3 d. ago Why Trump’s US sovereign wealth fund brings high stakes and serious risks

The US Supreme Court lawsuit challenging President Donald Trump’s tariff war and the recent budget fight on Capitol Hill might have dragged down – if not sunk – one of Washington’s proposed tools to spearhead its strategic competition with China. Ten months after Trump’s executive order authorising the creation of the nation’s first-ever sovereign wealth fund (SWF), there are still few clues about how it can be funded, structured and managed, leaving a giant question mark on whether it could run...

Politics

3 d. ago Trump wants a sovereign wealth fund to compete with China. Big questions remain

The US Supreme Court lawsuit challenging President Donald Trump’s tariff war and the recent budget fight on Capitol Hill might have dragged down – if not sunk – one of Washington’s proposed tools to spearhead its strategic competition with China. Ten months after Trump’s executive order authorising the creation of the nation’s first-ever sovereign wealth fund (SWF), there are still few clues about how it can be funded, structured and managed, leaving a giant question mark on whether it could run...

Politics

1 week ago Standard Chartered faces US$2.7 billion 1MDB suit in Singapore

A Singapore court has cleared the way for a US$2.7 billion lawsuit against Standard Chartered Bank over its alleged role in 1MDB fraud, liquidators seeking to recover the funds said on Monday. Singapore High Court dismissed an application by the bank to strike out a suit filed against it by liquidators, the liquidators said in a press release, calling it “a significant legal victory” allowing the case to continue. Liquidators trying to recover money from Malaysia’s sovereign wealth fund 1MDB...

Economics

2 w. ago Hong Kong, Saudi Arabia set to launch US$1 billion fund, Paul Chan says

The Hong Kong Monetary Authority (HKMA) and the sovereign wealth fund of Saudi Arabia will launch a US$1 billion fund to help companies from Hong Kong and other cities in the Greater Bay Area expand into the Middle Eastern country, Financial Secretary Paul Chan Mo-po said on Tuesday. The move was expected to contribute to the development of non-oil economic sectors in Saudi Arabia, he said. “Next month, a major Saudi development company will be hosting a roadshow in Hong Kong to seek strategic...

Economics

2 w. ago Can Danantara’s haj village bid reshape Indonesia’s global presence?

Indonesia’s newest sovereign wealth fund, Danantara, is making a bold entrance onto the world stage with ambitious plans ranging from bidding to construct a haj village in Mecca to launching one of the world’s largest waste-to-energy initiatives. At the heart of these ambitions is Pandu Sjahrir, chief investment officer of the state-backed fund established by President Prabowo Subianto in February to manage strategic investments and improve governance across public assets. In an interview with...

Politics

3 w. ago China’s sovereign fund sidelines executives amid worries over US scrutiny

China’s flagship sovereign wealth fund has moved three of its managing directors to new, subordinate roles, sources told the Post, with the heads of the fund’s fixed income, private equity and public relations departments all taking new non-managerial positions. All have extensive overseas work experience, and none have reached the statutory retirement age. More reorganising could be on the horizon at China Investment Corporation (CIC), the sources said on condition of anonymity, including those...

Politics

3 w. ago Saudi video gaming giant Savvy eyes China’s vast market and talent

Savvy Games Group, the video gaming powerhouse owned by Saudi Arabia’s sovereign wealth fund, is looking to the Chinese market for inspiration as it embarks on a new phase of global expansion, according to company executives. During a recent visit to Shanghai, Saudi Prince Faisal bin Bandar bin Sultan Al Saud, vice-chairman of Savvy, highlighted China’s appeal, citing its vast consumer base and exceptional talent pool. “What is unique to China is its ability to be successful in games and esports...

Politics