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Sovereign Wealth Funds Briefing 01.Oct 2010

Posted on 01 October 2010 by VRS |  Email |Print

From Adn.com: The Alaska Permanent Fund has risen above $36 billion. While not at the $40 billion mark achieved three years ago, the increase indicates that the fund has survived the global recession. The Alaska Permanent Fund Corp. is holding its quarterly meeting in Fairbanks.
CEO Mike Burns said Wednesday that the corporation rebalanced its portfolio following the global recession, while avoiding major changes to its investment priorities……………………………………….Full Article: Source

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Posted on 01 October 2010 by VRS |  Email |Print

From Dow Jones: Brazil’s government, the country’s sovereign wealth fund and National Development Bank, or BNDES, together now hold a 49% stake in oil company Petroleo Brasileiro SA, or Petrobras, and a 64.3% share of voting shares, the company said late Wednesday.
The government purchased nearly two-thirds of Petrobras’ massive stock offering last week, which raised $67.8 billion for the company, according to the company’s final tally. The settlement date for the offer was Wednesday……………………………………….Full Article: Source

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Posted on 01 October 2010 by VRS |  Email |Print

From Macauhub.com.mo: The Angolan government is preparing the legal framework for the future Angolan sovereign fund, which will have “conservative management,” focused on maintaining assets, according to a document form the Angolan government sent to the International Monetary Fund (IMF).
“This method of management will mainly be applied at the launch, up to the development of a strong framework and asset management capacity,” said the memorandum on economic and financial policy under the terms of the stand-by agreement with the IMF, published Tuesday in Washington……………………………………….Full Article: Source

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Posted on 01 October 2010 by VRS |  Email |Print

From Businessdayonline.com: It is for the reason of some of the problems associated with management of such huge influx of unexpected streams of foreign exchange revenues from exports of oil and gas commodities that the idea or innovation of what is generally known as Sovereign Wealth Fund (SWF) came about.
Thus, the question is: What is a SWF? Generally speaking, a SWF is essentially an onshore Fund used as a mechanism to save windfall revenues that arose during commodity price boom periods. However, there are a number of definitions of what constitutes a SWF……………………………………….Full Article: Source

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Posted on 01 October 2010 by VRS |  Email |Print

From Asiaone.com: Mapletree Industrial Trust, a property trust linked to Temasek, is set to raise as much as S$940 million from its IPO in Singapore after it set a price range of S$0.88-S$0.93 a unit.
The trust, which owns factories and other industrial properties in the city-state, is selling 594.9 million units with an option to increase the offer by another 91.75 million units, according to a draft prospectus……………………………………….Full Article: Source

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Posted on 01 October 2010 by VRS |  Email |Print

From Businessweek.com: Emirati telecommunications giant Etisalat said Thursday it has submitted a “preliminary conditional offer” to buy 46 percent it’s Kuwait-based major regional competitor Zain, a deal valued at almost $12 billion.
The Abu Dhabi-based company it had offered 1.7 Kuwaiti dinars ($5.99) per share for the Mobile Telecommunications Company — Zain — whose major shareholders include the Kuwait’s sovereign wealth fund and conglomerate Kharafi Group……………………………………….Full Article: Source

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Posted on 01 October 2010 by VRS |  Email |Print

From WSJ: Tensions between Alessandro Profumo, former chief executive of UniCredit, and the board worsened in August when the Libyan Investment Authority, Libya’s sovereign-wealth fund, disclosed that it had purchased a 2% stake in the bank on Milan’s stock exchange.
On Aug. 31, the sovereign-wealth fund acquired an additional 0.5% of the Italian lender, according to a filing posted Monday on Italy’s market watchdog website. That stake, combined with a 4.9% stake held by the Central Bank of Libya, made Libyan institutions the biggest shareholders at UniCredit, with a combined stake of 7.4%……………………………………….Full Article: Source

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Posted on 01 October 2010 by VRS |  Email |Print

From Tradingmarkets.com: China Investment Corporation (CIC), a sovereign wealth fund responsible for managing USD 300 billion of China’s foreign exchange reserves, is one of large-sized third party investors of 3i Group PLC, a growth fund with a scale of EUR 1.2 billion, disclosed people close to the matter on September 29, 2010.
The people also revealed that 3i kept good relationship with CIC and has tried to finance a renminbi fund because renminbi funds can acquire corporate assets without approval from the government. So, other leading private equity funds in the world, such as Blackstone Group and Carlyle Group LP are financing renminbi funds, too……………………………………….Full Article: Source

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Posted on 01 October 2010 by VRS |  Email |Print

From Dow Jones: Industrial & Commercial Bank of China Ltd. plans to raise up to CNY45.0 billion from a rights issue has been approved by China’s banking regulator. The Beijing-based bank said Sept. 20 its two largest shareholders, China’s Ministry of Finance and Central Huijin Investment Ltd., an investment arm of the nation’s sovereign wealth fund, pledged to subscribe to the lender’s planned rights issue.
“The bank will proceed to other application procedures with domestic and overseas regulatory authorities pursuant to applicable laws and regulations,” ICBC said in a statement……………………………………….Full Article: Source

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Posted on 01 October 2010 by VRS |  Email |Print

From IPE: An unprecedented partial switch to tactical asset allocation by one of Singapore’s sovereign wealth funds has helped it bounce back from the “devastation” of the global financial crisis.
The Government of Singapore’s Investment Corporation (GIC) said in its annual report this week the portfolio’s increase in value in the financial year to 31 March 2010 “largely offset” earlier losses of more than 20% in Singapore dollar terms in 2008-2009……………………………………….Full Article: Source

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Posted on 01 October 2010 by VRS |  Email |Print

From Irishtimes.com: The €6.5 billion to be invested into AIB and €3.5 billion already invested into Bank of Ireland is regarded as an investment by the National Pension Reserve Fund, the €24 billion sovereign wealth fund held by the Government.
The State is likely to make this €10 billion back and could make a profit by selling down the shares over time……………………………………….Full Article: Source

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Posted on 01 October 2010 by VRS |  Email |Print

From The-vibe.co.uk: Founded in 1942 by Pope Pius XII (another pope with a somewhat ambiguous attitude towards the cause of international fascism), the Vatican Bank’s mandate is to: “provide for the safekeeping and administration of movable and immovable property transferred to or entrusted to it by physical or juridical persons and intended for works of religion or charity”. In practice, it has become the Vatican City’s own sovereign wealth fund.
Beyond simply “safeguarding” the Vatican’s assets, it has, over the years, become a very profitable business which has veiled its shamelessly capitalistic activities behind a veil of devout, religious sanctions……………………………………….Full Article: Source

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Posted on 01 October 2010 by VRS |  Email |Print

From Bloomberg: Norway’s $450 billion sovereign-wealth fund, the world’s second biggest, has purchased Greek securities.
Greek bonds were the top performers in Europe last quarter, gaining for the first time since the sovereign debt crisis began, as investors bet that record high yields more than compensate for the possibility of a default……………………………………….Full Article: Source

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