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Sovereign Wealth Funds Briefing 04.Dec 2008

Posted on 04 December 2008 by VRS |  Email |Print

From Financialexpress.com: China’s sovereign wealth fund said it wouldn’t ‘dare’ invest in foreign financial firms after losing $6 billion on stakes in Morgan Stanley and Blackstone Group LP.

“I don’t dare to invest in financial institutions now,” Lou Jiwei, chairman of China Investment Corp (CIC), said on Wednesday at a conference in Hong Kong. “The policies of the developed nations on these institutions are not clear. Until they are clear, I don’t dare to invest in them. What if they go bust? I will lose everything.” …. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Globalpensions.com: The US$178bn California public Employees Retirement System (CalPERS) is not a sovereign wealth fund (SWF) and should not be treated as such, an influential think tank has claimed.

In a research brief issued by the Centre for Retirement Research at Boston College (CRR), the authors said while there was no single, strict definition of what constituted a SWF, there was a “lively debate” as to the status of some public pension funds, CalPERS included….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Marketwatch.com: Central Huijin Investment Co., a unit of China’s sovereign wealth fund, has invested CNY1.22 billion to increase its A-share holdings in three state banks, the state-run Shanghai Securities News reported Thursday, without citing sources.

Central Huijin brought CNY763 million A shares in Industrial & Commercial Bank of China Ltd. (1398.HK), CNY177 million A shares in Bank of China Ltd. (3988.HK) and CNY277 million A shares in China Construction Bank Corp. (0939.HK) on the Shanghai Stock Exchange between Sept. 23 and Nov. 28, the report said….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Reuters: China Investment Corp, the sovereign wealth fund that has incurred steep paper losses on its stakes in U.S. financial firms, said on Wednesday it is “not brave enough” to invest in foreign financial firms and lacks confidence in the shifting U.S. financial regulatory situation.

“It’s changing every week. How can I be confident?,” Lou Jiwei, chairman of CIC, said during the Clinton Global Initiative event in Hong Kong, referring to U.S. government efforts to rescue the devastated financial services sector….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Businessweek.com: A chill wind is blowing through the Gulf. Credit has dried up; stock exchanges have crashed; and the region’s once-vaunted Sovereign Wealth Funds, set up to save for a future when oil reserves are exhausted, have instead sustained huge losses, potentially in the hundreds of billions of dollars.

The diciest situation is unfolding in the UAE, where the sheikhs of Dubai—the second-largest of seven emirates—are at last realizing that they need to call time on a decade-long, debt-fueled building and acquisition spree….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Easybourse.com: The Gulf oil states are becoming increasingly integrated into the global economy, not only through the trade of oil and natural gas around the globe, but also through their sovereign wealth funds that have invested trillions into both mature and emerging economies.

George Abed, director of the IIF’s Africa and Middle East Department, said plummeting oil prices “will clearly have a very major impact on economic performance.”…. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Thestandard.com.hk: China is not the promised land as far as saving the world economy from the financial tsunami goes. Beijing said yesterday in no uncertain terms that developed countries should not expect it to swoop in and rescue them from their economic problems.

“Do not expect us to save the world … China can at most save itself,” China Investment Corp chairman Lou Jiwei told a conference in Hong Kong. “Our economic scale isn’t big enough, although we have a big population.”…. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Business-standard.com: As the Reserve Bank of India tries to support weakening rupee, India’s foreign exchange reserves are declining steadily. From $314 billion in April, they have fallen to $245 billion as on November 21, a fall of nearly 22 per cent in under nine months.

Even as foreign institutional investors are busy selling their investment, exports have started doing badly. With global recession spreading, demand for India’s exports have declined, particularly in the US and Europe….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Business24-7.ae: For the GCC, the crisis has lesser impact due to the role of SWFs in the region as they are boosting their local investments. They are shifting their focus to domestic capital injections such as the promise by Kuwait Investment Authority to invest $1 billion (Dh3.6bn) in its stock market.

Jochen Duelli, head of Bain’s Middle East Private Equity and Corporate M&A Practice Group said the SWFs are reassessing their investment options after the financial crisis because majority of their investments are located in developed markets…. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Theage.com.au: The Federal Government is considering setting up a national infrastructure bank that would borrow billions of dollars to lend to the states to invest in projects.

The proposal came to light when the Opposition asked about it in Parliament yesterday, accusing the Government of planning a return to Whitlam-era policies to deal with the economic downturn….. Full Article: Source

Posted on 04 December 2008 by VRS |  Email |Print

From Supplychainreview.com.au: The Greens will not back the Rudd Government’s Building Australia Fund unless it rejects roads and coal ports, focuses more on climate change and adopts greater transparency.

Greens spokeswoman on transport and climate change Christine Milne wants the fund—which will be used to finance port, road, rail and communications projects—to be overseen by a parliamentary committee….. Full Article: Source

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