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Sovereign Wealth Funds Briefing 01.Jun 2009

Posted on 01 June 2009 by VRS |  Email |Print

From Gulfnews.com: Regional sovereign wealth funds are “looking at Dubai today” as opportunities based on attractive valuations become more interesting, according to Dr Omar Bin Sulaiman, governor of the Dubai International Financial Centre.

“I think you will see a big shift in sovereign wealth funds. A lot of them are actually looking at Dubai today… and believe it or not, one of the sectors they are looking at is real estate…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Thenational.ae: Sovereign wealth funds (SWFs) were much in the news last year. As the first wave of the financial crisis hit, Gulf and Asian funds such as the Kuwait Investment Authority (KIA) and Singapore’s Temasek, ploughed billions of dollars into recapitalising prominent Wall Street institutions such as Merrill Lynch and Citigroup.

At the time, with oil riding high at more than US$100 a barrel, it seemed very much as if the balance of economic power was shifting rapidly eastward. Despite the fact that their combined value accounted for only a fraction of the size of other investor classes such as pension funds or insurers, there was a brief moment when sovereign wealth was seen by some western politicians as a considerable threat to their economic independence…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Khaleejtimes.com: Gulf Sovereign Wealth Funds, or SWFs, should use their wealth during slow economic times to spur growth and maintain funding of critical strategic investments, financial experts said.

GCC sovereign funds can support local economic growth strategies through their international and domestic investments, said Richard Shediac, a partner at Booz & Company International Investments, a global management-consulting firm…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From WSJ: The EUR232 billion ($327 billion) Norwegian Government Pension Fund has also created a raft of senior investment positions as part of an effort to improve performance.

The fund has dropped 16 of its 22 fixed-income managers since the start of last year, according to its website, including this year, European Credit Management, Insight Investments and U.S. group Smith Breeden & Associates, all of which declined to comment…….Full Article (Subscription Required): Source

Posted on 01 June 2009 by VRS |  Email |Print

From Reuters: Norway’s central bank, which manages Norway’s $300 billion Government Pension Fund, will sell 200 million Norwegian crowns daily in June to buy foreign exchange for the country’s oil fund, after refraining from selling crowns from March to May, the bank said on Friday.

The bank sells Norwegian currency to invest the fund’s money in foreign stocks and bonds…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Cpifinancial.net: GE and Abu Dhabi-owned Mubadala are currently applying for certain legal and regulatory approvals needed prior to the commercial launch of the joint venture. Once approved, the joint venture will be headquartered in Abu Dhabi.
GE and Mubadala each will allocate up to $4 billion in equity for the joint venture over a three-year period. The venture will have two strategic pillars; access to investment opportunities generated through GE Capital’s existing global origination platform; and building a Middle East and Africa platform with select focus areas aligned to both partners’ capabilities and regional presence…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Tradearabia.com: Saudi Arabia is exploring opportunities for investments in Europe, Asia and the United States in sectors including technology and auto parts for its new $5.3 billion investment company, its finance minister said.

The company, Sanabil al-Saudia, has not yet started operations but its owner, the state’s Public Investment Fund, is already eyeing possible acquisition targets, Ibrahim al-Assaf told Reuters in an interview in Oman…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Reuters: Kazakhstan’s sovereign wealth fund Samruk-Kazyna is not planning to issue bonds as part of efforts to restructure the defaulted debt of BTA bank BTAS.KZ, an advisor to the process said on Friday.

Contradicting earlier comments by a senior Kazakh official, Marcia Favale-Tarter — who is advising Samruk as well as the Kazakh government — told Reuters that BTA creditors should not hope to exchange its bonds or loans for those of the state fund…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Asianinvestor.net: Temasek Holdings, the investment arm of the Singapore government, has found itself in a position where it has to explain the divestment of its Bank of America stake plus a S$58 billion ($40 billion) portfolio loss incurred in the period from March to November 2008.
This loss amounts to around half of the S$114 billion gain that the firm made between 2003 and 2007…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Asiaone.com : Temasek Holdings’s portfolio grew $56 billion since March 2003 - as its $58 billion loss last year came after ‘a much greater gain’ of $114 billion in the five preceding years.

Providing these figures in Parliament yesterday, Finance Minister Tharman Shanmugaratnam said that Temasek has ‘performed respectably’, and that ‘the only reasonable way’ to evaluate its performance was to see ‘how the losses and gains add up, and how its overall portfolio performs over time’…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Asiaone.com: Finance Minister Tharman Shanmugaratnam yesterday defended the overall track record of Singapore state investment vehicle Temasek Holdings.

He told Parliament that Temasek had made ‘large investment gains’ during the market cycle which began in 2003 and had included both boom and bust phases…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Btimes.com.my: Temasek Holdings Pte will invest S$437.5 million (US$303 million) for a 13.76 per cent stake in Olam International Ltd, a Singapore-based agricultural commodities supplier.

Breedens Investments Pte and Aranda Investments Pte, two subsidiaries of the Singapore state-owned investment company, will buy 273.5 million new shares in Olam at S$1.60 apiece, the commodities supplier said in a statement to the city’s stock exchange. The price is 18 per cent lower than the May 29 closing price of S$1.94…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Dailystar.com.lb: Over half of the estimated $3 trillion in sovereign wealth funds (SWFs) are owned by Arab states, speakers at a panel discussion said Thursday.
The remarks were made during talks hosted by the American University of Beirut (AUB) on the growing prevalence of sovereign wealth funds in the Arab world…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Menafn.com: Egyptian Minister of Investment, Mahmoud Mohieldin, said that the Abu Dhabi Investment Authority (Adia) is carrying out a study to finance 52 new investment projects in Egypt at a cost of $28 billion.

He added that special committees from Adia will visit Egypt in the upcoming two months to proceed with the projects, which will be focused mostly in infrastructure, agriculture and housing……Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Thestar.com.my: The Energy Commission has proposed the setting up of a stabilisation fund to support the fuel pass-through mechanism and manage fuel cost volatility more effectively, says chairman Datuk Pian Sukro.

“An automatic pass-through mechanism is not viable as consumers would be caught when prices are high. The fund helps insulate consumers from the volatility of fuel costs and acts as a buffer when there’s high fluctuations,” he told StarBiz in an interview…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Theaustralian.news.com.au: Singapore state investment company Temasek Holdings is considering a $S2.35 billion ($2 billion) offer for its stake in Chartered Semiconductor Manufacturing for, two people familiar with the situation said.
The offer by Advanced Technology Investment, a technology investment firm owned by Abu Dhabi, values Chartered Semiconductor at $S2.50 a share…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Guide2.co.nz: A Treasury official has described the Government’s decision to postpone payments to the New Zealand Superannuation Fund as a fraud which would cost $8 billion.

Finance Minister Bill English announced the decision as part of Thursday’s budget designed to face the ongoing recession…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Thenational.ae: Sovereign wealth funds and family offices should take equity stakes in local companies to help kickstart planned projects worth US$750 billion across the Gulf, according to a senior Calyon banker.

“The use of excess liquidity by SWFs in the region … needs to be encouraged more, that will drive more inward investment,” said Albert Momdjian, who heads Calyon’s investment banking in the Middle East and Africa…….Full Article: Source

Posted on 01 June 2009 by VRS |  Email |Print

From Globes.co.il: The Bank of Israel reported today that its foreign currency reserves grew by $14 billion in 2008, and totaled $42.5 billion at the end of 2008.

The Bank of Israel said that the growth in reserves was mostly due to the foreign currency (dollar) purchase program, in place since the end of the first quarter of 2008…….Full Article: Source

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