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Sovereign Wealth Funds Briefing 14.Nov 2011

Posted on 14 November 2011 by VRS |  Email |Print

Song Seng WunGovernment of Singapore Investment Corp., manager of more than $100 billion of the city’s reserves, sold almost all of its 2 percent stake in Olympus Corp., the camera maker that said it hid losses with inflated fees.
GIC now only has an “insignificant holding” in Olympus under a portfolio managed by an external fund manager after the sale, the fund said in an e-mailed statement on Nov. 12, without elaborating on the financial effect of the divestment or plans for its remaining shares……………………………………….Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

Singapore’s sovereign wealth fund said on Saturday it has sold most of its holdings of Olympus Corp on concern about wrongdoing, the first major shareholder to show it had lost confidence in the scandal-hit Japanese medical device and camera maker.
Japanese authorities are investigating Olympus after the company admitted this week that it hid investment losses for decades using funds from merger and acquisition payments. Media reports on Saturday said police and regulators were joining forces in a rare collaborative effort to examine the cover-up………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

Australia finance minister Penny Wong has hired David Gonski, chairman of ASX Ltd. , to assist in the search for a new chairman of the Future Fund, the Australian newspaper reported Monday.
Current chairman David Murray’s term is due to end in 2012………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

One of Australia’s most powerful and experienced corporate advisers has been appointed by the government to engage with the board of the $73 billion Future Fund as it seeks a replacement for chairman David Murray.
The Australian has learned that Finance Minister Penny Wong has hired Australian Securities Exchange and Coca-Cola Amatil chairman David Gonski to consult with the board ahead of Mr Murray’s departure from the role………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

India’s foreign exchange reserves dropped by USD 5.72 billion to USD 314.66 billion for the week ended Nov 4 due to decline in the value of gold reserves and foreign currency assets, official data showed.
The forex reserves kitty has declined for the first time in the last five weeks under review. Foreign currency assets, the biggest component of the forex reserves kitty, declined by USD 3.87 billion to USD 280.57 billion for the week ended Nov 4, according to the weekly statistical supplement of the Reserve Bank of India (RBI)………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

Abu Dhabi is determined to succeed in aerospace, but not at all costs. Mubadala, the emirate’s $45 billion sovereign wealth fund, set up an aerospace division in 2006. The plan is for it to break even by 2013, but some latitude is possible on this goal, if the group secures the right partnership opportunities to support its plan to spend around $1 billion building another new facility here in the United Arab Emirates.
“Our shareholders have been very specific. We do not have an open checkbook, we have to be very smart because aerospace is one of several investment options for them,” explained Mubadala Aerospace chief executive Homaid Al Shemmari………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

Mubadala Development Company, Abu Dhabi’s strategic investment and development firm, will explore opportunities in sectors such as bauxite, alumina and iron ore in the Republic of Guinea.
The move follows the signing of collaborative agreements between the government of Republic of Guinea and Mubadala………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

The controversy surrounding the Sovereign Wealth Fund heightened yesterday with a PDP lawmaker warning the federal government to desist from further usage of the proceeds of the Excess Crude Account, ECA, to service the controversial fund.
Senator Ita Enang, who represents Uyo Senatorial District of Akwa Ibom State, issued the warning in a telephone interview with our correspondents………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

Some of the over-large cash component of Libya’s $65-billion sovereign wealth fund will be put to work financing post-Gaddafi reconstruction, leaving time for a full review of its less liquid investments.
“I expect an immediate shrinkage of the size of the fund,” Rafik Nayed, acting chief executive of the Libyan Investment Authority (LIA), said………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

Norway’s $548-billion sovereign wealth fund is focusing its investments in European equity and will continue to do so until the end of the year, its Chief Executive Yngve Slyngstad told reporters on Friday.
It plans to buy 100 billion crowns ($17.5 billion) in equity during this autumn………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

Norway’s half-trillion-dollar sovereign wealth fund is currently focused on buying shares, investing more than 100 billion crowns ($17.5 billion) in equity during this autumn, its Chief Executive Yngve Slyngstad told reporters on Friday.
The fund, commonly known as the “oil fund”, is managed by a unit of the central bank………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

Norway’s $570 billion oil fund and Axa SA’s real estate asset management unit agreed to buy three Paris office buildings for 290 million euros ($396 million), their second portfolio acquisition in the French capital.
The venture is purchasing the properties from SEB ImmoInvest, a Frankfurt-based fund that’s selling assets to return money to investors after halting redemptions………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

Norway’s Pension Fund, the nation’s giant €401bn sovereign wealth fund, is to make a second purchase in Paris in its joint venture with AXA Real Estate - a €290m office portfolio due to be completed in an off-market deal at the end of the year.
Norges Bank Investment Management, which manages the Government Pension Fund Global, Europe’s largest SWF, added its first French property package in August when it took over a 50% interest in seven AXA RE office assets for €1.4bn………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

European politicians are faced with one problem: none of their plans to end Europe’s debt crisis has worked. Absolutely nothing. Which is not that surprising – since when does adding debt solve a debt problem?
Fishing in Lake Acronym yielded only meager catches like SGP (“Stability and Growth Programme”, a paradox), SMP (“Securities Market Programme”, which has less to do with market than with manipulation), and, finally, the bazooka: the EFSF (European Financial Stability Facility)………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

The head of the Chinese Sovereign Wealth Fund, Jin Liqun, caused something of a stir recently with his comments on the European approach to welfare. For those of you who missed it, this is what he said:
‘If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn-out welfare society. I think the labour laws are outdated. The labour laws induce sloth, indolence, rather than hard working. The incentive system is totally out of whack………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

The Alaska Permanent Fund would have to restrict its investment in companies that do business with Iran, if bills introduced by a group of Republicans and Democrats in the state Legislature become law.
Anchorage Democratic Sen. Bill Wielechowski tells the Anchorage Daily News that Iran is a country recognized for supporting terrorism, violating human rights and creating a nuclear program that threatens the world………………………………………..Full Article: Source

Posted on 14 November 2011 by VRS |  Email |Print

Republicans and Democrats in the Alaska Legislature have sponsored bills requiring the state’s permanent fund and government retirement accounts to divest themselves of stock in companies that do Business with Iran, citing the country’s threats to the world and its own citizens.
“I think this is a unique situation,” said Sen. Bill Wielechowski, D-Anchorage. “You have a country that is recognized as supporting terrorism, has recognized human rights violations, is creating a nuclear program that is a threat to the entire world, and that is using money from investments being made there to kill Alaskan and American soldiers.”……………………………………….Full Article: Source

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