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Sovereign Wealth Funds Briefing 23.Sep 2011

Posted on 23 September 2011 by VRS |  Email |Print

Choi Chong-sukSouth Korea’s sovereign wealth fund plans to increase its stake in Bank of America , a media report said on Friday. “We are trying to purchase additional shares with the dividend (we received from our existing stake),” Yonhap News Agency quoted Korea Investment Corp (KIC) CEO Choi Chong-suk as saying.
His remarks on the share purchase in the largest U.S. bank by assets came after the fund said it already re-invested $78 million this year, about half the dividend from its $2 billion investment……………………………………….Full Article: Source

Posted on 23 September 2011 by VRS |  Email |Print

South Korea’s sovereign wealth fund plans to buy more Bank of America (BAC) shares, several local media reported Friday, citing its chief executive Choi Chong-suk.
“The (Bank of America) shares seem to have hit the bottom. I’m sure they will rise, though it may take some time,” Choi told reporters in Washington, adding that KIC will hold a meeting Wednesday to make the final investment decision………………………………………Full Article: Source

Posted on 23 September 2011 by VRS |  Email |Print

South Korea’s sovereign wealth fund said on Friday that it has made no decision yet on where to put dividend income from a stake in Bank of America Corp , dismissing a local report that the fund planned to increase its equity holding in the U.S. bank.
“We will decide the direction of our investment after closely monitoring the global economy and financial markets,” Korea Investment Corp said in a statement……………………………………….Full Article: Source

Posted on 23 September 2011 by VRS |  Email |Print

Malaysian state investment agency Khazanah Nasional yesterday evening decided to postpone its debut dim sum sukuk as financial markets suffered from a severe bout of volatility.
The deal was supposed to be a landmark transaction for Khazanah, which is keen to promote Islamic financing in the offshore renminbi space. But, despite its blue-chip status, the market volatility proved to be too much and the leads — BOC International, CIMB and Royal Bank of Scotland (RBS) — decided that the most prudent decision would be to hold off……………………………………….Full Article: Source

Posted on 23 September 2011 by VRS |  Email |Print

The Malaysian government’s investment holding arm Khazanah Nasional Bhd., which is looking to issue as much as $78.3 million in yuan-denominated Islamic trust certificates, or sukuk, postpone the pricing of the bond due to volatile market conditions, people familiar with the situation said Thursday.
The news came as yields on long-dated Japanese government bonds fell to multi-month lows in Tokyo, weighed down by similar falls in Treasury yields after the Federal Reserve’s policy-setting Open Market Committee announced the previous day it will increase its share of longer-dated Treasurys by $400 billion by June 2012……………………………………….Full Article: Source

Posted on 23 September 2011 by VRS |  Email |Print

GIC manages the Government’s assets. We have publicly stated that it manages well over US$100 billion of assets. However, revealing the exact amount would, taken together with the published assets of MAS and Temasek, expose the full size of Singapore’s financial reserves.
Temasek manages its own assets and publishes their full value together with other details on its financial statements. It obtains credit ratings and issues bonds to other investors on the basis of this………………………………………Full Article: Source

Posted on 23 September 2011 by VRS |  Email |Print

A Singapore state investment fund that is the biggest UBS shareholder says it is disappointed and concerned with lapses at the Swiss bank that led to a $2.3 billion rogue trading loss.
The statement from the Government of Singapore Investment Corp. comes as the UBS board holds a scheduled meeting in the Southeast Asian city-state……………………………………….Full Article: Source

Posted on 23 September 2011 by VRS |  Email |Print

The Russian private-equity unit being set up by President Dmitry Medvedev is in talks with a Chinese group about making joint investments, as the nation seeks to reverse an outflow of foreign capital.
Details of the partnership may be announced in October, Kirill Dmitriev, head of the Russia Direct Investment Fund, said in an interview today at Bloomberg’s headquarters in New York. The new joint fund would co-invest in deals “that benefit from the Russia-China relationship and Russia-China trade,” he said, declining to provide details……………………………………….Full Article: Source

Posted on 23 September 2011 by VRS |  Email |Print

Almost three decades after Paul Keating floated the Australian dollar, could it really be possible that Treasury economists are afraid of foreign currency?
This is one conclusion to be drawn from Treasury head Martin Parkinson’s comment this week that the federal government should wait until its debt is repaid before setting up foreign currency sovereign wealth funds to save windfall revenue from the mining boom. And a second conclusion is that Treasury won’t be trying to hasten the government’s repaying of debt by pressing for bigger surpluses……………………………………….Full Article: Source

Posted on 23 September 2011 by VRS |  Email |Print

The new leader of Libya’s sovereign-wealth fund said he has recommended that an independent committee investigate all past investments made during the regime of Col. Moammar Gadhafi for possible corruption.
In an interview, Rafik Nayed, the Libyan Investment Authority’s acting chief executive since last month, said the fund’s investment operations are on hold while a new management team sifts through $65 billion in holdings and tries to unravel previous dealings with people tied to Col. Gadhafi, the former Libyan leader ousted in a rebel uprising this year……………………………………….Full Article: Source

Posted on 23 September 2011 by VRS |  Email |Print

France’s largest bank by market capitalization, BNP Paribas SA, isn’t in talks with investors from Qatar about a potential stake sale, Chief Executive Baudouin Prot said Thursday in an interview with French television channel BFM Business.
“I formally deny it. We do not have any particular contact [with potential investors] because we do not need to increase our capital,” he said……………………………………….Full Article: Source

Posted on 23 September 2011 by VRS |  Email |Print

Azerbaijan is enjoying macroeconomic stability with increasing strategic currency reserves, Economic Development Minister Shahin Mustafayev has said.
“On 1 September, Azerbaijan’s strategic currency reserves exceeded $40 billion, which is eight times larger than the republic’s foreign debt. Azerbaijan’s foreign debt at present constitutes 7% of the country’s GDP,” the minister said……………………………………….Full Article: Source

Posted on 23 September 2011 by VRS |  Email |Print

Sovereign wealth funds are typically long-term investors; they can wait out financial storms and purchase assets when it is most opportunistic. Sovereign funds have been actively investing in the United States for decades, recently more in the past seven years.
The slowdown in the U.S. economy has reinforced the message to sovereign funds to look elsewhere and diversify. Economies with high growth rates, low unemployment, favorable ownership rights, and sustainable demographics usually correlate to robust GDP growth and low political risk. The message in 2000 was to diversify globally. The message remains the same……………………………………….Full Article: Source

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