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Sovereign Wealth Funds Briefing - Archive | July, 2011

Qatar fund’s property arm cuts staff, in strategy shift

Posted on 14 July 2011 by VRS  |  Email |Print

Qatari Diar, the property investment arm of the Qatar government, is cutting back staff and restructuring management as part of a re-evaluation of its business plans. The changes include a new chairman, the Qatar finance minister Yousef Hussein Kamal, who last month replaced the Qatar prime minister Sheikh Hamad Al Thani.
Qatari Diar has not confirmed the change, but sources close to company say Mr Kamal has been in the position for a month……………………………………….Full Article: Source

China’s sovereign wealth fund names new CIO

Posted on 13 July 2011 by VRS  |  Email |Print

Li KepingLi Keping, a vice chairman of China’s $300 billion sovereign wealth fund, has been named executive director and chief investment officer of the fund which directs investments from China’s huge stockpile of foreign exchange reserves.
Li, most recently vice chairman of the fund, replaces Gao Xiqing, a statement on the websiste of the China Investment Corp (CIC) said. Sources told Reuters on June 17 of the impending personnel change……………………………………….Full Article: Source

Chinese and Korean SWFs boost global equity investments through external advisers

Posted on 13 July 2011 by VRS  |  Email |Print

The dramatic increase in global equity investing by Chinese and South Korean sovereign wealth funds (SWFs) over the past two years has been mainly driven by hired external investment advisers, according to a research study just completed by LS Global Advisory Group, a leading global market intelligence and shareholder identification service provider. In-house managed equity portfolios have not increased significantly during the period, the study revealed.
The SWFs, seeking to capture gains in developed and developing equity markets, are hiring specific types of investment advisers depending on the particular country they are investing in. For example, for investments in Japan, they are engaging long-established and fundamental asset managers including Nomura Asset Management, Goldman Sachs Asset Management and The Vanguard Group. Other major asset managers being used by Chinese and Korean SWFs include Morgan Stanley Investment Management, J.P. Morgan Asset Management, State Street Global Advisors and BlackRock Fund Advisors. (Press Release)

South Korea’s military fund may sell biggest overseas holding, CIO says

Posted on 13 July 2011 by VRS  |  Email |Print

South Korea’s Military Mutual Aid Association, the defense ministry’s $7.6 billion fund, may sell its biggest overseas holding after five years to seek out ports and other infrastructure assets.
China Investment Corp., the country’s $300 billion sovereign wealth fund, is targeting mining, real estate and infrastructure investments in the Americas, Felix Chee, the fund’s representative in Canada, said in June……………………………………….Full Article: Source

Singapore sovereign wealth fund earns 4.6pct for fiscal 2011 (Chart)

Posted on 13 July 2011 by VRS  |  Email |Print

Late last week, Temasek Holdings Pte. Ltd., a Singapore sovereign wealth fund, announced its fiscal 2011 results. The fund returned 4.6% through March 31, ending its fiscal year with S$193 billion ($153 billion) in assets, up from S$186 billion a year earlier.………………………………………Full Article: Source

Finance minister new head of Qatari Diar

Posted on 13 July 2011 by VRS  |  Email |Print

The Minister of Economy and Finance Yousef Hussein Kamal has replaced HE the Prime Minister as chairman of Qatari Diar Real Estate Investment Company, the property arm of the country’s sovereign wealth fund.
It was not clear when Kamal took over the chairman’s role from HE the Prime Minister Sheikh Hamad bin Jassim bin Jabor al-Thani, according to the Zawya Dow Jones report……………………………………….Full Article: Source

Globalfoundries: New York fab ready for kit

Posted on 13 July 2011 by VRS  |  Email |Print

Globalfoundries Inc., the foundry that is majority owned by an Abu Dhabi sovereign wealth fund, has said that its newly constructed cleanroom in New York and a cleanroom extension in Dresden have both had the first chip making equipment installed.
At Fab 1 in Dresden, Germany, Globalfoundries is adding capacity to take the fab to 80,000 wafers per month and work at 45-nm and below……………………………………….Full Article: Source

