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Norway oil fund under lawmaker pressure to buy more in Africa

Posted on 10 December 2013 by VRS  |  Email |Print

Norway’s Christian Democrats, a key support party for the minority government, called on the nation’s sovereign wealth fund to steer more of its $810 billion in assets into Africa to reap better returns.
The party wants to set aside 10 billion kroner ($1.6 billion) of the fund’s cash for African purchases as a “starting point” for a debate on how much should be invested there, Knut Arild Hareide, leader of the Christian Democrats, said in a Dec. 6 interview………………………………………..Full Article: Source

Alaska Supreme Court finds PFD residency requirements constitutional

Posted on 09 December 2013 by VRS  |  Email |Print

The Alaska Supreme Court upheld the constitutionality of the residency requirements and allowable absence rules of Alaska’s Permanent Fund dividend in a 3-2 decision released Friday.
The justices ruled in favor of the state’s requirement that a PFD recipient must be a resident for at least six months before they can qualify for an allowable absence to be outside the state more than 180 days, for things like college or a military deployment………………………………………..Full Article: Source

Brazil won’t use wealth fund to meet budget surplus target — Official

Posted on 05 December 2013 by VRS  |  Email |Print

Brazil’s government won’t resort to tapping its sovereign-wealth fund to cover for any possible shortfalls in meeting its budget surplus target this year, Treasury Secretary Arno Augustin said Wednesday.
Speaking to reporters following testimony at the country’s congress, Mr. Augustin denied that the government would need recourse to extraordinary measures to meet its budget goals. “We’re working with a target of BRL73 billion for the central government, and all the information we have until the moment point toward our compliance with the target,” he said………………………………………..Full Article: Source

Nigeria: SWF - Govs vow to expose FG over Excess Crude Funds’ depletion

Posted on 04 December 2013 by VRS  |  Email |Print

Governors of the 36 states of the federation, vowed to expose how the Federal Government had continued to deplete funds accruing from the proceeds of crude oil sales, petroleum profit tax and oil royalties, otherwise classified as excess crude proceeds.
This was even as a seven-man panel of the Supreme Court, yesterday, fixed March 24 to commence hearing on a suit seeking to stop the Federal Government from transferring $1 billion from the Excess Crude Account, to a new account to be known as “Sovereign Wealth Fund,” SWF………………………………………..Full Article: Source

Supreme Court fixes hearing on Excess Crude Account

Posted on 04 December 2013 by VRS  |  Email |Print

Following the inability of the federal government and states to amicably resolve the dispute arising from the creation of the Excess Crude Account (ECA) and the Sovereign Wealth Fund (SWF), the Supreme Court Monday fixed March 24, 2014 for the hearing of the suit filed by the states against the federal government.
The parties, for over a year, have tried to reach an out-of-court settlement over what the states termed the illegal diversion of funds meant for the federation to the ECA and SWF, but a middle-of-the-road solution to the dispute has been impossible to reach. As a result, the two parties resumed their legal battle Monday before a full panel of seven justices of the Supreme Court presided over by Justice Walter Samuel Nkanu Onnoghen………………………………………..Full Article: Source

SWF: Supreme court to hear FG, states suit

Posted on 03 December 2013 by VRS  |  Email |Print

The Supreme Court on Monday fixed March 24, 2014, for definite hearing in the suit filed by 36 state governors in the country against the Federal Government over the Excess Crude Account and the Sovereign Wealth Fund.
A panel of justices of the apex court fixed the date after counsel in the matter regularised their processes. The development arose from the failure of the states and the Federal Government to reach an out-of-court settlement in the dispute, despite several opportunities given to them by the Supreme Court………………………………….Full Article: Source

SWF: Govs vow to expose FG over excess crude funds’ depletion

Posted on 03 December 2013 by VRS  |  Email |Print

Governors of the 36 states of the federation, yesterday, vowed to expose how the Federal Government had continued to deplete funds accruing from the proceeds of crude oil sales, petroleum profit tax and oil royalties, otherwise classified as excess crude proceeds.
This was even as a seven-man panel of the Supreme Court, yesterday, fixed March 24 to commence hearing on a suit seeking to stop the Federal Government from transferring $1 billion from the Excess Crude Account, to a new account to be known as “Sovereign Wealth Fund,” SWF………………………………….Full Article: Source

