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Sovereign Wealth Funds Briefing - Archive | November, 2011

Should India establish a sovereign wealth fund?

Posted on 23 November 2011 by VRS  |  Email |Print

New Delhi will soon take a final call on the issue of setting up of a sovereign wealth fund (SWF). The idea of setting up an Indian SWF has been going around since 2007 when China established its major sovereign wealth fund, China Investment Corporation (CIC), with an initial capital fund of $200 billion.
However, this time the proposal has received strong support from India’s corporate leaders who recently suggested the establishment of a state-owned SWF primarily to secure access to natural resources and pursue strategic investment opportunities overseas………………………………………..Full Article: Source

GSPC in talks with Singapore GIC for fund raising

Posted on 23 November 2011 by VRS  |  Email |Print

State-run energy company, Gujarat State Petroleum Corporation (GSPC) is holding talks with Singapore’s sovereign wealth fund- GIC, for fund raising. Government of Singapore Investment Corporation (GIC), is one of the world’s leading sovereign wealth fund, established by the Government of Singapore.
“After getting Gujarat government’s approval to raise Rs. 2,000-2,500 crore through private placement of equity, talks are now underway with GIC, the world’s leading sovereign wealth fund,” a top GSPC official told PTI, without divulging the percentage of equity that would be diluted in case the deal clicks. The Gujarat government currently holds 91.35 per cent equity stake in the company………………………………………..Full Article: Source

Temasek Holdings invests in round in Portola Pharmaceuticals

Posted on 23 November 2011 by VRS  |  Email |Print

Singapore’s Temasek Holdings along with other investors invested a round of US$ 89 million in Portola Pharmaceuticals via preferred equity. Portola Pharmaceuticals is a San Francisco biotech company that is working on an anti-clotting drug called betrixaban.
This financing is for pushing the development through its Phase III betrixaban trial. Eight months ago Merck dropped its collaborative efforts with Portola Pharmaceuticals. Temasek Holdings has been an active investor in venture capital investments in the Silicon Valley………………………………………..Full Article: Source

Leong checks out of Firefly, may check in at Khazanah

Posted on 23 November 2011 by VRS  |  Email |Print

Fly Firefly Sdn Bhd managing director Eddy Leong has quit from the community carrier owned by Malaysia Airlines (MAS). Leong, 39, had tendered his resignation yesterday and is likely to join Khazanah Nasional Bhd.
Leong confirmed that he had submitted his resignation but did not disclose details. Prior to joining MAS in 2003, Leong was in the audit and business advisory and business and risk consulting units in Arthur Andersen (which merged with Ernst and Young in 2002)………………………………………..Full Article: Source

Korea pitches plans to rebuild Libya

Posted on 23 November 2011 by VRS  |  Email |Print

The Korean government invited officials and business leaders from the Middle East and northern Africa to explain its plans to help reconstruct Libya a month after the death of Libyan dictator Moammar Gadhafi.
“The combination of Korea’s top-notch industrial technologies and the Middle Eastern sovereign wealth funds will create new business opportunities,” said Moon Jae-do, a ministry official in charge of industrial resources cooperation………………………………………..Full Article: Source

Omani sovereign fund buys Budapest’s Gresham Palace Hotel

Posted on 23 November 2011 by VRS  |  Email |Print

The State General Reserve Fund of the Sultanate of Oman has bought Budapest’s Gresham Hotel from Gresco, a company owned by Canadian, Cypriot and Irish investors, Napi Gazdaság reports.
The luxury hotel opened in the summer of 2004, after a Ft 23.5 billion renovation of the 1906 Art Nouveau palace. Four Seasons Hotels and Resorts will continue to operate the hotel………………………………………..Full Article: Source

Kazakh bank Halyk to buy back preference shares

Posted on 23 November 2011 by VRS  |  Email |Print

Halyk Bank, Kazakhstan’s second-biggest lender by assets, expects to start buying back preference shares worth up to 20 billion tenge ($136 million) on the open market from December, a senior company official said on Tuesday.
Samruk-Kazyna, the sovereign wealth fund, owns slightly over 50 percent of preferred stock in the bank. Halyk said its planned buy-back on the open market was not part of its option agreement to buy out the preference shares held by the fund………………………………………..Full Article: Source

