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Sovereign Wealth Funds Briefing 03.Mar 2010

Posted on 03 March 2010 by VRS |  Email |Print

From Thejakartaglobe.com: After months of uncertainty, Qatar Holding, the investment arm of the sovereign fund Qatar Investment Authority, is on the brink of establishing a wholly owned investment vehicle in Indonesia with start-up capital of $1 billion, a senior Indonesian official said on Tuesday.

Gita Wirjawan, chairman of the Investment Coordinating Board (BKPM), said the investment company could be officially established by the end of the month. “Qatar is interested in investing in the infrastructure, energy and services sectors,” he said……………………………………….Full Article: Source

Posted on 03 March 2010 by VRS |  Email |Print

From Reuters: Norway has lauched revised ethical guidelines for its $450 billion fund, Europe’s biggest equity investor, putting increased emphasis on active ownership of the fund’s investments, the finance ministry said on Tuesday.

The central bank-managed fund follows ethical guidelines set by the government and, in the past, has excluded companies that produce nuclear weapons or cluster munitions, damage the environment or abuse workers’ rights……………………………………….Full Article: Source

Posted on 03 March 2010 by VRS |  Email |Print

From Globalpensions.com: The Ministry of Finance has introduced two new sets of ethical guidelines for responsible investment practices at the Government Pension Fund Global and its asset manager Norges Bank.

The new guidelines introduce the practice of excluding or observing companies that don’t meet responsible investment criteria. They also put more pressure on Norges Bank to exercise its ownership right. These replace the existing ethical guidelines the scheme had been following since 2004……………………………………….Full Article: Source

Posted on 03 March 2010 by VRS |  Email |Print

From Alwatan.com.kw: The Kuwait Investment Authority (KIA) came in fifth place globally in the Lena Burg Madiule Index for the transparency of sovereign funds for the fourth quarter of 2009. KIA got six points out of 10 points which is the total component of the index and maintained its position recorded in the third quarter of 2009.
According to a report issued by the Sovereign Wealth Fund Institute, several other sovereign funds shared the fifth place with the KIA, namely National Fund of Kazakhstan, the Social Security Fund of China, East Timor Oil Fund and a government Singapore investment company……………………………………….Full Article: Source

Posted on 03 March 2010 by VRS |  Email |Print

From Thenational.ae: Qatari Diar, the property developer owned by the Qatar Investment Authority, is to forge a joint venture with Saudi Binladin Group, one of the Gulf’s largest construction conglomerates, as it embarks on billions of dollars worth of projects around the world.

The move comes one month after Qatari Diar became the largest shareholder in Vinci Construction Grands Projets of France when it exchanged Cegelec, a technical solutions firm, for 31.5 million shares……………………………………….Full Article: Source

Posted on 03 March 2010 by VRS |  Email |Print

From Reuters: Private equity firm BC Partners will target wealthy sovereign funds when its next 6 billion-euro ($8 billion) fund hits the road in the second half of the year, the firm’s managing partner said.

BC Partners hopes that middle eastern, far eastern and possibly Australian investors will support the fund, the first to be raised among Europe’s large private equity firms since the collapse of Lehman Brothers……………………………………….Full Article: Source

Posted on 03 March 2010 by VRS |  Email |Print

From Todayonline.com: British insurer Prudential has approached Singapore investment fund Temasek Holdings to help finance its US$35.5 billion ($49.8 billion) buyout of American International Assurance (AIA), according to the Financial Times.

In a news report yesterday, the Financial Times quoted unidentified sources as saying that Prudential was in talks with Temasek and Chinese sovereign wealth fund China Investment Corp to support a share issue to raise funds for the takeover……………………………………….Full Article: Source

Posted on 03 March 2010 by VRS |  Email |Print

From Dailymail.co.uk: Pru is in talks with sovereign wealth funds from Singapore and China about helping to backstop the rights issue in an attempt to offset the risk that existing investors could turn their backs on the fundraising.

