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Sovereign Wealth Funds Briefing 06.Sep 2010

Posted on 06 September 2010 by VRS |  Email |Print

From MarketWatch: Singapore’s sovereign wealth fund is in talks to buy a stake in one of Brazil’s leading investment banks, BTG Pactual, according to the latest edition of Brazil’s Exame magazine.
The Government of Singapore Investment Corp. has offered US$2.4 billion to buy a 16% stake in BTG from Andre Esteves, the firm’s chief executive and one of the bank’s main shareholders, said Exame, citing unnamed sources………………………………………..Full Article: Source

Posted on 06 September 2010 by VRS |  Email |Print

From Theaustralian.com.au: Australia’s Future Fund has joined two influential Britiish financiers to back one of the largest lending start-ups since the global crisis. The recently launched Haymarket Financial has announced that Lord Rothschild, Sir Ronald Cohen and the sovereign wealth fund have committed a combined E450 million ($633m) to the company, taking its commitments so far to E1 billion.
Future Fund spokesman Will Hetherton confirmed the investment yesterday but declined to disclose the fund’s contribution……………………………………….Full Article: Source

Posted on 06 September 2010 by VRS |  Email |Print

From Independent: China’s biggest sovereign wealth fund is in talks to buy a stake in one of London’s tallest skyscrapers being developed by Britain’s largest property company.
The $200bn China Investment Corporation (CIC) has approached Land Securities about taking an equity stake of up to 25 per cent in the proposed “Walkie-Talkie”, the 500 ft tower at 20 Fenchurch Street designed by Rafael Vinoly……………………………………….Full Article: Source

Posted on 06 September 2010 by VRS |  Email |Print

From Theaustralian.com.au: Sinochem and Chinese sovereign wealth fund CIC are exploring a joint counter-bid for Potash Corporation on instruction from Beijing. Bankers cautioned that a bid would proceed only if the Chinese companies could secure approval from Canadian regulators.
It is understood Chinese authorities have contacted their counterparts in Canada to seek guidance on whether a bid for the Saskatchewan company would be blocked — an outcome that would be politically embarrassing for China………………………………………..Full Article: Source

Posted on 06 September 2010 by VRS |  Email |Print

From Chinadaily.com.cn: Hopu Investment Management Co, a Chinese private-equity fund backed by Singapore-based Temasek Holdings Pte, may also consider a bid.
A Hopu-led group, which could include investors from Canada and Middle Eastern sovereign wealth funds, is studying a potential offer, a person with knowledge of the matter said Aug 23. No decision has been made and the chances of the group making an offer aren’t high, the person said……………………………………….Full Article: Source

Posted on 06 September 2010 by VRS |  Email |Print

From Business-standard.com: The Indian government is once again considering whether it should establish a Sovereign Wealth Fund (SWF) with an initial endowment of $10 billion. Would that be a wise policy? The answer depends on the fund’s objectives. Consider five possible objectives.
If the government believes that the Reserve Bank of India holds excess foreign exchange reserves that could and should be invested to generate a higher return, a case could be made for using a part of those reserves to establish a sovereign wealth fund……………………………………….Full Article: Source

Posted on 06 September 2010 by VRS |  Email |Print

From Indiatimes.com: After having declined for two consecutive weeks, country’s foreign exchange reserves grew by USD 293-million to USD 282.84-billion from the week before’s USD 282.55-billion.
Foreign currency assets, a major component of the country’s foreign exchange reserves, grew USD 279-million to USD 256.65-billion for the week ended August 27 as against the previo us week’s USD 256.37-billion, the Reserve Bank of India (RBI) said in its weekly data released today……………………………………….Full Article: Source

Posted on 06 September 2010 by VRS |  Email |Print

From Bloomberg: Nigeria’s government is targeting economic growth of 10 percent as it creates an oil-financed infrastructure fund, encourages foreign investment in the power industry and abolishes fuel subsidies that have drained the national purse, Finance Minister Olusegun Aganga said.
Africa’s top oil producer also plans to sell its first global bond of $500 million in October, Aganga, 55, said in an interview in London today……………………………………….Full Article: Source

Posted on 06 September 2010 by VRS |  Email |Print

From Bloomberg: Nigerian Finance Minister Olusegun Aganga said he wants Africa’s largest oil producer to start a sovereign wealth fund in October, dedicating most of the money to investment in infrastructure.
“We have, just recently, had a beauty parade by all the legal and investment advisers who are keen to assist,” Aganga said in an interview in London. “Within the next day or two, we will be appointing the advisers.”………………………………………Full Article: Source

Posted on 06 September 2010 by VRS |  Email |Print

From Telegraph: Lord Rothschild, Sir Ronald Cohen and the Australian sovereign wealth fund have committed to invest €450m (£375m) in the largest lending start-up since the financial crisis –offering hope to cash-starved businesses struggling to get credit.
The two financiers and the Future Fund are backing Haymarket Financial (HayFin), a specialist lender to medium-sized businesses……………………………………….Full Article: Source

Posted on 06 September 2010 by VRS |  Email |Print

From Peacefmonline.com: Why can’t we do as the Norwegians do - treat the oil revenue separately from our annual budget - but rather than investing the bulk of it in sovereign wealth funds abroad, identify pillars of growth and use them to construct and support the brighter Ghana that we know we can have in 20-30 years time?
I was moved to put down these thoughts when I read in the Graphic (online) that “The government is considering the option of using part of the country’s oil revenue for the intended one-time premium payment of the National Health Insurance Scheme (NHIS), the Vice-President, John Dramani Mahama has announced.”………………………………………Full Article: Source

Posted on 06 September 2010 by VRS |  Email |Print

From Gulfnews.com: The spare of fiscal year 2009-10 brings total accumulated surpluses over the past 11 years to $145 billion. The plan includes selling off shares in institutions the government purchased through the Kuwait Investment Authority following the collapse of the unofficial stock market in 1982 and Iraqi invasion in 1990.
The privatisation drive should help broaden sources of revenue, subsequently reducing reliance on oil, which contributed 88 per cent of total treasury income in fiscal year 2009-10……………………………………….Full Article: Source

Posted on 06 September 2010 by VRS |  Email |Print

Kitty Ussher, Economic Minister to HM Treasury, confirmed Britain’s open arms towards Sovereign Wealth Funds: Britain is “open and keen to do business”. Martin Skancke, Director General for Asset Management at the Norwegian Ministry of Finance, said that the main objectives of sovereign wealth funds are legitimate purpose: to save part of the national wealth for the future and improve risk/return ratio on these savings.
The Norwegian Pension Fund is a transparent wealth fund with pure financial objectives and a clear division of responsibilities between the government’s role as owner and the NBIM’s (Norges Bank Investment Management’s) role as independent asset manager………………………………………..Full Press Release: Source

Posted on 06 September 2010 by VRS |  Email |Print

From Smh.com.au: Perhaps we need a sovereign wealth fund to justify ever-higher budget surpluses. The idea of increasing compulsory superannuation contributions to raise national saving is attractive, but a Coalition government wouldn’t go ahead with it and Labor’s present scheduled phase-up is too delayed to be of much use.
We need to revisit - more intelligently - the question of population growth, but ask whether meeting the mining industry’s need for more labour actually requires open slather on skilled immigration (with all the increased spending on public infrastructure that would necessitate)………………………………………..Full Article: Source

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