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Sovereign Wealth Funds Briefing 17.Jul 2009

Posted on 17 July 2009 by VRS |  Email |Print

From Reuters: Private equity firm KKR is investing in in International Far Eastern Leasing Co along with sovereign-wealth fund Government of Singapore Investment Corp (GIC) and Chinese investment bank China International Capital Corp (CICC), the people told the paper.

The consortium wants to buy a minority stake in the range of 30 percent of the financial leasing firm controlled by Chinese state-owned conglomerate Sinochem Group Corp……….Full Article: Source

Posted on 17 July 2009 by VRS |  Email |Print

From Nationalpost.com: China Investment Corporation’s (CIC) recent $1.5-billion investment in Canadian miner Teck Resources has not led to any backlash in China, but the public might be less happy if they read the fine print of the Teck announcement.

China’s sovereign wealth fund has signed a highly restrictive agreement which seems designed to ensure that it is seen as a harmless financial investor in resource-rich Canada……….Full Article: Source

Posted on 17 July 2009 by VRS |  Email |Print

From Nationalpost.com: Despite the rocky history of attempted Chinese state investments in Canada, and with a classic East-West corporate spy scandal brewing over a Rio Tinto mining executive based in China, the sale of 17.2% of Teck Resources of Vancouver to a Chinese sovereign wealth fund sailed through with surprising ease.
Hardly a voice was raised in opposition, aside from a few Teck shareholders who accused CEO Don Lindsay of selling a piece of the company at too cheap a price……….Full Article: Source

Posted on 17 July 2009 by VRS |  Email |Print

From Wayangparty.com: According to a Straits Times report, the Auditor-General (AG) has chided civil servants for being sloppy in their management of public funds.One government agency whose slip-ups are particularly costly is regulator Media Development Authority (MDA).

Its lapses, which filled nine pages of a 40-page report released by the A-G yesterday, included failing to collect an estimated $9.89 million in revenue……….Full Article: Source

Posted on 17 July 2009 by VRS |  Email |Print

From Efinancialnews.com: The Qatar Investment Authority and the Piëch families, which co-own Porsche, are likely to invest €5bn ($7bn) in the sports car maker to slash its net debt pile of over €10bn “as completely as possible”.………Full Article (Subscription Required): Source

Posted on 17 July 2009 by VRS |  Email |Print

From Reuters: Singapore’s two sovereign funds, GIC and Temasek, also slid deep into the red after they were burned by investments in Western banks.
The government tapped its reserves in January to help fund a stimulus package……….Full Article: Source

Posted on 17 July 2009 by VRS |  Email |Print

From WSJ: A clash between an Indonesian shrimp producer and its hedge-fund creditors has erupted in lawsuits seeking $4 billion in damages against the hedge funds’ trustees, Bank of New York Mellon and PT Bank Danamon Indonesia. Bank Danamon is owned by Singaporean sovereign-wealth fund Temasek Holdings.
Temasek referred queries for comment to Bank Danamon. Bank Danamon didn’t respond to messages seeking comment……….Full Article (Subscription Required): Source

Posted on 17 July 2009 by VRS |  Email |Print

From Bloomberg: Russia’s international reserves slid $8.4 billion last week, the most in six months, after the central bank sold part of the stockpile to support the ruble and relaxed foreign currency rules.

The value of the reserves, the world’s third largest after China’s and Japan’s, fell to $400.7 billion after dropping $1.4 billion to $409.1 billion a week earlier, Bank Rossii said in an e-mailed statement today. The country has added $33 billion to its reserves from a record low of $376.1 billion in March……….Full Article: Source

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