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Sovereign Wealth Funds Briefing - Category | Financials more

Malaysian sovereign wealth fund gains 19pct

Posted on 21 January 2014 by VRS  |  Email |Print

Khazanah Nasional Berhad, Malaysia’s sovereign wealth fund, said Monday its net asset value rose 19.1% to 103.5 billion ringgit ($31 billion) in 2013. “We are starting this year from a position of relative strength and hopefully our portfolio can handle any storms,” said Azman Mokhtar, managing director for the Kuala Lumpur-based fund.
Last year “was eventful with highlights including better operating performance across practically all investee companies and deepening of the regional presence of various companies.”……………………………………….Full Article: Source

Babycare portal First-Cry gets fund from Temasek arm

Posted on 21 January 2014 by VRS  |  Email |Print

Online baby care portal First-Cry.com has received funding of Rs 92 crore in what is the largest investment in an ecommerce company selling just one category of products. The equity investment was led by Vertex Venture Management, a subsidiary of Singapore’s staterun investment company Temasek Holdings.
Existing investors in the company IDG Ventures India and Saif Partners also participated in this third round of funding. FirstCry, which is owned by Brainbees Solutions and based in Pune, will use the money to double its network of brickand-mortar stores and hire more people for its online retail and mobile commerce services………………………………………..Full Article: Source

Nigeria plans to boost capital of sovereign wealth fund

Posted on 21 January 2014 by VRS  |  Email |Print

Nigerian Finance Minister Ngozi Okonjo-Iweala said the federal government wants to increase the capital of its $1 billion sovereign wealth fund this year even as state governors protest allocations before 2015 elections.
“We want to look at what we can do however small to ensure a steady streaming of income into the sovereign wealth fund,” Okonjo-Iweala, 59, said in an interview yesterday in the commercial capital, Lagos, declining to comment on the possible amount………………………………………..Full Article: Source

South Korean fund weighs Bank of America stake sale

Posted on 17 January 2014 by VRS  |  Email |Print

Korea Investment Corp (KIC) will decide whether to sell its around $1 billion stake in Bank of America within a month, after watching its value fall by half since 2008, Korean media reported on Thursday.
The sovereign fund, which manages some $66 billion in assets, held 0.69 percent of the U.S. bank as of September 2013 through its $2 billion investment in Merrill Lynch in 2008, before Merrill Lynch merged with BoA………………………………………..Full Article: Source

Zimbabwe: Mine royalties to bankroll Zim wealth fund

Posted on 15 January 2014 by VRS  |  Email |Print

A proposed sovereign wealth fund in Zimbabwe will be bankrolled by as much as a quarter of royalties and special dividends earned on minerals such as diamonds, gold and platinum, according to a draft bill seen on Monday.
Finance Minister Patrick Chinamasa said in October Harare planned a sovereign wealth fund law by February but hinted at the time the government might not have any money at first due to the need to overhaul crumbling infrastructure………………………………………..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

Norway’s sovereign wealth fund has ballooned

Posted on 13 January 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund has ballooned so much due to high oil and gas prices that every person in the country became a theoretical millionaire this week. The Nordic nation is proving to be an exception as others struggle under a mountain of debts.
Set up in 1990, the fund owns around 1 percent of the world’s stocks, as well as bonds and real estate from London to Boston. The surplus revenue is collected in the Government Pension Fund Global………………………………Full Article: Source

Why Norwegians are millionaires and Americans are paupers

Posted on 13 January 2014 by VRS  |  Email |Print

Among the reasons Norwegians can celebrate Norway are the ’80s band A-ha, the narrow geological formations called fjords, oil and the biggest sovereign wealth fund in the world. The sovereign fund, which the country uses for investments that benefit their economy and people, reached 5.1 trillion crowns, or about $818 billion, due in large part to the rising price of oil, according to a report out this week.
That surge in the fund, called the Government Pension Fund Global, theoretically makes each of Norway’s 5,096,300 people a millionaire in crowns. Translated into dollars the fund’s crowns (spelled “krone” in Norway) per capita is about $161,660, said Michael Maduell, president of the Sovereign Wealth Fund Institute………………………………Full Article: Source

Norway’s oil fund heads for $1 trillion; So where is Alberta’s pot of gold?

