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Sovereign Wealth Funds Briefing - Archive | May, 2010

GCL may build 500 megawatts of solar farms in China

Posted on 18 May 2010 by VRS  |  Email |Print

From Bloomberg: GCL-Poly Energy Holdings Ltd., in which China’s sovereign wealth fund holds a stake, may build solar farms with a total capacity of as much as 500 megawatts to help meet demand in the world’s fastest-growing major economy.
China’s largest producer of polysilicon, the main raw material used in solar cells, is also looking at setting up solar farms in the U.S., Europe and the Middle East and may make investment decisions on some projects this year, Chief Financial Officer Sam Tong said at a media briefing in Hong Kong today………………………………………Full Article: Source

Thai Government Pension Fund picks Citi

Posted on 18 May 2010 by VRS  |  Email |Print

From Financeasia.com: Citi global transaction services will provide Thailand’s government pension fund with all of its payment needs under the terms of a new mandate from the fund, further confirming the bank’s claim that its public sector cash management business is picking up.
When fully implemented, Citi will combine a myriad of its treasury offerings, including Paylink, automated clearing house, money order and real-time gross settlement capabilities, to handle payments between the $10.3 billion fund and its members and other government departments. The solution is fully automated, centralised and standardised………………………………………Full Article: Source

Qatari Diar abandoned Chelsea deal, CPC says at trial

Posted on 18 May 2010 by VRS  |  Email |Print

From Bloomberg: Qatari Diar Real Estate Investment Co., a unit of the emirate’s sovereign-wealth fund, should pay as much as 81 million pounds ($117 million) for abandoning a deal to build luxury apartments at London’s Chelsea Barracks, U.K. developer CPC Group Ltd. said.
Qatari had no reason to back out of the project and is now refusing to pay so-called deferred compensation it owes after buying CPC’s share of the development, lawyer Anthony Stephen Grabiner said in opening arguments at a London trial over the contract dispute………………………………………Full Article: Source

RAKIA offers attractive investment packages to more than 200 global investors

Posted on 18 May 2010 by VRS  |  Email |Print

From Albawaba.com: Ras Al Khaimah Investment Authority (RAKIA), a major provider of investment opportunities and one-stop solutions in its free zones, industrial parks and offshore facilities as well as in real estate developments and other ventures, has revealed that it has attracted interest from new investors from different countries following its participation as sponsor at the recently concluded Arab Investment Summit 2010 in Abu Dhabi.
The enthusiastic investor response reflects the robust investment activity in Ras Al Khaimah during the first quarter of 2010 wherein RAKIA achieved a 75 per cent growth in the total number of business licences issued over the same period in 2009………………………………………Full Article: Source

Gulf States: Opacity blights outlook for economy

Posted on 18 May 2010 by VRS  |  Email |Print

From Zawya.com: GCC sovereign wealth funds (SWFs) have made modest attempts to increase their transparency, most notably the Abu Dhabi Investment Authority, which this year disclosed information on its general strategy, asset composition and returns but without revealing its total holdings or details on specific assets.
In an apparent attempt to gain international investors’ confidence, Abu Dhabi state holding company Mubadala issued its first detailed audited accounts in spring 2009. However, the only major SWF giving a precise figure for its total holdings is the Saudi Arabian Monetary Agency, a practice that again predates the crisis. ……………………………………..Full Article: Source

Fees from SWFs prove elusive

Posted on 17 May 2010 by VRS  |  Email |Print

From Efinancialnews.com: In the space of a few years, sovereign wealth funds, prevalent in Middle Eastern countries rich in natural resources and places with deep foreign exchange reserves such as China, have undergone a public relations makeover.
Once feared in some quarters as predators of western assets, state-owned investment vehicles proved to be the unlikely saviours of the capital markets during the financial crisis, investing billions in investment banks including Citigroup, Merrill Lynch and Barclays. Further legitimacy came with the 2008 Santiago Principles and the subsequent establishment of the International Forum of Sovereign Wealth Funds………………………………………Full Article: Source

