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Sovereign Wealth Funds Briefing 02.Jun 2009

Posted on 02 June 2009 by VRS |  Email |Print

From Pionline.com: Many government-owned reserve funds are looking at home rather than overseas for where to invest. The move began in late 2008, and is accelerating this year.

Officials at sovereign wealth funds have been “burned” by recent forays into international developed economies, particularly in the financial sector, said Edwin Truman, senior fellow at the Peterson Institute for International Economics, a Washington-based non-profit research organization………Full Article (Subscription Required) : Source

Posted on 02 June 2009 by VRS |  Email |Print

From Business24-7.ae: Sovereign wealth funds (SWFs) have lost nearly half of their investments on paper that they made in listed companies, new research has showed.

At an aggregate level, they invested $125.7 billion (Dh461bn) in listed companies until the end of the first quarter of 2009, losing 46.7 per cent or $57.2bn of their investments due to a decline in share values, the Monitor Group and Feem said in their latest research report………Full Article: Source

Posted on 02 June 2009 by VRS |  Email |Print

From Zawya.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 02 June 2009 by VRS |  Email |Print

From Business24-7.ae: Abu Dhabi Investment Authority (Adia) continues to be the sovereign wealth fund with by far the largest assets according to data released by the US-based SWF Institute.

Adia’s estimated assets of $627 billion (Dh2.3trn) are more than 45 per cent higher than the number two, Saudi Arabia’s Sama Foreign Holdings, which clocks in at $431bn………Full Article: Source

Posted on 02 June 2009 by VRS |  Email |Print

From Guardian: Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, said it was reviewing its long-term strategy for possible changes in the wake of the global financial crisis.
Several sovereign wealth funds in the oil-exporting Gulf have suffered heavy losses on equity investments following the sharp slide in stock markets last year………Full Article: Source

Posted on 02 June 2009 by VRS |  Email |Print

From Reuters: Abu Dhabi Investment Authority (ADIA), one of the world’s biggest sovereign wealth funds, is likely to continue making dollar-based investments because Abu Dhabi has a dollar-denominated economy, an official said.

“ADIA has been for a long time following a very stable strategy,” said Ahmed Al Mazroui, executive director of infrastructure development for the Abu Dhabi Investment Council (ADIC), the investment arm of the government of Abu Dhabi………Full Article: Source

Posted on 02 June 2009 by VRS |  Email |Print

From Bloomberg: Abu Dhabi, the oil-rich emirate with one of the world’s biggest sovereign wealth funds, is in talks on helping to finance acquisitions by OAO Gazprom, the U.A.E. ambassador to Russia said.

“There are detailed and extensive negotiations over particular investments,” Omar Saif Ghobash said in an interview in Moscow today. “They’re interested in getting funding that only sovereign wealth funds can provide.” ……..Full Article: Source

Posted on 02 June 2009 by VRS |  Email |Print

From Bloomberg: Japan, which trails the U.S. and U.K. as a destination for foreign investment, is seeking to tap capital from Abu Dhabi, the oil-rich emirate with the world’s biggest sovereign wealth fund.

About 30 delegates from state-owned funds and energy companies led by Abu Dhabi Department of Economic Development Chairman Nasser Alsowaidi met Japanese business and government officials at an investment forum in Tokyo today. No specific investments were discussed………Full Article: Source

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From Pionline.com: Alaska Permanent Fund Corp.’s adoption of a factor-based approach to asset allocation could signal a major change in how institutional investors look at risk and return.

The $30.2 billion fund’s new asset allocation strategy categorizes assets by risk and includes new allocations to cash and real return. One of the biggest changes is a new “company exposure” asset class made up of stocks, corporate bonds and private equity………Full Article (Subscription Required) : Source

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From Dow Jones: Russia’s two oil-wealth funds fell to 5.911 trillion rubles ($192.3 billion) in May from RUB6.42 trillion a month earlier, the Finance Ministry said Monday.

Assets in Russia’s Reserve Fund were RUB3.127 trillion as of May 1, while the National Welfare Fund was RUB2.784 trillion. Russia officially split its Stabilization Fund into two separate entities Feb. 1………Full Article: Source

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From Americanchronicle.com: According to the latest report of World Wide Fund for Nature-Norway, Norway’s Sovereign Wealth Fund- Norway’s state pension fund (Global) invested NOK1.5b to China’s coal and oil industry, while China’s Sovereign Wealth Fund is mainly invested in the field of clean energy.
The WWF also found that Norway’s Sovereign Wealth Fund only invested NOK140m to China’s renewable energy………Full Article: Source

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From Asiaone.com: State investment vehicles Temasek Holdings and the Government Investment Corporation of Singapore (GIC) can afford to be more open about the thinking behind major investment decisions.

