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Sovereign Wealth Funds Briefing 23.Dec 2010

Posted on 23 December 2010 by VRS |  Email |Print

From Financialexpress.com: The government is planning to set up a sovereign wealth fund (SWF) to acquire oil and gas blocks abroad and is taking serious steps to encourage both state-owned and private players to buy energy assets in other countries, government officials said.
“The National Manufacturing Competitiveness Council is examining the feasibility of setting up an SWF to acquire raw materials and assets from abroad not only in the energy industry but across all sectors. We are awaiting their recommendations,” said Vivek Kumar, joint secretary, petroleum ministry………………………………………Full Article: Source

Posted on 23 December 2010 by VRS |  Email |Print

From China.org.cn: Guoxin Asset Management Co, China’s new state-asset management company, officially launched. Guoxin Asset Management Co, also referred to as “China Investment Corporation (CIC) No.2,” is expected to play an important role in the restructuring of state-owned enterprises.
Xie Qihua, former board chairman of Baosteel Group, has been designated as the board chairman for Guoxin, the newspaper reported, and Liu Dongsheng, chairman of the Supervisory Board for Key Large State-Owned Enterprises of State-owned Assets Supervisory and Administration Commission (SASAC), will be the general manager……………………………………….Full Article: Source

Posted on 23 December 2010 by VRS |  Email |Print

From China Knowledge: China’s State Council inaugurated Guoxin Asset Management Co to step up the restructuring of small state-owned enterprises as part of the Chinese government’s effort to list more SOEs, the Shanghai Securities News reported.
People in the financial industry have likened the new state-owned asset management firm to the country’s US$300-billion sovereign-wealth fund, China Investment Corp, and have called Guoxin “CIC No. 2″, according to the report……………………………………….Full Article: Source

Posted on 23 December 2010 by VRS |  Email |Print

From Thejakartaglobe.com: Indonesia’s antimonopoly commission said on Wednesday it is looking to seize Indonesian assets held by Temasek Holdings if the Singapore state-owned investment company does not settle its outstanding fines.
The planned move by the Business Competition Supervisory Commission (KPPU) could spook foreign investors who have been pumping billions of dollars into the economy and the country’s capital markets in recent years……………………………………….Full Article: Source

Posted on 23 December 2010 by VRS |  Email |Print

From Channelnewsasia.com: Temasek Holdings should now seek clarification with the Indonesian authorities over the payment of fines for anti-competitive behaviour in 2007. That’s according to lawyers following Temasek’s statement that it has not received any official notice.
Legal experts Channel NewsAsia spoke to said it is common practice that any penalty against an individual or business should be followed by an official legal notification. The Indonesian Anti-Monopoly Agency has said it is evaluating Temasek’s assets in the country, and said the government has the right to seize them if a court-imposed fine is not paid……………………………………….Full Article: Source

Posted on 23 December 2010 by VRS |  Email |Print

From Reuters: State-run Korea Investment Corp (KIC) said on Thursday that it would invest $50 million in an infrastructure investment fund managed by a group including Abu Dhabi’s Mubadala Development Company.
KIC, which manages money entrusted by South Korea’s government and central bank, said in a statement that it would invest the money in the MENAT fund managed by Mubadala Infrastructure Partners Fund, a unit of the Abu Dhabi company……………………………………….Full Article: Source

Posted on 23 December 2010 by VRS |  Email |Print

From Propertyweek.com: Hermes Real Estate has unexpectedly cancelled the sale of its sale of a 7.5% stake in the Bluewater shopping centre in Kent. GIC, the sovereign wealth fund of the Government of Singapore which owns 17.5% of Bluewater, was understood to have considered buying the stake.
The fund manager was looking to sell the stake in the 1.6m sq ft centre for £120m, as it looks to sell down partial holdings in funds and assets……………………………………….Full Article: Source

Posted on 23 December 2010 by VRS |  Email |Print

From WSJ: The government rejected the option to float 30% of Areva’s capital on the stock exchange, claiming the need to protect a strategic champion from foreign and private investors but ended up planning a 15% capital increase, turning to chosen investors, all foreign: Areva’s Japanese partner Mitsubishi Heavy Industries and sovereign funds Qatar Investment Authority and Kuwait Investment Authority.
For its part, QIA’s demands to get a hand on Areva’s uranium extraction business came as a surprise to the governmental interlocutors, after months of discussions, and were turned down. Hence the minimal capital increase of €900 million……………………………………….Full Article: Source

Posted on 23 December 2010 by VRS |  Email |Print

The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapters. The book is organized around four themes: (1) the role and macrofinancial linkages of SWFs, (2) institutional factors, (3) investment approaches and financial markets, and (4) the postcrisis outlook.
The book also discusses the challenges facing sovereign wealth funds in the coming years, from an inside perspective on countries, including Canada, Chile, China, Norway, Russia, and New Zealand. Economics of Sovereign Wealth Funds will contribute to a further understanding of the nature, strategies and behavior of SWFs and the environment in which they operate, as their importance is likely to grow in the coming years……………………………………….Full Article: Source

Posted on 23 December 2010 by VRS |  Email |Print

From Eluniversal.com: According to data provided by the Central Bank of Venezuela (BCV), liquid external assets, that is, US dollars deposited in bank accounts or in foreign currency instruments that are immediately available to cover imports, pay debt and meet the demand of foreign currency, have plummeted.
At the end of the third quarter of 2010, liquid foreign exchange reserves amounted to USD 9.8 billion, a 42 percent fall compared to the same period in 2009 and a 65 percent decline versus the same period in 2008……………………………………….Full Article: Source

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