Assets of global SWFs likely to grow

Posted on 17 May 2010 by VRS  |  Email |Print

From Business24-7.ae: The world’s sovereign wealth funds (SWFs) believe the present market conditions are discouraging for investment but expect their assets to grow despite the impact of the fiscal crisis.
The International Forum of Sovereign Wealth Funds (IFSWF), which was set up by the Santiago-based International Working Group of Sovereign Wealth Funds (IWG) in Kuwait last year, discussed the market situation at its second meeting in Sydney last week, the group said in a statement………………………………………Full Article: Source

Banks share SWF spoils

Posted on 17 May 2010 by VRS  |  Email |Print

From Efinancialnews.com: A handful of investment banks have taken the lion’s share of advisory work on behalf of sovereign wealth funds since 2005, according to new data, which indicates many banks are still struggling to pick up fees from the asset class despite its explosive growth.
According to Thomson Reuters, in the past five years Morgan Stanley and Goldman Sachs have worked on double the number of mergers and acquisitions deals on behalf of state-owned investment funds that their nearest rivals have, and have a combined market share of a quarter of the market by value………………………………………Full Article: Source

Handful of banks take big share of SWF deals

Posted on 17 May 2010 by VRS  |  Email |Print

From WSJ: Lehman Brothers’ EUR800m ($1bn) European mezzanine fund has been spun out to its management team, closing one of the final chapters in the story of the defunct US bank’s private equity interests.
Managers of Lehman’s European mezzanine fund took control of the vehicle on Friday through a new London company, Neovara. No money changed hands in the deal, which was conducted in New York by Lehman Brothers Holding and advised by its administrator, Alvarez & Marsal………………………………………Full Article: Source

Bahrain SWF eyes global assets, credit rating-CEO

Posted on 17 May 2010 by VRS  |  Email |Print

From Zawya Dow Jones: Bahrain Mumtalakat Holding Co., the Gulf state’s $10 billion sovereign wealth fund, will shift more of its portfolio into global assets and secure a credit rating this year, its chief executive said in an interview Saturday.
“The financial meltdown changed the way we look at our future,” said Talal Al Zain. “The bulk of our focus will be on developed countries, but we’ll look at developing countries to take advantage of emerging economies,”……………………………………..Full Article: Source

GIC pays tribute to Dr Goh

Posted on 17 May 2010 by VRS  |  Email |Print

From Straitstimes.com: The Government of Singapore Investment Corporation (GIC) on Friday paid tribute to the late Dr Goh Keng Swee and salutes his ‘farsightedness and fortitude’ which laid the foundation of the GIC’s development as ’stewards of Singapore’s foreign reserves.’
Dr Tony Tan, Deputy Chairman and Executive Director of GIC, said in a statement: ‘All of us at GIC are saddened by the passing of Dr Goh Keng Swee………………………………………Full Article: Source

Dr Goh’s “radical” idea led to formation of GIC: Dr Tony Tan

Posted on 17 May 2010 by VRS  |  Email |Print

From Channelnewsasia.com: Former Deputy Prime Minister Tony Tan paid his last respects to the late Dr Goh Keng Swee. Dr Tan, who is also the deputy chairman of the Government of Singapore Investment Corporation (GIC), said it was Dr Goh’s determination and ability to persuade the government to take a radical course of action that have led Singaporeans to enjoy a comfortable life.
It was Dr Goh who mooted the idea of forming the GIC, some 30 years ago………………………………………Full Article: Source

China SWF buys 45pct stake in Canadian Bitumen assets

Posted on 17 May 2010 by VRS  |  Email |Print

From Capitalvue.com: China Investment Corporation (CIC), the sovereign wealth fund of China, announced on May 13 that its wholly-owned subsidiary has entered into an agreement with Penn West Energy Trust to jointly develop Bitumen assets in the Peace River area of northern Alberta, Canada, citing a company announcement.
CIC will invest close to CAD $817 million to obtain a 45 percent stake in the partnership to develop Bitumen Assets………………………………………Full Article: Source