Serbian foreign-exchange reserves fall to 9.96 bln euros

Posted on 13 July 2011 by VRS  |  Email |Print

Serbia’s foreign-exchange reserves fell to 9.96 billion euros ($13.88 billion) in June as the country repaid debt to domestic and foreign creditors.
Foreign-exchange reserves fell by a net 97.3 million euros after Serbia repaid 67.8 million euros to locals whose savings were frozen in the early 1990s and which the government pays through a so-called savings bond, the National Bank of Serbia said………………………………………Full Article: Source

New rules: Sovereign fund pprobe awakens financial firms to corruption risk

Posted on 12 July 2011 by VRS  |  Email |Print

The SEC is investigating financial firms’ dealings with sovereign-wealth funds and foreign pension funds, with a focus on the agents and intermediaries that helped connect them. Private equity firms are rethinking their roles in guiding the anti-corruption policies of portfolio companies.
And due diligence now means vetting transactions for corruption issues through the lenses of the Foreign Corrupt Practices Act and the U.K. Bribery Act……………………………………….Full Article: Source

Singapore-based sovereign fund Temasek bullish on financial services

Posted on 12 July 2011 by VRS  |  Email |Print

Manish KejriwalSingapore-based sovereign fund Temasek said that it is bullish about the financial sector opportunity in India. The company’s investment value rose to $193 billion in 2010-11, an $8-billion jump from its last year’s investment.
The Singapore-based privatelyheld fund raised over $3.5 billion by selling its stake in Bank of China and China Construction Bank Corporation, the two biggest banks of China. In India, Temasek has invested $5 billion since 2005………………………………………..Full Article: Source

Temasek hires top UBS exec

Posted on 12 July 2011 by VRS  |  Email |Print

Temasek Holdings has hired Ms Png Chin Yee, co-head of UBS’ Asia financial institutions group, as managing director, investment, for its financial-service portfolio, sources said.
Ms Png will start her new job on Monday, the sources told Reuters………………………………………..Full Article: Source

Temasek and Kookmin choose their timing well

Posted on 12 July 2011 by VRS  |  Email |Print

And while the bidding and negotiation between Kookmin and its potential underwriters was continuing, Temasek squeezed ahead with its $3.6 billion sale of shares in Bank of China (BOC) and China Construction Bank (CCB) on Tuesday.
The BOC block raised $2.4 billion, while the CCB transaction raised $1.2 billion. Both deals were handled by Morgan Stanley on a sole basis — a nice win for the US investment bank, especially since it was never bid out……………………………………….Full Article: Source

Malaysia, Singapore JV to boost both economies — Report

Posted on 12 July 2011 by VRS  |  Email |Print

Improving ties between Malaysia and Singapore can maintain growth sustainability in the next five years and the growth can return to pre-Asia financial crisis if the relationship strengthens further.
The joint venture (JV) amounting to RM30 billion would be jointly invested by investment arm of the Malaysian government Khazanah Nasional Bhd (Khazanah) and its Singaporean counterpart Temasek Holdings (Temasek)………………………………………..Full Article: Source

Foreign-exchange reserves jump in China

Posted on 12 July 2011 by VRS  |  Email |Print

China reported a jump in its foreign-exchange reserves and a surge in bank lending, reflecting continued inflationary pressures on the world’s No. 2 economy.
The People’s Bank of China said the country’s stockpile of U.S. dollars and other foreign currency rose $152.8 billion in the April-to-June period—or roughly $1.7 billion a day—to $3.2 trillion. Much of that money comes from earnings by exporters and foreign investors, which adds to an existing flood of cash in the Chinese economy that has helped push up prices………………………………………..Full Article: Source

China’s foreign reserves rise to nearly $3.2 tln

Posted on 12 July 2011 by VRS  |  Email |Print

China’s foreign reserves have soared to nearly $3.2 trillion as Beijing intervened in currency markets to control its yuan despite pledges to allow more flexibility.
The reserves rise as Beijing buys foreign currency to counter upward pressure on the yuan’s exchange rate due to an influx of export revenues and investment. Washington and other trading partners complain those controls are swelling China’s multibillion-dollar trade surplus and might be hampering a global recovery………………………………………..Full Article: Source

Will Temasek sell its AFG stake to DBS Group?

