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Sovereign Wealth Funds Briefing 29.Jun 2010

Posted on 29 June 2010 by VRS |  Email |Print

From Reuters: Investors face years of market volatility as governments consolidate their mountains of debt taken on both before and in response to the financial crisis, says the head of Norway’s sovereign wealth fund.
Martin Skancke, director general of the Norwegian Ministry of Finance Asset Management Department and responsible for the country’s sovereign wealth fund, said uncertainty may dominate but the fund’s long-term time horizon gives it the ability to ride out the gut-churning drops and equally fast rises……………………………………….Full Article: Source

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Posted on 29 June 2010 by VRS |  Email |Print

From Allafrica.com: Nigeria’s financial status is going downhill. Government thinks a National Sovereign Wealth Fund would reverse the trend. The Excess Crude Account (ECA) is gradually being eclipsed. It would be replaced with a National Sovereign Wealth Fund (NSWF). A Federal Government team is already working on that.
Expectedly, the new NSWF will finally settle the on-again-off-again constitutional crisis that has characterised the ECA since it was created by the Olusegun Obasanjo government. The ECA has no legal backing. The NSWF is thus seen as a slow but sure departure from profligacy of the past……………………………………….Full Article: Source

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Posted on 29 June 2010 by VRS |  Email |Print

From Asianinvestor.net: The biggest institutional investors in Asia, including central banks and sovereign wealth funds (SWFs), are starting to unbundle securities lending from custody, creating a new business opportunity for some providers, says Paul Wilson, managing director for financing and markets products at JP Morgan in London.
He is visiting institutional clients in Asia, Japan and Australia, and says the conversations are similar to those in the US and Europe several years ago……………………………………….Full Article: Source

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Posted on 29 June 2010 by VRS |  Email |Print

From Indiainfoline.com: Fortis promoters was quoted as saying that GIC’s decision to defer investment in their company was “mutual”, as GIC wanted to evaluate the prospects of being part of a larger fund raising plan of Fortis.
Singapore’s GIC Special Investments Pte Ltd has reportedly deferred its plan to invest around Rs3.8bn to buy a minority stake in Fortis Healthcare. Fortis promoters was quoted as saying that GIC’s decision to defer investment in their company was “mutual”, as GIC wanted to evaluate the prospects of being part of a larger fund raising plan of Fortis……………………………………….Full Article: Source

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Posted on 29 June 2010 by VRS |  Email |Print

From Globalarabnetwork.com: Egyptian Investment Minister Mahmoud Mohieddin stressed the importance of promoting investment cooperation with China. Mohieddin made the remarks during a meeting with Chairman of Board of Supervisors of the state-owned China Investment Corporation (CIC), Jin Liqun.
The meeting took up means of boosting cooperation and attracting Chinese investments to Egypt, Mohieddin said……………………………………….Full Article: Source

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Posted on 29 June 2010 by VRS |  Email |Print

From Smh.com.au: The Agricultural Bank of China has set a price range for the Shanghai part of its initial public offering that will allow it to raise as much as $23 billion. The Qatar Investment Authority has agreed to invest $US2.8 billion and Kuwait Investment Authority said it would invest $US800 million.
The bank may offer 22.2 billion shares in Shanghai at 2.52 yuan (42¢) to 2.68 yuan a share. Last week the bank, China’s largest in terms of customers, priced shares in the Hong Kong part of its float at $HK2.88 to $HK3.48 each……………………………………….Full Article: Source

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Posted on 29 June 2010 by VRS |  Email |Print

From Assetinternational.com: Bahrain Mumtalakat Holding Co., the Persian Gulf country’s sovereign wealth fund (SWF), said its loss for 2009 more than doubled from a year earlier.
Mumtalakat blamed its losses on the global effects of the economic crisis which hurt key businesses, mainly at its money-losing airline Gulf Air and at Alba, an aluminum smelting company……………………………………….Full Article: Source

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Posted on 29 June 2010 by VRS |  Email |Print

From Bloomberg: Volkswagen AG, Europe’s largest carmaker, has the full backing of Lower Saxony to pursue an expansion strategy, including its merger with Porsche AG. Qatar Holding LLC, part of the country’s sovereign wealth fund, is the third- largest owner of VW’s with a 17 percent stake.
“We support Martin Winterkorn’s ambitious goal to make VW No. 1 in the auto market worldwide by 2018,” designated Prime Minister David McAllister said in an interview in Hanover, Germany, the first since he was named successor to Christian Wulff. Winterkorn is VW’s chief executive officer……………………………………….Full Article: Source

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Posted on 29 June 2010 by VRS |  Email |Print

From Reuters: Banco do Brasil will likely raise up to 10.9 billion reais ($6.13 billion) in a share offering this week. Brazil’s sovereign wealth fund agreed to buy 62.5 million shares in the Banco do Brasil offering, a stake valued at $1.7 billion reais at Friday’s closing price.
Banco do Brasil’s primary and secondary offering could be the largest in Brazil since Banco Santander Brasil raised 14.1 billion reais in October……………………………………….Full Article: Source

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Posted on 29 June 2010 by VRS |  Email |Print

From Hindustantimes.com: Iran’s state TV quotes the country’s central bank governor as saying Tehran has gained the equivalent of $9 billion dollars by shifting its foreign currency reserves to euros and selling gold.
Mahmoud Bahmani on Monday described Iran’s foreign currency reserves as very “suitable,” but did not provide a figure or qualify over what period of time the currency transactions took place……………………………………….Full Article: Source

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