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Sovereign Wealth Funds Briefing 02.Dec 2008

Posted on 02 December 2008 by VRS |  Email |Print

From Bloomberg: Brazil may tap 15 billion reais ($6.35 billion) put aside for a yet-to-be-approved sovereign wealth fund to ease the impact of the global credit crisis next year, Finance Minister Guido Mantega said.

Brazilian companies have been unable to meet 25 percent to 30 percent of their financing needs as external credit dried up, Mantega said. The wealth fund might help the state development bank known as BNDES boost lending to local companies, former central bank director Carlos Thadeu de Freitas Gomes said in an interview….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Thenational.ae: Slumping financial markets are taking a heavy toll on investors everywhere, including big sovereign wealth funds that are being looked to for help to finance a global economic recovery.

Losses of up to 40 per cent on their stock holdings this year, combined with sliding oil prices, have cut the size the Gulf’s sovereign funds by at least a quarter according to new estimates by two New York-based economists who track the funds….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Reuters: State-owned China Development Bank (CDB) has completed its conversion into a joint stock company, marking another step in the policy lender’s transformation along commercial lines, the bank said on Monday.

A ceremony to mark the creation of China Development Bank Corp, a new shareholding company with limited liability, was held in Beijing on Monday, the bank said in a statement published on its website (www.cdb.com.cn), confirming what banking sources earlier said….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Reuters: China Investment Corp, the country’s sovereign wealth fund, has appointed a former China head of investment bank UBS AG as its head of alternative investments, a source with direct knowledge of the matter told Reuters on Monday.

Zhou Yuan, who was UBS’ senior banker in China between 1994 and 1998, will be based in CIC’s Beijing headquarters, said the source who declined to be identified before an official announcement is made….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Newsmax.com: Sovereign wealth funds, many of them state-owned investment funds from the Middle East, are rapidly retrenching, shifting their sights from New York and London and now financing firms closer to home.

These funds, located in Kuwait, Dubai, Qatar, and Abu Dhabi, are altering their investment strategies after they have lost billions of dollars in shares in ailing American and European banks. …. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Thenational.ae: Aabar Investments, an Abu Dhabi-based investment company, will acquire AIG Private Bank from its parent company, the troubled American International Group (AIG), for 307 million Swiss francs (Dh931.2m).

The acquisition comes less than three months after the US government took emergency measures to rescue AIG from financial difficulties. “This transaction represents a great opportunity to leverage AIG Private Bank’s expertise in wealth management and to further develop it in our region,” said Khadem al Qubaisi, the chairman of Aabar….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Ameinfo.com: The Dubai government has indicated that it is looking at holding down the roll out of upcoming housing units to steady the emirate’s real estate market.

The announcement comes as the authorities also denied that a rumoured merger between the city’s two biggest developers, Emaar and government-owned Nakheel Properties, was on the cards….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Business24-7.ae: Capital from the region, which used to flock the US and Europe, are now coming back. “There is no central bank tracking down the capital coming home but talk to investors, high network investors, financial institutions and SWFs and you would hear that the focus is now here,” Philip Southwell, head of Global Banking Central and Eastern Europe, Middle East and Africa, Deutsche Bank.

Dubai International Capital, for one, has been zeroing its eyes in the Middle East, China and India….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Theglobeandmail.com: Arab sovereign wealth funds possess at least $1.53-trillion in assets, with considerably more in reserves and accumulated private wealth.

Buoyant investment activity is now and will continue to be supported by oil income and wealth: The current account surplus of oil economies is expected to double to some $132-billion (U.S.) in 2008 against $77-billion in 2007….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Rian.ru: Russia’s Reserve Fund has grown by 88.59 billion rubles ($3.2 bln), while the country’s National Prosperity Fund has increased by 440.98 billion rubles ($16 billion) since November 1, the Finance Ministry said on Monday.

As of December 1, the Reserve Fund totaled 3.661 trillion rubles ($132.63 billion), while the National Prosperity Fund stood at 2.109 trillion rubles ($76.38 billion). …. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Arabnews.com: The cumulative acquisition of foreign assets by the Gulf Cooperation Council (GCC) exceeded $900 billion in the five years ended June 2008.

Traditionally, the US has been the destination for the bulk of GCC capital. According to Samba Financial Group report — Tracking GCC Foreign Investments: How the Strategies are Changing with Markets in Turmoil — interest in the US market has remained strong in recent years, accounting for almost half the foreign assets accumulated during the past five years….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Jpost.com: The Bank of Israel will boost foreign-currency reserves to between $40 billion and $44b. through the daily purchase of $100 million of foreign currencies.

The plan to increase the reserves, which now amount to about $37b., will be “re-examined from time to time,” the central bank said in an official statement on Sunday. The bank has been implementing a plan to boost reserves since March and has bought $10b. since then, according to the statement…… Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Albawaba.com: Dubai World, one of the world’s biggest holding companies, reiterated its commitment to the economic development of the UAE, and Dubai in particular.

Mahmood Al Bastaki, Director of Dubai Trade stressed Dubai World’s role in energising the economy in key investment sectors, noting that this was achieved not only by focusing on development in the UAE, but also by exporting locally developed talent and expertise around the world….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Africasia.com: Nigeria’s foreign currency reserves dropped to 57.2 billion dollars at the end of November from 59.7 billion dollars two weeks earlier, the Central Bank of Nigeria (CBN) said Monday.

The CBN said the slide in the reserves was due to lower crude oil prices in the international market….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Rian.ru: The Kuwait Investment Authority (KIA) could rival a bid by Russian oil company LUKoil to buy a 20% stake in Spanish oil company Repsol YPF, the Finmarket website cited Spanish newspaper ABC as reporting.

Repsol shareholder Spanish builder, Sacyr Vallehermoso SA, is also reported to be considering other proposals after Russia’s largest independent crude producer first signaled it was interested in acquiring the Repsol stake….. Full Article: Source

Posted on 02 December 2008 by VRS |  Email |Print

From Finance-magazine.com: Sovereign wealth funds (SWFs) have existed for many years and have attracted attention recently as their resources have rapidly increased.

There has been much debate concerning SWFs and their position in the international financial system given their role as an important source of liquidity for global capital markets during the current financial crisis. The European Commission has promoted a common European approach to SWFs and believes that ‘as long-term investors, they will continue to bring benefits to global financial markets’….. Full Article: Source

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