Posted on 11 July 2011 by VRS  |  Email |Print

Piyush Gupta Rumours that Singapore state investment arm Temasek Holdings Pte Ltd is looking to sell its stake in Malaysia’s Alliance Financial Group Bhd (AFG) have begun to make its rounds.
While Temasek seems to be keeping its cards close to its chest, investment bankers said a possible divestment in AFG might not be far-fetched given its recent divestment in two of China’s biggest banks Bank of China and China Construction Bank. And the name that keeps coming to the forefront as a potential buyer of AFG is Singapore’s biggest lender, DBS Group Holdings Ltd, of which Temasek owns 27.17%………………………………………Full Article: Source

Temasek Holdings pays to raise online presence

Posted on 11 July 2011 by VRS  |  Email |Print

Ho ChingGo online and type “Temasek Review”. What you will see at the top of the screen is an advertisement for investment firm Temasek Holdings. Not the socio-political website.
The paid advertisement directing netizens to Temasek Holdings’ website has been up since Wednesday. The move came a day ahead of Temasek announcing its latest financial results. A company spokesman said it took the paid advertisement for a simple reason - to avoid confusion………………………………………Full Article: Source

Lenders jostle for Khazanah, Temasek JV financing

Posted on 11 July 2011 by VRS  |  Email |Print

Singapore’s Temasek Holdings Pte Ltd and Malaysia’s Khazanah Nasional Bhd have been in early talks with banks on potential financing for property joint developments announced by the sovereign wealth funds on June 27, sources said.………………………………………Full Article: Source

China’s Sun Art raises US$1.1bln in Hong Kong IPO

Posted on 11 July 2011 by VRS  |  Email |Print

China’s biggest hypermarket operator Sun Art Retail Group raised US$1.1bil after pricing its Hong Kong initial public offering (IPO) at the top of an indicative range as investors jostled for a piece of China’s booming consumer market.
The IPO attracted cornerstone investors who back many Asian listings with commitments to buy large, guaranteed stakes such as sovereign wealth fund Government of Singapore Investment Corp and Malaysian state investor Khazanah Nasional Bhd……………………………………….Full Article: Source

Banks lend $1.46 bln to thermal power plant in Vietnam

Posted on 11 July 2011 by VRS  |  Email |Print

Twelve foreign banks will join hands to lend more than $1.46 billion to Mong Duong 2 coal-fired power plant in northern Vietnam.
POSCO Power , an affiliate of South Korea’s POSCO , owns 30 percent of stake in the project and China Investment Corporation has the remaining 19 percent after state coal miner Vinacomin had left the project, the statement said……………………………………….Full Article: Source

NZ Super is star earner in Crown investments

Posted on 11 July 2011 by VRS  |  Email |Print

Crown financial institutions felt the benefits of strong world sharemarkets in the nine months ended March, Treasury documents show.
In the nine months, the New Zealand Superannuation Fund had a 23 per cent return on its $19 billion of assets, with 93 per cent of them allocated to growth assets……………………………………….Full Article: Source

France to withdraw investment in Renault battery plant

Posted on 11 July 2011 by VRS  |  Email |Print

In a significant blow to Renault’s electric vehicle battery programme, the French Strategic Investment Fund has decided to withdraw its plans to invest €125million in the project. According to reports in La Tribune, a €100million public loan will also no longer be granted.
Currently,Franceowns a 15 per cent stake in Renault which is investing €4billion, along with its alliance partner Nissan, into its electric vehicle programme……………………………………….Full Article: Source

