Qatar's sovereign wealth fund has taken a $12bn hit this quarter, as a result of large weightings in Volkswagen and Glencore, which have seen shares plummet to record lows.
Volkswagen could make up around $8.4bn of the loss, according to the Financial Times, as the German carmaker admitted it had rigged emmissions tests in the US. The Qatar Investment Authority holds common and preferred shares in the firm, where share prices have fallen 50.8% in the past three months alone. The new BP? Volkswagen 'shocker' rocks autos but managers avoid knee-jerk reaction Another top holding in the world's ninth biggest wealth fund is Glencore, which has been shaken by China's slowing demand for commodities and investors' concerns about the company's huge debt pile. The ...
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