Norway SWF CEO says to reduce bond portfolio

Posted on 22 November 2011 by VRS  |  Email |Print

Yngve SlyngstadNorway’s sovereign wealth fund, which manages the country’s oil revenues, will over time reduce its bond portfolio and is currently focused on investing in equity, Chief Executive Yngve Slyngstad said on Monday.
The fund also has a more positive view on what the current economic crisis in Europe could lead to long-term. “Change generally have huge possibility to lead to good things,” Slyngstad told reporters………………………………………..Full Article: Source

Norway oil fund boss a long-term optimist

Posted on 22 November 2011 by VRS  |  Email |Print

As chief of Norway’s huge sovereign wealth fund, fueled by oil revenues, Yngve Slyngstad is one of the most powerful financial players in the world. He spent an hour with foreign correspondents in Oslo on Monday and said his most important message was that from a long-term perspective, there’s “less reason for concern” than what might be expected given current crises.
There’s certainly less reason for concern in the long term than the short term, he noted, calling the crises the world is going through now “the growing pains of globalization.” They’re part of fundamental changes in markets and policies that Slyngstad thinks will be good in the long run………………………………………..Full Article: Source

Euro rescue mechanism still unsure-Norway fund

Posted on 22 November 2011 by VRS  |  Email |Print

The euro zone has yet to offer enough clarity on how the rescue mechanism it set up to manage its debt crisis will function, the head of Norway’s $537 billion wealth fund, Europe’s biggest equity investor, said on Monday.
The European Financial Stability Facility (EFSF) is meant to attract investment from nations like oil producer Norway to bolster the fund’s capacity to support the euro zone’s troubled sovereign debtors. But so far potential contributors have hung back, saying the plan so far is too vague. ……………………………………….Full Article: Source

China’s New Hope to set up $200 mln overseas fund

Posted on 22 November 2011 by VRS  |  Email |Print

New Hope Group Co Ltd , China’s biggest animal feed producer, plans to set up a $200 million overseas fund that counts Singapore’s sovereign wealth fund Temasek among its key investors, a senior executive said on Monday.
New Hope Vice President Wang Hang said the fund would mainly invest in businesses related to food security, food safety and farm technology. He said New Hope would be a key investor in the fund………………………………………..Full Article: Source

Temasek increases stake in China Construction Bank to 9.42pct

Posted on 22 November 2011 by VRS  |  Email |Print

Temasek Holdings Pte. bought 3.77 billion shares of China Construction Bank Corp. on Nov. 11, increasing its stake in the second-largest Chinese lender by market capitalization.
Temasek’s stake in the bank rose to 9.42 percent from 7.86 percent before the transaction, in which Singapore’s state-owned investment company paid as much as HK$4.93 per share, according to a disclosure filing to the Hong Kong stock exchange today that didn’t give the total or per-share price………………………………………..Full Article: Source

Nigeria: The traps in sovereign wealth fund

Posted on 22 November 2011 by VRS  |  Email |Print

Let me state right away that I am not in favour of the establishment of the so-called Sovereign Wealth Fund (SWF). Yet, I believe in planning and saving for the future. My opposition to the SWF idea is based on certain worrisome issues surrounding the enactment of the law itself and the manner the fund is likely to be operated on our behalf by its foreign custodians.
Whatever be the much-vaunted economic benefits, I think there are geo-political and international power-play issues which our economic strategists appear to be over-looking………………………………………..Full Article: Source

China sovereign fund buys $1.75 bln Construction Bank stake

Posted on 21 November 2011 by VRS  |  Email |Print

China Investment Corp., the country’s sovereign wealth fund, bought $1.75 billion of shares in China Construction Bank Corp., increasing state control of the second-largest Chinese lender by market capitalization.
CIC bought 2.76 billion shares at an average price of $0.634 off the exchange on Nov. 14, according to a disclosure filing to the Hong Kong stock exchange yesterday that didn’t identify the sellers. That increased CIC’s stake to 60.46 percent from 59.31 percent………………………………………..Full Article: Source