Temasek Singapore wealth fund hits record value

Posted on 08 July 2011 by VRS  |  Email |Print

Nagi HamiyehSingapore’s state investment fund says the value of its portfolio rose 3.8% to a record 193bn Singapore dollars ($157bn; £98bn) in the year to March. Temasek Holdings, whose assets include stakes in UK bank Standard Chartered and two of China’s biggest banks, made net profits of S$13bn, up from S$5bn.
Temasek said in a statement that it was “ready” to invest in more mature economies, such as the US……………………………………….Full Article: Source

Temasek profit doubles to $10 bln

Posted on 08 July 2011 by VRS  |  Email |Print

S DhanabalanSingapore’s state-linked investment firm Temasek Holdings said Thursday its net profit more than doubled in the year to March while the value of its global investments hit a record high. Net profit for the year ended March 31 totalled Sg$13 billion ($10.6 billion), compared with Sg$5.0 billion the previous year.
The company — which holds stakes in Singapore Airlines and other firms in telecoms, finance and real estate among others — also reported a record year-end portfolio value of Sg$193 billion, up from Sg$186 billion……………………………………….Full Article: Source

Temasek assets increase 3.8pct to $157 bln with focus on emerging Asia

Posted on 08 July 2011 by VRS  |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment company, said the value of its assets climbed 3.8 percent to a record last fiscal year and profit more than doubled on increased contributions from its holdings.
Temasek’s assets climbed to S$193 billion ($157 billion) in the year to March 31, surpassing last year’s record of S$186 billion, the firm said in its annual report today. Net income jumped to S$12.7 billion from S$4.6 billion a year earlier……………………………………….Full Article: Source

Temasek says still bullish on China, after bank stake selldown

Posted on 08 July 2011 by VRS  |  Email |Print

Singapore state investor Temasek Holdings said on Thursday it remains bullish on China, even though it sold $3.6 billion worth of shares in two Chinese banks just a day earlier.
“We have faith in the policies of the Chinese government in the long term and we are bullish on China in the long term,” Nagi Hamiyeh, managing director for investments, told reporters at a briefing on Temasek’s performance for the financial year ended March 2011……………………………………….Full Article: Source

Singapore’s Temasek seeks more deals in China

Posted on 08 July 2011 by VRS  |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment company, is “bullish” on China and seeking deals even after selling some of its stakes in two of the nation’s banks this week for $3.6 billion.
“China is our largest investment destination,” Nagi Hamiyeh, Temasek’s managing director of investment, said in Singapore. “We are still looking for opportunities in China and we are very comfortable with our position there at this time.”………………………………………Full Article: Source

Temasek looks to invest in 3-4 Indian firms this fiscal

Posted on 08 July 2011 by VRS  |  Email |Print

Temasek Holdings Pvt. Ltd, the investment arm of the Singapore government, is eying investments in three or four Indian companies this fiscal, said Manish Kejriwal, senior managing director, Temasek Holdings Advisors India Pvt. Ltd.
“If public markets improve, then we have the option of looking at investments through the public market,” Kejriwal told a press briefing on Thursday, outlining his firm’s plan for the country……………………………………….Full Article: Source

Temasek wary of inflation, but funding to continue

Posted on 08 July 2011 by VRS  |  Email |Print

Temasek Holdings (Pvt) Ltd, the investment company owned by the government of Singapore, will continue its big-ticket investments in India as a long-term investor. It remains cautious on regulatory issues and on high inflation in the country.
Its annual performance review, issued today, says inflation in India is structurally higher due to supply-side bottlenecks and changing consumption patterns. “The growth-inflation tradeoff is a crucial question for the government, but even the more bearish analysts expect growth to be 7.5 per cent in March 2012,” it said……………………………………….Full Article: Source

Singaporean Temasek bullish on Indian finance, infra, power

Posted on 08 July 2011 by VRS  |  Email |Print

Singapore’s state-owned investment company, Temasek Holdings’ latest annual report states that their value of assets have climbed to 193 billion Singaporean dollars (USD 157 billion) in the year to March 31, surpassing last year’s record of 186 billion Singaporean dollars.
Speaking to CNBC-TV18 on their interests in India, the management of Temasek says that, so far, they have invested upward of USD 5 billion in the emerging economy. Temasek’s investment are not strategic, but needs to seen as economic investments, says the company that does not consider itself as a sovereign fund……………………………………….Full Article: Source

