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Sovereign Wealth Funds Briefing 07.Dec 2009

Posted on 07 December 2009 by VRS |  Email |Print

From Zawya Dow Jones: The Kuwait Investment Authority, the Gulf country’s sovereign wealth fund, said Sunday it sold a $4.1 billion stake in Citigroup Inc. making a profit on the deal.

The fund, also known as the KIA, said it made a $1.1 billion profit from the sale, or a 36.7% return on its investment, according to an emailed statement…………………………….Full Article: Source

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Posted on 07 December 2009 by VRS |  Email |Print

From WSJ: The financial crisis taught most of the investing world a lesson about managing risk. Asia’s sovereign-wealth funds appear to be taking some lessons from bad investments to heart.

After the initial embarrassment of heavy losses on investments in Wall Street, state-owned investors in China and Singapore are reshaping their strategies by diversifying their investment scope and focusing on markets where they have better knowledge…………………………….Full Article: Source

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Posted on 07 December 2009 by VRS |  Email |Print

From Globaltimes.cn: China’s sovereign wealth fund, the China Investment Corporation (CIC), has nearly doubled its overseas investment this year compared with last year, putting most of the funds into foreign energy and mining companies.

The sovereign fund, established in 2007 with $200 billion in assets, half designated for overseas investment, has turned to bulk commodities this year, with a dozen investments in en-ergy and mining companies around the world, totaling $9.5 billion, almost twice last year’s $4.8 billion overseas investment…………………………….Full Article: Source

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Posted on 07 December 2009 by VRS |  Email |Print

From Business24-7.ae: While there could be a fall in the foreign assets of some institutions, the drop will be more than offset by an expected increase of $81bn in the assets of the Abu Dhabi Investment Authority (Adia), one of the world’s largest sovereign wealth funds, the Institute for International Finance said.

In another study sent to Emirates Business, an Egyptian investment bank said the UAE’s strong financial position would allow it to manage Dubai’s debt crisis but added it believed federal government support would be timely…………………………….Full Article: Source

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Posted on 07 December 2009 by VRS |  Email |Print

From Marketwatch.com: As the smoke clears from last week’s debt debacle by Dubai World, concerns about potential implications for other sovereign wealth funds have faded, experts say.

Dubai World’s call to delay repayment on billions of dollars in debt led investors to flee risky assets. On top of that, fears that Dubai World’s woes would force investors to sell other assets put added pressure on some European shares…………………………….Full Article: Source

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Posted on 07 December 2009 by VRS |  Email |Print

From Maktoob.com: Gulf sovereign wealth funds (SWFs) should increase their focus on investing within the region after the global economic crisis, UAE newspaper Emirates Business reported on Sunday citing recommendations by a think tank.
The crisis has “exposed the weakness of claims” that investments in the United States and Europe were safe as these countries provide guarantees, transparency, profitability, investment diversification, advanced telecom services and experts, the Dubai newspaper reported, citing the study by Abu Dhabi-based Emirates Centre for Strategic Studies and Research…………………………….Full Article: Source

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Posted on 07 December 2009 by VRS |  Email |Print

From Business24-7.ae: Dubai’s sovereign wealth funds (SWFs) may be new but they have nevertheless managed to establish themselves as professional investment organisations in the securities portfolio field, according to the Emirates Centre for Strategic Studies.

The centre said in a study that Dubai International Capital (DIC) aims to have assets worth $10 billion (Dh36.7bn) under management within the next two years…………………………….Full Article: Source

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Posted on 07 December 2009 by VRS |  Email |Print

From Financeasia.com: CIC’s large-scale support for the deal is likely at least partly a result of the fact that the Chinese sovereign wealth fund is also a substantial shareholder in Morgan Stanley, one of the two bookrunners for Longyuan’s IPO.
CIC bought $5 billion worth of equity units in the US investment bank in December 2007 that will convert to common shares in August 2010, giving it a maximum 9.9% stake…………………………….Full Article: Source

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Posted on 07 December 2009 by VRS |  Email |Print

From Nakedcapitalism.com: Reader Steve sent this tidbit from the Australian. Sovereign wealth funds not all that long ago were generally seen as sophisticated to at least competent.
But so were university endowments, and in many cases, “sophisticated” turned out to be tantamount to “has a higher appetite for risk than most” which in a bull market can look very clever…………………………….Full Article: Source

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Posted on 07 December 2009 by VRS |  Email |Print

From Thestar.com.my: South Korea plans to step up efforts to invite foreign investors by promoting merger deals and easing regulations, the government said yesterday.

The government said it would actively induce sovereign wealth funds and financial investors such as global venture capitals and private equity funds to buy a stake in South Korean companies put on sale…………………………….Full Article: Source

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Posted on 07 December 2009 by VRS |  Email |Print

From Imarketnews.com: Japan’s foreign reserves hit a fresh record high for the fourth straight month, rising to $1.074 trillion at the end of November from the previous record of $1.057 trillion marked at end-October, the Ministry of Finance said on Monday.

The country’s forex reserves remain the second largest in the world, next to China’s, which is estimated at $2.27 trillion at the end of the third quarter of 2009…………………………….Full Article: Source

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