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Sovereign Wealth Funds Briefing 06.Jan 2010

Posted on 06 January 2010 by VRS |  Email |Print

From Istockanalyst.com: Commercial Bank of Qatar has received funds from the Qatar Investment Authority which are to be used to subscribe for a further issue of shares in the capital of the bank.
The bank said that the proposed issue would involve a placement of 10.31 million additional ordinary shares at a price of QAR78.30 per share and would increase the Qatar Investment Authority’s shareholding in Commercialbank to 9.1%…………………………………….Full Article: Source

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Posted on 06 January 2010 by VRS |  Email |Print

From Adn.com: A computer problem that prevented some people from donating a portion of their Permanent Fund Dividend to charity has been fixed, state officials said.
The system apparently was unable to deal with the high level of traffic at the beginning of the year, when people can file for the money, the Anchorage Daily News reported Tuesday…………………………………….Full Article: Source

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Posted on 06 January 2010 by VRS |  Email |Print

From Emii.com: Brazil has passed an executive decree formalizing rules for its $8.2 billion sovereign wealth fund, The Wall Street Journal reports. As per the rules, the fund’s overseas investments must yield a return equal to or greater than the six-month London interbank offered rate, or Libor.

Investments made in Brazil must yield the equivalent of Brazil’s TJLP long-term interest rate, currently at 6% annually…………………………………….Full Article: Source

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Posted on 06 January 2010 by VRS |  Email |Print

From Newvision.co.ug: Parliament should be blamed for the financial mismanagement in the National Social Security Fund (NSSF), said Reagan Okumu, the chairman of the commissions and statutory enterprises committee.

Okumu noted yesterday that Parliament failed in its oversight role by not reviewing the fund’s audited accounts for the last 16 years…………………………………….Full Article: Source

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Posted on 06 January 2010 by VRS |  Email |Print

From Regen.net: The Tories have accused ministers of using two Government investment funds designed to boost industry and small businesses as election fighting funds after figures revealed that the vast majority of money spent had gone to projects in Labour seats.
According to the figures obtained by the Conservative Party, £488 million out of the £511 million spent to date through the £750 million Strategic Investment Fund (SIF) – or around 96 per cent - has gone to projects in Labour-held seats…………………………………….Full Article: Source

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Posted on 06 January 2010 by VRS |  Email |Print

From Reuters: Agricultural Bank of China said that it plans to list this year, but denied a report it was planning a $22 billion initial public offering as early as April. Central Huijin, the domestic investment arm of China’s sovereign wealth fund, owns half of AgBank following a $19 billion capital injection in 2008.
The China Daily, China’s main English-language newspaper, reported on Tuesday the size and potential timeframe for the highly anticipated IPO, adding that AgBank had failed to forge strategic partnerships with any domestic or foreign financial institutions…………………………………….Full Article: Source

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Posted on 06 January 2010 by VRS |  Email |Print

From Business24-7.ae: Mortgage lender Abu Dhabi Finance (ADF),, which is 52 per cent owned by the SWF - Mubadala Development Company, plans to focus on expanding its network of service centre outlets in 2010, CEO Philip Ward has revealed.

“We will add more service centres and increase the number of partners involved in property development,” he said…………………………………….Full Article: Source

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Posted on 06 January 2010 by VRS |  Email |Print

From Winnipegfreepress.com: Teck Resources Ltd.says it’s fortunate that approval of a US$1.3-billion expansion at its joint-venture Antamina mine comes as its economic situation improves after a year of burdensome debt repayment. The debt-strapped miner sold $1.7 billion in equity to China Investment Corp. for a 17.2 per cent stake in the company last summer.

Compania Minera Antamina, the Peruvian joint venture Teck shares with some of the world’s biggest mining companies, announced Tuesday it will expand its mining and processing operations at the open-pit mine…………………………………….Full Article: Source

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Posted on 06 January 2010 by VRS |  Email |Print

From Thestar.com.my: Amidst intense speculation over the position of Datuk Bridget Lai, group chief executive of Alliance Bank Bhd, the bank issued a statement yesterday to confirm that she had not resigned and that it was business as usual. Lai was headhunted in 2005 by Temasek Holdings Pte Ltd which had bought a 29% stake in Alliance.

“Datuk Bridget Lai has not resigned. There is no change in the bank’s operations and we stress that it is business as usual for our customers, stakeholders and employees,’’ Alliance Bank said in its statement to Bursa Malaysia…………………………………….Full Article: Source

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Posted on 06 January 2010 by VRS |  Email |Print

From Joongang Daily: Korea’s foreign currency reserves grew by a record amount last year, though they dropped slightly last month from November’s record high, the Bank of Korea said yesterday.

The nation’s foreign currency reserves rose by $68.77 billion last year to hit $269.99 billion. That, the bank said, represents the biggest spike since at least the 1960s, the earliest data on record. The bank attributed part of the spike in 2009 to the nation’s sizable current account surplus…………………………………….Full Article: Source

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Posted on 06 January 2010 by VRS |  Email |Print

From Dow Jones: Mexico’s foreign reserves dipped slightly last week to $90.84 billion, ending 2009 sharply higher than they began after the government cashed in on a major oil hedging program and the local currency posted steady gains in recent months.

The Bank of Mexico said Tuesday that international reserves slipped by $93 million last week due to mostly unspecified operations…………………………………….Full Article: Source

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