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Sovereign Wealth Funds Briefing 29.May 2009

Posted on 29 May 2009 by VRS |  Email |Print

From FT: Temasek Holdings, the Singapore state investment agency, is likely to report a fall of about 30 per cent in the value of its portfolio for the year to April, mainly caused by sliding share prices for the Singapore companies it controls, the city-state’s finance minister told parliament yesterday.

Tharman Shanmugaratnam, whose ministry is the sole Temasek shareholder, made the statement in defence of Temasek’s recent decision to dispose of its 3 per cent stake in Bank of America, which has triggered a public outcry about the performance of the sovereign wealth fund…….Full Article (Subscription Required) : Source

Posted on 29 May 2009 by VRS |  Email |Print

From WSJ: Singapore’s state-owned investment company Temasek Holdings Pte. Ltd. lost 58 billion Singapore dollars (US$39.91 billion) from the end of March 2008 to November 2008, or a little over than half of its portfolio-value gains from the previous five years, the city-state’s finance minister said.

Tharman Shanmugaratnam, speaking in parliament, said Temasek’s investment portfolio grew by S$114 billion during the market cycle from 2003 to 2007…….Full Article: Source

Posted on 29 May 2009 by VRS |  Email |Print

From Asiaone.com: Finance Minister Tharman Shanmugaratnam yesterday defended the overall track record of Singapore state investment vehicle Temasek Holdings.

He told Parliament that Temasek had made ‘large investment gains’ during the market cycle which began in 2003 and had included both boom and bust phases…….Full Article: Source

Posted on 29 May 2009 by VRS |  Email |Print

From Businessweek.com: The Singapore government has defended state investment company Temasek’s sale of its stake in Bank of America Corp., saying the loss-generating trade didn’t reflect a shift to short-term investing.

Temasek sold its Bank of America shares after its 13.7 percent stake in Merrill Lynch & Co — initially purchased in 2007 — was converted after BoA bought the brokerage in January. Temasek held 188.8 million Bank of America shares worth about $2.6 billion in January…….Full Article: Source

Posted on 29 May 2009 by VRS |  Email |Print

From Themalaysianinsider.com: Tenaga Nasional finance chief Datuk Mohd Izzaddin Idris has been named chief executive officer for infastructure group UEM from July 1 as state asset manager Khazanah Nasional Berhad, the investment holding arm of the government, kicked off a reshuffle of top executives in its stable of companies.

Sources said more changes are expected at the top echelons of other government-linked-companies including telecoms provider Telekom Malaysia Berhad and possibly within the sovereign wealth fund itself…….Full Article: Source

Posted on 29 May 2009 by VRS |  Email |Print

From Inform.kz: All international projects announced by Kazatomprom National Atomic Company CJSC are in force. Chairman of the Board of Samruk-Kazyna National Welfare Fund JSC Kairat Kelimbetov has announced it at a press conference; Kazinform reports.

The Fund’s President reminded that the change in the top management of the national atomic company aroused certain reaction among foreign partners of the company……Full Article: Source

Posted on 29 May 2009 by VRS |  Email |Print

From China Knowledge: China’s Central Huijin Investment Co Ltd, a wholly-owned subsidiary of China’s US$200 billion sovereign wealth fund, China Investment Corp (CIC), on Tuesday signed an agreement with China Jianyin Investment Co to receive 20.7 billion H shares, or a 9% stake, in China Construction Bank Corp (CCB) at no cost, according to a statement released by CCB on Wednesday.

Central Huijin also plans to raise its stake in the Chinese lender in the secondary market in the next 12 months…….Full Article: Source

Posted on 29 May 2009 by VRS |  Email |Print

From Globalpensions.com: Norway’s two largest pension schemes, the NOK2,275bn (US$329bn) Government Pension Fund - Global suffered the worst losses in its history during 2008 with a 23.3% loss. Its domestic equivalent - the NOK87.8bn (US$12.3bn), Government Pension Fund - Norway suffered a similar fate reporting a 25% loss during 2008 with plummeting equity markets being blamed for the losses.
However, with no end in sight to the market turbulence what are Norwegian pension funds doing to try and stem the tide of losses and get back on track?……Full Article: Source

Posted on 29 May 2009 by VRS |  Email |Print

From Reuters: Abu Dhabi’s Advanced Technology Investment Co (ATIC) has made an offer for Singapore state investor Temasek Holdings’s near 60 percent stake in chipmaker Chartered Semiconductor, The Business Times newspaper reported on Friday.

The newspaper, which did not cite any source for the information, said ATIC, a venture capital firm owned by the Abu Dhabi government, has made the offer to buy the stake for between S$2.40 to S$2.60 a share, valuing Chartered CHRT.O at S$2.45 billion ($1.72 billion)…….Full Article: Source

Posted on 29 May 2009 by VRS |  Email |Print

From FT: The Qatar Investment Authority, the sovereign wealth fund, bought 5 per cent stakes in all local banks last year and is expected to take another 5 per cent this year.

In March, the government said it would buy the local equity portfolios of banks, worth an estimated $6bn, to prevent mark-to-market investment losses from hitting banks…….Full Article (Subscription Required) : Source

Posted on 29 May 2009 by VRS |  Email |Print

From Xinhua: Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC) Alicia Barcena said here Wednesday that Chinese investment in Latin America is showing substantial increases.

“Although it represents a small figure, it is important in certain sectors like mining, hydrocarbons and the auto industry,” Alicia Barcena told Xinhua while presenting ECLAC’s annual report on regional investment…….Full Article: Source

Posted on 29 May 2009 by VRS |  Email |Print

From Bloomberg: The folks who run the Brunei Investment Agency, the $30 billion sovereign wealth fund of the oil-rich southeast Asian Sultanate of Brunei, were so smitten by the seven-story hotel literary Nobel Prize-winner Rudyard Kipling called his Paris home that it bought the place in 1996 for an undisclosed amount through the SWF’s London-based property-management company Dorchester Group Ltd.

The group’s roster of luxury hotels is now dubbed the Dorchester Collection. In 2007, BIA tapped French designer Philippe Starck to fine tune Le Meurice’s Belle Epoque architecture with lobster-claw telephones…….Full Article: Source
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