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Sovereign Wealth Funds Briefing 09.Jul 2013

Posted on 09 July 2013 by VRS |  Email |Print

Goldman Sachs Group Inc. (GS) and Temasek Holdings Pte agreed to buy a minority stake in China’s Cloudary Corp. at a 25 percent lower valuation than in a previous funding round, said two people with knowledge of the matter.
The private placement values the operator of literary websites at about $600 million, less than an earlier valuation of $800 million, the people said, asking not to be identified because the information is private. Cloudary is controlled by Shanda Interactive Entertainment Ltd………………………………………..Full Article: Source

Posted on 09 July 2013 by VRS |  Email |Print

With natural gas, especially liquefied natural gas (LNG), set to play a bigger role in Singapore’s energy security and its plans to grow as a regional LNG trading hub, Temasek Holdings has established a separate company, Pavilion Gas, to handle the group’s gas businesses and activities.
Chaired by Liew Mun Leong, the former CEO of CapitaLand Group, Pavilion Gas’ activities will include “procurement, marketing and sales of natural gas”, according to data from BizNet-Global. It is a separate entity from Pavilion Energy, set up in April this year and chaired by former Petronas chief Hassan Marican, which will take charge of its non-gas energy businesses, BT understands. Mr Liew is also a director of this company………………………………………..Full Article: Source

Posted on 09 July 2013 by VRS |  Email |Print

Singapore’s sovereign wealth fund has emerged as a potential candidate in the race to buy part of the UK government’s stake in Lloyds Banking Group. Temasek, which has a portfolio value of about £113 billion, owns 18 per cent of Asia-focused rival Standard Chartered and is understood to be considering a £4.5bn bid for about 10 per cent of Lloyds.
Lloyds is 39 per cent owned by the taxpayer and UK Financial Investments, which manages the government’s holding, has invited investment banks to set out how they would handle the sale of the stake. Interested parties have until today to submit their full proposals………………………………………..Full Article: Source

Posted on 09 July 2013 by VRS |  Email |Print

Singapore’s sovereign wealth fund has made a preliminary approach to buy a £4.5 billion stake in Lloyds, according to the Sunday Times. The paper says Temasek, which owns 18% of Standard Chartered, is willing to buy around 10% of the bank’s shares.
The news comes as chancellor George Osborne ramps up the government’s strategy to return the bank to the private sector. The Times also suggests former trade minister and Standard Chartered chief executive Lord Davies has been trying to form a consortium to buy the government’s entire 39% stake in Lloyds………………………………………..Full Article: Source

Posted on 09 July 2013 by VRS |  Email |Print

Shares in state-backed bank Lloyds have jumped by around 2.5 per cent on the news that overseas investors could be interested in the company. It emerged over the weekend that a consortium led by former trade minister Lord Davies is considering investing up to £10bn in the bank, while Singapore’s sovereign wealth fund may put in £4.5bn.
That represents the majority of the government’s stake, which is currently valued at around £17.5bn………………………………………..Full Article: Source

Posted on 09 July 2013 by VRS |  Email |Print

China Investment Corporation finally has a new boss. But compared to most companies, a change of the top at a sovereign wealth fund doesn’t always mean a change of tack. A sovereign fund’s proximity to the government and its investment approach are critical when it comes to determining the importance, or relative unimportance, of who sits at the top.
Ding Xuedong, a career bureaucrat, may be relatively unknown in global financial circles. That needn’t matter. His predecessor Lou Jiwei, who was promoted to finance minister in March, also lacked experience when he took charge of CIC when it was established in 2007………………………………………..Full Article: Source

Posted on 09 July 2013 by VRS |  Email |Print

The International Monetary Fund is providing technical assistance to PNG to establish the Sovereign Wealth Fund and the establishment of Kumul Holdings. Technical officers from the office of the IMF paid a courtesy visit to the country and spoke with respective Government Ministers on how to go about the Sovereign Wealth Fund and what they require from the government to establish the fund.
IMF spokesman, Michael Pappaioannou said their visit is to get a general perspective from the Government and Ministers on how to go about establishing the fund………………………………………..Full Article: Source

Posted on 09 July 2013 by VRS |  Email |Print

Over the past few weeks I have grown tired of reading daily speculation about how much the government’s flagship populist policy has cost the country. Has it lost 160 billion, 260 billion, or even 700 billion baht from buying rice at inflated prices and storing it, and how much more will it lose once it sells that rice for a loss?
All I know is that it was my money that was blown away, for heaven’s sake. Every month people like us work our butts off and end up with nearly a third of our salaries going to fund politicians who waste it………………………………………..Full Article: Source

Posted on 09 July 2013 by VRS |  Email |Print

With MySuper regulations pushing superannuation funds to reduce costs, Towers Watson’s latest research has found this has driven parts of the industry to seek more cost-effective investment solutions like alternatives.
Based on a survey of the top 100 alternative asset managers globally over the year to December 2012, Towers Watson found that pension fund assets represent over a third (36 per cent) of total global assets under management for the asset managers surveyed, which reached $3.1 trillion in 2012………………………………………..Full Article: Source

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