China SWF signs resources JV in Canada

Posted on 17 May 2010 by VRS  |  Email |Print

From Financialstandard.com.au: China’s sovereign wealth fund (SWF) is investing more than $800 million as part of a joint venture to assist in the production of resource assets in Canada.
The China Investment Corporation (CIC) formed a joint venture with Penn West Energy Trust to develop the company’s bitumen assets located in the Peace River area of northern Alberta, Calgary………………………………………Full Article: Source

China banks go fund-raising despite weak sentiment

Posted on 17 May 2010 by VRS  |  Email |Print

From Indiatimes.com: Central Huijin, the domestic investment arm of China’s sovereign wealth fund, which jointly controls major state banks with the finance ministry, said last month it would participate in the top three banks’ financing plans.
It called the plans “highly important for maintaining stability in capital markets and promoting the banks’ healthy development”. ……………………………………..Full Article: Source

Chinese banks’ backstop

Posted on 17 May 2010 by VRS  |  Email |Print

From WSJ: The banks have a backstop in Central Huijin, an arm of China Investment Corp., China’s sovereign-wealth fund, which already owns large stakes in the banks, along with China’s Ministry of Finance. The fund has already signaled its willingness to back the nearly $50 billion in capital-raising plans announced by China’s listed banks.
That is just as well. Jitters in China’s equity markets have led to the cancellation or poor performance of recent initial public offerings………………………………………Full Article: Source

MoF and CIC to mop up abundant liquidity with jumbo renminbi bonds

Posted on 17 May 2010 by VRS  |  Email |Print

From Ifrasia.com: The burgeoning domestic bond market in China is set to see two giant bond issues from the Ministry of Finance (MoF) and China Investment Corp, the country’s sovereign wealth fund, which could potentially raise up to Rmb70bn–Rmb100bn (US$10.25bn–$14.65bn).
The MoF issue is designed to soak up the abundant liquidity in the domestic market, while CIC’s deal will recapitalise major PRC banks………………………………………Full Article: Source

India to set up $11bln growth fund

Posted on 17 May 2010 by VRS  |  Email |Print

From Indiatimes.com: The government plans to create a Rs 50,000-crore ($11 billion) dedicated fund to set right the country’s creaking infrastructure and could raise 40% of the corpus from overseas investors, launching yet another assault on a problem that has defied solution for long and cramped India’s growth potential.
The government plans to raise Rs 20,000 crore, or $4.4 billion, from foreign pension, insurance and sovereign wealth funds, and the remainder from domestic institutions………………………………………Full Article: Source

Asian SWFs buying into Chesapeake

Posted on 17 May 2010 by VRS  |  Email |Print

From Seekingalpha.com: One of Asia’s most active sovereign wealth funds (SWF) is investing up to $1 billion in the US company that helped pioneer production of shale gas, Chesapeake Energy (CHK).
Temasek Holding, a $172-billion fund owned by the government of Singapore, will buy $500 million in preferred shares in Chesapeake, and has an option with Hopu Investment Management, a private equity firm in Beijing, to place another $500 million in Chesapeake preferred shares. Hopu is also acquiring $100 million of preferred shares………………………………………Full Article: Source

Kiwi companies may get part of $800mln Australian clean energy fund

Posted on 17 May 2010 by VRS  |  Email |Print

From Foodweek.com.au: New Zealand companies might be eligible for some of the new $800 million clean energy fund announced in Australia’s Budget.
The Australian Government is putting the extra money into renewable energy projects – and under CER arrangements, New Zealand companies could be entitled to bid for the work………………………………………Full Article: Source

China to invest $803 mln in Penn West venture

Posted on 14 May 2010 by VRS  |  Email |Print

From Bloomberg: China’s sovereign wealth fund agreed to invest C$817 million ($803 million) in a new oil-sands venture with Canada’s Penn West Energy Trust, gaining a stake in the world’s largest crude deposits outside Saudi Arabia.
China Investment Corp. will pay C$312 million up front and C$505 million of Penn West’s future expenses for a 45 percent stake in the venture, the Calgary-based trust said today in a statement. Penn West said it will contribute C$1.8 billion in assets to the venture, which will develop 237,000 acres of oil- sands properties in the Peace River area of northern Alberta……………………………………….Full Article: Source

