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Sovereign Wealth Funds Briefing 29.Oct 2009

Posted on 29 October 2009 by VRS |  Email |Print

From Bloomberg: China Investment Corp., the country’s sovereign wealth fund, said it has $110 billion for overseas investments and will focus on buying into commodities companies and property as a hedge against accelerating inflation.

“Now we are seeing expectations of medium and long-term inflation, and the value of major currencies may have to fall to a new equilibrium level,” Chairman Lou Jiwei told a forum in Beijing today, according to a transcript of his comments posted on financial portal hexun.com……………………….Full Article: Source

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Posted on 29 October 2009 by VRS |  Email |Print

From Xinhua: China Investment Corporation (CIC),the nation’s sovereign wealth fund, has invested half of its 110-billion-U.S. dollar available capital in the overseas market and has gained decent returns from it so far, China Daily reported Thursday.

The newspaper said, citing the CIC chairman Lou Jiwei, that the company had reaped not bad returns from its investment so far this year but was not able to guarantee those returns would still be good by year-end as this depended on various factors……………………….Full Article: Source

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Posted on 29 October 2009 by VRS |  Email |Print

From WSJ: As a rule, cash-rich China Investment Corp. keeps rather mum on its strategy and details about its overall asset allocation are hard to come by.

Therefore, China observers’ ears perked up as Lou Jiwei, chairman of the now $300 billion sovereign wealth fund, in an extensive speech at the Tsinghua Management Global Forum Wednesday said that CIC has allocated $110 billion for overseas investment and that half of it had been invested……………………….Full Article: Source

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Posted on 29 October 2009 by VRS |  Email |Print

From WSJ: China Investment Corp. has reached a deal to invest up to $700 million in Mongolia-focused Iron Mining International Ltd., the latest move by the sovereign wealth fund to plow cash into commodities.

CIC is rapidly deploying its capital this year to try to catch the upside of a global economic recovery by buying into natural resources and property assets……………………….Full Article: Source

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Posted on 29 October 2009 by VRS |  Email |Print

From Businessweek.com: Toronto-listed SouthGobi Energy Resources yesterday announced that China Investment Corporation (CIC) has agreed to provide a $500 million loan to finance the expansion of the company’s mining and exploration operations in the south of Mongolia.
This is the first significant deal in Mongolia since its government signed the Oyu Tolgoi investment earlier this month. ………………………Full Article: Source

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Posted on 29 October 2009 by VRS |  Email |Print

From Yahoo Finance: China’s sovereign wealth fund has invested about half its $110bn of available capital in overseas stocks, mining, energy and real estate, earning returns that have been “not bad” so far, the head of the fund said on Wednesday.
But Lou Jiwei, chairman of China Investment Corp, warned that a “small bubble” had formed in global asset prices and said that the fund was focused on investments in commodity-related assets and real estate as a hedge against inflation and currency depreciation……………………….Full Article: Source

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Posted on 29 October 2009 by VRS |  Email |Print

From Reuters: Sovereign wealth funds will focus their buying on natural resources and emerging markets in 2010, after picking commodities over financials for most of their $94 billion investments this year, a senior Barclays banker said.

Sovereign funds, managing as estimated $3 trillion (1.8 trillion pounds) in assets, had their fingers burnt in their bold investments in Western banks such as Citigroup and UBS during the early phase of the global crisis……………………….Full Article: Source

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Posted on 29 October 2009 by VRS |  Email |Print

From IPE: The Norway Government Pension Fund – Global is planning to invest over €400m in carbon capture and storage as part of its commitment to ethical and environmental investments.

Roger Schjerva, state secretary at the Norwegian ministry of finance, confirmed at a discussion organised by campaigning group FairPension in London on Monday that the fund will invest at least NOK3.5bn (€410m) in carbon capture facilities in 2010 - a concept considered to be a growth area for Norway as it will double the country’s commitment to the carbon capture field within a year……………………….Full Article: Source

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Posted on 29 October 2009 by VRS |  Email |Print

From Business24-7.ae: The UAE-based sovereign wealth funds – International Petroleum Investment Company (IPIC) and Mubadala – and Chinese state fund China Investment Corp (CIC) are the top investors with 28 deals worth $22 billion (Dh80.8bn) this year, said a senior Barclays banker.

Gay Huey Evans, Vice-Chairman for Investment Banking and Investment Management at Barclays, said state investors, led by China and Abu Dhabi funds, switched focus to natural resources such as energy or agriculture this year, ploughing 61 per cent of their total investment or around $57bn into the sector and only 15 per cent in financials……………………….Full Article: Source

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Posted on 29 October 2009 by VRS |  Email |Print

From Ktva.com: The Alaska Permanent Fund produced a return of 10.7% for the first quarter of fiscal year 2010, and ended September 30 with a value of $33.3 billion, an increase of $3.4 billion from the beginning of the period.
“While the global economy may still have some issues to work through, we’re hopeful that the recent performance in the stock markets is a sign that the worst of the recession is over,” said Michael Burns, Chief Executive Officer……………………….Full Article: Source

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Posted on 29 October 2009 by VRS |  Email |Print

From Reuters: Beijing-based property company Longfor Properties Co Ltd, which aims to raise up to $1 billion from its Hong Kong public offering, has seized five cornerstone investors for a combined $300 million worth of shares, a source close to the deal said on Wednesday.

The cornerstone investors include the Government of Singapore Investment Corp, Temasek, Hong Kong Land and China’s Ping An Insurance, the source said……………………….Full Article: Source

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Posted on 29 October 2009 by VRS |  Email |Print

From Forbes: A developing trend for specialised sovereign wealth funds to seek global credit ratings could provide them with new sources of financing while testing their skills under an unaccustomed spotlight.
State-owned funds from Bahrain and Abu Dhabi are joining others in a move to get a credit rating, which enable them to tap capital markets for long-term debt for their private equity type projects, which usually take 3-5 years to yield returns……………………….Full Article: Source

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Posted on 29 October 2009 by VRS |  Email |Print

From Dow Jones: The South Korean government will meet with investors and authorities in the Middle East next week, with the aim of facilitating closer economic cooperation and investment ties between the two sides, the Ministry of Strategy and Finance said Thursday.

A team led by a vice finance minister will hold non-deal roadshows in Dubai on Nov. 2 and in Abu Dhabi the following day, when Korea’s sovereign wealth fund, Korea Investment Corp., will sign a cooperation agreement with the Abu Dhabi Investment Authority, the finance ministry said……………………….Full Article: Source

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