ADIA arbitration resurfaces for Citigroup

Posted on 27 November 2013 by VRS  |  Email |Print

Citigroup Inc.’s litigation woes continue to increase. Recently, a U.S. judge rejected the banking giant’s bid to obstruct the Abu Dhabi Investment Authority (ADIA) from seeking a second arbitration related to the wealth fund’s investment in Citigroup.
In Nov 2007, ADIA invested $7.5 billion in Citigroup, which made it the U.S. bank’s largest individual stakeholder – with 4.9% stake. ADIA’s investment provided a capital cushion to the bank after the latter suffered mortgage losses during the financial crisis………………………………………..Full Article: Source

Citigroup can’t block Abu Dhabi arbitration over $7.5 bln stake

Posted on 26 November 2013 by VRS  |  Email |Print

A U.S. judge has rejected Citigroup Inc’s effort to block the Abu Dhabi Investment Authority from seeking a second arbitration over the sovereign wealth fund’s $7.5 billion investment in late 2007 to shore up the then-struggling bank.
U.S. District Judge Kevin Castel in Manhattan said on Monday that arbitrators, not federal judges, had power to decide whether Citigroup’s success in the first arbitration barred the ADIA from pursuing a second arbitration, in which it seeks $2 billion of damages or to rescind its investment………………………………………..Full Article: Source

Former Future Fund chairman David Murray to head inquiry into financial system

Posted on 21 November 2013 by VRS  |  Email |Print

David Murray has 12 months to work out how Australia’s financial system can be made more efficient. As former chief executive of the Commonwealth Bank and chairman of the Future Fund, he has the pedigree.
As head of the inquiry into Australia’s financial system, he will make recommendations to foster an efficient, competitive and flexible financial system with “stability, prudence, integrity and fairness”……………………………….Full Article: Source

Reps to investigate managers of Nigerian Sovereign wealth

Posted on 15 November 2013 by VRS  |  Email |Print

The House of Representatives has mandated its Committee on Commerce and Justice to carry out proper investigations, research and if possible public hearing to determine the risk , if any, that may arise from the appointment of foreign institutions to manage Nigerian Sovereign Wealth.
This decision follows the adoption of the prayer of a motion titled: “Contracting the management of the Nation’s Sovereign Wealth to foreign professionals and inherent conflict of interests,” brought before the House by the Minority Leader of the House, Hon. Femi Gbajabiamila ( APC, Lagos)………………………………………..Full Article: Source

Nigeria: Reps probe use of foreign managers for sovereign fund

Posted on 14 November 2013 by VRS  |  Email |Print

The House of Representatives in Nigeria has launched a probe into the appointment of foreign portfolio managers for the nation’s Sovereign Wealth Fund. The probe is to look at the possible risks the country faces with the appointments of foreign financial institutions – UBS and Goldman Sachs – to manage the fund.
Femi Gbajabiamila, who is the house minority leader, argued that “allowing foreign financial institutions to manage the fund amounts to putting Nigeria’s economic sovereignty and security in foreign hands”………………………………………..Full Article: Source

Senate, minister differ on $1.03bln Excess Crude fund

Posted on 05 November 2013 by VRS  |  Email |Print

The Federal Government and the Senate yesterday disagreed over the whereabout of $1.03 billion Excess Crude Fund. The disagreement followed the disclosure by the Minister of Finance, and Coordinating Minister for the Economy, Mrs. Ngozi Okonjo-Iweala that the balance in the Excess Crude Account amounted to $4.3 billion.
She did not however disclose the total accrual to the account. She spoke at a Joint Senate Committee of Finance and Appropriation meeting on the 2013 budget and the Federal Government revenue-generating agencies………………………………………..Full Article: Source

