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Sovereign Wealth Funds Briefing 08.Mar 2010

Posted on 08 March 2010 by VRS |  Email |Print

From Reuters: China Investment Corp (CIC), the country’s $300 billion sovereign wealth fund, made an unaudited return of more than $10 billion last year on its foreign investments, the China Business News said on Monday.
“In 2009, CIC’s unaudited paper profit on overseas investments exceeded $10 billion, and not just $10.1 billion or $10.2 billion,” the newspaper quoted an unnamed company executive as saying………………………………………..Full Article: Source

Posted on 08 March 2010 by VRS |  Email |Print

From MarketWatch: China’s sovereign wealth fund said responsibility for any potential bailout of Greece should fall primarily on the European Union, marking the first official comments by the fund since reports in January that it was considering the purchase of Greek debt.
China Investment Corp. Executive Vice PresidentJesse Wang said helping Greece wasn’t within its main mission of chasing up sound financial returns, according to a report Friday by The Wall Street Journal. “Aiding Greece looks like a policy goal,” Wang was cited as saying in the report…………………………………………Full Article: Source

Posted on 08 March 2010 by VRS |  Email |Print

From Todayonline.com: Singapore investment company Temasek Holdings may be looking to sell its Shin Corp stake amid rising business and regulatory risks following the Thai Supreme Court’s ruling against former Prime Minister Thaksin Shinawatra.

“If a buyer emerged today, they would probably sell. Temasek has never indicated that it wanted to hold its investment forever,” Shin Corp executive chairman and acting president Somprasong Boonyachai was quoted as saying………………………………………..Full Article: Source

Posted on 08 March 2010 by VRS |  Email |Print

From Temasekreview.com: According to a report in Wall Street Journal, the Government of Singapore Investment Corp. (GIC) has incurred a paper loss of $5 billion or about S$7.2 billion dollars on its investment in Swiss bank UBS after its notes are converted to shares.

While the disastrous loss made headlines worldwide, it was not reported by the Singapore media yet………………………………………..Full Article: Source

Posted on 08 March 2010 by VRS |  Email |Print

From Thestar.com.my: Singapore’s biggest sovereign wealth fund GIC and Qatar Holding LLC have committed to underwrite a significant portion of UK Prudential’s US$20bil rights issue.

GIC is an existing shareholder, with a 0.5% stake in Prudential, but Qatar does not appear to rank as an existing investor, signalling that the British insurer is inviting new investors to make the deal a success………………………………………..Full Article: Source

Posted on 08 March 2010 by VRS |  Email |Print

From Efinancialnews.com: Kuwait’s Investment Dar revealed it may use the state-sponsored Financial Stability Law to retain its stakes in Aston Martin and other coveted assets, as the sovereign wealth fund struggles to convince nearly 20% of its creditors to drop their opposition to its five-year, Kwd1bn (€2.6bn) debt restructuring plan.

If unable to strike a pact with the dissenting lenders, Dar could be forced to divest its holding in the UK car maker which it acquired, alongside partners, for £479m (€531m) in 2007………………………………………..Full Article: Source

Posted on 08 March 2010 by VRS |  Email |Print

From Bloomberg: Dubai World is likely to approach lenders for the first time this week with a proposal for restructuring $22 billion of its debts, the Financial Times reported, citing people close to the situation.

Dubai World has called for leading creditors to attend meetings in London starting as early as tomorrow, the FT says………………………………………..Full Article: Source

Posted on 08 March 2010 by VRS |  Email |Print

From Businessweek.com: Norway’s vast fund for oil wealth posted a 25.6 percent return on investment for 2009 — its best ever — as international markets recovered from the global financial crunch, the central bank said.

Norges Bank reported that the fund gained 613 billion kroner ($103.4 billion) on investments. That’s the best result since Norway established the sovereign wealth fund in 1996 to invest surplus oil revenue abroad and avoid overheating its domestic economy………………………………………..Full Article: Source

Posted on 08 March 2010 by VRS |  Email |Print

From Reuters: The return on Norway’s sovereign wealth fund was 25.6 percent in 2009, the central bank said.

The 2009 return beat the benchmark portfolio set by the finance ministry by 4.1 percent………………………………………..Full Article: Source

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