Malaysia sovereign fund to invest in India

Posted on 21 November 2011 by VRS  |  Email |Print

Michael Jude FernandesKhazanah Nasional, the sovereign wealth fund of the Malaysian government, plans to invest in sectors like financial services, infrastructure and energy in India in the near future.
“We are looking at sectors like financial services, infrastructure and energy for investment in the near future,” Khazanah Nasional executive director Michael Jude Fernandes said………………………………………..Full Article: Source

India’s forex reserves drop by $326 mln

Posted on 21 November 2011 by VRS  |  Email |Print

India’s foreign exchange reserves fell by $326 million to $314.34 billion for the week ended Nov 11, declining sharply for the second straight week due to a slump in the value of foreign currency assets, official data showed.
The forex reserve kitty had slumped by $5.72 billion in the previous reporting week………………………………………..Full Article: Source

Super funds break losing streak

Posted on 21 November 2011 by VRS  |  Email |Print

Superannuation funds posted a rare increase in October, providing some respite for investors after five months of negative returns driven by global market volatility.
The median balanced option superannuation fund posted a 2.8 per cent rise in October, following a 1.8 per cent drop in September, according to super fund ranking agency SuperRatings………………………………………..Full Article: Source

Kuwait ‘could invest in Europe fund’

Posted on 21 November 2011 by VRS  |  Email |Print

Kuwait could invest in the European Union’s expanded EFSF rescue fund, although it will depend on the conditions of investing, which are not yet clear, the president of the Kuwait Investment Office said on Friday.
“It depends on the criteria,” Eid Al-Rayyes Al-Rasheedi, who heads the sovereign wealth fund’s London office, told reporters on the sidelines of a conference in Frankfurt………………………………………..Full Article: Source

Nigeria: The problem with sovereign wealth fund, by Gov Lamido

Posted on 21 November 2011 by VRS  |  Email |Print

Governor Sule Lamido of Jigawa State speaks on his love for the downtrodden, the introduction of social welfare package for the disabled, plans to open up Jigawa to investors, agriculture and civil responsibilities of citizens to the Nigerian State. Lamido also speaks on the proposed Sovereign Wealth Fund, SWF, which, according to him, is not desirable now. There are more things to be done that just keeping money.
“All monies accruing to the federation must be shared among all the three tiers of government, so says the Constitution of the Federal Republic of Nigeria and anything to the contrary is null and void”………………………………………..Full Article: Source

The sovereign wealth fund controversy

Posted on 21 November 2011 by VRS  |  Email |Print

On May 27, 2011, the Sovereign Wealth Fund (SWF) bill was signed into law by President Goodluck Jonathan. This was after the bill had been passed by the National Assembly. The attempt to establish the fund has, however, been mired in controversy.
THE establishment of a SWF is common among natural resource-rich countries, which are concerned about the volatility of the international market for natural resources. The main purpose of the fund is to guarantee the ability of the government to plan and carry out such plans regardless of whatever economic situation it may be………………………………………..Full Article: Source

New revenue formula will match funds with responsibilities – Mbam

Posted on 21 November 2011 by VRS  |  Email |Print

Against the background of the agitation for a new revenue formula and other seemingly controversial issues of sharing the national cake, including the matter of the Sovereign Wealth Fund an interview with Elias Mbam a seasoned bureaucrat, is the chair man of the Revenue Mobilisation, Allocation and Fiscal Commission, became a pursuit.Sir what is your take on the issue of the Sovereign Wealth Fund?
Well, on the Sovereign Wealth Fund generally I have not heard anybody, individual or group saying that the Sovereign Wealth Fund is bad, not even the Governors. But maybe there are some issues in the process or in the implementation that they are not comfortable with, but my question is where have all these people being since the inception of the idea………………………………………..Full Article: Source

PNG to tighten sovereign wealth fund management law

Posted on 21 November 2011 by VRS  |  Email |Print

The national government is adamant in preventing mismanagement of funds by tightening the Sovereign Wealth Fund (SWF) management law, Prime Minister Peter O’Neill said last week.
He said that last Friday when officiating at the opening of the Mataure Rabaul Microfinance Ltd office in Rabaul town, East New Britain. “We have had world class mines like Bougainville, Ok Tedi and continue to have Lihir but revenues have been mismanaged as such and we don’t have any money now,” he said………………………………………..Full Article: Source

