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Sovereign Wealth Funds Briefing 11.Feb 2009

Posted on 11 February 2009 by VRS |  Email |Print

From Voanews.com: Singapore and Kuwait are reporting billions of dollars in losses to their sovereign wealth funds in the latest symptom of the global economic crisis.

The Singapore state investment firm Temasek Holdings says the value of its investments plunged about 31 percent to $81 billion between March and November of last year….. Full Article: Source

Posted on 11 February 2009 by VRS |  Email |Print

From Reuters: Abu Dhabi’s sovereign fund IPIC is considering investing in indebted German bearings maker Schaeffler or its 49.9 percent-owned unit Continental, the Financial Times Deutschland newspaper reported on Tuesday.

The paper, quoting a person familiar with the situation, said the investment “concerns at least 20 percent, though it’s probably more than 25 percent”….. Full Article: Source

Posted on 11 February 2009 by VRS |  Email |Print

From Reuters: The value of assets managed by the Kuwait Investment Authority (KIA), the Gulf Arab state’s sovereign wealth fund, fell by about 9 billion dinars ($30.87 billion) in the nine months to December 2008, two MPs said on Tuesday after a government briefing.

Member of Parliament Waleed al-Tabtabae told reporters the government said KIA’s losses due to the financial crisis, in the March-December period, totalled 9 billion dinars. Kuwait’s fiscal year ends on Mar. 31….. Full Article: Source

Posted on 11 February 2009 by VRS |  Email |Print

From Bbc.co.uk: The value of Singaporean sovereign wealth fund Temasek Holdings contracted last year as the economic downturn dented the value of its investments.

Temasek said its portfolio had shrunk 31% to 127 billion Singapore dollars (£57.2bn; $84.7bn) in November 2008, down from S$185bn at the end of March. …. Full Article: Source

Posted on 11 February 2009 by VRS |  Email |Print

From AFP: The portfolio of Singapore sovereign wealth fund Temasek Holdings, which helped bail out Wall Street icon Merrill Lynch, fell 31 percent over eight months last year, a minister said Tuesday, according to local radio.

The report followed Temasek’s announcement last Friday that the wife of Singapore’s prime minister will step down after five years as chief executive of Temasek, one of the world’s largest sovereign wealth funds….. Full Article: Source

Posted on 11 February 2009 by VRS |  Email |Print

From Asiaone.com: Temasek Holdings must stick to making investments on a purely commercial basis and cannot swoop in to rescue ailing local companies, as some MPs have suggested, said Senior Minister of State for Finance Lim Hwee Hua yesterday.

She said Singapore’s investment company should continue to operate independently of the Government and keep a purely commercial focus on maximising shareholder returns….. Full Article: Source

Posted on 11 February 2009 by VRS |  Email |Print

From Channelnewsasia.com: Sovereign wealth funds around the world are under pressure to prop up their domestic markets in the current global recession by investing at home. But analysts say this may not be a good idea.

They say this may ease things in the short run, but will create longer-term problems. …. Full Article: Source

Posted on 11 February 2009 by VRS |  Email |Print

From Firedoglake.com: Public-Private Investment Fund: One aspect of a full arsenal approach is the need to provide greater means for financial institutions to cleanse their balance sheets of what are often referred to as “legacy” assets.

Many proposals designed to achieve this are complicated both by their sole reliance on public purchasing and the difficulties in pricing assets. Working together in partnership with the FDIC and the Federal Reserve, the Treasury Department will initiate a Public-Private Investment Fund that takes a new approach….. Full Article: Source

Posted on 11 February 2009 by VRS |  Email |Print

From IHT: Wall Street banks once looked to state-owned sovereign funds in the Middle East and Asia to shore up their own balance sheets. Now the sovereign funds are suffering huge losses of their own, partly thanks to big overseas bets on the financial sector.

On Tuesday, the Kuwait Investment Authority said the oil-rich country’s sovereign fund lost 9 billion dinars ($30.73 billion) from March to December of last year, while Singapore’s Temasek lost around $39 billion — 31 percent of its holdings — in the eight months ending November 30….. Full Article: Source

Posted on 11 February 2009 by VRS |  Email |Print

From Privateequityrealestate.net: St Martins, the UK-based property vehicle for the Kuwaiti Investment Authority, has made its first move into Asia. The sovereign wealth fund has acquired a luxury 27-story high rise residential tower in central Tokyo for ¥13 billion ($142 million; €109 million), it said.

The Lietocourt Arx Tower is centrally located in Minato, Chuo-Ku, adjacent to Nihonbashi and Ginza, Tokyo’s business and retail district. …. Full Article: Source

Posted on 11 February 2009 by VRS |  Email |Print

From Khaleejtimes.com: Government-run holding company Dubai World said on Tuesday it laid off 100 employees as it restructures its workforce amid the deepening global economic downturn.

The decision affected employees in the company’s corporate services division, consisting mostly of mid and lower level staff….. Full Article: Source

Posted on 11 February 2009 by VRS |  Email |Print

From Reuters: Ant Global Partners Pte Ltd, a private equity firm controlled by agricultural lender Norinchukin Bank of Japan, plans to raise a $250 million clean technology fund over the next three years focused on ventures such as water treatment and renewable projects in Indonesia.

The fund is being raised in partnership with Indonesia ’s finance ministry. The country’s sovereign wealth fund, Government Investment Unit (GIU) will raise 10 percent of the fund….. Full Article: Source

Posted on 11 February 2009 by VRS |  Email |Print

From Asiaasset.com: Provider of investment decision support tools worldwide MSCI Barra has announced that China Investment Corp (CIC), one of the world’s largest sovereign wealth funds with around US$200 billion in assets under management, has chosen to use Barra Analytics to help identify and manage risk across their multi-asset class portfolios.

“Our department is responsible for crafting and enforcing a company-wide risk management framework and risk management process. We are using Barra Analytics to help us identify, assess and monitor major types of risks involved in our investment activity and asset management,” says Xiangjun Guo, managing director of CIC’s risk management department….. Full Article: Source

Posted on 11 February 2009 by VRS |  Email |Print

From Nytimes.com: Could the Kuwait Investment Authority unstick Dow Chemical’s disputed takeover of Rohm & Haas? The Kuwaiti fund would consider increasing its support for the deal if the terms were changed to account for the downturn, The Financial Times reported, citing a person familiar with the matter says.

Dow refused to close its $15 billion takeover of Rohm & Haas late last month, after a key joint plastics venture with Kuwait fell apart….. Full Article: Source

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