State media: Temasek Holdings made ‘record’ profits

Posted on 08 July 2011 by VRS  |  Email |Print

The PAP-controlled media has gone on a propaganda overdrive to publicize Singapore sovereign wealth fund Temasek Holdings’ ‘record’ profits in the past financial year.
According to Channel News Asia, the group net profit was S$13 billion, more than double the S$5 billion a year ago, an increase of 3.8 per cent from S$186 billion in the previous year which translates to a miserly return of only 4.6 percent………………………………………Full Article: Source

SWF investors expand beyond the resource rush

Posted on 08 July 2011 by VRS  |  Email |Print

Sovereign wealth fund investors are closing in on the cities of Central Asia. Places like Mongolia, Kazakhstan and Uzbekistan are sitting on some of the world’s most coveted natural resources.
Uzbekistan’s Muruntau, for example, is the world’s biggest open-pit gold mine, and Mongolia’s Oyu Tolgoi and Tavan Tolgoi are the world’s largest undeveloped copper and gold, and coking coal fields respectively……………………………………….Full Article: Source

CIC, China Life, Franklin Templeton invest in Prince Frog via IPO

Posted on 08 July 2011 by VRS  |  Email |Print

Sovereign wealth fund China Investment Corp, together with China Life Insurance (Group) Co. and Franklin Templeton Investment Corp., invested a combined USD28 million in Prince Frog International Holdings Ltd.’s USD100 million initial public offering, a person familiar with the deal said July 7.
Prince Frog, which sells childcare products under the Frog Prince brand, sold a total of 300 million shares at HKD2.60 each, which is closer to the bottom-end of the indicative price range of HKD2.51 to HKD3.76……………………………………….Full Article: Source

Will Facebook sell stock to China?

Posted on 08 July 2011 by VRS  |  Email |Print

There’s little need for such concern. For one, even a billion dollar stake isn’t a very big stake in Facebook, these days. The company is expected to IPO at a $100 billion valuation. For another, China would be buying non-voting stock and would have no say in Facebok’s operations. And finally, it’s not like shareholders in Facebook have some special privilege that allows them to see what users are doing or saying.
Importantly, sovereign wealth funds are pretty distinct from their governments……………………………………….Full Article: Source

Gulf bankers looking for targets

Posted on 08 July 2011 by VRS  |  Email |Print

Gulf Arab bankers, hit by a dearth of deal flows so far in 2011, are hoping sovereign wealth funds will drive a second-half rebound powered by a buoyant oil price and an easing in political tensions.
The state-owned funds, allocators of the state’s excess investment capital, have benefited from a 20 per cent surge in crude over the past year. “Most of the sovereign wealth funds in the region are very liquid and there have been few large deals in the first half,” said Waleed El-Amir, Middle East North Africa investment banking head at Bank of America-Merrill Lynch. “We should see volumes pick up considerably in the second half.”………………………………………Full Article: Source

Qatar Natl Bank posts 29pct jump in Q2 profit

Posted on 08 July 2011 by VRS  |  Email |Print

Qatar National Bank , the Gulf Arab state’s largest lender, posted a 29-percent jump in quarterly profit on Wednesday buoyed by increased lending and customer deposits. QNB is 50-percent owned by sovereign wealth fund Qatar Investment Authority.
The bank had second-quarter net profit of 1.8 billion riyals ($494.3 million), according to Reuters calculations, compared to 1.4 billion riyals in the same period last year……………………………………….Full Article: Source

