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Sovereign Wealth Funds Briefing 07.Mar 2011

Posted on 07 March 2011 by VRS |  Email |Print

From Reuters: China Investment Corp (CIC) made a return of over 11 percent on its overseas investments in 2010, a senior executive at the $300 billion sovereign wealth fund said on Sunday.
“Our return on overseas investments last year roughly matched that in 2009 and it was over 11 percent,” said Jesse Wang, an executive vice president at CIC, which was set up in 2007 with a mandate to earn a higher return on a slice of China’s foreign exchange reserves. CIC posted an 11.7 percent return on its global investments in 2009, reversing losses in the previous year and bolstering its case for fresh government funding……………………………………….Full Article: Source

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Posted on 07 March 2011 by VRS |  Email |Print

From Chinadaily.com.cn: The Chinese government will inject more capital into China Investment Corp (CIC), the country’s $300 billion sovereign wealth fund, to ease pressures resulting from the nation’s high foreign exchange reserves, said Wang Jianxi, executive vice-president and chief risk officer of CIC.
Wang said the capital injection plan has been approved by the central government, but the central bank and the Ministry of Finance have yet to reach a consensus on how the plan will be carried out……………………………………….Full Article: Source

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Posted on 07 March 2011 by VRS |  Email |Print

From Reuters: It is not a good time to invest in emerging markets partly because of the inflationary pressure building up in them, a senior executive with China’s sovereign wealth fund said on Friday.
Jesse Wang, an executive vice president with China Investment Corp (CIC), told reporters that oil prices will stay at high levels and harm the global economic recovery……………………………………….Full Article: Source

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Posted on 07 March 2011 by VRS |  Email |Print

From Shanghaidaily.com: A senior official at China’s US$300 billion sovereign wealth fund yesterday said he had not heard of any plans for the fund to buy a stake in Glencore International AG, the world’s largest commodities trader, which is aiming for a potential stock market listing.
Glencore’s possible initial public offering could value it at about US$60 billion and the deal could be a fee bonanza for investment bankers……………………………………….Full Article: Source

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Posted on 07 March 2011 by VRS |  Email |Print

From WSJ: The head of Government of Singapore Investment Corp., one of the world’s most active sovereign-wealth funds, said Americans are being too hard on themselves and have failed to recognize the resilience of the U.S. economy.
In an interview with The Wall Street Journal, GIC Executive Director Tony Tan Keng Yam said negative sentiment is a “problem when I talk to Americans. They don’t see the potential in their own economy, which is one of the most innovative, open economies in the world. Foreigners seem more optimistic.”………………………………………Full Article: Source

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Posted on 07 March 2011 by VRS |  Email |Print

From Reuters: The head of Singapore’s sovereign wealth fund, which has more than one-third of its holdings in the United States, says Americans are being too downbeat about the U.S. economy, according to an interview with the Wall Street Journal.
Tony Tan Keng Yam, executive director of the Government of Singapore Investment Corp, said, Americans “don’t see the potential in their own economy, which is one of the most innovative, open economies in the world,” according to the article……………………………………….Full Article: Source

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Posted on 07 March 2011 by VRS |  Email |Print

From Thefinancialexpress-bd.com: The Ras Al Khaimah Investment Authority (RAKIA) of the UAE will hold a meeting with the leaders of Dhaka Chamber of Commerce and Industry (DCCI) at its auditorium today (Saturday) to explore business and investment opportunities in Bangladesh, reports UNB.
RAKIA, a state organisation responsible for investment all over the world, is willing to establish business relationship with Bangladesh in different sectors……………………………………….Full Article: Source

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Posted on 07 March 2011 by VRS |  Email |Print

From Omanobserver.om: Austria widened an asset freeze list yesterday to include a top official at the Libyan Investment Authority (LIA) and said it would question him about possible links to Muammar Gaddafi’s inner circle.
The move against LIA deputy chief Mustafa Zarti, who has an Austrian passport, follows international sanctions on Gaddafi’s family and associates. Libya’s main sovereign wealth fund, the LIA, controls about $65 billion……………………………………….Full Article: Source

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Posted on 07 March 2011 by VRS |  Email |Print

From Reuters: A top Libyan official accused Austria on Saturday of betraying its liberal traditions by freezing his assets as part of a hunt for offshore wealth held by Libyan leader Muammar Gaddafi and his inner circle.
Austria on Friday added Mustafa Zarti, deputy head of the Libya Investment Authority (LIA) sovereign wealth fund, to its blacklist of suspected Gaddafi cronies, calling him a “close confidant of the regime in Libya”……………………………………….Full Article: Source

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Posted on 07 March 2011 by VRS |  Email |Print

From Businessweek.com: Italy warned Friday that the unrest in the Arab world could result in a “destabilizing” dismantling of their sovereign fund investments in the West.
Treasury Minister Giulio Tremonti didn’t specify Libya or its sovereign wealth funds by name in comments to a conference in Istanbul. But Italy has a lot to lose if the Libyan Investment Authority were to be shuffled amid the escalating fighting……………………………………….Full Article: Source

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Posted on 07 March 2011 by VRS |  Email |Print

From WSJ: Italy’s government said Saturday that it would put a freeze on Libyan assets in Italy, in accordance with sanctions imposed by the European Union on Feb. 28 as a result of the turmoil in the North African country.
The government stopped short, however, of agreeing to freeze the assets of the Libyan central bank and the Libyan Investment Authority, which is the country’s sovereign wealth fund, which both own stakes in several key Italian companies……………………………………….Full Article: Source

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Posted on 07 March 2011 by VRS |  Email |Print

From WSJ: The U.K. has so far frozen $3.2 billion in Libyan assets owned or controlled by Col. Moammar Gadhafi, his family and senior associates, and that number could go higher, a source told Dow Jones Newswires.
“They’re not ruling out the possibility of more asset freezes,” the person said………………………………………Full Article: Source

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Posted on 07 March 2011 by VRS |  Email |Print

From Ninemsn.com.au: Former Victorian premier John Brumby has been appointed the chairman of $6 billion superannuation fund MTAA. The Motor Trades Association of Australia superannuation fund issued a statement on Monday announcing Mr Brumby’s appointment.
“John’s commitment to public service along with his impressive credentials as a leader and administrator means that he is an excellent choice to lead MTAA Super,” fund chief executive Michael Delaney said in the statement……………………………………….Full Article: Source

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Posted on 07 March 2011 by VRS |  Email |Print

From Xinhua: Japan’s foreign exchange reserves dropped to 1.091 trillion U.S. dollars at the end of February from 1.093 U.S. dollars a month earlier, the Ministry of Finance (MOF) said on Monday.
According to the ministry, the latest figure for Japan’s foreign exchange reserves marked the fourth consecutive month-on- month decline……………………………………….Full Article: Source

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