Sarkozy balances diplomacy with SWFs and local industry

Posted on 21 November 2011 by VRS  |  Email |Print

Politically and economically, the European Union has been struggling to keep itself together. In recent months, numerous high-level government officials from several European nations have been courting foreign institutional investors to buy government bonds, allocate money to EFSF investments, and invest in capital increases in large scale European companies.
Some government officials have been trying to arrange deals to sell public assets to foreign state-owned enterprises (SOE)………………………………………..Full Article: Source

SOFAZ does not intend to toughen requirements for external managers

Posted on 21 November 2011 by VRS  |  Email |Print

The changes made to the rules of storage, allocation and management of foreign funds of the State Oil Fund of Azerbaijan (SOFAZ) do not include toughening the requirements for external managers, SOFAZ told Trend on Saturday.
The rules of storage, allocation and management of SOFAZ’s foreign funds, adopted on June 19, 2001, were amended by the decree of the Azerbaijani President in late October………………………………………..Full Article: Source

Khazanah Nasional to invest in multiple sectors

Posted on 18 November 2011 by VRS  |  Email |Print

Michael Jude FernandesKhazanah Nasional, the sovereign wealth fund of Malaysian government, is planning to invest in India in sectors like financial services, infrastructure and energy in the near future. “We are looking at sectors like financial services, infrastructure and energy for investment in the near future,” Executive Director of Khazanah Nasional, Michael Jude Fernandes said.

The executive director also said that there is no fund earmarked for these investments and there is no specific ticket size that the fund is looking at for investment……………………………………..Full Article: Source

CIC injects 20 bln yuan into Sinosure

Posted on 18 November 2011 by VRS  |  Email |Print

China Investment Corporation, the country’s sovereign wealth fund, invested 20 billion yuan (US$3.15 billion) in the China Export and Credit Insurance Corporation (Sinosure) in June, in a move to provide capital support for its commercialization and reform plan, according to a recent report.

The move came after the government planned to allow its financial institutions, including Sinosure, to transform into fully commercial entities. Following the restructuring and listing of China’s big four state-owned banks, the commercialization and reform of the state-backed financial institutions are considered the next crucial step in China’s financial reform……………………………………..Full Article: Source

Temasek, Khazanah seek S$5 bln loan for property projects-Basis Point

Posted on 18 November 2011 by VRS  |  Email |Print

Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional are finalising a deal to borrow S$5 billion ($3.87 billion) from nine lenders to fund two property projects in the city-state, Basis Point reported on Thursday.

The banks include Singapore’s three lenders DBS Group , United Overseas Bank and Oversea-Chinese Banking Corp, and Malaysia’s Maybank……………………………………..Full Article: Source

Temasek Holding acquires Assetz Global Tech Park

Posted on 18 November 2011 by VRS  |  Email |Print

Temasek Holdings has bought out the promoters of Assetz Global Technology Park for Rs800Cr through it’s subsidiary - Mapletree India China.

Assetz Global Tech Park located on Bangalore’s Outer Ring Road, is an integrated mixed-use development, which has a developable area of 15 acres or 2.5 million sq ft. As of October 2011, five lakh sq ft of developable area within the business park was operational, leased to LSI Logic. The project was a JV between Singapore based - Assetz Property Group and Delhi-based investor Mithilesh Tripathy……………………………………..Full Article: Source

Temasek Holdings increases stake in China bank

Posted on 18 November 2011 by VRS  |  Email |Print

Temasek Holdings has bought about one-third of the China Construction Bank (CCB) shares that have been offloaded by Bank of America in recent days.
Temasek is believed to have paid about HK$4.93 a piece for the shares, or HK$17 billion (S$2.8 billion) in total, Bloomberg estimated. Two Chinese institutions will buy the rest of the 10.4 billion shares Bank of America is selling, reports said……………………………………..Full Article: Source

Lawmakers calling for permanent fund to dump stocks of firms linked to Iran

Posted on 18 November 2011 by VRS  |  Email |Print

Republicans and Democrats in the Alaska Legislature have sponsored bills requiring the state’s permanent fund and government retirement accounts to divest themselves of stock in companies that do business with Iran, citing the country’s threats to the world and its own citizens.
“I think this is a unique situation,” said Sen. Bill Wielechowski, D-Anchorage. “You have a country that is recognized as supporting terrorism, has recognized human rights violations, is creating a nuclear program that is a threat to the entire world, and that is using money from investments being made there to kill Alaskan and American soldiers.”…………………………………….Full Article: Source

