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Sovereign Wealth Funds Briefing 07.Sep 2010

Posted on 07 September 2010 by VRS |  Email |Print

From AFP: Abu Dhabi Investment Authority (ADIA), the world’s largest sovereign wealth fund, has hired General Motors’ Ted Chu as its chief economist, the investing firm said on Monday.
Chu “will be responsible for producing in-depth international and regional economic analyses and making recommendations based on this research,” a statement said……………………………………….Full Article: Source

Posted on 07 September 2010 by VRS |  Email |Print

From Reuters: HayFin, a start-up UK specialist lender to medium-sized businesses, said on Monday it had raised 450 million euros ($604 million) from investors including Lord Jacob Rothschild and Australia’s sovereign wealth fund.
HayFin (Haymarket Financial) said it had raised the 450 million euros from a party of three investors — Lord Rothschild, Apax Partners founder Sir Ronald Cohen and the Australian sovereign wealth fund, known as “Future Fund.”………………………………………Full Article: Source

Posted on 07 September 2010 by VRS |  Email |Print

From Dow Jones: Sovereign wealth fund Korea Investment Corp. Tuesday named Yun Ke-sop as the new chairman of its steering committee. Korea Investment Corp. said in a statement that Yun fills the position vacated by Euh Yoon-dae, who became chief executive of South Korea’s KB Financial Group Inc. in July.
KIC’s steering committee is the sovereign wealth fund’s highest governing body, which decides on business policy and reviews management performance and other matters related to the fund’s operations……………………………………….Full Article: Source

Posted on 07 September 2010 by VRS |  Email |Print

From Domain-b.com: Government of Singapore Investment Corporation Pte Ltd (GIC), the world’s fourth-largest sovereign wealth fund, is in talks with Brazilian investment bank Banco BTG Pactual SA (BTG Pactual) to buy a 16-per cent stake in it.
The island-nation’s investment arm is already the biggest shareholder in Switzerland’s largest bank UBS AG, and also a shareholder in the US banking giant Citigroup Inc……………………………………….Full Article: Source

Posted on 07 September 2010 by VRS |  Email |Print

From WSJ: Central Huijin Investment Ltd., the domestic investment arm of China’s sovereign-wealth fund, plans to sell as much as 55 billion yuan ($8.09 billion) worth of bonds in mid-September, the second tranche of its planned 187.5 billion-yuan bond offering to fund its plan to buy additional shares in three of China’s biggest banks.
Central Huijin, the arm of sovereign-wealth fund China Investment Corp. that focuses on restructuring financial institutions, intends to participate in the rights offerings of Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Bank of China Ltd………………………………………Full Article: Source

Posted on 07 September 2010 by VRS |  Email |Print

From Compassnewspaper.com: Nigeria’s government is targeting economic growth of 10 per cent 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, said in an interview in London Sunday……………………………………….Full Article: Source

Posted on 07 September 2010 by VRS |  Email |Print

From Allafrica.com: The National Social Security Fund (NSSF) has returned to the Court of Appeal, in a fresh bid to quash the award of Shs36 billion to Alcon International.
Last year, the Court of Appeal ordered that NSSF pay Alcon over Shs36 billion as compensation for having terminated its contract to build Workers House in 1998. NSSF accused Alcon of shoddy work, escalating the project’s cost and sub-contracting a third party without its knowledge……………………………………….Full Article: Source

Posted on 07 September 2010 by VRS |  Email |Print

From Thenational.ae: RAK Investment Authority (RAKIA), a government investment company, bought a controlling stake in Georgia’s Black Sea port of Poti in April 2008 for $90m.
Later that year the company bought the remaining 49 per cent of the port from the state for $65m……………………………………….Full Article: Source

Posted on 07 September 2010 by VRS |  Email |Print

From Bloomberg: Italian stock market regulator Consob and the Bank of Italy asked UniCredit to prove that the two investors are independent entities after the Libyan Investment Authority, a sovereign wealth fund, bought a 2.1 percent stake in the lender in July.
The Libyan fund and the Central Bank of Libya, which owns a 5 percent stake, would violate UniCredit’s statute if they were determined to be a sole entity because the bank restricts voting rights to 5 percent……………………………………….Full Article: Source

Posted on 07 September 2010 by VRS |  Email |Print

From Rfi.fr: For the past 15 years, the profits from oil have been paid into two sovereign wealth funds. Norway’s Government Pension Fund Global invests in stocks and bonds around the world. It’s now worth over 500 billion euros.
This may sound like a dream come true, especially given that many of the world’s leading economies are faltering. But debate is raging in Norway about how the money should be spent……………………………………….Full Article: Source

Posted on 07 September 2010 by VRS |  Email |Print

From Xinhua: Japan’s foreign exchange reserves stayed at the second highest level on record, after surging by 6.63 billion U.S. dollars from the previous month to 1,070.15 billion at the end of August, the Finance Ministry said Tuesday.
It was the third consecutive month of growth for the country’s reserves, Kyodo News reported. The reserves expanded to a record 1, 073.71 billion dollars in last November. In July the reserves stood at 1,063.51 billion, the second largest level ever……………………………………….Full Article: Source

Posted on 07 September 2010 by VRS |  Email |Print

From RTTNews: Malaysia’s international reserves were at US$95.2 billion as on August 30, compared to US$95.1 billion as on August 13, Bank Negara Malaysia said Monday.
Foreign currency reserves amounted to US$85.1 billion, slightly up from US$84.9 billion as on August 13. Meanwhile the value of other reserve assets was at US$6.3 billion, unchanged from the previous period……………………………………….Full Article: Source

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