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Sovereign Wealth Funds Briefing - Category | Market more

CEO of QIA outlines the key focusses of the fund

Posted on 17 February 2014 by VRS  |  Email |Print

H.E. Ahmad Al-Sayed, the CEO of Qatar Investment Authority , spoke publicly for the first time since his appointment to confirm the vision for QIA . In an interview with Bloomberg Television in London, Mr. Al Sayed noted that the strategy of QIA is mainly inspired by the vision of His Highness the Emir Sheikh Tamim Bin Hamad Bin Khalifa Al Thani, Chairman of QIA , considering the QIA as a saving fund for the future.
“The QIA is working with a professional management team to enhance our return and achieve our objective.”, he said………………………………………..Full Article: Source

African nations race to build sovereign funds

Posted on 14 February 2014 by VRS  |  Email |Print

Resource-rich African countries are busy setting up sovereign wealth funds, but critics say the funds may not serve the long-term interests of poor countries that still need to invest in basics such as schools and roads.
Three oil producers, Angola, Ghana and Nigeria, started funds in the last two years. Before them, only Botswana, Gabon and Equatorial Guinea had such schemes. Other countries are following. Zambia and Liberia announced plans for funds last month. Tanzania, Kenya, Uganda, Mauritius, Mozambique and Zimbabwe have similar intentions………………………………………..Full Article: Source

Chad launches state telecoms company privatisation

Posted on 14 February 2014 by VRS  |  Email |Print

Chad has launched the privatisation of its state-owned telecoms company, following a failed attempt four years ago to sell a large portion of the group to the sovereign wealth fund of Libya.
The privatisation of 80 per cent in the Société des Télécommunications du Tchad (Sotel-Tchad) could offer investors a late chance to enter into the booming mobile phone market in Africa………………………………………..Full Article: Source

Qatari wealth fund says ready to boost investments in U.K

Posted on 13 February 2014 by VRS  |  Email |Print

The Qatar Investment Authority, which controls more than $100 billion of assets, said it’s ready to boost investment in the U.K. after acquiring stakes in British companies such as Barclays Plc (BARC) and J Sainsbury Plc.
“Britain is one of the main destinations for investment,” Ahmad Al-Sayed, chief executive officer of the sovereign wealth fund, said in a Bloomberg Television interview from London yesterday. “You’ve great systems, great regulations. We’re happy to invest more when the opportunity is coming.”……………………………………….Full Article: Source

China’s sovereign wealth fund to work closer with domestic firms

Posted on 13 February 2014 by VRS  |  Email |Print

Ding Xuedong, Chairman of China Investment Corp, said the sovereign wealth fund hopes to co-operate more with Chinese firms with their overseas investment plans, according to a statement.
Ding said CIC’s assets totalled $650 billion at the end of 2013. and that CIC encourages domestic firms to take large or controlling shareholder roles while the fund acts as an investor. CIC targetting investments in agriculture, high-tech, infrastructure and the real estate sectors………………………………………..Full Article: Source

Qatar Investment Authority backs UK

Posted on 12 February 2014 by VRS  |  Email |Print

Head of one of the world’s biggest sovereign wealth funds still keen on investing in UK and London. The head of one of the world’s largest sovereign wealth funds says the UK remains a “main destination” for investment despite doubts about the country’s future in the European Union and the outcome of the general election next year.
Ahmad Al-Sayed, chief executive of the Qatar Investment Authority, said the fund was a “long-term investor” and stressed it was committed to London and the UK………………………………………..Full Article: Source

Qatar fund eyes stake in loss-hit Italian lender

Posted on 12 February 2014 by VRS  |  Email |Print

The Qatar sovereign fund is in talks with the main shareholder of Banca Monte dei Paschi di Siena to buy a 15-20 per cent stake in the troubled Italian lender ahead of its much-awaited rights issue, daily Il Messaggero said.
Loss-making Monte dei Paschi, which received 4.1 billion euros ($5.58 billion) of state aid last year after being hit by the sovereign debt crisis and a derivatives scandal, is looking to raise 3 billion euros in fresh capital………………………………………..Full Article: Source