Pheu Thai will maintain State Oil Fund, says Yingluck

Posted on 08 July 2011 by VRS  |  Email |Print

Thailand’s designated Prime Minister Yingluck Shinawatra said Thursday that her Pheu Thai Party has no policy to shut down the state oil fund, but will temporarily suspend certain levies contributed to the fund until an appropriate time, Thai News Agency (TNA) reported.
Yingluck made it clear that her new Pheu Thai Party-led coalition administration, once taking office in the coming months, will, instead, suspend the state oil fund’s levies imposed on premium and regular gasoline, or benzene 95 and 91, and diesel for a certain period of time, aimed to reduce retail prices of the three types of fuel and to ease people’s transport costs……………………………………….Full Article: Source

Kazakhs to protect BTA Bank from default, wealth fund says

Posted on 08 July 2011 by VRS  |  Email |Print

Kazakhstan’s sovereign wealth fund Samruk-Kazyna will inject cash into BTA Bank if the lender requires financing to avoid a second default, an official said.
“I don’t think BTA Bank will have to restructure debt or face bankruptcy, but we will provide financing to BTA if needed,” Aidan Karibzhanov, a deputy chief executive officer at Samruk-Kazyna, said in an interview in Astana. The fund hasn’t considered how it would inject money into the lender, he said……………………………………….Full Article: Source

Purchase and sale of corporate bond is realized between SOFAZ and ACG

Posted on 08 July 2011 by VRS  |  Email |Print

State Oil Fund of the Republic of Azerbaijan announced a purchase of a bond with par value of USD 485 million issued by the Azerbaijan ( ACG) Limited - a wholly-owned offshore subsidiary of the State Oil Company of the Azerbaijan Republic holding a 10 percent participating interest in the Azeri-Chirag-Gunashli Production Sharing Agreement.
The custodial services of the bond registered by the State Committee for Securities of the Republic of Azerbaijan on July 4, 2011 will be provided by the Central Bank of the Republic of Azerbaijan……………………………………….Full Article: Source

The Crown Estate: Good news for the Queen

Posted on 08 July 2011 by VRS  |  Email |Print

Business at the Crown Estate, which is to fund the Queen’s expenses with 15 per cent of its profits, is booming, thanks to its historic and eccentric portfolio. Last year, in a landmark deal, the Crown Estate sold 25 per cent of Regent Street to the Norwegian sovereign wealth fund for £450 million.
The Crown Estate has won praise across the property industry for its overhaul of Regent Street……………………………………….Full Article: Source

Israel’s foreign currency reserves increase to $77.4 bln

Posted on 08 July 2011 by VRS  |  Email |Print

Israel’s reserves of foreign currency totaled $77.4 billion at the end of June 2011, the Bank of Israel announced Thursday. During June, the BOI purchased $425 million in foreign currency; the rest of the reserves increase was due to government transfers from abroad; a currency revaluation; and private sector transactions.
In May 2011, the BOI purchased $200 million in foreign currency – after buying $1.4 billion in April 2011……………………………………….Full Article: Source

Azerbaijan State Oil Fund assets exceed $30bln

Posted on 07 July 2011 by VRS  |  Email |Print

Heydar AliyevThe State Oil Fund of the Republic of Azerbaijan announces that as of June 28, 2011 current assets of the State Oil Fund reached 30,2bn USD dollars having for the first time exceeded 30bn USD dollars level.
Increasing SOFAZ’s assets is the result of successful implementation of National Oil Strategy, created by national leader Heydar Aliyev. As a result of implementation of this strategy export of hydrocarbon reserves is expanding and Fund’s assets increased from 22,8 billion at the beginning of 2011 up to 30 billion USD dollars……………………………………….Full Article: Source

STX may team with Middle Eastern sovereign fund to bid for stake in Hynix

Posted on 07 July 2011 by VRS  |  Email |Print

STX Group, owner of the world’s third-largest marine-engine maker, said it may team up with a Middle Eastern sovereign wealth fund to bid for a stake in Hynix Semiconductor Inc.
STX is “highly likely” to submit a bid before tomorrow’s deadline set by shareholders including Korea Exchange Bank, the group said in an e-mailed statement yesterday. It wouldn’t need to borrow to pay for a stake of about 15 percent, according to Vice Chairman Lee Jong Chul, who didn’t identify STX’s potential Mideast partner……………………………………….Full Article: Source