Zimbabwe plans sovereign wealth fund law

Posted on 01 November 2013 by VRS  |  Email |Print

Zimbabwe plans to craft a law to set up a sovereign wealth fund by next February - but it may not have any money at first as the government desperately needs to develop the country’s crumbling infrastructure, the finance minister said. Patrick Chinamasa also said on Wednesday that the government would consider a first international bond issue to help finance its mining sector.
The southern African country has previously said it wanted to create a sovereign wealth fund to buy shares in foreign-owned companies, including mines, under President Robert Mugabe’s controversial black economic empowerment programme…………………………….Full Article: Source

Court strikes out Halim Saad’s suit against Khazanah Nasional

Posted on 01 November 2013 by VRS  |  Email |Print

The High Court here today struck out tycoon Tan Sri Halim Saad’s RM1.8 billion suit filed against Khazanah Nasional Berhad and two others over his settlement to exit from Renong Berhad. Judge Datuk Hanipah Farikullah ordered Halim to pay costs of RM25,000 to former minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop and the government, and another RM25,000 to Khazanah Nasional.
Halim, a former majority owner and executive chairman of Renong Bhd, filed the suit on April 17 this year. In the judgment, Hanipah said the agreement among the parties involved was made in 2003, and the action filed by Halim was way out of the six-year time-frame that any aggrieved party could file…………………………….Full Article: Source

Fashola reiterates opposition to sovereign wealth fund

Posted on 30 October 2013 by VRS  |  Email |Print

Lagos State Governor, Mr. Babatunde Fashola (SAN) Monday reiterated his opposition to the operation of the Nigeria Sovereign Investment Authority (NSIA), better known as the Sovereign Wealth Fund (SWF), noting that the federal government under the 1999 Constitution lacked the powers to save on behalf of the state governments.
The governor added that the SWF, which the NSIA was set up to manage on behalf of state and local governments, was a flagrant violation of the section 162 of the 1999 Constitution. He utterly differed on the establishment of the fund and NSIA while addressing the authority’s Chairman, Mr. Mahey Rasheed and Managing Director, Mr. Uche Kalu during a visit to the governor at the State House, Ikeja, to handover the state’s share certificate showing its ownership of the fund…………………………………….Full Article: Source

Creation of sovereign wealth fund receives commendation

Posted on 30 October 2013 by VRS  |  Email |Print

The creation of the Sovereign Wealth Fund by the Federal Government, has received commendation from International development partners. Chairman of the Nigerian Sovereign Investment Authority, Mr Mahey Rasheed , stated this when he paid a courtesy visit on the Lagos state governor in southern Nigeria, Mr. Babatunde Fashola.
He said the Fund had been recognised and rated high by Germany’s Investment forum, the UK Development For International Development and the International Monetary Fund (IMF) among others. Mr. Rasheed, said the fund had employed the best brains in the country to oversee and administer its various investments portfolios abroad…………………………………….Full Article: Source

SWF act unconstitutional – Fashola

Posted on 30 October 2013 by VRS  |  Email |Print

Lagos State Governor, Mr. Babatunde Fashola (SAN), Monday lamented that the Sovereign Wealth initiative was unconstitutional, noting that he would receive the Shareholders Certificate of the Fund presented to him by the management of the fund only as an acknowledgement that the state’s fund was being held somewhere.
In his remarks while welcoming officials of the Nigeria Sovereign Wealth Authority led by their Chairman, Mr. Mahey Rasheed, Governor Fashola said although he would accept the Certificate as an acknowledgement that the State’s money was somewhere, it was necessary to put on record that he never supported the initiative…………………………………….Full Article: Source

Gov. Fashola slams FG over SWF, says it’s unconstitutional

Posted on 29 October 2013 by VRS  |  Email |Print

Governor Babatunde Fashola of Lagos State denounced the move by the Federal Government to inaugurate the Sovereign Wealth Fund, SWF, stressing that it negates the country’s constitution.“The 1999 Constitution does not allow us to do what we are doing,” Fashola said.
It will be recalled that, a month ago, President Goodluck Jonathan inaugurated the council of the Nigerian Sovereign Investment Authority, NSIA, also known as SWF, where he canvassed for the support of the contributors, to realise the set objective of the fund………………………………………..Full Article: Source

