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Sovereign Wealth Funds Briefing 25.Jan 2010

Posted on 25 January 2010 by VRS |  Email |Print

From Business24-7.ae: The Abu Dhabi Investment Authority (Adia), one of the world’s largest sovereign wealth funds, has again ruled out plans to invest at home on the grounds such a task is undertaken by other government SWFs in the emirate.

But Adia stressed that it plays a key role in supporting the country’s fiscal system by making available sufficient funds for the government to replenish budget deficits and ensure the UAE will not be burdened by heavy borrowing………………..Full Article: Source

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Posted on 25 January 2010 by VRS |  Email |Print

From Koreaherald.co.kr: The Board of Audit and Inspection of Korea has begun investigating the nation’s sovereign wealth fund’s $2 billion investment in Merrill Lynch in 2008, government officials said yesterday.

According to officials at the Finance Ministry and the Korea Investment Corp., the BAI started the audit on the KIC this week, particularly focusing on the fund’s decision making process regarding investment in Merrill Lynch………………..Full Article: Source

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Posted on 25 January 2010 by VRS |  Email |Print

From Maktoob.com: A private sector fund aiming to invest $350 million in farmland in Africa and Europe has attracted interest from Gulf sovereign wealth funds seeking to secure food supplies, an executive said.

Gulf countries, mainly reliant on food imports, have increased efforts to buy or lease land in developing nations to secure food supplies and to minimize the impact of food inflation………………..Full Article: Source

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Posted on 25 January 2010 by VRS |  Email |Print

From Top1000funds.com: A complete evaluation of active management including reports by Mercer and an international group of professors, has resulted in the Norges Bank Investment Management, manager of the $375 billion Government Pension Fund-Global, staunchly favouring active management, with the bank’s Governor and executive director of the NBIM describing “a passive, uninformed approach to operational decisions is an alternative without a sound theoretical or practical justification”.
In a letter to Norway’s Ministry of Finance the governor of Norges Bank, Svein Gjedrem, and executive director of NBIM, Yngve Slyngstad, said after 12 years of active management the experience has been largely positive with the annualised excess return relative to the benchmark portfolio currently standing at 0.22 per cent………………..Full Article: Source

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Posted on 25 January 2010 by VRS |  Email |Print

From Reuters: State-linked Dubai World’s property and investment assets exceeded $120 billion at the end of 2009 and could cover its debt of $57 billion, an Arabic-language daily said on Sunday.
Citing a recent internal report shared with creditors, Al Ittihad newspaper said the value of the company’s property assets dropped around 35 percent in 2009, compared with $157 billion in 2008………………..Full Article: Source

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Posted on 25 January 2010 by VRS |  Email |Print

From Lcbackerblog: The Chinese Sovereign Wealth Fund has emerged at the end of last year as a powerful force in private markets. A review of its activities during the last six months suggests the way in which state policy, political objectives for economic activity can be harmoniously mixed with profit maximization to deepen a new form of investing that is neither entirely private (as conventionally understood) or wholly public.
The Chinese efforts to coordinate sovereign investing present a potentially substantial advance in the integration of programs of sovereign investing, public policy, and private markets………………..Full Article: Source

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Posted on 25 January 2010 by VRS |  Email |Print

From Themalaysianinsider.com: Even the Government of Singapore Investment Corporation (GIC) and Temasek Holdings, taking a long-term view of investments, have a footprint, albeit larger, in the resources sector.

Temasek put S$437.5 million into Olam International, the listed commodities supplier, in June last year. GIC bought an undisclosed portion of the US$2.2 billion convertible bonds that commodities trader Glencore issued………………..Full Article: Source

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Posted on 25 January 2010 by VRS |  Email |Print

From Tradearabia.com: Gulf Aviation Academy (GAA), a wholly owned subsidiary of Bahrain Mumtalakat Holding Company, was launched at the Bahrain International Airshow (BIAS) 2010.

‘We are very proud of launching the first aviation academy in Bahrain, particularly at the inaugural Bahrain International Airshow,’ Mumtalakat chief executive officer Talal Alzain said………………..Full Article: Source

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Posted on 25 January 2010 by VRS |  Email |Print

From Businessweek.com: Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, raised investments in emerging markets where it sees greater growth opportunities, the fund’s managing director said in an interview with German newspaper Handelsblatt earlier this month.
Asian Finance began selling Shariah-compliant funds last year to add “value” to its main business of providing Islamic loans and other types of financing as they offer better yields, Azahari said. These funds will help the bank generate about 30 percent of its income from assets under management, he said………………..Full Article: Source

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Posted on 25 January 2010 by VRS |  Email |Print

From Forex-flash.com: The foreign exchange reserves in India rose to $899 million and touching almost $285.1 billion on January 15. This was hugely because of the non dollar worth of assets in the reserves.

These were the latest figures that were released by Reserve Bank of India on Friday. It shows that the foreign exchange reserves mainly comprised of gold and special drawing rights (SDR-reserves currency with the International Monetary Fund) and the foreign currency assets and these rose to $853 million because of the valuation gains in its non-dollar assets………………..Full Article: Source

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