Hyundai Heavy says it will not bid for Hynix

Posted on 07 July 2011 by VRS  |  Email |Print

STX Group, a South Korean shipping and shipbuilding conglomerate, said Wednesday that it has an interest in bidding for a 15 percent stake in Hynix Semiconductor Inc. as part of efforts to diversify its business.
“The group is considering submitting a letter of intent to buy Hynix and conducting due diligence. But if the results do not meet our expectation, we would not join a final bidding,” said an official at STX Group……………………………………….Full Article: Source

Temasek sells part of China bank stakes

Posted on 07 July 2011 by VRS  |  Email |Print

Temasek Holdings sold part of its stakes in two of the biggest lenders in China - Bank of China (BOC) and China Construction Bank (CCB) - for a total of about US$3.6 billion (S$4.4 billion).
The sale comes as China raised a key interest rate for a third time this year as it tries to cool surging inflation. With effect today, the benchmark rate for one-year loans will be raised 0.25 percentage points to 6.56 per cent, its central bank announced yesterday. The rate paid on deposits will rise by a similar margin to 3.5 per cent……………………………………….Full Article: Source

Temasek’s stake sale another blow

Posted on 07 July 2011 by VRS  |  Email |Print

Singapore state investor Temasek Holdings solds takesintwo of China’s biggest banks on Wednesday to raise $3.6 billion, piling more pressure on mainland lenders amid concerns about rising bad debts.
The sale of stakes in Bank of China and China Construction Bank (CCB) reduces Temasek’s big exposure to the financial sector and adds to a growing warchest as it boosts focus on resources……………………………………….Full Article: Source

$28bln for Temasek from part sale of bank stakes

Posted on 07 July 2011 by VRS  |  Email |Print

Temasek Holdings raised HK$28.2 billion by selling stakes in China Construction Bank and Bank of China, but Singapore’s state-owned investment arm insisted it will continue to remain a shareholder in the two lenders.
“This sale is part of rebalancing our portfolio, which we do from time to time,” spokesman Jeffrey Fang said, adding “Temasek continues to hold substantial positions in Chinese banks.”………………………………………Full Article: Source

Temasek says its Chinese banks share sale is routine portfolio adjustment

Posted on 07 July 2011 by VRS  |  Email |Print

Singapore’s sovereign wealth funds Temasek Holdings has said its partial sale of stakes in China’s state-owned banking giants Bank of China (BOC) and China Construction Bank (CCB) is part of its routine portfolio adjustment, a local daily reported on Thursday.
“This sale is part of our portfolio rebalancing, which we do from time to time,” the Business Times quoted a Temasek spokesman as saying in a statement on Wednesday. “Temasek continues to hold substantial positions in Chinese banks.”………………………………………Full Article: Source

Analysts play down Temasek’s China share sales

Posted on 07 July 2011 by VRS  |  Email |Print

Singapore’s Temasek Holding’s Pte. Ltd.’s reduction in equity stakes of two of the biggest lenders in China shouldn’t be seen as a loss of faith in the mainland’s banking sector, according to some analysts.
Instead, they see the government-owned investment fund as moving to diversify its portfolio, in line with a shift that’s likely been in the planning for weeks……………………………………….Full Article: Source

Why would China want to buy a piece of Facebook?

Posted on 07 July 2011 by VRS  |  Email |Print

News surfaced that a sovereign wealth fund representing the Chinese government wants to buy a substantial amount of Facebook stock. According to anonymous sources to Business Insider, China wants to own enough of Facebook “to matter.”
What does that mean? It is important to note that a sovereign wealth fund may represent a government but is not the actual government, as Business Insider reporter Nicholas Carlson points out. Is China’s interest in Facebook a simply a government-sponsored group of venture capitalists looking to get a piece of the upcoming Facebook IPO or is there something more complicated at work behind the scenes?………………………………………Full Article: Source

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