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Sovereign Wealth Funds Briefing 23.Dec 2008

Posted on 23 December 2008 by VRS |  Email |Print

From Bi-me.com: Abu Dhabi Investment Authority (ADIA), the world’s largest sovereign wealth fund, said it had no direct investments in a firm managed by Bernard Madoff, according to local media reports on Monday.

ADIA was denying a New York Times report which said the fund had “entrusted some US$400 million” in a firm of the US fund manager accused of running a US$50 billion fraud…… Full Article: Source

Posted on 23 December 2008 by VRS |  Email |Print

From Thecuttingedgenews.com: In response to the rising threat of nations adopting barriers to sovereign wealth investment, 26 countries with sovereign wealth funds convened the IWG to collaborate with the International Monetary Fund, the World Bank, and the OECD in drafting the GAPP framework.

The GAPP recommends 24 voluntary principles that, if adopted, will enable countries to better manage their SWFs while promoting investor confidence. Although the current financial crisis has given SWFs a boost in popularity—these days nations are happy to get capital from any source—the implementation of GAPP practices should help prevent a return to the hostile investment environment of the recent past…… Full Article: Source

Posted on 23 December 2008 by VRS |  Email |Print

From Bi-me.com: Henry Azzam, Deutsche Bank CEO for the MENA region, expects the loss of assets of Gulf sovereign wealth funds to reach to US$ 450 billion. “This loss is equivalent to the region’s oil income for a whole year,” said Azzam, in an exclusive interview with CNBC Arabiya Fil Omoq programme.

One of the region’s most respected economists and chief executives told CNBC Arabiya viewers that the region’s sovereign funds may not perform well in 2009 after poor 2008 results…… Full Article: Source

Posted on 23 December 2008 by VRS |  Email |Print

From Middle-east-online.com: This is a moment when some Arabs should be thinking more in terms of enhancing the wealth of their sovereignty, rather than merely bemoaning the erratic performance of their sovereign wealth.

One aspect of the Arab economies that is widely discussed abroad yet is almost totally absent from the domestic public debate is the pool of trillions of dollars in the so-called Sovereign Wealth Funds (SWFs). ….. Full Article: Source

Posted on 23 December 2008 by VRS |  Email |Print

From Reuters: Doha Bank DOBK.QA said on Monday shareholders had approved a plan to raise its capital by up to 20 percent in order to sell a stake to the Gulf state’s sovereign wealth fund, the Qatar Investment Authority (QIA).

The shares would be issued at their closing price on Oct. 12, Doha Bank said in a statement on the bourse website. The shares closed at 42.7 riyals ($11.72) that day…… Full Article: Source

Posted on 23 December 2008 by VRS |  Email |Print

From Tradearabia.com: A planned multi-billion-dollar government fund to buy into Kuwait’s bourse will be launched on Wednesday, state news agency Kuna said on Monday citing the country’s finance minister. Last month, Kuwait asked its sovereign wealth fund KIA to set up the fund to shore up the second largest Arab bourse.

“Kuwait Investment Authority (KIA) has allocated its share in the long-term investment fund to invest in the Kuwait Stock Exchange to the Kuwait Investment Co,” Kuna cited Mustapha al-Shamali, who also heads the KIA board, as saying…… Full Article: Source

Posted on 23 December 2008 by VRS |  Email |Print

From Saudigazette.com.sa: Gulf sovereign wealth funds (SWFs) will stand to lose around $450 billion, Henry Azzam, Deutsche Bank CEO for the MENA region, predicted. “This loss is equivalent to the region’s oil income for a whole year,” he said in an exclusive interview with CNBC Arabiya Fil Omoq program.

He said the region’s sovereign funds may not perform well in 2009 after poor 2008 results…… Full Article: Source

Posted on 23 December 2008 by VRS |  Email |Print

From Money.aol.com: During 2008, companies not only turned to sovereign funds for cash infusions, but they are relying on PIPEs (private investment in public equities) as well.

As of December 12th , PIPE transactions totaled $109.7 billion , surpassing the 2007 full year amount of $83.5 billion….. Full Article: Source

Posted on 23 December 2008 by VRS |  Email |Print

From Newvision.co.ug: Uganda is to benefit from a $77billion (sh150.1b) fund pledged by the World Bank to support African countries to minimise the impact of the global financial crisis.

The impact of the crisis and recession on Africa will slow down private capital flows. Already, Ghana and Kenya have postponed sovereign bond issues worth about $800million ….. Full Article: Source

Posted on 23 December 2008 by VRS |  Email |Print

From Gurufocus.com: The worldwide recession is redirecting sovereign wealth money homeward. For instance, seven sovereign wealth funds in the Persian Gulf region are expected to lose 15% of their value, or $190 billion, this year, cancelling the likely $198 billion growth in crude oil revenues.

It’s interesting that the Fed, with its new commercial paper program, is lending directly to nonbank corporations for the first time since the 1930s. But then the Fed can lend to anyone, you included, under “unusual and exigent” circumstances. The Fed is, after all, the nation’s lender of last resort. ….. Full Article: Source

Posted on 23 December 2008 by VRS |  Email |Print

From People.com.cn: Singapore’s DBS Group Holdings Ltd (DBS), the country’s largest bank measured by assets, said on Monday that it plans to raise 4 billion Singapore dollars (about 2.8 billion U.S. dollars) by offering a rights issue.

According to the statement, DBS’ largest shareholder, Temasek Holdings Limited, has agreed to subscribe for up to one-third of the rights issue through a sub-underwriting arrangement. ….. Full Article: Source

Posted on 23 December 2008 by VRS |  Email |Print

From Business24-7.ae: It suggested that a part of the revenue generated from oil sales stay in the country instead of being invested abroad through sovereign wealth funds.

The bank said the UAE’s economy will continue to grow at 2.7 per cent in 2009 and at 3.5 per cent in 2010. ….. Full Article: Source

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