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Sovereign Wealth Funds Briefing 14.May 2010

Posted on 14 May 2010 by VRS |  Email |Print

From Bloomberg: China’s sovereign wealth fund agreed to invest C$817 million ($803 million) in a new oil-sands venture with Canada’s Penn West Energy Trust, gaining a stake in the world’s largest crude deposits outside Saudi Arabia.
China Investment Corp. will pay C$312 million up front and C$505 million of Penn West’s future expenses for a 45 percent stake in the venture, the Calgary-based trust said today in a statement. Penn West said it will contribute C$1.8 billion in assets to the venture, which will develop 237,000 acres of oil- sands properties in the Peace River area of northern Alberta……………………………………….Full Article: Source

Posted on 14 May 2010 by VRS |  Email |Print

From Reuters: Penn West Energy Trust plans to sell a 45 percent stake in a Canadian oil sands project to China Investment Corp for $801 million. The agreement is the latest Chinese foray into the northern Alberta oil sands, the largest oil reserve outside the Middle East, as the world’s third largest economy seeks to lock up energy reserves to power its booming growth.
Penn West, Canada’s No. 2 energy trust, will contribute oil sands properties near Peace River, Alberta, valued at C$1.8 billion, to a partnership being set up with China Investment. The Chinese company will provide C$312 million in upfront cash and then pay C$505 million in development costs for the project……………………………………….Full Article: Source

Posted on 14 May 2010 by VRS |  Email |Print

From Kippreport.com: Sovereign wealth funds hold a cool $3 trillion in assets. Some say they’re set to become more vocal and activist after being ‘missing in action’ during the tough times. But they never stopped investing.
Sovereign wealth funds (SWFs) have total assets of an estimated $3 trillion, and – despite having gained a reputation for being secretive and opaque – certainly garner their fair share of attention from the markets and media……………………………………….Full Article: Source

Posted on 14 May 2010 by VRS |  Email |Print

From IPE: What’s the next growth area after emerging markets? For some sovereign funds, it’s the so-called ‘frontier’ regions such as Africa, the Caribbean, Latin America and Central Asia.
Korea Investment Corporation, the State Oil Fund of Azerbaijan, the Dutch pension fund PGGM and an unnamed Saudi Arabian fund have committed US$600 million to a private equity fund investing across sectors in Africa, Latin America and the Caribbean, managed by IFC Asset Management (AMC), a wholly owned subsidiary of the International Finance Corporation. IFC is co-investing in the fund with commitments of US$200 million……………………………………….Full Article: Source

Posted on 14 May 2010 by VRS |  Email |Print

From IPE: The International Forum of Sovereign Wealth Funds has issued a statement cautioning regulators to avoid restrictions that could distort investment regimes. The joint statement says excessive regulation affects the free flow of capital across borders.
It also stresses the urgency of concluding regulatory reform of the finance sector in a consistent and globally coordinated manner……………………………………….Full Article: Source

Posted on 14 May 2010 by VRS |  Email |Print

From Trend.az: Beijing will host a regular meeting of the International Forum of Sovereign Wealth Funds (IFSWF) in April 2011, the State Oil Fund of Azerbaijan Republic (SOFAZ) reported. This was decided at the fund’s meeting which took place in Sydney (Australia) May 6-8.
The Azerbaijani delegation headed by SOFAZ Executive Director Shahmar Movsumov attended the IFSWF’s second meeting. Senior officials from 22 SWFs, and representatives of recipient countries and international organizations participated in this meeting……………………………………….Full Article: Source

Posted on 14 May 2010 by VRS |  Email |Print

From Asiaone.com: Singapore investment firm Temasek Holdings is pumping US$500 million (S$690 million) into a leading US producer of natural gas.
New York-listed Chesapeake Energy, which is on a fund-raising drive, said in a statement on Monday that Temasek will subscribe to US$500 million of its convertible preferred shares……………………………………….Full Article: Source