This means that the likes of Singapore state investor Temasek, and the government of Singapore Investment Corporation, which already has a 0.5 per cent stake in the Pru, could end up owning a large chunk of the insurer……………………………………….Full Article: Source

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From Marketwatch.com: Sovereign wealth funds in China and Singapore are ready to help fund U.K. insurer Prudential’s $35.5 billion acquisition of American International Group’s Asian business, the Financial Times reported Tuesday.
The newspaper said Prudential and its advisers are in talks with with sovereign funds over the provision of billions of dollars to support the $20 billion share sale element of the deal……………………………………….Full Article: Source

Posted on 03 March 2010 by VRS |  Email |Print

From Businessspectator.com.au: Future Fund GM, Paul Costello, has highlighted the fund’s willingness to join with super and pension funds to launch takeover bids.
Costello said the Canada Pension Plan Investment Board and the Ontario Teachers Pension Plan would determine the fate of the Future Fund’s bid for Transurban……………………………………….Full Article: Source

Posted on 03 March 2010 by VRS |  Email |Print

From Theglobeandmail.com: China’s sovereign wealth fund, China Investment Corp. (CIC), has filed a new stock holdings statement with the U.S. Securities & Exchange Commission, and a number of well-known U.S. companies are on the list. Coca-Cola, Johnson & Johnson, Citigroup, Bank of America, Apple - all these and several others are garnering CIC’s interest.

China has huge cash reserves and a lot of money to invest, giving it the ability to move markets to some degree. But that doesn’t mean you should blindly follow CIC’s stock picks - or anyone’s stock picks, for that matter……………………………………….Full Article: Source

Posted on 03 March 2010 by VRS |  Email |Print

From Lcbackerblog: Sovereign wealth funds are at their lest effective–and most transparent, when they operate as single entity investment vehicles.
China has been among the most successful at starting to re-arrange their sovereign investing on more sophisticated–and potentially less transparent (and accountable) –basis……………………………………….Full Article: Source

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From Businessweek.com: Thailand’s Cabinet asked prosecutors to pursue legal action to recoup losses after a court ruled that ex-leader Thaksin Shinawatra abused his power to benefit three companies now majority owned by Singapore’s Temasek Holdings Pte.

The Supreme Court on Feb. 26 seized 46.4 billion baht ($1.5 billion), or about 60 percent of the amount Thaksin’s family gained from its 2006 sale of Shin Corp. to Temasek, Singapore’s state-owned investment company……………………………………….Full Article: Source

Posted on 03 March 2010 by VRS |  Email |Print

From Temasekreview.com: A group of YPAP activists from the “North (Singapore)” have put together their thoughts on Budget 2010 announced by Finance Minister Tharman last week on the YPAP website.

The YPAP activists also took issue with Reform Party’s call to privatize Temasek Holdings and GIC to give the equity to Singapore citizens and warn that this is “a proposal to deplete Singapore’s reserves and give them away as a handout.”………………………………………Full Article: Source

Posted on 03 March 2010 by VRS |  Email |Print

From Businessweek.com: It took the Government of Singapore Investment Corp. three days in 2007 to agree to prop up UBS AG, ailing from subprime losses. It may take a decade to recoup that investment of 11 billion Swiss francs ($10 billion).

GIC, manager of more than $100 billion of the city-state’s foreign reserves, faces a paper loss of about 5.6 billion francs when it becomes the biggest shareholder of UBS on March 5, as shares of Switzerland’s largest bank trade at a third of the conversion price on notes it holds……………………………………….Full Article: Source

Posted on 03 March 2010 by VRS |  Email |Print

From Dow Jones: Brazil’s foreign-currency reserves increased by $466 million in February from the previous month, as the central bank continued purchasing dollars in the foreign exchange market, according to figures published on the bank’s Web site Tuesday.

Foreign reserves totaled $241.28 billion, up from $240.82 billion at the end of January……………………………………….Full Article: Source

Posted on 03 March 2010 by VRS |  Email |Print

From Financiarul.ro: Romania’s foreign currency reserves grew to 32.46 billion euros on Feb. 28, compared to 30.62 billion euros on Jan. 31, 2010, following the transfer of tranches three and four by the International Monetary Fund (IMF) into Romania’s National Bank (BNR) account.

On Feb. 28, 2010 BNR foreign currency reserves stood at 29.73 billion euros from 28.03 billion euros on Jan. 31, 2010……………………………………….Full Article: Source

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