Chinese investment in Canada’s oil sands

Posted on 14 May 2010 by VRS  |  Email |Print

From Reuters: Penn West Energy Trust plans to sell a 45 percent stake in a Canadian oil sands project to China Investment Corp for $801 million. The agreement is the latest Chinese foray into the northern Alberta oil sands, the largest oil reserve outside the Middle East, as the world’s third largest economy seeks to lock up energy reserves to power its booming growth.
Penn West, Canada’s No. 2 energy trust, will contribute oil sands properties near Peace River, Alberta, valued at C$1.8 billion, to a partnership being set up with China Investment. The Chinese company will provide C$312 million in upfront cash and then pay C$505 million in development costs for the project……………………………………….Full Article: Source

SWFs are back… not that they ever went away

Posted on 14 May 2010 by VRS  |  Email |Print

From Kippreport.com: Sovereign wealth funds hold a cool $3 trillion in assets. Some say they’re set to become more vocal and activist after being ‘missing in action’ during the tough times. But they never stopped investing.
Sovereign wealth funds (SWFs) have total assets of an estimated $3 trillion, and – despite having gained a reputation for being secretive and opaque – certainly garner their fair share of attention from the markets and media……………………………………….Full Article: Source

Global fund pool targets frontier markets

Posted on 14 May 2010 by VRS  |  Email |Print

From IPE: What’s the next growth area after emerging markets? For some sovereign funds, it’s the so-called ‘frontier’ regions such as Africa, the Caribbean, Latin America and Central Asia.
Korea Investment Corporation, the State Oil Fund of Azerbaijan, the Dutch pension fund PGGM and an unnamed Saudi Arabian fund have committed US$600 million to a private equity fund investing across sectors in Africa, Latin America and the Caribbean, managed by IFC Asset Management (AMC), a wholly owned subsidiary of the International Finance Corporation. IFC is co-investing in the fund with commitments of US$200 million……………………………………….Full Article: Source

SWFs warn against investment restrictions

Posted on 14 May 2010 by VRS  |  Email |Print

From IPE: The International Forum of Sovereign Wealth Funds has issued a statement cautioning regulators to avoid restrictions that could distort investment regimes. The joint statement says excessive regulation affects the free flow of capital across borders.
It also stresses the urgency of concluding regulatory reform of the finance sector in a consistent and globally coordinated manner……………………………………….Full Article: Source

SOFAZ: Beijing to host next meeting of IFSWF

Posted on 14 May 2010 by VRS  |  Email |Print

From Trend.az: Beijing will host a regular meeting of the International Forum of Sovereign Wealth Funds (IFSWF) in April 2011, the State Oil Fund of Azerbaijan Republic (SOFAZ) reported. This was decided at the fund’s meeting which took place in Sydney (Australia) May 6-8.
The Azerbaijani delegation headed by SOFAZ Executive Director Shahmar Movsumov attended the IFSWF’s second meeting. Senior officials from 22 SWFs, and representatives of recipient countries and international organizations participated in this meeting……………………………………….Full Article: Source

Temasek takes $690mln stake in US energy firm

Posted on 14 May 2010 by VRS  |  Email |Print

From Asiaone.com: Singapore investment firm Temasek Holdings is pumping US$500 million (S$690 million) into a leading US producer of natural gas.
New York-listed Chesapeake Energy, which is on a fund-raising drive, said in a statement on Monday that Temasek will subscribe to US$500 million of its convertible preferred shares……………………………………….Full Article: Source

Chesapeake Energy investment signals SWF appetite for global resources

Posted on 14 May 2010 by VRS  |  Email |Print

From Oilprice.com: One of Asia’s most active sovereign wealth funds is investing up to $1 billion in the U.S. company that helped pioneer production of shale gas, Chesapeake Energy.
Temasek Holding, a $172-billion fund owned by the government of Singapore, will buy $500 million in preferred shares in Chesapeake, and has an option with Hopu Investment Management, a private equity firm in Beijing, to place another $500 million in Chesapeake preferred shares. Hopu is also acquiring $100 million of preferred shares……………………………………….Full Article: Source

