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Sovereign Wealth Funds Briefing 25.May 2010

Posted on 25 May 2010 by VRS |  Email |Print

From WSJ : State investment company Temasek Holdings Pte. Ltd. said Monday that it has appointedHsieh Fu Hua as its president and executive director and people familiar with the situation said he will spearhead a search for a successor to current Chief Executive Ho Ching.
Mr. Hsieh, who is currently a Temasek board member and a special adviser to Mrs. Ho, will assume his new responsibilities from Aug. 1, the sovereign-wealth fund said in a statement……………………………………….Full Article: Source

Posted on 25 May 2010 by VRS |  Email |Print

From Timesonline.co.uk: They were parachuted in during the Second World War to fund local resistance to the Germans and now, with a population mired deep in another — if very different — crisis, British gold sovereigns once again are the foreign currency of choice in Greece.
Once again, too, they are offering a tangible sense of security amid turbulent uncertainty. In the 1940s, as the only reliable currency available, much of it was hoarded in trunks, under floorboards and buried in gardens. Any respectable girl’s dowry included a cache of sovereigns……………………………………….Full Article: Source

Posted on 25 May 2010 by VRS |  Email |Print

From Propertyeu.info: Norway’s Central bank has appointed State Street to provide fund administration services for the real estate portion of the country’s pension fund. State Street will provide administration, accounting and director services for the fund’s $20 bn (EUR 16 bn) global real estate investments and will also provide reporting and joint venture structuring services.
George Sullivan, executive vice president of State Street’s alternative investment solutions group said: ‘this sovereign fund is a significant client for us, and we are very much looking forward to taking on this new assignment and working with the team at Norges Bank to provide them with services for the real estate allocation of their growing fund.’………………………………………Full Article: Source

Posted on 25 May 2010 by VRS |  Email |Print

From Arabnews.com: Kuwait swung to a budget surplus of 8.18 billion dinars ($28.21 billion) in the 2009/10 fiscal. The Gulf state invests 10 percent of its revenues in a fund for future generations, which is managed by the OPEC producer’s sovereign wealth fund. After the payment, the budget surplus amounted to 6.39 billion dinars, according to the data.
The world’s fourth-largest oil exporter and OPEC member is seen booking the largest fiscal surplus in the Gulf this year as oil prices stay well above its budget assumption of $43 a barrel……………………………………….Full Article: Source

Posted on 25 May 2010 by VRS |  Email |Print

From Eurasianet.org: IMF has cautioned the government not to dip into its $16.2-billion-State Oil Fund to make up for lost economic growth.
The government has not commented on the findings yet. But at an April 15 cabinet meeting, President Aliyev maintained that Azerbaijan, despite a global economic recession, is still “demonstrating stable growth.”………………………………………Full Article: Source

Posted on 25 May 2010 by VRS |  Email |Print

From Thisdayonline.com: Nigeria’s excess crude account (ECA) balance would drop to N528.373 billion ($3.522 billion) as soon as President Goodluck Jonathan approves the deduction of N339.627 billion from the account to augment arrears due to the three tiers’ federal, state and local governments.
The N339.627 billion arrears are the shortfalls between the budgeted allocation and the actual allocation to the three tiers of government……………………………………….Full Article: Source

Posted on 25 May 2010 by VRS |  Email |Print

From BBC: Prudential launches its dual primary listing in Hong Kong and secondary listing in Singapore this Tuesday, paving the way for more Asian investors to buy its shares. The region’s large sovereign wealth funds, including Singapore’s government-controlled investment arm GIC, are said to be interested.
Asian investors will then have until 4 June to decide whether they want to participate in the rights issue, in which the insurer will make a discount offer of 11 new shares for every two that they own at £1. 04 ($2.09) each……………………………………….Full Article: Source

Posted on 25 May 2010 by VRS |  Email |Print

From China Knowledge: Temasek Holdings Pte Ltd, Singapore’s sovereign wealth fund, is looking to build a food zone in northeastern China’s Jilin Province, in a bid to diversify Singapore’s food sources, Reuters reported.
The food zone will cover an area of 1,450 square kilometers and will be built in partnerships with Chinese regional authorities in agricultural and food processing, Temasek unit Singbridge said in a statement……………………………………….Full Article: Source

Posted on 25 May 2010 by VRS |  Email |Print

From Todayonline.com: Temasek Holdings has lost a final appeal in Indonesia’s Supreme Court on a ruling stating the Singapore investment company breached the country’s anti-monopoly laws, according to a statement posted yesterday on the court’s website.
The same court in Sept 2008 had rejected a previous appeal and upheld a judgment by Indonesia’s competition regulator KPPU that Temasek breached anti-trust laws by using indirect stakes in PT Telekomunikasi Selular (Telkomsel) and PT Indosat, Indonesia’s top two mobile-phone service providers, to fix prices……………………………………….Full Article: Source

Posted on 25 May 2010 by VRS |  Email |Print

From Thestar.com.my: Khazanah Nasional Berhad and Temasek Holdings Limited will form a 50-50 joint venture company to develop an iconic wellness township in Iskandar Malaysia involving the private sectors from both countries.
Malaysian and Singapore leaders who met here yesterday announced they expected the project to be launched within a year……………………………………….Full Article: Source

Posted on 25 May 2010 by VRS |  Email |Print

From Guardian: Indonesia’s PT Bumi Resources, its biggest coal producer by output, said on Monday it plans to issue new shares equivalent to up to 10 percent of the total to a strategic partner in a deal worth up to $375 million. China’s sovereign wealth fund, China Investment Corp (CIC), will be the main buyer for the share placement.
Dileep Srivastava, Bumi’s director for investor relations, said the plan was to raise funds through a share placement later this year in order to pay down mounting debts of $3.48 billion……………………………………….Full Article: Source

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