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Sovereign Wealth Funds Briefing 04.May 2010

Posted on 04 May 2010 by VRS |  Email |Print

From Thehindubusinessline.com: Temasek Holdings has picked up a 5 per cent stake in National Stock Exchange of India. The market buzz was that Temasek picked up this stake for $150 million from NYSE Euronext, which has exited the National Stock Exchange through this sale.
Foreign direct investment (FDI) regulations do not allow a foreign entity to hold more than 5 per cent stake in an Indian stock exchange………………………………………Full Article: Source

Posted on 04 May 2010 by VRS |  Email |Print

From Businessspectator.com.au: Federal Treasurer Wayne Swan has played down the possibility of a sovereign wealth fund to manage the benefits of a mining boom, saying the money was better invested in personal superannuation funds.
In a speech to business economists, Mr Swan also said plans to impose a new 40 per cent tax on mining profits would improve Australia’s sovereign risk by ending uncertainty over changeable state-based royalty charges on resource projects………………………………………Full Article: Source

Posted on 04 May 2010 by VRS |  Email |Print

From Todayonline.com: Insurance giant Prudential, a household name in Britain for over a century, is considering quitting the United Kingdom and United States should it pull off its multi-billion pound Asian expansion. The Government of Singapore Investment Corp has agreed to underwrite “a significant portion” of the rights issue.
The possible disposal of its businesses in the UK and the US comes as Prudential prepares to publish the prospectus for the rights issue to help pay for its US$35.5-billion ($48.7-billion) takeover of American International Assurance (AIA), the Asian arm of failed US insurer American International Group………………………………………Full Article: Source

Posted on 04 May 2010 by VRS |  Email |Print

From Thisdayonline.com: Segun Aganga, the new Minister for Finance, has announced that Nigeria will transfer its Excess Crude Account (ECA) monies into a Sovereign Wealth Fund (SWF). He justified the change on the need for a legal framework to guide the use of ECA monies, just like other OPEC nations.
Issues have been raised over the FGN’s withdrawals from the ECA and the legal establishment of a SWF will lend transparency to the use of oil budget surpluses………………………………………Full Article: Source

Posted on 04 May 2010 by VRS |  Email |Print

From Stockpoint.com: After five oil booms and near depletion of the savings from the last round of booms, the Federal Government has initiated moves to establish a Sovereign Wealth Fund. Somehow, it amounts to harvesting rain long after a downpour, but is not the only issue arising from the decision.
At its last meeting, Acting President Goodluck Jonathan told the National Economic Council to establish a framework for the fund within three months. Once that is done, earnings above the budgetary benchmark price of crude oil will automatically be transferred to the fund………………………………………Full Article: Source

Posted on 04 May 2010 by VRS |  Email |Print

From Gulf-times.com: The $6bn government infusion into the Qatari banking system was “largely responsible” for the “strong resilience” of the local finance sector. Qatari banks have received the “most direct and proactive support” with the Qatar Investment Authority (QIA) injecting capital representing a 10% boost to the system into all banks with the exception of QNB.
The government also offered to purchase a number of banks’ stakes in companies listed on the Qatari stock market, leaving banks the option to repurchase these investments at the same price within a five year period………………………………………Full Article: Source

Posted on 04 May 2010 by VRS |  Email |Print

From Business24-7.ae: With the massive bulk of the world’s largest sovereign wealth funds ranged behind it, what’s wrong with the UAE following a smaller version of the Swiss model of a resolutely independent currency?
The GCC model, is the lets-all-cooperate-for-our-common-good model. This model, while not (yet) the rage now is definitely a trend………………………………………Full Article: Source

Posted on 04 May 2010 by VRS |  Email |Print

From Pionline.com: Emerging markets debt is hitting record inflows as institutional investors turn to developing nations to bolster fixed-income returns. Jerome Booth, head of research, Ashmore Investment Management Ltd., said sovereign wealth funds have contributed a large part of the growth in emerging markets debt strategies overall, and they now account for about a quarter of the firm’s total $33 billion in assets under management.
So far this year, emerging markets bonds have attracted $12.8 billion, about 60% more than the $8 billion recorded for all of last year………………………………………Full Article: Source

Posted on 04 May 2010 by VRS |  Email |Print

From Montrealgazette.com: A sharp rise in purchases of Canadian bonds by foreign investors, coupled with increased interest from global central banks and sovereign wealth funds, could serve to cushion positions in Canadian government debt even in a rising interest rate environment.
Canada represents just a small fraction of the world’s foreign exchange reserves, but as major investors seek to diversify their holdings away from the U.S. dollar and the euro, Canada presents a compelling option………………………………………Full Article: Source

Posted on 04 May 2010 by VRS |  Email |Print

From Reuters: China Central Huijin Investment Ltd., the domestic arm of China’s sovereign wealth fund, said it would actively participate in fundraising plans by Industrial and Commercial Bank of China (ICBC), Bank of China and China Construction Bank (CCB).
Huijin, parent of the three lenders, also said it would support the banks’ plans to cut their dividend payout ratio to 45 percent from 50 percent………………………………………Full Article: Source

Posted on 04 May 2010 by VRS |  Email |Print

From Chinapost.com.tw: Last year, Chinese direct investment in the U.S. touched US$6.4 billion. “The main explanation for the increase in 2009 is China Investment Corp deciding it was a good time to buy cheap financial and property assets,” said Scissors, referring to China’s sovereign wealth fund.
The fund accounted for 91 percent of the investments in Scissors’s estimate, which counts only deals valued at US$100 million and above………………………………………Full Article: Source

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