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Sovereign Wealth Funds Briefing 07.Feb 2011

Posted on 07 February 2011 by VRS |  Email |Print

Tony HaywardFrom Independent: Tony Hayward has held talks with Abu Dhabi’s sovereign wealth fund about launching a new oil company, which could mark a remarkable turnaround for the former chief executive of BP.
Mr Hayward stepped down four months ago after the Gulf of Mexico oil disaster, but the fund’s representatives approached him in recent weeks about building a new global oil and gas group. It is thought the emirate will fund the new venture to the tune of several billion dollars……………………………………….Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From 234next.com: The fate of the Excess Crude Account (ECA) speaks to the need for clarity on the reasons why we held funds in the account in the first instance; and why we should look forward to keeping it (or anything that looks like it, including through a Sovereign Wealth Fund - SWF).
Two things matter in considering these dimensions of the ECA. First, was the seeming hurriedness with which government ran through the accounts; and second, the purposes for which it was run down. Both these considerations have fed popular angst over the spendthrift policies of managers of the economy. Yet, the ECA started life as a fairly decent idea……………………………………….Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From Thenational.ae: Sovereign wealth funds (SWFs) are more or less as their name describes them: stashes of capital built up by governments in a number of ways - sometimes through the fortuitous existence of natural resources, as is the case with the SWFs of the Middle East with their massive energy revenues; and sometimes by efficient exporting industries and prudent savings policies, as with China and Singapore.
Whatever their origin, SWFs are all the equivalent of hard cash in the bank……………………………………….Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From Arabianbusiness.com: Qatari Diar, the property arm of the Qatar’s sovereign wealth fund, has halted work on a project in Cairo and evacuated its staff as protests in the Egyptian capital continue into a second week.
The Nile Corniche Project, a mixed-use luxury development on the banks of the river, has been shut down for safety reasons due to its proximity to anti-government riots, said Drake & Scull International, the Dubai firm contracted to the development……………………………………….Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From Wam.ae: The board of directors of the Emirates Investment Authority (EIA) has held its first meeting after being reshuffled by the federal cabinet. Established by a federal law on 13 November 2007, the EIA is the UAE’s first federal sovereign wealth fund.
EIA is the sole entity responsible for the future stewardship of federal government stakes in corporations across the GCC, including Etisalat, Du……………………………………….Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From Dubaibeat.com: Bahrain’s sovereign wealth fund Mumtalakat is looking at shares, hedge funds and fixed income while ADIA is looking to diversify its portfolio of infrastructure assets across regions, including North America, Europe, Australia and the Far East
In an interview with the US-based CFA Institute magazine (PDF), Saeed Al Hajeri, Executive Director of Abu Dhabi Investment Authority Emerging Markets Department has mentioned that Adia’s emerging markets department is seeking to diversify its portfolio of infrastructure assets across regions, including North America, Europe, Australia and the Far East……………………………………….Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From Reuters: Norway’s $500 billion-plus sovereign wealth fund (NBIM) said it had participated “significantly” in the European Financial Stability Facility’s inaugural 5 billion euro ($6.82 billion) bond issue last month.
The Norwegian fund keeps up to 40 percent of its total assets in bonds, with European fixed income instruments making up about half of its total debt portfolio……………………………………….Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From Monitor.co.ug: What makes the advice from Oslo valuable is Norway’s record of managing $356 billion and earning returns that exceed its own goals while publishing regular reports on its holdings and performance. Persuading Russia and China to do the same would help allay concerns among Group of 7 policy makers, who are meeting this week to draft global guidelines as government-controlled funds proliferate.
“There is a strong case for sovereign wealth funds to adopt the best practice of open funds like Norway,” said Gerard Lyons, chief economist at Standard Chartered Bank in London. Otherwise, he said, “there is a serious likelihood of Western governments and funds clashing over what they can buy and where.”………………………………………Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From Adn.com: The Alaska Permanent Fund did well in the first half of fiscal year 2011. Fund managers say the fund showed a 14.5 percent gain. That means the fund’s value was $38.4 billion at the end of the second quarter ending December 31st.
Fund Chief Executive Officer Mike Burns says the fund was well-positioned to take advantage of the return in consumer confidence and the strengthening economy……………………………………….Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From Newsminer.com: The Alaska Permanent Fund Corp.’s steady approach after the financial meltdown in 2008 is paying dividends, literally. The corporation noted last week that the fund earned a return of 14.5 percent on its investments in the first half of the 2011 fiscal year. As of Dec. 31, the fund’s value was $38.4 billion.
As a result, the fund has recovered much of the value it lost when the global economy went into a tailspin in mid-2008. The fund’s value had crested at about $40 billion in 2007……………………………………….Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From Smh.com.au: As with any boom, few will pick the top for copper, or commodities in general. But when that rainy day comes, it will be too late for Australia to open a savings account. Surely, it is time now to set up a sovereign wealth fund. (The Future Fund is commonly mistaken for a sovereign wealth fund but its purpose is to cover public servants’ superannuation liabilities.)
Ten years ago, copper fetched US80¢ a pound. Now it sells for $US4.50. All commodity prices have shot through the roof: base metals, coal and gold, and soft commodities such as sugar and wheat. All of which Australia has in abundance……………………………………….Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From Financialstandard.com.au: Stirring the most interest appears to be US infrastructure, said Liu Chuanzhi, head of IT group Lenova who said that the $300 billion China sovereign wealth fund discussed the possibilities with US president Obama during the recent state visit by China president Hu Jintao.
Lenovo is seen as having its finger of the pulse of US investments and political attitudes following its 2005 purchase of computer giant IBM……………………………………….Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From Reuters: Fullerton Fund Management, a fully owned unit of Singapore state investor Temasek , said on Monday its acting CEO has resigned, a move that comes less than four months after previous CEO Gerard Lee quit to join rival Lion Global.
Hsieh Fu Hua, a member of Fullerton’s board of directors and executive director and president at Temasek Holdings, will work closely with Fullerton’s chief investment officer and chief operating officer to guide the firm until a new CEO is appointed, a Fullerton spokeswoman said……………………………………….Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From Malaysiasun.com: The Singaporean government’s investment arm, Temasek Holdings, is expected to fight any attempts by TOT Plc to seek billions of baht in compensation from Thai telecoms companies in which it has holdings, say observers.
TOT announced on Tuesday it will seek 214.7 billion baht in compensation from local telecom operators - including AIS, which is owned by Temasek - for unpaid access charges and losses resulting from improper policy changes made by past governments……………………………………….Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From Business-standard.com: Reliance India Power Fund — a private equity fund sponsored jointly by Anil Ambani-led Reliance Group and Singapore-based Temasek Holdings (Temasek) has a stake of 19% in Su-Kam. Sachdev said Reliance India Power Fund had bought the stake for around Rs 45 crore in 2006.
He said demand for power products, including batteries, inverters and other energy storage devices in the country are growing and expects Su-Kam to be a billion dollar company in the next five years……………………………………….Full Article: Source

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Posted on 07 February 2011 by VRS |  Email |Print

From Latimes.com: South Korea’s foreign currency reserves hit a new record high in January amid strength in the euro and British pound, the central bank said Monday. The country’s official foreign reserves totaled $295.96 billion at the end of last month, up $4.39 billion from $291.57 billion in December, the Bank of Korea said in a statement.
January’s figure bested the previous all-time high set in October, according to central bank data……………………………………….Full Article: Source

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