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Sovereign Wealth Funds Briefing 25.Feb 2011

Posted on 25 February 2011 by VRS |  Email |Print

Mike SmithFrom Smh.com.au: ANZ’s chief executive, Mike Smith, has added to growing calls among business leaders for a sovereign wealth fund to ensure Australia does not squander its windfall from the mining boom.
Such a fund should be used as a driving force for investment in infrastructure, Mr Smith said, but tax reform was needed before it could be established………………………………………..Full Article: Source

Posted on 25 February 2011 by VRS |  Email |Print

Tony TanFrom Reuters: The Singapore government’s $200 billion sovereign wealth fund said the United States, which accounts for more than a third of its investments, will continue to be a prime destination for years to come.
Tony Tan, the Government of Singapore Investment Corp’s (GIC) deputy chairman, said in New York on Wednesday that despite global economic rebalancing and rapid growth in China and other emerging economies, the United States would remain the “single most important source of global prosperity.”……………………………………….Full Article: Source

Posted on 25 February 2011 by VRS |  Email |Print

From Reuters: Singapore’s Global Logistic Properties , which owns warehouses and other logistic assets, said it has entered into a joint venture to develop a logistics park in Suzhou, China worth a total of $200 million. GLP is a unit of Singapore sovereign wealth fund GIC.
The park will be jointly developed with Suzhou New District Bonded Logistic Center Development, who owns 10 percent of the joint venture, while GLP owns the remaining 90 percent………………………………………..Full Article: Source

Posted on 25 February 2011 by VRS |  Email |Print

From WSJ: China Investment Corp.’s most high-profile real estate investment in Japan so far is just the sovereign wealth fund’s latest move in steadily building up its property portfolio. CIC, together with Blackstone Group L.P., agreed to buy a Japanese property loan portfolio from Morgan Stanley last year for around US$1 billion, according to a person familiar with the matter.
CIC has been showing increasing interest in distressed property assets since the financial crisis, particularly in the U.S………………………………………..Full Article: Source

Posted on 25 February 2011 by VRS |  Email |Print

From WSJ: China’s government-wealth investors last year more than doubled their investments in major Japanese blue-chip companies, with combined stakes totaling more than 1.6 trillion yen ($19.4 billion), according to investment-advisory firms and people familiar with the matter.
But sovereign-wealth fund China Investment Corp., known as CIC, is one presence behind SSBT OD05, people familiar with the matter said………………………………………..Full Article: Source

Posted on 25 February 2011 by VRS |  Email |Print

From Euromoney.com: Nigeria’s government hopes to gain final legislative approval to create a sovereign wealth fund before April’s presidential election, according to the country’s finance minister. It is “our aspiration and plan,” says Olusegan Aganga, who adds the new institution will adopt the 2008 Santiago Principles on transparency, independence and accountability, in line with other sovereign wealth funds.
The fund, which will manage the country’s excess oil reserves, will be split into three parts………………………………………..Full Article: Source

Posted on 25 February 2011 by VRS |  Email |Print

From Punchontheweb.com: Members of the House of Representatives were divided on Thursday over the plan by the Federal Government to create a Sovereign Wealth Fund. The development came as lawmakers also deferred the consideration of the 2011 budget proposals of the Independent National Electoral Commission.
While some lawmakers supported the bill seeking the creation of the SWF as a replacement for the “illegal Excess Crude Account,” others argued that such a fund was unnecessary………………………………………..Full Article: Source

Posted on 25 February 2011 by VRS |  Email |Print

From Thenational.ae: Libya’s secretive sovereign wealth fund has US$32 billion (Dh118bn) in cash with several US banks each managing up to $500 million, and it has primary investments in London, a confidential diplomatic cable shows.
The cable, obtained by WikiLeaks and revealing the details of a meeting in January between the head of the Libyan Investment Authority (LIA) and the US ambassador in Tripoli, comes as the United States and European governments explored the possibility of freezing assets belonging to the Libyan government………………………………………..Full Article: Source

Posted on 25 February 2011 by VRS |  Email |Print

From Abc.net.au: Libya holds billions of dollars in US bank accounts, according to a confidential US diplomatic cable, which casts light on the global span of the country’s oil wealth. According to a 2010 message from the US embassy in Tripoli, obtained by WikiLeaks, Libya’s sovereign wealth fund holds $US32 billion in cash and “several American banks are each managing $US300-500 million”.
The revelations were reportedly made by the fund’s boss, Mohamed Layas, who said most of the $US32 billion was “in bank deposits that will give us good long-term returns”………………………………………..Full Article: Source

Posted on 25 February 2011 by VRS |  Email |Print

From Novinite.com: Bulgaria’s Parliament has approved the setting up of a joint venture between the Bulgarian “National Company Industrial Zones” and the Qatar Investment Authority. The future joint venture of the state entities of Bulgaria and Qatar will have a capital of at least USD 500 M, with all of the money being provided by the Qatar Investment Authority.
The funds will be invested in Bulgarian agriculture, real estate, tourism, finance, and other attractive investment opportunities………………………………………..Full Article: Source

Posted on 25 February 2011 by VRS |  Email |Print

From Dow Jones: Russian electricity producer EuroSibEnergo has decided not to start pre-marketing for its at least US$1 billion Hong Kong initial public offering next week because the company is still in talks with potential cornerstone investors in the Middle East and China. The company is in the process of enlisting China’s sovereign-wealth fund China Investment Corp. as one of its cornerstone investors, one of the people said.
The company hasn’t fixed an official timetable to launch the deal, the people said, adding it will continue to monitor market conditions, especially the instability in the Middle East………………………………………..Full Article: Source

Posted on 25 February 2011 by VRS |  Email |Print

From Forbes.com: North Dakota’s new fund for surplus oil taxes may be getting its own investment board. The North Dakota Senate approved establishing a board to oversee investments of the Legacy Fund and another fund that’s called the Budget Stabilization Fund.
The board will have the governor, insurance commissioner and the state treasurer, and two members each from the North Dakota House and Senate. The legislators will not have voting rights………………………………………..Full Article: Source

Posted on 25 February 2011 by VRS |  Email |Print

From Allaboutalpha.com: In the world of sovereign wealth funds, several giants stand above the rest. There’s the Abu Dhabi Investment Authority, the China Investment Corporation, and the Government Pension Fund of Norway.
Although some (CIC, for example, along with Singapore’s GIC and Korea’s KIC) owe their existence to trade surpluses, many were the result of natural resources revenues. Several of the resource-based funds have been around since the first oil boom in the 1970’s……………………………………….Full Article: Source

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