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Sovereign Wealth Funds Briefing 19.Jul 2010

Posted on 19 July 2010 by VRS |  Email |Print

From Indianexpress.com: The government will soon consider a proposal to set up a $10-billion Sovereign Wealth Fund (SWF) that will pursue strategic investment opportunities abroad. The corpus could be created either by dipping into the country’s foreign exchange reserves or through budgetary allocation or by raising funds from the domestic markets.
A government functionary, who did not wish to be named, said the proposal will soon be discussed by a group of ministers on external interface on energy security……………………………………….Full Article: Source

Posted on 19 July 2010 by VRS |  Email |Print

From China Knowledge: The Shanghai municipal government last Friday announced that it has inked a framework agreement with China Investment Corp, to promote cooperation between two parties in the construction of Shanghai international financial center, source reported.
The agreement will accelerate the government’s financial development in Shanghai, and help boost its business expansion in the region, according to statement made by the municipal government……………………………………….Full Article: Source

Posted on 19 July 2010 by VRS |  Email |Print

From Nytimes.com: Morgan Stanley got a little closer when its chairman, John J. Mack, gained a seat on the advisory council of the China Investment Corporation, the country’s sovereign wealth fund.
Morgan Stanley already has close ties to the fund, known as C.I.C., which owns a 9.9 percent stake in the Wall Street firm……………………………………….Full Article: Source

Posted on 19 July 2010 by VRS |  Email |Print

From Efinancialnews.com: Pantheon Ventures, a UK fund manager, has walked away from a $500m (€385m) mandate with one of the world’s largest sovereign wealth funds, in a rare move that appears to suggest the complexities with working with powerful investors.
Pantheon had a mandate with China Investment Corporation to invest in the second-hand private equity market on behalf of the sovereign wealth fund……………………………………….Full Article: Source

Posted on 19 July 2010 by VRS |  Email |Print

From Independent: The sultan of Brunei’s sovereign wealth fund, BMB Group, is expected to make an offer for the package holiday outfit Club Med later this week.
Paris-listed Club Med, which introduced Europeans to the all-inclusive holiday in the 1950s, is expected to be sold to BMB, which controls investments on behalf of the Sultan, for about €800m (£676m)……………………………………….Full Article: Source

Posted on 19 July 2010 by VRS |  Email |Print

From Todayonline.com: In a week, Malaysian sovereign wealth fund Khazanah Nasional, which is locked in a battle with India’s Fortis Healthcare for control of Parkway Holdings, will have to make known what its next move on the Singapore healthcare provider is going to be.
Khazanah’s original move - of a partial offer to double its stake in Parkway from the present 23.8 per cent to a controlling 51.5 per cent at $3.78 a Parkway share - has more or less failed with investors holding just another 1.2 per cent of Parkway shares in issue tendering their holdings to the Malaysian bidder……………………………………….Full Article: Source

Posted on 19 July 2010 by VRS |  Email |Print

From Thejakartaglobe.com: A plan by the State-Owned Enterprises Ministry to create an investment fund that would help finance infrastructure projects and the expansion and restructuring of state enterprises has stalled as senior officials question the details of the scheme.
Mustafa Abubakar, the minister for state-owned enterprises, said on Friday that the ministry was pushing ahead with the fund, which he said would play a pivotal role in providing an alternative source of funding for state enterprises and infrastructure development. He previously said it could eventually evolve into a sovereign wealth fund……………………………………….Full Article: Source

Posted on 19 July 2010 by VRS |  Email |Print

From AP: The Emirates’ market watchdog is calling on Aabar Investments’ top shareholder to boost its offer to buy out minority shareholders by more than a third.
The Securities and Commodities Authority urged state-run International Petroleum Investment Company to pay 1.95 dirhams (53 cents) a share in a letter disclosed Sunday. IPIC is offering 1.45 dirhams……………………………………….Full Article: Source

Posted on 19 July 2010 by VRS |  Email |Print

From Penews.com: A senior executive at Abu Dhabi’s sovereign wealth fund described debt troubles in ­neighbouring ­Dubai as a “small hiccup” as he announced a $200m (€154m) commitment to a new private equity fund targeting the Middle East and north Africa.………………………………………Full Article: Source

Posted on 19 July 2010 by VRS |  Email |Print

From Businessdayonline.com: The Centre for Social Justice (CSJ), an Abuja based non-governmental organisation (NGO), has warned that the Federal Government must seek ways to insulate the proposed Sovereign Wealth Fund (SWF) from the octopus of corruption which has defied the lip service paid to it by various governments in Nigeria.
The SWF is a pool of government investment funds which is funded by foreign currency reserves but managed separately from official currency reserves……………………………………….Full Article: Source

Posted on 19 July 2010 by VRS |  Email |Print

From Dow Jones: Peru’s net international reserves rose to a record $37.11 billion as of July 13, boosted in part by heavy U.S. dollar buying by the Central Reserve Bank of Peru.
The central bank has been intervening regularly since July 18 to purchase dollars, as strong foreign capital inflows increase appreciation pressures on the local currency, the sol……………………………………….Full Article: Source

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