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Sovereign Wealth Funds Briefing 11.Jan 2013

Posted on 11 January 2013 by VRS |  Email |Print

A Royal Bank of Canada executive said the cash, stocks, bonds and other assets it holds on behalf of Middle East sovereign-wealth funds rose by 20 percent in 2012 as the investment pools diversify away from riskier lenders.
Cormac Sheedy, senior executive officer for the Middle East and Africa at the bank’s RBC Investor Services Trust unit, said the firm stepped up its efforts in 2012 to compete with London and New York-based banks such as HSBC Holdings Plc (HSBA), State Street Corp. (STT), JPMorgan Chase & Co. (JPM) and Bank of New York Mellon Corp. (BK) that traditionally dominated custodian services in the region………………………………………..Full Article: Source

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Posted on 11 January 2013 by VRS |  Email |Print

Some economists have called on the Federal Government to ensure that the investment of the Sovereign Wealth Fund is transparent and policy-driven. According to them, by institutionalising the process and making monthly updates on investment available to Nigerians, the confusion that occurs when there is a change of leadership in the country will be avoided.
The economists made the call, in separate interviews with our correspondent, while expressing concerns about the SWF………………………………………..Full Article: Source

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Posted on 11 January 2013 by VRS |  Email |Print

With growing demand to keep its population fed, China is on the lookout for assets around the world as they seek to cash in on Asia’s booming food demand and secure sufficient supplies for the future.
China’s eyes are currently on Australia, with the Wall Street Journal reporting that China Investment Corp (CIC) a, Chinese sovereign wealth fund, is among three large funds vying to take a stake in Australian dairy producer Van Dieman’s Land Co (VDL)………………………………………..Full Article: Source

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Posted on 11 January 2013 by VRS |  Email |Print

A unit of Temasek Holdings has raised around S$843 million through the sale of a 10.3 per cent stake in Thai telecommunications group Shin Corp, benefiting from a recent rally in the stock. Cedar Holdings, 49 per cent owned by Temasek, sold 330 million Shin shares at 63.25 baht each, raising 20.87 billion baht (S$843 million), IFR reported. The term sheet, seen by Reuters, had an indicative price of 62.75 to 63.75 baht per share.
This was the third time in more than two years Cedar has diluted its holding in Shin, after it sold nearly 8 percent of Shin in August 2011 and another 6.2 percent in January 2012………………………………………..Full Article: Source

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Posted on 11 January 2013 by VRS |  Email |Print

An affiliate of Singapore state investment company Temasek Holdings has sold part of its stake in Thai telecommunications holding company Shin Corp. (INTUCH) for around $687 million as Temasek reshuffles its portfolio, a person with knowledge of the deal said Thursday.
Shin Corp. was founded by former Thai Prime Minister Thaksin Shinawatra, the brother of current Prime Minister Yingluck Shinawatra. It has major stakes in Thailand’s largest cellular-service provider and its sole satellite operator………………………………………..Full Article: Source

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Posted on 11 January 2013 by VRS |  Email |Print

Temasek Holdings, Singapore’s state-owned investment company, appears to be on course to divest its controversial holdings in Shin Corp. You might recall that the Shin Corp deal in 2006 led to a yellow-shirt revolt against Thaksin Shinawatra. The military stepped in to oust him from power. Thailand has since suffered from political instability, with the ghost of Thaksin casting a dark shadow over the whole country.
It emerged on Wednesday that Temasek and its partners in Cedar Holdings Ltd sold 330 million Shin Corp shares at Bt63.25 apiece for a total of Bt20.87 billion. The price was a 5.6 per cent discount on Shin Corp’s Wednesday close at Bt67. But the buyer or buyers remain a mystery………………………………………..Full Article: Source

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Posted on 11 January 2013 by VRS |  Email |Print

The United States government has objected to a bankruptcy reorganization plan that calls for the sale of MSR Resort hotel group to a Singapore sovereign wealth fund, saying it is an attempt to dodge taxes. The plan creates tax liabilities of $331 million with no recourse for the Internal Revenue Service (IRS) to recover them, Preet Bharara, U.S. attorney for the Southern District of New York, said in an objection filed on Wednesday.
The Government of Singapore Investment Corp bid $1.5 billion for the hotels group, including the Arizona Biltmore Resort & Spa in Phoenix and Grand Wailea Resorts Hotel & Spa in Hawaii, in August. The hotel group is owned by the hedge fund Paulson & Co. GIC is a sovereign wealth fund that manages Singapore’s foreign reserves and is a large real estate investor in the United States. The fund is a lender to MSR and made an offer shortly after the group filed for bankruptcy protection…………………………………………Full Article: Source

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Posted on 11 January 2013 by VRS |  Email |Print

The National Pension Reserve Fund (NPRF) has teamed up with international “vulture funds” to buy up struggling businesses and, it is hoped, return them to viability. The joint venture with “turnaround” specialist Better Capital is one of three new initiatives that will see the NPRF pump €500m of the €14bn it manages into helping stabilise small- and medium-sized enterprises (SMEs), with loans and investment.
A further €350m is being provided by international investors as part of the same initiative. UK-based Jon Moulton’s Better Capital has teamed up to create a new €100m SME Turnaround Fund, financed 50:50 with the NPRF, to buy companies that are on the point of collapse but have the potential to be restructured………………………………………..Full Article: Source

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