas Sarkozy has proposed creating a state-run investment fund aimed at defending French companies from unwanted predators and helping small companies in difficulty.

Sarkozy said the global financial crisis proved the need for governments to play a role in the economy. “The moment has come to give the state the instruments it needs to intervene directly in the economy when it considers that strategic interests of the nation are threatened,” he said….. Full Article: Source

Posted on 24 October 2008 by VRS |  Email |Print

From Theaustralian.news.com.au: The Singaporean Government’s decision to invest up to $600 million in GPT marks the re-emergence of sovereign wealth funds. SWFs seemingly hid for cover in the wake of the credit crisis.

The Singaporean Government’s agreement to underwrite the GPT rights issue was obviously crucial to the $1.6 billion recapitalisation. The company’s board should get some credit for doing the deal before it was too late….. Full Article: Source

Posted on 24 October 2008 by VRS |  Email |Print

From Bloomberg: The Libyan Investment Authority, the country’s $65 billion sovereign wealth fund, plans to increase its holdings of European, U.S., Asian and emerging market equities by as much as $2 billion in the next six months after the recent collapse in global stock markets made them attractive.

“We’re thinking about telecommunication, pharmaceutical, retailers, utility companies,” Libya’s Central Bank governor Farhagt Bengdara, who also sits on the board of the Libyan Investment Authority, said at a meeting of African central bank governors today in Cairo….. Full Article: Source

Posted on 24 October 2008 by VRS |  Email |Print

From Reuters: Sovereign wealth funds, once feared as the lions of global finance, are looking more like lambs now that the credit crisis has them shoring up domestic banks rather than gobbling up choice Western assets.

Investing at home rather than abroad is a big shift for these state-run agencies that control trillions of dollars and could signal a long-term shift in their strategy….. Full Article: Source

Posted on 24 October 2008 by VRS |  Email |Print

From Chinapost.com.tw: Chen Tain-jy, chairman of the Council for Economic Planning and Development (CEPD), announced that the National Development Fund (NDF) would top NT$1 trillion (US$30 billion).

Altogether, NT$800 billion would be raised to expand the NDF, which has intervened in the Taipei stock market to stop the bear in the impending financial crisis. ….. Full Article: Source

Posted on 24 October 2008 by VRS |  Email |Print

From Seekingalpha.com: The International Monetary Fund (IMF), once a saviour to economies in distress, but then relegated to being an onlooker, is suddenly being called back into action. As the list of troubled countries grows, the list of places they can seek help has not.

The IMF is nearing agreements to make emergency loans to Iceland and Ukraine, and discussing aid packages with Pakistan and Hungary. Probably we would not like to forget that it was the IMF that came to India’s rescue when we faced the currency crisis back in 1991….. Full Article: Source

Posted on 24 October 2008 by VRS |  Email |Print

From Businessweek.com: Foreign-denominated debt is squeezing countries from Romania to South Korea as their local currencies falter. When Daniel Ion bought his first home last year, his monthly mortgage payment was $704. Now it’s $939—and rising.

“We wanted so much to have our own house, but now we are really starting to feel the burden,” says Ion. Soon, he frets, his salary as a manager at a toy factory may not be sufficient to cover the payments….. Full Article: Source chan=globalbiz_europe+index+page_top+stories

Posted on 24 October 2008 by VRS |  Email |Print

From Xinhuanet.com: China’s top legislators met for a third time to discuss a newly-revised draft law designed to improve supervision and management of state assets in both financial and non-financial businesses.

It prescribed state-owned assets in both financial and non-financial sectors should be put under supervision. It didn’t include state-owned administrative and resource assets. The draft law of enterprise state-owned assets was submitted to the fifth session of the Standing Committee of the 11th National People’s Congress for a third reading…… Full Article: Source

Posted on 24 October 2008 by VRS |  Email |Print

From FT: Much attention has been directed to sovereign wealth funds as the new big players in financial markets. Less has been written about their cousins, sovereign pension funds in spite of calculations from Morgan Stanley that those from western Europe, the US and Japan alone have $4,400bn (£2,437bn, €3,062bn) in assets, far more than the $2,600bn held by SWFs.

SPFs are buffer funds, most established in the past 15 years, to build up reserves against the cost of unfunded state retirement benefits in the decades ahead. They merit individual scrutiny because several are far from similar in character or investment….. Full Article: Source

Posted on 24 October 2008 by VRS |  Email |Print

From Bloomberg: Italy won’t change its laws to impose a limit of 5 percent on stakes held by sovereign wealth funds in the country’s companies, Radiocor said, citing Foreign Minister Franco Frattini.

Italy had previously indicated it was considering setting limits on foreign investment in its companies, after Libya last week bought a stake in UniCredit SpA, the country’s biggest bank….. Full Article: Source

Posted on 24 October 2008 by VRS |  Email |Print

From China.org.cn: Limitless, a business unit of Dubai World, and its subsidiary in Hong Kong, has won the bid for the development of Xiaomai Island in Qingdao at a price of 4.368 billion yuan.

The Xiaomai Island is located on the east of Yinhai International Yacht Club, which was the training base for 2008 Olympic Sailing events. The project covers a planned construction area of 420,000 square meters and consists of a seven-star standard hotel, and leisure tourism, conference, and exhibition facilities….. Full Article: Source

Posted on 24 October 2008 by VRS |  Email |Print

From Khaleejtimes.com: Norway should earmark some of its $295 billion oil fund for long-term investments in environmental stocks, Environment Minister Erik Solheim said on Thursday.

He said that clearer support for renewable energy and other green technologies by big sovereign wealth funds — Norway alone owns about 1 percent of European equities — could help stabilise the shares and encourage private investors…… Full Article: Source

Posted on 24 October 2008 by VRS |  Email |Print

From Wordpress.com: A host of nations have what are called ’sovereign wealth funds’ (SWFs) designed to regulate fiscal imbalances or serve as a currency reserve as in a central banking role or more ambitiously serve the purpose of investment return which can include acquiring interest in private ventures.

Central banking role is the more conservative and traditional role that SWFs served but some have accumulated reserves (usually US dollars) so quickly the last few years as a result of commodity price inflation that they have sought out other opportunities to expand their portfolios….. Full Article: Source

Posted on 24 October 2008 by VRS |  Email |Print

From AFP: East Asian leaders agreed Friday to set up an 80-billion-dollar fund by mid-2009 to fight the global economic crisis, as Japanese shares again fell sharply after a profit warning from technology giant Sony.

The agreement came hours after US officials warned of a rise in unemployment stemming from the credit crisis, while France unveiled plans for a sovereign wealth fund to protect key industries from turmoil, as debate raged over the cause of the global maelstrom…… Full Article: Source

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