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From Oilprice.com: One of Asia’s most active sovereign wealth funds is investing up to $1 billion in the U.S. company that helped pioneer production of shale gas, Chesapeake Energy.
Temasek Holding, a $172-billion fund owned by the government of Singapore, will buy $500 million in preferred shares in Chesapeake, and has an option with Hopu Investment Management, a private equity firm in Beijing, to place another $500 million in Chesapeake preferred shares. Hopu is also acquiring $100 million of preferred shares……………………………………….Full Article: Source

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From Theaustralian.com.au: Almost all the federal government’s nation-building infrastructure fund has been depleted, less than a year after it received an initial $11 billion endowment to make strategic investments.
According to the Department of Finance, the “uncommitted balance” of the Building Australia Fund was $705 million at the end of March, a 94 per cent plunge compared to the value of its original capital……………………………………….Full Article: Source

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From Zawya Dow Jones: Kuwait Investment Co. (KIC) , a unit of the country’s sovereign wealth fund, Kuwait Investment Authority, is ready to sell all of its assets if it receives a suitable offer with investment feasibility.
Most of the company’s investments are mainly in Kuwait, the Gulf region, India, and Singapore, Bader Al Subeaei, KIC’s chairman and chief executive, said……………………………………….Full Article: Source

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From Menafn.com: The Kuwait Investment Authority (KIA) fully supported the government’s request to invest funds into the State’s bourse through the KD1.5bn National Portfolio which was one of the measures put in place to cushion the effects of the global economic crisis, according to its Managing Director, Bader M. Al-Sa’ad.
Speaking exclusively to Oxford Business Group (OBG), the global publishing, research and consultancy firm, Al-Sa’ad said that Kuwait’s banking sector was stable and enjoyed the backing of a strong, systemic support system, proving the government’s investments was a success. ………………………………………Full Article: Source

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From Bloomberg: Three Abu Dhabi government-controlled entities, among the biggest borrowers in the Gulf region last year, were removed from Credit Watch at Standard & Poor’s, which cited their “almost certain” government support.
Mubadala Development Co., an investment arm of the Abu Dhabi Government, International Petroleum Investment Co. and Tourism Development & Investment Co. were removed from Credit Watch and………………………………………Full Article: Source

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From Kuwaittimes.net: Qatari Diar, the property arm of Qatar’s sovereign wealth fund, is planning a benchmark bond issue, people familiar with the matter said yesterday, in what would be the first corporate issue from the Gulf state this year.
Two sources, who declined to be identified, did not elaborate which subsidiary was planning the issue, but said it would be benchmark-sized, typically over $500 million. One source said the issue could be during the second quarter……………………………………….Full Article: Source

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From Reuters: India plans to launch an $11 billion fund to build infrastructure, with 40 percent of the corpus from overseas investors. The government proposes to raise $4.4 billion from overseas pension, insurance and sovereign wealth funds and the remainder from domestic institutions.
The decision to create the fund was taken at a meeting in New Delhi on Wednesday, headed by Planning Commission’s deputy chairman, Montek Singh Ahluwalia, it said……………………………………….Full Article: Source

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From Theaustralian.com.au: A theoretical resources rent tax resembles a sovereign wealth fund. A sovereign wealth fund would be even better than a theoretical resources rent tax because it would allow the government to select its investments.
After all, the mining industry has more than its share of liars, lairs and lunatics and the government is not really in a position to invest 40 per cent across the whole sector without consideration of the details of any project……………………………………….Full Article: Source

Posted on 14 May 2010 by VRS |  Email |Print

From Hartselleenquirer.com: The Alabama Trust Fund, a $2.7 billion state savings account for the royalties from these offshore wells, generates much needed revenue from interest payments. Those funds are used for things like the prison system, public health programs and child protection services.
The Alabama Trust Fund has been an important resource to keep our taxes the lowest in the nation, and it now is poised to be a major economic engine for our state if voters approve a plan to use part of the fund for road and infrastructure projects……………………………………….Full Article: Source

Posted on 14 May 2010 by VRS |  Email |Print

From Dow Jones: Russia’s gold and foreign exchange reserves fell $4 billion to $456.7 billion in the week to May 7, the central bank said in a statement Thursday.
The decline came after reserves increased by $6 billion in the week ending April 29……………………………………….Full Article: Source

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