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Sovereign Wealth Funds Briefing 21.Feb 2011

Posted on 21 February 2011 by VRS |  Email |Print

From Independent.ie: Rich Malaysia’s sovereign wealth fund 1Malaysia Development Berhad (1MDB) is thought to be interested in buying bank loans associated with Derek Quinlan’s stake in the €1.2bn-valued Maybourne hotel group in London, which owns the landmark Claridge’s, Connaught and Berkeley hotels.
The investment fund, owned by the Malaysian government, is believed to have approached Nama over buying the loans. Subject to certain conditions, 1MDB could then take a stake in the hotel group if any of the loans turned bad under a debt-for-equity deal……………………………………….Full Article: Source

Posted on 21 February 2011 by VRS |  Email |Print

From Reuters: China Investment Corp, the country’s $300 billion sovereign wealth management fund, has teamed up with private equity fund Blackstone Group LP to buy a Japanese loan portfolio from Morgan Stanley at a steep discount.
CIC and Blackstone paid 35 cents on the dollar for the portfolio, which had a face value of $1.1 billion, the newspaper reported, citing sources familiar with the matter, adding that CIC had put up most of the money……………………………………….Full Article: Source

Posted on 21 February 2011 by VRS |  Email |Print

From Straitstimes.com : In June, 2009, the head of China’s powerful sovereign wealth fund met with Mr Geithner and requested that he lean on regulators at the US Federal Reserve to speed up the approval of its US$1.2 billion (S$1.5 billion) investment in Morgan Stanley, according to the cables, which were provided to Reuters by a third party.
Although the cables do not mention if Mr Geithner took any action, China’s deal to buy Morgan Stanley shares was announced the very next day……………………………………….Full Article: Source

Posted on 21 February 2011 by VRS |  Email |Print

From Bernama: Khazanah Nasional Bhd has entered into the second stage of the divestment process of its 32.21 percent stake in Pos Malaysia Bhd, starting with the restricted tender process for bidders.
It said bidding would be on a level playing field whereby the emphasis would be on bidders who would be able to introduce sound strategies and business plans sustainable to bring the postal entity to the next level of growth……………………………………….Full Article: Source

Posted on 21 February 2011 by VRS |  Email |Print

From Smh.com.au: Canvassing opinion as to whether Australia should start a sovereign wealth fund, only one, the boss of Leighton Holdings, was prepared publicly to put the case against a fund.
Chief executives from Lend Lease, Tabcorp, Mirvac, CSL, Foster’s, Orica, and Coca-Cola Amatil, and prominent chairmen, all told BusinessDay they favoured such a fund - either for stabilistion or savings, or both……………………………………….Full Article: Source

Posted on 21 February 2011 by VRS |  Email |Print

From Omantribune.com: Abu Dhabi sovereign wealth fund IPIC is buying half of Cepsa from French oil major Total for 3.7 billion euros ($5 billion), giving it control of the Spanish refining and marketing-focused group.
IPIC, wholly owned by the government of Abu Dhabi, has a mandate to invest in the oil sector outside the emirate……………………………………….Full Article: Source

Posted on 21 February 2011 by VRS |  Email |Print

From Gulf-daily-news.com: Bahrain’s banking industry has not been affected by recent turmoil, officials said yesterday. A spokesperson for sovereign wealth fund Bahrain Mumtalakat Holding Company said it was business as usual with everyone working normally, both at its headquarters and all the companies it owned.
Bahrain Association of Banks chairman Abdul Karim Bucheery said that to date, the banks had not suffered any fallout……………………………………….Full Article: Source

Posted on 21 February 2011 by VRS |  Email |Print

From Reuters: Nigeria’s economy is expected to grow around 7 percent this year, down from 8.5 percent in 2010, with growth moderating gradually in subsequent years, the International Monetary Fund (IMF) said on Thursday. The IMF welcomed the planned establishment of a sovereign wealth fund, meant to better manage Nigeria’s oil savings, which it said would help shield the budget from oil revenue volatility.
It viewed the central bank’s increase in the benchmark interest rate to 6.5 percent last month as “appropriate” and said further monetary tightening may be required if inflationary pressures continue……………………………………….Full Article: Source

Posted on 21 February 2011 by VRS |  Email |Print

From Reuters: Italian Prime Minister Silvio Berlusconi has attracted criticism for failing to condemn violence in Libya, which in recent years has deepened business and political ties with Rome. Libya’s stake in banking group UniCredit stands at a total 7.5 percent after the Libyan Investment Authority (LIA) acquired a 2.59 percent stake in Italy’s biggest lender.
Flush with petrodollars, Libya has been buying stakes in Italian companies, while Italian companies have nabbed contracts for energy and infrastructure projects in the North African state……………………………………….Full Article: Source

Posted on 21 February 2011 by VRS |  Email |Print

From Ameinfo.com: Fitch Ratings says that Mubadala Development Company PJSC’s (Mubadala; ‘AA/Stable’) announcement of its ownership of Advanced Technology Investment Company (ATIC; not rated) has no impact on its ratings.
The agency believes that the deal has no implications on the implied support of, commitment from, and ownership of Government of Abu Dhabi(’AA’/Stable) for Mubadala, which is the main driver of its ratings……………………………………….Full Article: Source

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