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Sovereign Wealth Funds Briefing 27.Aug 2010

Posted on 27 August 2010 by VRS |  Email |Print

Scott KalbFrom Bloomberg: Korea Investment Corp., the sovereign wealth fund that bought a stake in Chesapeake Energy Corp. in June, plans to make more direct investments, departing from its strategy of buying stocks and bonds in public markets after returns sagged this year.
The $35 billion fund, known as KIC, may invest in energy, clean technology and natural resources companies, Chief Investment Officer Scott Kalb said in an interview in Seoul yesterday. KIC may also put more money into hedge funds and real estate, he said……………………………………….Full Article: Source

Posted on 27 August 2010 by VRS |  Email |Print

From Reuters: Singapore state investor Temasek Holdings has hired a former Royal/Dutch Shell executive, Glenn Corrie, as its director for energy investments, a company spokeswoman said on Thursday.
Corrie, a former manager of global LNG strategy & portfolio at Royal Dutch Shell, will report to Gregory Lanham, a managing director for investment at Temasek, sources familiar with the hiring told Reuters……………………………………….Full Article: Source

Posted on 27 August 2010 by VRS |  Email |Print

From Bloomberg: Libya has no intention to take over UniCredit SpA, Italy’s biggest bank, and the Arab country’s sovereign wealth fund shouldn’t be treated differently from the lender’s other investors, Mediobanca SpA board member Tarak Ben Ammar said.
The Central Bank of Libya owns 4.6 percent of the Milan- based lender and the Libyan Investment Authority holds 2.1 percent, according to an Aug. 4 statement from market regulator Consob. Mediobanca is UniCredit’s largest single shareholder, with about 6.8 percent……………………………………….Full Article: Source

Posted on 27 August 2010 by VRS |  Email |Print

From Reuters: Dubai World’s willingness to sell prized assets such as ports operator DP World to pay down its debt pile is considered such a drastic move that analysts see it more as a last-resort bargaining tactic.
Documents obtained by Reuters this week revealed the surprising news that the debt-laden conglomerate was willing to let go of “strategic assets” such as DP World, Jebel Ali Free Zone and Dubai Maritime City (DMC) as part of a $19.4-billion fundraising effort as it tries to reach a restructuring deal with creditors by October 1……………………………………….Full Article: Source

Posted on 27 August 2010 by VRS |  Email |Print

From Voanews.com: Regent Street is one of London’s most famous shopping districts and owners Crown Estates have put it up for sale. Total price is estimated at $2.5 billion. It’s reported that various sovereign wealth funds - including the Qatari royal family - have been eyeing the deal.
For most people in Britain, the long struggle out of recession goes on, with high unemployment and slow growth……………………………………….Full Article: Source

Posted on 27 August 2010 by VRS |  Email |Print

From Theglobeandmail.com: China Investment Corp. (CIC), the country’s sovereign wealth fund, is also a possible bidder, but sources say it would most likely play a supporting role. CIC is focused on investments that offer high returns, rather than those that carry strategic importance for China.
China’s interest is driven not only by a need to feed its growing population, but also its discomfort with the idea of BHP controlling a large chunk of the potash market……………………………………….Full Article: Source

Posted on 27 August 2010 by VRS |  Email |Print

From Torontosun.com: Meanwhile, a $282-million hit to the Alberta Heritage Savings Trust Fund is being blamed on a decline in world equity markets. The Fund — the government’s long-term savings account — lost $282 million, lowering its value to about $14.1 billion.
The fund is still expected to earn $684 million this year before expenses. That’s a decrease from the original $1.05-billion forecast……………………………………….Full Article: Source

Posted on 27 August 2010 by VRS |  Email |Print

From Reuters: Brazilian presidential front-runner Dilma Rousseff said the government could make use of a $10 billion sovereign wealth fund to help meet the primary surplus goal. She did not elaborate.
“You cannot forget that we have 18 billion reais set aside there as a sovereign fund,” Rousseff said……………………………………….Full Article: Source

Posted on 27 August 2010 by VRS |  Email |Print

From Economist.com: Sovereign funds invested around $12 billion in corporate acquisitions in the second quarter of this year. That is modest, but a big leap from $1.1 billion in the first quarter.
The next few weeks will be crucial. M&A activity may slump as quickly as it surged as bosses return from their summer holidays to find the economy still in trouble……………………………………….Full Article: Source

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