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Sovereign Wealth Funds Briefing 03.Mar 2011

Posted on 03 March 2011 by VRS |  Email |Print

From Peopledaily.com.cn: A capital injection plan for China Investment Corp (CIC), the country’s $300 billion sovereign wealth fund, has been submitted to the State Council for approval, according to sources close to the matter.

“The State Council is now working on the plan,” said one source, who declined to be identified. He refused to disclose the scale of the capital injection. Another source close to the matter said the injection could be between $10 billion and $20 billion…………………………………….Full Article: Source

Posted on 03 March 2011 by VRS |  Email |Print

From 234next.com: The Senate has joined their House of Representatives counterparts to record a significant progress on the passage of the Sovereign Investment Authority bill, which passed through second reading on Wednesday.

The bill seeks to invest a portion of the excess profit made from crude oil sales in the Sovereign Wealth Fund to be held and managed by the Nigerian Sovereign Investment Authority. The authority is expected to invest the funds in a diversified portfolio of medium and long term investments “for the benefit of future generations of Nigerian citizens.”……………………………………Full Article: Source

Posted on 03 March 2011 by VRS |  Email |Print

From Vanguardngr.com: Senators said Nigeria’s saving base for future generations has been destroyed through the constant sharing of the excess crude account by the Federal and state governments. The Senators expressed their oppositions during the second reading of the Nigeria Sovereign Investment Authority Bill saying that state governors are endangering Nigeria’s future through constant depletion of the excess crude account.

They opined that the establishment of the Nigeria Sovereign Investment Authority with the mandate to build a saving base for future generation will ensure fiscal prudence on the parts of the government…………………………………….Full Article: Source

Posted on 03 March 2011 by VRS |  Email |Print

From Dow Jones: The bonds issued by Fannie Mae (FNMA) and Freddie Mac (FMCC) pose a low default risk, since the U.S. government can’t allow them to default without impacting its sovereign credit, Wang Jianxi, executive vice president of sovereign-wealth fund China Investment Corp., was quoted as saying in the latest edition of Caijing magazine.

CIC and China’s State Administration of Foreign Exchange as well as some other Chinese commercial banks are the largest overseas investors of bonds issued by U.S government-backed Fannie Mae and Freddie Mac, the report said…………………………………….Full Article: Source

Posted on 03 March 2011 by VRS |  Email |Print

From Reuters: A higher estimate puts total foreign exchange in the banking system at over $3.4 trillion. Sovereign wealth fund China Investment Corp. was originally granted $200 billion in foreign exchange, though the present distribution of its assets is unclear. Finally, deposits held overseas by Chinese entities outside the central government are excluded. It is possible total Chinese holdings exceed $3.6 trillion.

There is no official Chinese figure for total holdings, nor for the dollar’s share in those holdings. The lowest estimate of the dollar share is about 58%. The highest is an official figure on the dollar share of the PRC’s debt, 72%…………………………………….Full Article: Source

Posted on 03 March 2011 by VRS |  Email |Print

From Todayonline.com: Temasek Holdings, the biggest shareholder of NIB Bank, bought more shares in the Pakistani lender as Singapore’s state-owned investment company increases holdings in Asia.

Temasek bought Rs6.35 billion (S$180 million) of NIB Bank’s shares, representing its portion of the lender’s rights offer, the bank said in a statement to the Karachi Stock Exchange. The Singapore company will also subscribe to any portion of NIB Bank’s Rs8.58-billion rights offering that is not taken up, the Karachi-based lender said…………………………………….Full Article: Source

Posted on 03 March 2011 by VRS |  Email |Print

From Dow Jones: Singapore Finance Minister Tharman Shanmugaratnam Wednesday said the country’s two sovereign wealth funds have done well compared with market indexes and have recovered their pre-crisis values.

“Both GIC and Temasek saw significant drops in their portfolio values during the crisis, in line with the decline in the markets, and similar to other large funds,” Tharman told lawmakers in parliament, referring to Government of Singapore Investment Corp. and Temasek Holdings Pte. Ltd…………………………………….Full Article: Source

Posted on 03 March 2011 by VRS |  Email |Print

From Bloomberg: Mongolia is planning its first sale of sovereign bonds, seeking some $500 million, to help companies from the resource-rich nation located between China and Russia raise funds from credit markets. The finance ministry, central bank, financial regulator, and development and innovation committee are engaged in preparing the framework for the sovereign fund, Hutagt said, without giving a deadline for when it will be complete.
Finance Minister Sangajav Bayartsogt said in September 2009 that such a fund would be set up…………………………………….Full Article: Source

Posted on 03 March 2011 by VRS |  Email |Print

From Bloomberg: London-based FM Capital Partners Ltd., founded in 2009 with financing from a Libyan sovereign wealth fund, was preparing to raise money from other outside investors this year for the first time, according to two people briefed on the plans who declined to be identified because the firm is private.
Those plans may have to be postponed after governments froze Qaddafi’s assets and global leaders rebuked his violent crackdown on dissidents, hedge-fund industry consultants said…………………………………….Full Article: Source

Posted on 03 March 2011 by VRS |  Email |Print

From WSJ: Many of Libya’s real-estate holdings are in London, where the Libyan Investment Authority opened an office a couple of years ago. The authority bought a large office building in the financial district for about $200 million in December 2008.
The following year, it bought a retail and office investment complex on Oxford Street, London’s main shopping boulevard, for about $250 million. Last year, it paid about $10 million for the leasehold of a building in tony Mayfair, where many hedge-fund managers and financiers have offices…………………………………….Full Article: Source

Posted on 03 March 2011 by VRS |  Email |Print

From Wirelessfederation.com: The US$12 billion takeover bid by Etisalat for Zain has been hit by a serious blow after a major shareholder announced that it had ended talks with Etisalat. The Kharafi directly owns 12.7% of Zain, but its subsidiaries take its holdings up to around 20%. The Kuwait Investment Authority, the country’s sovereign wealth fund, is Zain’s largest shareholder with 24.6% of the company.

According to the Kharafi Group, which had led the shareholder group supporting the sale, NIC, had terminated its commitment to sell its shares to Etisalat…………………………………….Full Article: Source

Posted on 03 March 2011 by VRS |  Email |Print

From Calgaryherald.com: The “bright futures fund” outlined in the document could be modelled after Alberta’s Heritage Fund or Norway’s sovereign wealth fund, so that some oil and gas cash could be invested and the benefits experienced for years to come, says the document. It also reiterates the NDP’s support for a royalty rate review, saying Saskatchewan people need to make sure they are getting their “fair share” of the revenue from natural resources.

Other ideas in the document have also already been addressed by NDP Leader Dwain Lingenfelter, such as a commitment to some form of rent control…………………………………….Full Article: Source

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