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Sovereign Wealth Funds Briefing 28.Oct 2008

Posted on 28 October 2008 by VRS |  Email |Print

From Cbonds.info: Russian corporations are looking to leading sovereign wealth funds abroad for cash in the wake of the global liquidity squeeze. In the estimation of JP Morgan, assets managed by sovereign funds amount to half of all international reserves, and they exceed the combined worth of all private and hedge funds.

Russian industrial companies, banks and management companies are showing interest in these funds, analysts say. Managing a total worth of between $3 trillion and $3.7 trillion, sovereign wealth funds are large investors, JP Morgan said in its quarterly bulletin for depositary receipts. About one-third of the amount is managed by the Abu Dhabi Investment Authority (ADIA), which controls an estimated $1 trillion….. Full Article: Source

Posted on 28 October 2008 by VRS |  Email |Print

From Penews.com: Sovereign wealth funds and state-controlled investments from abroad are topics which are currently under the international media spotlight. The principal concern is the intent of these funds and their potential threat to the domestic industries in which these market players might invest.

In Germany, the Federal Ministry of Economics and Technology has initiated changes to the German law on foreign trade to address these issues. Its restrictions on acquisitions by foreign investors, in its draft bill, has drawn a lot of attention abroad as well as in Germany…… Full Article: Source

Posted on 28 October 2008 by VRS |  Email |Print

From Fxstreet.com: The head of Italy’s main business lobby group Confindustria said Monday that sovereign wealth funds represent an opportunity for Italian business.

“We have to consider those sovereign funds as an opportunity to take advantage of in a moment where growth is slowing,” Confindustria President Emma Marcegaglia said at a conference in Rome. “I think there are a lot of opportunities.” She also said the Gulf countries have a very significant amount of liquidity and sovereign wealth funds will become a very important issue in the coming months….. Full Article: Source

Posted on 28 October 2008 by VRS |  Email |Print

From Asianinvestor.net: The Hua An International Balanced Fund, the country’s first QDII product, has been affected by a large amount of structured notes guaranteed by Lehman Brothers.

Equity funds in China posted an average loss of 6.6% in September, extending August’s 12.21% decline, according to Lipper data. That brings equity fund performance for the three quarters of 2008 to an average loss of 52.71%….. Full Article: Source

Posted on 28 October 2008 by VRS |  Email |Print

From Xinhuanet.com: France’s plan to create a sovereign wealth fund is a part of the country’s efforts to guarantee its economic security out of the current world financial crisis.

The fund, announced by French President Nicolas Sarkozy on Thursday, is designed to protect the strategically important French enterprises threatened by the global credit crunch and prevent those companies from foreign takeover, the latest manifestation of economic patriotism in the country….. Full Article: Source

Posted on 28 October 2008 by VRS |  Email |Print

From Reuters: Just as it was never realistic to think China could single-handedly save the world economy, it’s probably wise to tone down any expectations that Beijing somehow holds the key to a new international financial order.

Premier Wen Jiabao promised after talks among 43 Asian and European Union countries that China would actively participate in a November 15 summit that U.S. President George W. Bush is convening to rake over the global credit crisis. China, which keeps its own markets on a tight leash, will presumably support any drive to keep a better check on new-fangled financial instruments and cross-border money flows….. Full Article: Source

Posted on 28 October 2008 by VRS |  Email |Print

From Countercurrents.org: In a hard-hitting speech to the European Parliament in Strasbourg (France) on October 21, French President Nicolas Sarkozy proposed that European countries should create their own sovereign wealth funds to protect national companies from foreign “predators.”

“I’m asking that we think about the possibility of creating, each one of us, sovereign funds and maybe these national sovereign funds could now and again coordinate to give an industrial response to the crisis,” he told members of the European Parliament….. Full Article: Source

Posted on 28 October 2008 by VRS |  Email |Print

From Gmanews.tv: Foreign deposits in Philippine banks remain stable despite the ongoing global financial meltdown, the Bangko Sentral ng Pilipinas (BSP) said.

BSP deputy governor Diwa C Guinigundo said remittances are still at healthy levels since many Filipinos overseas are in countries which are not badly hit by the economic slowdown. While the Philippines is not spared from the impact of fleeing dollars, Guinigundo noted that remittances from US-based Filipinos account for only 30 percent of the inflows from overseas Filipinos….. Full Article: Source

Posted on 28 October 2008 by VRS |  Email |Print

From Thepeninsulaqatar.com: Oman is investing more than $2bn in its water sector under its 2006-2010 development plan and will privatise two waste water companies, the head of the sultanate s water authority said.

The planned investment in the water sector alone as part of our seventh five year plan is in excess of $2bn. For drinking water alone the investments total $1.82bn and another $385m for constructing dams, Zahir Al-Suleimani told a power and water conference in Abu Dhabi….. Full Article: Source

Posted on 28 October 2008 by VRS |  Email |Print

From Guardian.co.uk: Sixteen U.S. banks including BB&T Corp , Capital One Financial Corp and SunTrust Banks Inc have accepted more than $33 billion of U.S. government cash, as speculation turned to which lenders might not qualify for help.

The infusions are part of the second phase of a $250 billion recapitalization program launched this month by U.S. Treasury Secretary Henry Paulson. Governments worldwide are trying to prop up banks whose capital has been hit by the credit crisis as part of efforts to stave off a potentially deep global economic recession….. Full Article: Source

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