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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

Singapore’s Temasek disappointed with CCI fine

Posted on 19 August 2013 by VRS  |  Email |Print

Slapped with a Rs 50-lakh fine for late filing of an application with fair trade regulator CCI, Singapore government’s investment arm Temasek says it is “disappointed” and will take steps after studying the order. “Given the circumstances, Temasek is naturally disappointed with the decision, but respects the Commission’s decision under Indian law. Temasek will study the decision, and will take the necessary actions to follow up as needed,” the Singaporean sovereign investor said.
The fine of Rs 50 lakh was imposed on Temasek Holdings and its two subsidiaries for delayed submission of a mandatory application to the Competition Commission of India (CCI) with regard to a proposed acquisition of shares from DBS Group………………………………………..Full Article: Source

Norway’s SWF approved by Euro Commission to buy Paris properties

Posted on 01 August 2013 by VRS  |  Email |Print

Norway’s sovereign wealth fund under their subsidiary NBIM Clement SCI has been approved by the European Commission to acquire 50% of French developer SCI Pasquier. Currently, SCI Pasquier is solely owned by Assicurazioni Generali S.p.A which is part of the Italian insurer Generali Group.
Generali will maintain 50% ownership in the properties. The sovereign wealth fund investment includes five properties in Paris. The real estate transaction would augment NBIM’s exposure to core properties in central Paris………………………………………..Full Article: Source

Russia: Cabinet approves using sovereign fund for stimulus

Posted on 26 July 2013 by VRS  |  Email |Print

The Cabinet on Thursday approved measures to spur economic growth, largely by dipping into a fund that soaks up oil revenues, Economic Development Minister Alexei Ulyukayev said at a Cabinet meeting. The economy grew just 1.7 percent in the year’s first half.
Investment is in decline, as is export, Ulyukayev said. The only economic stimulus in place is the growth of personal incomes, he said. The stimulus package backed Thursday envisages using the money in the National Welfare Fund, now worth $86.5 billion, to invest in infrastructure projects and support bank lending programs for small businesses………………………………………..Full Article: Source

GIC announces name change

Posted on 24 July 2013 by VRS  |  Email |Print

Singapore’s sovereign wealth fund has changed its legal name from “Government of Singapore Investment Corporation Private Limited” to “GIC Private Limited”. In a statement, GIC said the name change formalises the widely-used brand name of “GIC” in the global investment community and markets that GIC operates in.
The change will have no effect on the operations, rights or obligations of the company. According to its website, GIC has invested “well over” US$100 billion in a wide range of assets. Analysts estimate GIC’s investment portfolio to be worth around US$300 billion………………………………………..Full Article: Source

India: Sovereign wealth funds to get access to tax-free infra bonds

Posted on 24 July 2013 by VRS  |  Email |Print

The government is set to allow a direct line of investment for sovereign wealth funds (SWFs) in the tax-free infrastructure bonds as part of measures to shore up forex reserves and stem rupee slide.
The government may also ask state-owned infra finance firm such as IIFCL, PFC, IRFC and IREDA to raise funds overseas in larger quantum. “Some sovereign wealth funds have shown interest in picking up a substantial chunk in infrastructure bonds of state-owned entities….we are looking at how this can be worked out,” a senior finance ministry official told ET………………………………………..Full Article: Source

Khazanah denies any proposed settlement for Halim Saad’s suit

Posted on 22 July 2013 by VRS  |  Email |Print

Sovereign wealth fund Khazanah Nasional Berhad has denied that there would be a proposed out-of-court settlement for a billion-ringgit legal suit by tycoon Tan Sri Halim Saad. A Khazanah statement last night refuted a report in The Star newspaper that speculated there could be a settlement in the works.
“The respective defendants would like to state that contrary to the said article, there is neither a settlement being proposed nor are they aware of any discussion in respect of the same,” Khazanah said………………………………………..Full Article: Source

No settlement, says Khazanah

Posted on 19 July 2013 by VRS  |  Email |Print

Khazanah Nasional Bhd has denied that an out-of-court settlement has been struck in the legal suit between tycoon Tan Sri Halim Saad against the government, Khazanah Nasional and Tan Sri Nor Mohamed Yakcop.
“With regard to Halim’s legal suit against Nor Mohamed, the government and Khazanah Nasional, the respective defendants would like to state that contrary to the said article, there is neither a settlement being proposed nor are they aware of any discussion in respect of the same,” the state-owned investment arm said………………………………………..Full Article: Source

Abu Dhabi-backed investor group suing Norway government

Posted on 17 July 2013 by VRS  |  Email |Print

Abu Dhabi is part of a group of investors in Norway’s offshore gas pipeline system which is suing the Oslo government over a plan to reduce tariffs for using the network.
Companies representing several international investment funds, such as the Abu Dhabi Investment Authority, the Canadian Pension Fund and German insurer Allianz, have spent $5.1 billion in recent years acquiring stakes in Norwegian pipelines, then considered a safe and steady investment bet………………………………………..Full Article: Source

