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Sovereign Wealth Funds Briefing 27.Jul 2009

Posted on 27 July 2009 by VRS |  Email |Print

From Business24-7.ae: Until the end of 2007, Western media, governments and regulators often seemed more concerned about protecting domestic firms from investments by sovereign wealth funds (SWFs) than about attracting capital inflows.
Politicians in many countries called for the regulation of sovereign foreign investments at that time, when SWF investments were growing rapidly………..Full Article: Source

Posted on 27 July 2009 by VRS |  Email |Print

From Alibaba.com: China Investment Corporation (CIC), the sovereign wealth fund that manages about a tenth of the country’s over $2 trillion foreign reserves, appears to be diversifying and turning to resources and commodities, according to a market analyst.

According to a recent Reuters report citing unnamed sources, CIC acquired a 1.1 percent stake valued at 240 million British pound ($394 million) in Diageo, a leading UK-based group that owns labels such as Johnnie Walker and Baileys………..Full Article: Source

Posted on 27 July 2009 by VRS |  Email |Print

From Reuters: Bahrain’s sovereign wealth fund Mumtalakat is seeking advisers to help it rebuild the business of state-owned carrier Gulf Air, it said in a statement on Sunday.

It said the consultants would report to the airline’s incoming Chief Executive Samer Majali, who is taking up his post on Aug. 1 and “who has been appointed to lead Gulf Air as it moves into the next phase of its strategy to rebuild the business”………..Full Article: Source

Posted on 27 July 2009 by VRS |  Email |Print

From Thisdayonline.com: The five states in the South-south geo-political zone will float a 100-million dollar sovereign wealth fund that will attract investment around the world.
An indication to this emerged when the South-south Governors’ Forum accepted a report submitted to it by an Economic Committee headed by Prof. Pat. Utomi during its meeting in Asaba………..Full Article: Source

Posted on 27 July 2009 by VRS |  Email |Print

From Asiaone.com: It has been three days now since the sudden announcement that Charles ‘Chip’ Goodyear won’tbe taking the reins at Temasek Holdings and that current CEO Ho Ching will be staying on.

People are still reeling from the shock and floating all sorts of theories to explain the development………..Full Article: Source

Posted on 27 July 2009 by VRS |  Email |Print

From Asiaone.com: Now that Temasek Holdings’ bid to hire a leader from outside the company has failed, the spotlight is turning to the possible candidates within.

Working alongside chief executive officer Ho Ching is a top management team with ‘a diversity of backgrounds and experiences’, according to Temasek’s annual report last year………..Full Article: Source

Posted on 27 July 2009 by VRS |  Email |Print

From Thestar.com.my: When the Terengganu Investment Authority (TIA) was set up with its much-touted air-tight governance structure, no one doubted that the biggest test to its paper-perfect concept would be in its execution.
What we weren’t prepared for was how soon that test would come. Rhetoric, meet reality………..Full Article: Source

Posted on 27 July 2009 by VRS |  Email |Print

From Menafn.com: Gulf Investment Corporation (GIC) announced on Sunday that in cooperation with GDF SUEZ, they have completed the limited recourse financing of the Al-Dur Independent Water and Power Producer (IWPP) project -the largest privately-owned industrial project in Bahrain- with the cost of USD 2.1 billion.

The Kuwait based corporation said in a press release that “Financing a project of this size is a landmark in the financial markets after the advent of the economic crisis.” On the 28th of August 2008, the Project was awarded to GDF SUEZ and GIC by the Bahrain Ministry of Finance following an international competitive tendering process………..Full Article: Source

Posted on 27 July 2009 by VRS |  Email |Print

From Moscowtimes.ru: Russia is looking to borrow $18 billion abroad next year to help fund its budget deficit, while revenues could get a $2 billion boost from higher taxes for the gas sector, a Finance Ministry source said Friday. The bulk of the deficit will be funded from Russia’s oil wealth funds.

The budget and the scale of borrowing have been the subject of hot debate as the government seeks the best way to fund the high spending needed to see the economy out of recession………..Full Article: Source

Posted on 27 July 2009 by VRS |  Email |Print

From Vanguardngr.com: Nigeria’s excess crude account has dropped from $20 billion (N3.004 trillion) at the beginning of the year to $11.2 billion (N1.646trn) in June.
This implies that in the last six months, the various tiers of government in the federation have shared a total of $9bn (N1.323tr) from that account………..Full Article: Source

Posted on 27 July 2009 by VRS |  Email |Print

From Khaleejtimes.com: Sovereign wealth fund specialist Sven Behrendt of the Carnegie Middle East Center in Beirut says that Germany recently passed legislation, similar to that in the United States, which calls for a review of any non-European investment.
As one of the lead bankers flatly noted to me on background, there is no way the government would want any foreign entity to be the largest shareholder in a German icon, whether it is Porsche or Volkswagen………..Full Article: Source

Posted on 27 July 2009 by VRS |  Email |Print

From Arabianbusiness.com: Gulf sovereign wealth funds (SWFs) have seen the value of their holdings cut by roughly $100bn to $1.1 trillion between the end of last year and last month, according to US consultancy firm RGE Monitor.

Furthermore, in the 13 months that followed Paulson’s visit not only has the global financial crisis deepened and widened to the shores of the Arabian Gulf, but the price of oil - the principal revenue for the hydrocarbon-reliant region - has more than halved………..Full Article: Source

Posted on 27 July 2009 by VRS |  Email |Print

From Newsweekly.com.au: Following the attempted move by the Chinese Government-owned corporation Chinalco to take a large share in the mining company Rio Tinto, the National Civic Council (NCC) has called for the federal parliament to restrict foreign ownership of strategic Australian industries.
NCC national vice-president Patrick J. Byrne, in a written submission, stated that foreign investment rules should be tightened regarding investment in Australian companies by foreign government-owned sovereign wealth funds (SWFs), and by foreign government-owned businesses………..Full Article: Source

Posted on 27 July 2009 by VRS |  Email |Print

From Reuters: A couple of years ago we looked at this in the context of Sovereign Wealth Funds. Add in large foreign exchange reserves, government pension funds and state owned enterprises, and the role of the state has become far more important.

Finally, China’s influence on global policy forum is important. Already this crisis has seen a shift, with the G20 (Group of Twenty) taking a prominent role………..Full Article: Source

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