Connect with us

COMPETITION: Sovereign Wealth Funds Spice Up Deal Activity in Asia

Published

on

sovereign wealth fund center asia

Sovereign wealth funds continue to expand their reach in a variety of transactions across Asia. The Qatar Investment Authority (QIA) is competing against Goldman Sachs on the acquisition of the Keangnam Hanoi Landmark Tower. The 72-story tower is the tallest building in Hanoi and is worth an estimated US$ 1 billion. Korea-based Keangnam Enterprises, Ltd is the developer and seller of the tower.

Goldman Sachs’ offer would be assuming project-financing debt of US$ 900 million and formation of a special purpose vehicle to take over control of the tower. The QIA’s offer is to acquire the whole tower for US$ 800 million in cash. The New York office of Colliers International is the lead manager of the sale. Major companies such as KPMG, Standard Chartered and PwC have reserved space to setup offices in the tower. The tower includes an InterContinental hotel.

Temasek Eyes Postal Savings Bank of China

BNP Paribas, UBS and Temasek Holdings are among a selection of institutional investor bidders attempting to acquire up to a 10% stake in Chinese state-owned Postal Savings Bank of China (PSBC) for at least US$ 3 billion. PSBC is China’s largest bank in terms of outlets (around 40,000 branches), not in assets. The bank is preparing its initial public offering (IPO) for 2016, looking to raise US$ 25 billion. The Government of China would be open to selling a larger stake and is keen on selling to strategic investors versus typical commercial investors.

China International Capital Corporation (CICC) and Morgan Stanley are arranging the pre-IPO sale.

Sovereign Wealth Funds Makes Dough on Chinese Bank Investments

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

President Trump to Slap 10% Tariffs on $200 Billion in Chinese Goods, Increase to 25% Year-End

Published

on

U.S. President Trump in a bid to realign the global flows of trade surpluses and deficits moved to put 10% tariffs on US$ 200 billion in Chinese goods. The duties amount will go up to 25% at the end of 2018. China has already demonstrated and threatened to retaliate against the new trade tariffs.

President Trump’s first tariff shot against China started in July 2018, going after US$ 50 billion worth of goods.

“We stand ready to negotiate with China any time if they are willing to move towards serious talks to remedy trade problems,” White House National Economic Council Director Larry Kudlow commented to the press in New York on September 17, 2018.

Continue Reading

BNY Mellon Hires Shamik Dhar as Chief Economist

Published

on

BNY Mellon Investment Management hired Shamik Dhar as chief economist, effective October 1, 2018. This is a new position and Dhar will be based in London. According to the press release, “In the newly created role, Shamik will be responsible for conducting proprietary research and analysis, in order to develop economic commentary. He will act as the primary spokesperson for BNY Mellon IM on matters relating to global macroeconomics, geopolitics and capital markets.”

Previously, Dhar was Chief Economist since September 2014 at the UK government’s Foreign and Commonwealth Office. Dhar began his career as an Economic Assistant at HM Treasury, the UK government’s economic and finance ministry. He also had stints at Aviva Investors and the Bank of England.

Continue Reading

Saudi Arabia’s PIF Raises $11 Billion Loan

Published

on

Saudi Arabia’s Public Investment Fund (PIF) completed its massive US$ 11 billion international syndicated loan facility. According to documents, the cash will be used for “general corporate purposes.” The loan was structured as a club loan. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.