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Sovereign Wealth Funds Briefing 04.Oct 2012

Posted on 04 October 2012 by VRS |  Email |Print

Richard SegalKazakhstan’s sovereign wealth fund has rescued the country’s No.3 bank for the second time in as many years, forging a deal to cut the bank’s $11.2 billion of debt that will see its majority stake rise and creditors lose less than feared.
The deal triggered a rally in the heavily discounted bonds of the bank - BTA BTAS.KZ - as creditors will recover more of their outlay than seemed likely when BTA defaulted in January………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

Governments with extra money laying around have become major players in the global financial markets through their sovereign wealth funds. These are the gigantic state-owned funds that invest in stocks, bonds, and various other investments like private equity and hedge funds. And these investments are often international.
Barely a day goes by without a major multi-billion dollar fund from one petro-state or another making some splashy acquisition — just this past weekend, Bloomberg’s Josiane Kremer reported Norway’s sovereign wealth fund plans to sink its teeth into U.S. real estate………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

Nigeria’s government hopes to expand its new sovereign wealth fund by at least $1-billion (U.S.) a year, despite lingering opposition from the country’s powerful state governors.
The fund was officially launched this week when its management team took office. It is designed to safeguard oil revenues for future generations, and cushion Africa’s second-largest economy against external shocks………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

Finance Minister, Dr. Ngozi Okonjo-Iweala, has said that the Federal Government was ready to go ahead with the controversial Sovereign Wealth Fund (SWF) with or without governors.
The Co-ordinating Minister of the Economy said the Federal Government would expand the SWF by, at least, N160 billion ($1billion) a year, despite lingering opposition from governors. The fund is designed to safeguard oil revenues for future generations, and cushion Nigeria’s economy against external shocks………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

Abu Dhabi’s sovereign fund Aabar is exiting its investment in German automaker Daimler AG, the maker of Mercedes-Benz cars, according to a report from a German magazine.
Manager Magazin cited unidentified people from Daimler who said that Abu Dhabi’s sovereign wealth fund Aabar is transferring the rights to the last 3 percent of the shares it holds in Daimler to Deutsche Bank. Aabar is a unit of International Petroleum Investment Company (IPIC)………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

Abu Dhabi is abandoning its investment in the German automaker Daimler, a German magazine reported, citing people of one unidentified company.
The sovereign wealth fund Aabar of Abu Dhabi is transferring its rights over the last 3% of its shares in Daimler to Deutsche Bank, the magazine reported. Aabar is a unit of International Petroleum Investment Co. (IPIC). Deutsche Bank declined to comment. Aabar was not available for comment………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

Morgan Stanley (MS) is in talks with the Qatar Investment Authority, the country’s sovereign wealth fund, over the possible sale of a majority stake in its commodities unit, a move that would free it from new financial rules applicable to federally protected banks, the Financial Times reported Thursday on its website, citing people familiar with the matter.
The people noted that no price had been agreed and the talks could still fail, the FT reported. Morgan Stanley declined to comment, it said………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

Institutional Investor magazine recently published its annual list of the largest sovereign wealth funds in the world, two of which come from Singapore - Government Investment Corp and Temasek Holdings.
GIC was incorporated in 1981 under the Singapore Companies Act and is wholly owned by the Government of Singapore. It retains its 4th position with total assets under management amounting to US$247.5b, or 34% up from 2011. Temasek Holdings Asia meanwhile is an investment company focused primarily in Asia. It slipped one rank down this year to 6th after registering measly 3% growth in portfolio. Total assets now stood at US$157.5b from last year’s US$152.9………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

Singapore state investor Temasek Holdings is putting pressure on Standard Chartered Plc to appoint more independent directors, the Wall Street Journal reported, citing people familiar with the matter.
Temasek, which is StanChart’s biggest shareholder, however, has no immediate plans to sell its stake in the Asia-focused bank, the financial daily said. Shares of Standard Chartered fell more than 3 percent on September 25 on renewed speculation that Temasek may sell its 18 percent stake in the Asia-focused bank………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

Temasek Holdings Pte. Ltd., the Singapore state investment company that is the biggest shareholder of Standard Chartered, has been expressing its discomfort with the bank’s governance and is pressuring it to appoint more independent directors, people familiar with the investment company said.
Temasek, which owns an 18% stake in Standard Chartered, doesn’t have any immediate plans to sell its shares in the bank, people familiar with the investment company said. To register its unhappiness with the bank, it abstained from voting for the re-election of the nonexecutive directors to the board in May, one of the people said………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

To infinity, and beyond! That is what QE3 might mean for the Federal Reserve and the world economy that has to deal with U.S. quantitative easing.
“Despite QE1 and QE2, the U.S economy is still a bit weak. We have $3.5 trillion invested in U.S. debt and we are very interested in what happens in that economy and with the dollar,” said Jin Liquin, chairman of the supervisory board at China Investment Corporation, the government’s sovereign wealth fund………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

At VTB Capital’s investment forum in Moscow this week, President Putin says Russia’s accession to the WTO will help attract investment, and CIC explains why it wants to focus on China-Russia cooperation.
After finally gaining acceptance to the WTO, Russia is using the momentum to boost its profile in the international community. It hosted the Asia-Pacific Economic Cooperation meeting in Vladivostok in September and is now aiming to join the Organisation for Economic Cooperation and Development in a few years………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

Low interest rates could lead to property bubbles in some markets according to the head of property at the The Future Fund. Barry Brakey says low interest rates could lead to strong growth in property values which could lead then to property bubble scenarios.
Brakey’s comments at a Melbourne real estate forum, came after the Reserve Bank of Australia lowered interest rates by 25 basis points to 3.25%. “We think that this financial repression, if you like, of interest rates around the world can lead to bubbles forming in different markets, and we want to be really careful that we’re on the right side of that,” Brakey says………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

Last May, when Norway’s Government Pension Fund Global bought 4 per cent of the Formula One motor racing group from private-equity firm CVC Capital Partners, its goal was clear.
The sovereign wealth fund, which invests Norway’s oil revenues, wanted the inside track on Formula One’s IPO in Singapore, scheduled for June. Instead, the GPFG’s foray into grand prix rapidly hit a roadblock, as volatile equity markets forced the flotation to be delayed………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

Shahmar Movsumov, Executive Director of the Azerbaijan State Oil Fund (SOFAZ) met a French delegation headed by co-chairman of the Senate Energy Studies Group Ladislas Poniatowski on Tuesday.
During the meeting, Movsumov briefed the guests on the Fund’s activity, management of its assets, Sovereign Wealth Funds, major projects financed by the Fund and economic cooperation between the government of Azerbaijan and France. He also talked about SOFAZ’s leading role in implementation of the Extractive Industries Transparency Initiative (EITI)………………………………………..Full Article: Source

Posted on 04 October 2012 by VRS |  Email |Print

Samruk Energy JSC, the energy unit of Kazakhstan’s National Wellbeing Fund Samruk-Kazyna, expects the nation’s power industry to attract $63 billion of investment by 2030, Chief Executive Officer Almassadam Satkaliyev said.
“We’re talking about not only the company’s own investment but also about raised investment, the government’s investment and sponsors’ money,” Satkaliyev said today in an interview in the Kazakh capital Astana………………………………………..Full Article: Source

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