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Sovereign Wealth Funds Briefing 30.Sep 2010

Posted on 30 September 2010 by VRS |  Email |Print

From Thestar.com.my: The Government of Singapore Investment Corp (GIC) expects economic growth in developed countries to be slow over the next decade which is why it plans to invest more in the developing world, a senior official said yesterday.
Group chief investment officer Ng Kok Song told a conference in Singapore that GIC’s in-house economists expected the developed world to grow by 2.4% this year compared with 8% for emerging Asia……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From Asianinvestor.net: The larger of Singapore’s two sovereign wealth funds (SWFs) will continue the trend among state investment arms of building exposure to emerging markets, especially in Asia, its chief investment officer confirmed in a speech.
However, the Government of Singapore Investment Corporation’s (GIC’s) annual report, published this week, maintained another trend among SWFs – giving little away about its allocations and investment plans……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From Straitstimes.com: Economists at the Government of Singapore Investment Corp (GIC) are upbeat about global economic growth this year - especially for Asia. They believe global growth will average 3.8 per cent, as advanced economies advance a more modest 2.4 per cent.
However, emerging Asia will lead the world, charging ahead by a much faster 8 per cent, economists at the sovereign wealth fund expect……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From Msn.com: Singapore state investment agency GIC expects Asia’s economic growth to outpace developed economies’ and will concentrate its investments in the region, a top executive said Wednesday.
Government of Singapore Investment Corporation’s (GIC) internal analysts estimate the region’s emerging economies will grow at an average eight percent in 2010, group chief investment officer Ng Kok Song said……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From Todayonline.com: The Government of Singapore Investment corporation (GIC) said real estate and private equity investments can lead to better returns than equities in its emerging markets investment strategy.
This comes as the sovereign wealth fund said it expects slower growth in developed economies for the next 10 years……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From Assetinternational.com: The $300 billion sovereign wealth fund’s supervisory board Chairman Jin Liqun said that the CIC will not invest in areas with repuational risk — such as defense, casino and alcohol-related sectors — and sees more room to collaborate with global institutions.
“We will not do anything that has a reputational risk for us,” CIC supervisory board Chairman Jin Liqun said at an address at the Super Return Asia 2010 conference, according to the news agency. He added that China’s private equity industry is set for growth in the years ahead, buoyed by a strong legal system and exit opportunities through initial public offerings……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From Dow Jones: China Investment Corp., the country’s $300 billion sovereign-wealth fund, was one of the biggest third-party investors in 3i Group PLC’s EUR1.2 billion growth capital fund raised earlier this year, a person familiar with the situation said Wednesday.
“3i has good ties with CIC and has been welcomed by the government there as it has been in India,” the person said, adding that 3i has been exploring raising a yuan fund that CIC could be involved in, although no decision has yet been taken……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From Emirates247.com: Dubai World (DW) has assured its creditors it could raise $19.4 billion from the sale of its assets if they agree on a restructuring period of up to eight years, the Saudi American Bank Group (Samba) said on Wednesday.
In a study, Samba said a landmark debt restructuring deal reached between DW and more than 99 per cent of its lenders had a positive impact in the country as it boosted share prices and cut the cost of insuring Dubai’s sovereign debt……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From Bloomberg: Emirates Telecommunications Corp. known as Etisalat, is offering about $10.5 billion for a majority stake in Zain, Kuwait’s largest mobile-phone company. Kuwait Investment Authority, the country’s sovereign wealth fund, is Zain’s largest shareholder with 24.6 percent.
The bid is for all Zain assets controlled by shareholders who own about 46 percent of the company, including operations in Saudi Arabia, one of the people said, declining to be named because the talks are private……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From Globalpensions.com: Uganda’s state pension fund reported a return of 7% on members’ contributions for the year to June, chairman Vincent Ssekkono said.
The National Social Security Fund has increased the interest rate paid to members from 3% to 7% in fiscal 2010,” he said. The fund “will pay a higher rate in future as the fund’s financial performance continues to improve”, he added……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From Mellersh.co.uk: Sovereign wealth fund St Martins Property Corp Ltd is set to start marketing commercial property assets across Europe. The company, which is the real estate arm of Kuwait, will start pushing £1 billion worth of assets, including individual properties in the UK and on the continent, stated the news provider.
Some buildings could be folded into larger portfolios, although the company has not made it clear which assets are to be shifted……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From News.am: The Azerbaijani Government allocated a U.S. $200m credit to Georgia for the work on the Georgian section of the railway. The funds were provided from the State Oil Fund of Azerbaijan (SOFAZ) for 25 years, at an annual interest rate of 1%.
A new, 105-km-long section is to be constructed under the project, with a 76-km-long section to run through Turkey and a 29-km-long one, through Georgia. Also, the Akhalkalaki-Marabda-Tbilisi section will be renovated, which will increase its annual capacity up to 15m tons……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From Theglobeandmail.com: Sovereign wealth funds are often cast as the bogeymen of global investing. Critics slam these big pools of government owned or managed cash for playing geopolitics with their cash. But economist Edwin Truman of the Peterson Institute for International Economics argues not all SWFs are created equal.
In a new book, Sovereign Wealth Funds: Threat or Salvation?, Mr. Truman rates funds on such things as their independence from government masters (and official reserves), their transparency and their track records……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From Aprn.org: The Alaska Permanent Fund Corporation is holding its annual meetings in Fairbanks this week. The state owned corporation’s director Mike Burns says the fund’s value has been on a roller coasters ride in recent years, as the economy has gone from boom to bust, and now recovery.
Burns says the fund survived despite the heavy financial slump of 2008, one of the five worst economic years on record in the U.S. Permanent Fund investments are diversified worldwide, and Burns says fund managers did not react when the sharp down turn hit……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From Glgroup.com: Brazil’s sovereign wealth fund, state-owned national development bank BNDES and other state enterprises also bought shares as part of the record-setting Petrobras sale that totaled $70 billion, Finance Minister Guido Mantega said.
“The deal was a huge success, surpassing expectations, in an adverse moment because there still a crisis in the world,” Mantega told reporters before a ceremony to commemorate the Petrobras offer at the Sao Paulo stock exchange……………………………………….Full Article: Source

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Posted on 30 September 2010 by VRS |  Email |Print

From Ennaharonline.com: Algeria has $ 150 billion foreign exchange reserves at end-July 2010, an increase of 1.1 billion dollars since December 2009, said Wednesday the chief policies and planning at the Ministry of Finance, Abdelmalek Zoubeidi.
“The financial health of Algeria is excellent and its external financial position remains comfortable” because such a “good volume of official foreign exchange reserves, estimated at 150 billion dollars at end July 2010,” he said……………………………………….Full Article: Source

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