Labor raids deplete Future Fund

Posted on 14 May 2010 by VRS  |  Email |Print

From Theaustralian.com.au: Almost all the federal government’s nation-building infrastructure fund has been depleted, less than a year after it received an initial $11 billion endowment to make strategic investments.
According to the Department of Finance, the “uncommitted balance” of the Building Australia Fund was $705 million at the end of March, a 94 per cent plunge compared to the value of its original capital……………………………………….Full Article: Source

Kuwait Investment Co’s assets are available for sale

Posted on 14 May 2010 by VRS  |  Email |Print

From Zawya Dow Jones: Kuwait Investment Co. (KIC) , a unit of the country’s sovereign wealth fund, Kuwait Investment Authority, is ready to sell all of its assets if it receives a suitable offer with investment feasibility.
Most of the company’s investments are mainly in Kuwait, the Gulf region, India, and Singapore, Bader Al Subeaei, KIC’s chairman and chief executive, said……………………………………….Full Article: Source

KIA: Kuwait’s bank sector stable on investments

Posted on 14 May 2010 by VRS  |  Email |Print

From Menafn.com: The Kuwait Investment Authority (KIA) fully supported the government’s request to invest funds into the State’s bourse through the KD1.5bn National Portfolio which was one of the measures put in place to cushion the effects of the global economic crisis, according to its Managing Director, Bader M. Al-Sa’ad.
Speaking exclusively to Oxford Business Group (OBG), the global publishing, research and consultancy firm, Al-Sa’ad said that Kuwait’s banking sector was stable and enjoyed the backing of a strong, systemic support system, proving the government’s investments was a success. ………………………………………Full Article: Source

Abu Dhabi state-linked companies removed from S&P credit watch

Posted on 14 May 2010 by VRS  |  Email |Print

From Bloomberg: Three Abu Dhabi government-controlled entities, among the biggest borrowers in the Gulf region last year, were removed from Credit Watch at Standard & Poor’s, which cited their “almost certain” government support.
Mubadala Development Co., an investment arm of the Abu Dhabi Government, International Petroleum Investment Co. and Tourism Development & Investment Co. were removed from Credit Watch and………………………………………Full Article: Source

Qatari Diar unit plans benchmark bond issue

Posted on 14 May 2010 by VRS  |  Email |Print

From Kuwaittimes.net: Qatari Diar, the property arm of Qatar’s sovereign wealth fund, is planning a benchmark bond issue, people familiar with the matter said yesterday, in what would be the first corporate issue from the Gulf state this year.
Two sources, who declined to be identified, did not elaborate which subsidiary was planning the issue, but said it would be benchmark-sized, typically over $500 million. One source said the issue could be during the second quarter……………………………………….Full Article: Source

India to raise $11 bln infrastructure fund-report

Posted on 14 May 2010 by VRS  |  Email |Print

From Reuters: India plans to launch an $11 billion fund to build infrastructure, with 40 percent of the corpus from overseas investors. The government proposes to raise $4.4 billion from overseas pension, insurance and sovereign wealth funds and the remainder from domestic institutions.
The decision to create the fund was taken at a meeting in New Delhi on Wednesday, headed by Planning Commission’s deputy chairman, Montek Singh Ahluwalia, it said……………………………………….Full Article: Source

New resources tax a threat to all investment

Posted on 14 May 2010 by VRS  |  Email |Print

From Theaustralian.com.au: A theoretical resources rent tax resembles a sovereign wealth fund. A sovereign wealth fund would be even better than a theoretical resources rent tax because it would allow the government to select its investments.
After all, the mining industry has more than its share of liars, lairs and lunatics and the government is not really in a position to invest 40 per cent across the whole sector without consideration of the details of any project……………………………………….Full Article: Source