Khazanah demands apology, retraction from news portal

Posted on 25 October 2013 by VRS  |  Email |Print

Malaysian government investment arm Khazanah Nasional has demanded for an apology from a news portal for two articles implying it failed to respond to a letter or queries from the Auditor-General over operations and investments.
It said in a statement that there was no such letter or request from the A-G and they had always responded to queries in a professional and timely manner. Khazanah added that The Malaysian Insider did not contact them on the veracity of the claims in its articles “Parliament’s bipartisan oversight panel probes Khazanah’s costly ventures” and “PAC siasat perbelanjaan melampau Khazanah.”……………………………………….Full Article: Source

Khazanah under PAC spotlight for failed ventures

Posted on 25 October 2013 by VRS  |  Email |Print

Public Accounts Committee (PAC) has instructed the Auditor-General’s Office to get Khazanah Nasional Berhad to explain several of its ventures which went bust. “We had a meeting earlier with the deputy auditor-general (Anwari Suri). The recent audit done on Khazanah was limited.
“But recently, the media reported that some of Khazanah’s ventures did not turn out well. So we will ask the agency to give an official answer,” said PAC chairman Nur Jazlan Mohamed………………………………………..Full Article: Source

Citigroup arbitration released by Abu Dhabi sovereign fund

Posted on 23 October 2013 by VRS  |  Email |Print

Abu Dhabi Investment Authority made public an arbitration ruling against it in its claim against Citigroup Inc.over a $7.5 billion investment in the bank in 2007, after a judge ordered the decision made public.
U.S. District Judge Kevin Castel in Manhattan ordered a redacted version of the 84-page decision made public, over the objections of Abu Dhabi Investment Authority, a sovereign wealth fund also known as ADIA. The fund complied yesterday. Citigroup announced the result of the arbitration in November 2011………………………………………..Full Article: Source

Fitch assigns Kazakhstan’s Samruk-Kazyna ‘BBB+’ rating

Posted on 21 October 2013 by VRS  |  Email |Print

Fitch Ratings has assigned Kazakhstan’s Joint Stock Company Sovereign Wealth Fund Samruk-Kazyna a Long-Term foreign currency rating of ‘BBB+’, Long-Term local currency rating of ‘A-’, National Long-Term rating of ‘AAA(kaz)’ and Short-term foreign currency rating of ‘F2′.
The Outlooks on the Long-Term ratings are Stable. Fitch has also assigned a Long-Term local currency rating of ‘A-’ and a National Long-Term Rating of ‘AAA(kaz)’ to the Fund’s 23 senior unsecured domestic bond issues with total value of KZT1,090bn………………………………………..Full Article: Source

Norway orders review of $790 bln wealth fund

Posted on 16 October 2013 by VRS  |  Email |Print

Norway has ordered a review of its $790 billion wealth fund, one of the world’s biggest investors whose largesse helps underpin Norway’s generous social benefits, responding to concerns that the fund is unwieldy and its returns too low.
The government also in a regular review of the fund’s investment ethics ordered it to sell stakes in several companies due to ethical issues and expressed concern over investments in oil companies Royal Dutch Shell and Eni. But it stopped short of saying the latter stakes should be sold………………………………………..Full Article: Source

Barclays-Qatar probe to have progress in 2014, SFO’s Green says

Posted on 08 October 2013 by VRS  |  Email |Print

U.K. fraud prosecutors’ will announce significant developments next year in a probe into fees paid by Barclays Plc (BARC) to Qatar’s sovereign-wealth fund for a 2008 fundraising that helped the bank avoid a bailout.
David Green, director of the U.K. Serious Fraud Office, said in an interview today, the agency would progress its year-old investigation in early 2014. He also said there would be new information in a separate probe into rigging of benchmark interest rates in “due course.”……………………………………….Full Article: Source