Nigeria: Onwubiko: Between SWF and pseudo federalism

Posted on 18 November 2011 by VRS  |  Email |Print

It is sad that the political leadership of this country has not deemed it necessary to muster the guts to go straight to the roots of socio-economic and political problems that have brought the country at the brink of a failed state.
Instead of facing the stark reality to frontally address the fundamental causes of the country’s gross under development in spite of the over 50 years of crude oil exploration and the accruing huge foreign exchange earnings, the executive and legislative arms of government have again started chasing shadow instead of the substance in addressing the multi-furious developmental challenges and constraints that hamper the age long expected good standard of living of the beleaguered and apparently marooned masses……………………………………..Full Article: Source

Nigeria: We have agreed on SWF – Okonjo-Iweala,

Posted on 18 November 2011 by VRS  |  Email |Print

The Minister of Finance Dr. Ngozi Okonjo-Iweala have declared that both the Federal and state governments had agreed on the Sovereign Wealth Funds launch, stating that the disagreement had been put behind the governments.

In a keynote address at the maiden Rivers State Investors’ Forum tagged: “Change That Works,” in Port Harcourt, Rivers State she said “We are all united now, in the launch of the Sovereign Wealth Funds………………………………………Full Article: Source

Populism and lower oil may crimp Gulf sovereign wealth funds’ appetite

Posted on 17 November 2011 by VRS  |  Email |Print

Rachel ZiembaAn uncertain outlook for oil prices and a need to increase domestic spending could make the Gulf’s sovereign wealth funds more selective when they invest abroad, even as Europe’s debt crisis pushes down asset prices in the West.

These constraints, lessons learned during the global credit crisis of 2007-2008, and a lower tolerance of risk are likely to reduce the probability of the funds sailing to the rescue of Western banks as they did in the last crisis, analysts said……………………………………..Full Article: Source

SWFs offer hope for private equity fundraisings

Posted on 17 November 2011 by VRS  |  Email |Print

Growing demand for private equity exposure from pension funds and sovereign wealth funds is expected to go some way to plug the gap left by a drop-off in allocations from insurance and financial institutions, according to research from Morgan Stanley.
The report from Morgan Stanley entitled “Global Asset Managers: How Asset Managers Grow in a Low Return World” forecasts steady increase in pension fund allocations from 5.5% in 2010 to 6% by 2014, representing an additional $270bn of private equity allocations in that period. The bank also predicted that sovereign wealth fund allocations would rise from 3.7% in 2010 to 4% by 2014, implying an additional $100bn of private equity allocations……………………………………..Full Article: Source

China more effective in wealth management: China’s sovereign fund

Posted on 17 November 2011 by VRS  |  Email |Print

A senior executive of China Investment Corp., a state investment arm, said Tuesday its global assets rose from $200 billion in 2007 to $374 billion in just three years at the time when the United States and European countries are mired in financial crisis.

Speaking at an investment forum in Hong Kong, the Chinese sovereign fund’s general manager Gao Xiqing attributed the robust rise in assets to the effectiveness of China’s fund management strategy and political system……………………………………..Full Article: Source

China’s New Hope to set up overseas investment fund

Posted on 17 November 2011 by VRS  |  Email |Print

New Hope Group Co Ltd, China’s largest animal feed producer, will launch an overseas fund this month with international investors, including Singapore’s Temasek Holdings Pte Ltd TEM.UL, President Liu Yonghao said.

Confirmed international investors of the agricultural fund, which will be managed by New Hope, included Temasek TEM.UL, New York-listed Archer-Daniels-Midland Co and Japan’s Mitsui & Co Ltd, Liu told reporters on the sidelines of the China Overseas Investment Summit on Wednesday……………………………………..Full Article: Source

Temasek, China buy CCB shares

Posted on 17 November 2011 by VRS  |  Email |Print

Singapore state investment company Temasek Holdings Pte Ltd. has purchased nearly a third of the 10.4 billion shares which Bank of America Corp. sold in China Construction Bank Corp., while Chinese state-related entities took up the rest, people familiar with the situation said Wednesday.

