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Sovereign Wealth Funds Briefing 13.Feb 2009

Posted on 13 February 2009 by VRS |  Email |Print

From FT: Sovereign wealth funds (SWFs) have emerged as the funding source of the next few years. According to the Sovereign Wealth Fund Institute, SWFs manage $3,000bn. To put this figure into perspective, the hedge fund and private equity markets combined account for less than $2,000bn.

Some estimates suggest that SWFs will manage more than $10,000bn by 2015….. Full Article: Source

Posted on 13 February 2009 by VRS |  Email |Print

From Reuters: Libya’s sovereign wealth fund controls assets of more than $65 billion but has only up to 23 percent of its available cash funneled into investments, the fund’s chairman said on Thursday.

The Libyan Investment Authority is one of several highly secretive investment funds owned by national governments that have become increasingly active in buying up Western assets, flush with cash from high oil prices in previous years. …. Full Article: Source

Posted on 13 February 2009 by VRS |  Email |Print

From Straitstimes.com: Temasek Holdings and the Government of Singapore Investment Corporation (GIC) are not the only sovereign wealth funds (SWFs) seeing shrinking portfolios in the fallout from the worst financial storm since the 1930s.

The Kuwait Investment Authority (KIA) said on Tuesday it had lost US$30.73 billion (S$46.38 billion) from March to December last year. The Council on Foreign Relations, an independent New York-based organisation, estimated that the KIA’s portfolio shrank from US$262 billion in December 2007 to US$228 billion a year later….. Full Article: Source

Posted on 13 February 2009 by VRS |  Email |Print

From Economist.com: The sceptic’s explanation for this unexpected change might be that Temasek has lost a lot of money. Four days after Goodyear’s appointment the government said Temasek’s assets had fallen from S$185 billion ($134 billion) at the end of last March, to S$127 billion ($84 billion) at the end of November.

There have been big, poorly timed equity injections into Barclays and Merrill Lynch….. Full Article: Source

Posted on 13 February 2009 by VRS |  Email |Print

From WSJ: Singapore’s state-owned investment fund Temasek announced a change in leadership last week to a non-Singaporean CEO. We hope his appointment heralds a new era of openness.
Temasek manages public monies, yet much of what it does is hidden from the public it aims to serve. Its stated mission is “to create and maximise long-term shareholder value as an active investor and shareholder of successful enterprises.” But to what end? To support Singaporeans in times of recession, like now?…. Full Article: Source

Posted on 13 February 2009 by VRS |  Email |Print

From Reuters: Libya has agreed to set up a joint fund of as much as $500 million with Italian bank Mediobanca to invest in Italian companies, the chairman of the North African country’s $65 billion sovereign wealth fund said.

The fund is the latest initiative by Libya to expand its business interests in Italy, where it has already taken stakes in No. 2 bank UniCredit and oil company Eni amid a global downturn that has depressed share prices….. Full Article: Source

Posted on 13 February 2009 by VRS |  Email |Print

From Firedoglake.com: I asked yesterday whether or not the “private investors” whom Geithner expects to pony up billions if not trillions to bail out our biggest banks were Sovereign Wealth Funds.

The WSJ and Robert Reich suggested they might be. But, Reich wondered, what incentive would other countries have to keep investing in our shitpile?…. Full Article: Source

Posted on 13 February 2009 by VRS |  Email |Print

From Allafrica.com: An expert in the global and financial landscape has advocated the need for the Federal Government to shore up the country’s foreign reserve to more than US$100 billion (N14.4 trillion) if it hopes to effectively curtail the impact of the global financial crisis on the country’s currency and on the economy in general.

Speaking during the second annual conference on treasury, risk and cash management in West Africa in Lagos on Tuesday, Mr. David Cowan, African Economist, Citibank International disclosed that the decline in the naira since November 2008, has brought about a loss of confidence in the country’s currency, resulting to an increased demand for foreign currencies as a store of value….. Full Article: Source

Posted on 13 February 2009 by VRS |  Email |Print

From Themalaysianinsider.com: Chinese Premier Wen Jiabao has pledged that China would do whatever was necessary to maintain its economic growth at 8 per cent this year, including possibly tapping its vast foreign exchange reserves.

Beijing had been reluctant to dip into its foreign reserves, for good reasons, until now. Wen’s remarks therefore highlighted the gravity of the impact the financial meltdown is having on China….. Full Article: Source

Posted on 13 February 2009 by VRS |  Email |Print

From Georgiandaily.com: Russia’s international reserves fell last week after the central bank raised a key interest rate, forcing banks to convert foreign currency held in accounts with the central bank back into rubles to sustain daily operations.

The world’s largest reserves stockpile after China and Japan dropped $4.6 billion to $383.5 billion last week, after rising $1.6 billion in the week ended Jan. 30, Bank Rossii said in an e- mailed statement today….. Full Article: Source

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