Posted on 13 January 2014 by VRS  |  Email |Print

Every man, woman and child in oil-rich Norway became a theoretical millionaire this week. The country’s oil fund — which collects taxes from oil profits and invests the money, mostly in stocks — exceeded 5.11 trillion crowns ($905 billion) in value this week, making it worth a million crowns per person, or about $177,000 per Norwegian.
That’s right. Norway, the “socialist paradise,” is effectively running a surplus of nearly a trillion dollars, thanks to oil revenue. About the same time this happened, the Canadian Taxpayers Federation released calculations showing that the taxpayers of Alberta are on the hook for $7.7 billion in debt, or about $1,925 per person………………………………Full Article: Source

CIC selling energy firm shares

Posted on 10 January 2014 by VRS  |  Email |Print

China Investment Corporation is selling 1.2 billion shares of GCL Poly Energy (3800) for about HK$3.12 billion. GCL Poly Energy announced yesterday that it was informed by Chengdong, a subsidiary of CIC, that it has entered into a placing agreement.
The placement price is HK$2.6, 7.8 percent discount to yesterday’s closing price of HK$2.82. Chengdong will hold 4.57 percent stake of GCL after the placement. It is the second time for the sovereign wealth fund to offload the solar power producer since last June……………………………..Full Article: Source

All Norwegians become crown millionaires, thanks to SWF

Posted on 09 January 2014 by VRS  |  Email |Print

Everyone in Norway became a theoretical crown millionaire on Wednesday in a milestone for the world’s biggest sovereign wealth fund that has ballooned thanks to high oil and gas prices.
Set up in 1990, the fund owns around 1 percent of the world’s stocks, as well as bonds and real estate from London to Boston, making the Nordic nation an exception when others are struggling under a mountain of debts………………………………………..Full Article: Source

NNPC says $10.8bln Crude Oil Fund not missing

Posted on 07 January 2014 by VRS  |  Email |Print

The Nigerian National Petroleum Corporation (NNPC) has dismissed the claim that the sum of $10.8billion, out of the alleged unremitted $49.8 billion crude oil fund, was missing.
This is contained in a statement issued in Abuja by Dr Omar Ibrahim, General Manager, Group Public Affairs Division, NNPC. Ibrahim stated that the issues surrounding the allegation of unremitted $49.8billion against the NNPC, had since been explained last December at a joint press conference by NNPC, the Central Bank of Nigeria (CBN), Ministry of Finance, and Ministry of Petroleum Resources………………………………………..Full Article: Source

Bumi sets aside $50-$100mln for mining maintenance

Posted on 07 January 2014 by VRS  |  Email |Print

Bumi Resources, the biggest coal miner by production volume, has announced several debt restructuring plans via debt-for-equity swap deals with some its lenders, including China’s sovereign wealth fund the China Investment Corporation.
Under that swap deal, CIC would convert up to $1.3 billion of Bumi’s debts into stakes in the coal miner’s assets and associated subsidiaries. Bumi seeks to cut annual interest expenses by $216 million. The plan suffered a setback last year after an extraordinary general meeting of shareholders in Jakarta failed to proceed with a voting on the CIC debt deal………………………………………..Full Article: Source

The Alaska Permanent Fund: A marvel that needs the public’s constant monitoring

Posted on 03 January 2014 by VRS  |  Email |Print

It’s filing time again. Not for federal income taxes, but for your annual Alaska Permanent Fund dividend. The filing period opened Wednesday and closes March 31. The good news for qualifying Alaskans is that the dividend amount might increase when it hits bank accounts this fall. The director of the Permanent Fund Dividend Division said recently that this year’s payout could return to the range of “four figures,” as he put it.
The annual dividend payment is pretty much what most Alaskans focus on when it comes to the Alaska Permanent Fund. But state legislators regularly put forward bills that affect the fund and the dividend that derives from it, and those ideas and changes deserve attention, too………………………………………..Full Article: Source