SWFs and long-term development finance : risks and opportunities

Posted on 12 February 2014 by VRS  |  Email |Print

Sovereign wealth funds represent a large and growing pool of savings. An increasing number of these funds are owned by natural resource–exporting countries and have a variety of objectives, including intergenerational equity and macroeconomic stabilization.
Traditionally, these funds have invested in external assets, especially securities traded in major markets. But the persistent infrastructure financing gap in developing countries has motivated some governments to encourage their sovereign wealth funds to invest domestically………………………………………..Full Article: Source

Azerbaijani SOFAZ intends to simplify access to database of foreign capital market

Posted on 10 February 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has announced a tender for the selection and installation of analytical software to access the database on investments in private equity in foreign capital markets, the fund said on Feb.7.
Tender bids should be submitted by 18:00, March 14, 2014. Opening of bids will take place at 11:00 on March 15, according to the fund…………………………………..Full Article: Source

QNB aims to be largest lender in Middle East, Africa by 2017

Posted on 07 February 2014 by VRS  |  Email |Print

Qatar National Bank (QNB),50 percent owned by sovereign wealth fund Qatar Investment Authority, is aiming to become the largest lender in the Middle East and Africa, its finance head said on Thursday, as the bank continues to look beyond its home market for growth opportunities.
Currently the biggest bank in the Gulf region, it is looking for acquisition targets in Turkey, Morocco and sub-Saharan Africa, Chief Financial Officer Ramzi Mari told Reuters in an interview at the bank’s Doha headquarters………………………………………..Full Article: Source

Gulf funds in bid for Australia toll road firm

Posted on 07 February 2014 by VRS  |  Email |Print

Three investment consortia - two involving Gulf government-owned funds - plan to lodge indicative bids for Australian state-owned toll road company Queensland Motorways on Friday, sources close to the transaction said.
The bidders for Queensland Motorways include a consortium led by Australia’s Hastings Funds Management which also includes sovereign wealth fund the Kuwait Investment Authority, Spanish toll road operator Abertis Infraestructuras and Dutch pension fund APG Algemene Pensioen Groep. Transurban Group, a major toll road operator in New South Wales and Victoria states, will team up with superannuation fund AustralianSuper and state-run Abu Dhabi Investment Authority to make another bid………………………………………..Full Article: Source

IMF delegation meets Iran’s NDF director

Posted on 06 February 2014 by VRS  |  Email |Print

A delegation from the International Monetary Fund (IMF) met the director of the National Development Fund (NDF) of Iran, IRIB reported on Wednesday. The IMF delegation was led by Martin Cerisola. Safdar Hosseini is the NDF director.
The NDF is Iran’s sovereign wealth fund. It was founded in 2011 to replace Oil Stabilization Fund. The NDF forecasts it total assets increase by $17.5 billion in the next Iranian calendar year, which will begin on March 21, 2014………………………………………..Full Article: Source

If fracking is to happen in the UK, let it benefit the whole country

Posted on 06 February 2014 by VRS  |  Email |Print

We need a sovereign wealth fund that would be built on the revenues from the nation’s last great natural resource. Fracking will involve a) industrialising the countryside, b) the risk of various forms of pollution to air, water and the natural environment, c) an excuse for a delay in the decarbonisation of electricity.
It might, possibly, provide a) a secure source of energy for a generation, b) tax revenues, c) a lower-carbon source of energy than coal to ease the passage to power generated entirely by renewables………………………………………..Full Article: Source

Investment funds bullish on Qatari stocks

Posted on 06 February 2014 by VRS  |  Email |Print

Driven by massive planned government spending and attractive valuations, investment funds are becoming much more bullish on Qatari stocks. Abu Dhabi Investment Company (AD Invest) and Kuwait headquartered Global Investment House (GIH) recently noted that Qatari stocks will remain bullish aided by a significant government tailwind and huge fund inflows.
Reuters quoted Afa Boran, head of asset management at Amwal Qatar, as saying: “Qatar has better near-term growth prospects than any other regional market. The government has a significant budget for infrastructure spending which we expect will be largely spent over the next three to five years,”………………………………………..Full Article: Source

Qatar Investment Authority targets Limassol

Posted on 03 February 2014 by VRS  |  Email |Print

The head of the Cyprus Investment Promotion Agency (CIPA) has said that the Qatar Investment Authority (QIA) has shown some interest in investing in property in the Limassol area. QIA has shown interest into investing in property in the Limassol area, said Christodoulos Angastiniotis, head of the Cyprus Investment Promotion Agency (CIPA) on Saturday.
Angastiniotis said that within the coming days a delegation from the QIA will visit the island to discuss the possibility of investments in the Limassol property market………………………………………..Full Article: Source

