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Sovereign Wealth Funds Briefing 20.Jul 2009

Posted on 20 July 2009 by VRS |  Email |Print

From Reuters: China Investment Corp (CIC), the country’s $200 billion sovereign wealth fund, has agreed to buy a 40 percent stake in investment firm CITIC Capital Holdings Ltd, the official China Securities Journal reported on Monday.

CIC will buy new shares to be issued by Hong Kong-based CITIC Capital, in which CITIC Pacific and CITIC International Financial Holdings Ltd each hold 50 percent, the newspaper said, citing a letter sent to CITIC Capital investors. It gave no figure for the value of the deal………..Full Article: Source

Posted on 20 July 2009 by VRS |  Email |Print

From Efinancialnews.com: Sovereign wealth funds based overseas own more than 10% of the UK stock market, according to Sir David Walker, the former banker and influential government adviser.
This makes SWFs a powerful new shareholding bloc with an important role to play in corporate governance………..Full Article (Subscription Required): Source

Posted on 20 July 2009 by VRS |  Email |Print

From Gulf-daily-news.com: The Kuwaiti Investment Authority (KIA) may be considering investing in German car parts supplier Continental.

In an article flagged “Continental: The car parts supplier talks to the sovereign wealth fund of the emirate of Kuwait over possible investment”, German magazine WirtschaftsWoche said “Kuwaiti investors” have been in contact with Chief Executive Karl-Thomas Neumann in the past few days………..Full Article: Source

Posted on 20 July 2009 by VRS |  Email |Print

From Tripolipost.com: The Libyan Investment Authority (LIA) denied it invested $500 millions with Sir ‎Allen Stanford who is being accused by the US government of fraud, money ‎laundering and obstruction of justice. ‎

In a letter sent to Oea daily on Thursday, signed by the Executive Director of LIA Mr. ‎Mohamed Layas, the LIA said the information published by the Financial Times on 8 ‎July 2009 were not truthful with regard to the Libyan Investment Authority………..Full Article: Source

Posted on 20 July 2009 by VRS |  Email |Print

From Business24-7.ae: The Abu Dhabi Investment Authority (Adia) may depart from its long-standing tradition and begin investing in the local market by buying bonds planned by the UAE Government and other institutions, a key Saudi bank said yesterday.

Although it has not specified the size of the planned sovereign bond issue, the UAE Federal Government will not find any difficulty raising money from local and foreign markets given its high rating and strong financial position, Samba Financial Group, previously known as Saudi American Bank, said in a study………..Full Article: Source

Posted on 20 July 2009 by VRS |  Email |Print

From Reuters: Singapore’s Temasek may shift strategy under its new CEO Charles Goodyear after it suffered big losses on holdings in Western banks bought during the early phase of the credit crisis.

Following is a snapshot of Temasek, which State Street ranks as the 9th largest among the world’s sovereign funds and monetary authorities that operate like sovereign funds………..Full Article: Source

Posted on 20 July 2009 by VRS |  Email |Print

From Forbes: Burned by losses from big Western banks, Singapore investor Temasek may shift its risk management strategy towards that of peer GIC, building layers of protection before making multi-billion dollar investments.

With an imminent change of leadership, the city-state’s smaller wealth fund is reviewing its risk strategy after it lost more than $4 billion this year from dumping stakes in Bank of America and Barclays………..Full Article: Source

Posted on 20 July 2009 by VRS |  Email |Print

From Financialstandard.com.au: The New Zealand Superannuation Fund is dropping investment mandates with ING and Smartshares and taking them in-house.

The fund announced the changes to improve flexibility, cut costs and is part of the fund’s focus on having direct participation in the local market…………Full Article: Source

Posted on 20 July 2009 by VRS |  Email |Print

From Gulfnews.com: Western investors have grown wary about investing in the once-booming Gulf, leaving markets there at risk of further short-term losses and increasingly reliant on the region’s own sovereign wealth funds.

Collapsing property markets and volatile oil prices have cooled some of the ardour which western investors had shown towards the Gulf in recent years………..Full Article: Source

Posted on 20 July 2009 by VRS |  Email |Print

From Tradearabia.com: Jordan’s net foreign reserves rose to a record $9.2 billion at end of June against $6.6 billion in the same period last year with healthy inflows into the local currency, central bank data showed on Friday.

Central Bank of Jordan (CBJ) figures obtained by Reuters attributed the rise in foreign reserves to strong capital inflows over the last twelve monthsfrom tourism, expatriate remittances and foreign direct investments………..Full Article: Source

Posted on 20 July 2009 by VRS |  Email |Print

Brazilian international reserves hit a new record on July 16, totaling $209.58 billion, according to numbers released by the central bank on Friday.
The previous record was set on Oct. 6, 2008, when reserves reached $209.39 billion. The government then sold dollars because of the global financial crisis, lessening that cushion………..Full Press Release: Source

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