Mr Michael Palmer (Pasir Ris-Punggol GRC) urged this yesterday in a speech summing up the debate in the House over the past five days on the President’s Address………Full Article: Source

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From WSJ: Singapore’s Temasek Holdings Pte. agreed to buy a stake in Olam International Ltd. for 437.5 million Singapore dollars (US$302.9 million) as the state-owned investment company diversifies toward commodity assets after losses in financial investments.

Olam, a Singapore agricultural commodities firm, said it will issue the new shares at S$1.60 each to Temasek’s wholly owned subsidiaries, Breedens Investments Pte. and Aranda Investments Pte. The new shares will give Temasek 13.76% of Olam. The issue price is 18% lower than Olam’s closing price of S$1.94 on May 29………Full Article (Subscription Required) : Source

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From Asiasentinel.com: Those thinking about Malaysia’s medium to long term credit health should be sending up red flares over the Terengganu state government’s effort to borrow RM10 billion (US$2.87 billion) to start a so-called sovereign wealth fund, the Terengganu Investment Authority.

When the fund was announced late last year, it seemed more a curiosity than anything. In principle of course it is a good idea for states, be they sovereign or not (as in the Terengganu case) to set aside windfall revenues from oil and other commodity bonanzas to create an income flow for the time when such revenues can no longer support the state’s residents, or at least politicians, in the style to which it has become accustomed………Full Article: Source

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From Forbes: Qatar, one of the world’s largest investors through a sovereign wealth fund, is part of a planned monetary union with three fellow Gulf Arab countries, of which three peg their currencies to the dollar.

‘My opinion has strengthened because we don’t know what’s going to happen to the dollar and some people think because of the (fiscal) expansion in the U.S., the dollar could decline too,’ Ibrahim al-Ibrahim told reporters at a conference………Full Article: Source

Posted on 02 June 2009 by VRS |  Email |Print

From Menafn.com: General Electric and Mubadala Development Company signed a commercial finance joint venture agreement recently to set up a regional training center for next-generation business leaders.

GE Chairman of the Board and Chief Executive Officer Jeff Immelt said that the global financial services business proposed under agreement merges Mubadala’s regional investment expertise with GE’s global origination excellence in one of the world’s fastest-growing markets………Full Article: Source

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From FT: IPIC can now claim to be one of the few sovereign wealth funds to have emerged profitably from the banking sector.
Barclays’ remaining shareholders will be hoping the sale does not mark another change of direction in the bank’s recent rollercoaster ride on the markets………Full Article (Subscription Required) : Source

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From Ugpulse.com: Workers MPs have finalized a private members’ bill which they plan to table in Parliament to amend the National Social Security Fund Act.

Workers MP, Dr. Sam Lyomoki says the proposed National Social Security Fund Amendment bill 2009 seeks to ease the accessing of benefits from NSSF by workers………Full Article: Source

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From Curierulnational.ro: The foreign currency reserves at the National Bank of Romania (BNR) increased by 1.966 billion euros in May, from 24.886 billion to 26.852 billion euros, in the context of the entry of the first instalment of the agreement with the IMF, in amount of 4.37 billion special drawing rights (4.8 billion euros).
During the month, there were registered inflows of 6.288 billion, representing the first tranche of the stand-by agreement with the IMF (4.37 billion special drawing rights), the modification of the minimum mandatory foreign-exchange reserve requirements of credit institutions, inflows in the European Commission’s account, income from managinng international reserves, operations on the interbank market and others, reads a BNR release………Full Article: Source

Posted on 02 June 2009 by VRS |  Email |Print

From FT: A leading Chinese financial official on Monday rejected suggestions the US dollar could be replaced quickly as the global reserve currency, as US Treasury secretary Tim Geithner arrived in China on his first official visit.

“In the short term I don’t think we can find another currency to replace the US dollar,” said Guo Shuqing, chairman of China Construction Bank and former head of the country’s foreign exchange administrator………Full Article (Subscription Required) : Source

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