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Sovereign Wealth Funds Briefing 02.Dec 2010

Posted on 02 December 2010 by VRS |  Email |Print

From Bloomberg: Nigeria’s cabinet approved the creation of a sovereign wealth fund at a meeting today in a bid to secure more of the country’s oil revenue for future generations.
The bill will now go to parliament for approval, Information Minister Dora Akunyili told reporters in the capital, Abuja. The government has put aside $1 billion to set up the fund, Finance Minister Olusegun Aganga said on Sept. 3……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Arabianbusiness.com: Three Gulf Arab sovereign wealth funds and UAE based property developer Al Maabar have raised $1.77 billion for a tourism fund that aims to put Morrocco among the world’s top 20 destinations.
Omar Bennani, who heads state controlled Moroccan Touristic Engineering Company (SMIT), said the four investors were Bahrain’s Mumtalakat, the Kuwaiti Investment Authority (KIA), Qatar Investment Authority (QIA) and Al Maabar of the UAE……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Arabianbusiness.com: France said it’s in “active” talks with the Kuwait Investment Authority about selling a stake in nuclear reactor maker Areva and discussions with other potential investors are less advanced.
French Finance Minister Christine Lagarde told journalists today in Paris: “Negotiations in the short term are actively continuing with Kuwait Investment Authority. We also have other investors who are interested with whom negotiations will continue over a slightly longer period.”………………………………………Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Dow Jones: French Finance Minister Christine Lagarde Wednesday said the government will take the necessary time to conclude talks with investors on increasing the capital of nuclear group Areva. The government is talking with a number of investors and talks are advancing well with the Kuwait sovereign wealth fund, Lagarde said.
“We will take the necessary time to reach an agreement on a transaction that is respectful of the company’s value,” she told reporters during a press conference. Lagarde said the government will make the right decision at the right time with the right partner……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Emirates247.com: Abu Dhabi Investment Authority (Adia), one of the world’s richest sovereign wealth funds, said on Wednesday it appointed Jim Hime as chief financial officer for its real estate department.
Hime will be responsible for overseeing legal, tax and liquidity management at the real estate department, a statement from Adia said……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Bloomberg: Morgan Stanley is selling its 34.3 percent stake in China International Capital Corp. to Kohlberg Kravis Roberts & Co., TPG Capital, Singapore’s Great Eastern Holdings Ltd. and the island nation’s sovereign-wealth fund, four people with direct knowledge of the deal said.
Morgan Stanley plans to sell stakes of about 10 percent each to TPG and KKR, and about a 5 percent stake to Great Eastern, the insurer controlled by Oversea-Chinese Banking Corp., said the people, who declined to be identified because the matter isn’t public……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Reuters: Singapore’s GIC and OCBC’s insurance arm have joined a group led by U.S. private equity firms KKR and TPG Capital in buying Morgan Stanley’s 34.3 percent stake in top Chinese investment bank CICC.
Late on Wednesday, Reuters Breakingviews reported that Government of Singapore Investment Corp (GIC), Singapore’s sovereign wealth fund, had joined the bid by Kohlberg Kravis Roberts & Co and TPG for Morgan Stanley’s stake……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Bloomberg: Temasek Holdings Pte and Government of Singapore Investment Corp. raised about $9.9 billion from international investors over the past year, selling more debt and equity than any other state investment firm.
Temasek, based in Singapore, sold almost $6 billion of bonds since October last year. Temasek-controlled Mapletree Industrial Trust and Global Logistic Properties Ltd., GIC’s overseas logistics unit, raised S$5.1 billion ($3.9 billion) selling shares in October, accounting for 10 percent of the record initial public offerings in the Asia-Pacific region that month, according to data compiled by Bloomberg……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Dow Jones: The chief executive of the European Financial Stability Facility Klaus Regling said that he was visiting Singapore to update investors on developments in Europe and not to raise funds.
“We have got nothing to sell at the moment,” Regling was quoted as saying……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Ai-cio.com: The $37 billion Korea Investment Corp. (KIC) plans on forming joint investments with sovereign wealth funds in 2011. In an attempt to diversify away from traditional assets such as bonds and equities, the Seoul-based sovereign wealth fund is aiming on making up to four strategic investments next year.
According to the news service, KIC posted a 7% to 8% return this year from stocks and bonds traded in public markets……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Watoday.com.au: The Treasurer, Wayne Swan, has left open the door to creating a sovereign wealth fund once the government has paid off its debt, in an effort to boost national saving during the mining boom. While the government had no immediate plans for a sovereign fund, Mr Swan said he would welcome debate on policy measures to boost forms of national saving.
A stabilisation fund, suggested this week by the governor of the Reserve Bank, Glenn Stevens, was one option that could eventually be considered, Swan said, but boosting super was the immediate priority……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From Reuters: Osum Oil Sands Corp, a small privately owned development company, says it will sell C$100 million ($99 million) worth of its shares to Korea Investment Corp, marking the sovereign wealth fund’s second oil sands investment.
Korea Investment Corp pays C$50 million for a minor stake in Laracina Energy Ltd, a small, privately held oil sands developer……………………………………….Full Article: Source

Posted on 02 December 2010 by VRS |  Email |Print

From IPE: The Norwegian finance ministry has proposed the legislation for a new Government Pension Fund on the lines of the existing Petroleum Fund. It has submitted a separate legislative proposition on the proposed scheme to the national parliament, the Storting.
It said: “This fund is based on the Government Petroleum Fund and the National Insurance Scheme Fund and will help to make clear that the government accumulates assets to finance future pension payments.”………………………………………Full Article: Source

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