Adamawa receives $11mln from sovereign wealth fund

Posted on 02 January 2014 by VRS  |  Email |Print

The Adamawa Government on Tuesday received 6.2 million dollars, representing its savings under the Sovereign Wealth Fund. The 21 local government councils in the state also received 4.8 million dollars to be shared among them.
The Sovereign Wealth Fund is a vehicle through which excess revenue from the sale of crude oil is saved abroad. Receiving certificates for the two amounts in Yola, Gov. Murtala Nyako of Adamawa, said that the introduction of the fund was laudable as it would enhance development………………………………………..Full Article: Source

Permanent Fund dividend application opens New Year’s Day

Posted on 02 January 2014 by VRS  |  Email |Print

In Alaska, New Year’s Day marks not only another year passed, but also the beginning of registration for the Permanent Fund Dividend, the state’s annual payout to residents from its invested oil wealth. Between Jan. 1 and March 31, Alaskans can apply online or by paper for the 2014 dividend, which officials expect to be larger than last year’s check.
While the dividends have steadily decreased from $2,069 in 2008 to $878 in 2012, the payment for 2014 “will likely go into the four-figure territory once again,” said Dan DeBartolo, director of the Permanent Fund Dividend Division……………………………………….Full Article: Source

Director: Alaskans likely to get bigger dividends in 2014

Posted on 02 January 2014 by VRS  |  Email |Print

Alaskans could see a greater share of the state’s oil wealth when dividends are distributed this year. Permanent Fund Dividend Division director, Dan DeBartolo, tells the Anchorage Daily News that after several years of declining dividends, 2014’s payment “will likely go into the four-figure territory once again.”
The dividend amount is based on the five-year average of the fund’s statutory net income. In 2009, a recession year, the fund posted a $2.5 billion net loss in statutory net income. That helped drive the dividend down in recent years. But it will not affect the 2014 dividend………………………………………..Full Article: Source

Chinese fund had losses in Canada

Posted on 20 December 2013 by VRS  |  Email |Print

The head of China Investment Corp.’s Toronto office is stepping down as the Chinese sovereign wealth fund broadens its North American investments after suffering losses in Canada, sources say.
Felix Chee, who was appointed in January 2011 as chief representative for CIC’s first international office, will leave when his term ends this month, say the sources, who asked not to be identified as they weren’t authorized to speak about the plans. Chee didn’t return calls to his Toronto office and emails seeking comment………………………………………..Full Article: Source

Superannuation fund members enjoy double-digit growth in 2013

Posted on 20 December 2013 by VRS  |  Email |Print

Super funds members can enjoy double-digit growth this year despite predictions of poor performance in December. Strong growth in international shares helped boost nest eggs in November and resulted in median growth funds (61 to 80 per cent growth assets) increasing by 0.8 per cent.
Research firm SuperRatings found the returns in December were shaped to be the worst in 2013 after Australian and international share markets both dropped (-4.1 per cent and -2.0 per cent respectively)………………………………………..Full Article: Source

NZ Super Fund continues to grow - value lifts to $25bln

Posted on 19 December 2013 by VRS  |  Email |Print

The New Zealand Superannuation Fund returned 27.76% on its investments in the last 12 months to lift its value to nearly $25 billion at the end of November. Since inception in 2003, the fund has returned 9.55% a year and in November returned 1.66%.
The fund, set up by former finance minister Sir Michael Cullen and also know as the ”Cullen fund”, was established to pre-fund New Zealand’s superannuation requirements………………………………………..Full Article: Source

Russia plans to use other sources along with National Welfare Fund to buy Ukraine’s Eurobonds

Posted on 18 December 2013 by VRS  |  Email |Print

The Russian Finance Ministry plans to use other sources along with the National Welfare Fund to buy Ukraine’s Eurobonds in 2014, Russian Finance Minister Anton Siluanov told reporters on Tuesday.
“This can be not only the resources from the National Welfare Fund. We will consider other resources, proceeding from the variability of our resources in the next year,” he said, noting that the sum of 15 billion dollars will be confirmed within 18 months and the resources from the welfare fund will make a larger part of it……………………………………….Full Article: Source

Permanent Fund Dividend: Benefits of Alaskan life

Posted on 18 December 2013 by VRS  |  Email |Print

The Permanent Fund Dividend (PFD), or Alaska Dividend, is a unique yearly dividend for Alaska residents. In 1959, Alaska’s largest oil reserve was discovered and it became clear as the pipeline was constructed that Alaska would accrue a great deal of wealth from its oil reserves. So in 1976, Alaska amended its constitution to dedicate approximately 25 percent of its yearly oil revenues to a state investment fund.
It is called the Alaska Permanent Fund. The purpose of the fund is to ensure future generations of Alaskans will be able to benefit from Alaska’s natural resources, even when those resources have been depleted……………………………………….Full Article: Source