Debate heralds change for Norway’s oil fund

Posted on 01 July 2013 by VRS  |  Email |Print

The political management of Norway’s $720bn oil fund – the world’s largest sovereign wealth fund – has been defined by one word: consensus. Despite all the temptations that come from the fund – Government Pension Fund Global – having more assets than the equivalent of one year’s economic output from the Nordic country, politicians of all colours have been careful to act together and cautiously over Norway’s oil wealth.
But with Norway on course to change government for the first time in eight years, the centre-right favourites to win the poll are signalling there could be some big changes both in how the fund is run and how its enormous reserves are spent…………………………………Full Article: Source

Reflection on Angola’s sovereign wealth fund investment policy

Posted on 24 June 2013 by VRS  |  Email |Print

Angola’s US$ 5 billion Fundo Soberano de Angola (FSDEA) has released their investment policy. The sovereign fund’s asset allocation mix will support three criteria: preservation of capital, long-term return maximization and infrastructure development.
The fifty percent allocation to cash, fixed income and G-7 stocks is modeled after the first criterion. The other 50% is open-ended with an opportunistic lens including investing domestically in Angolan prospects like the hotel industry. The sovereign fund has endowment-like characteristics to it, as well as a stabilization function……………………………………….Full Article: Source

Indian rupee fall: Govt may ease rules for sovereign wealth funds

Posted on 21 June 2013 by VRS  |  Email |Print

India’s finance ministry, the central bank and market regulators discussed loosening rules for investment by foreign sovereign wealth funds in response to a sharply falling rupee and a wide current account deficit that are hurting the economy. Two senior ministry officials, who declined to be named, said the aim was to attract more capital flows from wealth funds in Middle East countries. Finance Minister P Chidambaram has visited the Middle East in recent months to drum up investment.
“We will again meet and it will take some more time to finalize measures on sovereign funds,” said one official who attended the meeting………………………………………..Full Article: Source

India sets up special window for SWFs

Posted on 17 June 2013 by VRS  |  Email |Print

India is creating a special window in the government securities (G-Secs) segment for sovereign wealth funds (SWFs) and other long-term funds, with ease of entry and exit, Qatar Indian Embassy said.
During the recent visit to Doha of Indian Finance Minister P Chidambaram, India and Qatar had discussed investments by Qatar’s sovereign wealth fund, and other long-term investors in Asia’s third largest economy. The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) have issued notifications enabling such investments…………………………………..Full Article: Source

Putin rules to use wealth fund money to cover pension deficit

Posted on 14 June 2013 by VRS  |  Email |Print

Russian President Vladimir Putin has ordered the government to decide how many resources from the National Wealth Fund, designed to secure the pension system, could be used to cover the deficit of the pension fund, as cited by RIA Novosti on Thursday.
“Depending on the parameters of a formula to calculate pensions, we need to set limits within which we can use the resources of the National Wealth Fund to cover the deficit of the pension fund,” Putin, who is serving his third term in the Kremlin, said in his budget address to the government. Putin also said that resources of the National Wealth Fund and pension savings have to be used to finance infrastructure projects, whose implementation could help spur growth in a stagnating economy, among other measures………………………………………..Full Article: Source

Angolan government prepares investment policy for Angola’s Sovereign Fund

Posted on 14 June 2013 by VRS  |  Email |Print

The Angolan government is preparing to name a new chairman of the Board of Directors of the Angola Sovereign fund and draw up the fund’s investment policy, a Fund director said in Luanda. In a statement cited by Angolan news agency Angop, Director José Filomeno dos Santos said that the government was also preparing the Fund’s investment strategy, and would continue working on preparing the institution’s professional management.
Dos Santos said that the Fund’s investment policy had been delayed by the late approval of the 2013 State Budget by parliament and the 2012 general elections………………………………………..Full Article: Source

S.Africa vows to return Kadhafi assets to Libya

Posted on 14 June 2013 by VRS  |  Email |Print

South Africa will return assets and cash stashed by the slain Libyan dictator Moamer Kadhafi in the country after reaching an agreement with Tripoli, the finance ministry said on Thursday. The assets were placed in South Africa by the Libya Investment Authority, the Libya Africa Investment Portfolio and the Libya Africa Investment Company — funds closely controlled by Kadhafi’s regime.
Part of the missing money is allegedly controlled by Kadhafi’s former chief of staff Bashir Saleh. Saleh, who headed Libya’s $40-billion sovereign wealth fund, is wanted in Libya for fraud and is the target of an Interpol arrest warrant under the alias Bashir al-Shrkawi………………………………………..Full Article: Source

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