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Sovereign Wealth Funds Briefing 30.Aug 2011

Posted on 30 August 2011 by VRS |  Email |Print

Temasek Holdings has increased its stake in Bank of China’s Hong Kong-listed shares by 7.07 per cent from 6.96 per cent for HK$288.64 million (S$44.7 million), the Wall Street Journal reported Monday.
Singapore’s sovereign wealth fund’s on-exchange stake purchase on Aug 22 comes just weeks after its US$2 billion (S$2.4 billion) sell-down in the lender……………………………………….Full Article: Source

Posted on 30 August 2011 by VRS |  Email |Print

Zhang JianguoSingapore state investment company Temasek Holdings Pte. Ltd. is considering acquiring a part of Bank of America Corp.’s stake in China Construction Bank Corp. or CCB, people familiar with the situation said Monday.
Bank of America now owns 25.6 billion CCB shares, or 10% in CCB, including the 23.6 billion shares that will emerge from a lockup period ending Monday. The bank will be free to sell the remaining shares in 2013……………………………………….Full Article: Source

Posted on 30 August 2011 by VRS |  Email |Print

Bank of America has sold about half of its 10% stake in China Construction Bank to a handful of sovereign-wealth funds and institutions in the US and Asia, totaling $8.3 billion before taxes.
“Our partnership with China Construction Bank has been mutually beneficial,” said Bank of America Chief Executive Officer Brian Moynihan in a statement……………………………………….Full Article: Source

Posted on 30 August 2011 by VRS |  Email |Print

Olam International Ltd., a commodities supplier partly owned by Singapore’s Temasek Holdings Pte, reported a 38 percent gain in fourth-quarter profit as trading volumes increased.
Net income climbed to S$127.4 million ($106 million) in the three months ended June 30 from S$92.3 million a year ago, Singapore-based Olam said today in a statement. Excluding one- time gains, profit grew 4.9 percent to S$106 million. Sales increased 44 percent to S$4.52 billion as trading volumes across all four of Olam’s main business areas rose……………………………………….Full Article: Source

Posted on 30 August 2011 by VRS |  Email |Print

Business leaders have called for the creation of a sovereign wealth fund to ensure the benefits of the resources boom are not squandered and to ease the pressures on Australian manufacturers.
Business leaders at the Australian Davos Connection Forum are understood to have discussed the matter at the Hayman Island leadership retreat last weekend……………………………………….Full Article: Source

Posted on 30 August 2011 by VRS |  Email |Print

Within a period of less than a year that he was Finance Minister, Mr Olusegun Aganga was able to conceive the idea of the Sovereign Wealth Fund (SWF), mobilise the support of the relevant stakeholders, initiate an executive bill which was forwarded the National Assembly, get it passed in record time and have the president assent to it.
It is a remarkable feat that demonstrates what commitment to noble ideals can achieve with the right people driving the process……………………………………….Full Article: Source

Posted on 30 August 2011 by VRS |  Email |Print

The Institute of Chartered Accountants of Nigeria (ICAN) has punctured the recent call for the abrogation of Sovereign Wealth Fund, saying it is not founded on informed premise.
President of the Institute, Professor Francis Ojaide said the Fund should rather be sustained by the Federal Government in view of the unstable economic policies of the government……………………………………….Full Article: Source

Posted on 30 August 2011 by VRS |  Email |Print

The state chief executives had originally agreed to back the Fund as a way of resolving the issue surrounding the constitutionality or otherwise of the Excess Crude Account.
The reasoning was that instead of operating an illegal account and instead of spending all earnings without saving for the rainy days, the Fund should be created and operated as international investment fund to serve as savings for future generations and as a returns-yielding venture. This is the practice adopted by most oil producing nations, especially as they realise that oil is an exhaustible natural resource……………………………………….Full Article: Source

Posted on 30 August 2011 by VRS |  Email |Print

With the Excess Crude Account (ECA) and the Sovereign Wealth Fund (SWF) as veritable tools for socio-economic emancipation through growth and development.
The level of light thrown into a recent discussion by some financial experts and the recent insight given by the Minister of Trade & Investments (Olusegun Aganga) on how the 34 trillion naira investments were going to be funded within the next four years; I stand to urge the governors to have a rethink over their latest stand on the SWF……………………………………….Full Article: Source

Posted on 30 August 2011 by VRS |  Email |Print

Uganda should invest oil revenues in Sovereign Wealth Fund (SWF) and at least developing one new economy, if it is to avoid the so called oil curse, oil experts have urged.
Experts contend that the development could be geared to areas like tourism, real estate or airlines so long as it is targeted to particular activities especially projects that bring return to the country……………………………………….Full Article: Source

Posted on 30 August 2011 by VRS |  Email |Print

The Qatar Investment Authority (QIA) has denied the “authenticity of press reports carried by international news agencies and some local and international newspapers that it is close to a deal with the British Racing Drivers’ Club (BRDC) to buy the Silverstone Formula One circuit”, which is owned by the British Club.
An official source at Qatar Investment Authority told Qatar News Agency (QNA) that there were “no relevant negotiations, currently nor in the past, in this respect”……………………………………….Full Article: Source

Posted on 30 August 2011 by VRS |  Email |Print

Qatar National Bank, 50-percent owned by sovereign wealth fund Qatar Investment Authority, set up a $7.5 billion euro medium term note (EMTN) programme to fund its banking operations, the company said in a statement on Monday.
QNB said it has appointed Barclays, HSBC and QNB Capital as arrangers for the bond programme but did not indicate if the lender had any plans to issue debt in the near future. QNB last issued a five-year $1.5 billion with a coupon of 3.125 percent in November……………………………………….Full Article: Source

Posted on 30 August 2011 by VRS |  Email |Print

A Middle East sovereign-wealth fund will likely be the main buyer of half of Bank of America Corp.’s (BAC) stake in China Construction Bank Corp, Hong Kong’s Apple Daily reported Monday.
The U.S. bank is in the final stages of negotiating the sale of a 5.23% stake in the Chinese lender, or about half of its 10.23% holding, to a group of sovereign-wealth funds and institutional investors, the report said, citing a person familiar with the situation……………………………………….Full Article: Source

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