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Sovereign Wealth Funds Briefing 18.Jun 2010

Posted on 18 June 2010 by VRS |  Email |Print

From Dow Jones: The Brazilian sovereign wealth fund will buy 66.5 million shares to be offered by state-run Banco do Brasil SA, Latin America’s biggest bank by assets, through bank’s primary and secondary offering of shares on the Sao Paulo Stock Exchange, BMFBovespa.
Banco do Brasil said, in a statement late Wednesday, that Brazil’s sovereign wealth fund, Fundo Soberano do Brasil, will acquire its shares via a special fund known as FFIE…………………………………………..Full Article: Source

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Posted on 18 June 2010 by VRS |  Email |Print

From People.com.cn: Focusing on financial and energy companies, the China Investment Corporation (CIC) is expanding its holdings in North America.
Earlier this month, the United States Securities and Exchange Commission (SEC) revealed that CIC agreed to pay 817 million U.S. dollars for a 45 percent interest in a joint venture to develop Penn West Energy Trust’s Peace River oil sands assets along with an additional 435 million U.S. dollars to take a 5 percent equity stake in the trust itself…………………………………………..Full Article: Source

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Posted on 18 June 2010 by VRS |  Email |Print

From Investmentreview.com: Sovereign wealth funds conjure up images of Middle Eastern countries buying U.S. companies or China making a grab for resource stocks. They certainly stir up anxiety – one reason for the U.S. to dust off rules on foreign ownership that had lain dormant for decades.
But is the worry merited? Do sovereign wealth funds act any differently than other corporations making mergers and acquisitions?………………………………………….Full Article: Source

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Posted on 18 June 2010 by VRS |  Email |Print

From Reuters: Two academics from the Fletcher School at the Tufts University have written a special guest blog for Macroscope on the impact of the euro zone debt crisis on sovereign wealth funds. Dr. Eliot Kalter is a senior fellow, The Fletcher School at Tufts University, Sovereign Wealth Fund Initiative, and president of E M Strategies, Inc. Thomas F. Holt, Jr. is an adjunct professor of law, The Fletcher School and partner in the global law firm K&L Gates LLP.
“While Sovereign Wealth Funds (SWFs) vary widely in their size and investment objections, continuing tensions in the euro zone and in global markets more generally can only accelerate their concerns about investing in the West…………………………………………..Full Article: Source

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Posted on 18 June 2010 by VRS |  Email |Print

From Reuters: Qatar’s sovereign wealth fund is set to take over Songbird Estates, owner and manager of much of Canary Wharf, as the Gulf state expands its growing London property portfolio, the Times reported on Friday.
Qatar Investment Authority (QIA) plans to spend more than $700 million to buy the 76 percent of Songbird it does not already own, the paper said. Songbird’s two top shareholders are currently Qatar and China’s wealth funds. ………………………………………….Full Article: Source

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Posted on 18 June 2010 by VRS |  Email |Print

From Bloomberg: The Qatar Investment Authority, one of the world’s best endowed sovereign wealth funds, is in talks to buy a one-third stake in London’s Savoy Hotel and is among the final bidders in an auction for the Grosvenor House Hotel, the London-based Times reported, without saying where it got the information.
The Savoy, currently being restored, is jointly owned by Lloyds Banking Group Plc’s HBOS unit and Saudi Arabia’s Prince Alwaleed bin Talal; none of the parties would comment on the talks, the newspaper said…………………………………………..Full Article: Source

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Posted on 18 June 2010 by VRS |  Email |Print

From Bloomberg: Bahrain Mumtalakat Holding Co., the Persian Gulf country’s sovereign wealth fund, may sell $500 million of bonds as soon as next week in its first sale of debt overseas, according to a person familiar with the plan.
The offering will depend on market conditions and proceeds will be used to refinance short-term bank loans, said the person, who declined to be identified because terms aren’t set. The wealth fund is meeting with investors in Asia, the Middle East and Europe…………………………………………..Full Article: Source

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Posted on 18 June 2010 by VRS |  Email |Print

From Dow Jones: Istithmar, part of Dubai’s sovereign wealth fund, has postponed the sale of Inchcape Shipping Services, a person familiar with the situation told Dow Jones Newswires Thursday.
The decision comes after a long drawn out process that frustrated bidders because of confusing and limited due diligence, people said. In particular, bidders weren’t provided with adequate information as part of the due diligence process, people said…………………………………………..Full Article: Source

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Posted on 18 June 2010 by VRS |  Email |Print

From Forbes: Although Kuwait’s official surpluses have been channeled through the Kuwait Investment Authority (KIA), established in 1982, much of the private wealth which has accumulated over the last half-century has gone into private investment funds.
One of the most reputable has been Investment Dar, a company founded in 1994 that only invests in sharia-compliant activities…………………………………………..Full Article: Source

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Posted on 18 June 2010 by VRS |  Email |Print

From News.az: Azerbaijan’s State Oil Fund, SOFAZ, received its highest income from assets invested abroad in the first quarter of 2010.
As of 1 April 2010, SOFAZ had earned $62.2 million from its assets abroad, according to figures from the Central Bank of Azerbaijan…………………………………………..Full Article: Source

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Posted on 18 June 2010 by VRS |  Email |Print

From Today.az: This year the State Oil Fund provided 80 million manat to improve living conditions of IDPs. However, these funds are expected to be increased up to 100 million manat through additional funds.
Chairman of the Azerbaijan State Committee for Refugees and IDPs Ali Hasanov said that the state program provides for resettlement of internally displaced persons from summer camps, boarding houses, sanatoria, kindergartens, and this process is carried out gradually…………………………………………..Full Article: Source

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Posted on 18 June 2010 by VRS |  Email |Print

From Peninsulaclarion.com: The Alaska Permanent Fund Corp. will give raises to nearly one-third of its staff beyond cost of living, saying wages have fallen behind similar positions.
The Permanent Fund’s Board of Trustees voted unanimously in favor of the decision during a meeting Monday…………………………………………..Full Article: Source

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Posted on 18 June 2010 by VRS |  Email |Print

From WSJ: The Thai government said Thursday it needs to resolve several legal issues before it can conclude a proposal to buy Temasek Holdings Pte. Ltd.’s stake in Thai satellite operator Thaicom PCL.
The announcement comes days after the government first confirmed it is seeking to buy a substantial stake in Thaicom from Singapore’s state-owned investment company, due to national security reasons.
However, Prime Minister Abhisit Vejjajiva has said the deal will depend on pricing and other conditions…………………………………………..Full Article: Source

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Posted on 18 June 2010 by VRS |  Email |Print

From Topnews.net.nz: A loss of $845.2 million was booked by New Zealand Superannuation Fund in the last month, which is just below 5% of its total value. This happened due to global equities taking a hit amidst international economic disorder.
Irrespective of the negative 4.8% return for the month, the year-to-date returns were 17.6%. About $15.86 billion have been invested in the fund and an annual return of 5.81% has been produced since its inception in September2003…………………………………………..Full Article: Source

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Posted on 18 June 2010 by VRS |  Email |Print

From Reuters: Sovereign wealth funds and pension funds are backing start-up or small hedge funds again, said FRM Capital Advisors, bucking a trend seen since the credit crisis for clients to favour the perceived safety of big funds.
Patric de Gentile-Williams, chief operating officer of hedge fund seeding specialist FRM, said his portfolios have raised a net $70 million (£47.8 million) so far this year — after raising “very little” in 2009 — and he expects further commitments…………………………………………..Full Article: Source

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