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Sovereign Wealth Funds Briefing - Archive | December, 2008

Abu Dhabi SWFs flex muscles

Posted on 30 December 2008 by VRS  |  Email |Print

From Theglobeandmail.com: The combined assets of Abu Dhabi’s various investment entities represent the largest state-controlled investment funds in the world.

Although some of these investments, especially those in Western financial markets have suffered in recent months, Abu Dhabi’s investments are heavily diversified and it is likely that their total value is still in excess of $700-billion (U.S.)….. Full Article: Source

Qatar wealth fund boosts confidence in banking sector

Posted on 30 December 2008 by VRS  |  Email |Print

From Bi-me.com: The greatest vote of confidence on the Qatari banks came from the country’s sovereign wealth fund – the Qatar Investment Authority – a few weeks ago when it decided to buy local bank shares in a US$5.3 billion plan.

The QIA will buy between 10% and 20% of the banks’ listed capital on the Doha Securities Market based on closing share prices on 12 October. The plan came amid government’s efforts to prevent the contagion from the global financial crisis from spreading to the region in general and the country in particular….. Full Article: Source

Brazil’s opposition tries to block bond sale for wealth fund

Posted on 30 December 2008 by VRS  |  Email |Print

From Bloomberg: Brazil’s biggest opposition parties asked the Supreme Court to block a Treasury bond sale this month to finance a so-called sovereign wealth fund, saying issuance of the bonds would be unconstitutional.

President Luiz Inacio Lula da Silva bypassed the legal framework congress created for the fund, exceeding his authority, when he issued a decree allowing the sale, said Thiago Boverio, the lawyer representing the Democrats party in the dispute. Boverio said he and two lawyers for other parties filed the petition earlier today….. Full Article: Source

SWF growth spurs private equity allocation

Posted on 30 December 2008 by VRS  |  Email |Print

From Efinancialnews.com: Sovereign wealth funds now account for a tenth of all money committed to private equity, according to new research, with assets of the state-owned investment vehicles expected to swell to $10 trillion (€7 trillion) by 2015.

….. Full Article: Source

Qatar seen as top global performer in 2009

Posted on 30 December 2008 by VRS  |  Email |Print

From Zawya.com: The global financial crisis is expected to stifle growth in Qatar but the country will likely be the world’s fastest growing economy in 2009 given its massive gas exports and overseas assets, according to a key Saudi bank.

The bulk of the country’s assets are controlled by the government-owned Qatar Investment Authority (QIA), estimated at $50 billion (Dh183.65bn) to $60bn, besides official reserves and other investments held by the government…… Full Article: Source

Be nice to the countries that lend you money

Posted on 30 December 2008 by VRS  |  Email |Print

From Theatlantic.com: In his first interview since the world financial crisis, Gao Xiqing, the man who oversees $200 billion of China’s $2 trillion in dollar holdings, explains why he’s betting against the dollar, praises American pragmatism, and wonders about enormous Wall Street paychecks.

And he has a friendly piece of advice: “Be Nice to the Countries That Lend You Money”….. Full Article: Source

Governments urged to use SWFs’ capital to boost ME economies

Posted on 29 December 2008 by VRS  |  Email |Print

From Business24-7.ae: Governments should deploy capital held by sovereign wealth funds (SWFs) among other entities to stimulate growth in regional economies, leading regional entrepreneurs said.

The creation of public-private partnerships and other stable investment opportunities to help various sectors should be a key priority for governments in the current economic climate, entrepreneurs said at a roundtable on the sidelines of Ernst & Young’s Entrepreneur of The Year Awards….. Full Article: Source

Qatar well-positioned to overcome gloom

Posted on 29 December 2008 by VRS  |  Email |Print

From Thepeninsulaqatar.com: Qatar is well-positioned to overcome the hurdles posed by the economic gloom due to its massive sovereign wealth fund, the Qatar Investment Authority (QIA).

“The QIA sovereign fund - the industry investment fund handled by the government - positioned investments in sector-related businesses rather than volatile assets, so that is very safe. Financially speaking, Qatar has a good chance of acquiring some of the good productive sectors assets in other countries,” said Dr. Hatem El Karanshawry, economist and dean of the Faculty of Islamic Studies at Qatar Foundation….. Full Article: Source

Brazil creates SWF against Congress’s wishes

Posted on 29 December 2008 by VRS  |  Email |Print

From Brazzilmag.com: Luiz Inácio Lula da Silva, the president of Brazil, has signed a law creating a sovereign wealth fund to protect the country from the global financial crisis and help Brazilian companies boost trade and expand overseas.

