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Sovereign Wealth Funds Briefing 05.Mar 2010

Posted on 05 March 2010 by VRS |  Email |Print

From Dow Jones: China’s $300 billion sovereign wealth fund on Thursday said this year will be a more difficult year for the fund to make investments because the global economic trend lacks clarity.

China Investment Corp. Executive Vice President Jesse Wang said said the global economy this year will be challenging because of swings in foreign exchange movements and the unclear direction of resource prices……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Chinaeconomicreview.com: China Investment Corp’s cash holdings have been left depleted following last year’s splurge on overseas investments.
CIC executive vice president Wang Jianxi said the sovereign wealth fund’s cash holdings are “relatively low” and future investment is dependent on whether or not it can get another fund injection from the government……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Businessweek.com: China Investment Corp., the country’s $300 billion sovereign wealth fund, said its overseas investment strategy will be more flexible this year as global markets have yet to show a clear trend.

CIC’s cash holdings are “relatively low” after using most funds for investments abroad last year, Executive Vice President Jesse Wang said outside a meeting of Chinese People’s Political Consultative Conference in Beijing today……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Reuters: China’s $300 billion sovereign wealth fund completed most of its investments in 2009, leaving relatively little cash on hand, a senior executive said on Thursday.

Jesse Wang, executive vice president and chief risk officer at China Investment Corp (CIC), described the fund’s overseas investment performance as being very good last year, when CIC invested mainly in emerging markets……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Reuters: China Investment Corp, China’s sovereign wealth fund, believes global commodity prices are outpacing the global economic recovery, fuelled by loose monetary policies worldwide, a top official said on Thursday.
“Last year commodity prices rose by relatively big margins,” Jesse Wang, CIC executive vice president and chief risk officer, said on the sidelines of the Chinese People’s Political Consultative Conference in Beijing……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Businessspectator.com.au: China Investment Corp (CIC), the country’s $US300 billion sovereign wealth fund has played down the chances of the fiscal problems of some European countries turning into a full-fledged crisis.

“In my personal view, the fiscal deficit of these countries is a little bit too high, but the possibility that it could develop into a major risk or a crisis is very small,” Jesse Wang, CIC’s executive vice president and chief risk officer, told reporters……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From WSJ: China’s $300 billion sovereign-wealth fund said Thursday that this year will be a more difficult one for the fund to make investments because the global economic trend lacks clarity.

China Investment Corp. Executive Vice President Jesse Wang said the global economy is challenging because of factors such as swings in foreign-exchange movements and the unclear direction of resource prices……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Reuters: Singapore’s biggest sovereign wealth fund, GIC, said it converted its UBS notes into ordinary shares, suffering a paper loss of about $5 billion.

The Government of Singapore Investment Corp had invested 11 billion Swiss francs ($10.22 billion) in mandatory convertible notes in UBS to support the Swiss bank during the financial crisis……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Reuters: The Government of Singapore Investment Corp (GIC) said on Friday it has converted its UBS notes into ordinary shares, chalking up a loss of about 70 percent in the value of the stake it has in the Swiss bank.
“GIC confirms the conversion,” a spokeswoman for the Singapore sovereign wealth fund said in response to Reuters’ queries……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Bangkokpost.com: The Singapore investment giant Temasek could move to divest its shareholdings in Shin Corp amid growing business and regulatory risk in the wake of the Supreme Court’s ruling in the Shinawatra family’s assets case.

Temasek, the major shareholder of Shin, may sell if the right buyer emerged, said Somprasong Boonyachai, Shin’s executive chairman and acting president……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Gulf-times.com: Qatar Holding, the investment arm of the state’s sovereign fund, may launch a wholly-owned fund in Indonesia by the end of this month, the Jakarta Globe reported yesterday, citing the chairman of Indonesia’s Investment Co-ordinating Board.
Qatar Holding plans to invest in infrastructure, energy and mining services via the fund, which will have $1bn in startup capital, the report said……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Koreaherald.co.kr: Korea’s sovereign wealth fund said yesterday it will invest $100 million in a private equity fund managed by the International Finance Corp., the investment division of the World Bank.

