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Sovereign Wealth Funds Briefing 16.Nov 2016

Posted on 16 November 2016 by VRS |  Email |Print

Saudi Arabia’s sovereign wealth fund said it has no plans to sell down the equity stakes it holds in local companies. “The Public Investment Fund has no plan or intention to reduce its equity holdings in Saudi Arabia,” the fund said in an e-mailed statement Tuesday, reacting to a Bloomberg report that it’s considering options for its holdings as it looks at ways to diversify its portfolio.
The PIF, with about $100 billion worth of shares in listed local companies, is reviewing the stakes as it seeks to diversify its assets, five people with knowledge of the matter said, asking not to be identified as the discussions are private………………………………….Full Article: Source

Posted on 16 November 2016 by VRS |  Email |Print

Saudi Arabia’s sovereign wealth fund is considering selling stakes in local companies to raise funds for international expansion, according to five people with knowledge of the matter. The Public Investment Fund — with about $100 billion worth of shares in listed local companies including Saudi Basic Industries Corp. and Saudi Telecom Co. — is reviewing the stakes as it seeks to diversify its assets, the people said, asking not to be identified as the discussions are private.
The fund could reduce its holdings in local companies and retain control through measures such as golden shares, one of the people said. Saudi Arabia is planning to expand its sovereign wealth fund into the world’s largest by transferring ownership of Saudi Aramco to the PIF and also the proceeds from the oil company’s initial public offering………………………………….Full Article: Source

Posted on 16 November 2016 by VRS |  Email |Print

Bloomberg’s Riad Hamade discusses the MISK Global Forum in Riyadh, Saudi Arabia’s efforts to help with youth unemployment and the plan to make their sovereign wealth fund the biggest in the world. He speaks on “Bloomberg Markets: Middle East.”.………………………………..Full Article: Source

Posted on 16 November 2016 by VRS |  Email |Print

Saudi Arabia’s main sovereign wealth fund, Public Investment Fund (PIF), is considering buying a stake in Riyadh-based ACWA Power, which operates power and water plants around the world, sources familiar with the matter told Reuters.
PIF, which already owns a 13.7 percent stake in ACWA indirectly through a subsidiary, invited investment banks last month to pitch for the role of advising it on a potential ACWA deal, according to four sources, declining to be named due to the sensitivity of the matter. Talks are still at a preliminary stage, and neither party has appointed an advisor, said two of the sources, who are based in the Gulf………………………………….Full Article: Source

Posted on 16 November 2016 by VRS |  Email |Print

China Investment Corporation (CIC), the sovereign wealth fund, is stepping up its overseas investment, focusing on targets closely tied to the country’s economic development. Qi Bin, CIC’s deputy general manager, revealed the move, while speaking at the private equity firm Hony Capital’s annual general meeting in Shenzhen on Monday.
“This will be the future trend for CIC. Any investment must be closely tied to Chinese industry and serve in its economic transition ,” he said………………………………….Full Article: Source

Posted on 16 November 2016 by VRS |  Email |Print

China Life and China Investment Corporation are among the latest mainland financial companies set to open offices in London, even as concerns over Brexit remain, according to Mark Boleat, chairman of the Policy and Resources Committee for the City of London.
“There will be more Chinese financial firms opening offices in London. The major mainland banks have expanded in London in recent years and they have sent more senior executives to London,” Boleat said in an interview with the South China Morning Post at Guildhall office in London………………………………….Full Article: Source

Posted on 16 November 2016 by VRS |  Email |Print

In the first three quarters of the year, fund posts an investment profit of HK$86.8 billion. Its total assets worth HK$3.57 trillion by end of September. The Exchange Fund, the reserve designed to defend the Hong Kong currency, has reported an investment gain of HK$42.5 billion in the third quarter, more than double that of the previous three-month period, thanks to a large increase in stock investment income.
The third-quarter investment income, reported on Tuesday, was a turnaround from a loss of HK$63.8 billion in the same period last year, data from the Hong Kong Monetary Authority showed………………………………….Full Article: Source

