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Sovereign Wealth Funds Briefing 23.Apr 2013

Posted on 23 April 2013 by VRS |  Email |Print

A former central bank governor has suggested the Bank of Thailand step into the foreign exchange market rather than slash the policy rate to curb the baht’s strength.
MR Chatumongkol Sonakul, who was also the central bank’s board chairman until last year, recommends using part of the country’s US$200 billion in international reserves, representing 60% of gross domestic product, to create a sovereign wealth fund and use it as a tool to intervene in the foreign exchange market. The baht, emerging as Asia’s strongest currency against the greenback this year, reached a fresh 16-year high of 28.61-28.65 last Friday, before weakening to 28.67/69………………………………………..Full Article: Source

Posted on 23 April 2013 by VRS |  Email |Print

China’s banking system remains safe and sound despite growing concerns over shadow banking, according to a senior executive of China Investment Corporation (CIC), the country’s sovereign wealth fund that manages US$200 billion of its foreign exchange.
“As long as the economy sustains its healthy growth and macro policy remains consistent, we can solve some of these banking issues,” says Jin Liqun, chairman of the firm’s board of supervisors, in a Beijing forum organized by Pioneer Investments………………………………………..Full Article: Source

Posted on 23 April 2013 by VRS |  Email |Print

Market attention is now shifting to the Government Pension Investment Fund in Japan. This giant asset manager has Y111.9trn ($1.19trn). It is not a sovereign wealth fund, however its size is likely to exceed established sovereign wealth funds globally. Currently, GPIF has around 60% of its assets in Japanese government and state FILP bonds.
In contrast, less than 13% of its assets are in Japanese stock, while foreign assets account for about 23% of funds. GPIF reports into the Ministry of Health, Labor and Welfare………………………………………..Full Article: Source

Posted on 23 April 2013 by VRS |  Email |Print

Parti Keadilan Rakyat (PKR) has questioned why $3 billion (RM9.1 billion) worth of bonds was issued by 1Malaysia Development Berhad (1MDB) three working days before the dissolution of parliament.
“The International Financing Review Asia (IFR Asia) said that the bond issuance was completed on March 29,” said PKR Investment and Trade chief Wong Chen at a press conference at PKR headquarters. He said this was a key issue on the “big questionable financial act” by caretaker Prime Minister Datuk Seri Najib Razak, who is the chairman of 1MDB and the caretaker Finance Minister………………………………………..Full Article: Source

Posted on 23 April 2013 by VRS |  Email |Print

Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, was presented with the first Foreign Sovereign Wealth Fund award by RAM Rating Services Berhad (RAM Ratings) during the 2013 annual RAM League Awards in Kuala Lumpur. RAM Ratings has been hosting the annual League Awards for the past decade, recognizing institutions which have demonstrated accomplishment and leadership in the Malaysian debt capital market.
In July 2012, Mumtalakat established its MYR 3 billion (approximately US$1 billion) equivalent sukuk murabahah program in Malaysia. The sukuk program has a tenure of 20 years and allows Mumtalakat to issue from time to time one or more series of sukuk murabahah to Malaysian institutional investors………………………………………..Full Article: Source

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