Rigs take on new meaning

Posted on 14 May 2010 by VRS  |  Email |Print

From Hartselleenquirer.com: The Alabama Trust Fund, a $2.7 billion state savings account for the royalties from these offshore wells, generates much needed revenue from interest payments. Those funds are used for things like the prison system, public health programs and child protection services.
The Alabama Trust Fund has been an important resource to keep our taxes the lowest in the nation, and it now is poised to be a major economic engine for our state if voters approve a plan to use part of the fund for road and infrastructure projects……………………………………….Full Article: Source

Russian central bank reserves fall to $456.7 bln

Posted on 14 May 2010 by VRS  |  Email |Print

From Dow Jones: Russia’s gold and foreign exchange reserves fell $4 billion to $456.7 billion in the week to May 7, the central bank said in a statement Thursday.
The decline came after reserves increased by $6 billion in the week ending April 29……………………………………….Full Article: Source

Kallevig to lead Norwegian sovereign wealth fund’s GBP15bln property acquisition programme

Posted on 13 May 2010 by VRS  |  Email |Print

From Propertyweek.com: Norges Bank Investment Manager (NBIM), which is responsible for Norway’s sovereign wealth fund, has hired Karsten Kallevig to head its real estate team.
Kallevig will join NBIM on 1 September to initiate the Norwegian Government Pension Fund Global’s £15bn property spending programme. He has headed Grove International Partners’ Japanese office since 2006……………………………………….Full Article: Source

Norway pension manager expands into Singapore

Posted on 13 May 2010 by VRS  |  Email |Print

From Financialstandard.com.au: Norges Bank Investment Management, which manages the Norwegian Government Pension Fund Global, has expanded operations to Singapore to get closer to the region it invests 10 per cent of its funds.
The Singapore office will focus on investment and trading activity in the region and work closely with the firm’s office in Shanghai that opened three years ago……………………………………….Full Article: Source

Qatari Diar unit eyes benchmark bond issue-sources

Posted on 13 May 2010 by VRS  |  Email |Print

From Reuters: Qatari Diar, the property arm of Qatar’s sovereign wealth fund, is planning a benchmark bond issue, people familiar with the matter said Wednesday, in what would be the first corporate issue from the Gulf state this year.
Two sources, who declined to be identified, did not elaborate which subsidiary was planning the issue, but said it would be benchmark-sized, typically over $500 million. One source said the issue could be during the second quarter……………………………………….Full Article: Source

Sovereign wealth funds

Posted on 13 May 2010 by VRS  |  Email |Print

From Zawya.com: Shoppers can’t resist fancy brand names. The same is true for sovereign wealth funds. The acquisition of Harrods, the London department store, by a subsidiary of Qatar’s sovereign wealth fund is just the latest in a string of prestigious SWF-backed investments, which include carmakers Aston Martin and Volkswagen, and a host of investment banks.
But everything that glitters is not gold - as many high-profile sports, media and technology deals will attest……………………………………….Full Article: Source

SWFs total assets grow to $3.51 trillion

Posted on 13 May 2010 by VRS  |  Email |Print

From Zawya.com: Preqin’s latest report, the 2010 Preqin Sovereign Wealth Fund Review, reveals that the aggregate total assets of all sovereign wealth funds (SWFs) has continued to increase over the past year. The recovery in global equities markets helped certain SWFs regain ground lost as a result of the economic downturn.
However, some funds have been used by national governments to cover budget deficits and support financial institutions……………………………………….Full Article: Source

Qatar sets up $1bln Indonesia fund for natural resources and infrastructure

Posted on 13 May 2010 by VRS  |  Email |Print

From Mineweb.co.za: Qatar Holding, the investment arm of Qatar’s sovereign wealth fund, has set up a $1 billion Indonesian fund to invest in infrastructure and natural resources in Southeast Asia’s biggest economy, officials said.
The new investment fund is a sign of increasing interest in Indonesia among Middle East and other international investors thanks to the country’s abundant resources and desperate need for financing for infrastructure projects ranging from power plants to roads, railways, and bridges……………………………………….Full Article: Source

