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Sovereign Wealth Funds Briefing 07.Jul 2011

Posted on 07 July 2011 by VRS |  Email |Print

Heydar AliyevThe State Oil Fund of the Republic of Azerbaijan announces that as of June 28, 2011 current assets of the State Oil Fund reached 30,2bn USD dollars having for the first time exceeded 30bn USD dollars level.
Increasing SOFAZ’s assets is the result of successful implementation of National Oil Strategy, created by national leader Heydar Aliyev. As a result of implementation of this strategy export of hydrocarbon reserves is expanding and Fund’s assets increased from 22,8 billion at the beginning of 2011 up to 30 billion USD dollars……………………………………….Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

STX Group, owner of the world’s third-largest marine-engine maker, said it may team up with a Middle Eastern sovereign wealth fund to bid for a stake in Hynix Semiconductor Inc.
STX is “highly likely” to submit a bid before tomorrow’s deadline set by shareholders including Korea Exchange Bank, the group said in an e-mailed statement yesterday. It wouldn’t need to borrow to pay for a stake of about 15 percent, according to Vice Chairman Lee Jong Chul, who didn’t identify STX’s potential Mideast partner……………………………………….Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

STX Group, a South Korean shipping and shipbuilding conglomerate, said Wednesday that it has an interest in bidding for a 15 percent stake in Hynix Semiconductor Inc. as part of efforts to diversify its business.
“The group is considering submitting a letter of intent to buy Hynix and conducting due diligence. But if the results do not meet our expectation, we would not join a final bidding,” said an official at STX Group……………………………………….Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

Temasek Holdings sold part of its stakes in two of the biggest lenders in China - Bank of China (BOC) and China Construction Bank (CCB) - for a total of about US$3.6 billion (S$4.4 billion).
The sale comes as China raised a key interest rate for a third time this year as it tries to cool surging inflation. With effect today, the benchmark rate for one-year loans will be raised 0.25 percentage points to 6.56 per cent, its central bank announced yesterday. The rate paid on deposits will rise by a similar margin to 3.5 per cent……………………………………….Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

Singapore state investor Temasek Holdings solds takesintwo of China’s biggest banks on Wednesday to raise $3.6 billion, piling more pressure on mainland lenders amid concerns about rising bad debts.
The sale of stakes in Bank of China and China Construction Bank (CCB) reduces Temasek’s big exposure to the financial sector and adds to a growing warchest as it boosts focus on resources……………………………………….Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

Temasek Holdings raised HK$28.2 billion by selling stakes in China Construction Bank and Bank of China, but Singapore’s state-owned investment arm insisted it will continue to remain a shareholder in the two lenders.
“This sale is part of rebalancing our portfolio, which we do from time to time,” spokesman Jeffrey Fang said, adding “Temasek continues to hold substantial positions in Chinese banks.”………………………………………Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

Singapore’s sovereign wealth funds Temasek Holdings has said its partial sale of stakes in China’s state-owned banking giants Bank of China (BOC) and China Construction Bank (CCB) is part of its routine portfolio adjustment, a local daily reported on Thursday.
“This sale is part of our portfolio rebalancing, which we do from time to time,” the Business Times quoted a Temasek spokesman as saying in a statement on Wednesday. “Temasek continues to hold substantial positions in Chinese banks.”………………………………………Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

Singapore’s Temasek Holding’s Pte. Ltd.’s reduction in equity stakes of two of the biggest lenders in China shouldn’t be seen as a loss of faith in the mainland’s banking sector, according to some analysts.
Instead, they see the government-owned investment fund as moving to diversify its portfolio, in line with a shift that’s likely been in the planning for weeks……………………………………….Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

News surfaced that a sovereign wealth fund representing the Chinese government wants to buy a substantial amount of Facebook stock. According to anonymous sources to Business Insider, China wants to own enough of Facebook “to matter.”
What does that mean? It is important to note that a sovereign wealth fund may represent a government but is not the actual government, as Business Insider reporter Nicholas Carlson points out. Is China’s interest in Facebook a simply a government-sponsored group of venture capitalists looking to get a piece of the upcoming Facebook IPO or is there something more complicated at work behind the scenes?………………………………………Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

Business Insider recently reported that China is trying to buy a $1.2 billion stake in Facebook, giving the country “a huge chunk” of the world’s most popular social playground. If you’re an active Facebook user, China’s interest in Zuckerberg’s social networking site is a scary one given the country’s penchant for censorship. But should you really be concerned?
As Business Insider reports it, Citibank is trying to acquire up to $1.2 billion of Facebook stock for two sovereign wealth funds, one from the Middle East and the other Chinese……………………………………….Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

Al Sayed Afi Al Kaaz, chairman of board of the directors of Johan Lang Lasal Turkish company (JLLC), which specialises in the real estate services in Turkey, has confirmed that Qatar Investment Authority (QIA) is ready to invest in the Turkish real estate market.
Al Kaaz said in a statement quoted by Turkish daily Hurriat, that QIA are planning investments in housing, hotels and marketing centers in Turkey……………………………………….Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

The race for the Arctic’s natural resources, set out in our special series, is best explained by a tale of two countries. The first country is as near to nirvana as we have on Earth. It is rich and comfortable, with the highest standard of living in the world and the lowest murder rate.
Its workers are the most productive in the world; its goods are consumed in every part of the globe; and its $550bn nest egg is currently the largest sovereign wealth fund in the world……………………………………….Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

The Norwegian Government Pension Fund Global (Oil Fund) is continuing its property-shopping spree and has its eye set even further afield in the medium term.
Yesterday saw the fund acquire a 50% stake in seven major properties in Paris. “The investment is in line with our strategy to initially invest in the biggest European property markets before expanding into other regions,” said Karsten Kallevig, Director of Norges Bank. “It also reflects our preference to form partnerships with investors that both own and operate properties.”………………………………………Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

Norwegian newspapers were full of stories on Wednesday detailing how every Norwegian will soon own a little piece of property on the Champs-Élysées. That’s in addition to some other high-end property on Regent Street in London, all courtesy of the fortunes built up in what’s widely known as Norway’s oil fund.
The fund, officially known as the Norwegian Government Pension Fund Global, recently emerged as the largest sovereign wealth fund in the world. It began branching into real estate investment and bought up large portions of Regent Street in London earlier this year……………………………………….Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

A question came to mind when looking at the results released Tuesday by the Alberta Investment Management Corporation, the steward of Alberta’s nest egg.
Despite posting respectable returns of 8.2 per cent in this challenging market -though the S&P/TSX did better than that over the AIMCo fiscal year - total funds under management dropped from $70.7 billion over the last fiscal year to $68.8 billion. Why the year over year drop? ………………………………………Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

Chile’s government will create a $4.0 billion education fund, equivalent to almost 2% of gross domestic product, following weeks of massive protests throughout the Andean nation, which dragged President Sebastian Pinera’s approval rating to the gutter and threatened his political agenda.
Using money from the Treasury and one of the nation’s two sovereign wealth funds–the Economic and Social Stabilization Fund or FEES by its Spanish abbreviation–the government will create the education fund, which will complement money set aside in the fiscal budget for education……………………………………….Full Article: Source

Posted on 07 July 2011 by VRS |  Email |Print

Japan’s foreign reserves fell to $1.138 trillion at the end of June from a record high of $1.140 trillion recorded at end-May, Ministry of Finance data released Thursday showed.
Foreign reserves posted the first month-on-month fall in four months in June after hitting record highs in April and May, when higher foreign bond prices as well as interest and dividend gains from overseas asset holdings pushed up reserves……………………………………….Full Article: Source

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