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Sovereign Wealth Funds Briefing 30.Aug 2010

Posted on 30 August 2010 by VRS |  Email |Print

Glen SchmidtFrom Calgaryherald.com: The Korean sovereign wealth fund became the latest Asian investor in the oilsands sector after it made a $76.2-million investment in Calgary-based thermal oilsands developer Laricina Energy.

The privately held thermal oilsands player announced that Korean Investment Corp. signed up for 1.67 million common shares at a price of $30 for proceeds of $50 million. That follows a private placement with KIC of 875,000 shares in July that raised another $26.2 million…………………………………….Full Article: Source

Posted on 30 August 2010 by VRS |  Email |Print

From Independent: A $112bn sovereign wealth fund that invests the savings of 12.3 million Malaysian workers has launched a £1bn property spending spree as Far East money streams into the UK.

Malaysia’s Employees Provident Fund (EPF) – the bedrock of the South-east Asian country’s pension sector – has hired ING Real Estate Investment Management and RREEF to advise it on assembling a major European real-estate portfolio…………………………………….Full Article: Source

Posted on 30 August 2010 by VRS |  Email |Print

From Channelnewsasia.com: Both countries announced that a company known as M-S Pte Ltd will be set up. Malaysia will hold a 60 per cent stake under Khazanah Nasional Berhard while Singapore will have 40 per cent shares to be held by Temasek Holdings.
Malaysian Prime Minister Najib Razak will be in Singapore next month for further talks with his Singapore counterpart, Mr Lee Hsien Loong…………………………………….Full Article: Source

Posted on 30 August 2010 by VRS |  Email |Print

From Thestar.com.my: Iskandar Regional Development Authority (Irda) chief executive officer Ismail Ibrahim said many were taking the cue from the commitment shown by Najib and his counterpart Lee Hsien Loong for the two countries to work closely for mutual economic benefits. This, Ismail said, was reflected in the involvement of Malaysia and Singapore’s investment arms, Khazanah Nasional Bhd and Temasek Holdings Ltd, to jointly develop an iconic wellness township project in a 50:50 joint venture in Iskandar.

According to Johor Mentri Besar Datuk Abdul Ghani Othman, who is also Irda’s co-chairman with Najib, the project would be developed on a 202ha site in Danga Bay here and works were likely to start by the year-end…………………………………….Full Article: Source

Posted on 30 August 2010 by VRS |  Email |Print

From Reuters: Hassad Food, owned by Qatar’s sovereign wealth fund, plans to acquire a sugar project in Brazil with a capacity to produce 25 million tonnes per annum, state-run Qatar News agency said, citing the firm’s chairman.

Qatar, like other Gulf states, imports the majority of its food requirements, and securing future food supplies is seen as a priority by the government…………………………………….Full Article: Source

Posted on 30 August 2010 by VRS |  Email |Print

From Gulf-times.com: Qatar Holding, a unit of the country’s sovereign wealth fund, is close to acquiring Egyptian department store Omar Effendi from Saudi businessman Jameel al-Qunaibit, Gulf Times’ sister Arabic newspaper Arrayah reported.
The two sides haven’t agreed on a final value for the sale, it said…………………………………….Full Article: Source

Posted on 30 August 2010 by VRS |  Email |Print

From Bloomberg: Dubai World has started direct talks with creditors who are not part of the coordination committee of banks on its debt restructuring plan, Al Ittihad reported, citing people it didn’t identify.

Dubai World, which is seeking to alter the terms on $14.4 billion of bank debt, plans to get approval from all creditors to its plan to avoid lawsuits, the newspaper said…………………………………….Full Article: Source

Posted on 30 August 2010 by VRS |  Email |Print

From Gulfnews.com: Kuwait has one of the strongest sovereign balance sheets in the region with very little debt and foreign assets worth over $284 billion, or 238 per cent of GDP at end 2009. These are mostly managed by the Kuwait Investment Authority (KIA), the sovereign wealth fund, and the Central Bank of Kuwait (CBK).

According to Moody’s Kuwait’s fiscal and current account surpluses were impressive despite some adverse effects from the recent global financial crisis…………………………………….Full Article: Source

Posted on 30 August 2010 by VRS |  Email |Print

From Thenational.ae: Abu Dhabi Investment Authority, the country’s main wealth fund, holds about Dh1.83tn, while the Central Bank’s foreign assets holdings stood at Dh78.3bn at the end of March, data from the regulator showed.

Recent declines in oil prices have come amid signs of a deceleration in economic growth in the US, the world’s largest economy…………………………………….Full Article: Source

Posted on 30 August 2010 by VRS |  Email |Print

From Reuters: Flush with petrodollars, Libya has been buying stakes in Italian companies and has disclosed other potential investments in energy and infrastructure companies. Libyan stake in banking group UniCredit has been raised to a total 6.7 percent with the Libyan Investment Authority (LIA) acquiring a 2.075 percent stake in Italy’s biggest lender.

Libya’s central bank is a shareholder in the bank, with a 4.613 percent stake…………………………………….Full Article: Source

Posted on 30 August 2010 by VRS |  Email |Print

From Icenews.is: Two Israeli firms have been excluded from Norway’s USD 450 billion sovereign wealth fund for building Israeli settlements on occupied Palestinian land. Both the Africa Israel Investments holding firm and its construction subsidiary Danya Cebus have been blacklisted by the Norwegian Ministry of Finance.

In a statement on Monday, the ministry said that constructing Israeli settlements on occupied land “is a violation of the Geneva Convention relative to the protection of civilian persons in time of war”…………………………………….Full Article: Source

Posted on 30 August 2010 by VRS |  Email |Print

From Nzherald.co.nz: Ever since the credit crunch, industries from property to power have been holding out for sovereign wealth fund (SWF) money. They have been disappointed - until now.

The US$112 billion ($157 billion) Malaysian Employees Provident fund is scouring Europe for assets and Norway’s SWF is about to embark on a shopping spree of London’s office landmarks…………………………………….Full Article: Source

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From Bloomberg: The country’s Reserve Fund, a sovereign wealth fund comprised of extra oil revenue, dropped to $40.6 billion in July from $60.5 billion in December and the government may use about 75 percent of the fund this year to make up any budget shortfall, Deputy Finance Minister Dmitry Pankin said last month.
Russian bonds are trailing emerging- market debt for a seventh straight month, sending Prime Minister Vladimir Putin’s borrowing-cost advantage to near the lowest since October as falling oil prices curb economic growth…………………………………….Full Article: Source

Posted on 30 August 2010 by VRS |  Email |Print

From Voxy.co.nz: The New Zealand Superannuation Fund would be worth $3.2 billion more today if it had performed in line with its ethically invested counterpart in Norway, Green Party Co-leader Russel Norman said.

The NZ Superfund released performance figures this week showing that the Fund has returned 3.4% per annum on average for the last five years. This compares poorly to similar funds overseas:……………………………………Full Article: Source

Posted on 30 August 2010 by VRS |  Email |Print

From Tvnz.co.nz: As New Zealand baby-boomers prepare for retirement the head of the super fund says that New Zealand is well poised to take advantage of global investment opportunities. Adrian Orr said the current economic climate is one of change, but denied it is cataclysmic.

“We are going through an incredible transformation in the global economy,” he said. Orr told ONE’s Q A show that there are “enormous growth opportunities globally”…………………………………….Full Article: Source

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