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Sovereign Wealth Funds Briefing 11.Oct 2010

Posted on 11 October 2010 by VRS |  Email |Print

From Todayonline.com: Temasek Holdings is bullish on India’s growth prospects and may expand its long-term investments there to new portfolios such as infrastructure, healthcare and banks.

Manish Kejriwal, senior managing director and country head of Temasek Holdings Advisory India, said the Singapore investment company has invested around $10 billion to $11 billion in the country and that, “except for a few cases, most of our portfolio companies have been doing well”…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Bloomberg: Mapletree Industrial Trust, controlled by Singapore’s Temasek Holdings Pte, is set to raise S$853 million ($654 million) in an initial public offering, two people with knowledge of the matter said.

The real estate investment trust is selling 917.5 million shares at S$0.93 apiece, the people said, requesting anonymity because the pricing hasn’t been publicly announced. Mapletree, owned by the real estate unit of Singapore’s state investment company Temasek, had marketed the units at S$0.88 to S$0.93…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From WSJ: A $30 billion Malaysian state-owned fund is testing the premise that promoting national interests is compatible with making a profit. Those, in fact, are the twin goals that drive Khazanah Nasional Bhd., the government’s investment arm that prides itself on its returns—it says its compound annual growth rate is running around 13% a year, up from 9% at the end of last year—and its ability to seed new industries.

“We like to think you can have the best of both worlds,” Azman Mokhtar, Khazanah’s managing director, said in a rare interview. “Unabashedly,” he said, “we go out and want to create jobs.”……………………………………Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From WSJ: Fortis Healthcare, a leading hospital chain in India, in July bowed out of a bidding war for Singapore health-services company Parkway Holdings Ltd. and sold the approximately 25% stake it held in Singapore’s largest hospital chain to Malaysia’s sovereign-wealth fund Khazanah Nasional Bhd., which made an offer for Parkway.

Quality Healthcare is the largest private integrated health-care operator in Hong Kong, providing medical services and allied health services. The acquisition includes a network of more than 60 wholly-owned medical centers, more than 500 affiliated clinics, some 40 dental and physiotherapy centers, and a private-nursing service with more than 3,000 nurses…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Shanghaidaily.com: Teck Resources Ltd, Canada’s largest base-metals and coal producer, said an investment by China’s sovereign wealth fund has almost tripled in value and it is eying a listing in Shanghai as it sells its products to more customers in China.

China Investment Corp bought 17.2 percent of Teck in July last year for US$1.5 billion, and the stake is now worth US$4.3 billion, Donald Lindsay, CEO of Teck, said in Shanghai…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Bloomberg: Kuwait’s sovereign wealth fund did not receive an offer for its stake in Mobile Telecommunications Co., known as Zain, Managing Director Bader al-Saad said in remarks to Al Arabiya television.

Al-Saad said the fund supports the possible deal in which Emirates Telecommunications Corp., known as Estisalt, offered to buy 46% of Zain and said the deal would be a boost to the Kuwaiti stock market…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Indiatimes.com: The Kuwait sovereign fund’s stake in Zain is not affected by an offer from Emirates Telecommunications Corp (Etisalat) to buy 46 per cent of the Kuwaiti telecom company, the fund’s general manager said. Kuwait Investment Authority (KIA), the Gulf Arab state’s sovereign wealth fund, holds a 24.6 per cent stake in Zain.

KIA’s general manager, Bader al-Saad, told Al Arabiya television that the fund supports the Etisalat-Zain deal as it would have a positive impact on the Kuwaiti bourse and the economy…………………………………….Full Article: Source

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From Ameinfo.com: PricewaterhouseCoopers (PwC), the leading professional services organisation, announces the expansion of its Abu Dhabi office with the appointment of four new partners specialising in advisory, assurance, financial services and sovereign wealth funds (SWF).
Jay Muysken, PwC’s Global Sovereign Wealth Fund (SWF) Leader, joins the Abu Dhabi office from PwC Australia…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Ameinfo.com: Le Royal Monceau Hotel, one of Paris’ most iconic and historic hotels, is reopening on Monday 18th October following a dramatic reimagining that blends hospitality and art. The hotel, owned by Qatari Diar, has undergone significant refurbishment under a creative leadership team that includes the nenowned designer Philippe Starck.
The hotel–which features an art library, recording facilities for musicians and visual artists, a state-of-the art screening room, a personal art conceirge and design art– to make it the first hotel in a new generation of Parisian palaces…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Constructionweekonline.com: Abu Dhabi’s Mubadala Development Company has signed two collaboration agreements with the iMalaysia Development Berhad over a $US 7billion aluminium project, according to a statement issued over the weekend.