Versace: Italian fund steps off GBP900mln catwalk

Posted on 16 December 2013 by VRS  |  Email |Print

Italy’s sovereign wealth fund is close to bowing out of the race to buy a stake in Versace as a trio of international private equity firms battle to invest in one of the world’s best-known fashion houses.
Sky News understands that Fondo Strategico Italiano (FSI) is expected to miss out on the shortlist to acquire 20% of family-owned Versace in a deal likely to value the company at about £900m. Blackstone and CCMP Capital, two New York-based firms, and Investcorp of Bahrain were informed on Friday that they were being considered as Versace’s new investment partner………………………………………..Full Article: Source

Temasek redeems S$500mln zero coupon exchangeable bonds due 2013

Posted on 16 December 2013 by VRS  |  Email |Print

Temasek Holdings has on Monday redeemed S$500 million zero coupon guaranteed exchangeable bonds due 2013. They were redeemed through its wholly-owned subsidiary, Temasek Financial (III) Private Limited (TFin-III).
L&F HK was a zero coupon exchangeable bond issued by TFin-III at par in December 2011, with a maturity date of Dec 14, 2013………………………………………..Full Article: Source

Angola: Finance minister calls for strict inspection of sovereign fund accounts

Posted on 13 December 2013 by VRS  |  Email |Print

The Minister of Finance, Armando Manuel, urged on Tuesday in Luanda, the public managers under the Angolan Sovereign Fund (FDSA), to be capable to inspect well the accounts of the institution. Armando Manuel spoke at the inauguration ceremony of the chairperson of the Angolan Sovereign Fund (FDSA) inspection council, Ary Nelson Brandão, and the head of the executive commission of Housing Fund, Edson Augusto dos Santos Vaz.
According to the Minister, the newly appoint officials must work with zeal in the perspective of compliance of activities, fulfilment of the objective for which the FDSA was specifically created, the monitoring of the accounts, procedures and functional practices………………………………………..Full Article: Source

Troubled Kazakh bank Alliance to meet London-based investors

Posted on 10 December 2013 by VRS  |  Email |Print

Alliance Bank’s dollar bonds fell on Monday as the lender, majority owned by Kazakhstan’s sovereign wealth fund, called its investors to a meeting in London to discuss its finances.
Alliance defaulted on its debt in the aftermath of the 2008 financial crisis. Its dollar bonds fell to record lows earlier this year on fears that the lender was heading towards a second debt restructuring………………………………………..Full Article: Source

Singapore bets on Blackstone’s Hilton IPO after 2010 debt restructuring

Posted on 10 December 2013 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC Private Ltd pumped equity into Blackstone Group-owned Hilton Worldwide when the company needed to restructure its debt in the credit crunch that ensued after the hotel chain’s 2007 leveraged buyout. Now, GIC is prepared to hold onto a large chunk of Hilton Worldwide shares as the company moves towards an initial public offering.
In contrast to GIC, other providers of emergency relief to Hilton during its debt restructuring will be cashing out of their holdings in the company’s IPO. GIC is poised to be a 5% stakeholder in Hilton when the company lists its shares, in what could be a $2.4 billion IPO that would be the biggest in the U.S. hotel industry………………………………………..Full Article: Source

Excess Crude Account to deplete further to $2.5bln

Posted on 10 December 2013 by VRS  |  Email |Print

The Excess Crude Account, which has dropped to $3.3bn in recent times, may deplete further to $2.5bn as soon as certain payments are made to the oil sector, the Minister of Finance, Dr. Ngozi Okonjo-Iweala, said on Monday.
While speaking on the performance of the economy at a breakfast meeting organised by the Nigerian Economic Summit Group in Lagos on Monday, Okonjo-Iweala argued that the huge drop in the ECA was necessary in order to shore up the economy……………………………………….Full Article: Source