Norway’s incoming government pledges tax cuts and asset sales

Posted on 08 October 2013 by VRS  |  Email |Print

Norway’s new government pledged to cut income taxes, sell state assets and establish a 100 billion kroner ($16.8 billion) fund to speed up building of infrastructure in western Europe’s largest oil producer.
The Progress Party will enter government for the first time after it was formed as an anti-tax movement in 1973. The party had campaigned on spending more of Norway’s oil wealth and tapping more of its $780 billion sovereign wealth fund………………………………………..Full Article: Source

Khazanah denies impropriety in charge cards

Posted on 08 October 2013 by VRS  |  Email |Print

The government’s investment arm, Khazanah Nasional Bhd, has denied any element of impropriety or illegality in the late declarations of charge card expenses by its staff.
Khazanah said contrary to reports on comments made by DAP Member of Parliament for Segambut, Lim Lip Eng, there is no incidence of false claims or improper and unauthorised expenses concerning the late declarations as highlighted in the 2012 Auditor General’s Report………………………………………..Full Article: Source

Norway faces more pressure to broaden wealth fund’s scope

Posted on 03 October 2013 by VRS  |  Email |Print

Two prominent Norwegian investment funds are throwing their weight behind demands that the newly elected government should push the nation’s $750 billion wealth fund into making investments in renewable energy and other infrastructure projects that could provide safe alternatives to its bond and stock investments.
KLP and Storebrand ASA, with combined assets under management of 780 billion Norwegian kroner ($130.1 billion), have joined several environmental organizations and the Oslo Catholic Church in calling on new Prime Minister Erna Solberg to make the changes to the fund’s structure. Currently, the sovereign-wealth fund—formally called The Government Pension Fund Global—has 35.7% of its money in fixed-income investments, 63.4% in equities and less than 1% in real estate………………………………………..Full Article: Source

Auditor General gives thumbs up to Khazanah Nasional for effective role

Posted on 02 October 2013 by VRS  |  Email |Print

The Auditor General has given the thumbs up to the financial performance of Khazanah Nasional Bhd, which has fulfilled its role effectively as the investment catalyst in strategic sectors in the country and overseas.
According to the 2012 Auditor General’s Report, for 2009, 2010, 2011 and 2012 financial years, Khazanah’s financial performance was good whereby the company had recorded annual comprehensive income of RM640.7 million, RM1.215 billion, RM5.692 billion and RM1.562 billion, respectively………………………………………..Full Article: Source

Norwegian Ethics Council Chair Mestad cautions on insincere ESG compliance

Posted on 27 September 2013 by VRS  |  Email |Print

Currently, Ola Mestad is the chair of the Council on Ethics for Norway’s Government Pension Global (GPFG) and a professor of law at the University of Oslo. It has been reported that Ola Mestad is not as enthusiastic about the efficacy of Norway’ sovereign wealth fund in recent days, specifically its responsible investment criteria.
The ethics council has a list of companies to be excluded from the sovereign wealth fund’s investment universe. Some of the companies on the exclusion list include Fortune 500 companies like Lockheed Martin Corporation, Northrop Grumman Corporation, Wal-Mart Stores and Boeing Co. In addition, a number of excluded companies have substantial public funds as investors such as Rio Tinto Plc and Potash Corporation of Saskatchewan………………………………………..Full Article: Source

Azerbaijani State Oil Fund: EITI reports in Azerbaijan to be prepared on new standards

Posted on 27 September 2013 by VRS  |  Email |Print

The report within the Extractive Industries Transparency Initiative (EITI) on 2013 will be prepared in accordance with the new EITI standards, the head of Azerbaijani State Oil Fund Shahmar Movsumov told journalists on Wednesday.
According to him, in accordance to the new standards, now the report within EITI will not reflect the total volume of transactions within extractive industry, but the contributions of each company which is the member of this initiative………………………………………..Full Article: Source

Citigroup moves to block new arbitration by Abu Dhabi fund

Posted on 26 September 2013 by VRS  |  Email |Print

Citigroup Inc has gone to court to block a new effort by Abu Dhabi Investment Authority to pursue an arbitration over a $7.5 billion investment the sovereign wealth fund made in the bank amid the subprime mortgage meltdown in 2007.
In a complaint unsealed Tuesday in U.S. District Court in New York, Citigroup said that by filing a claim last month, ADIA had made an “assault” on a federal court ruling in March that upheld the bank’s win in an earlier international arbitration………………………………………..Full Article: Source