Posted on 16 November 2016 by VRS |  Email |Print

A recent assessment from the Hong Kong Central Bank has warned that blockchain could increase the risk of money laundering, according to The Business Times. In a study, the HKMA said even though bitcoin’s distributed ledger could save on cost and cut down on time, it also had the potential to provide criminals with a way of undertaking illegal activities.
Shu Pui Li, the central bank’s executive director for financial infrastructure, said at a HKMA FinTech Day presentation that: [Blockchain offers] good potential, but a lot of things need to be addressed………………………………….Full Article: Source

Posted on 16 November 2016 by VRS |  Email |Print

Korea’s sovereign wealth fund Korea Investment Corp. will lower barriers for smaller local funds to be eligible for entrustment to seek economies of scale in its overseas investments, the government said Tuesday.
The Ministry of Strategy and Finance said the government agreed at a Cabinet meeting on the revision of the KIC-related act to induce more entrustment of the local institutions into the KIC and expand the scope of KIC’s investment targets………………………………….Full Article: Source

Posted on 16 November 2016 by VRS |  Email |Print

Malaysian Prime Minister Najib Razak rebuffed allegations of suppression of the probe into the multi-billion dollar financial irregularities in the state investment fund 1 Malaysia Berhad, saying it was he who initiated the investigation into the scandal.
The prime minister’s latest offensive came a day after a Malaysian court sentenced prominent opposition parliamentarian Rafizi Ramli to 18 months in jail for exposing documents related to the financial scandal that rocked the government………………………………….Full Article: Source

Posted on 16 November 2016 by VRS |  Email |Print

Malaysian Prime Minister Najib Razak has been under fire since 2014 over allegations that billions of dollars were looted from state investment fund 1MDB in an audacious campaign of fraud and money-laundering.
On Saturday, an influential pro-reform group is planning a rally in downtown Kuala Lumpur to demand Najib’s ouster over the affair. Here are some answers to key questions in the saga. What is 1MDB? - 1Malaysia Development Berhad (1MDB) is a state investment fund Najib launched in 2009 shortly after assuming office………………………………….Full Article: Source

Posted on 16 November 2016 by VRS |  Email |Print

Temasek Holdings, the Singapore state-owned investment giant which pared its stake in Alibaba Group Holding in the third quarter, said yesterday that China’s biggest online retailer remains an essential part of its portfolio.
Temasek sold 14.5 million American depositary receipts (ADRs) in the quarter, leaving it with 39.6 million at the end of September valued at US$4.2 billion (S$5.9 billion), according to a filing with the United States Securities and Exchange Commission on Monday. Temasek had added 6.5 million ADRs in the company in the June quarter, according to an earlier filing………………………………….Full Article: Source

Posted on 16 November 2016 by VRS |  Email |Print

Temasek Holdings Pte pared its investment in Alibaba Group Holding Ltd. in the third quarter, as shares of China’s biggest online retailer rallied, while emerging as a shareholder of software maker Dell Technologies.
The Singapore state-owned firm sold 14.5 million American depositary receipts, leaving it with 39.6 million at the end of September, worth US$4.2 billion, according to a filing with the US Securities and Exchange Commission on Monday. Alibaba gained 33 per cent in the three months through September. Temasek had added 6.5 million ADRs in the company in the June quarter, according to an earlier filing………………………………….Full Article: Source

Posted on 16 November 2016 by VRS |  Email |Print

The Singaporean sovereign wealth fund GIC will buy P3 Logistics Parks, which also has investments in Romania, in a deal worth EUR 2.4 billion, business-review.eu informs.
P3, which is one of the biggest owners, developers and administrators of logistics assets across Europe, will be acquired by GIC from TPG Real Estate and its partner Ivanhoé Cambridge. The sellers had taken over P3 in 2013………………………………….Full Article: Source

Posted on 16 November 2016 by VRS |  Email |Print

The Alaska Permanent Fund Corp. has made another winning bet on a startup company, banking more than $300 million after providing early capital for a giant home-rental firm that took advantage of the collapse of the nation’s housing market.
That initial investment came in 2012, when Permanent Fund managers put down $600 million to help start American Homes 4 Rent, created by California self-storage billionaire B. Wayne Hughes Jr. of the Public Storage empire………………………………….Full Article: Source

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