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Sovereign Wealth Funds Briefing 17.Aug 2010

Posted on 17 August 2010 by VRS |  Email |Print

From Reuters: Global corporate mergers and acquisitions activity involving sovereign wealth funds rose to more than $12 billion in the second quarter with 33 deals completed, Thomson Reuters data showed on Monday.
Global announced M&A volumes involving state investment vehicles stood at $12.5 billion in the second quarter, up from just $1.1 billion in the first three months of this year……………………………………….Full Article: Source

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Posted on 17 August 2010 by VRS |  Email |Print

From Bloomberg: BlackRock Inc. may court investors such as sovereign wealth funds as Bank of America Corp. considers a sale of its 34 percent stake in the asset manager, Credit Suisse Group AG’s Craig Siegenthaler said.
New regulatory requirements in the U.S. and Europe may also prompt two other top shareholders, PNC Financial Services Group Inc. and Barclays Plc., to reduce their stakes in the world’s largest money manager, New York-based Siegenthaler said today in a note to clients……………………………………….Full Article: Source

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Posted on 17 August 2010 by VRS |  Email |Print

From Arabianbusiness.com: Bahrain’s sovereign wealth fund Mumtalakat expects to return to profit in 2010 and is eyeing property investments in the United Kingdom, its chief executive told Reuters Insider on Monday.”This year should be a profitable year for us, the first half is already looking very good,” Talal Al Zain said in an interview in London.
Mumtalakat, which bundles Bahrain’s non-oil state-owned companies, is one of the smaller sovereign wealth funds in the world’s top oil-exporting region, with $9.1 billion in assets at the end of 2009……………………………………….Full Article: Source

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Posted on 17 August 2010 by VRS |  Email |Print

From Maktoob.com: Bahrain’s sovereign wealth fund Mumtalakat expects to return to profit in 2010 and is eyeing property investments in the United Kingdom, its chief executive told Reuters Insider on Monday.
“This year should be a profitable year for us, the first half is already looking very good,” Talal Al Zain said in an interview in London……………………………………….Full Article: Source

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Posted on 17 August 2010 by VRS |  Email |Print

From Thenational.ae: Deyaar Development, the publicly traded property developer, is planning to abandon a Dh372 million (US$101.3m) project because it believes the master developer Sama Dubai is unlikely to complete the infrastructure. The scheme is 50 per cent owned by Investment Corporation of Dubai.
Deyaar said the project was Flamingo Creek, launched by National Bonds in The Lagoons, a planned Dh80 billion development of towers that were to have been built around Dubai Creek……………………………………….Full Article: Source

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Posted on 17 August 2010 by VRS |  Email |Print

From Reuters: Mapletree Investments, a real estate firm wholly owned by Singapore state investor Temasek Holdings, said it plans to launch an around 80 billion yen ($928 million) Japan property fund this year in a bid to expand in the country’s property sector ahead of its rivals.
The new fund, with a 30 billion yen equity portion, will invest in business-related properties such as data centres, research and development facilities and office buildings just outside central Tokyo and other big cities, Terence Heng, general manager of Mapletree Investments Japan told Reuters in an interview……………………………………….Full Article: Source

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Posted on 17 August 2010 by VRS |  Email |Print

From Peopledaily.com.cn: Most China-related merger and acquisition deals have rebounded strongly in the first half of the year, and set the scene for robust activities for the remainder of 2010 and into 2011, accounting firm PricewaterhouseCoopers (PwC) said . Another notable investment was China Investment Corporation’s double investment in PennWest Energy, aggregated to $1.2 billion in total.
Chinese outbound merger and acquisition deals for the first six months of 2010 have reached record levels, up by more than 50 percent over the same period last year, PwC said in a report……………………………………….Full Article: Source

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Posted on 17 August 2010 by VRS |  Email |Print

From Dow Jones: Central Huijin Investment Ltd., the domestic-investment arm of China’s sovereign-wealth fund, will sell its maiden batch of bonds totaling up to CNY54 billion ($7.93 billion) on Aug. 24, two people familiar with the situation told Dow Jones Newswires on Monday.
The debt issue will be the first batch of Central Huijin’s planned bond issue, which could total up to CNY187.5 billion by 2011, and comes as the company 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………………………………………Full Article: Source

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Posted on 17 August 2010 by VRS |  Email |Print

From Atimes.com: State-owned companies and sovereign wealth funds based in authoritarian countries are often as opaque as their governments. Is it not reasonable to wonder how such a company or fund will manage its new assets before approving a sale with potential security implications?
On the other hand, if relatively free market economies are to compete successfully with state capitalist systems, it won’t be by trying to beat them at their own protectionist game……………………………………….Full Article: Source

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Posted on 17 August 2010 by VRS |  Email |Print

From Financeasia.com: As businesses go, English Premier League football teams tend to be spectacularly good at losing money. Kenneth Huang, chairman of Hong Kong’s QSL Sports, has made an offer of ₤400 million that the Chinese government was rumoured to be backing through its sovereign wealth fund, China Investment Corporation.
Official state media reported the story, adding substance to the rumours, but CIC has denied it, unsurprisingly……………………………………….Full Article: Source

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Posted on 17 August 2010 by VRS |  Email |Print

From Reuters: General Motors Co is considering selling a chunk of the carmaker’s stock to institutions as the company prepares for its initial public offering. GM is mulling a plan under which sovereign wealth funds or pension funds would serve as “cornerstone investors,” a technique often used for large initial public offerings to show that key investors are supporting the deal, four people said.
“It’s on the table and would be part of the normal course of the IPO,” one of the sources said, asking not to be named because the preparations for the IPO are private……………………………………….Full Article: Source

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Posted on 17 August 2010 by VRS |  Email |Print

From Theforeigner.no: Scotland’s First Minister Alex Salmond is coming to Norway today to discuss ways of exploiting Scotland’s offshore wind potential and strengthen trade links. Also on the agenda are discussions with ministers about the management and operation of the Oil Fund (Government Pension Fund – Global)
He’ll begin his three-day trip by meeting heads of Statoil when he visits their offices in Stavanger and Oslo today and tomorrow……………………………………….Full Article: Source

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Posted on 17 August 2010 by VRS |  Email |Print

From Macaudailytimes.com.mo: MSAR’s foreign currency reserves rose by 1.2 percent to reach MOP 165.7 billion at the end of last month, a new high record. Compared to a year ago, reserves have increased by 17.7 percent and are on an upward trend since October 2009, according to the latest statistics of the Monetary Authority of Macau.
Foreign reserves could now cover almost three times (271 percent) the amount of Patacas in circulation, which is also a new record. Furthermore, reserves represented 33 times the foreign currency in circulation……………………………………….Full Article: Source

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