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Sovereign Wealth Funds Briefing 13.Aug 2009

Posted on 13 August 2009 by VRS |  Email |Print

From Reuters: China’s main sovereign wealth fund, CIC, held 90 percent of its funds in cash last year. Few things illustrate better Beijing’s dilemma — it doesn’t want to lose money investing overseas in developed markets, but at the same time fears the consequences of sitting on its hands.

So it’s no surprise that Beijing is looking beyond Europe and the U.S. to emerging markets as a possible destination for China’s surplus cash…………Full Article: Source

Posted on 13 August 2009 by VRS |  Email |Print

From Businessday.com.au: Fortescue Metals Group says it is in talks about financing its iron ore expansion plans but declined to confirm that it is in advanced discussions with China Investment Corp (CIC) to sell convertible bonds worth about $US1 billion ($1.2 billion).

A spokesman the iron ore miner said Fortescue was ”always in talks” but did not confirm whether news reports about CIC were correct………….Full Article: Source

Posted on 13 August 2009 by VRS |  Email |Print

From Forbes: Hassad Food, owned by Qatar’s sovereign wealth fund, will buck the Gulf Arab trend of buying farmland abroad to secure food supplies and consider taking stakes in agricultural companies instead, its chairman said.

Nasser Mohamed Al Hajri said on Tuesday that Hassad Food had an eye to profitability as well as food security, in looking at company acquisitions rather than land purchases…………Full Article: Source

Posted on 13 August 2009 by VRS |  Email |Print

From Theglobeandmail.com: Lou Jiwei leads a double life. Almost unknown in his own country, the bespectacled 58-year-old – who manages a $200-billion (U.S.) sovereign wealth fund known as the China Investment Corp. – has become one of the most powerful and sought-after figures in the global economy.

Last year, he was named one of the world’s 100 most influential people by Time magazine. His fund, set up in 2007 to help China find a home for some of its more than $2-trillion in foreign reserves, plans to invest almost half its holdings abroad…………Full Article: Source

Posted on 13 August 2009 by VRS |  Email |Print

From Asiaone.com: The investments Temasek Holdings has made in rights issues over the past eight months have surged by around 184 per cent on the back of rocketing global equity markets.

Data compiled by The Straits Times from public information shows that Temasek has spent about US$2.9 billion (S$4.2 billion) subscribing to new shares of companies in which it already holds stakes…………Full Article: Source

Posted on 13 August 2009 by VRS |  Email |Print

From Kciinvesting.com: The story of China Investment Corp’s (CIC) recent purchase of 17 percent of Canada-based global mining powerhouse Teck Resources is notable for many reasons: it’s another manifestation of China’s relative strength;
the terms of the deal suggest China understands the sensitivity in the West to state involvement in the private market; and it’s further reminder that China will play a significant role in Canada’s economic future…………Full Article: Source

Posted on 13 August 2009 by VRS |  Email |Print

From Dow Jones: Canada welcomes Chinese investments and gauges foreign investments according to whether they are driven by commercial motives and the quality of the investor’s corporate governance, Canadian Finance Minister Jim Flaherty said Wednesday.

“The Chinese understanding is that Canada welcomes direct investment from Chinese enterprises in Canada. And that is true,” Flaherty said. “We’re looking for commercial investments in Canada, and we’re looking for governance that is transparent.”………..Full Article: Source

Posted on 13 August 2009 by VRS |  Email |Print

From Businessmonitor.com: In order to raise the country’s security of supply, South Korea is targeting energy self-sufficiency - defined as ownership of natural resources by domestic firms - of 30% by 2016, up from 5.7% in 2008 and 7.4% forecast for 2009.
Traditionally, the overseas expansion strategy of the state-run Korean National Oil Corporation (KNOC) has been confined to the acquisition of prospective exploration acreage…………Full Article: Source

Posted on 13 August 2009 by VRS |  Email |Print

From Bloomberg: South Korea, beaten by China in a race to buy Geneva-based Addax Petroleum Corp. earlier this year, may work with the nation’s $30 billion sovereign wealth fund to bid for energy assets.

“We are reviewing several overseas energy assets including companies and oil and gas fields for potential acquisition,” said Minister of Knowledge Economy, Lee Youn Ho, whose portfolio includes energy…………Full Article: Source

Posted on 13 August 2009 by VRS |  Email |Print

From Guardian: Kuwaiti telecom group Zain’s key shareholders — sovereign wealth fund Kuwait Investment Authority and Kuwaiti family-owned conglomerate Kharafi group — could be tempted as they look to boost returns during the tough economic times.

Kuwaiti telecom group Zain’s possible sale of a stake in its African unit will please cash-hungry shareholders and reverses a strategy of global growth in favour of focusing on Middle Eastern markets…………Full Article: Source

Posted on 13 August 2009 by VRS |  Email |Print

From Kuwaittimes.net: Fitch Ratings downgraded Gulf Investment Corporation (GIC), jointly owned by six Gulf Arab states, saying its shareholders were increasingly reluctant to provide support to the ailing company.

Fitch yesterday reduced GIC’s short- and long-term issuer default ratings to ‘BBB’ from ‘A’ and to ‘F3′ from ‘F1′ respectively. The downgrades follow a move by Standard & Poor’s in June, which reduced GIC’s long-term counterparty credit rating, saying its credit profile had “materially weakened”…………Full Article: Source

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