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Sovereign Wealth Funds Briefing 06.Nov 2012

Posted on 06 November 2012 by VRS |  Email |Print

The domestic arm of China’s sovereign wealth fund will continue to be “an active shareholder” in the country’s state-owned financial institutions, including the four biggest state-run banks, as it pushes for structural reforms in the financial system, the China Securities Journal reported Tuesday, citing China Investment Corp. Chairman Lou Jiwei.
Mr. Lou, who also serves as chairman of Central Huijin Investment Ltd., the domestic arm of CIC, said in the report that the share prices of China’s Big Four banks — Industrial & Commercial Bank of China Ltd. , Bank of China Ltd. , China Construction Bank Corp. and Agricultural Bank of China Ltd. — don’t reflect the current strength of their businesses………………………………………..Full Article: Source

Posted on 06 November 2012 by VRS |  Email |Print

The share prices of China’s top four st ate-owned banks are not truly reflecting their real performance at pre sent, said Lou Jiwei, chairman of the China Investment Corporation (CI C) and the Central Huijing Investment Ltd., the nation’s sovereign wea lth funds.
Central Huijin has added its stake in the four banks on the seconda ry market for many times since September 2008, based on its confidence in the long-term growth value of the four banks, Lou said………………………………………..Full Article: Source

Posted on 06 November 2012 by VRS |  Email |Print

Private equity and infrastructure specialists are trying to satisfy sovereign funds’ rising demand for energy-related investments. Asian governments and state-owned entities are among the fastest-growing sources of capital in the world. They seek diversified, non-correlated, long-term and often inflation-hedging assets, and energy fits the bill nicely.
That said, they face big challenges in the form of political opposition and the scarcity of such investments………………………………………..Full Article: Source

Posted on 06 November 2012 by VRS |  Email |Print

The British Ambassador to China told an audience in Beijing on Friday that his government continues to welcome investment from China.The comments came just 24 hours after it was revealed that China Investment Corporation, the sovereign wealth fund, had increased its investment in the infrastructure of the UK by spending 450 million pounds ($726 million) on a 10 percent stake in the company that owns London Heathrow Airport, the country’s largest airport.
It was the second major investment made by CIC this year in the UK infrastructure sector, after the manager of China’s $410 billion wealth fund took an 8.86 percent stake in Thames Water, the largest water and sewage company in the UK, in January - a deal considered by analysts at the time as the fund’s first major share purchase in the UK………………………………………..Full Article: Source

Posted on 06 November 2012 by VRS |  Email |Print

David Cameron will seek to persuade the sovereign wealth funds in the United Arab Emirates to invest in the UK on the second day of his Gulf trip. The Prime Minister is aiming to strengthen the UK’s defence, security and commercial ties in the region.
Cameron has promised not to shy away from the issue of human rights during the visit. But he is likely to have a difficult meeting with the king of Saudi Arabia………………………………………..Full Article: Source

Posted on 06 November 2012 by VRS |  Email |Print

Libya’s sovereign wealth fund was said to be interested in taking over the Petroplus oil refinery in northwestern France, which is currently in bankruptcy proceedings, as the deadline for bids expired on Monday.
France’s Industry Minister Arnaud Montebourg said Monday he had received a letter from Libya’s sovereign wealth fund, the Libyan Investment Authority, saying they would like to examine the possibility of investing in the refinery near Rouen in France’s Normandy region. “I will request the commercial court delay their judgement to give time to our Libyan friends to consider investing in the refinery,” Montebourg said on RTL radio………………………………………..Full Article: Source

Posted on 06 November 2012 by VRS |  Email |Print

Qatar, which continues to remain one of the top performing economies in the world, is expected to see inflationary pressures from 2013 as growth starts to slow down and rents head northwards, HSBC economists say.
The Sovereign Wealth Fund Institute estimates that the Qatar Investment Authority’s assets now stand at $100bn and that the five-year credit default swap had dropped below 100 basis points in September, they observed………………………………………..Full Article: Source

Posted on 06 November 2012 by VRS |  Email |Print

Norway’s Government Pension Fund Global has beaten the emirate to the top spot with assets worth $656.2 billion. The Abu Dhabi Investment Authority (ADIA) is no longer the richest sovereign wealth fund in the world, according to the latest rankings issued by the Sovereign Wealth Fund Institute (SWFI).
With assets of $656.2 billion, the Norwegian Government Pension Fund has overtaken ADIA, which is estimated to have assets worth $627 billion. China’s State Administration of Foreign Exchange (SAFE) continues to remain third on the list with assets worth around $567.9 billion while Saudi Arabia’s also maintained its fourth spot with approximately $532.8 billion………………………………………..Full Article: Source

Posted on 06 November 2012 by VRS |  Email |Print

Norway’s sovereign-wealth fund, the world’s largest, has become even larger in the third quarter. The fund’s growth was spurred largely by a global equity markets rally as it also lowered its holdings of European bonds. “The result was largely driven by a rally in global stock markets,” said Yngve Slyngstad, chief executive officer of Norges Bank Investment Management (NBIM), which manages the fund. “Stocks gained the most in Europe, where the fund has about half of its shareholdings.”
According to a statement by the fund, equity investments–including allocations to German chemical producer BASF SE and US technology companies Apple Inc. and Google Inc.–returned 6.5% and fixed-income investments returned 2.2%. Investments in real estate returned 2.7%………………………………………..Full Article: Source

Posted on 06 November 2012 by VRS |  Email |Print

This is the first reference I’ve seen to Greenland’s “new sovereign fund” since 2009. Perhaps the country is finally doing something with their new SWF? Lebanon is wondering how it should manage its looming hydrocarbon revenues. I thought the country passed legislation in 2010 to set up a new sovereign fund that addressed a lot of these concerns?
Slovenia looks to have a green light for new sovereign wealth fund. The Libyan Investment Authority is reportedly back in action and may buy the Petit-Couronne refinery………………………………………..Full Article: Source

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