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Sovereign Wealth Funds Briefing 15.Feb 2010

Posted on 15 February 2010 by VRS |  Email |Print

Chip maker Intel Corp. will team with China’s sovereign wealth fund to invest in new technology. The company said Intel Capital and China Investment Corp. will find companies in a variety of technology sectors to invest in outside of China.

Intel, the world’s biggest provider of chips that run personal computers, did not say how much it plans to invest through the partnership or when it will start. Intel spokeswoman Amy Kircos said the company was not ready to provide more details………………………………….Full Press Release: Source

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Posted on 15 February 2010 by VRS |  Email |Print

From Reuters: Kuwait’s sovereign wealth fund, the biggest shareholder in Zain, will meet soon to decide on a $10.7 billion offer from India’s Bharti Airtel for some of the telco’s African assets, according to a newspaper.
Kuwait Investment Authority (KIA), which has a 24.6 percent stake in the telecom operator, will meet on Sunday prior to a meeting scheduled by Zain’s board to discuss the offer, Kuwaiti daily al-Rai said in an unsourced report on Sunday. Official at KIA were not immediately available for comment………………………………….Full Article: Source

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Posted on 15 February 2010 by VRS |  Email |Print

From Businessweek.com: Zain, Kuwait’s biggest phone company, said it received an offer for its African assets, excluding Morocco and Sudan. India’s Bharti Airtel Ltd. made a $10.7 billion offer for the assets.The company’s board will meet to discuss the offer, Zain said in a statement to the Kuwait bourse today, without providing further details. Trading in the shares will be suspended.

Zain values the assets at about $10 billion, three people familiar with the plans said in June. Vivendi SA, owner of phone companies SFR and Maroc Telecom, said last July it halted talks with Zain about buying a majority stake in its African assets. New Delhi-based Bharti in September called off talks for a proposed $23 billion merger with South Africa’s MTN Group Ltd………………………………….Full Article: Source

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Posted on 15 February 2010 by VRS |  Email |Print

From Reuters: Dubai International Capital has sold two-thirds of its 17 per cent stake in Merlin Entertainments, to the family behind Lego, which is a fellow investor in the theme park operator behind the London Eye and Legoland attractions.
The Dubai sovereign wealth fund agreed the sale with the Lego founding family – led by Kjeld Kirk Kristiansen, grandson of the founder – in the summer of 2009………………………………….Full Article: Source

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Posted on 15 February 2010 by VRS |  Email |Print

From Smh.com.au: It was all designed to show Temasek (Singapore’s sovereign wealth fund), China Investment Corporation (China’s sovereign wealth fund) and a bevy of hedge funds and private equity funds that Palmer enjoyed the warm support of the Chinese state. And he could not have been more pleased.

But then Palmer collided with Li Xiaolin, the chairwoman of China Power group. The incident provides a neat lesson on why Australian businesses need to come to grips with ”the idiosyncrasies of Chinese politics”, as Australia’s ambassador in Beijing Geoff Raby put it last week………………………………….Full Article: Source

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Posted on 15 February 2010 by VRS |  Email |Print

From Thepeninsulaqatar.com: Qatar’s Prime Minister and Foreign Minister and the Turkish Prime Minister witnessed the signing of a Memorandum of Understanding (MoU) between Qatar’s Hassad Food, owned by Qatar’s sovereign wealth fund and the Turkish firm Puccivan.

Sheikh Hamad bin Jassem said that Qatar attaches special importance to its relations with Turkey, adding that Turkish companies will be offered substantial opportunities to participate in the major projects that Qatar will be undertaking………………………………….Full Article: Source

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Posted on 15 February 2010 by VRS |  Email |Print

From Utilities-me.com: Qatar, holder of the world’s third biggest natural gas reserves, may invest in Areva SA to help the company fund an expansion in the nuclear power market. The country’s sovereign wealth fund increased its stake in Volkswagen AG last year to 17 percent. It’s also the largest shareholder in Sainsbury Plc and Barclays Plc.
“We are studying the matter,” Qatar’s Prime Minister Sheikh Hamad Bin Jasim Bin Jaber Al Thani said………………………………….Full Article: Source

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Posted on 15 February 2010 by VRS |  Email |Print

From Punchng.com: Following Friday’s endorsement by the Federation Account Allocation Committee of $2bn proposed for sharing by Acting President Goodluck Jonathan from the Excess Crude Account, the new balance in the ECA now stands at $4.2bn.

FAAC at the meeting said that the need to endorse the amount became imperative in order to stimulate economic activities in the country. The committee also approved the sum of N329bn for distribution between the three tiers of government for the Month of January…………………………………Full Article: Source

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Posted on 15 February 2010 by VRS |  Email |Print

From Timesonline.co.uk: Dubai World would offer its creditors 60 per cent of the money they are owed, under the latest proposal to restructure the company’s $22 billion (£14 billion) of outstanding debts.

The proposed solution would ensure that banks were repaid after seven years with a 40 per cent “haircut” on their loans to the conglomerate, but the agreement would carry a sovereign guarantee from the Dubai Government………………………………….Full Article: Source

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Posted on 15 February 2010 by VRS |  Email |Print

From Thenational.ae: MEC Holdings, a 50-50 joint-venture between Trimex of India and the Ras al Khaimah Investment Authority, hopes to sign coal export agreements with two Indian power firms by the end of next month, said Madhu Koneru, the executive vice chairman of MEC.

India “is the primary market”, he said. “We are on the good side of commodities – energy – and the market we are targeting is India: both are doing very well.”…………………………………Full Article: Source

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