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Sovereign Wealth Funds Briefing 04.Aug 2011

Posted on 04 August 2011 by VRS |  Email |Print

Sovereign wealth funds and other big-money investors haven’t lost faith in the euro and aren’t showing signs of a dramatic move away from euro assets, a senior money manager at BlackRock Inc. said Wednesday.
“Part of the reason the euro remains fairly entrenched is that there hasn’t been a wholesale diversification away from the euro during this crisis,” said Scott Thiel, chief investment officer of fixed income, said at a media briefing……………………………………….Full Article: Source

Posted on 04 August 2011 by VRS |  Email |Print

Lou JiweiChina is considering a proposal to create a ministerial-level body -similar to China’s powerful State-owned Assets Supervision and Administration Commission (SASAC) - to manage its state-owned banks and non-bank financial enterprises. The front-runner to head the financial SASAC is Lou Jiwei, currently chairman of China Investment Corp, the country’s $300 billion sovereign wealth fund.
Central Huijin, the largest shareholder of the country’s state-controlled banks, may be hived off from China’s sovereign wealth fund, CIC, and report to the financial SASAC, the sources said. But CIC itself and China’s $130 billion pension fund are unlikely to come under the jurisdiction of the new ministry……………………………………….Full Article: Source

Posted on 04 August 2011 by VRS |  Email |Print

India’s largest telecom firm Bharti Airtel, backed by Singapore’s sovereign wealth fund Temasek, saw its consolidated net profit crumble 28 per cent to Rs 1,215 crore in the quarter ended June 30, 2011, over the year-ago period, as higher interest costs related to its acquisition in Africa and increase in tax outgo cringed net margins even as the firm reported strong revenue growth.
Total revenues was up 38 per cent to Rs 16,983 crore as against Rs 12,286 crore in Q1, FY11. While revenues fell marginally short of analyst expectations, net profit numbers were much below estimates……………………………………….Full Article: Source

Posted on 04 August 2011 by VRS |  Email |Print

Switzerland-based SR Technics and Sanad Aero Solutions, a part of Mubadala Development Company’s aerospace unit, have signed component maintenance and technical training agreements with Virgin Australia.
“Leveraging the full scope of Mubadala Aerospace’s global MRO [maintenance, repair and overhaul] capabilities, some services will also be completed out of Abu Dhabi Aircraft Technologies, SR Technics’ sister company………………………………………..Full Article: Source

Posted on 04 August 2011 by VRS |  Email |Print

Concerns over uncontrolled spending by the Federal Government, especially on areas like recurrent expenditure which add nothing to the growth and development of the economy, rose yesterday, after it emerged that so far this year, the government has taken out two hundred and fifty billion naira (N250 billion) from the Excess Crude Account.
The growing cases of misdirected spending by the Federal Government is magnified by disclosures that whereas the government has recorded a staggering 99 per cent in the disbursement of the recurrent vote for this year, performance in the area of capital expenditure is at a miserly 34 per cent by the end of the first half of 2011……………………………………….Full Article: Source

Posted on 04 August 2011 by VRS |  Email |Print

Yemen’s foreign currency reserves declined sharply in the first half of this year due to persistent unrest and associated problems, the Central Bank of Yemen said on Tuesday, expecting the inflation rate, now at 15 percent, will decrease soon.
Governor of the Bank, Muhammad bin Hamam, said the foreign currency reserves fell by $1.3 billion and that they reached by July 30 $4.6 billion. The reserves are expected to increase when the political crisis ends, he said……………………………………….Full Article: Source

Posted on 04 August 2011 by VRS |  Email |Print

The U.K.’s foreign currency reserves increased to $44.632 billion in July from $42.551 billion in June, with valuation effects accounting for most of the increase, according to Treasury data published Wednesday.
Valuation effects added $1.614 billion to the value of net currency reserves held, while transactions against sterling accounted for $468 million, resulting in a net increase of $2.082 billion in total net reserves……………………………………….Full Article: Source

Posted on 04 August 2011 by VRS |  Email |Print

The Alaska Permanent Fund Corporation (APFC) announced the release of its year-end financial report on Tuesday. The unaudited figures show the Permanent Fund ended the year at $40.1 billion and saw a 20.6-percent return over FY2011, marking the first time in history the fund has closed a year over $40 billion, and the first time since 1986 that the rate of return has topped 20 percent.
The strong performance in 2011, however, will likely take a few years to boost dividend checks……………………………………….Full Article: Source

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