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Sovereign Wealth Funds Briefing 05.Feb 2009

Posted on 05 February 2009 by VRS |  Email |Print

From Reuters: China Investment Corp, the country’s $200 billion sovereign wealth fund, is in talks to buy up to 50 percent of CITIC Capital Holdings Ltd, a leading China-focused investment firm, two sources close to the situation said on Wednesday.

China Investment Corp (CIC) is expected to get the stake from steel-to-property conglomerate CITIC Pacific, which currently holds a 50 percent stake of Hong Kong-based CITIC Capital, said the sources….. Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From China Knowledge: CITIC Pacific Ltd, the Hong Kong-listed arm of China’s biggest state-owned investment company CITIC Group, is not in talks with China Investment Corp (CIC) to sell its 50% stake in investment firm CITIC Capital to the latter, said an unnamed source close to the situation.

The report came after market rumors that CIC, the mainland’s sovereign wealth fund, is negotiating with CITIC Pacific and its parent to acquire the 50% stake in CITIC Capital, which manages assets of more than US$1.6 billion (HK$12.48 billion)…… Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From business24-7.ae: A lot of the money with SWFs is invested in assets, but there is also a sizeable chunk of their wealth still liquid and available to power the economy. In addition, the SWFs can get loans depending on the assets they have.

Abdul Aziz Al Ghurair, CEO of Mashreq Bank, has warned against the delay in taking necessary measures to tackle the current economic crisis…… Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From Bnamericas.com: Chile’s government two sovereign wealth funds (SWFs) grew by US$7.22bn last year as a result of a prudent investment policy, the finance ministry said. Currently, almost all these funds are invested in sovereign bonds and money market financial instruments.

The country’s stabilization fund had US$20.2bn as of December 31, 2008 or US$6.18bn more than at the same date in 2007. Returns on funds represented US$1.18bn of that increase, while the government chipped in with US$5bn….. Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From FT: We could not confirm recent estimates that the region as a whole has $3.5 trillion in external assets (counting private assets, including the undoubtedly large private assets of the al-Saud family), or the $800-$900bn estimates of ADIA’s size. We are more comfortable with an estimate of $2 trillion in total GCC external assets and an estimate of $650bn for ADIA [the Abu Dhabi Investment Authority].

Now, KIA is hurting, having acknowledged big paper losses in its investment in Citigroup, saying last September it had lost $270m. …. Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From Xinhua: Singapore’s Ministry of Finance said the Government of Singapore Investment Corporation (GIC) have lost value in investment amid global financial downturn, local media reported on Wednesday.

According to TV broadcaster Channelnewsasia’s report, although the GIC registered good performance over the long term, its investments have lost value like other institutional investors in the backdrop of the crisis. …. Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From Todayonline.com: Singapore will continue to review investment guidelines for the Government Investment Corporation of Singapore (GIC) “from time to time”, to see “whether the guidelines are appropriate given the investment objectives and the investment climate going forward”.
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Senior Minister of State (Finance) Lim Hwee Hua gave this response yesterday to Pasir Ris-Punggol MP Penny Low’s question on whether the Government’s mandate for GIC should be changed in light of the ongoing economic crisis. …. Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From Business24-7.ae: Gulf oil producers could have lost in excess of $324 billion (Dh1.19 trillion) as their massive overseas assets were hit by the global financial crisis. The bulk of those assets are controlled by sovereign wealth funds (SWFs) and are concentrated in the US and other Western industrial powers.

The Abu Dhabi Investment Authority controls the biggest part of those assets as its overseas investments were estimated at between $350-875bn at the end of 2007….. Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From Stuff.co.nz: Oil exports are responsible for Abu Dhabi having what is believed to be the world’s largest Sovereign Wealth Fund, a government-owned investment fund with assets of $US875 billion ($A1.75 trillion).

Public and private investments announced in the first three months of 2008 alone were officially estimated to cost a mind-boggling 768 billion UAE dirham ($A411 billion)….. Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From Bi-me.com: Istithmar World, a Dubai government-owned investment company with about US$10 billion in assets, has slowed investment because of the global credit crisis.

Chief Investment Officer Felix Herlihy said that even though Istithmar was “inundated” with calls for investment, the company didn’t plan to rush into something because it looked cheap. “We want to stick to what we know enough about,” Herlihy said at a conference in Dubai. …. Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From Neftegaz.ru: Faced with the prospect that Russia’s proverbial rainy day could run into months and years, the Finance Ministry said Tuesday that its accumulated oil wealth would be adequate to cover potential budget deficits through 2011.

The combined value of the Reserve Fund and the National Welfare Fund, still referred to collectively as the stabilization fund, reached $222 billion as of Feb. 1, Pyotr Kazakevich, deputy head of the ministry’s department for international relations, state debt and financial assets, said at a news conference….. Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From Easybourse.com: A private-equity fund between China International Capital Corp. and a Shanghai government-backed investment firm that aims to raise CNY20 billion ($2.9 billion) is likely to raise CNY8 billion of that amount in the first half, a senior CICC executive said Wednesday.

CICC, 34%-owned by Morgan Stanley, and Shanghai International Group, a state-run investment vehicle under the Shanghai municipal government, are setting up the private-equity fund, Duoguang Bei, a managing director at CICC, told Dow Jones Newswires….. Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From Plenglish.com: A joint $10 billion anti-crisis fund is atop the agenda of the leaders of the Euro-Asian Economic Community in Russia. Russian Presidential Advisor Serguei Prijodko says the EAEC project will help soothe the effects of the global economic and financial crisis started in the US.

The fund will grant sovereign loans and stabilization credits, fund commercial operations with the EAEC and help effect inter-state investments, says the official….. Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From Rttnews.com: On the whole, Russia’s foreign exchange reserves have tumbled $210 billion from July 2008. Foreign reserves stood at $386.5 billion in January 2009.

Further, capital outflows could continue unabated if inconsistent macroeconomic policies were followed….. Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From Russiatoday.com: Russia’s Finance Ministry says the nation’s Reserve Fund will cover any budget shortfalls in the next three years. That claim will be put to the test later this year, with the budget likely to face a $125 Billion deficit.

Russia’s stash of oil money saved for hard times will be in demand sooner than many expected. The Finance Ministry is going to break into the country’s reserve fund this year to cover the budget deficit according to Pyotr Kazekavich from the Finance Ministry State Assets Department….. Full Article: Source

Posted on 05 February 2009 by VRS |  Email |Print

From Reuters: China, which holds the world’s largest foreign exchange reserves, was estimated to have $1.7 trillion in U.S. investments at the end of 2008, including Treasuries and equities, according to a recent report.

China’s U.S. portfolio holdings equal just under 40 percent of its gross domestic product, according to the Council of Foreign Relation’s Center for Geoeconomic Studies….. Full Article: Source

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