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Sovereign Wealth Funds Briefing 03.May 2013

Posted on 03 May 2013 by VRS |  Email |Print

Increasing signs of a slowdown in China–the latest manufacturing survey shows the sector is only just treading water–are blowing a chill wind over Australia’s miners. Mining makes up around half of Australia’s exports and China is by far the country’s biggest customer, accounting for nearly a quarter of Australian sales abroad.
During the past 30 years, government revenues from the UK’s North Sea oil have gone towards current consumption. The government used the windfall to cut taxes and spend more on services. Norway, by contrast, salted much of it away into a sovereign wealth fund, there to soften the blow for when the oil runs out. Its sovereign wealth fund, the biggest in the world, is worth some $730 billion………………………………………..Full Article: Source

Posted on 03 May 2013 by VRS |  Email |Print

Singapore’s principal sovereign wealth fund is close to sealing a $500m (£320m) deal to buy a stake in Markit Group, one of Britain’s fastest-growing financial services companies. I understand that Temasek Holdings, which is among the most powerful state-backed funds in the world, is now in advanced negotiations about acquiring the shareholding ahead of a US flotation of Markit.
Sky News revealed the talks between Temasek and Markit about a deal in February. It is unclear whether the Singaporean fund would acquire shares held by management or Markit’s institutional investors, but it is likely that a transaction would value the financial data provider at more than £3bn. The exact percentage that Temasek will own is yet to be determined………………………………………..Full Article: Source

Posted on 03 May 2013 by VRS |  Email |Print

Singapore’s sovereign wealth fund Temasek is set to take a stake worth around $500m (£320m) in Markit, the UK financial data provider. The state-backed fund is now in advanced negotiations about acquiring the shareholding ahead of a US flotation of Markit, according to a Sky News report.
The percentage of Markit’s equity Temasek will acquire has not been disclosed. The deal is likely to value Markit at more than £3bn………………………………………..Full Article: Source

Posted on 03 May 2013 by VRS |  Email |Print

Malaysian Prime Minister Najib Razak is facing calls before a weekend election to justify a $3 billion bond placement by the sovereign-wealth fund he leads, with opponents saying the deal was unnecessary and mispriced.
Goldman (GS) Sachs Group Inc. arranged the March 19 sale of 10- year debt by 1Malaysia Development Bhd., also known as 1MDB, and the notes were priced to yield 4.4 percent, 141 basis points more than sovereign Islamic dollar bonds due July 2021 were yielding at that time………………………………………..Full Article: Source

Posted on 03 May 2013 by VRS |  Email |Print

The Norwegian Pension Fund Global faces “considerable challenges” in maintaining its high investment returns in the current market environment, the chief executive of Norges Bank Investment Management (NBIM) has warned.
Yngve Slyngstad also told the parliamentary standing committee on finance and economic affairs that the NOK4.1trn (€558bn) fund was always at risk of large losses over a longer period, noting that it could have incurred a 30% loss had its current investment strategy been in place during the worst year of performance witnessed in the last century………………………………………..Full Article: Source

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