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Sovereign Wealth Funds Briefing 01.Mar 2011

Posted on 01 March 2011 by VRS |  Email |Print

Muammar GaddafiFrom Guardian: Pearson has begun a legal process to ascertain if the stake held by the Libyan Investment Authority, the fifth biggest shareholder in the Financial Times owner with a £250m investment, needs to be frozen following a government order.
On Sunday the UK government moved to freeze the assets of Muammar Gaddafi and five members of his family, a decision that has prompted Pearson’s lawyers to file legal documents to determine exactly who is the beneficial owner of the stake……………………………………….Full Article: Source

Posted on 01 March 2011 by VRS |  Email |Print

Marjorie ScardinoFrom WSJ: Pearson PLC Chief Executive Marjorie Scardino said Monday that she is “uncomfortable” with the Libyan sovereign wealth fund’s 3% shareholding in Pearson and is seeking clarity as to whether a U.K. freeze on Libyan assets covers the stake.
Ms. Scardino’s comments reflect an emerging issue for a variety of European companies grappling with the fact that they have the suddenly unwelcome Libyan Investment Authority as major shareholder……………………………………….Full Article: Source

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From Voanews.com: The United States has frozen $30 billion in assets controlled by Libyan leader Moammar Gadhafi and his family, in what the Obama administration says is the single largest seizure of foreign funds in American history. Treasury officials say some of the assets frozen since Friday belong to Libya’s central bank and its oil-heavy sovereign wealth fund, the Libyan Investment Authority.
The Wall Street Journal reported that the U.S. determined both are directly controlled by Mr. Gadhafi……………………………………….Full Article: Source

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From Reuters: Qatar, one of the sovereign wealth funds flagged as a possible “cornerstone” shareholder, is considering investing in Glencore, the country’s prime minister said on Monday.
“We are studying the matter at the moment. I believe we will have a meeting here in Doha in the next two days,” the Gulf state’s Prime Minister Sheikh Hamad bin Jassim bin Jabr al-Thani said on the sidelines of a conference in Doha……………………………………….Full Article: Source

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From Foxnews.com: Spanish Prime Minister Jose Luis Rodriguez Zapatero left Qatar on Monday with pledges from the emirate’s government to invest 3 billion euros ($4.14 billion) in Spain’s economy, including 300 million euros to shore up the European nation’s battered savings banks. The money will come from Doha’s sovereign wealth fund, the Qatar Investment Authority.
“We have confidence in the Spanish economy,” the Qatari prime minister, Sheikh Hamad bin Jassim bin Jabr al-Thani, told reporters during a joint press conference……………………………………….Full Article: Source

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From Gulf-times.com: Qatari Diar Real Estate Investment Company and Barwa Real Estate Company have announced the final settlement of the $1.5bn Murabaha bridge financing executed with Standard Chartered Bank and HSBC. “We are excited to meet the future needs of Qatar and reinforce Qatar’s position as a first-class global destination,” said Ghanim al-Saad, Qatari Diar managing director as well as Barwa chairman and managing director.
Wholly owned by the Qatar Investment Authority, Qatari Diar was established to support Qatar’s growing economy and to co-ordinate the country’s real estate development……………………………………….Full Article: Source

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From Brecorder.com: Among assets that Dubai could sell, JP Morgan cited non-core investments under the emirate’s sovereign wealth fund, the Investment Corporation of Dubai (ICD), such as stakes in Union National Bank , Dubai Aluminium, and Borse Dubai.
State-linked companies, collectively referred to as Dubai Inc, came under the spotlight in late 2009 when one of the emirate’s largest holding companies, Dubai World began to restructure about $25 billion in maturities……………………………………….Full Article: Source

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From Guardian: McLaren, the Formula One team which is home to drivers Jenson Button and Lewis Hamilton, will not be following its British rival Williams to the stock market, according to its chief financial officer, Andy Myers.
McLaren is 50% owned by Bahrain’s Mumtalakat sovereign wealth fund with the remaining shares in the hands of its chairman, Ron Dennis, and Saudi tycoon Mansour Ojjeh……………………………………….Full Article: Source

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From Thestarphoenix.com: Saskatchewan should invest a portion of its non-renewable resource revenues into a special fund that could benefit future generations, says the provincial NDP in the wake of a sweeping policy review.
The idea is one among several in a 66-page draft document that the party said will help serve as the basis for its 2011 election platform……………………………………….Full Article: Source

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From Bloomberg: Russia, the world’s biggest oil producer, will curb borrowing plans this year as higher revenue from oil narrows the budget deficit to less than 2 percent of gross domestic product, Finance Minister Alexei Kudrin said.
The Finance Ministry won’t use its sovereign Reserve Fund to finance the shortfall, which is officially forecast at 3.6 percent of GDP, Kudrin told Prime Minister Vladimir Putin today, according to a transcript published on the government’s website……………………………………….Full Article: Source

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From Dow Jones: The Government Of Singapore Investment Corp., or GIC, will continue to invest in the U.S., Deputy Chairman Tony Tan said, reaffirming the sovereign wealth fund’s faith in the recovery of the world’s biggest economy.
“The U.S. remains a prime destination for GIC’s investments. With the U.S.’s open and receptive attitude to foreign investment, GIC will continue to invest in America,” Tan said in a speech in New York Wednesday, a copy of which was made available by his Singapore office Thursday……………………………………….Full Article: Source

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From Totaltele.com: The ministry will ask Thaicom to return a $6.7 million compensation claim for physical damage to Thaicom 3 as well as require that its parent Shin Corp PCL return to 51% ownership as indicated in its original concession contract. Shin Corp is now 96.1%-owned by units of Singapore’s state-owned investment company Temasek Holdings Pte.
Thaicom’s iPSTAR broadband satellite is a different type of satellite and therefore can not be counted a back-up as claimed by the company, Permanent Secretary Jirawan Boonperm told reporters……………………………………….Full Article: Source

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From Thestar.com.my: An interesting aspect of the on-going sale of Khazanah Nasional Bhd’s 32.21% stake sale in Pos Malaysia Bhd is that the block is said to come with management control.
This has raised the question of whether in situations like this, will the new entrant trigger a mandatory general offer (MGO) for the all the remaining shares of Pos. (To recap, Khazanah is currently vetting all proposals and will eventually decide on who it is going to sell the stake to.)………………………………………Full Article: Source

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From Indiatimes.com: The Reliance Industries group is negotiating with Japan’s Orix Corporation to acquire its 23.87% stake in Infrastructure Leasing and Finance Company (IL&FS for around $1.2 billion. Apart from Orix and LIC , IL&FS’ large shareholders include Abu Dhabi Investment Authority.
If the deal materialises, it will make the Reliance group the second largest investor in IL&FS after Life Insurance Corporation of India (LIC) and will pave the way for its entry into the financial services business……………………………………….Full Article: Source

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From Peninsulaclarion.com: Representatives of the Alaska Permanent Fund appeared before the Alaska Legislature on Friday, explaining their investment strategies and defending their earnings returns.So far this year the permanent fund has lagged the U.S. stock market, but that’s to be expected given its conservative investment strategy, said Mike Burns, the fund’s executive director.
The fund’s Board of Trustees concerned some legislators last year when they quietly changed how the fund’s investments were organized……………………………………….Full Article: Source

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