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’Kuwait deals blow to Citi
The Kuwait Investment Authority has held internal discussions about scaling back its banking relationship with Citigroup in a move that could include transferring funds currently deposited with the US bank.
Zain investors prepare to sell big stake
Big shareholders in Zain, Kuwait’s largest telecoms operator, are preparing to sell a 46% stake in the company for about $13.7bn, in what could be one of the largest financial transactions on record in the Gulf.
KIA rethink on Dow Chemical deal
The Kuwait Investment Authority would consider increasing its support for Dow Chemical’s disputed takeover of Rohm and Haas if the terms of the deal were changed to account for the downturn, said sources close to the deal.
Kuwait to lift Japan exposure
Kuwait is planning to “double or triple” its investment in Japan, in a move that could take its total commitment to $50bn, according to Mustapha al-Shamali, the Gulf state’s finance minister. Both Shamali and Bader al-Saad,
Blackrock, UBS and the SWFs: A deal made in heaven
The FT’s weekend report on how sovereign wealth funds have provided more than half the equity for the BlackRock fund that bought $15bn of troubled mortgage debt from UBS this month is about one of those rare deals that makes everybody happy.
Chinese fund builds stake in BP
A Chinese sovereign wealth fund has built up a stake of about £1bn in BP, in a move which has caused a stir within the British government, reports the Daily Telegraph. The fund is understood to have quietly acquired the shares in the market over a period.
FT analysis: Silence not necessarily golden for sovereign funds
Sovereign wealth funds are suddenly the capital provider of first and last resort for ailing US financial institutions, investing at least $30bn in some of Wall Street’s biggest banks and brokerages, writes the FT’s Henny Sender in an FT analysis on Friday.
Citi, Merrill, and then, the world: SWFs go shopping
If you think you’ve heard enough about sovereign wealth funds taking over the western financial world, then there’s nowhere to go but into the wild. There has already been a deluge of coverage and commentary,
Kuwait moves in as Merrill seeks $4bn
The Kuwait Investment Authority is expected to be a significant investor in Merrill Lynch as it seeks about $4bn in a second capital raising to help plug a growing hole in its balance sheet. The new deal with KIA could be announced as soon as midweek.
Kuwaiti fund eyes US subprime bargains
The Kuwait Investment Authority is following its Middle Eastern peers in the hope of finding US bargain investments in the wake of the subprime mortgage crisis. The $213bn sovereign wealth fund is particularly interested in opportunities in financial services and feels prices in the sector will not drop much further,