Archive | May, 2009

Mumtalakat eyes boost in foreign spending

Gulf Times reports that, “Bahrain’s sovereign wealth fund is eyeing stakes in US, European and Asian firms in sectors including commodities and financial services, and will add new asset classes to its portfolio, its chief executive said. The value of investments held by the sovereign wealth fund had fallen by about 10% to 15% from […]

Singapore PM kills Temasek II idea to help local firms

Reuters reports that, “The Singapore government will help nurture local companies compete in international markets, but will not force its sovereign wealth fund Temasek to finance them as suggested by some legislators, Prime Minister Lee Hsien Loong told parliament on Wednesday. ‘Government wants to help companies grow, is trying many ways and is willing to […]

Mubadala Eyes Investment in French Firms

Khaleej Times reports that, “Mubadala Development Company, an investment arm of the Abu Dhabi government, on Tuesday signed a deal to explore joint investment opportunities in French companies. The memorandum of understanding between Mubadala and France’s Fonds Strategique d’Investissement, or FSI, aims to set up a framework for investing in sectors that are of mutual […]

StatoilHydro Hopes to Double its U.S. Oil Output

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Norges Bank hiring in Shanghai

Asian Investor states, “NBIM received approval as a qualified foreign institutional investor (QFII) from the China Securities Regulatory Commission in October 2007 and now runs a fund worth roughly $200 million in China. The Shanghai office is also responsible for maintaining the fund’s Asia-Pacific portfolio, which as at end 2008, represented 16.2% of NBIM’s equity […]

Greenspan Says Hong Kong’s Yam Was Right to Buy Stocks in 1998

Former Federal Reserve Chairman Alan Greenspan, who in 1998 criticized Hong Kong’s central bank for purchasing $15 billion in stocks during the Asian financial crisis, now calls it a savvy move. “It turned out that his timing was exquisite,” Greenspan said, referring to Joseph Yam, who plans to retire Oct. 1 after 16 years as […]

GIC Firm on Investments with Citigroup and UBS

On Tuesday, the Government of Singapore Investment Corporation (GIC) reiterated they plan on holding its stakes in UBS AG and Citigroup. In fact, GIC officials are keen to hold these stakes for the long-term until an extremely high price comes along. Citigroup and UBS are trying to return to profitability and improve capital ratios. A […]

China’s Stockpiles Are New Sovereign Wealth Strategy, RBC Says

China is stockpiling commodities such as copper and iron ore as part of a reallocation of its sovereign wealth amid concern that the value of its dollar assets may decline, according to the Royal Bank of Canada. “It’s part of an overall desire to decrease its exposure to dollar assets,” said Brian Jackson, senior strategist […]

Kuwait looks to raise stake in China’s ICBC

Reuters reports that, “OPEC oil exporter Kuwait is looking to raise its stake in the Industrial and Commercial Bank of China(ICBC) and invest in Chinese energy and industrial sectors, its finance minister said on Friday. Speaking to Reuters on the sidelines of the World Economic Forum at the Dead Sea in Jordan, Mustapha al-Shamali also […]

Bahrain wealth fund to keep inward focus for now

Reuters reports that, “Bahrain’s sovereign wealth fund said on Friday it would focus for now on its domestic investments, including Gulf Air, but would be on the lookout for global investments in sectors like tourism. ‘Right now, my focus really is on the existing portfolio companies which is mostly in the Bahrain market,’ Mumtalakat Chief […]

Temasek Dumps Bank of America Stake

Singapore’s Temasek Holdings invested a ton of opportunistic capital in Merrill Lynch and Barclays Plc during the global financial crisis. The Singaporean sovereign fund has dumped its stake in Bank of America Corporation. Temasek had indirectly received shares of Bank of America after it purchased Merrill Lynch. Temasek invested nearly US$ 5.9 billion for a […]

Libya Looks at Taking Stake in Italy’s Enel

According to the Wall Street Journal, “Libya’s sovereign-wealth fund may take a minority stake in Enel SpA as part of the Italian utility’s planned capital increase, according to Enel’s chief executive and Libya’s ambassador to Italy. In an interview, Enel CEO Fulvio Conti said the Libyan Investment Authority had recently expressed interest in taking a […]

Temasek, GIC stake rise in ICICI Bank under scrutiny

According to the Business Standard, “the finance ministry and the Reserve Bank of India (RBI) has asked the Securities and Exchange Board of India (Sebi) to examine whether a proposal by Temasek Holdings and Government of Singapore Investment Corporation (GIC) to increase their stakes in ICICI Bank would trigger the takeover code under which they […]

China Construction Bank Rises On Reports Of CIC Buy

Shares of China Construction Bank Corporation rose as much as 7.4% Thursday on reports China’s US$ 200 billion sovereign-wealth fund may scoop up part of Bank of America Corp.’s (BAC) stake in the Chinese lender. China Construction Bank was up 3.2% at HK$4.90 at the midday break on Hong Kong’s stock market, having risen as […]

Hong Kong foreign-currency reserves up $7.1 billion in April

Xinhua reported that, “Hong Kong’s official foreign- currency reserve assets rose to 193.4 billion U.S. dollars in April, up 7.1 billion U.S. dollars on March, the Monetary Authority of Hong Kong said on Thursday. Including unsettled forward contracts, foreign currency reserve assets stood at 194 billion U.S. dollars. The total foreign-currency reserve assets represent about […]

Dubai World eyes Zimbabwe game park in Africa push

According to Reuters, “State-owned holding company Dubai World said on Sunday its African unit was investing in a wildlife game reserve in Zimbabwe as part of plans to boost its investments in Africa. Dubai World Africa, which in March said it bought three top-end South African wildlife game parks, has been pursuing investments that boost […]

Chinese sovereign wealth fund interested in taking a stake in Fonterra, says Prime Minister Key

The New Zealand Herald states, “Prime Minister John Key has revealed China’s US$200 billion ($349 billion) sovereign-wealth fund has signaled its interest in a stake in NZ dairy giant Fonterra if it changes its capital structure. China Investment Corp chief executive Lou Jiwei made the fund’s interest in Fonterra, and other New Zealand assets, clear […]

Occidental Petroleum and Mubadala Sign Development and Production Sharing Agreement for the Bahrain Field Development

The press release states, “Occidental Petroleum Corporation and Mubadala Development Company (Mubadala), through its business unit Mubadala Oil & Gas, announced today that they have signed a Development and Production Sharing Agreement (DPSA) with the National Oil and Gas Authority of Bahrain (NOGA) for the further development of the Bahrain Field. Under this agreement, a […]

Large Brunei investment in Kuala Lumpur

According to The Star, “The Brunei Investment Agency, which is the financial and investment arm of the oil-rich sultanate, will take up a big stake in the construction of a five-star hotel in Kuala Lumpur’s Golden Triangle. The agency was also eyeing Johor, Sabah and Sarawak for investment opportunities following talks between Prime Minister Datuk […]