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Sovereign Wealth Funds Briefing 05.Oct 2012

Posted on 05 October 2012 by VRS |  Email |Print

Mubadala Development, the Abu Dhabi investment fund with a mandate to boost the emirate’s local economy, swung to a profit in the first half driven by a drop in investment write-downs and higher revenues at its key businesses.
Mubadala, which has stakes in General Electric and private equity firm Carlyle, made a profit of 851.54 million dirhams ($232m) for the first half compared with a loss of 1.18 billion dirhams a year ago, it said. Unlike other regional sovereign wealth funds like Abu Dhabi Investment Authority or Qatar Investment Authority, Mubadala’s main goal is to engage in investments which enhance the local economy………………………………………..Full Article: Source

Posted on 05 October 2012 by VRS |  Email |Print

A ramp-up of semiconductor production in the New York plant of its subsidiary Globalfoundries has helped Mubadala Development Company — an investment arm of Abu Dhabi government, to record a 455 per cent jump in its profits to Dh1.1 billion during the first half of the current year, up from Dh198 million for H1 2011.
This was “driven by a combination of increased operating income, improvements in the fair value of investments and lower impairments,” the company said in a statement………………………………………..Full Article: Source

Posted on 05 October 2012 by VRS |  Email |Print

The Federal Government hopes to expand the Sovereign Wealth Fund (SWF) by at least $1 billion a year, despite lingering opposition from the state governors. The fund was officially launched this week when its management team took office. It is designed to save oil revenues for future generations, and cushion the economy against external shocks.
Unlike many member states of the Organisation of Petroleum Exporting Countries (OPEC), Nigeria has never had a sovereign fund, and decades of high oil production have failed to result in any significant savings………………………………………..Full Article: Source

Posted on 05 October 2012 by VRS |  Email |Print

Morgan Stanley’s talks with Qatar’s sovereign wealth fund over the sale of its commodities business have run into difficulty, and the deal may need to be reworked if it is to go ahead, banking sources said.
One of the top banks in commodity trading over the past 30 years, Morgan Stanley has been in discussion for more than a year with Qatar over the sale of at least a majority stake in the energy-focused trading business, the bankers said………………………………………..Full Article: Source

Posted on 05 October 2012 by VRS |  Email |Print

Morgan Stanley is in talks to sell a piece of its commodities-trading unit to a sovereign wealth fund from the Persian Gulf state of Qatar, a move that could help it avoid being hit by new proprietary trading rules while still retaining a piece of the lucrative business, according to a person familiar with the matter.
The talks with the Qatar Investment Authority have been underway for some time, but no deal is imminent and the talks could collapse, the person said. Officials at Qatar Holding, the overseas investment arm of the authority, could not be reached for comment………………………………………..Full Article: Source

Posted on 05 October 2012 by VRS |  Email |Print

Standard Chartered plc (StanChart) said Temasek Holdings Pte Ltd wasn’t being critical of the bank’s strategy and leadership when it declined to back the election of non-executive directors in May.
The Singapore investment company, StanChart’s biggest shareholder, is uncomfortable with the London-based lender’s governance plan and is pushing it to hire more independent directors, the Wall Street Journal reported, citing an unidentified person………………………………………..Full Article: Source

Posted on 05 October 2012 by VRS |  Email |Print

Standard Chartered Bank PLC said Thursday that Temasek Pte. Ltd., its largest shareholder, misinterpreted U.K. corporate governance rules when it abstained from voting at a May meeting to re-elect some bank board members.
The statement from Standard Chartered represents a rare disagreement between the U.K. bank and the Singapore state investment body. It also comes a day after The Wall Street Journal reported that Temasek, which owns an 18% stake in the U.K. bank, has expressed discomfort to the bank with the its governance and is pressuring it to appoint more independent directors, according to people familiar with the investment company………………………………………..Full Article: Source

Posted on 05 October 2012 by VRS |  Email |Print

Standard Chartered’s Singapore investor is holding tight to its view that the board is too heavy with bank executives after the appointment of four independent directors.
According to a source familiar with the matter, the Singaporean state investment fund Temasek saw Standard Chartered’s board appointments last week as “a step in the right direction”, but added the board’s make-up still falls short of what Temasek, the bank’s biggest shareholder, would like to see………………………………………..Full Article: Source

Posted on 05 October 2012 by VRS |  Email |Print

South Korea’s foreign currency reserves hit a new high last month due to a rise in conversion value of non-dollar assets and a growth in investment returns, a report by the central bank showed Friday.
Foreign reserves reached a fresh record high of 322.01 billion US dollars as of the end of September, up 5.13 billion dollars from a month earlier, according to the Bank of Korea (BOK). The September figure was higher than the previous record of 316. 88 billion dollars tallied in August, and stayed above the 300- billion-dollar mark since April 2011 when it topped the level for the first time………………………………………..Full Article: Source

Posted on 05 October 2012 by VRS |  Email |Print

Alaska’s bonus holiday, the day Permanent Fund dividends get deposited in hundreds of thousands of Alaskans’ bank accounts arrived on Thursday. Nobody (well, maybe a few) was complaining, even though the $878 checks were the smallest since 2005 and the ninth lowest since the government began sending Alaskans a share of the state’s oil wealth some three decades ago.
To qualify, residents must live in Alaska for a full year. Some 647,000 peope said they’d done so in 2011. Consequently, many of them faced a happy problem on Thursday – what to do with newfound wealth? Blow it quick? Save it? Whittle down that pile of bills? Deal with all sorts of necessities, from food to fuel to stay warm now that winter looms………………………………………..Full Article: Source

Posted on 05 October 2012 by VRS |  Email |Print

The day Alaskans highly anticipate has arrived with the distribution of dividend checks from the state’s oil savings account.
This year’s $878 dividend from the Alaska Permanent Fund will be directly deposited Thursday into the bank accounts of eligible residents who choose that route. Others will get their dividend checks mailed Thursday.To qualify for the dividends awarded to Alaskans just for living here, resident must live in the state a full calendar year. This time around, that’s nearly 647,000 people……………………………………….Full Article: Source

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