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Sovereign Wealth Funds Briefing 03.May 2010

Posted on 03 May 2010 by VRS |  Email |Print

From Peninsulaclarion.com: The Alaska Permanent Fund Corp. is having a good year so far, experiencing a nice rebound from the meltdown in financial markets in 2008 and early 2009.
The fund closed out its most recent quarter March 31 with a value of $36.09 billion and a return on investments for the first three months of its fiscal year of 17.6 percent……………………………………..Full Article: Source

Posted on 03 May 2010 by VRS |  Email |Print

From Businessdayonline.com: The Nigerian National Economic Council, an umbrella body for the Governors of the 36 States of the Federation and federal economic managers, said that it had resolved to replace the Excess Crude Account (ECA) with a National Sovereign Wealth Fund (NSWF) in the next three months.
The NSWF, like the ECA is to manage the nation’s extra earnings from higher prices of crude oil at the international market. The pool of funds derived from the country’s reserves is usually set aside for investment purposes that will benefit the country’s economy and citizens……………………………………..Full Article: Source

Posted on 03 May 2010 by VRS |  Email |Print

From Australia.to: Nigeria is making a bold but calculative move to establish a sovereign wealth fund (SWF). The Acting President of Nigeria Goodluck Jonathan has asked his economic team led by the newly appointed Minister of Finance Olusegun Aganga to make the requisite arrangements to establish a sovereign wealth fund (SWF) as soon as possible.
This is a good thing coming from the presidency, although Nigeria has wasted substantial time in coming to this at a later period. But it’s better late than never……………………………………..Full Article: Source

Posted on 03 May 2010 by VRS |  Email |Print

From Businessspectator.com.au: Australia’s sovereign wealth fund, the Future Fund, has posted a 2.9 per cent return for the March quarter, excluding its holding in Telstra Corporation Ltd, and says that it remained focused on “prudently developing” its portfolio in line with its long-term performance goals.
In a portfolio update, the Future Fund said its quarterly return from Telstra was minus 7.1 per cent, or minus 1.8 per cent for the financial year to date, with a holding worth $3.93 billion at March 31……………………………………..Full Article: Source

Posted on 03 May 2010 by VRS |  Email |Print

From Afr.com: The federal government’s Future Fund should be overhauled to ­allow it to amass income during the mining boom and deploy it when things turn bad, says the Institute of Chartered Accountants in Australia.…………………………………….Full Article: Source

Posted on 03 May 2010 by VRS |  Email |Print

From Singaporenewsalternative: Nearly a decade earlier, nine shareholders featuring a who’s who of local business had invested $100 million to start Bayard, a gas and electricity metering business now known as Landis+Gyr, to be run by Cameron O’Reilly, son of the Irish media mogul Sir Tony.
Media investors were brought on board: Kerry Stokes, the Fairfax family’s Marinya, Sir Tony, the former Lion Nathan chairman Douglas Myers, the Singapore government investment firm Temasek Holdings, the Jack and Robert Smorgon family, the Allianz Australia chairman John Curtis and the Swiss investment fund Sears Wiederkehr……………………………………..Full Article: Source

Posted on 03 May 2010 by VRS |  Email |Print

From WSJ: French skincare and personal-care retail chain L’Occitane International SA raised 5.49 billion Hong Kong dollars (US$707.0 million) from its Hong Kong initial public offering. China Investment Corp., China’s US$300 billion sovereign-wealth fund, had invested US$50 million in the offering, according to L’Occitane’s IPO listing prospectus.
The IPO, the first in Hong Kong by a French company, is the latest by a foreign company seeking to take advantage of Asia’s high economic growth and stock-market valuations when choosing a location for its primary listing……………………………………..Full Article: Source

Posted on 03 May 2010 by VRS |  Email |Print

From Forbes: According to Foreign Affairs, China’s sovereign wealth fund, the China Investment Corporation, also appears poised to increase its purchases of U.S. equities. CIC was established in 2007 to channel a portion of China’s foreign exchange reserves toward higher-yielding investments.
Today, its assets have grown to about $300 billion, but so far, only half of the $110 billion reportedly allocated to overseas investments has been spent. Another government-sponsored investment vehicle, China’s National Council for Social Security Fund, is also poised to accelerate its equity investments in the United States……………………………………..Full Article: Source

Posted on 03 May 2010 by VRS |  Email |Print

From Dow Jones: Central Huijin Investment Ltd., the domestic investment arm of China’s sovereign wealth fund, said Friday it plans to participate in the financing plans of three of China’s largest state-controlled commercial banks, in which it is a shareholder.
It said it supports the capital raising plans of China Construction Bank Corp, Industrial & Commercial Bank of China Ltd and Bank of China Ltd. and also the banks’ moves to reduce cash dividends for 2009 and strengthen their capital adequacy, according to a statement posted on Central Huijin’s Web site……………………………………..Full Article: Source

Posted on 03 May 2010 by VRS |  Email |Print

From Thepeninsulaqatar.com: Qatari Diar Real Estate Investment Company, signed on Tuesday a partnership agreement with Vinci Park SA, a subsidiary of Vinci Group to provide international expertise in managing Qatari Diar’s car parks for its prestigious developments.
The Agreement was signed at Qatari Diar’s Lusail headquarters by Ghanim bin Saad Al Saad, Managing Director of Qatari Diar and Xavier Huillard, CEO of Vinci Group……………………………………..Full Article: Source

Posted on 03 May 2010 by VRS |  Email |Print

From Imarketnews.com: Argentina’s government this week will launch a $20 billion swap of defaulted bonds, while lawmakers start debate on a proposal to pay down debt with reserves. The government also has a R$17 billion sovereign wealth fund, currently invested entirely in domestic government securities, that could also buy dollars.
The Economy Ministry last week said the much-anticipated offering will start Monday, coordinated by Barclays. …………………………………….Full Article: Source

Posted on 03 May 2010 by VRS |  Email |Print

From Guardian: Prudential is expected to consider quitting Britain for Asia if it can pull off its controversial £23bn purchase of the Hong-Kong based American International Assurance (AIA). Pru’s main shareholders are Middle Eastern sovereign wealth funds.
The insurer, which is due to reveal on Wednesday details of how it intends to finance the deal, is under pressure from several high-profile investors to signal an intention to sell its UK and US businesses to fund the purchase of AIA……………………………………..Full Article: Source

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