Temasek is different from other sovereign wealth funds and pays tax - Chairman

Posted on 09 December 2013 by VRS  |  Email |Print

Temasek Holdings is not your usual sovereign wealth fund, according to Chairman Lim Boon Heng. According to Chairman Lim, Temasek is a unique entity that only has few things in common with other sovereign wealth funds. He said, “Defining Temasek is not easy: We have not found another entity that does exactly what we do.”
Chairman Lim said one point of difference is that as a commercial investment firm, Temasek is the outright owner of its assets. Unlike other sovereign wealth funds, it is not a fund manager for the government. He also added that Temasek pays taxes like other companies………………………………………..Full Article: Source

Most super fund members don’t understand their insurance

Posted on 09 December 2013 by VRS  |  Email |Print

Most superannuation fund executives and trustees believe that fewer than 30 per cent of their fund members actually understand the life insurance they receive via their superannuation fund.
That is the disturbing the finding of a survey conducted during the Association of Superannuation Funds of Australia (ASFA) national conference in Perth last month by Money Management’s sister publication Super Review………………………………………..Full Article: Source

Kazakhs need bad banks to cut loan delinquency, Kelimbetov says

Posted on 06 December 2013 by VRS  |  Email |Print

Samruk-Kazyna, the country’s sovereign wealth fund, is seeking to sell stakes in Kazakh banks. It owns a 79.9% stake in Temirbank, 67 percent in Alliance Bank and 97.3 percent of BTA Bank. The fund is considering a sale of its entire holding in Temirbank and 16 percent of Alliance Bank, to Kazakh billionaire Bulat Utemuratov, Interfax reported Nov. 20.
Several potential buyers are examining BTA’s finances, and while the sale probably won’t be completed this year, the most likely bidders may become known before year-end, said Kelimbetov, the former chief executive of Samruk-Kazyna………………………………………..Full Article: Source

Hands off Brazil’s sovereign fund for 2013 possible shortfall

Posted on 06 December 2013 by VRS  |  Email |Print

Contending with a probable ratings downgrade derived from a narrowing 12-month primary budget surplus, Brazilian public officials are seeking new options. Brazil may not be able to reach the year-end budget savings target of 2.3% of gross domestic product – a lowered target from last year.
Last week, the Banco Central do Brasil stated the 12-month public sector primary surplus slimmed to R$ 67.89 billion (US$ 29.14 billion) from R$ 74.1 billion………………………………………..Full Article: Source

Chinese fund sells off Japanese investments in retaliation

Posted on 05 December 2013 by VRS  |  Email |Print

The Chinese government may withdraw investments in Japan as a way to retaliate against the United States and Japan for opposing China’s newly established air defense identification zone. A shareholder listed as SSBT OD05 Omnibus China Treaty 808150, which is widely considered a Chinese sovereign fund, has reduced its Japanese investment by 600 billion yen (US$5.8 billion) between March and September this year, according to our Chinese-language sister paper Want Daily and the Tokyo-based Sankei Shimbun.
The sovereign wealth fund had invested around 4.24 trillion yen (US$41.3 billion) in 174 Japanese businesses as of March this year but the figure had dropped by 607.4 billion yen (US$5.9 billion) as of the end of September. It was the ninth largest shareholder of the Toyota Motor Corporation with a 300.1-billion-yen investment in March but by September, it was no longer one of the Japanese carmaker’s ten major shareholders, said Japan’s Chibagin Securities………………………………………..Full Article: Source

The Norwegian Oil Fund worth NOK 5000 bln

Posted on 04 December 2013 by VRS  |  Email |Print

The Norwegian Government Pension Fund Global, also known as the National Oil Fund has now reached the value of NOK 5000 billion, or USD 818 billion. This was announced Monday, 17 years after the Finance Department deposited the first NOK two billion in the Fund in 1996.
The Fund’s value passed NOK 2000 billion in October 2007 and NOK 3000 billion in 2010. The value passed NOK 4000 billion in February this year. Norges Bank Investment Management (NBIM) manages the Norwegian Government Pension Fund Global………………………………………..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