Bill Shorten backs higher super payments to build aged care fund

Posted on 25 September 2013 by VRS  |  Email |Print

The Labor leadership candidate Bill Shorten has backed the idea of higher superannuation payments to build a sovereign wealth fund to help pay for the care of the increasing numbers of Australians living into their 80s and 90s.
Referring to a plan floated by the former prime minister Paul Keating, Shorten said Labor should consider “big” new ideas, like “encouraging people to save for a sovereign wealth fund that enables people to draw down on that resource when they need it in their 80s and 90s”………………………………………..Full Article: Source

Kazakhstan: BTA in recovery mode after Ablyazov arrest

Posted on 24 September 2013 by VRS  |  Email |Print

Five years after nearly collapsing under the weight of bad debts, the once-hobbled Kazakh bank BTA has a spring in its step. Kazakhstan’s third-largest lender, 97% owned by sovereign wealth fund Samruk-Kazyna, posted first-half earnings of T15.6 billion ($112 million), compared with a T658 billion loss a year ago. BTA chairman Kadyrzhan Damitov attributed the turnaround to a second debt restructuring completed in December 2012, helping boost first-half net interest income to T17 billion.
BTA’s focus this year has switched to locating and recouping billions of dollars that the bank alleges former chairman Mukhtar Ablyazov stole. Ablazov was arrested in France on July 18 on a request from Ukraine. He maintains the charges of fraud are false and politically motivated, and that BTA’s problems stem from its nationalization in 2009………………………………….Full Article: Source

SWF: New PDP Reps back APC

Posted on 24 September 2013 by VRS  |  Email |Print

Members of the new Peoples Democratic Party (PDP) in the House of Representatives are in support of the All Progressives Congress (APC) decision to challenge the appointment of three foreign firms to manage the $200m or 20 percent of the nation’s $1b Sovereign Wealth Fund (SQF).
The lawmakers also said it is the Minister of Petroleum Resources, Diezani Allison-Madueke that should be asked to resign by the Nigeria Governors Forum(NGF) and not the Minister of Finance, Ngozi Okonjo-Iweala………………………………….Full Article: Source

Nigeria: PDP berates Apc lawmakers over comments on SWF

Posted on 23 September 2013 by VRS  |  Email |Print

The Peoples Democratic Party, PDP, has described the position of the opposition All Progressives Congress, APC, lawmakers on the management of the Sovereign Wealth Fund, SWF, as a demonstration of crass ignorance and the obvious unpreparedness of the APC to manage the affairs of the nation.
The PDP National Publicity Secretary, Olisa Metuh, in a statement on Thursday, branded the APC lawmakers as frustrated political adventurers with a penchant for destructive criticisms that exhibit their emptiness and poor understanding of international financial system…………………………………..Full Article: Source

Jonathan inaugurates SWF Council, calls for accountability

Posted on 23 September 2013 by VRS  |  Email |Print

President Goodluck Jonathan has urged the Nigeria Sovereign Investment Authority to ensure accountability and gain the trust of all stakeholders in the management of the Sovereign Wealth Fund. Jonathan, who was represented by Vice-President Namadi Sambo, made the call in Abuja on Thursday at the inauguration of the Sovereign Wealth Fund Council.
The President is the chairman of the council. Other members are the 36 state governors, the Minister of the Federal Capital Territory and the Attorney-General of the Federation and Minister of Justice…………………………………..Full Article: Source

Jim Armitage: RBS looks set to spoil Osborne’s claim that he has fixed banking mess

Posted on 20 September 2013 by VRS  |  Email |Print

Temasek is clearly a beast with some appetite for the UK. Little surprise, then, that the Singapore sovereign wealth fund has become George Osborne’s best new buddy. Not only did it take up the biggest slice of Lloyds’ placing this week, but it appears the Treasury/UK Financial Investments has high hopes it will take a bigger bite with the next round of the sales process, probably next March.
This all plays well for the Chancellor, who can boast to the public that one of the world’s biggest sovereign wealth funds is putting billions of pounds in long-term bets on the future of the British economy (hence the Treasury leaks about Temasek snapping up about 0.5 per cent of Lloyds in this week’s placing.)……………………………………….Full Article: Source

