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Sovereign Wealth Funds Briefing 23.Jun 2010

Posted on 23 June 2010 by VRS |  Email |Print

From Businessinsider.com: Sovereign wealth funds, essentially state-owned investment entities with long time horizons, are among the investors best equipped to navigate financial markets after the global crisis. Yet they too face potential challenges in steering a course through what is likely to be a multiyear, bumpy resetting of the global economy.
How sovereign wealth funds confront these challenges will speak directly to their effectiveness in investing national wealth to benefit current and future generations………………………………………..Full Article: Source

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Posted on 23 June 2010 by VRS |  Email |Print

From Dow Jones: Offers for Bahrain Mumtalakat Holding Co.’s first-ever bond issue are in the range of $1 billion to $1.25 billion, according to a source familiar with the sale.
That means the sovereign wealth entity’s debut could be larger than the minimum $500 million benchmark size when it completes on Wednesday. Deutsche Bank, HSBC, JPMorgan and Standard Chartered are leading the sale……………………………………….Full Article: Source

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Posted on 23 June 2010 by VRS |  Email |Print

From Bloomberg: Bahrain Mumtalakat Holding Co., the Persian Gulf country’s sovereign wealth fund, may price its bonds to yield about 300 basis points above benchmark midswaps, three people familiar with the pricing range said.
The banker and two investors declined to be identified because terms of the deal aren’t set. The fund may sell $500 million of bonds maturing in five years as soon as this week in its first sale of debt overseas, a person familiar with the plan said last week……………………………………….Full Article: Source

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Posted on 23 June 2010 by VRS |  Email |Print

From China Knowledge: Qatar Investment Authority, the country’s sovereign wealth fund, will spend US$2.8 billion to subscribe for shares to be offered by Agricultural Bank of China, thus to become the largest cornerstone investor of the Chinese lender, the Wall Street Journal reported yesterday, citing a source with the knowledge of the matter as saying.
The source also disclosed that Kuwait Investment Authority plans to invest between US$500 million and US$1 billion in ABC’s initial public offering………………………………………..Full Article: Source

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Posted on 23 June 2010 by VRS |  Email |Print

From Btimes.com.my: Kuwait’s Finance Minister yesterday confirmed that its sovereign wealth fund was interested in taking a US$800 million stake in the initial public offering of China’s Agricultural Bank (AgBank).
On Monday, sources said the Kuwait Investment Authority (KIA), the country’s sovereign wealth fund, was involved in a deal to invest US$800 million in the bank’s IPO……………………………………….Full Article: Source

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Posted on 23 June 2010 by VRS |  Email |Print

From Zawya.com: Arab sovereign wealth funds boosted their size marginally in the first quarter of 2010 to $1.64 trillion aided by new cash injections and market recovery, data compiled in a recent study show.
“Along with new injections by their parent sovereigns, Arab sovereign wealth funds (SWF) are estimated to hold a total of as much as $1.62 trillion in assets in 2009 — increasing marginally to $1.64 trillion as of March 2010 — compared to holdings of between $0.9 and $1.5 trillion in 2007,” said the study titled “How Have Arab SWFs Been Affected by the
Financial Crisis?”………………………………………Full Article: Source

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Posted on 23 June 2010 by VRS |  Email |Print

From Allafrica.com: Professor Pat Utomi, Chairman of the Social Democratic Mega Party has opined that only $30 of the value of oil sold should go into the Federal Allocation Account, FAAC.
The rest of the money should be kept in a Stabilisation Fund for a variety of federal interventions for subsidizing the everyday living of the poorest of the poor in our nation as well as investment for future generations of Nigerians………………………………………..Full Article: Source

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Posted on 23 June 2010 by VRS |  Email |Print

From Reuters: Azerbaijan’s sovereign wealth fund has no plans to reduce euro holdings in its $17 billion portfolio as it is confident the euro zone will solve its debt crisis, the country’s chief investment officer said on Tuesday.
Concerns about huge debt in euro zone peripheral countries and the gloomy economic outlook pushed the euro to a four-year low around $1.1875 earlier this month — a 17 percent fall since January……………………………………….Full Article: Source

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Posted on 23 June 2010 by VRS |  Email |Print

From Reuters: PT Bumi Resources, Indonesia’s biggest coal miner by output, said Chinese sovereign fund China Investment Corp (CIC) could be one of the buyers of the company’s stake sale worth as much as $495 million.
In a statement issued on Wednesday in the Investor Daily newspaper, the company said JP Morgan, Credit Suisse and Raiffeisen Zentralbank Osterreich AG could also be potential buyers. CIC was not immediately available for comment……………………………………….Full Article: Source

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Posted on 23 June 2010 by VRS |  Email |Print

From Bloomberg: Parkway Holdings Ltd., the target of a S$1.18 billion ($852 million) bid for control by Khazanah Nasional Bhd., fell in Singapore trading after Morgan Stanley said the offer wasn’t compelling.
Parkway, Asia’s biggest hospital operator, lost 1.6 percent to S$3.69 as of 11:56 a.m., headed for the lowest close since June 7.
The price is less than the S$3.78 a share Khazanah offered on May 27 to more than double its Parkway stake to 51.5 percent and overtake Fortis Healthcare Ltd. as the Singapore- based company’s largest stakeholder……………………………………….Full Article: Source

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Posted on 23 June 2010 by VRS |  Email |Print

From Thestar.com.my: An interesting feature in the much-publicised tussle for control over Singapore-listed Parkway Healthcare Ltd is Khazanah Nasional Bhd’s masterstroke of launching a partial offer to gain control of the former.
Khazanah’s partial offer put it in an advantageous position, whereby it only needs to fork out about a third of what it have to pay had it made a full general offer……………………………………….Full Article: Source

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Posted on 23 June 2010 by VRS |  Email |Print

From Thestar.com.my: Although news has surfaced that 11 parties are interested in bidding for Khazanah Nasional Bhd’s 32.2% stake in Pos Malaysia Bhd and that local bidders may team up with foreign ones, no further word has been forthcoming on how this plan is coming along.
It is believed that Khazanah has also not issued the “request for proposal” document, which would kickstart the tender process……………………………………….Full Article: Source

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