SOFAZ assets positively affect creditworthiness of Azerbaijan - Standard & Poor’s

Posted on 03 February 2014 by VRS  |  Email |Print

A significant amount of liquid assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) is a positive factor for the country’s creditworthiness, says the report of financial services company Standard & Poor’s.
“The assets of SOFAZ are invested abroad, while its assets by the end of 2013 were estimated to be around $35 billion (47 percent of the country’s GDP). That amount was slightly bigger compared to same period of 2012, when the assets were estimated to be about $34 billion,” said the report. The report also indicated that SOFAZ assets give Azerbaijan a considerable reserve for softening possible financial stresses in economy, which, for example can occur due to rapid and continuing falling of oil prices………………………………………..Full Article: Source

Noonan rejects Euro500mln offer from Gulf SWF for stake in AIB

Posted on 03 February 2014 by VRS  |  Email |Print

The Government rejected a Euro500mln approach to buy a stake in AIB from a Gulf-based wealth fund without even asking how big a stake they wanted. Irish Finance Minister Michael Noonan said the “tentative” approach was made six months ago by an unnamed “sovereign wealth fund”.
Sovereign wealth funds manage the savings of wealthy countries. The huge funds of oil-rich Gulf states are major global investors. “We weren’t interested at the time so we simply said: ‘no, there’s nothing for sale.’ We didn’t pursue it………………………………………..Full Article: Source

Mideast SWFs invest in European industrial market

Posted on 31 January 2014 by VRS  |  Email |Print

The European industrial and logistics real estate market saw more investment from sovreign wealth funds (SWF) in the Middle East, said a report.
It has attracted more than 14 billion euros ($19.1 billion) of investment in 2013, the highest single year since 2007, up 50 per cent on the previous year, according to the latest research from global property advisor CBRE………………………………………..Full Article: Source

Singapore’s Temasek to be ‘model’ for SOE reform

Posted on 29 January 2014 by VRS  |  Email |Print

China will learn from Singapore’s Temasek Holdings Pte Ltd, using the government investment corporation as a model for the reform of asset management, sources at the State-owned Assets Supervision and Administration Commission told the China Securities Journal.
Starting this year, SASAC will establish three types of State-owned asset management entities: industrial investment corporations, investment holding companies and asset operating companies. “Some local governments are also proposing to set up State-owned asset operating companies and industrial investment companies,” the anonymous sources said………………………………………..Full Article: Source

Kuwait buoyant on infrastructure, but cool on stocks

Posted on 28 January 2014 by VRS  |  Email |Print

One of the world’s largest sovereign wealth funds has announced it will expand its investments in western infrastructure. The Kuwait Investment Authority (KIA), which is thought to have $386 billion under management according to the Sovereign Wealth Fund Institute, will increase its infrastructure investments in the US, the UK, and other European markets in the coming months.
The KIA is a well-known player in infrastructure already. Last year, the fund was part of a Canadian-led consortium that bid for the UK’s Severn Trent water company, but eventually walked away after the company refused to engage in talks before a bid deadline expired, according to media reports………………………………………..Full Article: Source

Canadian sovereign-wealth funds: The year of the ant

Posted on 27 January 2014 by VRS  |  Email |Print

Twenty years before Norway began stashing away oil and gas revenue for future generations, the Canadian province of Alberta set up a sovereign-wealth fund (SWF), as such state-owned hoards are known. Sadly, the Heritage Savings Trust Fund has not lived up to expectations.
Although it has been around since 1976, it contains only C$16.8 billion ($15.3 billion). Norway’s stripling SWF, in contrast, has already accumulated a national nest-egg of $800 billion. Other Canadian provinces are now setting up SWFs—and trying to learn from Alberta’s mistakes………………………………………..Full Article: Source