APC Reps question management of $200mln sovereign funds by foreigners

Posted on 19 September 2013 by VRS  |  Email |Print

The All Progressives Congress (APC) lawmakers in the House of Representatives said Federal Government’s farming out the management of $200 million Sovereign Wealth Fund (SWF) to foreign firms contravenes Section 1, Part 1 of the Fifth Schedule of the 1999 Constitution.
The Federal Government, on August 28, appointed Credit Suisse and Goldman and Sach and UBS to manage the $200 million, or 20 per cent of the country’s $1 billion SWF. The progressives’ lawmakers have vowed to challenge the legality of the action………………………………………..Full Article: Source

Nigeria: Governors meet to discuss sovereign wealth fund

Posted on 17 September 2013 by VRS  |  Email |Print

The Sovereign Wealth Fund, oil theft and continued deductions from excess crude account are expected to dominate discussions at the summit of the governors from the 36 states of the federation, holding on Tuesday.
According to unconfirmed reports, the meeting will be holding at the Rivers State Governor’ Lodge in Abuja. According to the Director General of the Nigeria Governors’ Forum, Bayo Okuaro, who confirmed the meeting, said that all the 36 state governors have been invited to the meeting that is expected to hold Tuesday with the following agenda - Fresh & subsisting litigations; update on Federation Allocation Accounts Committee, Excess Crude Account and the Sovereign Wealth Fund………………………………………..Full Article: Source

Libya: Opposes use of sovereign wealth fund for budgetary needs

Posted on 17 September 2013 by VRS  |  Email |Print

Libya’s economy could grow just 5 percent instead of around 18 percent predicted by the IMF this year if the country cannot end protests that have all but halted its oil exports, its central bank governor told Reuters.
Governor Saddek Omar Ali Elkaber said he opposed suggestions by some decision makers and politicians that the government could draw on Libya’s foreign exchange reserves or cash deposits in its $60 billion sovereign wealth fund………………………………………..Full Article: Source

ISS says Deutsche Wohnen investors should approve GSW takeover

Posted on 16 September 2013 by VRS  |  Email |Print

Shareholders of Deutsche Wohnen AG, which include BlackRock Inc. and Norway’s sovereign-wealth fund, were advised to approve the acquisition of GSW Immobilien AG, documents obtained by Bloomberg show.
Institutional Shareholder Services Inc., a proxy advisory firm, advised voting in favor of a capital increase to finance the purchase, which would create the second-largest owner of German homes. BlackRock holds about 6.5 percent of Deutsche Wohnen shares, while Norges Bank owns about 4.5 percent, according to data compiled by Bloomberg………………………………………..Full Article: Source

Future Fund, AustralianSuper set for court case: report

Posted on 13 September 2013 by VRS  |  Email |Print

Investors AustralianSuper and the Future Fund will appear in the Victorian Supreme Court next month in a dispute over ownership of Perth Airport, The Australian Financial Review reports.
According to the newspaper, the Future Fund declined voluntarily to provide documents the superannuation fund says will help it make a decision about whether to sue the Future Fund for its $875 million purchase of a 30 per cent stake in Perth airport………………………………………..Full Article: Source

Mexico’s fiscal reform neutral for sovereign credit

Posted on 12 September 2013 by VRS  |  Email |Print

The Mexican government’s recently proposed fiscal reform and the 2014 budget are broadly neutral for its sovereign creditworthiness, according to Fitch. The positive impact from the expansion of the government’s revenue base needs to be counterbalanced by the near-term weakening of the economy and higher-than-expected fiscal deficits in the coming years.
The creation of a Sovereign Wealth Fund and the implementation of a structural fiscal balance rule, including caps on current spending, represent progress on strengthening the institutional framework………………………………………..Full Article: Source