The Korea Investment Corp. said the IFC’s $1 billion private equity fund, or “IFC African, Latin American and Caribbean Fund,” consists of the IFC’s funds, Dutch national pension fund PGGM, and sovereign wealth funds from the Middle East……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Reuters: Libya’s $65 billion sovereign wealth fund is another, very big, reason that it has close business ties to Europe. Many of the investments made to date by the fund’s manager, the Libyan Investment Authority, have been in Italian stocks. It holds a 4.6 percent stake in Italy’s second-biggest bank, Unicredit and has a small stake in carmaker FIAT.
The Authority’s chief executive told Reuters in an interview last year it planned to expand its portfolio to include European utilities and drugmakers……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Gulf-times.com: Barwa Real Estate Investment Company has made an offer to acquire Qatar Real Estate Investment Company (Qreic). Qatari Diar, an associate of Qatar Investment Authority, will retain 45% stake in the enlarged Barwa Group.

Barwa is acquiring Qreic at QR36.30 each for share, implying a 30.6% premium over the closing price on January 7, after which the enlarged Barwa group will have a combined market capitalisation in excess of QR11.10bn and become the ninth largest listed entity in the Qatari bourse and sixth largest public listed company in the GCC……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Businessweek.com: Qatar Holding LLC, part of the country’s sovereign wealth fund, plans to back Prudential Plc’s proposed $20 billion rights offering, according to a person with direct knowledge of the situation.

Qatar Holding, the Doha-based arm of the Qatar Investment Authority, offered to buy $1.5 billion of stock if Prudential shareholders decline to buy it in the offering, said the person, who declined to be identified because the talks are private. The fund is in talks about acting as a sub-underwriter for Credit Suisse Group AG, one of the sale’s managers, the person said……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Businessweek.com: Kuwait Airways Corp., the emirate’s unprofitable carrier, is a step closer to a public share sale after the Kuwait Investment Authority was authorized to establish a company to hold the airline’s assets, KAC Chairman Hamad al-Falah said.

The Gulf state’s sovereign wealth fund is forming a committee that has one year to implement the privatization, al- Falah said in a phone interview today from Kuwait. The shareholding company will be called Kuwait Airways Co., he said……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Irishtimes.com: The Masdar division of Dubai’s sovereign wealth fund is a major player is the global cleantech sector. Dubliner Alex O’Cinnéide manages the fund and talked to Innovation about its future.

Having ploughed hundreds of millions of pounds into Manchester City FC, bought stakes in global titans of the business world such as Rolls-Royce and Ferrari - and despite having to bailout its neighbour Dubai to the tune of $10bn in December and January - Mubadala, the main arm of Abu Dhabis sovereign wealth fund, is also bankrolling 12 clean technology companies through its Masdar division……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Cnbc.com: House Speaker Chris Benge’s plan to ease the impact of volatile energy prices on state oil and natural gas taxes and stabilize the state budgeting process was overwhelmingly approved by the Oklahoma House on Thursday.

Benge, R-Tulsa, told House members that the fund will help ease the financial fallout from low oil and natural gas prices. Lawmakers are expected to have about $1.2 billion less to spend next year than they appropriated last year, due mostly to a sluggish economy and low energy prices……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Financialstandard.com.au: The sovereign wealth fund transparency index has found that Australia’s $66 billion Future Fund is slightly less transparent than SWFs of the United Arab Emirates (UAE), New Zealand and Azerbaijan.

The SWF Institute has developed the Linaburg-Maduell Transparency Index, which is based on 10 principles that show how transparent SWFs are to the public……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From Abc.az: Decline of currency reserves of the Central Bank of Azerbaijan (CBA) continued in 2010. In January to February, CBA lowered own currency reserves by $101.1 million. During the whole last year the Bank lost 15.7% or $961.4 million of own currency reserves.

CBA reports that on 1st March 2010 its currency reserves totaled $5.07 bn versus $5.139 bn on 1st February, $5.175 bn on 1st January 2010 and $6.137 bn on 1st January of 2009……………………………………..Full Article: Source

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Posted on 05 March 2010 by VRS |  Email |Print

From MNI: Japan’s foreign reserves fell to $1.051 trillion at the end of February from $1.053 trillion at end-January and were below the record high of $1.074 trillion marked at end-November 2009, the Ministry of Finance said on Friday.

The country’s forex reserves remain the second largest in the world, next to China’s, which are estimated at $2.40 trillion at the end of the final quarter of 2009……………………………………..Full Article: Source

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