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Sovereign Wealth Funds Briefing 27.Oct 2008

Posted on 27 October 2008 by VRS |  Email |Print

From Daily Star: As American financial giants collapsed and blue chip corporations sent out distress signals, many on the Wall Street expected super-rich Middle Eastern sovereign wealth funds (SWFs) to swoop down to acquire stakes in some of them. But such thinking has proved to be a mirage.

Contrary to popular perceptions in the West, these SWFs are both cautious and well-diversified. They’re also preparing for the post-petroleum era better than most outsiders imagine….. Full Article: Source

Posted on 27 October 2008 by VRS |  Email |Print

From Asian Investor: New York-based consultancy Strategic Insight says in a new report that the credit crunch has revealed the essential need for fund management companies to have a distribution into Asia – and predicts many more will build it.

Funds under management in Asia as well as the Middle East and Latin America will grow much more quickly than those in the United States and Europe over the next five years, says Daniel Enskat, managing director and head of global consulting….. Full Article: Source

Posted on 27 October 2008 by VRS |  Email |Print

From Guardian: Barclays is set to unveil a £2bn-plus rescue package that will see the Qatar Investment Authority boost its investment in the British bank where it already owns an 8 per cent stake.

A deal that could be announced in days will see the Qataris subscribe to £1bn worth of new loan stock with another £1bn being taken up by Barclays’ existing institutional investors. The special new shares will be high-yielding securities that will pay a relatively high rate of interest….. Full Article: Source

Posted on 27 October 2008 by VRS |  Email |Print

From Guardian: Saudi Arabia plans to extend 10 billion riyals ($2.7 billion) in credit to low-income citizens as Gulf Arab oil-producers step up efforts to contain the fallout from the global financial crisis.

Saudi King Abdullah ordered that the additional funds be deposited in the Saudi Credit Bank, which was established to extend interest-free loans to Saudi citizens with limited resources to help them overcome financial difficulties…… Full Article: Source

Posted on 27 October 2008 by VRS |  Email |Print

From Arabian Business: Merrill Lynch chief executive John Thain has moved to calm concerns within Kuwait that the government has lost money from its investment in the US bank earlier in the year.

Speaking in Kuwait during a tour of the Gulf, Thain said the $2 billion cash injection by the state-owned Kuwait Investment Authority (KIA) back in January will be very profitable in the long-term….. Full Article: Source

Posted on 27 October 2008 by VRS |  Email |Print

From News.com: Property trust GPT Group has sold $1 billion in shares at a hefty 48 per cent discount to their last traded price to repay debt amid falling property values.

GPT, whose chief executive Nic Lyons stepped down this week, is seeking at least $1.3 billion to repay borrowings. Investors bought the GPT shares for 60 each - compared with their last traded price of $1.15 before they were placed in a trading halt on Wednesday.. …. Full Article: Source

Posted on 27 October 2008 by VRS |  Email |Print

From AFP: Gas-rich Qatar said on Sunday it has no intention of scaling down massive investments at home and abroad as a result of the global financial crisis.

“We have no intention of halting infrastructure projects at home or reducing overseas investments,” Qatari Prime Minister Sheikh Hamad bin Jassem bin Jabr al-Thani told a joint news conference with visiting Greek counterpart Costas Karamanlis…… Full Article: Source

Posted on 27 October 2008 by VRS |  Email |Print

From Bernama: Khazanah Nasional Bhd has acquired a 10 percent stake in Saudi’s Jadwa Investment, a Shariah compliant investment firm, for RM270.85 million in its long-term strategy to ride out the economic downturn and foster stronger ties between Malaysia and Saudi Arabia.

“We believe in Islamic finance and that it will certainly be part of the solution of these tumultuous time,” Khazanah’s managing director, Tan Sri Azman Mokhtar said at the agreement signing ceremony here, Saturday….. Full Article: Source

Posted on 27 October 2008 by VRS |  Email |Print

From IHT: The global economic crisis extended its reach into the Gulf states Sunday, as Kuwait suspended trading in shares of a major bank and the Saudi authorities announced a plan to help citizens receive credit.

The Central Bank of Kuwait halted trading in Gulf Bank, one of the country’s largest lenders, after a customer defaulted on a derivatives contract. The central bank said it would “strongly support the bank’s financial position” and protect depositors, to assure the public that Gulf Bank’s business “will not be affected.”…. Full Article: Source

Posted on 27 October 2008 by VRS |  Email |Print

From Chinastakes.com: ABC vice-president Pan Gongsheng, who is in charge of the reform, disclosed that the $19 billion injected by Central Huijin Company as additional core capital, together with 130 billion yuan previously allocated by Ministry of Finance, will well match ABC’s major financial indicators with those of other state-owned banks.

Huijin and the Ministry of Finance, which each own 50% of the bank’s shares, will set up a joint fund to take over ABC’s 800 billion yuan of non-performing assets….. Full Article: Source

Posted on 27 October 2008 by VRS |  Email |Print

From Reuters.com: The chairman of China’s sovereign wealth fund has defended its operations, saying its investment in U.S. private equity firm Blackstone will pay off in the long run, and noted it holds over 90 percent of its assets in cash just as global equity markets are plummeting.

China Investment Corp (CIC) bought its original stake in Blackstone Group just before the company’s $31-a-share initial public offering in June 2007, but has seen the value of its investment sink as a year-long crisis froze credit markets, prompting widespread criticism….. Full Article: Source

Posted on 27 October 2008 by VRS |  Email |Print

The exposure of GCC Sovereign Wealth Funds (SWFs) to the current global market turmoil must be considerable as their equity component is more than 40 per cent, an analyst with Gulf Research Centre (GRC) said.

Dr Eckart Woertz, Program Manager Economics of the Dubai-based GRC, said GCC-based sovereign wealth funds that control almost $1.5 trillion assets worldwide, probably had also invested more in riskier debt structures like CDOs (Collateralised Debt Obligation) than the region’s banks….. Full Press Release: Source

Posted on 27 October 2008 by VRS |  Email |Print

From Tradingmarkets.com: Singapore’s Temasek Holdings is seeking to sell its stake in Chartered Semiconductor Manufacturing Ltd and has approached Taiwan Semiconductor Manufacturing Co Ltd.

Temasek currently holds 60 pct of Chartered Semiconductor, which has a 7.4 pct share of the semiconductor contract manufacturing market. TSMC commands about half of the semiconductor foundry market, it reported….. Full Article: Source

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