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Sovereign Wealth Funds Briefing 14.Oct 2011

Posted on 14 October 2011 by VRS |  Email |Print

India is planning a major overseas shopping drive to ensure secured supply of scarce natural resources such as, iron ore, agriculture, and power to push the country’s strategic and domestic needs.
The Cabinet on Thursday approved a comprehensive policy framework that includes setting up of specialised secretaries’ panel headed by the cabinet secretary for quick decision making and cheaper credit to help companies acquire these scarce resources……………………………………….Full Article: Source

Posted on 14 October 2011 by VRS |  Email |Print

The government on Thursday decided to constitute a dedicated sovereign wealth fund “in due course” in the Cabinet’s strategic policy decision to let the central public sector undertakings (PSUs) invest abroad in mines, agriculture and other sources of raw material assets.
Though an official press note on the Cabinet decision is silent on purpose of the sovereign wealth fund, it is basically meant for funding the PSUs for investments in foreign assets. The cabinet is also said to believe that SWF will also come handy in raising money for such investments from seizure of the Indians’ black money locked in foreign assets and banks……………………………………….Full Article: Source

Posted on 14 October 2011 by VRS |  Email |Print

The Reserve Bank of India (RBI) has opposed the creation of a $20 billion sovereign wealth fund, for acquisition of energy assets overseas, out of foreign exchange reserves and wants the government to create the corpus for it from the Budget.
India, with big current account deficits and no real export surpluses worth speaking about, cannot create a sovereign wealth fund. A Group of Ministers headed by Finance Minister Pranab Mukherjee today deliberated on the possible ways of creating a fund on the lines of ones that exit in countries like China……………………………………….Full Article: Source

Posted on 14 October 2011 by VRS |  Email |Print

A Group of Ministers headed by Finance Minister Pranab Mukherjee today deliberated on the possible ways of creating a fund on the lines of ones that exit in countries like China. “Various things were discussed but no view has emerged,” Oil Minister S Jaipal Reddy said after the 75 minute meeting.
Sources privy to the deliberations said RBI was against using nation’s forex reserves for setting up the fund. So, the Planning Commission has been asked to work out surplus that may be generated after accounting for all Plan and non-Plan expenditure……………………………………….Full Article: Source

Posted on 14 October 2011 by VRS |  Email |Print

China’s vote of confidence in its banks has won over investors in Hong Kong, who have kept shares aloft in the four days since a sovereign wealth fund bought up shares.
But Shanghai investors have proven harder to impress – even though the shares were purchased there……………………………………….Full Article: Source

Posted on 14 October 2011 by VRS |  Email |Print

After a successful financial management career, Felix Chee was set to retire for the third time in 2008. But then he was offered a once-ina-lifetime opportunity to move to Beijing and help run China’s new sovereign wealth fund. He accepted the offer but postponed his start date until a month after the birth of his first grandchild.
“I wanted to be here,” he said, explaining that he found it difficult to be away from his family. That changed this year, when Chee was appointed Chief Representative to Canada of the more than $400 billion China Investment Corp.(CIC) fund……………………………………….Full Article: Source

Posted on 14 October 2011 by VRS |  Email |Print

Alliance Financial Group Bhd., a Malaysian lender part-owned by Singapore’s Temasek Holdings Pte, aims to increase return on equity to 18 percent, focusing on growth in consumer and small-business banking.
Alliance, the smallest among eight banks in the Southeast Asian nation, will offer wealth management products to lure rich clients and bolster services to a segment of corporate borrowers ignored by rivals, Sng Seow Wah, chief executive officer of its banking unit, said………………………………………Full Article: Source

Posted on 14 October 2011 by VRS |  Email |Print

Malaysian state-owned investment company Khazanah Nasional was planning to close a Rmb300m-Rmb500m Islamic bond as EuroWeek Asia went to press. It had relaunched the deal after turning its back on the market last month.
It was the first time any company had attempted to sell a sukuk in the offshore renminbi market………………………………………..Full Article: Source

Posted on 14 October 2011 by VRS |  Email |Print

As debate rages between the Finance Ministry and the Bank of Thailand regarding the establishment of Thailand’s first sovereign wealth fund (SWF), I have listed some of my thoughts on the subject; some things that you need to know.
SWFs are state-owned investment funds typically investing in financial assets, property and precious metals. They are different from foreign-exchange reserves held by central banks. SWFs usually invest for the long term, while management of foreign-exchange reserves mostly comprises short-term currency stabilisation and liquidity management……………………………………….Full Article: Source

Posted on 14 October 2011 by VRS |  Email |Print

As Libya’s citizens rebuild their lives and economy, undoing the corruption in the Libyan Investment Authority (LIA), the sovereign wealth fund in which Muammar el-Qaddafi’s regime allegedly stashed and misused Libya’s oil wealth, is becoming a priority.
The National Transitional Council is debating who should take over Libya’s Central Bank and the LIA’s assets – an especially important decision, given that oil production is not expected to return to pre-war levels for several years……………………………………….Full Article: Source

Posted on 14 October 2011 by VRS |  Email |Print

The parent of China’s Hainan Airlines as well as Qatar’s sovereign wealth fund and French luxury goods group LVMH Moet Hennessy Louis Vuitton are likely to bid for high-end resort chain Amanresorts International when final bids are due next week, people familiar with the situation said.
Indian real estate firm DLF, which is seeking more than $400mn from the sale of the resorts, put the chain up for sale earlier this year, they said. The bids are likely to be between $450mn and $550mn, one of the people said, with the deal likely to close by December……………………………………….Full Article: Source

Posted on 14 October 2011 by VRS |  Email |Print

Slovakia finally ratified new powers for the euro zone’s rescue fund on Thursday, the last country to do so, clearing the way for a bolder effort to arrest Europe’s sovereign debt crisis, which threatens global financial stability.
The vote came 10 days before a European Union summit called to approve a “comprehensive strategy” to fight the crisis, expected to include action to reduce Greece’s debt burden, a plan to strengthen European banks and measures to stop contagion spreading to larger euro zone economies……………………………………….Full Article: Source

Posted on 14 October 2011 by VRS |  Email |Print

The Alaska Permanent Fund’s new Chief Investment Officer will be Jay Willoughby, a New Jersey investment manager.
The announcement was made Thursday by Executive Director Mike Burns, who has also been acting as CIO of the $38 billion state savings account since previous CIO Jeffrey Scott left during the summer……………………………………….Full Article: Source

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