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Sovereign Wealth Funds Briefing 05.May 2010

Posted on 05 May 2010 by VRS |  Email |Print

From Ifaonline.co.uk: The China Investment Corporation holds $2.4bn in ETFs and is one of many institutional investors to increase usage of these funds, according to State Street Global Advisors (SSgA).
In its Capital Insights report, the firm says the $300bn Chinese sovereign wealth fund’s investment in ETFs, which represents 25% of its total amount invested in US-listed securities, shows how ubiquitous and growing the use of ETFs is among institutions……………………………………..Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Progress.org: Central banks and debt management offices are on a charm offensive with sovereign wealth funds in an effort to secure a ready market for the large amount of government debt that will have to be raised in the next few years.
At a recent gathering in Frankfurt — arranged by the Official Monetary and Financial Institutions Forum (Omfif), an organisation set up to bring SWFs and central banks together — more than 50 central banks, sovereign funds and asset managers were represented……………………………………..Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Themoscowtimes.com: Russia spent 352.5 billion rubles ($11.97 billion) from its oil wealth funds in April, using the money to plug a post-recession budget deficit and boost the state pension coffers, Finance Ministry data showed on Tuesday.
The Reserve Fund fell to 1.19 trillion rubles on May 1 from 1.55 trillion rubles a month earlier, dented by a transfer of some 350 billion rubles into the budget and, to a lesser extent, by the appreciation of the ruble against foreign currencies in which the cash is kept……………………………………..Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Bloomberg: The United Arab Emirates is tapping its $328 billion sovereign wealth fund to invest in gas-rich Turkmenistan, seeking fuel for its own use while potentially challenging Russia’s dominance as a supplier to Europe.
“We want to invest and we’ve been conducting negotiations for a long time,” U.A.E. Oil Minister Mohamed al-Hamli said in an interview in the Turkmen capital, Ashgabat. “We have a special relationship with Turkmenistan. There is a genuine interest and a genuine determination with both countries to exploit this possibility.”…………………………………….Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Business24-7.ae: The UAE is expected to bask in a massive surplus in its current account for five successive years. Adia, one of the world’s largest sovereign wealth funds (SWFs) has not disclosed the exact size of its assets, but estimates by the US SWF Institute showed it controlled nearly $627bn at the end of 2009.
Figures by the International Monetary Fund showed the country’s current account, the difference between export and import of goods and services plus movement of funds, recorded a gap of around 3.1 per cent of real GDP in 2009 after maintaining a large surplus over the past 10 years due to high oil exports……………………………………..Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Eetimes.com: Atmel has received an offer for its smartcard microcontroller from the French fabless supplier of smartcard chips Inside Contactless SA . The transaction would be financed by the existing Inside Contactless’ investors led by Gimv and Sofinnova Partners, along with the French sovereign wealth fund, Fonds Strategique d’Investissement (FSI).
Inside Contactless explained that this combination would enable the company to meet the growing global demand for solutions in the payments market, the emerging NFC mobile commerce market and the electronic identification market……………………………………..Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Todayonline.com: Swiss banking giant UBS, in which the Government of Singapore Investment Corp (GIC) is the biggest shareholder with a 6.6-per-cent stake, yesterday reported net profits of 2.2 billion francs ($2.77 billion) for the first quarter.
The earnings beat analysts’ forecasts of 2 billion francs, according to a poll by economics newswire AWP, and marked a sharp turnaround from the 1.98-billion- franc loss in the corresponding quarter last year……………………………………..Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Dow Jones: Agricultural Bank of China Ltd has filed its listing application with the Hong Kong stock exchange and Chinese securities regulators Tuesday, officially kicking off a process for its US$20 billion to US$30 billion dual listing . Central Huijin Investment Co, an investment arm of China’s sovereign wealth fund China Investment Corp (CIC) is a stake holder in Ag bank.
Agricultural Bank is in the process of meeting potential investors in its IPO and is targeting sovereign wealth funds, Hong Kong tycoons and peers in the banking and agricultural sector as cornerstone investors, the second person said, adding there is strong interest from the Middle East……………………………………..Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Forbes: China outbound mergers and acquisitions have come a long way since Lenovo purchased IBM’s laptop business in 2004. Up to now, financing of China outbound deals have been dominated by cash-rich players, including private equity and sovereign wealth giants in addition to state-owned Enterprises.
While the jury still may be out on that deal, yes even six years later, there is no doubt that China’s outward M&A deals have increased dramatically in recent years both in dollar terms and the number of deals closed……………………………………..Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Peopledaily.com.cn: China will become the single biggest investor in private equity as the US dominance ebbs, said David Rubenstein, co-founder of Carlyle Group. Sovereign wealth funds will also continue to increase its presence at the global financial markets and play a bigger role in private equity activities.
Rubenstein predicted that the US dominance in the bootstrapping market to recede since wealth and investment opportunities move towards emerging markets, especially China……………………………………..Full Article: Source