Venezuela has failed to put aside money from oil revenue surplus

Posted on 27 January 2014 by VRS  |  Email |Print

By mid-1999, under Jorge Giordani’s tenure as planning minister, the Investment Fund for Macroeconomic Stabilization (FIEM) was implemented as a saving scheme. Back then, Giordani said that the Chávez’s government approach was “that of squirrels, who save up their bounty for future use when they can’t find food.”
By December 2001, the FIEM totaled USD 7.1 billion. But in 2003, after a two-month general strike against Venezuelan President Hugo Chávez, the government dipped into the FIEM to cover the budget. More than USD 6 billion were withdrawn, and only USD 700 million remained in the fund………………………………………..Full Article: Source

Kuwait wealth fund favours infrastructure sector in West

Posted on 27 January 2014 by VRS  |  Email |Print

Kuwait’s sovereign wealth fund, one of the world’s largest, will focus on increasing its infrastructure investments in British, U.S. and European markets and is also looking at the international real estate sector, its managing director said.
Kuwait Investment Authority (KIA) managing director Bader al-Saad also told pan-Arab channel al-Arabiya that growth in capital and real estate markets was unlikely to carry on.“It is difficult for this growth to continue because the actual circumstances aren’t likely to align again,” he said……………………………………….Full Article: Source

Khazanah stays vigilant on market uncertainties

Posted on 27 January 2014 by VRS  |  Email |Print

Caution is the word for Khazanah Nasional Bhd when it comes to investment decision-making for 2014. This is because the Malaysian sovereign wealth fund, whose portfolio value rose to a record last year, believes that the uncertainties that have been plaguing the financial markets in recent years have yet to recede.
“Since 2008 (after the collapse of US banking giant Lehman Brothers triggered a global financial crisis), the general outlook has been uncertain… but it is okay. Our investment stance has always been cautious,” Khazanah managing director Tan Sri Azman Mokhtar says………………………………………..Full Article: Source

Bahrain’s Mumtalakat eyes new investments as portfolio improves

Posted on 24 January 2014 by VRS  |  Email |Print

The finances of Bahrain’s sovereign wealth fund Mumtalakat are improving, allowing it to look for new investments more agressively this year, its chief executive said on Thursday.
With $7.1 billion of assets under management at the end of September, Mumtalakat is one of the smaller sovereign funds in the Gulf, but it plays an important role in Bahrain’s economy: it holds stakes in 40 non-oil firms, including Bahrain Telecommunications and Aluminium Bahrain………………………………………..Full Article: Source

National Pensions Reserve Fund to sell EUR800mln of equity fund interests to US specialist

Posted on 24 January 2014 by VRS  |  Email |Print

The National Pensions Reserve Fund yesterday announced that following a competitive sales process it had agreed to sell approximately €800 million of global private equity fund interests to Lexington Partners, a US-based private equity specialist.
The private equity fund interests comprised “investments in and commitments to 24 separate private equity funds”, the NPRF said. The commercial terms of the sale were not disclosed and the transaction is expected to be completed in the coming months………………………………………..Full Article: Source

Is China’s CIC going to mirror Yale Endowment? New management may be the key

Posted on 23 January 2014 by VRS  |  Email |Print

A changing of the guard at the top of the China Investment Corporation, the $575 billion Chinese sovereign wealth fund, may take it closer to resembling its newfound role model: Yale Endowment.
Today, word reached the Chinese press that Gao Xiqing, the president of CIC and also one of its founders, is to step down into retirement, to be replaced by the chief investment officer he recruited in 2011, Li Keping. This is the second major change at the top of CIC in less than a year, after Ding Xuedong became chairman in July……………………………..Full Article: Source

Where in the world will China invest its billions?

Posted on 23 January 2014 by VRS  |  Email |Print

Ding Xuedong is Chairman of the China Investment Corporation, China’s largest sovereign wealth fund with $600 billion under management. China Investment Corporation must give full consideration to the interests of all parties and uphold a mutually beneficial business model.
Currently, more than half of our capital is invested in developed economies, but we have also raised the share of capital allocation toward emerging economies and other developing countries……………………………..Full Article: Source

Norway’s oil fund eyes riskier bets

Posted on 22 January 2014 by VRS  |  Email |Print

In May 2012 the world’s largest sovereign wealth fund joined U.S. investors BlackRock and Waddell & Reed to buy a $1.6 billion stake in motor racing’s Formula One. The people who had worked on the deal for months were looking forward to celebrating their hard work.
Then they got an email from their boss. Under no circumstances were they to be seen drinking champagne in the VIP tribune at the Monaco Grand Prix. “We have high expectations in terms of ethical standards, also for ourselves,” says Yngve Slyngstad, the head of the fund, which invests $163,000 of oil and gas wealth for each man, woman and child in Norway……………………………..Full Article: Source

