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Sovereign Wealth Funds Briefing 09.Aug 2011

Posted on 09 August 2011 by VRS |  Email |Print

China’s sovereign wealth fund is to buy a stake in GDF Suez’s gas exploration and production unit and to finance the French utility’s expansion in power-thirsty Asia, sources said on Monday.
The multi-billion dollar memorandum of understanding with China Investment Corp (CIC) is the latest bid by the world’s biggest utility to boost its presence in faster-growth emerging markets……………………………………….Full Article: Source

Posted on 09 August 2011 by VRS |  Email |Print

GDF Suez SA is close to a deal in which China Investment Corp. would take a stake in the energy company’s exploration-and-production business, marking yet another investment by Beijing in Western energy assets and boosting the French company’s exposure to the energy-hungry Asian market.
Under the proposed deal, the Chinese sovereign-wealth fund would take a 30% stake in the exploration-and-production business for as much as €3 billion ($4.28 billion), a person familiar with the matter said……………………………………….Full Article: Source

Posted on 09 August 2011 by VRS |  Email |Print

Investment Corp of Dubai (ICD), the emirate’s sovereign wealth arm, said yesterday it will repay in full rather than refinance a $4bn loan maturing on August 21, mainly with dividends from its investments.
ICD had been expected to repay part of the loan and had already agreed with banks to refinance $2.8bn in what would have been the largest loan to emerge from Dubai since its 2009 debt crisis……………………………………….Full Article: Source

Posted on 09 August 2011 by VRS |  Email |Print

Secretary-General of Dubai Economic Council (DEC) Hani Al Hamli said the announcement of Dubai Government to repay in full $4 billion (Dh14.7 billion) of debt maturing later this month from internal sources sends a strong signal that Dubai is able to honour financial commitments and at the same time go on with development projects.
The repayment indicates strong performance by Dubai’s economy……………………………………….Full Article: Source

Posted on 09 August 2011 by VRS |  Email |Print

In a major development that also reveals the underlying pressures on financing companies in the country, the promoter of Fullerton India Credit Company (FICC), a registered non-banking finance company in India, is looking at exiting India and scouting for a buyer.
FICC is a wholly-owned subsidiary of Fullerton Financial Holdings, which in turn is a subsidiary of Temasek Holdings, Singapore……………………………………….Full Article: Source

Posted on 09 August 2011 by VRS |  Email |Print

S hedge fund Paulson & Co. is the victor in a court battle with the Government of Singapore Investment Corp (GIC) over control of a group of luxury hotels. Since early this year, the Singapore sovereign wealth fund has been aiming to gain control of the group of hotels. In February, the GIC offered $1.5 billion for a group of bankrupt resorts owned by investors that included the hedge fund.
The Paulson group assumed control over the properties following Morgan Stanley’s inability to pay back loans it took from a range of lenders including the Paulson group and GIC. The five resorts, which include Grand Wailea Resort Hotel & Spa in Maui, Hawaii, and the Doral Golf Resort & Spa in Miami, have a combined $2.2 billion in consolidated assets and $1.5 billion of secured debt. The resorts filed for bankruptcy on February 1……………………………………….Full Article: Source

Posted on 09 August 2011 by VRS |  Email |Print

The new government’s argument for a sovereign wealth fund is making more sense as US debt quality is deteriorating, but public and private debts could spiral out of control, as in the euro zone. “The US debt downgrade may make the idea to create a sovereign wealth fund much more appealing,” Praipol Koomsup, an economist at Thammasat University, said.
The new government floated the notion of establishing a sovereign wealth fund to make use of part of its US$180-billion (Bt5.37 trillion) international reserves……………………………………….Full Article: Source

Posted on 09 August 2011 by VRS |  Email |Print

Hong Kong’s official foreign currency reserve assets amounted to 278.8 billion U.S. dollars at the end of July, up 1.6 billion U.S. dollars over June, the city’s Monetary Authority announced Monday.
Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of July stood at 279 billion U.S. dollars, compared with 277.2 billion U.S. dollars in June, said HKMA in a statement posted at its website……………………………………….Full Article: Source

Posted on 09 August 2011 by VRS |  Email |Print

Russia, which until now has borrowed relatively little, is envisaging a tripling of its public debt in the next three years amid sluggish growth and high spending. Russia was able to build up tens of billions of dollars in two reserve funds during the era of high oil prices, helping the country weather the global financial crisis of 2008.
But the finance ministry document said that Russia’s petrodollars would now be used to finance expenditure. The National Reserve Fund would receive only a small top-up while the National Welfare Fund would be given no further money……………………………………….Full Article: Source

Posted on 09 August 2011 by VRS |  Email |Print

In January-July 2011 assets of the Kazakhstan National Fund have increased by 24.99% and reached 38.72 billion US dollars, the National Bank has reported. According to the National Bank of Kazakhstan, in the period from January to July 2011, assets of the National Bank have grown by almost 25% and reached 38.72 billion US dollars.
In July assets of the fund grew by 0.56%. From the beginning of this year foreign currency assets have grown by 33% to 33.49 billion tenge and golden assets have grown by almost 15% to 3.49 billion US dollars……………………………………….Full Article: Source

Posted on 09 August 2011 by VRS |  Email |Print

The Azerbaijani Ministry of Finance is going to keep the practice of management of treasury assets through the State Oil Fund (SOFAZ).
At the same time the amendments endorsed by Decision #119 from 18 July the Cabinet Ministers of Azerbaijan to the Rules of Transfer of the Balance of Finances at Single Treasury Account of the State Budget (free balance) under Management (approved by Decision #62 from 6 April 2007) enable other options as well……………………………………….Full Article: Source

Posted on 09 August 2011 by VRS |  Email |Print

The Alaska Permanent Fund is taking a $2 billion hit with the volatility on world stock markets. The fund ended the fiscal year June 30 with a value of $40.1 billion, the first year-end close of more than $40 billion.
Last Wednesday, the fund showed a market value of $39.4 billion. By Friday, it was $38.1 billion. In mid-July, there were news accounts in financial journals calling it a “$40.8 billion fund.”………………………………………Full Article: Source

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