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Sovereign Wealth Funds Briefing 05.Oct 2009

Posted on 05 October 2009 by VRS |  Email |Print

From Thisdayonline.com: In a bid to create more assets for the Nigeria with her foreign reserves currently put at about $42billion, the country is set to join the league of economies of the world that have used their foreign reserve to set up sovereign wealth funds (SWFs).
Finance minister, Dr. Mansur Murhtar, made this known in Istanbul , Turkey , while briefing journalists on the outcome of the several meetings the Nigerian delegations to this year’s World Bank/ International Monetary Fund (IMF) had with the IMF/World Bank officials and the Africa caucus meeting………………Full Article: Source

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Posted on 05 October 2009 by VRS |  Email |Print

From Bloomberg: CMA CGM SA, the third-biggest container-shipping operator, is courting equity investors, including France’s FSI sovereign-wealth fund, as it seeks to reduce $5.6 billion of debt, according to three people briefed on the company’s plan.

CMA CGM used more than $1.2 billion in cash in the first half, the majority on ship purchases, reducing its cash reserves to $599 million as of June 30, according to two of the people, who were briefed on a conference call Oct. 1 and asked not to be identified because the call was confidential………………Full Article: Source

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Posted on 05 October 2009 by VRS |  Email |Print

According to Nimrod Raphaeli and Bianca Gersten in their article on “Sovereign Wealth Funds: Investment Vehicles for the Persian Gulf Countries” in the Middle East Quarterly, the global total of Sovereign Wealth Funds could reach $12 trillion by 2015 as a result of further oil revenues and capital appreciation.

Such revenues have generated enormous liquidity for the Middle East SWFs
and created unprecedented opportunities for large-scale overseas investments, which will be discussed at GoldenNetworking.com’s Middle East Leaders Forum 2009……………..Full Press Release: Source

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Posted on 05 October 2009 by VRS |  Email |Print

From Forbes: Norway’s $420 billion sovereign wealth fund said on Friday it has submitted shareholder proposals at four U.S. companies requiring they have an independent chairman.

The companies are Harris Corp, Clorox, Cardinal Health Inc and Parker Hannifin Corp, the central bank’s Norges Bank Investment Management (NBIM) said………………Full Article: Source

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Posted on 05 October 2009 by VRS |  Email |Print

From Business24-7.ae: The Qatar sovereign wealth fund increased its stake, through the investment vehicle Songbird, in the iconic Canary Wharf office towers in London’s Docklands last month, with China Investment Corporation also coming board in a move that marked the latter’s first major investment in UK property.
State-owned investment firm Qatari Diar, the property arm of the sovereign fund, recently appointed Qatar Islamic Bank as lead arranger for a QR3.5 billion (Dh3.5bn) syndicated Islamic facility, earmarked to finance European investments, particularly UK real estate assts……………..Full Article: Source

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Posted on 05 October 2009 by VRS |  Email |Print

From Thenational.ae: Dubai World has retracted a statement last month that it moved hotel and property assets to its investment arm Istithmar World from elsewhere within the conglomerate, saying that Istithmar already owned the assets in question.

Dubai World, which has an estimated US$5.5 billion (Dh20.2bn) in debt and another $53.5bn in consolidated liabilities at its various subsidiaries, announced in mid-September that as part of its ongoing restructuring “selected hotel and real estate assets and the management teams related to these assets, primarily in international markets, have been transferred to Istithmar World”………………Full Article: Source

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Posted on 05 October 2009 by VRS |  Email |Print

From Thenational.ae: When Dubai World appointed Jamal bin Thaniah as its first group chief executive, they chose an experienced insider who has shunned the spotlight while helping to write key chapters in Dubai’s commercial history.

As a 28-year veteran of its ports and maritime business, Mr bin Thaniah presided over Dubai’s first merger in 1991, its first overseas expansion in 1999, and its first major leveraged buyout in 2006 with the purchase of the UK’s Peninsular and Oriental Steam Navigation Company (P&O)………………Full Article: Source

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Posted on 05 October 2009 by VRS |  Email |Print

From Theage.com.au: Lou Jiwei, the head of China’s sovereign wealth fund, is not a man known for his humility. Two weeks ago, he bought a small stake (by his standards) in a Singapore-listed, Hong Kong-based diversified commodities company.
After he “sealed” the deal he was told by an Australian bureaucrat that it could not proceed without Australian Government approval………………Full Article: Source

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Posted on 05 October 2009 by VRS |  Email |Print

From Arabianoilandgas.com: China Investment Corporation (CIC) has continued it’s spending spree by paying US$939 million for a 11% stake in KazMunaiGas Exploration and Production (KMGEP).

In a statement released on its website the Chinese sovereign wealth fund purchased the stake of the Kazakh upstream operator through it’s wholly-owned subsidiary company Fullbloom Investment Corporation………………Full Article: Source

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Posted on 05 October 2009 by VRS |  Email |Print

From Gulfnews.com: The ‘ant-like’ conduct has been obvious in all its energy acquisitions. Last week, the $300 billion (Dh1.10 trillion) China Investment Corp, a sovereign-wealth fund, decided to put in $1 billion in buying shares of Kazakhstan’s JSC KazMunaiGas Exploration Production.
The latest deal boosts China’s already significant investment in Kazakhstan………………Full Article: Source

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Posted on 05 October 2009 by VRS |  Email |Print

From Financeasia.com: Singapore-listed Olam International on Thursday last week announced that it had exercised the $100 million upsize option on the $400 million seven-year convertible bond that it issued a month ago, increasing the total deal size to $500 million.
The original CB attracted a lot of attention as it had to be reoffered below par with revised terms after investors deemed the original terms too aggressive………………Full Article: Source

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Posted on 05 October 2009 by VRS |  Email |Print

From Nation.co.ke: The National Social Security Fund wants to be given a freehand to invest funds without any restrictions, and has petitioned Finance minister, Uhuru Kenyatta, to review a plan to limit its investment options to government securities and infrastructure bonds.
In his Budget speech in June, Mr Kenyatta had proposed that schemes that receive statutory contributions invest only in government securities and infrastructure bonds, adding that it would be done through enactment of the Finance Bill 2010, which would come into force in January 2010………………Full Article: Source

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Posted on 05 October 2009 by VRS |  Email |Print

From Lcbacker Blog: A few weeks ago I noted the announcement of a restructuring fo the capital of the Chinese sovereign investment vehicle, the China Investment Corporation, and changes ot dividend policies.
Larry Catá Backer, On SWF Autonomy: Restructuring the China Investment Corporation, Law at the End of the Day, September 20, 2009- I reported that “to accomplish its national development goal and to actively manage its sovereign wealth fund and state-owned enterprises, China’s Ministry of Finance recently reached an agreement with CIC to treat the $200 billion US Dollars that was originally used to finance CIC as CIC’s assets rather than a debt………………Full Article: Source

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