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Sovereign Wealth Funds Briefing 10.Feb 2011

Posted on 10 February 2011 by VRS |  Email |Print

Roger CorbettFrom Brisbanetimes.com.au: Ralph Norris has re-opened the debate over a resource sector super profits tax by calling for a Norwegian-style sovereign wealth fund to ensure Australia does not squander the windfall from the mining boom.
The comments by the Commonwealth Bank of Australia boss add to calls by a sprinkling of business figures, including the Reserve Bank member and Fairfax Media chairman, Roger Corbett, for the government to start locking up some of the revenue from resource exports for future generations……………………………………….Full Article: Source

Posted on 10 February 2011 by VRS |  Email |Print

Padmanabh (Paddy) SinhaFrom Moneycontrol.com: In a major lateral move, Padmanabh (Paddy) Sinha, Managing Director of Temasek Holdings India, one of the two sovereign wealth funds managing investments of Singapore government, will join Tata Opportunities Fund as Senior Partner and Chief Investment Officer.
He will be taking up the new responsibility on or before March this year………………………………………Full Article: Source

Posted on 10 February 2011 by VRS |  Email |Print

From WSJ: The Securities and Exchange Commission’s foreign bribery probe of banks and private-equity firms is looking beyond their dealings with sovereign-wealth funds to other types of sovereign investment, including government pension funds.
That could widen the scope of the investigation hugely, given the many and varied dealings between government pension plans around the world and U.S. financial institutions……………………………………….Full Article: Source

Posted on 10 February 2011 by VRS |  Email |Print

From Reuters: France’s Yoplait has received nine preliminary offers for a half stake in the world’s second-largest yoghurt maker. France’s sovereign wealth fund, the Fond Strategique d’Investissement, may take a minority stake as part of a broader capital increase.
Private equity firm PAI Partners hired bankers last September to sell its stake, while Sodiaal, the French farming cooperative, pledged to retain the remaining 50 percent……………………………………….Full Article: Source

Posted on 10 February 2011 by VRS |  Email |Print

From Farmonline.com.au: Former Prime Minister, Bob Hawke, is leading a push to get Arabs to invest in Australian farmland as part of a long term food security strategy for oil-rich Gulf States. Last year Qatar-based Hassad Food,an arm of the government-owned Qatar Investment Authority, made its mark as a high stakes buyer of rural property in Victoria, NSW and Queensland, while other Gulf companies have footprints here, too.
Mr Hawke, a founding member of the Australian Gulf Council (AGC), believes the combination of Saudi money and Australian farmland and farming know-how will make a good mix, and the oil rich States are keen to buy in……………………………………….Full Article: Source

Posted on 10 February 2011 by VRS |  Email |Print

From Thenational.ae: Borse Dubai’s stake in the London Stock Exchange (LSE) gained more than US$25 million (Dh91.8m) in value after the London bourse operator agreed to buy its counterpart in Toronto. Borse Dubai, a unit of the Investment Corporation of Dubai, said yesterday afternoon it backed the deal. Qatar Investment Authority owns 15 per cent of LSE.
The proposed $3.2 billion deal, which would create the world’s fourth-largest exchange, will be subject to strict Canadian laws on foreign ownership……………………………………….Full Article: Source

Posted on 10 February 2011 by VRS |  Email |Print

From Allafrica.com: As the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) reviews the country’s revenue allocation formula, one begins to wonder if there is, indeed, any justification for increased revenue to the states.
And on account of very poor performance, justification for the existence of most local governments is a lot more difficult than finding out how much the federal government actually does for the people……………………………………….Full Article: Source

Posted on 10 February 2011 by VRS |  Email |Print

From Reuters: Hong Kong’s official foreign currency reserve assets stood at $273.2 billion at the end of January, the Hong Kong Monetary Authority said on Wednesday, up 1.67 percent from $268.7 billion at the end of December.
Hong Kong’s currency is pegged to the U.S. dollar and the territory ranks as the world’s ninth-largest holder of foreign currency reserves after mainland China, Japan, Russia, Saudi Arabia, Taiwan, India, Brazil and Korea………………………………………Full Article: Source

Posted on 10 February 2011 by VRS |  Email |Print

From Reuters: Vietnam’s foreign exchange reserves were “more than $10 billion” at the end of last year, a senior minister said, a remark that may increase concerns about the dwindling level of reserves.
Planning and Investment Minister Vo Hong Phuc’s comment was reported on Wednesday in the state-run Vietnam Economic Times. Phuc provided no details, and it was unclear how much above $10 billion the reserves may be. The exact current level is guarded as a state secret……………………………………….Full Article: Source

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