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Sovereign Wealth Funds Briefing 14.May 2013

Posted on 14 May 2013 by VRS |  Email |Print

The New Zealand Superannuation Fund has sold its stakes in Barrick Gold and one of its subsidiaries over human rights and environmental concerns, and has blacklisted the firms.
The sovereign wealth fund said the global miner’s operations in Papua New Guinea and Tanzania conflicted with the standards contained in the UN Global Compact, and recent efforts by the company to change its ways appeared to have little chance of succeeding………………………………………..Full Article: Source

Posted on 14 May 2013 by VRS |  Email |Print

A new leader has been chosen for the China Investment Corporation (CIC), nearly two months after former chairman Lou Jiwei departed to be the nation’s finance minister, according to the South China Morning Post.
Tu Guangshao, the executive vice-mayor of Shanghai, is expected to be named as chairman of China’s $500 billion sovereign wealth fund in the near future. The 54-year-old is a member of the Communist Party of China’s standing committee, according to his biography on the Shanghai mayor’s office website………………………………………..Full Article: Source

Posted on 14 May 2013 by VRS |  Email |Print

Tu Guangshao will be nominated as the chairman of China Investment Corporation (CIC), China’s $410 billion sovereign wealth fund, according to local media reports.
The appointment, which a Shanghai-based source says has been confirmed, comes two months after former CIC chairman Lou Jiwei became minister of finance, and follows a reshuffle of senior financial figures as part of the transition to the new Communist party leadership under president Xi Jinping………………………………………..Full Article: Source

Posted on 14 May 2013 by VRS |  Email |Print

A consortium led by China’s Citic Capital and Singapore’s sovereign wealth fund Temasek Holdings today agreed to buy US-listed Chinese telecom software firm Asiainfo-Linkage Inc for about $900 million.
The consortium that includes Asiainfo-Linkage founder Edward Tian has offered to pay $12 per share, a premium of 2.8 per cent to the company’s closing price of $11.68 on 10 May………………………………………..Full Article: Source

Posted on 14 May 2013 by VRS |  Email |Print

A planned flotation of Doha Global Investment Company, a £7.8 billion Qatari firm backed by assets from the Gulf state’s sovereign wealth fund, has been postponed pending necessary approvals, a senior official revealed.
Qatar unveiled plans to create the investment company in February, saying its sovereign fund arm, Qatar Holding, will transfer about £2bn worth of assets into the new firm, with a similar amount raised in an initial public offering (IPO) on the Qatar Exchange………………………………………..Full Article: Source

Posted on 14 May 2013 by VRS |  Email |Print

Canary Wharf Group Plc and Qatar’s sovereign-wealth fund won planners’ support to build 877 homes and about 76,000 square meters (820,000 square feet) of offices at the site of Royal Dutch Shell Plc’s London headquarters on the banks of the River Thames.
Planning officials recommended that Lambeth Borough Council approve the project by Braeburn Estates Ltd., a joint venture between the Qatari Diar Real Estate Investment Co. unit of the sovereign-wealth fund and Canary Wharf, the developer that controls the financial district of the same name, according to a filing published on the council’s website………………………………………..Full Article: Source

Posted on 14 May 2013 by VRS |  Email |Print

Some of the world’s largest sovereign wealth funds (SWFs) are adding staff and bolstering internal infrastructure to boost their direct investing power, a report this month has claimed.
Middle Eastern SWFs have been bringing in internal investment and operational staff “to increase their capacity to evaluate direct investment and co-investment opportunities,” a report by consultants and auditors KPMG said. The authors added that the economic environment over the past couple of years had helped these gargantuan investors: “Ironically the fact that these people are available is for some part down to the global financial crisis.”……………………………………….Full Article: Source

Posted on 14 May 2013 by VRS |  Email |Print

Developed and developing countries alike have established sovereign wealth funds (SWFs) to manage surplus state income. These funds have great potential to help fragile states manage high revenue inflows from lucrative natural resources and protect their economies from volatility and unsustainable investments.
But governments of fragile states that have recently established an SWF or are considering creating one should proceed with caution: to be successful, SWFs must be well managed, subscribe to international standards, make wise investments, and adhere to strict regulatory frameworks. Not all fragile states are capable of doing those things………………………………………..Full Article: Source

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