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Sovereign Wealth Funds Briefing 24.May 2012

Posted on 24 May 2012 by VRS |  Email |Print

Efraim ChalamishQatar’s purchase of stakes in engineering group Siemens and oil giant Shell follow a pattern of the Gulf Arab state investing to accelerate its domestic development and, in the case of Shell, underlines its long-term faith in commodity prices.
“I see this as part of a broader strategic alliance between Gulf funds and Western companies and not only a liquidity and financial speculation story,” said Efraim Chalamish, a sovereign wealth fund expert and fellow at New York University. “This is a reflection of a strong interest (by wealth funds) in investing in (their) local markets, in addition to diversification abroad,” he said………………………………………..Full Article: Source

Posted on 24 May 2012 by VRS |  Email |Print

Alison Redford.Alberta’s Heritage Fund is about to go under the microscope after a provincial election campaign where all parties said the province must put away more cash for future generations.
And with a national debate raging over Alberta’s energy wealth and whether it’s giving the country an acute case of “Dutch disease,” the fate of the $15.4-billion fund could take on greater importance………………………………………..Full Article: Source

Posted on 24 May 2012 by VRS |  Email |Print

Eike Batista, Brazil’s richest man, is selling stakes in his holding company to international investors to help bolster confidence after shares of his largest unit slumped to the lowest in seven months.
Sovereign wealth fund Mubadala bought the EBX stake for $2 billion last month. Batista agreed in January to sell 10 percent of his power company MPX Energia SA (MPXE3) to Dusseldorf-based EON for 850 million reais ($414.5 million) and in April he sold 20 percent of technology unit SIX Automacao to Armonk, New York- based IBM………………………………………..Full Article: Source

Posted on 24 May 2012 by VRS |  Email |Print

WA is well overdue to have a sovereign wealth fund and the State Government is to be commended for introducing the concept in this year’s Budget. As one of the early advocates of a future fund, I recall the energy that went into the policy debates on the subject in the early 1980s.
Since then, sovereign wealth funds have been established in many parts of the world. The principle of reserving for future generations a significant proportion of revenues derived from the exploitation of non-renewable resources is hard to deny. Efforts to establish a WA future fund in the 1980s were unsuccessful because of a global recession, the lower prices for iron ore and sustained opposition from Treasury bureaucrats………………………………………..Full Article: Source

Posted on 24 May 2012 by VRS |  Email |Print

The Future Fund’s shareholding in tobacco companies has soared to almost $250 million, despite Federal Government moves to discourage smoking. The value of tobacco company shares held by the Future Fund has increased by more than 50 per cent since the start of last year.
Mark Burgess from the Future Fund Management Agency has not been able to tell a Senate estimates hearing what is behind the increase. He says, however, that all investments are in line with the fund’s policies………………………………………..Full Article: Source

Posted on 24 May 2012 by VRS |  Email |Print

The Future Fund’s stake in the tobacco industry has swelled by $78 million, an increase of more than 50 per cent, sparking criticism of the fund for investing in companies that are suing the government.
The taxpayer-owned fund, which also has shares in nuclear arms companies, yesterday disclosed tobacco shares worth $225 million in February, up from $147 million at the end of 2010………………………………………..Full Article: Source

Posted on 24 May 2012 by VRS |  Email |Print

Singapore Airlines Ltd. Wednesday said that the island nation’s state investment firm Temasek Holdings has raised its stake in the airline by a percentage point to 56% via a series of open market transactions.
Temasek’s total holding, both direct and deemed, earlier amounted to 55.02% of Singapore Airlines. The stakeholding rose to 56.00% as at May 18 after transactions by Temasek, its units and associates, according to a filing with the Singapore Exchange………………………………………..Full Article: Source

Posted on 24 May 2012 by VRS |  Email |Print

China will continue to support Europe’s attempts to overcome its eurozone crisis and Europe should be more open to inflows of capital, particularly at a time when the region needs liquidity, said a top official from China’s sovereign wealth fund.
“China’s commitment to supporting Europe and its efforts to deal with the sovereign debt crisis is firm and unambiguous,” Jin Liqun, chairman of the board of supervisors of China Investment Corp, said at an event held on Tuesday by the Center for Policy Studies, a think tank in the United Kingdom………………………………………..Full Article: Source

Posted on 24 May 2012 by VRS |  Email |Print

A clear majority of sovereign wealth funds are keenly interested in selecting assets based on risk-adjusted investment returns. The purely financial sovereign fund investor ignores strategic development as a factor.
It is true that some SWFs have a strategic development nature or use strategic development as a possible reason when making a larger than usual investment. Some investors like the Korea Investment Corporation (KIC) will have a separate allocation to these types of investments……………………………………….Full Article: Source

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