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Sovereign Wealth Funds Briefing 06.May 2011

Posted on 06 May 2011 by VRS |  Email |Print

Korea Investment Corp (KIC), South Korea’s $35 billion sovereign wealth fund, has applied for a licence that will allow it to invest in China’s bond and stock markets as it seeks to diversify its investments from dollar-based assets, a local newspaper reported on Thursday.

The Chosun Ilbo daily report comes as South Korea prepares to allocate part of its $307 billion in foreign exchange reserves to yuan-denominated assets………………………………………Full Article: Source

Posted on 06 May 2011 by VRS |  Email |Print

In a blow to those calling for an Australian sovereign-wealth fund to lock away mining-boom proceeds, opposition Treasurer Joe Hockey, one of the country’s most influential politicians, said Thursday that their case is premature and Australia is already well-served by its pension-savings pool.

Mr. Hockey’s remarks followed a rush of calls in recent weeks from lawmakers, policy makers and others for the government to follow the examples of countries such as oil-rich Norway and invest some of the proceeds of the current boom……………………………………….Full Article: Source

Posted on 06 May 2011 by VRS |  Email |Print

The case for Australia to establish a new sovereign wealth fund to lock away proceeds from the mining boom is premature and the country is already well served by a massive pension savings pool, opposition Treasurer Joe Hockey said, dealing a major blow to calls for the government to set up a new fund.

The remarks by Hockey, one of Australia’s most influential politicians, come after a rush of calls in recent weeks from lawmakers, policy makers and others for the government to mirror the policy of country’s such as oil-rich Norway and invest the proceeds of a once-in-a-century mining boom……………………………………….Full Article: Source

Posted on 06 May 2011 by VRS |  Email |Print

SA does not need a sovereign wealth fund, but many other African countries could use the financial instrument well as a means to bring greater transparency to their public finances, according to Mthuli Ncube, chief economist at the African Development Bank.

Addressing a press briefing on Thursday during the World Economic Forum on Africa, Ncube said: “What happens to the revenues received from oil and gas? That is where government should (manage the wealth generated) and that is where an instrument like this would allow greater transparency and accountability in revenues.”………………………………………Full Article: Source

Posted on 06 May 2011 by VRS |  Email |Print

Dubai’s sovereign wealth fund ICD launched a $2.8 billion, five-year loan refinancing on Thursday which is the largest loan to emerge from Dubai since its financial crisis, banking sources said.

Citigroup, Emirates Bank and HSBC Bank have been appointed to co-ordinate a conventional tranche and Dubai Islamic Bank and Standard Chartered are leading an Islamic tranche……………………………………….Full Article: Source

Posted on 06 May 2011 by VRS |  Email |Print

Qatari Diar Real Estate Investment Co.’s projects in Syria are temporary halted until the security situation there improves, Doha-based Al Arab daily reports Thursday citing an executive.Qatari Diar is committed to implement the Ibn Hani Bay Resort project in Latakia that will cost more than $350 million and is also committed to its residential and commercial real estate project in Damascus, Mohammed Bin Ali Al Hedfa, the company’s chief executive, told the paper

Qatari Diar, which is the property development arm of the sovereign wealth fund Qatar Investment Authority, has a project portfolio of $60 billion and is present in 32 countries worldwide, the daily reports……………………………………….Full Article: Source

Posted on 06 May 2011 by VRS |  Email |Print

Kirill Dmitriev, president of the $1bn Icon Private Equity fund, may be given the role of spearheading a major Kremlin project to attract foreign capital into Russia’s private equity sector.

Dmitriev, who has a series of highly lucrative projects on his record, was chosen for the job of running the planned $10bn Direct Investment Fund by state-owned development lender Vnesheconombank (VEB), according to Russian business daily Vedomosti……………………………………….Full Article: Source

Posted on 06 May 2011 by VRS |  Email |Print

A day after private equity firm ChrysCapital bought about 2.6 per cent stake in Blackstone-backed construction firm NCC Ltd (formerly Nagarjuna Construction Company), Norwegian sovereign wealth fund has raised its holding in the company by around 0.5 per cent to 7.3 per cent.

Government Pension Fund Global has acquired shares in the open market bulk of it from HSBC Global Investment Fund, one of the large institutional investors that has been encashing its shares in the recent past. The Norwegian fund bought shares at Rs 99 a piece, for Rs 12.7 crore or $2.9 million on Wednesday……………………………………….Full Article: Source

Posted on 06 May 2011 by VRS |  Email |Print

The man who manages what may be the world’s biggest sovereign wealth fund looks relaxed as he holds court in shirtsleeves and tie in his sunlit corner office on the fifth floor of the Norwegian central bank. And why not? It’s Friday afternoon; spring is finally arriving in Oslo.
More important, after taking a 23 percent loss in 2008 and plenty of political heat during the financial crisis, Norway’s oil fund, which Yngve Slyngstad runs, is recovering, with a 26 percent surge in 2009 and a 10 percent jump in 2010. The fund’s dramatic shift to 60 percent equities from 40 percent in the midst of the meltdown, a controversial move at first, helped power the gains……………………………………….Full Article: Source

Posted on 06 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 €5.3bn in its so-called discretionary portfolio at the end of April, down from €9.8bn 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 06 May 2011 by VRS |  Email |Print

As Sovereign Wealth Funds’ global assets continue to surge, so does their influence. Following the financial crisis, many are reviewing asset allocation and investment policies, which are keenly watched by the broader market. Driven by a growing focus on yield and risk management, leveraging their ability to benefit from illiquidity is increasingly popular.

SWFs’ aggregate assets currently total nearly $4trn, an 11% increase on 2010 (30% since 2008), according to Preqin, a leading alternatives intelligence source……………………………………….Full Article: Source

Posted on 06 May 2011 by VRS |  Email |Print

Historians of western history point out that the past millennium can be broken into three distinct epochs, each based on the mode in which society organized itself. First, the Church served as the central organizing force in society.
Then, as principalities coalesced into nation-states, governments came to dominate – most transcending religions. Finally, with the the industrial revolution came the supremacy of the corporation – culminating into today’s transnational companies that, according to critics, know no national boundaries……………………………………….Full Article: Source

Posted on 06 May 2011 by VRS |  Email |Print

Israel’s foreign currency reserves increased to a record in April as the central bank resumed purchases after a one-month hiatus. Reserves rose to $77.4 billion from $74.5 billion at the end of the previous month, the Bank of Israel said in an e- mailed statement today. The Bank of Israel purchased close to $1.5 billion in April, it said.

Changes in exchange rates resulted in a gain of $1.5 billion, the bank said……………………………………….Full Article: Source

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