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From Bloomberg: Oil India Ltd. and Indian Oil Corp. withdrew their joint offer for Gulfsands Petroleum Plc. India plans to set up a sovereign wealth fund to help state-run explorers compete with Chinese rivals for overseas energy assets. The government has asked ONGC, India’s biggest exploration company, and Oil India to make at least one acquisition each this year to help meet demand.
The firms withdrew after failing to get a response to do due diligence on the U.K. explorer with assets in Syria……………………………………..Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Vccircle.com: The proposed deal between Singapore’s sovereign investor, Temasek Holdings, which has been active on the India deals front in recent weeks, and Hyderabad-based microfinance entity Spandana Sphoorty Financial Ltd (SSFL) is likely to be called off soon.
Temasek as recently as yesterday said it would buy 5% stake in the National Stock Exchange from NYSE while it announced an investment of $200 million in GMR Energy last month……………………………………..Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Bernama: Khazanah Nasional Bhd is unable to reasonably ascertain what exactly Tan Sri Adam Kadir, president of Umno’s Ex-Elected Representatives Association, was alluding to regarding the RM546 million losses of Pos Malaysia Bhd.
In a statement here Tuesday, Khazanah said any check on Pos Malaysia’s audited accounts would show that there no such losses were recorded……………………………………..Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Gulfnews.com: Mubadala Development Company, the Abu Dhabi Government’s investment arm, said yesterday its assets in the three years since the end of 2006 have grown from just under Dh18 billion to more than Dh88.5 billion.
“We currently have nine business units operating in diverse sectors and geographical territories,” Waleed Ahmad Al Mokarrab Al Muhairi, Mubadala’s chief operating officer, wrote in the company’s annual report for 2009……………………………………..Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Thenational.ae: Investments made by Mubadala Development are paying off as the company adds to its large stock of global assets, raises money from international investors and attracts new talent to help provide financial and social returns to the Government.
Mubadala, the Abu Dhabi Government’s strategic investment arm, was founded in 2002 as a key component in Abu Dhabi’s long-term plan to diversify its economy away from reliance on petrochemicals……………………………………..Full Article: Source

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From Tradearabia.com: Abu Dhabi government-owned Mubadala Development Company plans to sell its ownership stake in local companies by offering shares to public, the National newspaper said, citing a top executive from the investment firm.
State-controlled Mubadala plans to list its stake in local companies on the Abu Dhabi Securities Exchange (ADX) to support its subsidiaries’ expansion plans, Waleed al Muhairi, Mubadala’s chief operating officer told the paper on Tuesday……………………………………..Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Dow Jones: Brazil’s foreign-currency reserves increased by $3.36 billion in April from the previous month, as the central bank continued purchasing dollars in the foreign exchange market, according to figures published on the bank’s Web site Tuesday.
Foreign reserves totaled $247.3 billion, up from $243.9 billion at the end of March. In the first four months of the year, reserves increased by $7.31 billion……………………………………..Full Article: Source

Posted on 05 May 2010 by VRS |  Email |Print

From Koreatimes.co.kr: Korea’s foreign exchange reserves hit an all-time high in April on the back of a rise in capital gains from investment in stocks and bonds.
The Bank of Korea (BOK) said Tuesday that the nation’s reserves reached $278.87 billion, up $6.54 billion from a month earlier. It was the second consecutive month of increases……………………………………..Full Article: Source

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