Gulf SWFs interested in Indian investments, PMO to take call on pre-conditions

Posted on 09 September 2013 by VRS  |  Email |Print

The Prime Minister’s Office would discuss modalities with key economic ministries to meet the pre-conditions set by the United Arab Emirates, Kuwait, Qatar and Saudi Arabia for parking part of their sovereign wealth funds (SWF) as foreign direct investments (FDI) in the country.
The UAE has the largest SWF at $750 billion but scrutiny by Indian agencies in investments by telecom firm Etisalat and real estate developer Emaar has become “a sore point” for future commitment………………………………………..Full Article: Source

Charles Russell advise Barwa on successful multi-million BCDR litigation

Posted on 06 September 2013 by VRS  |  Email |Print

Charles Russell’s Middle East Real Estate and Litigation teams have secured a successful judgment in the Bahrain Chamber for Dispute Resolution (BCDR) for Barwa Investment SPC, an investment arm of the Qatari Sovereign Wealth fund, against Inovest (a shariah compliant investment company listed on the Bahraini bourse) and its sister company Al Khaleej Development Company (Defendants).
The BCDR judgment, handed down earlier this year, accepted that Barwa had been misled by the Defendants when they invested in Dannat, a Cayman based fund vehicle set up and controlled by the Defendants to help finance a substantial property development in Saudi Arabia. ……………………………………….Full Article: Source

Future Fund accused of withholding docs in airport spat

Posted on 28 August 2013 by VRS  |  Email |Print

AustralianSuper has upped the ante in its dispute over the Future Fund’s purchase of a stake in Perth airport, accusing the $80 billion sovereign wealth fund of withholding crucial documents.
AustralianSuper said it had requested documentation from the Future Fund in relation to the allocation of the purchase price of the airport assets from the Australian Infrastructure Fund (AIX) and is pursuing this matter in the best interest of its two million members. “These documents are being sought so that we can determine whether to pursue a claim arising from the sale of the AIX assets,” said an AustralianSuper press release………………………………………..Full Article: Source

Sovereign and pension funds exempt from Italy’s Tobin tax

Posted on 27 August 2013 by VRS  |  Email |Print

Financial transactions involving sovereign funds, such as treasury bonds, won’t be subject to the new Financial Transaction Tax (FTT) - the so-called Tobin tax - which goes into effect on October 16, the Italian economy ministry announced on Monday.
”Entities and organizations invested in by pension funds” will also be exempt from tariffs on equity and derivatives transactions, but ethical or socially responsible funds will not, the ministry clarified. Companies that buy shares in their controlled entities, or buy back their own stock to eliminate shares, also won’t pay the new tax destined to hit both counterparties in most equities transactions………………………………………..Full Article: Source

Lawmakers hopeful Future Fund can work despite key differences in industries of WV and ND

Posted on 27 August 2013 by VRS  |  Email |Print

With a trust fund fueled by severance taxes from the oil industry, North Dakota has saved nearly $1.5 billion in just 20 months. While some West Virginia lawmakers hope to start a similar fund using taxes from the Marcellus shale industry, others are still skeptical of the revenues the state can expect.
North Dakota’s tax department collected nearly $3.5 billion from the state’s oil and natural gas production alone between 2011 and 2013. In those same two years, West Virginia collected about $875 million in severance taxes, which includes all of the state’s extraction industries………………………………………..Full Article: Source

Mumtalakat sukuk rating reaffirmed

Posted on 21 August 2013 by VRS  |  Email |Print

RAM Rating Services Berhad has reaffirmed Bahrain Mumtalakat Holding Company’s MYR 3 billion ($920 million) sukuk murabahah programme with a long-term rating of AA2 and a stable outlook. This rating represents a strong investment grade credit rating profile, said a statement.
Commenting on the rating announcement, Mahmood Hashim Al Kooheji, chief executive officer of Mumtalakat, said: “The strength of our business strategy and sustainability of favourable long-term financial prospects have been underscored with RAM Rating Services reaffirmation of the AA2 long-term rating and stable outlook of Mumtalakat’s Sukuk programme.”……………………………………….Full Article: Source

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