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Sovereign Wealth Funds Briefing 21.Jun 2011

Posted on 21 June 2011 by VRS |  Email |Print

The chief executive officer of Norway’s $570 billion sovereign wealth fund said the European Monetary Union, which consists of 17 countries sharing the euro currency, will survive amid increasing doubts that Greece will avoid becoming the first member to default on its debts.
“Some people are saying Europe is facing a choice, there is fiscal union or there is a break-up of the euro,” Yngve Slyngstad, the head of the Oslo-based fund, said………………………………………Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Kazakh sovereign wealth fund-owned bank BTA’s debt fell sharply on Tuesday as investors fretted over the bank’s financial strength ahead of upcoming coupon payments.
BTA underwent a debt restructuring last year after a 2009 default and its $2 billion bond due 2018 KZ053298877= fell more than 4 points on Tuesday to 73.4, according to Thomson Reuters data, giving a record high yield close to 20 percent……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

President Dmitry Medvedev launched the much awaited-for $10 billion Russian Direct Investment Fund. The goal of the fund that has been attracting the attention of international commentators for months now is to attract the world’s leading funds to co-invest in major projects, destroying the myth of excessive risks of doing business in Russia.
Among the international investors that have already expressed an interest - and will probably end up on the international advisory board - are Goldman Sachs, Blackstone, the Abu Dhabi Investment Authority, Kuwait Investment Authority, China Investment Authority, Permira and Caisses des Depots……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

By now, many investment bankers in London will have come to the conclusion that moving to the Middle East isn’t a great career move. However, if you aspirations to move to the region, you might want to look towards the Qatar Investment Authority (QIA).
According to various financial headhunters in the Gulf, the QIA has embarked on a relatively aggressive recruitment spree for 2011, and is looking to haul in around 100 people this year. Even better, it’s looking to the London market for expertise……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Qatari Diar, the property investment arm of Qatar’s sovereign wealth fund, on Monday won approval for its £3bn ($4.8bn) redevelopment of the Chelsea Barracks site in London.
Revised outline plans for the 13-acre site were supported by councillors at Westminster Council with conditions. Consultations will now continue and an application giving detailed designs for the various buildings will be considered by councillors in the future……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Qatari investors have bought a 70 percent stake in French Ligue 1 football club Paris St Germain, the club said on Tuesday. Colony Capital, the US owners of the club, said in statement on the PSG website that it would retain a 30 percent stake.
The statement did not include the name of the investment firm in Qatar but France’s L’Equipe earlier this month said the club was in talks with Qatar Investment Authority, the Gulf state’s sovereign wealth fund……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Qatar Airways, the Gulf Arab state’s flagship carrier and half-owned by sovereign wealth fund Qatar Investment Authority, is considering an initial public offering (IPO) in 2011, its chief executive said on Tuesday.
“It could be this year. The more market share we gain, the timeline moves forward,” Akbar Al Baker told reporters, adding that the airline had appointed advisors but declined to name them……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Bahrain Mumtalakat Holding Company hosted its first roundtable event for chief financial officers (CFO) of its portfolio companies to share best practice and knowledge in financial management.
The event, held at the Capital Club, is expected to be the first in a series of CFO roundtables. The initiative is part of an overall corporate strategy to create uniform standards of corporate governance and boost knowledge sharing within Mumtalakat and across all portfolio companies……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

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

Posted on 21 June 2011 by VRS |  Email |Print

Ho Ching, the chief executive of Singapore state investor Temasek Holdings , has told her staff internally that she is not leaving the company, two sources said, denying a recent news report that she may leave in August.
Speculation about her departure had mounted after the Financial Times reported earlier this month that Ho was likely to step down in August……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Temasek Holdings’ chief executive and executive director Ho Ching is believed to have told staff she is not resigning.
Ms Ho reportedly told employees that if she had to leave on a high note, she could have done so last year, when Temasek’s portfolio had more than recovered from the financial crisis, Reuters said, citing unnamed sources……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Malaysian palm oil firm Kuala Lumpur Kepong (KLK) denied on Monday it had breached Indonesia’s two-year forest clearing ban on the first day it was signed to law, calling the allegation by an environmental group “preposterous”. KLK is a part of the $550 billion portfolio for a Norwegian sovereign wealth fund, which EIA and its Indonesian partner Telapak says has profited from deforestation.
But Malaysia’s third-largest listed planter said it stopped an “over eager” contractor from making an unauthorised clearing of a small logged over area that is a small part of one of its concessions in Borneo island……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

Future Fund chairman David Murray has urged governments to heed the lessons of the European and US sovereign debt crises as growing state and federal borrowing pushes their financial liabilities past half a trillion dollars in the new financial year.
Analysis by The Australian finds the states are forecasting their net-debt levels will surge from almost $102 billion this year to $135bn next year to help fund upgrades to rundown electricity, water and other infrastructure……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

The Alaska Industrial Development and Export Authority — a state development agency that tries to ignite economic growth through financing sometimes risky projects — could be that entity, if political leaders decide to put significant amounts of cash in the agency’s bank account.
Some lawmakers attending the conference are intrigued by the idea, as long as it doesn’t tap the nearly $40 billion Alaska Permanent Fund. But others were quick to recall big AIDEA projects that failed……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

The Securities and Exchange Commission has requested information from Exxon Mobil Corp. about possible payments related to Libya’s sovereign-wealth fund, the company said over the weekend.
“We received a request for information from the SEC and are cooperating and responding,” a spokesman for the U.S. oil giant told Dow Jones Newswires, confirming a report in the Oil Daily newsletter……………………………………….Full Article: Source

Posted on 21 June 2011 by VRS |  Email |Print

The National Pensions Reserve Fund Commission is considering increasing its alternative investments.
Among the investment drivers is diversification—the fund wants to increase allocations to bonds and absolute return funds and reduce the allocation to quoted equities; growth—within equities, the allocation to emerging markets, small-cap and private equity will grow; and inflation protection—there will be more allocations to inflation-linked bonds, commodities and infrastructure……………………………………….Full Article: Source

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