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Sovereign Wealth Funds Briefing 25.Jul 2013

Posted on 25 July 2013 by VRS |  Email |Print

Temasek Holdings, which is taking on a new chairman in former labour union chief Lim Boon Heng, may see more changes with future board directors boasting a more global profile. On Monday, outgoing chairman S. Dhanabalan spoke of plans to add more non-Singaporeans to the Temasek board.
Aside from himself, Mr Lim and chief executive Ho Ching, the board has seven other members, all are well-established industry figures. Of these, only Swedish banker Marcus Wallenberg is not Singaporean………………………………………..Full Article: Source

Posted on 25 July 2013 by VRS |  Email |Print

Hu Shuli says the government must look at restructuring its sovereign investment companies to compete on the global stage for better returns. The inception of the China Investment Corporation six years ago marked the birth of a true sovereign wealth fund for China. Though it is undoubtedly heading in the right direction, the CIC is hobbled by the terms of its inception.
For its funds, it relies on the foreign exchange reserves bought with the special bonds issued by the Ministry of Finance. The cost of this money is high, while it may invest only in low-risk, low-return financial products. This mismatch has limited its operations………………………………………..Full Article: Source

Posted on 25 July 2013 by VRS |  Email |Print

China is set to add another British asset to its portfolio, as London mayor, Boris Johnson, is preparing to approach China and South Korea for state funds to build the Isle of Grain airport in north Kent. The Mayor’s advisers have reportedly held talks with Chinese sovereign investment fund, China Investment Corporation (CIC), and officials in Seoul to fund the project.
Other institutional investors, including City-based pension funds and infrastructure firms, have also said that they would consider funding the Isle of Grain scheme, which has been called the Thames Hub Airport. CIC is already a minority shareholder in Heathrow Airport Holdings………………………………………..Full Article: Source

Posted on 25 July 2013 by VRS |  Email |Print

Apparently, the government of India may permit a direct line of investment for sovereign wealth funds to invest in in tax-free infrastructure bonds. Sovereign funds have expressed interest in India and desire allocating to investments that provide substantial yield. Several large state-owned institutions have had infrastructure bond-issuances in which cash has yet to be spent.
Bonded by red tape, many large-scale infrastructure projects are clogged up, preventing further cash disbursements. The Indian finance ministry reprimanded several projects for leaving bond-issued funds sitting in bank deposits………………………………………..Full Article: Source

Posted on 25 July 2013 by VRS |  Email |Print

Qatar Holding, the investment arm of the Gulf state’s sovereign wealth fund, has hired former Bank of America Merrill Lynch employee Michael Cho to take a senior role in its mergers and acquisitions (M&A) team.
Cho, who was co-head of Asia mergers and acquisitions at BofA Merrill until early last year, will be the point man for what is one of the world’s most aggressive investors, an organisation tasked with building a portfolio of major assets, banking sources said………………………………………..Full Article: Source

Posted on 25 July 2013 by VRS |  Email |Print

The Nigerian Sovereign Investment Authority (NSIA) is partnering with the International Finance Corporation (IFC) to develop, finance and implement infrastructure projects that will stimulate job creation, economic growth and social development in Nigeria. This was in parallel in the signing of a Memorandum of Understanding (MoU) between the IFC and NSIA.
The NSIA and IFC want to channel investment in areas such as housing, healthcare infrastructure, transport, power and gas. By structuring commercially viable investments, the two entities are trying to entice and encourage private investment in much needed infrastructure. Nigeria is one of the largest economies in Africa……………………………………….Full Article: Source

Posted on 25 July 2013 by VRS |  Email |Print

Nearly $431.3 million has been allocated between the time the State Oil Fund of Azerbaijan (SOFAZ) began financing the Baku-Tbilisi-Kars railway project and January 1, 2013, according to a statement posted on the official website of the Fund. According to the report, over the last year this figure hit $151.5 million.
Funds allocated to the Ministry of Transport of Azerbaijan through the International Bank of Azerbaijan in accordance with an agreement signed between the governments of Azerbaijan and Georgia were transferred to Marabda-Kartsakhi Ltd. Marabda-Kartsakhi was founded to design, construct, rehabilitate, renovate and operate the Marabda railway on the border with Turkey and relevant infrastructure objects………………………………………..Full Article: Source

Posted on 25 July 2013 by VRS |  Email |Print

Israfil Mammadov was appointed deputy executive director of the State Oil Fund of Azerbaijan (SOFAZ) upon Azerbaijani President Ilham Aliyev’s order, SOFAZ said.
Up to now Mammadov has headed the asset management department in SOFAZ. Earlier, he worked as an attache in International Economic Relations Department at the Azerbaijani Foreign Ministry, the first, second, and third secretary of the Azerbaijani embassy in the UK, as well as a SOCAR representative in the UK. SOFAZ was established in 1999………………………………………..Full Article: Source

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