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Sovereign Wealth Funds Briefing 29.Jul 2009

Posted on 29 July 2009 by VRS |  Email |Print

From Reuters: Bahrain’s sovereign wealth fund Mumtalakat said on Tuesday it made a loss of $183 million in 2008, mainly on $981 million in impairment charges linked to investments in two Gulf Arab financial institutions.

“Impairment charges of 370 million dinars ($981.4 million) … were booked during the period leading to a net loss of 69.3 million dinars ($183.8 million) compared to a net income of 170 million dinars for 2007,” Mumtalakat said in a statement………Full Article: Source

Posted on 29 July 2009 by VRS |  Email |Print

From Thedeal.com: Abu Dhabi sovereign wealth fund Aabar Investments agreed on Tuesday to pay $280 million for a 32% stake in Virgin’s commercial space travel venture.

The deal makes Aabar the first outside investor in the venture that aims to open space travel to the public. Branson formed the unit in 2004 after aerospace pioneer Burt Rutan’s Scaled Composite’s won the Ansari X Prize by successfully sending SpaceShipOne and pilot Mike Melvill into space………Full Article: Source

Posted on 29 July 2009 by VRS |  Email |Print

From Abc.az: The State Oil Fund of Azerbaijan (SOFAZ) has obvious investment tendency in favor of Europe.

SOFAZ executive director Shahmar Movsumov says that following the first half of the year 55.06% of Funds investment portfolio was placed in Europe, 28.11% in North America, and 13.79% fell to the share of international financial institutions………Full Article: Source

Posted on 29 July 2009 by VRS |  Email |Print

From Abc.az: The State Oil Fund of Azerbaijan has stated it cannot be blamed for possible shortage of foreign currency in exchange offices.

In its statement the Fund says it conducts currency operations in previous regime………Full Article: Source

Posted on 29 July 2009 by VRS |  Email |Print

From Reuters: Italy’s Finmeccanica and Libya’s sovereign wealth fund on Tuesday said they agreed to cooperate on aerospace and other projects in the Middle East and Africa, tapping into a market worth as much as $20 billion.

The deal is the latest tie-up between an Italian company and Libya, which has recently bought stakes in Italian companies like UniCredit and Eni and is now turning its focus to setting up joint ventures for projects in Libya and elsewhere………Full Article: Source

Posted on 29 July 2009 by VRS |  Email |Print

From Ssrn.com: Sovereign wealth funds’ (SWF) operations and strategies remain, in many cases, guarded secrets.
While some confidentiality is understandable, a gap exists between what we’d like to know about SWFs and what most SWFs are willing to tell us………Full Article: Source

Posted on 29 July 2009 by VRS |  Email |Print

From Fool.co.uk: It’s been a rough year for private investors, but the huge sovereign wealth funds have found it just as hard.

About a year ago I wrote a piece on the power of Sovereign Wealth Funds (SWFs) — giant, state-controlled investment funds that were busily buying up businesses both here and abroad………Full Article: Source

Posted on 29 July 2009 by VRS |  Email |Print

From Ktuu.com: With uncertain economic conditions worldwide, the corporation that manages the Alaska Permanent Fund wants to explain its move to change how it makes investments.

It’s all in hopes of growing the fund — and the amount of dividend checks, which eligible Alaskans receive each fall………Full Article: Source

Posted on 29 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.

Temasek watchers say one of them might be asked to step up to the plate in the future as the firm may find it harder now to recruit another CEO externally………Full Article: Source

Posted on 29 July 2009 by VRS |  Email |Print

From Temasekreview.com: In a recent dialogue on town council finance management organized by the Ministry of National Development, residents called on the town councils to be more transparent over the way the sinking funds are used.

Each town council has a sinking fund accumulated from the monthly S&C charges paid by residents. It is meant for long-term maintenance projects………Full Article: Source

Posted on 29 July 2009 by VRS |  Email |Print

From Thisdayonline.com: State governors are mounting intense pressure on the Federal Government to share at least $4 billion from the savings in the Excess Crude Account (ECA) among the three tiers of government.
The account, which was created by the government of ex-President Olusegun Obasanjo in 2003, is where the difference between budget benchmark price for oil and the actual market price is saved………Full Article: Source

Posted on 29 July 2009 by VRS |  Email |Print

From Reuters: Central Huijin, the domestic investment arm of China’s sovereign wealth fund, now owns half of AgBank following a $19 billion capital injection in November 2008. The finance ministry owns the other half.

The bank’s assets totalled 8.48 trillion yuan ($1.24 trillion) by the end of June, versus liabilities of 8.16 trillion yuan………Full Article: Source

Posted on 29 July 2009 by VRS |  Email |Print

From WSJ: Dubai World, the state-owned property and investment group, is the largest fee-payer to investment banks in the Middle East and Africa, paying out $366 million in fees since 2004, according to data provider Dealogic.
The second-biggest fee payer is Abu Dhabi’s state-owned investor International Petroleum Investment Co., which has paid banks $245 million over the past five years………Full Article (Subscription Required) : Source

Posted on 29 July 2009 by VRS |  Email |Print

From Atimes.com: Beijing is considering setting up an oil stabilization fund to support purchases of overseas resources by Chinese oil companies.
The plan was submitted at NEA’s National Work Conference on Energy held in March 2009………Full Article: Source

Posted on 29 July 2009 by VRS |  Email |Print

From Reuters: The International Monetary Fund on Tuesday estimated reserve needs of emerging countries, outside China and oil producers, could reach between $400 billion and $900 billion over the next five years as countries rebuild from the global financial crisis.

The IMF also said reserve needs of a group of 118 emerging market countries it sampled, excluding China and rich oil exporters, could be somewhere between $1.3 trillion and $2 trillion over the next 10 years………Full Article: Source

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