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Sovereign Wealth Funds Briefing 30.Jun 2011

Posted on 30 June 2011 by VRS |  Email |Print

Warwick McKibbinReserve Bank of Australia board member Warwick McKibbin Thursday joined international calls for tighter monetary policy settings globally, warning inflation pressures are building.
He also renewed his call for Australia to embrace of sovereign wealth fund, in part to help the Australian economy deal with a mining boom, which is fanning an enormous wave of investment with the economy……………………………………….Full Article: Source

Posted on 30 June 2011 by VRS |  Email |Print

Wayne SwanTreasurer Wayne Swan says setting aside money in a sovereign wealth fund doesn’t make sense at the moment.
He said the money was needed to make investments in employment and infrastructure to address the capacity constraints in the economy……………………………………….Full Article: Source

Posted on 30 June 2011 by VRS |  Email |Print

An Australian sovereign wealth fund has several advocates, including Malcolm Turnbull, clearly the sharpest economic mind on the opposition front bench (even if he did err in opposing the second stimulus package). In a thoughtful speech in April, Turnbull stated: ‘I believe that the time has come for Australia to create a new sovereign wealth fund’.
There are three arguments typically made by proponents of a sovereign wealth fund. First, some say that with the Australian dollar at historic highs, we should be amassing greenbacks as a form of insurance against a currency slump……………………………………….Full Article: Source

Posted on 30 June 2011 by VRS |  Email |Print

The first session of The Australian-Melbourne Institute’s Growth Challenge conference in Melbourne today has heard that the government should work towards establishing a sovereign wealth fund to help stabilise the income volatility created by the mining boom.
An outgoing Reserve Bank board member, Warwick McKibbin, said policy in Australia should be designed to help the nation build for the future……………………………………….Full Article: Source

Posted on 30 June 2011 by VRS |  Email |Print

The Future Fund has gone into partnership with a land developer to buy and develop greenfield sites on the outskirts of the major cities.
West Australian-based property developer Peet Limited yesterday announced a partnership to buy land in areas of projected population growth and develop master-planned communities……………………………………….Full Article: Source

Posted on 30 June 2011 by VRS |  Email |Print

Government of Singapore Investment Corp. lost a bid to move forward with a $1.5 billion offer for a group of resorts that hedge fund Paulson & Co. is seeking to restructure.
The Singapore sovereign wealth fund, known as GIC, says the five resorts are putting it and other creditors at risk by prolonging their bankruptcy case and should instead be put up for sale……………………………………….Full Article: Source

Posted on 30 June 2011 by VRS |  Email |Print

Special economic corridor Iskandar Malaysia could soon see growth by leaps and bounds, as nearby Singapore finally appears to be getting serious about investing in the special economic zone. Sold to investors as a cheaper alternative to pricey Singapore, Iskandar Malaysia is looking at around RM3 billion (US$989.28 million) in upcoming investment from a partnership between Khazanah Nasional Bhd and Temasek Holdings Pte Ltd.
With completion not expected until 2025, the advent of large-scale Singaporean investment into Iskandar Malaysia would be an enormous boon. Whether this new spree from Khazanah Nasional and Temasek Holdings will be the start of a trend remains to be seen……………………………………….Full Article: Source

Posted on 30 June 2011 by VRS |  Email |Print

Singbridge International, a unit of Singapore state investor Temasek Holdings, will jointly develop a business park in the Chinese city of Guangzhou with Singapore developer Ascendas and Guangzhou Development District (GDD), Ascendas said on Wednesday.
The 30ha business park will be developed in phases over 10 years at a total cost of 2.3 billion yuan (S$441.4 million), Ascendas said……………………………………….Full Article: Source

Posted on 30 June 2011 by VRS |  Email |Print

Singapore Airlines (SIA), 55 percent owned by Singapore state investor Temasek Holdings, said it had reached an agreement with Airbus to lease 15 more A330-300 aircraft.
SIA said in a statement on Wednesday that the aircraft will be delivered from the world’s largest plane maker between 2013 and 2015 and will use engines from Rolls-Royce………………………………………Full Article: Source

Posted on 30 June 2011 by VRS |  Email |Print

China Investment Corp. will receive additional funding annually based on its performance in the previous year, according to a report by Weekly on Stocks that was posted to websites including that of the China Securities Journal and Sohu.com.
The fund may get $50 billion as a first batch of new capital this year, the report said, without saying where it got the information……………………………………….Full Article: Source

Posted on 30 June 2011 by VRS |  Email |Print

The biggest topic they all discussed was the rise of the then easy-to-be-nasty-about Sovereign Wealth Funds (SWFs). At the end, I made myself rather unpopular by asking why did they really think the topic of SWFs was so vital for European competitiveness, and moreover, why did they believe they were so unwanted?
Just before this event, it was rumoured that the new owner of Manchester City was one of the dreaded SWFs. I joked that at least the blue half of Manchester currently thought SWFs were a rather good thing……………………………………….Full Article: Source

Posted on 30 June 2011 by VRS |  Email |Print

U.K. prosecutors are helping the U.S. Securities and Exchange Commission with inquiries into whether financial firms violated foreign bribery laws in their dealings with sovereign-wealth funds.
“We’re talking to the Americans about various issues,” Richard Alderman, director of the Serious Fraud Office, told Bloomberg in an interview. He did not identify any companies……………………………………….Full Article: Source

Posted on 30 June 2011 by VRS |  Email |Print

U.K. prosecutors are assisting the U.S. Securities and Exchange Commission on inquiries involving financial institutions and whether bribes were paid in transactions with sovereign wealth funds.
The Serious Fraud Office, which prosecutes corruption and white collar crime in Britain, has been contacted by the U.S. regarding the probes, SFO Director Richard Alderman said………………………………………Full Article: Source

Posted on 30 June 2011 by VRS |  Email |Print

The province will announce that Alberta’s much maligned Heritage Fund had a banner year, earning more than $1 billion last year to boost its total to $15.2 billion.
The fund, started in 1976 as a rainy-day fund, increased by 10.4 per cent, nearly double the typical rate of increase, according to a recent Alberta Finance report to the all-party Heritage Savings Trust Fund committee……………………………………….Full Article: Source

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