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Sovereign Wealth Funds Briefing 23.Jul 2009

Posted on 23 July 2009 by VRS |  Email |Print

From Seekingalpha.com: Does anyone remember a year ago when every pundit and media outlet predicted that Sovereign Wealth Funds were going to take over the world?
The assets they controlled were growing so quickly due mostly to the commodity boom that it was starting to create hysteria in the United States. It’s amazing how quickly the conventional wisdom can change……….Full Article: Source

Posted on 23 July 2009 by VRS |  Email |Print

From Businessday.com.au: Until the end of 2007, Western media, governments and regulators often seemed more concerned to protect domestic companies from investments by sovereign wealth funds (SWFs) than to attract their capital.

Politicians in many countries called for the regulation of sovereign foreign investments at a time when they were growing rapidly……….Full Article: Source

Posted on 23 July 2009 by VRS |  Email |Print

From Arabianbusiness.com: National Bank of Kuwait (NBK) has bought 13.2 percent of the Kuwait Investment Authority’s (KIA) stake in Islamic lender Boubyan Bank for $295m at a public auction.

NBK bought 154 million shares in the bank for KD84.7m ($295m) or 550 fils a share, taking its holding in Boubyan to 321 million shares, or 27.5 percent……….Full Article: Source

Posted on 23 July 2009 by VRS |  Email |Print

From Mineweb.com: Singapore state investor Temasek’s plan to bring in its first foreign CEO lies in tatters as CEO-designate Chip Goodyear walked out less than six months after he was named to the top post.

The departure of American Goodyear, a former BHP Billiton (BHP.AX) head, is a setback for Temasek as it tries to present a more international image, after its close government links meant its investments in Southeast Asia and the West drew fire from the public, regulators and lawmakers outside the city-state……….Full Article: Source

Posted on 23 July 2009 by VRS |  Email |Print

From Themalaysianinsider.com: The Singapore Ministry of Finance (MOF) said yesterday it was “unfortunate” that Temasek Holdings’ plan to install a new chief executive (CEO) had not worked out despite considerable efforts by its board and the present CEO, Ho Ching.

MOF was responding to queries from The Straits Times on whether it had any input into the decision-making process that led to the derailing of Charles “Chip” Goodyear’s tenure at Temasek……….Full Article: Source

Posted on 23 July 2009 by VRS |  Email |Print

From Businessspectator.com.au: The abrupt end to Chip Goodyear’s planned ascension to the chief executive role at Singapore’s smaller sovereign wealth fund, Temasek Holdings, is causing controversy and bemusement in Singapore and elsewhere.

While the announcement that Goodyear would no longer take up the position referred to “differences regarding certain strategic issues that could not be resolved”, Singapore is abuzz with speculation of the true causes of the falling out……….Full Article: Source

Posted on 23 July 2009 by VRS |  Email |Print

From Asiaone.com: Mr Charles ‘Chip’ Goodyear, the CEO-designate at Temasek Holdings , pulled out barely six months after accepting the post at Singapore’s best-known wealth fund.

Temasek said on Tuesday Goodyear had decided not to become the chief executive of the state investment firm due to differences over strategy, adding that Ms Ho Ching, the wife of Singapore’s prime minister and current CEO, would continue as executive director and chief executive……….Full Article: Source

Posted on 23 July 2009 by VRS |  Email |Print

From Themalaysianinsider.com: As the buzz about Charles Goodyear’s sudden departure from Temasek Holdings continues to dominate corporate discussions, one can’t help but ask this question:

Could a no-nonsense CEO who bulldozed his way through a traumatic merger to form mining giant BHP Billiton, retrenching thousands in the process, have fitted into a Singapore culture that for all its outward glow of modernity is essentially conservative?………Full Article: Source

Posted on 23 July 2009 by VRS |  Email |Print

From Biz.yahoo.com: China Investment Corp, the Chinese sovereign wealth fund, says it is not the owner of a recently acquired 1.1 per cent stake in Diageo, the British drinks group, as reported in the Financial Times on Tuesday
On Monday, Diageo told the FT that CIC, established in 2007 to manage $200bn of the country’s foreign exchange reserves, had bought a stake worth £221m ($364m) in late June……….Full Article: Source

Posted on 23 July 2009 by VRS |  Email |Print

From Tradearabia.com: Qatar Holdings, which manages strategic and direct investments by the State of Qatar, is talking to banks about a $6-7 billion loan linked to its possible investment in Porsche, bankers said on Tuesday.

Porsche has been talking to Qatar about a deal that would give Qatar a 20 percent stake in Volkswagen via derivative contracts as it struggles to cement a merger with Volkswagen……….Full Article: Source

Posted on 23 July 2009 by VRS |  Email |Print

From Khaleejtimes.com: The Dubai government launched a bailout fund on Wednesday to manage and distribute the proceeds of a $20 billion sovereign bond programme intended to help cash-strapped companies in the emirate.

The “Dubai Financial Support Fund” will provide loans to government and non-government entities “engaged in projects of strategic and developmental importance to Dubai,” said Abdulrahman Al Saleh, Director General of Dubai’s Department of Finance……….Full Article: Source

Posted on 23 July 2009 by VRS |  Email |Print

From Citywire.co.uk: A presentation from Deutsche Bank online highlights the way sovereign wealth funds have used the crisis to allocate resources around the world.………Full Article: Source

Posted on 23 July 2009 by VRS |  Email |Print

From Gulf-daily-news.com: Bahrain Mumtalakat Holding Company has announced the successful closure of a $140 million syndicated Ijara facility, arranged by Liquidity Management (LMC) to refinance Gulf Air aircraft.
The five-year tenure syndicated facility generated significant interest from investors across the world. The proceeds of the facility will be used by Mumtalakat to refinance three Airbus A330 aircraft……….Full Article: Source

Posted on 23 July 2009 by VRS |  Email |Print

From Eastandard.net: The National Social Security Fund (NSSF) has faulted the proposal by Treasury that schemes, which receive statutory contributions, only invest in Government securities and infrastructure bonds.

In his Budget speech, Finance Minister Uhuru Kenyatta sought amendments to the Retirement Benefits Authority Act to effect the changes……….Full Article: Source

Posted on 23 July 2009 by VRS |  Email |Print

From WSJ: With the continued growth in China’s official foreign-exchange reserves now having pushed them past the $2 trillion mark, the debate over what to do with them shows no sign of dying down.

There’s an increasingly strong sentiment in China that these funds should be used to benefit the nation, rather than being lent to the U.S. and other rich countries……….Full Article: Source

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