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Sovereign Wealth Funds Briefing 11.Aug 2010

Posted on 11 August 2010 by VRS |  Email |Print

From Indiatimes.com: The government today said it has dropped the idea of creating a sovereign wealth fund for financing company acquisitions abroad, as it felt that Indian firms had enough money for foreign takeovers.
“It was decided not to pursue this proposal (of setting up a sovereign wealth fund). It was felt at that time that a number of avenues for funding of acquisition abroad were available and that money was not a constraint for Indian companies to acquire assets/companies abroad,” Minister of State for Finance Namo Narain Meena told the Rajya Sabha……………………………………….Full Article: Source

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Posted on 11 August 2010 by VRS |  Email |Print

From WSJ: Central Huijin Investment Ltd., the domestic-investment arm of China’s sovereign-wealth fund, will sell its first batch of bonds as soon as this month and aims to issue up to 187.5 billion yuan ($27.7 billion) of bonds by 2011 to help maintain its stakes in large state-controlled banks, a person familiar with the situation said Tuesday.
The debt issue comes as Central Huijin faces increasing financing pressure in its efforts to maintain its controlling stakes in major domestic banks, which have been gearing up for share offerings and convertible-bond sales in recent months to boost their capital after a sharp increase in lending last year—the key platform of China’s stimulus measures—eroded their capital……………………………………….Full Article: Source

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Posted on 11 August 2010 by VRS |  Email |Print

From Bernama: Khazanah Nasional Bhd has exercised discretion to sell 615,993,242 additional Class B ordinary shares with par value of Indonesian Rupiah 50 each in CIMB Niaga (CIMB Niaga B-Shares).
In an announcement to Bursa Malaysia Tuesday, CIMB Group Holdings Bhd (CIMB) said the disposal represents 2.57 per cent of the total number of shares in the issued and paid-up share capital of CIMB Niaga……………………………………….Full Article: Source

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Posted on 11 August 2010 by VRS |  Email |Print

From Peacefmonline.com: The private-sector lending arm of the World Bank is leading large government-owned wealth and state pension groups into frontier markets in Africa and elsewhere where few big investors have sought to venture.
The hope is that by investing money on behalf of these deep-pocketed funds in regions they would normally shun as too volatile, they will learn to appreciate the long-term profit potential. Over the past few months, the International Finance Corp’s Asset Management Company has made investments using capital from the Korea Investment Corporation, Azerbaijan’s state oil fund, Dutch pension fund manager PGGM, and an unnamed fund investor in Saudi Arabia……………………………………….Full Article: Source

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Posted on 11 August 2010 by VRS |  Email |Print

From Vanguardngr.com: National Economic Council, NEC, deferred presentation of the report on the proposed sovereign wealth fund which was expected to be submitted at its yesterday’s meeting by a committee of governors headed by the Finance minister.
According to the Governor Rotimi Amaechi , “one of the issues discussed is that we reviewed the N200 billionv commercial agriculture credit scheme with CBN and the banks and we looked at the fact that a lot of people are not able to access the scheme……………………………………….Full Article: Source

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Posted on 11 August 2010 by VRS |  Email |Print

From Tripolipost.com: Libyan government-controlled investors have become the largest combined shareholders in UniCredit after the Libyan Investment Authority (LIA) raised its stake in the Italian bank to 2.075 per cent.
Consob, the Italian market authority, made the disclosure on Wednesday, saying the transaction had taken place on July 28. LIA’s share in Unicredit was valued at about €800m ($1.06bn)……………………………………….Full Article: Source

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Posted on 11 August 2010 by VRS |  Email |Print

From WSJ: Asia’s foreign exchange hit a record high in July as the region’s fast-growing economies kept attracting strong inflows amid sluggish growth in the developed world, burnishing the role of Asian central banks as key players in the currency market.
Reserves held by 11 key Asian central banks, excluding China’s, amounted to $2.861 trillion at the end of July, up 2% from $2.803 trillion at the end of June and topping the previous high hit in April, according to calculations by Dow Jones Newswires……………………………………….Full Article: Source

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Posted on 11 August 2010 by VRS |  Email |Print

From Sudantribune.com: Rebuilding foreign exchange reserves is an “immediate priority” for Sudan in 2010 said the International Monetary Fund (IMF) in a report released last week that contained a detailed overview of the country’s major economic indicators.
Sudan has agreed to an IMF Staff Monitored Program (SMP) in 2009 to help it achieve a set of economic and financial policies and objectives which include sustaining economic growth, controlling inflation, reforming the banking sector and reducing budget deficit among others……………………………………….Full Article: Source

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