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Sovereign Wealth Funds Briefing 28.Sep 2011

Posted on 28 September 2011 by VRS |  Email |Print

As the sovereign debt crisis in Europe continues to unfold, talk about bank recapitalization has led to rumors that foreign investment vehicles would come to the rescue.
After reports that China might buy peripheral debt, Nomura analyzes the possibility of Middle East sovereign wealth funds (SWFs) jumping in, and concludes the hurdle will be much higher than in the crisis of ’07-’08……………………………………….Full Article: Source

Posted on 28 September 2011 by VRS |  Email |Print

Ahmad Mohamed Al-SayedSovereign wealth fund Qatar Holding LLC said Tuesday it continues to support Volkswagen AG’s and Porsche Automobil Holding SE’s plan to forge a combined company after the two German auto makers were forced to review their initial merger agreement due to persistent legal issues.
“We’re working with them [...] It’s a matter of time [for the combination to happen],” Qatar Holding Chief Executive Ahmad Mohamed Al-Sayed said on the sidelines of a conference in Berlin……………………………………….Full Article: Source

Posted on 28 September 2011 by VRS |  Email |Print

Qatar, part-owner of Germany’s Volkswagen and Hochtief , is looking for more investment opportunities in the country, the head of the Gulf state’s sovereign wealth fund said.
“We are looking forward to strengthening our position here in Germany,” the chief executive of Qatar’s sovereign wealth fund, Ahmad Mohamed Al-Sayed, told a gathering of German industry executives in Berlin on Tuesday……………………………………….Full Article: Source

Posted on 28 September 2011 by VRS |  Email |Print

Increased appetite from sovereign funds and restructuring-driven asset sales will help drive a modest recovery in mergers and acquisitions (M&A) in the Middle East and North Africa (Mena), the head of HSBC’s regional advisory business said.
While global markets are teetering under the impact of a sovereign debt crisis in the eurozone and a slowdown in the US economy, a sharp fall in asset values may present an opportunity for these cash-rich funds with a mandate to invest their state’s hydrocarbon revenues, Omar Mehanna told Reuters……………………………………….Full Article: Source

Posted on 28 September 2011 by VRS |  Email |Print

The Arab Banking Association of North America (ABANA) held a banquet to honor the Managing Director of Kuwait Investment Authority (KIA) Bader Al-Saad for his achievements in financial management.
The ceremony Monday night was attended by a host of representatives of banks and financial and investment institutions, as well as economic and financial experts, businessmen, and the Ambassador of Kuwait to the US Mansour Ayyad Al-Otaibi……………………………………….Full Article: Source

Posted on 28 September 2011 by VRS |  Email |Print

Mubadala Development Company’s revenues soared 70 per cent in the first six months of the year to Dh13.6 billion, up against Dh8 billion in the same period a year ago, on the back of revenues from the consolidation of its global semiconductor business.
The strong performance of the oil and gas businesses and the consolidation of Tabreed also contributed to the growth in revenue. The Abu Dhabi-based company expects that volatility in the market will continue in second half, resulting in both challenges and opportunities for its portfolio……………………………………….Full Article: Source

Posted on 28 September 2011 by VRS |  Email |Print

The Abu Dhabi state investment company with stakes in General Electric and asset management firm Carlyle Group says it earned $54 million in the first half of the year, aided by the integration of the emirate’s semiconductor business.
Mubadala Development Company reported the comprehensive gain Tuesday, using an accounting method that takes into account unrealized changes in investments. That compares with a nearly $1.2 billion loss in the same period last year……………………………………….Full Article: Source

Posted on 28 September 2011 by VRS |  Email |Print

The Abu Dhabi government-owned Mubadala Development Company, which makes strategic investments on behalf of the government, said yesterday its total comprehensive income during the first half of this financial year attributable to the equity holder of the company was Dh198 million compared with a loss of Dh4.4 billion for the same period last year.
“This increase was driven by the improved performance of assets such as EMAL and Dolphin and a better result from Mubadala’s financial investment portfolio,” Mubadala said in a statement……………………………………….Full Article: Source

Posted on 28 September 2011 by VRS |  Email |Print

Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA), which is conducting a review of all investments made by the toppled Muammar Gaddafi regime, has uncovered potentially large losses in its $5 billion Africa portfolio, its acting chief executive, Rafik Nayed, said.
Nayed said that its investment operations are on hold while it looks through $65 billion in assets to examine dealings with people tied to Gaddafi………………………………………Full Article: Source

Posted on 28 September 2011 by VRS |  Email |Print

The Nigerian Government has passed into law the Sovereign Investment Authority (Establishment, Etc.) Act 2011 to among other things establish a Nigerian Sovereign Investment Authority.
This Authority is charged to receive, manage and invest in diversified portfolios, the medium and long-term revenue of the Federal Government, all the State Governments, the Federal Capital Territory, the Local Government and all the Area Councils in Nigeria………………………………………Full Article: Source

Posted on 28 September 2011 by VRS |  Email |Print

As a result of holding people’s IPO the Samruk-Kazyna National Welfare Fund will remain Air Astana’s shareholder with a maximum stake, the airline’s president Peter Foster said. After holding people’s IPO the Samruk-Kazyna fund will be a shareholder with a maximum stake in Air Astana, according to KazTAG.
It was reported that the so-called first wave of companies with state participation, the shares of which will be offered in the domestic market under the People’s IPO program includes KazTransOil, KEGOC, and Air Astana. Their IPO is expected to be held during the second half of 2012……………………………………….Full Article: Source

Posted on 28 September 2011 by VRS |  Email |Print

The State Oil Fund of Azerbaijan, SOFAZ, has received $60bn from the oil and gas industry since its creation in 2000, the fund’s CEO has said.
Shahmar Movsumov gave the figure at a round table discussion at the Ministry of Industry and Energy on Tuesday to mark the 20th anniversary of the independence of Azerbaijan. The round table was entitled “The industrial and energy complex on the way to new achievements”, 1news.az reported……………………………………….Full Article: Source

Posted on 28 September 2011 by VRS |  Email |Print

UBS AG’s largest shareholder supported former chief executive Oswald Gruebel’s strategic plan for the bank and believed he could have stayed on to manage it through the latest crisis, a source with direct knowledge of the matter said on Tuesday.
The faith of Government of Singapore Investment Corp Pte Ltd, the bigger of the city-state’s two sovereign wealth funds, in UBS’s departed CEO underscores the complexity of Gruebel’s resignation and reveals the extent to which a variety of internal and external factors, including political pressure, played a role in his exit……………………………………….Full Article: Source

Posted on 28 September 2011 by VRS |  Email |Print

Government of Singapore Investment Corp. faces a 6.7 billion Swiss franc ($7.4 billion) loss as the biggest investor of UBS AG, topping unprofitable banking investments by the city’s sovereign wealth firms since 2007.
GIC also has about $500 million of unrealized losses on its Citigroup Inc. stake, according to Bloomberg calculations. Temasek Holdings Pte, Singapore’s other state investment company, divested shares in Bank of America Corp. and Barclays Plc at losses more than two years ago……………………………………….Full Article: Source

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