Mumtalakat empowers Bahraini Youth through its support of the AIESEC

Posted on 22 January 2014 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, announced its support of the Ajyal Entrepreneurship and Leadership Programme.
The five week programme is geared towards training high school and university students aged between 15 and 24 years old, and developing their entrepreneurial and leadership skills……………………………..Full Article: Source

KIC in dilemma over BoA stocks

Posted on 22 January 2014 by VRS  |  Email |Print

Korea Investment Corp. (KIC) CEO Ahn Hong-chul is facing a dilemma in his bid to sell the state-run firm’s shares in Bank of America (BoA) because the sale will result in losses worth more than 1 trillion won.
There are voices of opposition to the sale because of the enormity of the losses that it will generate but some experts are calling for the sale to be deferred until the value of the stocks rebounds, instead of just abandoning the sale altogether……………………………..Full Article: Source

China Investment Corporation ready for joint companies with Belarus

Posted on 22 January 2014 by VRS  |  Email |Print

China Investment Corporation (CIC) is ready to partake in setting up joint companies with Belarus, Belarusian Premier Mikhail Myasnikovich said in an interview to the Chinese newspaper China Daily in Beijing on 21 January, BelTA has learnt.
The Belarusian head of government met with the Chairman of the CIC Board of Directors on 21 January. Mikhail Myasnikovich presented Belarus’ economic potential. “Our economy is open, and we are extremely interested in intensifying investment activities,” he noted. The PM talked about the areas which can be of interest for the Chinese company. One of them is woodworking. In turn, CIC provided its concept and key principles of the company’s investment activity……………………………..Full Article: Source

Khazanah says all K7 firms must graduate by July 2015

Posted on 22 January 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd wants all the seven government-linked companies (GLCs) under its stable (collectively called K7) to be highperforming entities with several of these companies emerging as regional champions by July 2015, in line with the aim of the GLC Transformation Programme.
“All K7 companies must graduate by July 2015,” MD Tan Sri Azman Mokhtar said. Azman said with the exception of Malaysian Airline System Bhd (MAS), which has given an average of -15.6% per annum (pa) for total shareholders return (TSR), the other companies have given good TSR with the lowest being Axiata Bhd at 6.8% pa and the highest being UEMSunrise Bhd at 37.1%……………………………..Full Article: Source

China invests in Irish technology firms

Posted on 20 January 2014 by VRS  |  Email |Print

China has agreed to help fund Ireland’s fast-growing technology firms as the former Celtic Tiger strives to find new sources of financing to kick-start its economic recovery as it emerges from its debt crisis.
Irish Finance Minister Michael Noonan said Friday the sovereign-wealth funds of China and Ireland together will provide $100 million for the purchase of stakes in Irish technology companies, adding that he hoped this would be the first of several such joint-initiatives by the two countries………………………………………..Full Article: Source

Mumtalakat in deal to boost corporate governance

Posted on 16 January 2014 by VRS  |  Email |Print

Bahrain’s sovereign wealth fund Mumtalakat has signed an agreement with the Pearl Initiative, a private sector-led non-profit organisation established to improve transparency, accountability and business practices.
The memorandum of engagement, signed by Mumtalakat chief executive Mahmood Al Kooheji and the Pearl Initiative’s executive director Imelda Dunlop, is aimed at encouraging and developing high standards of transparency and corporate governance in the region, reported the Gulf Daily News, our sister publication………………………………………..Full Article: Source

Mumtalakat boost as key ratings affirmed

Posted on 16 January 2014 by VRS  |  Email |Print

Fitch Ratings has affirmed Bahrain Mumtalakat Holding Company’s long-term issuer default rating (IDR) and senior unsecured rating at ‘BBB’. The agency has also affirmed Mumtalakat’s short-term IDR at ‘F3′. The outlook on the long-term IDR is stable.
Mumtalakat’s $750 million five per cent notes, due June 30, 2015, have also been affirmed at ‘BBB’. The company’s ratings are aligned with the kingdom (BBB/stable/F3), reflecting a strong relationship between it and the state………………………………………..Full Article: Source