The agreements were signed on Friday in Malaysia by Mubadala Real Estate & Hospitality (MREH) and Mubadala Industry (MI). MI has agreed to assess the viability of the development of a major initiative in the aluminium sector based on hydro power in the Sarawak Corridor of Renewable Energy (SCORE), and the Kuala Lumpur International Financial District…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Dailymail.co.uk: The Canadian pension fund that owns national lottery operator, Camelot , is attempting to thwart BHP Billiton’s hostile £24billion takeover bid for the world’s biggest fertiliser producer. The pension fund is understood to be talking to Singapore’s sovereign wealth fund Temasek about joining together to mount a challenge to BHP’s offer.

BHP launched a bid for Canada’s Potash Corporation in August this year. But the Ontario Teachers Pension Plan, which controls a £60billion portfolio of investments, is thought to be planning a rival offer…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Newsminer.com: It’s that glorious time of year when the Permanent Fund Dividend is on many minds. The Alaska Permanent Fund board met recently in Fairbanks to discuss the state of this marvelous fund and its future. It has been more than a generation since the creation of the fund, and many Alaskans aren’t really clear about what the fund is for, how it is invested and what is at risk.

The Permanent Fund has been a great success, and many of its original protections and benefits have served us well. But we are entering a time when things will change. How we view and ultimately use the Permanent Fund is going to be a question we will need to face…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Bloomberg: Petroleo Brasileiro SA shares account for 80 percent of assets in Brazil’s sovereign wealth fund after the state-controlled company’s $70 billion stock offering last month, O Estado de S. Paulo reported.

Of the fund’s 18 billion reais ($10.8 billion), 90 percent is invested in shares of state companies such as Petrobras, as the oil producer is known, Sao Paulo-based Estado said, citing data from the country’s securities regulator, known as CVM…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Bloomberg: Brazil increased its foreign reserves by 16.4 percent this year, to $279 billion on Oct. 7, according to central bank data. The government has vowed to use its sovereign wealth fund to buy dollars in the spot market, if needed.
Brazil also doubled to 4 percent a tax it charges foreigners on investment in fixed- income securities in a bid to stem gains in the real, which last week reached its strongest in more than two years…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Commodities-now.com: Three of the four BRIC countries have established sovereign wealth funds (SWFs). The SWFs differ in terms of size, financing modalities and investment strategies. Only Russia can properly be said to have a savings fund. Brazil’s FSB might turn into one provided the expected surge in energy production and exports leads to both current and fiscal account surpluses later this decade.

Among the BRICs, China holds by far the largest “excess” FX reserves. Equally significantly, China, and more specifically the Chinese government, will continue to witness a massive rise in gross (and net) foreign asset holdings over the coming years. Generally speaking, the large net position will afford China and the other BRICs with very significant scope to pursue economic, financial and political objectives – or various combinations thereof…………………………………….Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Thenational.ae: Few observers expect the Gulf region’s sovereign funds to exercise political or economic sway in the debate but Sven Behrendt, the managing director of Geoeconomica, a political risk management company based in Geneva, said they had the latitude and size to do so. “We estimate that the Gulf region holds an accumulated $1.3 trillion in foreign exchange reserves and financial assets in sovereign wealth funds,” he said.
“That is somewhat more than the foreign exchange reserves of Japan and more than half of China’s foreign exchange reserves. That means the Arab world is a player in this currency war and as such will also determine how it is going to evolve.”……………………………………Full Article: Source

Posted on 11 October 2010 by VRS |  Email |Print

From Topnews.ae: India’s foreign exchange reserves elevated by $2.563 billion to $294.158 billion till the last week ended Oct 1, listing a increase for the 3rd consecutive week on basis of revaluation. Foreign currency reserves hoisted by $1.978 billion to $266.507 billion, all throughout the week according to the Reserve Bank of India weekly statistical supplement.

The worth of gold reserves elevated $508 million to $20.516 billion, Special Drawing Rights (SDRs) climb $56 million to $5.139 billion and reserve with International Monetary Fund boost by $21 million to $1.996 billion…………………………………….Full Article: Source

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