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Sovereign Wealth Funds Briefing 30.Mar 2012

Posted on 30 March 2012 by VRS |  Email |Print

The Canadian government said Thursday it plans to introduce legislation to allow foreign and domestic sovereign-wealth funds to invest in Canadian financial institutions, a move which would allow banks and insurance companies to raise capital to meet new Basel banking rules.
Canada is believed to be the only G-7 country that explicitly bars sovereign-wealth funds from investing in its financial institutions, which puts lenders and insurers at a disadvantage when it comes to raising capital………………………………………..Full Article: Source

Posted on 30 March 2012 by VRS |  Email |Print

Collin LauA top private-equity executive at China Investment Corp. has resigned, according to people familiar with the matter, joining other recent departures from the giant sovereign-wealth fund.
Collin Lau, who joined CIC in February 2009 as its head of real-estate investment, opted to quit as his three-year employment contract was coming up for renewal, the people said. Mr. Lau, who became head of CIC’s European private-equity operations in December, cited “personal and family reasons” for his decision, one of the people said………………………………………..Full Article: Source

Posted on 30 March 2012 by VRS |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment company, said it appointed Lee Theng Kiat, head of its Singapore Technologies Telemedia Pte unit, as president and general counsel, effective April 1.
“As general counsel of Temasek he will be a key member of our senior leadership, both in our portfolio and investment decisions, and in developing our bench strength for the future,” Temasek said………………………………………..Full Article: Source

Posted on 30 March 2012 by VRS |  Email |Print

Singapore investment firm Temasek Holdings has appointed a veteran of the telecoms industry to one of its top posts. Chief executive and president of Singapore Technologies Telemedia (STT) Lee Theng Kiat, 59, will join Temasek as president and general counsel from April 1.
A Temasek spokesman said Mr Lee ‘brings with him many years of cross-border investment and business experience’………………………………………..Full Article: Source

Posted on 30 March 2012 by VRS |  Email |Print

As concerns about the India story mount some institutional investors are taking money off the table. Leading that list is the world’s second largest sovereign fund, Norway’s Government Pension Fund with total assets under management of over USD 600 billion. The fund has halved its exposure to Indian equities in 2011.
FII inflows so far for 2012 have been strong, helping the Indian markets rally. But the post budget disappointment is starting to weigh on the investment decisions of some institutional investors………………………………………..Full Article: Source

Posted on 30 March 2012 by VRS |  Email |Print

Norway’s Government Pension Fund, the world’s second largest sovereign fund with around USD 600 billion worth of assets under management has scaled down its exposure to Indian equities.
In its annual report, Norway’s Government Pension Fund has said that it has reduced its exposure to Indian equities into 2011. It has cut investments in Indian stock from 246 companies in 2010 to 122 companies in 2011. Its total investment in India also fell to around USD 1.8 billion from USD 3.5 billion in 2010………………………………………..Full Article: Source

Posted on 30 March 2012 by VRS |  Email |Print

When the floodlights come on at the Fukuoka Yahoo! Japan Dome, the first pitch of the season thrown at the stadium will be a special one for its home team Fukuoka Softbank Hawks.
The reigning champions of Japan’s baseball series will finally have a home they can truly call their own. The Government of Singapore Investment Corporation (GIC) agreed to sell the Fukuoka Yahoo! Japan Dome, home of the Hawks, to the team’s owner telco Softbank for 87 billion yen (S$1.3 billion), in a deal announced last week………………………………………..Full Article: Source

Posted on 30 March 2012 by VRS |  Email |Print

Outgoing Future Fund chairman David Murray has condemned Labor’s carbon tax as “the worst piece of economic reform I have ever seen in my life”. Mr Murray, who has also lashed the Gillard government’s mining tax, warned the tax would undermine the nation’s competitiveness and damage the economy.
“If you want me to tell you my view, it is the worst piece of economic reform I have ever seen in my life in Australia,” he told ABC radio this morning………………………………………..Full Article: Source