Temasek will now have a stake just under 10% in CCB, another person said, up from 8.1% before the sale by Bank of America, which announced the sale of the shares in the Chinese lender as part of its ongoing sale of non-core assets to shore up its balance sheet……………………………………..Full Article: Source

Singapore’s Temasek Holdings raises stake in China Construction Bank

Posted on 17 November 2011 by VRS  |  Email |Print

Temasek has bought about one third of the China Construction Bank shares that have been offloaded by Bank of America in recent days, media reports said. The Temasek acquisition will bring its stake in the Chinese lender to more than nine percent, making it the largest shareholder after the Chinese government, the Straits Times said on Thursday.

Temasek is believed to have paid about 4.93 Hong Kong dollars for the 3.45 billion shares it bought. Two other Chinese institutions will buy the rest of the 10.4 billion shares selling by Bank of America. Bank of America is selling the shares to raise cash in order to boost its capital adequacy……………………………………..Full Article: Source

Temasek-Khazanah Venture said to hire banks for $3.9 bln property loan

Posted on 17 November 2011 by VRS  |  Email |Print

Temasek Holdings Pte and Khazanah Nasional Bhd., the state-owned investment companies of Singapore and Malaysia, hired banks to arrange S$5 billion ($3.9 billion) of property development loans, according to two people familiar with the matter.

Eight lenders will contribute to the five-year bullet facility, which will pay a so-called all-in fee of 100 basis points over benchmark rates, one of the people said yesterday, asking not to be identified as details are private……………………………………..Full Article: Source

Temasek arm Mapletree India China acquires Bangalore tech park

Posted on 17 November 2011 by VRS  |  Email |Print

Mapletree India China, a wholly-owned subsidiary of Temasek Holdings of Singapore, has acquired 100% stake in a Bangalore technology park for Rs 800 crore. This is the largest private equity deal in the city’s real estate sector in three years.

The international fund, which invests in real estate firms, has completely bought out the promoters of Assetz Global Technology Park (AGTP), at least three people with direct knowledge of the deal told ET. The project is a joint venture between development and marketing firm Assetz Property Group and Delhi-based investor Mithilesh Tripathy……………………………………..Full Article: Source

GIC to up stake in Intime Department Store

Posted on 17 November 2011 by VRS  |  Email |Print

The Government of Singapore Investment Corporation (GIC) is raising its stake in Intime Department Store, a news release from the Hong Kong-listed firm said on Tuesday.

GIC is buying 134.2 million shares at HK$9.90 per share, which represents a discount of 7.5 per cent from its 14 November closing price of HK$10.70. The acquisition of shares will increase GIC’s Intime holding to 9.08 per cent from 2.44 per cent……………………………………..Full Article: Source

New independent director appointed to Kazakh Samruk-Energo

Posted on 17 November 2011 by VRS  |  Email |Print

The Kazakh National Welfare Fund Samruk Kazyna appointed an independent director to the Kazakh Samruk-Energo. Plankion Group and Education and Research Fund Aspandau Kanat Nurov is appointed to this post, the Samruk Kazyna reported.

Earlier, Nurov acted as the Almaty School of Management’s Director, Almatytelecom’s company Deputy Director General and Deputy Chief Financial Officer of Kazakhtelecom……………………………………..Full Article: Source

Mubadala wins best Large Treasury Team of the Year award

Posted on 17 November 2011 by VRS  |  Email |Print

Mubadala Development Company (Mubadala), the Abu Dhabi-based strategic investment and development company, last night won the Large Treasury Team of the Year award at the Association of Corporate Treasurers Middle East (ACTME) 2011 Awards.

The award recognizes Mubadala across all treasury disciplines - cash management, corporate finance and funding, governance and risk management - for its sound treasury management, strong technical knowledge and ability, innovation in technology and systems, and its ability to build strong relationships with its bankers and advisors……………………………………..Full Article: Source

The fourth office of China-Africa Development Fund inaugurated in Ghana

Posted on 17 November 2011 by VRS  |  Email |Print

The Representative Office for West Africa of China-Africa Development Fund (CADFund) was inaugurated on November 11, 2011 in Accra, Ghana, with the aim of stepping up CADFund’s Africa-oriented investment and front-positioning of its business development apparatus in hopes of further bolstering Chinese investment in Africa and facilitating China-Africa economic cooperation and win-win development.

