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Sovereign Wealth Funds Briefing 20.Sep 2010

Posted on 20 September 2010 by VRS |  Email |Print

From Reuters: China Investment Corp (CIC), China’s $300 billion sovereign wealth fund, “has doubts” about investing in old line automakers and would approach any such deals cautiously, the fund’s general manager said.
CIC was approached by a number of car makers during the financial crisis, including some major ones, about possible investments, said Gao Xiqing, speaking at an automotive forum in Chengdu, China. He did not name the companies………………………………………..Full Article: Source

Posted on 20 September 2010 by VRS |  Email |Print

From AFP: China’s state-owned Sinochem Group has asked the government to back a potential bid for Canada’s Potash Corp, the world’s largest fertiliser maker. According to the sources, Sinochem has been in touch with Singapore’s sovereign wealth fund Temasek concerning a potential bid, but nothing has yet been decided.
“Sinochem has submitted written material to relevant agencies in the government saying that potash (used to make fertiliser) is key to national food security, and hoping it can get support,” the Economic Observer reported……………………………………….Full Article: Source

Posted on 20 September 2010 by VRS |  Email |Print

From Dow Jones: Central Huijin Investment Ltd., the domestic investment arm of China’s sovereign-wealth fund, raised 55 billion yuan ($8.19 billion) via two bond offerings Thursday, the company said in a statement posted on the China Foreign Exchange Trading System’s website.
Central Huijin sold CNY30 billion worth of five-year bonds at 3.14%, in the middle of the 2.80% to 3.40% indicative range it set earlier this week, it said in the statement dated Friday……………………………………….Full Article: Source

Posted on 20 September 2010 by VRS |  Email |Print

From Bi-me.com: UniCredit SpA investor Libyan Investment Authority boosted its stake in Italy’s biggest bank since July and told the country’s stock market regulator that it’s a separate entity from the Central Bank of Libya, reported Bloomberg, citing two people with knowledge of the matter.
The Libyan sovereign wealth fund informed Italy’s Consob in a letter that it purchased an additional 0.5% stake in the Milan-based lender, raising its holding to 2.6%, said the people, who asked not to be identified because the letter is confidential……………………………………….Full Article: Source

Posted on 20 September 2010 by VRS |  Email |Print

From Reuters: Libyan investors’ combined stake in Italy’s biggest bank UniCredit should be limited to 5 percent, a Northern League politician said on Saturday, adding to his party’s worries of a takeover.
On Friday, Libyan’s sovereign wealth fund raised its stake in UniCredit, pushing total Libyan investment up to 7.6 percent. Libya’s envoy to Rome Hafed Gaddur told Reuters on Friday the stake was “enough.”………………………………………Full Article: Source

Posted on 20 September 2010 by VRS |  Email |Print

From Tehrantimes.com: As part of transparency measures, Abu Dhabi Investment Authority (ADIA) published its first annual review earlier this year, revealing details of asset composition and average returns for the first time.
However, it did not disclose absolute asset levels, and is only willing to disclose a lower bound figure of 200 per cent of GDP……………………………………….Full Article: Source

Posted on 20 September 2010 by VRS |  Email |Print

From Gulf-times.com: The emirate of Abu Dhabi, having spent billions last year bailing out glitzy neighbour Dubai, is turning to more distant Fujairah to ensure safe, quick passage for its oil exports and improve the nation’s food security.
The capital of the UAE, the fourth-largest crude producer in the Organisation of Petroleum Exporting Countries, is bankrolling infrastructure projects in the easternmost emirate, Fujairah, to gain direct access to the Indian Ocean. Abu Dhabi is investing in an oil-storage terminal and a $3.3bn pipeline and is building the country’s biggest power and water treatment plants as well as a facility to store imported grain……………………………………….Full Article: Source

Posted on 20 September 2010 by VRS |  Email |Print

From Kuna.net.kw: The tour will last four days and take in ministers, investors and sovereign wealth funds in Saudi Arabia, Dubai, Abu Dhabi and Kuwait. The delegation will explain the Coalition Government’s new economic and fiscal policies and reassuring investors that the UK will not follow Greece and other European countries into a sovereign debt crisis.
One London-based sovereign debt specialist said: “There’s a suspicion in the markets that the UK is teetering on the edge of a crisis. Clearly gilts have held up despite it all but this delegation is a good idea to cement investors’ faith.”………………………………………Full Article: Source

Posted on 20 September 2010 by VRS |  Email |Print

From Bloomberg: Mongolian Mining Corp. and its shareholders will raise as much as HK$5.28 billion ($680 million) in a Hong Kong initial public offering to fund rising production and build a railway line to transport coal.
SouthGobi Resources Ltd., the Canada-listed company backed by China’s sovereign wealth fund, trades at 11.2 times consensus forecasts for 2012 profit, JPMorgan said in its research report……………………………………….Full Article: Source

Posted on 20 September 2010 by VRS |  Email |Print

From Temasekreview.com: The writings were on the walls at Wall Street in New York, and still he allowed the GIC and Temasek Holdings to rush in to pick up the cheap stocks that others were dumping since 2007.
By the end of 2008, these Singapore Sovereign Funds were caught holding US$100 BILLION of worthless stocks – some of which were downgraded from ‘Class A Preferred Stocks’ to ‘Ordinary Stocks’ or even worthless……………………………………….Full Article: Source

Posted on 20 September 2010 by VRS |  Email |Print

From Businessspectator.com.au: The Australian reports that the Future Fund made a behind-the-scenes intervention in the negotiations after it was revealed that the sovereign wealth fund has million of dollars tied up in Alinta through investment mandates held by Sankaty, York and Oaktree Capital.
The newspaper said the Future Fund was concerned that funds acting on its behalf could take actions that would result in one of the country’s largest energy companies being placed in voluntary administration……………………………………….Full Article: Source

Posted on 20 September 2010 by VRS |  Email |Print

From Livetradingnews.com: Petrobras, the Brazilian energy company, increased the size of its share issue by more than US$6B to as much as US$78bln. The World’s largest share offering grew even bigger on Friday when fueling speculation that an Asian sovereign wealth fund was interested.
Petrobras’ increased offer came even though its stock price has fallen almost 30% this year. It looks like at a positive sign meaning there is a big buyer out there like a sovereign wealth fund that has expressed interest……………………………………….Full Article: Source

Posted on 20 September 2010 by VRS |  Email |Print

From Peureport: The American government, deep in hock, owns 60% of General Motors. GM plans an independent public offering (IPO) under the new leadership of Daniel Akerson, formerly of The Carlyle Group. Carlyle is part owned by CalPERS, a pension fund, and Mubadala Investment Company, a sovereign wealth fund from the United Arab Emirates.
Reuters reported international interest in GM’s upcoming IPO. China’s state owned car company, SAIC, wants a single digit ownership stake in GM. SAIC and GM have a 13 year relationship. Other “cornerstone investors” could include state owned sovereign wealth funds (SWF), many fueled by oil money. Ackerson is using his SWF contacts to line up investment sales meetings……………………………………….Full Article: Source

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