Istithmar’s ISS bids due May 28; seen up to $800mln

Posted on 13 May 2010 by VRS  |  Email |Print

From Dow Jones: Final bids for Istithmar’s port and shipping agent, Inchcape Shipping Services, are due May 28 and offers could reach as much as $800 million amid an aggressive auction, people familiar with the situation told Dow Jones Newswires Wednesday. Istithmar is part of Dubai’s sovereign wealth fund.
The five shortlisted bidders are Cinven Group Ltd., CVC Capital Partners Ltd., Carlyle Group LP., General Atlantic LLC., and Canadian pension fund Omers, or the Ontario Municipal Employees Retirement System, and all five are likely to submit final bids, the people said……………………………………….Full Article: Source

China Construction Bank executive vice president Fan Yifei resigns

Posted on 13 May 2010 by VRS  |  Email |Print

From Dow Jones: China Construction Bank Corp., China’s second-largest lender by assets, said Wednesday its executive vice president, Fan Yifei, has resigned, but didn’t provide a reason for his departure or say when Fan’s resignation takes effect.
A person familiar with the situation told Dow Jones Newswires last month that Fan Yifei has been named an executive vice president of China Investment Corp., the country’s US$300 billion sovereign-wealth fund……………………………………….Full Article: Source

Temasek invests in Chesapeake, spends $1.2 bln on resources

Posted on 13 May 2010 by VRS  |  Email |Print

From Bloomberg: Temasek Holdings Pte’s $500 million investment in Chesapeake Energy Corp. caps more than $1.2 billion the Singapore state-owned company has spent on energy and resources from the U.S. to India in the past six months.
Temasek bought $500 million of convertible preferred shares of Oklahoma City-based Chesapeake, while Hopu Investment Management Co., a private-equity fund backed by the investment firm, purchased an additional $100 million on similar terms, Temasek said an e-mailed statement yesterday……………………………………….Full Article: Source

GIC buys 6.58pct stake in Fortis Healthcare

Posted on 13 May 2010 by VRS  |  Email |Print

From Bloomberg: Government of Singapore Investment Corp. bought a 6.58 percent stake in Fortis Healthcare Ltd., the Straits Times reported, citing the Indian company.
Fortis, which bought a stake in Singapore-based Parkway Holdings Ltd., plans to raise about $85 million by selling 22.35 million shares to GIC Special Investments, GIC’s private equity and infrastructure investment unit, via a preferential allotment, the newspaper said……………………………………….Full Article: Source

Investments ensured stability for banking sector says KIA

Posted on 12 May 2010 by VRS  |  Email |Print

From Gulfbase.com: The Kuwait Investment Authority (KIA) fully supported the government’s request to invest funds into the State’s bourse through the KD 1.5 billion National Portfolio which was one of the measures put in place to cushion the effects of the global economic crisis, according to its Managing Director, Bader M. Al-Sa’ad.
Speaking exclusively to Oxford Business Group (OBG), the global publishing, research and consultancy firm, Al-Sa’ad said that Kuwait’s banking sector was stable and enjoyed the backing of a strong, systemic support system, proving the government’s investments was a success. ………………………………………Full Article: Source

Temasek Holdings to invest US$500mln in US energy firm

Posted on 12 May 2010 by VRS  |  Email |Print

From Channelnewsasia.com: Temasek Holdings and Beijing-based Hopu Investment Management Company are to fork-out more than half a billion US dollars to acquire a stake in leading United States producer of natural gas, Chesapeake Energy Corporation.
The two investment firms have agreed to buy a combined US$600 million in convertible preferred stock of New York-listed Chesapeake Energy, and they have an additional 30-day option to acquire a further US$500m of the stock……………………………………….Full Article: Source

Renewable energy - another Future Fund

Posted on 12 May 2010 by VRS  |  Email |Print

From Abc.net.au: Though it has put its Carbon Pollution Reduction Scheme in the too-hard basket for another three years, the Federal Government is pressing ahead with developing a bigger renewable energy industry.
The “first step”, announced in the Budget by Treasurer Wayne Swan, is a $652 Renewable Energy Future Fund. It will support renewable energy projects, and development of low-emissions technologies, in tandem with private sector funding……………………………………….Full Article: Source

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