Dignitaries present at the opening ceremony of the representative office are Mr. Zhou Tienong, Vice Chairman of the Standing Committee of the National People’s Congress of China and Chairman of the Revolutionary Committee of the Chinese Kuomintang, Hon. Alhaji Muhammad Mumuni, Minister for Foreign Affairs & Regional Integration of the Republic of Ghana, H.E. Mr. Gong Jianzhong, Chinese Ambassador to Ghana, representatives of the Ghanaian government and the local business community, and chief executives of Chinese-invested companies in Ghana. Mr. Zhao Jianping, member of the Executive Management Committee of China Development Bank and Chairman of China-Africa Development Fund, delivered a key-note speech during the opening ceremony. (Press Release)

China wants profit, influence from investment -CIC

Posted on 16 November 2011 by VRS  |  Email |Print

When China makes overseas investments, it aims to make profits and build influence, not just give away money, the general manager of China Investment Corp (CIC), the world’s biggest sovereign wealth fund, said on Tuesday.

His remarks come as China presses for its demand in exchange for offering financial assistance to Europe to help the region cope with the fiscal debt crisis……………………………………..Full Article: Source

CIC’s Gao says harder to dump holdings as markets integrate

Posted on 16 November 2011 by VRS  |  Email |Print

Gao XiqingGao Xiqing, president of China Investment Corp., the country’s sovereign wealth fund, said global markets are more integrated, making it harder to dump sovereign debt investments.

The issue of a country’s financial security has also become “more complex,” Gao said at a forum in Hong Kong today. CIC needs to respect the target countries’ regulations, he said, adding that he observed subtle changes in the attitude toward Chinese investments from western governments when they needed help and when things improved……………………………………..Full Article: Source

Intime Department Store says GIC ups stake to 9.08 pct

Posted on 16 November 2011 by VRS  |  Email |Print

Intime Department Store (Group) Co Ltd said the Government of Singapore Investment Corporation Pte Ltd (GIC) would buy a total 134.2 million new and existing shares in the firm, raising its stake to 9.08 percent from 2.44 percent.

In a filing to the Hong Kong bourse late on Tuesday, Intime said it would sell 76.7 million new shares to GIC at HK$9.9 per share, raising HK$747 million ($95.9 million) to fund expansion of its department store network in China……………………………………..Full Article: Source

Temasek said to buy China Construction Bank shares from BofA

Posted on 16 November 2011 by VRS  |  Email |Print

Temasek Holdings Pte. bought shares of China Construction Bank Corp., a person with knowledge of the matter said, signaling its increased participation in China’s financial sector as U.S. banks retreat.

Temasek bought about a third of the stock that Bank of America Corp. is selling at HK$4.93 apiece, another person with knowledge of the matter said, declining to be identified because the information hasn’t been announced. Two Chinese institutions will buy the rest of the 10.4 billion shares Bank of America is selling, the person said……………………………………..Full Article: Source

Nigeria: Implementing SWF

Posted on 16 November 2011 by VRS  |  Email |Print

It was a very elated President Jonathan that announced at the recent Nigerian Economic Summit (NES) that the government had started the implementation of nation’s Sovereign Wealth Fund (SWF). He however did not fail to thank the governors present for their partnership and cooperation.
The Ministry of Finance has since advertised for the top positions to manage the organisation and has put aside a billion US dollars as its starting seed. This is a welcome development, but it is just a start……………………………………..Full Article: Source

Temasek said to be in talks to acquire Sem Parar in Brazil

Posted on 15 November 2011 by VRS  |  Email |Print

Temasek Holdings Pte, Advent International Corp. and at least three other investors are in talks to buy a controlling stake in STP - Servicos & Tecnologia de Pagamentos SA, a Brazilian electronic-toll-collection company, two people familiar with the negotiations said.

STP, based in Osasco, hired Banco BTG Pactual SA to sell an undisclosed stake to fund expansion, said one of the people, who declined to be identified because the transaction is private………………………………………Full Article: Source

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