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Sovereign Wealth Funds Briefing 10.Sep 2010

Posted on 10 September 2010 by VRS |  Email |Print

From Reuters: Britain’s coalition government is open to investments by China’s $300 billion sovereign wealth fund and is working on the possibility of the fund opening a London office, Business Minister Mark Prisk said on Thursday.
Prisk starts a five-day trip to China on Sunday, the latest in a series of British ministers to visit the Asian powerhouse since Britain’s coalition government was formed in May with a strong focus on trade with emerging markets……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From Todayonline.com: Norway has stocked up on Greek bonds, saying Greece will not default on its debt in a major confidence booster for the beleaguered Hellenic state. Norway’s US$450-billion ($604-billion) Government Pension Fund Global, the world’s second-biggest sovereign wealth fund, has also accumulated bonds of Spain, Italy and Portugal.
Norwegian Finance Minister Sigbjoern Johnsen said he backed the strategy, which contributed to a 3.4-per-cent loss on European fixed income in the second quarter, compared with gains on bonds in Asia and the Americas……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From Kitco.com: If you were asked to quickly name the world’s second largest sovereign wealth fund, would…Norway be in the running, in your mind? Now, if you were asked to guess what it is that this, near half-trillion dollar-sized fund just loaded up on, would…Greek debt be anywhere on your list? Well, that is exactly what is happening these days, when it comes to the pile of cash that the oil revenue-rich country has amassed.
Call them Norwegians crazy, if you will. Their Finance Ministry also let it be known that it has not been averse to other debt purchases, especially those seen as ‘toxic’ by others; namely, Portuguese, Italian, and Spanish debt……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From Reuters: Beijing is considering restructuring China Investment Corp (CIC), its $300 billion sovereign wealth fund, in a bid to boost accountability, two sources with knowledge of the plan said.
The proposed reorganisation, which is bound up with maneuvering among China’s political power brokers ahead of the Communist Party’s five-yearly congress in 2012, could result in a sharper focus by CIC on its overseas portfolio……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From Dow Jones: China should allow domestic investors to invest overseas more freely, China Investment Corp. Executive Vice President Jesse Wang said at a forum Thursday. Wang didn’t elaborate.
Chinese companies looking to invest abroad face potential regulatory restrictions and political resistance overseas, as well as China’s own restrictions on outbound investments……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From Channelnewsasia.com: Sovereign wealth fund Government of Singapore Investment Corp (GIC) is expected to list its logistics unit on the Singapore Exchange on October 15. The initial public offering (IPO) of Global Logistic Properties (GLP) aims to raise up to US$3 billion in what could be Singapore’s biggest IPO.
If successful, the IPO would be bigger than SingTel’s S$4 billion (US$2.9 billion) listing in 1993, and dwarf CapitaMalls Asia’s US$2.02 billion IPO launched last year……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From Bloomberg: The Government of Singapore Investment Corp. started talks with potential corporate investors for the $3 billion initial public offering of its logistics unit, two people with knowledge of the matter said.
GIC has identified about 50 so-called cornerstone investors including real estate and hedge funds, and some international wealthy individuals, one of the people said, declining to be identified as discussions are private……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From WSJ: Government of Singapore Investment Corp. is set to list some of its logistics assets Oct. 15 through an initial public offering that could raise as much as US$3 billion, a person familiar with the deal said Thursday, making it the heavyweight in what is set to be a banner year for IPOs on the city-state’s exchange.
The sovereign-wealth fund, through its property-investment unit GIC Real Estate, is tapping the IPO market by listing the assets under real-estate unit Global Logistic Properties Ltd……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From Straitstimes.com: An initial public offering (IPO) which could be Singapore’s largest is about to get under way, and retail investors will have a slice of the action.
The Government of Singapore Investment Corp (GIC) is planning to list its logistics unit here next month and has started talks with major investors……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From Reuters: South Korea plans to inject more than $5 billion into Korean Investment Corp (KIC) next year as the soverign wealth fund looks to extend overseas partnerships and boost investments, a government official said.
The $35 billion Korean fund, set up in 2005 to help manage assets entrusted by the government and the Bank of Korea, is one of the world’s smallest state wealth funds. In comparison, China Investment Corp (CIC) has some $300 billion in assets……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From AFP: China’s foreign exchange reserves have ballooned in recent years, surging to a record 2.454 trillion dollars at the end of June. One way Beijing has diversified its investments is through sovereign wealth fund China Investment Corp, which manages around 300 billion dollars and has been investing heavily in resources companies.
Japan’s Finance Minister Yoshihiko Noda said Thursday the government was closely monitoring China’s ramped-up buying of Japanese government debt and would check with Beijing on its motives……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From Indiatimes.com: HDFC Mutual Fund is also looking to set up offices in the Gulf, after it received the mandate to advise Abu Dhabi Investment Authority (ADIA) on India investments.
“Selling mutual funds is becoming very difficult in India. The regulator has scalped our profit margins by a good measure; we are left with no option, but to approach overseas investors. We help these investors invest in Indian equities and real estate,” said the chief investment officer (CIO) of a bank-promoted fund house who spoke on the condition of anonymity……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From Automatedtrader.net: A second bidding group includes Morgan Stanley’s (MS) infrastructure fund, 3i Group PLC’s infrastructure fund, and the Abu Dhabi Investment Authority.
Hong Kong billionaire Li Ka-Shing Cheung Kong Infrastructure (CKI) is also through to this round of the process, a person familiar with that company’s intentions said……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From Ibtimes.com: A new paradigm so far in 2010 is the emerging markets economies performing better than their developed counterparts. In 2010, its deficit is estimated at 5 percent of GDP. To cover the deficits, Russia will tap into its Stabilization Fund, which was set up in 2004 to collect excess tax revenues from oil.
The fund currently has $450 billion, said Leon Aron, a scholar at the American Enterprise Institute. However, “nobody knows what will happen once this money runs out,” he warned……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From Dow Jones: Brazil’s federal sovereign wealth fund and the BNDES and Caixa Economica Federal state-controlled banks will be allowed to participate in the planned capitalization of state-controlled oil company Petroleo Brasileiro later this month, according to a decree published by government in the country’s federal register Thursday.
Under the decree, BNDES National Development Bank and the Caixa Economica Federal savings and loan bank will be allowed to sell or exchange up to 217,395,982 common shares of Petrobras, as the company is known, with the country’s sovereign wealth fund, which is managed by the state-controlled Banco do Brasil………………………………………Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From Reuters: BTG Pactual, the Brazilian securities firm controlled by billionaire Andre Esteves, is in talks to raise about $1.5 billion from sovereign wealth funds in Asia and the Middle East, Valor Economico newspaper reported on Thursday, without saying how it obtained the information.
BTG would raise the cash through a private placement, issuing new shares that would give a group of sovereign funds a 15 percent stake in the firm, Valor said. Such transaction would value BTG Pactual at around $10 billion, the newspaper said……………………………………….Full Article: Source

Posted on 10 September 2010 by VRS |  Email |Print

From Theprovince.com: Canada is a country extremely wealthy in natural resources that are in demand around the world. We are seeing many of these resources being bought up by foreign nationals with sovereign wealth funds from their own countries. Look at how many companies China has close to controlling shares in.
Canada should have a sovereign wealth fund tax on all resources. These funds could then be used to keep Canada what it is. Some people may say it cannot be done. But look at how our banks seem to be able to make billions in profit every year from their investments……………………………………….Full Article: Source

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