China’s CITIC backs new fund set up by ex-FX concepts execs

Posted on 16 January 2014 by VRS  |  Email |Print

CITIC Capital Holdings Ltd, a unit of China’s sovereign wealth fund, has invested in a new U.S.-based asset management fund set up by former executives of bankrupt hedge fund FX Concepts, two sources familiar with the matter said on Wednesday.
The new fund will be run by Bob Savage, FX Concepts’ former chief operating officer and chief strategist, and Ron DiRusso, the firm’s co-chief investment officer and director of research. DiRusso had also managed FX Concepts’ volatility fund, one of the few funds that performed well near the end of the firm’s run………………………………………..Full Article: Source

China’s sovereign wealth fund is bullish on global infrastructure sector

Posted on 16 January 2014 by VRS  |  Email |Print

China Investment Corp. (CIC), the mainland’s $575 billion sovereign wealth fund, is shifting its focus away from the energy sector towards investments in infrastructure in both developed and emerging markets, said Chairman and CEO Ding Xuedong.
“I am interested in investment opportunities in infrastructure around the world. In the next 5-10 years, infrastructure investment will be a big theme for both emerging and developed markets. So, we want to increase our investment to get better returns,” Ding told CNBC on Tuesday………………………………………..Full Article: Source

Sovereign wealth funds are coming home

Posted on 16 January 2014 by VRS  |  Email |Print

Traditionally, economists have advised countries where oil, gas or mineral reserves are discovered to invest extractives revenues abroad, ensuring a continuous future revenue stream from the return on accumulated foreign assets. The structure to do this became known as a Sovereign Wealth Fund (SWF).
More recently, it has become accepted policy for resource-rich developing countries to invest a larger share of resource revenues at home, through the national budget. Now, some of these countries are turning the concept of the SWF on its head by using SWFs directly for national investment, particularly in infrastructure………………………………………..Full Article: Source

Time Warner nears deal to sell headquarters

Posted on 15 January 2014 by VRS  |  Email |Print

Time Warner is close to a deal to sell its Manhattan headquarters for $1.3 billion, after sovereign-wealth funds from Abu Dhabi and Singapore agreed to finance more than 80% of buyer Related Cos.’s bid. While the Abu Dhabi Investment Authority and the Government of Singapore Investment Corp. will own most of the joint venture, Related will manage the tower on the corner of Central Park, the people said.
The transaction would be one of the biggest in a surge of deals involving foreign investors in U.S. commercial real estate. Increased demand from overseas has helped drive U.S. commercial property values to record levels, particularly in major cities favored by global firms………………………………………..Full Article: Source

China sovereign fund eyes resurgent US, Europe

Posted on 15 January 2014 by VRS  |  Email |Print

The chairman and chief executive of China’s $600 billion sovereign wealth fund believes the US and Europe provide the best investment opportunities for the year ahead, underpinned by a rebound in growth in developing economies as a moderate slowdown takes hold in emerging markets.
Ding Xuedong, the chairman of the China Investment Corporation, told the Asian Financial Forum in Hong Kong that the re-emergence of hi-tech manufacturing in the US powered by shale gas and low relative labour costs offered a good investment opportunity………………………………………..Full Article: Source

PNG Superannuation fund drops cheques

Posted on 15 January 2014 by VRS  |  Email |Print

Papua New Guinea’s National Superannuation Fund (NASFUND) members without bank accounts can no longer expect to be paid in cheques, especially their retirement money.
They have been advised to open up bank accounts to facilitate payment of their benefits. This was stressed by chief executive Ian Tarutia, who advised members to have bank accounts for convenient access to their benefits………………………………………..Full Article: Source

Lessons from Norway, land of oil millionaires

Posted on 14 January 2014 by VRS  |  Email |Print

Who wants to be a millionaire? How about everybody? But we can’t all live the dream of becoming marvelously wealthy, can we?
Not in Canada we can’t. Or maybe we should say we don’t feel wealthy despite our envied economic status among nations of the world. We tend to take for granted our resource, land and water wealth but we don’t think of ourselves as being rich………………………………………..Full Article: Source

