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Sovereign Wealth Funds Briefing 21.Jun 2013

Posted on 21 June 2013 by VRS |  Email |Print

Central Huijin Investment Ltd, China’s state-owned investment company, said late on Thursday it recently bought exchange-traded funds and will continue to do so. China’s stock market hit six-month lows on Thursday amid a worsening cash squeeze, worries over economic growth and prospects of the U.S. Federal Reserve slowing the pace of monetary stimulus.
Huijin, a unit of China’s $500 billion sovereign wealth fund , has already been buying mainland-traded shares in China’s top four banks as well as Everbright Bank and New China Life Insurance………………………………………..Full Article: Source

Posted on 21 June 2013 by VRS |  Email |Print

The Russian Direct Investment Fund (RDIF) and the Mubadala Development Company from the United Arab Emirates will join efforts for the first time to invest in the Russian infrastructure, President Vladimir Putin said.
The RDIF earlier announced the establishment of a joint investment fund with Mubadala with the starting capital of $2 billion. “It is the first significant success of investment cooperation between Russia and the United Arab Emirates, and it is important that the Russian infrastructure is among key investment targets of this fund,” Putin said on Thursday at a business dinner with heads of the world’s leading infrastructure funds………………………………………..Full Article: Source

Posted on 21 June 2013 by VRS |  Email |Print

Russia’s state-backed private equity fund, the Russian Direct Investment Fund, and Abu Dhabi-based Mubadala Development Company are setting up a $2 billion co-investment fund to invest in projects in Russia, the parties said on Thursday.
Each partner is committing US$ 1 billion to the fund that will target opportunities in Russia. The Russian Direct Investment Fund has been successful attracting Gulf and Chinese sovereign funds to co-invest in unique deals in Russia………………………………………..Full Article: Source

Posted on 21 June 2013 by VRS |  Email |Print

The Black Sea Trade and Development Bank (its annual meeting in Baku will be held on 21-23 June) announced plans to raise funds from the State Oil Fund of Azerbaijan (SOFAZ). BSTDB president Andrey Kondakov has stated that the Bank already held talks with SOFAZ about attracting funds from it.
“However, the SOFAZ investment guidelines have a number of limitations. For example, it cannot transfer finances to organizations with a rating lower than AA, and BSTDB’s rating is still at A, which is not bad, but is not enough to raise money from SOFAZ,” Kondakov said. Earlier Azerbaijan’s Oil Fund invested $350 million in funds formed by the International Finance Corporation (IFC)………………………………………..Full Article: Source

Posted on 21 June 2013 by VRS |  Email |Print

Azerbaijan’s state energy company SOCAR will proceed in making major investment in the projects in Turkey next spring, SOCAR Vice President Suleyman Gasimov told Trend news agency on June 19.
“Work with export-import banks are in the final stage. We plan to start attracting funds of the banks in March next year. Prior to that, we will use both internal funds and funds of the State Oil Fund of Azerbaijan. Currently, a large amount of money is required. We plan to spend up to $1 billion by the end of 2013,” Gasimov said………………………………………..Full Article: Source

Posted on 21 June 2013 by VRS |  Email |Print

Two offshore natural gas discoveries in the Mediterranean have left Israel flush with energy reserves for decades to come, but the country is stalled at an economic crossroads with geopolitical consequences as it considers the best way to use them.
The windfall is expected to be so strong that Israel’s government has set up a sovereign wealth fund to guard against currency appreciation that would hurt exporters. Soon after the announcement, critics protested in Tel Aviv, alleging that the government is allowing critical natural resources to be sold off to fill the pockets of business tycoons, something they say is akin to a “gas heist.”……………………………………….Full Article: Source

Posted on 21 June 2013 by VRS |  Email |Print

The New Zealand Superannuation Fund has excluded seven companies with operations in nuclear bases from its $NZ22 billion ($A18.56 billion) portfolio, while clearing the return for four firms which had previously been excluded for their involvement in cluster munitions.
The Cullen Fund, so-called for its architect former Finance Minister Michael Cullen, will exclude public companies Babcock & Wilcox, Fluor Corp, Huntington Ingalls Industries, Jacobs Engineering Group, Serco Group and URS Corp, having sold its $NZ2.2 million ($A1.86 million) holdings in those firms, it said in a statement………………………………………..Full Article: Source

Posted on 21 June 2013 by VRS |  Email |Print

India’s finance ministry, the central bank and market regulators discussed loosening rules for investment by foreign sovereign wealth funds in response to a sharply falling rupee and a wide current account deficit that are hurting the economy. Two senior ministry officials, who declined to be named, said the aim was to attract more capital flows from wealth funds in Middle East countries. Finance Minister P Chidambaram has visited the Middle East in recent months to drum up investment.
“We will again meet and it will take some more time to finalize measures on sovereign funds,” said one official who attended the meeting………………………………………..Full Article: Source

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