Versace valuation may be as over the top as its clothes

Posted on 04 December 2013 by VRS  |  Email |Print

Versace’s valuation looks as aggressive as its outfits. The Italian fashion house, which is sizing up buyout firms and sovereign wealth funds to finance a capital increase, believes it is worth more than 1 billion euros, or $1.36 billion, and could triple in value in three years. There is real potential, because Versace has fallen behind industry trends
It has been a nasty few years for the influential label. After its founder, Gianni Versace, was shot dead in 1997, control passed to his niece Allegra, sister Donatella and brother, Santo………………………………………..Full Article: Source

Italian sovereign fund is frontrunner to acquire minority stake in Versace

Posted on 03 December 2013 by VRS  |  Email |Print

Fondo Strategico Italiano (FSI) has emerged as frontrunner to buy a minority stake in family-owned Versace estimated to be worth as much as EUR850 million. FSI is Italy’s state-run private equity fund.
According to a report by the Financial Times, FSI has emerged as a good fit for the Versace family after securing the backing of a Qatar joint venture. FSI struck a deal with Qatar last year to invest up to EUR2 billion in Italian fashion, food, furniture and tourism………………………………….Full Article: Source

RDIF-France fund to get $407mln injection

Posted on 29 November 2013 by VRS  |  Email |Print

Russia’s state-backed private equity investment fund said Thursday it would team up with state-backed French bank Caisse des Depots, or CDC, to invest 300 million euros ($407.23 million) in an existing joint investment platform.
The creation of the Russia-France investment fund worth a total 1 billion euros was backed by the two countries’ presidents, Vladimir Putin and Francois Hollande, earlier this year in a bid to boost bilateral direct investment. The Russian Direct Investment Fund, or RDIF, was set up two years ago with capital of $10 billion with a brief to win over strategic investors who have steered clear of Russia due to concerns over rampant graft and the rule of law………………………………………..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

Zimbabwean wealth fund to get share of mining revenues

Posted on 26 November 2013 by VRS  |  Email |Print

The planned sovereign wealth fund may get as much as a quarter of mining royalties and the same share of “special dividends” on state mineral and metal sales. Parliament will also be able to appropriate money to benefit the fund.
A 16-member board will decide on the fund’s activities, allowing it to make withdrawals, primarily to pay for infrastructure developments, according to a draft of the Sovereign Wealth Fund of Zimbabwe Act………………………………………..Full Article: Source

Excess crude account: Explain how $5bln got missing – Nyako tells FG

Posted on 26 November 2013 by VRS  |  Email |Print

Adamawa State Governor, Murtala Nyako has asked the Federal Government to give facts and figures on the alleged depletion of the Excess Crude Account. The governor said “semantics and grammar” being used against well-articulated observations and questions raised by Governor Rotimi Amaechi, are not what Nigerians expect to hear from government officials.
He spoke while reacting to the face-off between the Minister of Finance, Dr. Ngozi Okonjo-Iweala and his colleague-governor, over the actual balance in the account………………………………………..Full Article: Source

Norway’s state pension fund returns 5pct in third quarter

Posted on 26 November 2013 by VRS  |  Email |Print

Norges Bank Investment Management, manager of the Norwegian government’s global pension fund has published its third quarter report on investment returns. The Government Pension Fund Global returned 5.0%, or 228 billion kroner,($37bn) in the third quarter of 2013. Equity investments returned 7.6%, while fixed income investments returned 0.3%. The return on equity and fixed income investments was 0.1 percentage point higher than the return on the fund’s bench mark, the report said.
Investments in real estate returned 4.1%. The fund had a market value of 4,714 billion ($769bn) kroner at the end of the quarter and was invested 63.6% in equities, 35.5% in fixed income and 0.9% in real estate………………………………………..Full Article: Source

Zimbabwe wealth fund to get share of state mining revenue

Posted on 25 November 2013 by VRS  |  Email |Print

Zimbabwe’s planned sovereign wealth fund may get as much as a quarter of mining royalties and the same share of “special dividends” on state mineral and metal sales. Parliament will also be able to appropriate money to benefit the fund.
A 16-member board will decide on the fund’s activities, allowing it to make withdrawals, primarily to pay for infrastructure developments, according to a draft of the Sovereign Wealth Fund of Zimbabwe Act obtained by Bloomberg News………………………………………..Full Article: Source

