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Sovereign Wealth Funds Briefing 10.May 2010

Posted on 10 May 2010 by VRS |  Email |Print

From Thenational.ae: The world’s main sovereign wealth funds (SWF) say they see progress towards a new code of corporate behaviour, although analysts point to shortcomings in its adoption.
In meetings over the weekend in Sydney, a forum composed of leading SWFs, including the Abu Dhabi Investment Authority (ADIA) that has an estimated US$500 billion (Dh1.83 trillion) of assets, said they saw “continuing progress” in the adoption of the Santiago Principles……………………………………….Full Article: Source

Posted on 10 May 2010 by VRS |  Email |Print

From Thepeninsulaqatar.com: Sovereign risks have risen due to the turmoil in the euro zone, but the woes Greece faces are not the same as in other European nations and the situation can be resolved, the chair of a meeting of sovereign wealth funds said.
The group of 22 sovereign wealth funds holding talks in Australia on Saturday called on governments worldwide to take coordinated and urgent action to introduce finance-sector reforms, and shore up confidence in global investment markets……………………………………….Full Article: Source

Posted on 10 May 2010 by VRS |  Email |Print

From Bloomberg: Sovereign wealth funds are unlikely to be large sellers of their fixed-income investments in the face of concerns Greece’s fiscal crisis may spread to other eurozone nations, said the head of Australia’s Future Fund.
The debt challenges confronting Europe are resolvable and Greece’s higher level of indebtedness and multiple revisions to its budget deficit figures sets it apart from other countries, Future Fund Chairman David Murray said ………………………………………Full Article: Source

Posted on 10 May 2010 by VRS |  Email |Print

From Timesonline.co.uk: Self regulation of the $3,000 billion sovereign wealth fund industry has largely failed, with only half of the funds complying with new rules that govern their behaviour. The Carnegie Endowment for International Peace, a think-tank, has found that the average compliance rating among the funds for their own code of conduct is only 51 per cent.
The so-called Santiago Principles were drawn up 18 months ago amid widespread fear in Western markets that the funds were being used as a tool of foreign policy by governments in the Gulf, Russia and China………………………………………Full Article: Source

Posted on 10 May 2010 by VRS |  Email |Print

From Topnews.ae: It was seen lately that of Qatar’s sovereign wealth fund had purchased the famous London department store Harrods from Egyptian-born businessman Mohamed al-Fayed. It was informed that the purchase was worth 1.5 billion pounds.
It was told by the country’s Prime Minister, who was also a Chairman of Qatar Holding that there were plans to upgrade the luxury store there that was famous with tourists and was a historic landmark in the Knightsbridge area of London……………………………………….Full Article: Source

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From Smh.com.au: Abu Dhabi’s sovereign wealth fund has increased its stake in Intoll, sparking speculation it could make a takeover offer for the so-called ”good” spin-off from Macquarie Infrastructure Group.
Just three days after emerging on the tollroad operator’s register with a 5.5 per cent stake, the Abu Dhabi Investment Authority has spent another $80 million to raise its holding to nearly 9 per cent. It makes the world’s largest sovereign wealth fund the third-biggest shareholder after Macquarie Group (18 per cent) and Lazard Asset Management (11)……………………………………….Full Article: Source

Posted on 10 May 2010 by VRS |  Email |Print

From Zawya Dow Jones: Kuwait’s ministry of commerce and industry has signed a memorandum of understanding with the China Securities Regulatory Commission that will pave the way for the emirate’s sovereign wealth fund, Kuwait Investment Authority, to invest in Chinese stocks.
The signing of this agreement is the major step for KIA to secure the Qualified Foreign Institutional Investor, or QFII, license that will allow it to invest in Chinese shares and increase its investment in China, the paper reports citing Dalal Al Rifaee, head of information and public relations at KIA………………………………………Full Article: Source

Posted on 10 May 2010 by VRS |  Email |Print

From Bloomberg: Norway’s sovereign wealth fund, the world’s second largest, returned 3.9 percent in the first quarter, sustaining last year’s record performance after a revival in global growth spurred gains in stocks.
The Government Pension Fund Global rose by 103 billion kroner ($16.5 billion) in the quarter, as measured by a basket of currencies, the fund said in Oslo today. The 2.76 trillion- krone fund returned 4.9 percent on its stock holdings and 2.1 percent on its bonds……………………………………….Full Article: Source

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From Homernews.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

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From Lexisnexis.com: Something big is stirring on the Asian financial scene and while its final dimensions are not yet clear, the outlines could be discerned at this week’s annual meeting of the Asian Development Bank (ADB) in Tashkent. A kind of pan-Asia sovereign wealth fund for channelling foreign exchange reserves and other savings into development appears to be in prospect.
Asian economies are booming and many of them have treasure chests of monetary reserves. Led by China, they are eager to set their own development priorities, which have to do with things such as building transport, energy and industrial infrastructure and with upgrading technological and innovative skills………………………………………Full Article: Source

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From Financialstandard.com.au: With the uproar surrounding the government’s proposed ‘mining super profits’ tax, a less controversial solution may be putting mining royalties directly into an Australian sovereign wealth fund.
Speaking on the ABC TV discussion program Q&A this week, Paul Howes, national secretary of the Australian Workers’ Union and trustee of the $30 billion industry fund Australian Super, said an option we should explore is putting the royalties into a SWF………………………………………Full Article: Source

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From Dailyexpress.com.my: 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 Wednesday, Khazanah said any check on Pos Malaysia’s audited accounts would show that there no such losses were recorded………………………………………Full Article: Source

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From Reuters: The chairman of China Investment Corp. (CIC), China’s $300 billion sovereign wealth fund, said on Thursday euro zone nations can calm markets if unified over Greece.
“This is a very tough time for the euroland and also for the euro. But I also have seen some strong indications of the support for the countries in trouble,” Jin Liqun, supervisory board chairman of CIC, told Reuters………………………………………Full Article: Source

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From WSJ: Central Huijin Investment Ltd., the domestic investment arm of China’s sovereign-wealth fund and a major shareholder in state-run financial institutions, said Friday that it plans to participate in the financing of ICBC, China Construction Bank Corp. and Bank of China Ltd., China’s three largest listed banks.
Huijin didn’t say how much it plans to invest. Still, the government wants outside investors to pony up as well………………………………………Full Article: Source

Posted on 10 May 2010 by VRS |  Email |Print

From Bloomberg: Noble Group Ltd., the commodities supplier part-owned by China Investment Corp., said first- quarter profit rose 28 percent as demand and prices of coal, iron ore and aluminum improved with the economic recovery.
Net income increased to $115 million, or 2.86 cents a share, for the three months ended March 31, from $90.2 million, or 2.77 cents, a year earlier, Hong Kong-based Noble said in a statement to the Singapore Exchange………………………………………Full Article: Source

Posted on 10 May 2010 by VRS |  Email |Print

From Efinancialnews.com: Citigroup has appointed a Standard Chartered banker to build its relationship with sovereign wealth funds, which have come to represent an important client base, as well as a potential source of investment, for banks in recent years owing to the trillions of dollars at their disposal.
The Wall Street bank has hired Zubaid Ahmad as vice-chairman of its institutional clients group and a member of its senior strategic advisory team. He will lead the bank’s global SWF coverage and bolster its relationships with this client group………………………………………Full Article: Source

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