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Sovereign Wealth Funds Briefing 23.Feb 2010

Posted on 23 February 2010 by VRS |  Email |Print

From Dow Jones: Moving forward with the administration of its recently created sovereign wealth fund, Brazil’s government on Monday established a special advisory board to supervise the fund’s investment decisions, according to a presidential decree published in the country’s federal register.

Under the decree, the board will be headed by the country’s Finance Minister, Guido Mantega, and will also include Planning Minister Paulo Bernardo and the president of the country’s central bank, Henrique Meirelles……………………….Full Article: Source

Posted on 23 February 2010 by VRS |  Email |Print

From Dailymail.co.uk: Ministers were facing further questions over the decision to free the Lockerbie bomber last night as it emerged Libya is due to invest £5billion in the UK following the release. Rajab Layas, of the state-controlled Libyan Investment Authority, said that Colonel Gadaffi’s regime was planning a major investment in Britain in the coming months.

The Tripoli regime currently spends about £400million a year on British goods……………………….Full Article: Source

Posted on 23 February 2010 by VRS |  Email |Print

From Gulf-daily-news.com: Microsoft Bahrain has announced that Bahrain Mumtalakat Holding Company has implemented Windows 7 to enhance internal user productivity and streamline and simplify daily operations.

The implementation of Microsoft’s new operating system also allows the organisation to have a secure and reliable operating system while giving them the advantage of Windows 7 enhanced functionality and user interface……………………….Full Article: Source

Posted on 23 February 2010 by VRS |  Email |Print

From WSJ: China’s US$300 billion sovereign-wealth fund, China Investment Corp., announced more than US$8.15 billion of acquisitions last year, including a 15.8% stake in AES of the U.S. for US$1.58 billion, 17.2% of Canada’s Teck Resources for US$1.5 billion and the US$856 million purchase of a 15% stake in Singapore-listed Noble Group.
“We’ll see further China-into-Australia deals” centered on metals, mining, oil and natural gas, said Matt Hanning, UBS joint head of Asia M&A. “This will probably play into Canada as well.”………………………Full Article: Source

Posted on 23 February 2010 by VRS |  Email |Print

From WSJ: China Investment Corp., the country’s $300 billion sovereign-wealth fund, owns the biggest chunk of CICC, and also owns nearly 10% of Morgan Stanley after investing a total of $6.8 billion in the Wall Street firm in 2007 and 2009.

As the private-equity industry in the U.S. and Europe has matured, large firms like KKR and TPG have redoubled their focus on China and other fast-growing markets. Several years ago each firm made splashy hires to help oversee their operations there……………………….Full Article: Source

Posted on 23 February 2010 by VRS |  Email |Print

From AFP: US bank Morgan Stanley is close to selling its 34.3 percent stake in China International Capital Corp., a key investment bank, to US private equity firms in a deal worth one billion dollars.

The two firms are Kohlberg Kravis Roberts & Co, and TPG Capital, the source familiar with the deal told AFP……………………….Full Article: Source

Posted on 23 February 2010 by VRS |  Email |Print

From Reuters: Commodity trader Glencore is holding talks with four possible partners to help buy back its key Prodeco coal operations in Colombia from mining group Xstrata. Negotiations are being held with Brazil’s Vale, U.S. coal miner Alpha Natural Resources, Singapore’s sovereign wealth fund GIC and U.S. private equity fund First Reserve Corp.

Swiss-based Glencore, which declined to comment, was forced to give up the prized Prodeco operations last year when it was short of cash, but it has an option to repurchase them which expires next week……………………….Full Article: Source

Posted on 23 February 2010 by VRS |  Email |Print

From Business-standard.com: Crisis-hit conglomerate Dubai World will present its plan to restructure debts worth $22 billion by the end of March. “Dubai World will present its banks with a restructuring proposal for its $22 billion debts by the end of next month,” British daily ‘The Times’ reported.

The state-owned conglomerate had rattled the global markets in November last year, after announcing that it would seek more time to repay its debt obligations……………………….Full Article: Source

Posted on 23 February 2010 by VRS |  Email |Print

From Nzherald.co.nz: The New Zealand Superannuation Fund recorded a 1.97 per cent loss in January, bringing its performance in the first seven months of its financial year to 15 per cent. The fund’s investment income has added $2.12 billion to the $13.53 billion of taxpayer payments since 2003/2004, an equivalent annual return of 5.8 per cent.
These figures represent an estimated 13.5 per cent better return from the fund’s managed investments compared to what would have been a passive investment in Treasury Bills……………………….Full Article: Source

Posted on 23 February 2010 by VRS |  Email |Print

From Pionline.com: Experts say that a report in December commissioned by the 2.59 trillion Norwegian kroner ($458 billion) Government Pension Fund-Global, Oslo, will raise awareness of systematic factor-based strategies and the issue of overpaying for alpha.
That report called for the fund to impose factor tilts onto customized benchmark portfolios to improve returns and to raise the bar for active managers………………………Full Article: Source

Posted on 23 February 2010 by VRS |  Email |Print

From Reuters: Angola’s foreign exchange reserves dropped to $12.3 billion in December 2009 from $12.9 billion in November, a central bank internal document showed on Monday.

In 2009, the central bank lost 30 percent of its foreign exchange resrves, according to the document obtained by Reuters……………………….Full Article: Source

Posted on 23 February 2010 by VRS |  Email |Print

From Allafrica.com: Nigeria lost about $238 million from its foreign reserves in a day.From $42.2 billion on February 17, the reserves went down to $41.9 billion on February 18.

No official comment as to the reduction on the reserves which was pasted on the website of the Central Bank of Nigeria (CBN) yesterday……………………….Full Article: Source

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