SWF to boost economy

Posted on 14 January 2014 by VRS  |  Email |Print

Zimbabwe’s planned Sovereign Wealth Fund will help stimulate investment in strategic sectors of the economy, including funding the huge infrastructural backlog estimated by the African Development Bank as requiring about US$15 billion.
Last week, Government gazetted the Sovereign Wealth Fund of Zimbabwe Bill expected to be tabled in Parliament soon. Zimbabwe still has significant challenges with regards to industrial performance, agricultural productivity, sovereign debt clearance, balance of payments equilibrium, dilapidating infrastructure and limited fiscal space………………………………………..Full Article: Source

Alaska’s Permanent Fund isn’t communism, it’s the owner state

Posted on 14 January 2014 by VRS  |  Email |Print

A recent Demos article, authored by Matt Bruenig, caught me completely off guard. It was entitled, “A Spectre is Haunting Alaska - the Spectre of Communism.” “Oh, great,” I said, posting the link to Facebook. “The Lower 48 is arguing whether or not Alaska is a communist utopia again.”
Spoilers: we’re not. But we have managed to get a few things right along the way, going into our 55th year of statehood. The Permanent Fund might be our biggest success. But the other stuff we get right rarely make the headlines………………………………………..Full Article: Source

World’s biggest wealth fund sees backing to expand investments

Posted on 10 January 2014 by VRS  |  Email |Print

Norway’s $820 billion sovereign wealth fund, the world’s largest, is closer to getting the go ahead to expand into more asset classes as it struggles to meet return targets.
Investing in pipelines, roads and other infrastructure would be a good fit for the wealth fund as the government considers ways to get more out of the investor, Prime Minister Erna Solberg said yesterday in an interview in Oslo…………………………….Full Article: Source

Victory in Azerbaijan Oil Fund’s insurance tender becomes breakthrough for Alfa Sigorta business

Posted on 10 January 2014 by VRS  |  Email |Print

Insurance company Alfa Sığorta is satisfied with its achievements in 2013. As Board of Directors chairman Elshad Aliyev says that the main events for the Company were victory in the insurance tenders of the Central Bank and the State Oil Fund of Azerbaijan (SOFAZ).
“Winning in the struggle for voluntary health insurance of SOFAZ staff is particularly significant for us. This contract is especially important for us, as at that moment we only practically introduced new standards of VHI. For us, the Oil Fund is in fact the second corporate client on drastically renewed VHI,” Aliyev said……………………………..Full Article: Source

India-UAE investment agreement: Why such desperate haste?

Posted on 09 January 2014 by VRS  |  Email |Print

On December 12, 2013, India and the United Arab Emirates (UAE) signed a bilateral investment promotion and protection agreement (BIPA) in New Delhi. The agreement was signed by Namo Narain Meena, India’s Minister of State for Finance and Obaid Humaid Al Tayer, UAE’s Minister of State for Financial Affairs. With the signing of this BIPA, the total number of India’s bilateral investment protection agreements now stands at 84.
As per the official release, the text of the BIPA was finalized during October 30-31, 2013 at Abu Dhabi. After finalization, the agreement was signed by both countries in just a matter of six weeks. However, for some inexplicable reasons, the text of the signed agreement has not yet been made available at the official website of Ministry of Finance………………………………………..Full Article: Source

Temasek may offer bonds to retail investors

Posted on 08 January 2014 by VRS  |  Email |Print

Temasek Holdings, Singapore state investor, is examining ways of selling its highly sought-after bonds to Singapore retail investors, the investment agency said on Tuesday.
Stephen Forshaw, Temasek’s managing director of corporate affairs, said it is looking at how to make it “practical and efficient” for the firm to offer bonds to such investors………………………………………..Full Article: Source

Seven GOP-controlled states can’t be wrong: Sovereign wealth funds are awesome

Posted on 08 January 2014 by VRS  |  Email |Print

Similarly, I don’t see the appeal of a sovereign wealth fund for the U.S. We’re already sort of in this business: state and local pension funds are like mini-sovereign wealth funds. The investment sides of those operations are mostly pretty satisfactory, but problems arise when governments count on high expected returns on equity as a justification to incur fixed multi-year obligations.
I see lots of risks from the federal government getting into this game (what promises might it make on the back of expected stock returns?) and few benefits. I think Barro’s analysis here is lacking. First, the appeal of a sovereign wealth fund is pretty straightforward. It is a way for the state to passively capture capital income and spread it out to the public as a whole………………………………………..Full Article: Source

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