Qatar bank gives Tunisia $500mln deposit, says source

Posted on 25 November 2013 by VRS  |  Email |Print

Qatar National Bank, part owned by the Gulf state’s sovereign wealth fund, has given Tunisia a $500 million deposit to support its foreign currency reserves, a senior official in Tunisia’s central bank told Reuters on Saturday.
The deposit was made as Tunisia’s Islamist-led government faces pressure from lenders such as the World Bank and the International Monetary Fund to make reforms to trim its budget deficit and end a political crisis………………………………………..Full Article: Source

Abu Dhabi seeks ‘big chunk’ of work on next Boeing, Airbus Jets

Posted on 21 November 2013 by VRS  |  Email |Print

Abu Dhabi’s Mubadala sovereign wealth fund said its aerospace unit aims to become a risk-sharing partner of Airbus SAS and Boeing Co. on future plane programs as it develops an engineering-design capability.
Mubadala Aerospace plans to expand from build-to-print activities into design-to-build and take responsibility for 10 or 20 percent of an entire aircraft, executive director Homaid Abdulla Al Shemmari said today in an interview in Dubai……………………………….Full Article: Source

Mugabe sees options from Zim fund to BRICS loans

Posted on 20 November 2013 by VRS  |  Email |Print

Zimbabwean President Robert Mugabe is considering raising finance through measures ranging from establishing a sovereign wealth fund to borrowing money from the so-called BRICS nations to revive Zimbabwe’s economy.
A document titled the Zimbabwe Agenda for a Sustainable Socio-Economic Transformation, or Zim Asset, also details plans including the sale of bonds, securitisation of remittances, re-engagement with international finance institutions and the creation of special economic zones………………………………….Full Article: Source

Amaechi lied about Excess Crude Account, Rivers has received N56bln in 2013 – Okonjo-Iweala

Posted on 20 November 2013 by VRS  |  Email |Print

The Federal Government on Monday denied the allegation by Rivers State Governor, Mr. Rotimi Amaechi, that$5billion was missing from the Excess Crude Account. Amaechi, had while speaking at the Nigerian Governors’ Forum retreat held in Sokoto on Saturday, said there was $9billion in the account in January , but that the amount had depleted without any explanation.
He had said, “The Excess Crude Account in January was $9bn. That account belongs to federal, states and local governments. Today, it is $4bn. We don’t know who took the $5bn.”…………………………………Full Article: Source

$5bln not missing from Excess Crude Account

Posted on 20 November 2013 by VRS  |  Email |Print

The Federal Governmemt has denied media reports that N500 billion is missing from SURE-P funds, clarifying that N500 billion that was shared to states and local governments is the amount that is wrongly described as missing.
In a statement signed by the Special Adviser to Minister of Finance, Mr Paul Nwabuikp the minister explained that “the total expected funds for SURE-P from subsidy savings for the Federal, state and local governments is N816 billion from February 2012 to December 2013,” adding that “SURE-P started in February 2012.”…………………………………Full Article: Source

Abu Dhabi’s Mubadala to service Rolls Royce Trent XWB engines

Posted on 20 November 2013 by VRS  |  Email |Print

Britain’s Rolls-Royce Plc has entered into a strategic agreement with Abu Dhabi’s Mubadala Aerospace that will allow the government-owned company to service the manufacturer’s Trent XWB engines.
Abu Dhabi’s Mubadala, owned by the emirate’s sovereign wealth fund, aims to be among the world’s top three manufacturers of composite and metal parts for aeroplanes by 2020. Mubadala will become an approved provider of Trent engine maintenance, repair and overhaul, Rolls-Royce’s first such designation in the Middle East, according to a statement from the British firm on Tuesday………………………………….Full Article: Source

Russia-Korea SWF tie up: Win-win?

Posted on 15 November 2013 by VRS  |  Email |Print

Wednesday’s announcement that Russia and South Korea would work together on an economic project in North Korea slightly overshadowed another significant announcement linked to Putin’s Seoul visit: a new cross-border investment fund between Korea Investment Corporation and its Russian sovereign wealth fund counterpart, the Russian Direct Investment Corporation.
The fund will start out at $500m, with commitments of $250m apiece, but is expected to reach $1bn in time. It also gives an illustration of how the two sovereign wealth funds are evolving………………………………………..Full Article: Source

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