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Sovereign Wealth Funds Briefing 10.Dec 2009

Posted on 10 December 2009 by VRS |  Email |Print

From Reuters: China Investment Corp (CIC), the country’s $300 billion sovereign wealth fund, may be sharpening its dealmaking prowess, but it is still a cheapskate when it comes to paying advisory fees.

CIC’s tough stance on fees shows that pricing power rules in a year when M&A activity has slumped in the wake of the financial crisis. But bankers of all stripes continue to bang at CIC’s door in hopes of securing a meeting……………………………..Full Article: Source

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Posted on 10 December 2009 by VRS |  Email |Print

From Reuters: The Kuwait Investment Authority (KIA) has held internal discussions about scaling back its banking operations with Citigroup the Financial Times said, citing sources.
The move could involve transferring funds deposited with the U.S. bank, the newspaper cites people familiar with the matter saying……………………………..Full Article: Source

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Posted on 10 December 2009 by VRS |  Email |Print

From Joongang Daily: The Korean government plans to beef up the national sovereign fund by $5 billion to bring its assets under management to nearly $34 billion next year, according to officials at the Finance Ministry.

The officials said the National Assembly’s Strategy & Finance Committee had approved legislation to add $5 billion to the sovereign fund, known as Korea Investment Corp., taking its assets from $28.9 billion to $33.9 billion……………………………..Full Article: Source

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Posted on 10 December 2009 by VRS |  Email |Print

From Mercopress.com: Fearful of the continued depreciation of the US dollar vis-á-vis other global currencies, Mercosur country members admitted one of the possibilities under consideration for the management of international foreign reserves is the creation of a kind of sovereign fund.
According to Argentine sources, during the recent Mercosur summit in Montevideo, Finance ministers from Argentina, Brazil, Paraguay and Uruguay considered different joint approaches to help reduce the risks of monetary volatility and its impact on their economies……………………………..Full Article: Source

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Posted on 10 December 2009 by VRS |  Email |Print

From Thestar.com.my: Khazanah Nasional Bhd’s gradual divestment of stakes in Government-linked companies (GLCs) will improve market liquidity, provided the stakes are taken up by private funds, said OSK Investment Bank.

Its research head Chris Eng told StarBiz that the stakes should be taken up by non-government funds or else it would defeat the purpose of improving liquidity……………………………..Full Article: Source

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Posted on 10 December 2009 by VRS |  Email |Print

From Forbes: Khazanah Nasional Bhd, Malaysia’s state-owned investment firm, is CIMB’s largest shareholder.

Valued at $13.6 billion, CIMB has already made inroads into Thailand and Indonesia, countries whose investment banking deals have previously been dominated by banks such as Citi and Credit Suisse…………………………….Full Article: Source

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Posted on 10 December 2009 by VRS |  Email |Print

From Theasset.com: In terms of asset allocation, perhaps the most remarkable decision by the Government of Singapore Investment Corporation Pte Ltd (GIC) in the financial year 2008-2009 was restoring its allocation to public equities to pre-crisis levels.

From July 2007 to September 2008, GIC had reduced its allocation to public equities by 10% because of concerns in early 2007 about an equity overvaluation……………………………..Full Article: Source

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Posted on 10 December 2009 by VRS |  Email |Print

From Todayonline.com: Temasek Holdings, theSingapore government-owned investment company, completed a sale of local-currency bonds maturing in 2029 and 2039 that were intended to set a price benchmark for long-dated notes.

The $300 million each of 20- and 30-year notes, which pay a coupon of 4 per cent and 4.2 per cent respectively, are part of Temasek’s $5 billion global medium-term note programme and mark the fourth and fifth issues in the series, the company said in an e-mailed statement yesterday……………………………..Full Article: Source

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Posted on 10 December 2009 by VRS |  Email |Print

From Tan Kin Lian’s Blog: Temasek Holdings has issued 20 and 30 year bonds paying a coupon rate of 4% and 4.2% respectively. Based on the issue price (which is slightly below par), the bonds offer a slightly higher yield of 4.149% and 4.37% respectively.

Temasek Holdings has a AAA rating from S&P and Aaa rating from Moody’s. These are the highest rating available for bonds. The credit risk is as low as government bonds……………………………..Full Article: Source

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Posted on 10 December 2009 by VRS |  Email |Print

Temasek Holdings (Temasek) is an Asian investment company based in Singapore. The company managed investment portfolio with a net value of about SGD 127 billion as of November 30, 2008.
The company has a diversified investment portfolio with investments in industries such as energy and resources, financial services, media, property, education, telecommunications, consumer and lifestyle, pharmaceuticals, transportation and logistics, infrastructure, engineering, technology and biosciences……………………………..Full Press Release: Source

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Posted on 10 December 2009 by VRS |  Email |Print

From Thejakartapost.com: The Qatar Investment Authority, has renewed a 2006 commitment to invest up to US$1 billion in Indonesia to help finance infrastructure projects, an official said.

There is no specific timetable for the investment as yet, as the firm would first carry out feasibility studies on a number of projects in which it is interested in particular energy-related infrastructure projects such as a fuel refinery and power plants, said Aidil Chandra Salim, director for Middle East Affairs at the Foreign Affairs Ministry, Wednesday……………………………..Full Article: Source

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Posted on 10 December 2009 by VRS |  Email |Print

From Gulf-times.com: Wholly owned by the Qatar Investment Authority, Qatari Diar Real Estate Investment Company was established in December 2004 to support Qatar’s growing economy and to co-ordinate the country’s real estate development priorities.
Qatari Diar is currently involved in more than 35 projects in more than 20 countries around the world……………………………..Full Article: Source

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Posted on 10 December 2009 by VRS |  Email |Print

From Apa.az: Israfil Mammadov Investment Director of the State Oil Fund of Azerbaijan, talked about oil and gas and infrastructure projects initiated and implemented in the region by Azerbaijan and the accumulation of billions of petrodollars in the Oil Fund and efficient spending on earmarked projects.

Sahir Mammadkhanov, Deputy Minister of Taxes, said that the tax burden decreases in Azerbaijan year by year……………………………..Full Article: Source

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Posted on 10 December 2009 by VRS |  Email |Print

From Guide2.co.nz: The New Zealand Superannuation Fund reported another positive performance in November in what it described as a “year of two halves”.

The fund’s chief executive Adrian Orr told MPs that the latter half of 2008 and the beginning of 2009 had been a “difficult year” which ended with a 22 percent loss ($3.2 billion) for the 2008/2009 financial year……………………………..Full Article: Source

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Posted on 10 December 2009 by VRS |  Email |Print

From Knowledge@Wharton: While it is true that sovereign wealth funds are used to invest financial reserves, such as the wealth from oil revenue, “most sovereign wealth funds are very prudent. They don’t take major risks.”
Dubai World, though connected to the government, is different from a sovereign wealth fund because it is not being used to diversify the nation’s resources but, instead, to borrow money to create resources……………………………..Full Article: Source

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Posted on 10 December 2009 by VRS |  Email |Print

From Iii.co.uk: Ukrainian foreign currency reserves by the end of 2009 are likely to stay at the current level of $26.76 billion, the central bank’s senior adviser said on Wednesday.
“It is likely we will maintain the reserve at the current level,” Valery Lytvytsky told reporters……………………………..Full Article: Source

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