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Sovereign Wealth Funds Briefing 01.Feb 2011

Posted on 01 February 2011 by VRS |  Email |Print

From Reuters: Norway’s central bank will not sell Norwegian crowns in February to buy foreign exchange for the country’s oil fund, the bank said Monday on its NOCC page, extending its January practice.
The central bank manages Norway’s 3.1 trillion Norwegian crown ($524 billion) Government Pension Fund Global, which invests surplus oil wealth to save for a future when the country’s oil and gas resources run dry……………………………………….Full Article: Source

Posted on 01 February 2011 by VRS |  Email |Print

Karim MasimovFrom Reuters: Kazakhstan, seeking $100 billion in foreign investment in the next decade, plans to unveil a key privatisation programmme by the end of the first quarter. The head of Kazakhstan’s sovereign wealth fund said that the sell-off - a so-called “people’s IPO” - would begin in 2012.
The country is aiming to diversify its resources-dependent economy and become a leading emerging market by 2020……………………………………….Full Article: Source

Posted on 01 February 2011 by VRS |  Email |Print

From Business-standard.com: Private equity firm Bain Capital LLC and Government of Singapore Investment Corporation(GIC), a sovereign fund owned by the government, are close to picking up part of Honda’s 26 per cent equity stake in the world’s largest two-wheeler manufacturer Hero Honda.
The two funds have left behind many other contenders, which had shown interest in the deal, including PE funds like KKR, Carlyle, Warburg Pincus and TPG, among others, say sources. They also say that the deal is being negotiated at a price of around Rs 1,500 to Rs 1,600 a share……………………………………….Full Article: Source

Posted on 01 February 2011 by VRS |  Email |Print

From Indiatimes.com: Khazanah Nasional, the Malaysian government’s investment arm, recently beat Fortis Healthcare to acquire Parkway, Asia’s largest hospital chain. In India, Khazanah, that globally has investments of $35 billion and assets of $100 billion, holds stakes in Apollo Hospital, Idea Cellular, IDFC and Yes Bank.
Kazanah’s Tan Sri Dato’ Azman bin Hj. Mokhtar says he is looking to scale up its investments in India but will be very selective……………………………………….Full Article: Source

Posted on 01 February 2011 by VRS |  Email |Print

From Telegraph: In unusually open comments, Gao Xiqing, vice-chairman and president of the Chinese Investment Corporation (CIC) said the fund has a bias towards emerging markets where it does not face the same degree of political hostility. “Sometimes the government makes it clear they will make it difficult for us, so we say ‘forget it’,” he said.
CIC was very active during the financial crisis, buying stakes in private equity group Blackstone and Morgan Stanley. “Over the past three years . . . things became a little easier as they said we welcome the money but not the people,” he said……………………………………….Full Article: Source

Posted on 01 February 2011 by VRS |  Email |Print

From Zawya.com: The emerging markets department of the Abu Dhabi Investment Authority (Adia), the world’s largest sovereign wealth fund, favours assets that will fetch it high and stable earnings in the long term, a department official has said.
Saeed Al Hajeri, Executive Director of Adia’s Emerging Markets Department, which also oversees investments in infrastructure assets, said that his focus within infrastructure is on assets with long-term stable yields, such as airports, power stations and gas pipelines……………………………………….Full Article: Source

Posted on 01 February 2011 by VRS |  Email |Print

From Emirates247.com: The emerging markets department of the Abu Dhabi Investment Authority (Adia), the world’s largest sovereign wealth fund, favours assets that will fetch it high and stable earnings in the long term, a department official has said.
Saeed Al Hajeri, Executive Director of Adia’s Emerging Markets Department, which also oversees investments in infrastructure assets, said that his focus within infrastructure is on assets with long-term stable yields, such as airports, power stations and gas pipelines……………………………………….Full Article: Source

Posted on 01 February 2011 by VRS |  Email |Print

From Arabianbusiness.com: Gulf sovereign wealth funds are now looking East for opportunities as Western economies stumble, Malaysia Prime Minister Najib Razak said.
“Traditionally Gulf countries did prefer to invest in the West, but now I think they are beginning to look at our part of the world. I think they realise the strongest impetus for global growth is going to come from East Asia,” he said……………………………………….Full Article: Source

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From Thenational.ae: Dubai World is restructured, although the final deals for it and its subsidiary Nakheel have still not been signed, and a phased reorganisation of Dubai Holding’s financial obligations is under way. Now attention is turning to Investment Corporation of Dubai (ICD), the third pillar of the corporate infrastructure known informally as Dubai Inc.
Analysts regard ICD as the most solid of the emirate’s government-related holding companies, backed by valuable cash-generating assets such as Emirates Airline, Dubai Aluminium and the Dubai World Trade Centre……………………………………….Full Article: Source

Posted on 01 February 2011 by VRS |  Email |Print

From Allaboutalpha.com: It seems that sovereign wealth funds are the latest “scary” thing in the media – perhaps scarier than high-frequency traders, Irish banks, Greek tax collectors or U.S. subprime borrowers. But there’s a difference: where the latter may blow up an economy, SWFs merely threaten to take it over, or at least its commanding heights (whatever those are these days).
Sovereign wealth funds are not a terribly new idea of course: Kuwait’s sovereign wealth fund dates back to 1953, Norway’s to 1967……………………………………….Full Article: Source

Posted on 01 February 2011 by VRS |  Email |Print

From Dow Jones: In the latest sign Japan is moving to actively deploy its massive stockpile of foreign currency reserves outside the country, the Ministry of Finance will earmark $3.9 billion for strategic investments overseas through a government-affiliated financing body. Japan could eventually seek to transform the JBIC into a sovereign wealth fund like those in China, Norway and Singapore.
Unlike a typical SWF, the JBIC currently has no mandate to take direct stakes in overseas investments……………………………………….Full Article: Source

Posted on 01 February 2011 by VRS |  Email |Print

From Saba: An economic report has showed that Yemen’s foreign currency reserves have declined to US$ 5.733 billion last November compared with US$ 5.987 billion last October.
According to the report issued by the Central Bank of Yemen, the foreign asset of banks reached US$ 2.314 billion in November compared with US$2.352 billion in October, while the budgets of commercial and Islamic banks increased to US$ 1918 billion in November compared with US$ 1959 in October……………………………………….Full Article: Source

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