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Sovereign Wealth Funds Briefing 31.Aug 2010

Posted on 31 August 2010 by VRS |  Email |Print

From Newstatesman.com: The Abu Dhabi Investment Authority, still nursing its wounds after bailing out its spendthrift neighbour Dubai, is said to be bidding for the rail link between London and the Channel Tunnel.
A number of secretive sovereign wealth funds (SWFs) have apparently expressed interest in buying a stake in General Motors when the company floats later this year. Whenever a major business is put up for sale, SWFs seem to be at the front of the queue……………………………………….Full Article: Source

Posted on 31 August 2010 by VRS |  Email |Print

Mustafa Al ShamaliFrom Zawya Dow Jones: The Kuwait investment Authority, or KIA, has turned down a parliamentary proposal to set up a shariah-compliant specialized entity to support small projects by Kuwaiti nationals, Kuwait-based Al Anba daily reports Monday.
The sovereign wealth fund said that it is engaged in undertakings that have been in place for a long time that make creating such entity unnecessary, the paper reports citing KIA’s response which was referred to parliament by Minister of Finance Mustafa Al Shamali……………………………………….Full Article: Source

Posted on 31 August 2010 by VRS |  Email |Print

From Thenational.ae: Qatar Investment Authority may lend its weight to a US$2.5 billion (Dh9.18bn) takeover of the Taiwanese arm of American International Group (AIG) as part of a former diplomat’s bid to “save” the insurance unit from Chinese ownership.
Wang Shih-jung, a former trade envoy to Switzerland, said he had lined up investors who would bid to take over Nan Shan, AIG’s Taiwanese arm, if a $2.2bn bid from a Chinese-based consortium was blocked by Taiwan’s regulator……………………………………….Full Article: Source

Posted on 31 August 2010 by VRS |  Email |Print

From Bloomberg: A company backed by a unit of Qatar’s sovereign fund and Japan’s Firix Partners Co. may seek to purchase American International Group Inc.’s Nan Shan Life Insurance Co. if a rival deal is rejected by Taiwan’s regulators, the Commercial Times reported, citing Rex Wang, an official at the venture.
Qatar and Firix will provide $2.5 billion of funding for the bid, according to the Taipei-based Chinese-language daily……………………………………….Full Article: Source

Posted on 31 August 2010 by VRS |  Email |Print

From Albawaba.com: The Global Arab Business Meeting, which is expected to draw about 300 business leaders from the Arab world and beyond, is co-hosted by RAK Investment Authority (RAKIA) and Horasis, a Swiss organisation based in Geneva.
“We are pleased and proud to support this forum to help Arab companies increase their global outreach, influence and prestige,” said Abdulla Ghobash, NBAD’s Regional Manager in the Northern Emirates………………………………………Full Article: Source

Posted on 31 August 2010 by VRS |  Email |Print

From Poten.com: The Korea Investment Corporation, the sovereign wealth fund that bought a stake in Chesapeake Energy Corporation 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 JoongAng Daily reported at the weekend.
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. KIC may also put more money into hedge funds and real estate, he said……………………………………….Full Article: Source

Posted on 31 August 2010 by VRS |  Email |Print

From Telegraph: Moody’s said China Investment Corporation (CIC), the country’s sovereign wealth fund, borrowed $8bn (£5.1bn) last week to recapitalise three state-owned banks, using debt rather than genuine equity to boost bank capital.
The agency does not explore why the CIC is resorting to debt to carry out these transactions, but the practice looks bizarre from the outside and prompts questions over the resources of the fund itself……………………………………….Full Article: Source

Posted on 31 August 2010 by VRS |  Email |Print

From Zerohedge.com: Moody’s is out with a surprisingly frank appraisal of the Chinese banking system’s precarious capitalization trend, by looking at the recent RMB 54 billion capital raise in the interbank market by the domestic arm of the Chinese Sovereign Wealth fund (CIC), which was “the first part of an RMB 187.5 billion overall fund-raising program mainly to provide additional capital to the three largest state-owned banks, a policy lender, and a policy insurance company.”
As Moody’s oh so correctly concludes: “Recapitalizing banks with bond proceeds from banks is credit negative because it increases the effective leverage of the banking system……………………………………….Full Article: Source

Posted on 31 August 2010 by VRS |  Email |Print

From Bloomberg New Energy Finance: GCL-Poly Energy Holdings Ltd., in which China’s sovereign wealth fund holds a stake, signed an agreement with DelSolar Co. to supply 664 megawatts of wafers to the Taiwanese solar-cell maker. China Investment Corp., the nation’s sovereign wealth fund, acquired a HK$5.5 billion ($707 million) stake in GCL-Poly in November.
The solar wafers will be delivered from October 2010 to December 2015, Hong Kong-listed GCL-Poly said in a statement on its website today. The contract value wasn’t disclosed……………………………………….Full Article: Source

Posted on 31 August 2010 by VRS |  Email |Print

From Reuters: Russia is expected to use up most of its 1.2 trillion rouble Reserve Fund this year. The government also has a 2.7 trillion rouble National Welfare Fund at its disposal, but is keen to keep a cash safety net against future crises.
Oil — a key source of cash for Russia’s commodity-driven economy — is also unlikely to rise far enough above budget forecasts to remove the need for extra cash……………………………………….Full Article: Source

Posted on 31 August 2010 by VRS |  Email |Print

From Benzinga.com: AMR Corp. is flying higher today, currently positive by 5.12%, trading at $6.34. There are some rumors swirling around trading circles that the company may receive an investment from a large sovereign wealth fund.
Call volume is heightened today as well. The September $7.00 strike has already traded over 12,000 times, surpassing open interest of 9,212 contracts. This indicates new positioning on the strike. The October $8.00 call was also purchased 1,250 times on open interest of 2,023 contracts……………………………………….Full Article: Source

Posted on 31 August 2010 by VRS |  Email |Print

From Bloomberg: Ecuador’s foreign reserves dropped to the lowest level since July 2009, heading for their biggest monthly decline since May, as government cash deposits at the central bank fell.
Foreign reserves in Ecuador have declined 8.4 percent this month to $3.53 billion, the central bank said today on its website. Reserves have declined 23 percent from this year’s May high of $4.57 billion, according to the report……………………………………….Full Article: Source

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