Posted on 30 March 2012 by VRS |  Email |Print

The outgoing chairman of the Future Fund has launched a stinging attack on the federal government ahead of his departure next week. David Murray described the carbon tax as the worst piece of economic reform he had seen in his life, warning it would be very bad for the economy.
It would raise costs within Australia and reduce the export competitiveness of energy-related commodities………………………………………..Full Article: Source

Posted on 30 March 2012 by VRS |  Email |Print

Everyone’s in a lather about outgoing chair of the Future Fund David Murray’s comments on the carbon tax on Radio National this morning.
Specifically, the tax is “the worst piece of economic reform” he has every seen in his life. And that “the consequence of introducing that tax at that level in Australia today is very, very bad for this economy, particularly in terms of international competitiveness”………………………………………..Full Article: Source

Posted on 30 March 2012 by VRS |  Email |Print

Irish Prime Minister Enda Kenny has returned from China with the promise of billions of Euros worth of investment to follow.
Already the China Investment Corporation has signed a special agreement with Ireland’s NTMA agency – which manages the national savings and sale of state assets. CIC intends to invest heavily in Irish companies and state assets, a move that is set to create jobs and boost Ireland’s export figures………………………………………..Full Article: Source

Posted on 30 March 2012 by VRS |  Email |Print

Ian Bell is right to express outrage at the suggestion that the Abu Dhabi sovereign wealth fund should be allowed to buy into RBS (”It is a breach of trust to sell stake in RBS to Abu Dhabi”, The Herald, March 28).
It is of particular interest that the prospective buyer is Abu Dhabi, almost a modern-day byword for wealth. Tens of thousands of Scots have been to Abu Dhabi in the past decade and have seen the fruits of the oil-generated wealth: an amazing transformation of a chunk of desert into a staggering metropolis in three decades………………………………………..Full Article: Source

Posted on 30 March 2012 by VRS |  Email |Print

Muammar Gaddafi’s family described as illegal on Thursday the seizure of 1.1 billion euros ($1.46 billion) worth of assets that Italian police said belonged to members of the ousted Libyan leader’s family.
The assets, including stakes in blue chip Italian companies, a Harley-Davidson motorcycle and a chunk of forest on a Mediterranean island, were held by Libya’s sovereign wealth fund on behalf of the Gaddafi family, Italy’s tax police said………………………………………..Full Article: Source

Posted on 30 March 2012 by VRS |  Email |Print

PineBridge Investments ‘PineBridge’, the global multi-asset class investment manager, is pleased to announce the appointment of Talal Al Zain as Chief Executive Officer of the firm’s Middle East and North Africa ‘MENA’ operations. His appointment marks the launch of PineBridge’s full service operations in MENA, which will see the establishment of new regional headquarters.
Al Zain, formerly CEO of Bahrain Mumtalakat Holding Company ‘Mumtalakat’, the sovereign wealth fund and investment arm of the Kingdom of Bahrain, will spearhead the further expansion of PineBridge’s MENA presence, which builds upon the firm’s existing private equity capabilities in Istanbul, Turkey and distribution office in Dubai, UAE. (Press Release)

Posted on 30 March 2012 by VRS |  Email |Print

The House of Representatives mandated its Joint Committees on Finance and Appropriations to investigate alleged indiscriminate withdrawals from the stabilisation account by the Federal Government.
The stabilisation account is meant to be used to fund deficits in the budget when oil price is below the approved budget bench mark price………………………………………..Full Article: Source

Posted on 30 March 2012 by VRS |  Email |Print

Alaskans have just a few more days to sign up for this year’s Permanent Fund Dividend. The deadline to apply is 11:59 p.m. Saturday. People can apply online or visit a designated distribution center to pick up forms.
Alaskans received checks of $1,174 last year when the 2011 dividend was paid. The money comes from investment profits from Alaska’s oil-wealth savings account………………………………………..Full Article: Source

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