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Sovereign Wealth Funds Briefing 24.Feb 2010

Posted on 24 February 2010 by VRS |  Email |Print

From Pressrun.net: Finance Minister Tharman Shanmugaratnam said in his Budget speech yesterday that Singapore’s “large” estimated basic deficit of 8.5 billion Singapore dollars (about $6 billion) for financial year 2009 amounted to 3.3 per cent of the gross domestic product.

The Government of Singapore Investment Corporation’s paper losses on the Swiss bank, UBS, could amount to more than that………………………………….Full Article: Source

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Posted on 24 February 2010 by VRS |  Email |Print

From Channelnewsasia.com: Conglomerate Keppel Corp on Tuesday said that a unit of Temasek Holdings has bought a stake in its Tianjin eco-city investment.

Singbridge International Singapore, a wholly-owned subsidiary of Temasek, bought 1 million shares in Singapore-Tianjin Eco-City Investment Holdings (STEC)………………………………….Full Article: Source

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Posted on 24 February 2010 by VRS |  Email |Print

From WSJ: Singapore state-owned investment firm Temasek Holdings PLC and a charitable foundation established by Hong Kong tycoon Li Ka-shing have invested $15 million in SecondMarket Inc., a marketplace specializing in illiquid assets, that will help fund the company’s Asian expansion plans.

Temasek and the Li Ka Shing Foundation each agreed to invest $7.5 million in the New York-based company, which provides a venue for buying and selling assets such as private-equity limited partnership stakes, hedge-fund stakes, private-company stock, bankruptcy claims and auction-rate securities………………………………….Full Article: Source

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Posted on 24 February 2010 by VRS |  Email |Print

From Thepeninsulaqatar.com: Kuwait’s Gulf Bank, in which sovereign wealth fund Kuwait Investment Authority (KIA) owns a 16 percent stake, expects to make an operating profit in 2010 which will help absorb additional provisions, after it narrowed its losses in 2009.
Gulf Bank said yesterday it made a net loss of 28.07m dinars ($97.36m) in 2009, after booking 111m dinars against its credit portfolio………………………………….Full Article: Source

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Posted on 24 February 2010 by VRS |  Email |Print

From Environmental-expert.com: The Masdar Initiative driven by the Abu Dhabi Future Energy Company (Masdar), is a wholly owned subsidiary of the Mubadala Development Company (Mubadala), a global cooperative platform to enable Abu Dhabi to lever its substantial resources and experience in global energy markets into the technologies of the future.

One key objective of Masdar is to position Abu Dhabi as a world-class research and development hub for new energy technologies, effectively balancing its strong position in an evolving world energy market………………………………….Full Article: Source

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Posted on 24 February 2010 by VRS |  Email |Print

From Arabnews.com: In Saudi Arabia, the establishment of a new sovereign wealth fund (SWF), Hassana Investment Company, which will invest in real estate and commercial projects, and stock markets in the Middle East and overseas, may be a potentially significant development for the Islamic finance sector.
Hassana’s mandate is to be the fund manager of the assets of the General Organization for Social Insurance (GOSI), the social security and pension agency of the Kingdom………………………………….Full Article: Source

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Posted on 24 February 2010 by VRS |  Email |Print

From Businessweek.com: A report that Dubai government allocated 18.3 billion dirhams ($5 billion) to Dubai World on a commercial basis didn’t reflect a new development, a spokeswoman of the emirate’s Department of Finance said.

“This is not new,” the spokeswoman said, who declined to be identified in line with government policy, when asked to comment on the report in Al-Ittihad newspaper today………………………………….Full Article: Source

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Posted on 24 February 2010 by VRS |  Email |Print

From Mmail.com.my: Khazanah Nasional Bhd has dismissed rumours that its healthcare arm, Pantai Holdings Bhd, is selling its two government concessions to focus solely on its private hospital business.

Khazanah spokesman Mohd Asuki Abas said: “As far as we are concerned, this is just speculation. However, as Pantai has its own management, they will be the right party to deny the rumour.”…………………………………Full Article: Source

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Posted on 24 February 2010 by VRS |  Email |Print

From Nzherald.co.nz: The New Zealand Superannuation Fund went backwards last month when it was hit hard by fluctuations in the New Zealand dollar.

The fund, set up by the previous Labour Government to help pay for the future costs of retiring New Zealanders, lost $319 million, or 1.97 per cent, in January, dropping down to $15.65 billion………………………………….Full Article: Source

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