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Sovereign Wealth Funds Briefing 12.Mar 2010

Posted on 12 March 2010 by VRS |  Email |Print

From WSJ: The deadline is looming next week for Abu Dhabi Investment Authority, the Middle East’s largest sovereign-wealth fund, to begin converting $7.5 billion of bonds in Citigroup Inc.

Citi agreed in November 2007 to sell $7.5 billion of equity units to the fund, or ADIA, at prices ranging from $31.83 to $37.24 a share. But ADIA said in mid-December last year that it is demanding that Citi scrap the deal that would see it take a heavy loss due to the fall in the bank’s value……………………….Full Article: Source

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Posted on 12 March 2010 by VRS |  Email |Print

From Thenational.ae: Mubadala Development, the strategic investment arm of the Abu Dhabi Government, has agreed to buy a 9 per cent stake in The Raine Group, an investment bank specialising in media, entertainment and sport.

Raine was founded last year by Joseph Ravitch, a former managing director for media at Goldman Sachs, and Jeffrey Sine, a former vice chairman of investment banking and global head of technology, media and telecommunications at UBS. Raine is based in New York and also has offices in Los Angeles and Beijing……………………….Full Article: Source

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Posted on 12 March 2010 by VRS |  Email |Print

From Businessweek.com: China’s $300 billion sovereign wealth fund sees a “good opportunity” to boost private-equity investments this year, as companies are undervalued after losses from the global financial crisis.

“A lot of companies’ valuations are relatively low currently, and investors of many private-equity funds don’t have money to invest,” China Investment Corp. Executive Vice President Jesse Wang said in an interview with the official Xinhua News Agency today that was broadcast online……………………….Full Article: Source

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Posted on 12 March 2010 by VRS |  Email |Print

From Heritage.org: The China Investment Corporation (CIC) is the sovereign wealth fund responsible for allocating a portion of China’s foreign exchange reserves through non-bond investments. Indeed, CIC activities have accounted for more than 80% of Chinese non-bond investment in the U.S. since it was established in 2007.

As a sovereign wealth fund, CIC is a tool of the state and Americans have reason to be wary that its motives are not entirely commercial……………………….Full Article: Source

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Posted on 12 March 2010 by VRS |  Email |Print

From Asiaone.com: The Government has shot down a suggestion to set up a ‘Temasek II’ government fund that invests in Singapore companies.

‘Such an approach may not be the best way to nurture local companies,’ said Lim Hwee Hua, Minister in the Prime Minister’s Office and Second Minister for Finance and Transport, in Parliament yesterday……………………….Full Article: Source

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Posted on 12 March 2010 by VRS |  Email |Print

From Gulfnews.com: Talks between Dubai World and its creditors over $22 billion (Dh80.7 billion) of debt have shifted towards extending the maturity of existing loans and bonds, bankers familiar with the matter said.

“They agreed to keep paying interest on the debt and to reschedule maturities of the principal,” a senior banker at a local creditor told media yesterday. “The conglomerate needs to maintain a good long-term relationship with lenders.”………………………Full Article: Source

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Posted on 12 March 2010 by VRS |  Email |Print

From Businessweek.com: Iran, holder of the world’s second- biggest oil and gas reserves, will add to its oil stabilization fund if crude prices remain over $65 in the coming 12 months, the deputy central bank governor said.

“As long as the price of petroleum is over $65 per barrel Iran will gain extra petroleum revenue, which will find its way into the oil stabilization fund,” Hossein Ghazavi said in a phone interview from Tehran late yesterday. He declined to comment on the current balance of the fund, which is aimed at providing protection for the economy should oil prices slide……………………….Full Article: Source

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Posted on 12 March 2010 by VRS |  Email |Print

From Business24-7.ae: The aggregate total assets of all sovereign wealth funds (SWFs) continued to increase over the past year with more investment focus turning towards alternative asset classes. Recovery in global equities markets helped certain SWFs regain ground lost as a result of the economic downturn.

However, some funds have been used by governments to cover budget deficits and support financial institutions, said a study by Preqin, one of the leading private equity information providers……………………….Full Article: Source

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Posted on 12 March 2010 by VRS |  Email |Print

From Businessweek.com: Barron’s bill would take $100 million per year for 10 years from a state savings account called the Alabama Trust Fund. The trust fund receives royalties from natural gas wells drilled in state-owned waters along the Alabama coast and usually receives more than $100 million each year.

The trust fund currently has $2.5 billion. The annual withdrawals in Barron’s bill would end if the trust fund dropped below $2 billion……………………….Full Article: Source

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Posted on 12 March 2010 by VRS |  Email |Print

From Aviationrecord.com: Kazakhstan’s Air Astana has posted record results as it continues its operational restructure and expansion. Air Astana is a joint venture between Kazakhstan’s national welfare fund Samruk Kazyna (51 per cent) and BAE Systems PLC (49 per cent).
The carrier achieved a record profit after tax of $47 million on revenues of $546 million for 2009……………………….Full Article: Source

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Posted on 12 March 2010 by VRS |  Email |Print

From WSJ: When historians come to explain the Great Greek Crisis of 2010, the question they will struggle to answer is not just how it erupted, but why it brought searching questions to bear on the workings of European monetary union.
No event has more exposed the fundamental weakness at the heart of the single currency construct, from the threadbare auditing of Greece’s financial credentials when it first joined the euro to the lack of a will to act collectively when trouble struck……………………….Full Article: Source

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