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Sovereign Wealth Funds Briefing 17.Mar 2010

Posted on 17 March 2010 by VRS |  Email |Print

From Bloomberg: India, with $254 billion of foreign-exchange reserves, may create a sovereign wealth fund to help state companies compete for overseas energy assets with China, a government official said.

The oil ministry has formally asked the finance ministry to set up a fund using a part of the reserves, the official said, declining to be identified because a decision hasn’t been reached. The size of the fund is yet to be determined, he said………………………………….Full Article: Source

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Posted on 17 March 2010 by VRS |  Email |Print

From People.com.cn: Bank of China Ltd (BOC) and Temasek Holdings Pte may invest as much as 20 billion yuan ($2.9 billion) to build a rural-banking business in China, said two people with knowledge of the matter.

The companies are in talks about setting up as many as 400 rural banks, the people said, declining to be identified because the discussions are private. Bank of China, the country’s third-largest lender by market value, would own a controlling stake in the joint venture, they said………………………………….Full Article: Source

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Posted on 17 March 2010 by VRS |  Email |Print

From Thestar.com.my: Singapore state-investor Temasek’s senior managing director Michael Dee will step down from his current role on April 30, the second high-profile foreigner to leave the sovereign wealth fund in less than a year.

The departure of Dee comes after last year’s failed experiment to bring in former BHP Billiton head Chip Goodyear as chief executive………………………………….Full Article: Source

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Posted on 17 March 2010 by VRS |  Email |Print

From Modernghana.com: In no uncertain terms, Ghana ought to set up a sovereign oil wealth fund. A stabilization fund, for example, would tend to provide cushion for budget from turbulences caused by oil price volatilities and from reduced or no foreign support.
Not only is setting up the oil fund crucial, but forming a statutory independent body to administer and monitor spendings from this fund should remain an utmost priority. The country could also set up savings fund that would set aside portions of oil and gas revenues for the future or current development needs………………………………….Full Article: Source

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Posted on 17 March 2010 by VRS |  Email |Print

From Nzherald.co.nz: The New Zealand Superannuation Fund produced a 1.88 per cent return in February even though the value of its holding in Telecom fell. Currently 7 per cent of the fund is invested in New Zealand equities and Telecom is its third-largest investment behind Auckland International Airport and Fletcher Building.

The fund’s investment in Telecom was worth $107.7 million as at February 28, down from $111m a month earlier. On February 26 Telecom’s share price was $2.33, and today the price was at an all-time low of $2.13, suggesting the fund will experience losses from its Telecom investment if the current price prevails until the end of this month………………………………….Full Article: Source

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Posted on 17 March 2010 by VRS |  Email |Print

From Efinancialcareers-gulf.com: The normally secretive Abu Dhabi Investment Authority has shed some light on its recruitment practices and hiring needs through the publication of its first ever annual review.

The ADIA Review 2009 does not reveal any vast surprises but it does provide a glimpse into one of the world’s largest sovereign wealth funds………………………………….Full Article: Source

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Posted on 17 March 2010 by VRS |  Email |Print

From Business24-7.ae: Dubai World will present a “fair” plan to restructure about $26 billion (Dh95.4bn) of debt as it needs creditors and contractors for the long term, said the chairman of the Dubai Supreme Fiscal Committee yesterday.

The restructuring proposal will be announced “very soon” and will be drawn up considering the long-term interests of the banks, contractors and Dubai, said Sheikh Ahmed bin Saeed Al Maktoum, who is also President of the Dubai Civil Aviation Authority and Chairman and CEO of Emirates Group………………………………….Full Article: Source

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Posted on 17 March 2010 by VRS |  Email |Print

From Worlddefensereview.com: A government entity, the Libya African Portfolio for Investments (LAP), overseen by the country’s main sovereign wealth fund, the Libyan Investment Authority (LIA), numbers among its companies the Libyan Arab African Investment Company (LAAICO), which has a mandate to promote business growth in Africa by investing in sectors as diverse as agriculture, mining, manufacturing, real estate development, telecommunications, and tourism.
Considerably more important than its role as a donor of development assistance has been Libya’s role as an investor in Africa………………………………….Full Article: Source

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Posted on 17 March 2010 by VRS |  Email |Print

From Businessweek.com: Global power company AES Corp. said it raised $1.58 billion by selling a portion of the company to a subsidiary of China Investment Corp.

AES announced in November that it would raise the money by selling a 15 percent stake in the company. Late Monday, the company said that deal had closed………………………………….Full Article: Source

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Posted on 17 March 2010 by VRS |  Email |Print

From WSJ: Could China move out of US Treasurys and into U.S. real economy assets in a big way? In early 2009, China’s Premier Wen Jiabao drew attention by announcing an intention to manage foreign-exchange reserves more actively, and seek to diversify away from U.S. government holdings.
China currently holds more than one trillion of U.S. Treasurys and another $500 billion of U.S. government-backed agencies………………………………….Full Article: Source

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