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Sovereign Wealth Funds Briefing 21.May 2009

Posted on 21 May 2009 by VRS |  Email |Print

From Forbes.com: Seven new sovereign wealth funds are in the works around the world. Although financial markets have collapsed, oil prices have dropped and global imbalances are unwinding, countries around the world remain interested in setting up new sovereign wealth funds.

Seven new ones are expected to be created during 2009: CIC 2. In China, a draft proposal was recently submitted to the State Council for approval to establish a domestic-oriented SWF with at least $7.3 billion of initial capital…….Full Article: Source

Posted on 21 May 2009 by VRS |  Email |Print

From CNBC: The fall in asset prices brought on by the financial crisis has shrunk the size of sovereign wealth funds belonging to oil-rich countries and Asian exporters.
The funds have lost $57.2 billion on the publicly disclosed investments of $125.7 billion they have made since 2006 because of the downturn, Monitor Group, a Cambridge, Mass., consulting firm said…….Full Article: Source

Posted on 21 May 2009 by VRS |  Email |Print

From Reuters: Norway’s sovereign wealth fund had a negative return of 4.8 percent in the first quarter, underperforming its benchmark, as investments ailed in the global financial slump, the central bank said on Wednesday.

The fund shrank by 8.7 percent in the first quarter from the end of last year to 2.076 trillion Norwegian crowns ($322 billion), in line with earlier reported preliminary figures…….Full Article: Source

Posted on 21 May 2009 by VRS |  Email |Print

From Citywire.co.uk: The €236 billion Norwegian Government Pension Fund - Global, also known as the Norwegian Oil fund, has reported a negative return of 4.8% during the first quarter of this year.
This means a loss from the sovereign wealth fund of some NOK66 billion (€7.53 billion), although it only represents a modest underperformance of -0.3% from its custom benchmark…….Full Article: Source

Posted on 21 May 2009 by VRS |  Email |Print

From Reuters: The head of Norway’s $322 billion sovereign wealth fund said on Wednesday that the fund’s bond portfolio has been exceeding its benchmark in the second quarter and the markets are again more correctly pricing bonds.

“The average excess return per day in the bond portfolio in the second quarter has been more than half a billion crowns,” executive director Yngve Slyngstad told a news conference on the fund’s first-quarter results…….Full Article: Source

Posted on 21 May 2009 by VRS |  Email |Print

From China Knowledge: China Investment Corp (CIC), the country’s US$200 billion sovereign wealth fund, is likely to resume investment in the overseas market, according to an insider from CIC.

Market sources said on Tuesday that CIC, which suspended overseas investment nearly one year ago due to losses resulted from earlier overseas investments, is planning several overseas acquisition deals worth about US$8.6 billion…….Full Article: Source

Posted on 21 May 2009 by VRS |  Email |Print

From Bloomberg: Terengganu Investment Authority Bhd., the first wealth fund set up by a Malaysian state, will sell 30- year Islamic bonds and may issue securities backed by oil royalties to raise a combined 11 billion ringgit ($3.1 billion).

Terengganu Investment Authority will price 5 billion ringgit of Islamic bonds next week, officials at the fund said in an interview today. The bonds will be guaranteed by the Malaysian government, whose debt is rated A3 by Moody’s Investors Service, the seventh-highest investment grade…….Full Article: Source

Posted on 21 May 2009 by VRS |  Email |Print

From Asiasentinel.com: Aristocratic lineage isn’t a qualification for financial management. Ho Ching’s flawed management of the billions of public savings entrusted to her as chief executive of Temasek Holdings has continued until the last.

Her successor, Chip Goodyear, formerly with BHP, moved in as CEO-designate in March and formerly takes over in October. But presumably it was Ho Ching, the wife of Prime Minister Lee Hsien Loong, who took the decision to sell out of its huge Bank of America holding, an investment originally made in Merrill Lynch which was taken over last year to save it from bankruptcy…….Full Article: Source

Posted on 21 May 2009 by VRS |  Email |Print

From Straitstimes.com: Temasek Holdings invested US$600 million (S$877 million) to raise its stake in China Construction Bank (CCB) during Bank of America’s recent sale of CCB shares.

Last week, it was reported that Bank of America (BoA) had sold 13.5 billion of its CCB shares at HK$4.20 each to a consortium including Temasek, a China Life Insurance unit and Chinese private equity fund Hopu Investment Management…….Full Article: Source

Posted on 21 May 2009 by VRS |  Email |Print

“Smart Trade Group”, the Asian-based private fund, believes that losses on over $60 billion of sovereign wealth fund capital were easily foreseeable and preventable.

Sovereign wealth funds from China, Singapore and the Middle East ploughed huge sums of their countries’ wealth into US, European and UK banks at the height of the credit crisis after assurances that conditions were unlikely……Full Press Release: Source

Posted on 21 May 2009 by VRS |  Email |Print

Monitor Group, one of the world’s leading advisory and consulting firms, and Fondazione Eni Enrico Mattei, a leading international research center, based in Milan, Italy, today released Weathering the Storm: Sovereign Wealth Funds in the Global Economic Crisis of 2008, a new annual report analyzing the effects of the global economic crisis on the behaviors and financial transactions of sovereign wealth funds (SWFs).

“Despite the dramatic role that SWFs have played in the international economy, there is a great deal of misunderstanding surrounding them,” said William Miracky, a senior partner at Monitor Group. “This report shows that SWFs still remained important sources of liquidity and economic investment, even as they substantially revised their investment strategies during the economic crisis.”……Full Press Release: Source

Posted on 21 May 2009 by VRS |  Email |Print

From Bi-me.com: General Electric Co and Abu Dhabi’s Mubadala Development Co plan to provide debt and equity financial services in Saudi Arabia as part of a move to tap opportunities in the biggest Arab economy.

GE and Mubadala expect to start their operations in Saudi Arabia by the end of this year, Akram Hamad, GE’s President of Gulf region, said in Riyadh today. ……Full Article: Source

Posted on 21 May 2009 by VRS |  Email |Print

From Gulfnews.com: Japan will host an Abu Dhabi investment forum next month as it seeks to attract capital from the emirate with the world’s largest sovereign wealth fund.

A delegation including representatives of the Abu Dhabi Investment Council and Abu Dhabi Investment Authority will attend the event in Tokyo on June 1, Japan’s Ministry of Economy, Trade and Industry said in a statement on Wednesday…….Full Article: Source

Posted on 21 May 2009 by VRS |  Email |Print

From Nation.co.ke: Labour minister John Munyes has defended his controversial decision to sack Mrs Rachael Lumbasyo, a National Social Security Fund managing trustee, saying it was meant to save public funds.

Mr John Munyes on Wednesday said he dismissed the trustee in 2008 in a bid to save millions of shillings of the workers’ pension fund from being embezzled. “How do you lose millions of shillings in such a simple manner?” the minister asked…….Full Article: Source

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