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Sovereign Wealth Funds Briefing 04.May 2011

Posted on 04 May 2011 by VRS |  Email |Print

Ivan GlasenbergAbu Dhabi is set to become the largest cornerstone investor in Glencore as one of the emirate’s sovereign wealth funds takes a stake in the commodities trading group’s highly anticipated flotation later this month.
Cornerstone investors are believed to include fund managers Blackrock and Fidelity, as well as the Government of Singapore Investment Corporation (GIC), the Asian nation’s sovereign wealth fund……………………………………….Full Article: Source

Posted on 04 May 2011 by VRS |  Email |Print

Ireland sold some investments in its mini-sovereign wealth fund through April to help cover the costs of a bailout deal the country struck last year, its national pension fund said Tuesday.

The National Pension Reserve Fund reported it held only EUR5.3 billion in its so-called discretionary portfolio at the end of April, down from EUR9.8 billion in assets a month earlier, as it liquidated investments to help cover the country’s contribution to its own bailout……………………………………….Full Article: Source

Posted on 04 May 2011 by VRS |  Email |Print

Australia’s sovereign wealth fund dumped holdings in mine and cluster-bomb makers as the nation prepares to ratify a treaty banning the weapons.

The Future Fund, which has A$74.6 billion ($101.35 billion) in assets, this year sold out of 10 companies involved in making munitions, including two of its three biggest defence holdings in Lockheed Martin and General Dynamics Corp, Will Hetherton, a fund spokesman, said in emailed comments……………………………………….Full Article: Source

Posted on 04 May 2011 by VRS |  Email |Print

The sovereign wealth fund of Australia has sold out its holdings in mine and ammunition makers as the country prepares a treaty that will impose a ban on deadly weapons.
At the start of this year, Australia’s Future Fund with A$74.6 billion ($81.7 billion) in assets has unloaded its share holdings in 10 companies including that of Lockheed Martin Corp and General Dynamics Corp, Bloomberg research said……………………………………….Full Article: Source

Posted on 04 May 2011 by VRS |  Email |Print

Malcolm Turnbull has argued Australia should be setting aside the proceeds of the mining boom in a sovereign wealth fund. Leaving aside the fact that it’s pretty rich for a Coalition spokesman to advocate how to spend a tax when his party won’t even support the mineral resources rent tax, let me explain why I think Turnbull is at best putting the cart well before the horse. Australia already has a sovereign wealth fund; it’s called superannuation.
In other words, increasing superannuation savings substantially displaces arguments for a sovereign wealth fund. And the International Monetary Fund did not say last week Australia should establish such a fund. All it said was “revenues could be saved”……………………………………….Full Article: Source

Posted on 04 May 2011 by VRS |  Email |Print

Australia’s country doppelganger in Europe must be Norway. Norway is almost as sparsely populated as Australia. Its coastline is about the same length as Australia’s. But crucially, it is a developed economy heavily dependent on commodities.

There is one difference, however. Norway has used its revenues from oil and gas to establish a sovereign wealth fund (SWF), which is now one of the largest state funds in the world. Australia, on the other hand, has no such fund (the Future Fund operates on a different model)……………………………………….Full Article: Source

Posted on 04 May 2011 by VRS |  Email |Print

Shanghai Pharmaceuticals Co Ltd, China’s second largest pharmaceutical products distributor, has secured four cornerstone investors for its $1.2 billion Hong Kong IPO.

Temasek Holdings is expected to invest $300 million, Malaysian conglomerate Guoco Group Ltd plans to spend $150 million, while Pfizer Inc and Bank of China Group Investment each plan to invest $50 million in the IPO, the newspaper reported, citing a person familiar with the matter……………………………………….Full Article: Source

Posted on 04 May 2011 by VRS |  Email |Print

Shanghai Pharmaceuticals Holding Co., China’s second-largest drug distributor, will sell new shares to Temasek Holdings Pte and Pfizer Inc. (PFE) in an offering in Hong Kong of as much as $2.2 billion of stock to fund acquisitions.
Temasek, a Singapore state investment company, Pfizer, Guoco Group and Bank of China Group Investment will buy a total of $550 million shares for HK$21.80 to HK$26 apiece……………………………………….Full Article: Source

Posted on 04 May 2011 by VRS |  Email |Print

Singapore-listed Noble Group, an oil player in the U.S. cash and rack markets, has received more investment from another sovereign wealth fund. Korea Investment Corporation (KIC) joins China’s sovereign wealth fund, China Investment Corporation (CIC), who became a Noble shareholder in September 2009.
Noble said that KIC had acquired a significant and strategic stake in the company, which could amount to slightly more than $100 million or about a 1% share of the company. This is in addition to a 14% stake acquisition at Noble by CIC, the second largest stakeholder behind Noble Holdings Limited’s 21.34% share……………………………………….Full Article: Source

Posted on 04 May 2011 by VRS |  Email |Print

Khazanah Nasional Berhad – the Malaysian government’s investment arm – has announced it has sold its 32.21% stake in Pos Malaysia to DRB-HICOM. The strategic divestment was made following “a rigorous selection process” that would “ensure that the new shareholder will be able to bring POS to the next level of growth”.

DRB-HICOM will pay RM 3.60 (EUR 1.41) per share, or RM 622.79m (141.2m) in total, Khazanah confirmed……………………………………….Full Article: Source

Posted on 04 May 2011 by VRS |  Email |Print

Abu Dhabi’s Mubadala Development Company has announced that its luxury Viceroy Maldives resort will officially open on September 1, 2011.

The resort is being developed by Vagaru Holdings Pvt Ltd, a joint venture between Mubadala and Maldives-based luxury hotel developer, EoN Resorts. It falls under the expanding portfolio of the Viceroy Hotels and Resorts brand……………………………………….Full Article: Source

Posted on 04 May 2011 by VRS |  Email |Print

Brazil’s foreign-currency reserves increased $10.9 billion in April from the previous month on continued dollar purchases in the foreign-exchange market by the monetary authority, according to figures published on the central bank’s website on Tuesday.

Foreign reserves totaled $328.06 billion as of April 29, up from $317.1 billion at the end of March. In the first four months of this year, reserves grew by $39.5 billion……………………………………….Full Article: Source

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