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Sovereign Wealth Funds Briefing 20.May 2010

Posted on 20 May 2010 by VRS |  Email |Print

From Timesonline.co.uk: Several of Asia’s powerful national or “sovereign” wealth funds said that currency traders in Hong Kong had started to build sizeable “short” positions in the euro — betting that the currency has farther to fall and hedging against the losses that they would make if previous bets on the bonds of Greece, Portugal, Spain, Ireland and Italy turned sour.

However, analysts said that a decision by Kokusai Asset Management could be a critical point for the euro. Within the past few weeks the Kokusai’s famous Global Sovereign Open fund, which is closely followed in the market, has twice reduced the amount of euro assets that it holds in favour of what it calls more “stable” investments such as Canadian dollars and Swedish kronor……………………………………..Full Article: Source

Posted on 20 May 2010 by VRS |  Email |Print

From Marketwatch.com: Sovereign wealth funds China Investment Corp. and Korea Investment Corp. are in advanced negotiations to join a consortium planning to acquire $900 million of convertible preferred stock in New York-listed Chesapeake Energy Corp.
CIC and KIC are each expected to acquire about $300 million worth of preferred stock, the FT said……………………………………..Full Article: Source

Posted on 20 May 2010 by VRS |  Email |Print

From Dow Jones: South Korean sovereign wealth fund Korea Investment Corp. said Thursday that it is considering an investment in New York-listed Chesapeake Energy Corp (CHK).

A company official, who declined to be named, said that Korea Investment Corp., or KIC, was approached by Chesapeake about a potential investment but said no decision has been made and declined to give further details……………………………………..Full Article: Source

Posted on 20 May 2010 by VRS |  Email |Print

From Dow Jones: If Brazil hits its primary surplus target of 3.3% of gross domestic product in 2010, extra funds could be set aside in a type of sovereign fund, said Treasury Secretary Arno Augustin Wednesday.

Speaking after a congressional committee meeting, he said that the government is monitoring the fiscal situation but strong tax revenues and the decision to cut the federal budget by 10 billion Brazilian reals ($5.4 billion) pointed to a steady rise in the surplus throughout the year……………………………………..Full Article: Source

Posted on 20 May 2010 by VRS |  Email |Print

From IPE: Norges Bank Investment Management has hired State Street to provide fund administration services for the Norway Government Pension Fund’s planned real estate allocation.

State Street will provide administration, accounting and director services for all of the fund’s property investments, which have yet to be built up following new rules enabling it to invest in the asset class, limited to 5% of its NOK2.76trn (€347bn) total assets under management……………………………………..Full Article: Source

Posted on 20 May 2010 by VRS |  Email |Print

From Apa.az: The main purpose of State Oil Fund of Azerbaijan Republic’s (SOFAZ’s) establishment is to collect the incomes from oil and gas sales on the plan of realization of oil contracts. Presently, fund’s assets rises year after year. The assets made $ 16.2 bln. The second purpose of fund is to spend the means for necessity of current generation.
SOFAZ realized conservative investment strategy for a long time. SOFAZ’s assets are invested in state and corporatively valuable papers via investment credit rating……………………………………..Full Article: Source

Posted on 20 May 2010 by VRS |  Email |Print

From Moneycontrol.com: State-owned Dubai World has offered to pay its bank creditors 30% of its debt over five years and the remainder in eight years, a report said on Wednesday, but local lenders are resisting pressure to agree.

Dubai World is in talks with a core panel of seven banks on a debt plan that proposes full repayment in two tranches over five and eight years at 1% interest and 1% payment-in-kind at the end of the loan……………………………………..Full Article: Source

Posted on 20 May 2010 by VRS |  Email |Print

From Globalarabnetwork.com: The RAK Investment Authority (RAKIA) is one of the most important drivers of industrial development in the emirate. Since its launch in 2005, it has offered a wide and growing range of services to investors seeking to get established in RAK through free zones and industrial zones. By the end of 2009, some 2,368 companies had registered with the authority.

A broad range of manufacturing companies are now represented in the emirate. A break down by sector shows that in the free zones 36% of industries produce metals; 11% produce chemicals; 11% building materials; 6% rubber and plastics; 6% wood products; 4% electronics; 4% automotive products; and 2% processed foods……………………………………..Full Article: Source

Posted on 20 May 2010 by VRS |  Email |Print

From Bi-me.com: Monitor Group, one of the world’s leading advisory and consulting firms, and Fondazione Eni Enrico Mattei (FEEM), a leading international research center based in Milan, Italy, has released its annual Sovereign Wealth Fund (SWF) report, entitled, Back on Course: Sovereign Wealth Fund Activity in 2009, which analyzes SWF transactions during the year.
“While the number and value of SWF transactions for the first two quarters of 2009 was the lowest for more than half a decade, by Q3, SWFs had realigned investment strategies with long-term goals, rethinking their approach to risk,” said William Miracky, a senior partner at Monitor Group. “We’re seeing an evolution in the behavior of SWFs; for example, for the first time we saw funds invest jointly to share risk while maintaining market exposure to a diverse range of asset classes and sectors, a trend we expect to continue.”…………………………………….Full Article: Source

Posted on 20 May 2010 by VRS |  Email |Print

From Marketwatch.com: The Swiss National Bank’s currency reserves jumped in April, underlining the scope of the central bank’s efforts to restrain the rise of the Swiss franc currency versus a tumbling euro.

SNB reserves rose to 153.6 billion Swiss francs ($133.5 billion) in April, up CHF28.7 billion from CHF124.9 billion, the Swiss Federal Statistics Office said Wednesday, according to Dow Jones Newswires……………………………………..Full Article: Source

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