The presidential press office said in a statement that Lula signed the law on Wednesday as well as a temporary measure founding the fund with the equivalent of almost US$ 6 billion….. Full Article: Source

Brazil to sell bonds to finance SWF

Posted on 29 December 2008 by VRS  |  Email |Print

From Businessweek.com: Brazil will sell treasury bonds to finance its new sovereign wealth fund, circumventing a legislative hurdle that had limited its cash supply, a treasury official said.

The bond issue will allow Brazil’s government to deposit 14.2 billion reals ($5.9 billion), or 0.5 percent of gross domestic product, into the fund by January, Deputy Treasury Secretary Cleber Oliveira said, giving no other details on the sale….. Full Article: Source

Oil-rich Norway braces for a slowdown

Posted on 29 December 2008 by VRS  |  Email |Print

From : The Petroleum Fund is the largest sovereign wealth fund in Europe and the second-largest in the world, with a value of over 2 trillion Norwegian kroner ($284 billion).

Nearly all the country’s oil wealth has been invested in the Government Pension Fund (Global), commonly known under its former name of the Petroleum Fund: ….. Full Article: Source

SWFs threatening U.S. national security

Posted on 29 December 2008 by VRS  |  Email |Print

From Netnewspublisher.com: Over the years nations - some hostile to U.S. interest - have been using petrodollars and profits from trade surplus with the U.S. to fill their coffers with enormous cash reserves to be used for the sole purpose of buying up U.S. assets.

These sovereign wealth funds typically lack transparency and there is a growing fear that nations such as China, Venezuela, Japan, Iran and others could be amassing these huge funds not to advance their own economic interests inside the U.S., which is detrimental enough to the American economy, but rather to advance political agendas….. Full Article: Source

Questions about SWFs

Posted on 29 December 2008 by VRS  |  Email |Print

From Financialexpress.com: Globally, countries hold over $6 trillion of assets in forex reserves. These are managed either by their central banks or their sovereign wealth funds (SWFs). For example, India alone has around $250 billion in forex reserves, currently managed by RBI. However, SWFs are not one of the larger players in global financial markets.

SWF asset holdings ($3.1 trillion) amount to much less than those of mutual funds, pension funds and insurance companies ($20-30 trillion) but more than the $1.9 trillion assets of hedge funds and $1 trillion of private equity groups….. Full Article: Source

Chinese financial firms look abroad

Posted on 29 December 2008 by VRS  |  Email |Print

From Taipeitimes.com: The China Investment Corp, the country’s sovereign wealth fund, which controls US$200 billion in assets, has lost money on almost all of its investments, including a loss of US$2.46 billion, or 82 percent, of the US$3 billion it invested in the Blackstone Group.

Although employees of large Chinese financial institutions usually graduate from top Chinese universities, they lack practical market experience….. Full Article: Source

Dubai Investments open to selling 40% in units

Posted on 29 December 2008 by VRS  |  Email |Print

From Business24-7.ae: Dubai Investments (DI) is willing to sell up to 40 per cent stakes in any of its subsidiaries when the market situation improves, a top official said. He added that the global economic crisis is not expected to have a significant impact on future cash flows.

“We are open to selling stakes in any of our subsidiaries and possible buyers could include sovereign wealth funds,” DI Chief Executive Officer Khaled Kalban said….. Full Article: Source

QIA stake purchase move signals confidence on banks

Posted on 29 December 2008 by VRS  |  Email |Print

From Gulf-times.com: The greatest vote of confidence on the Qatari banks came from the country’s sovereign wealth fund – the Qatar Investment Authority – a few weeks ago when it decided to buy local bank shares in a $5.3bn plan.

The QIA will buy between 10% and 20% of the banks’ listed capital on the Doha Securities Market based on closing share prices on October 12. The plan came amid government’s efforts to prevent the contagion from the global financial crisis from spreading to the region in general and the country in particular….. Full Article: Source

Abu Dhabi wealth fund denies direct Madoff exposure

Posted on 23 December 2008 by VRS  |  Email |Print

From Bi-me.com: Abu Dhabi Investment Authority (ADIA), the world’s largest sovereign wealth fund, said it had no direct investments in a firm managed by Bernard Madoff, according to local media reports on Monday.

ADIA was denying a New York Times report which said the fund had “entrusted some US$400 million” in a firm of the US fund manager accused of running a US$50 billion fraud…… Full Article: Source

SWFs and protectionism

Posted on 23 December 2008 by VRS  |  Email |Print

From Thecuttingedgenews.com: In response to the rising threat of nations adopting barriers to sovereign wealth investment, 26 countries with sovereign wealth funds convened the IWG to collaborate with the International Monetary Fund, the World Bank, and the OECD in drafting the GAPP framework.

The GAPP recommends 24 voluntary principles that, if adopted, will enable countries to better manage their SWFs while promoting investor confidence. Although the current financial crisis has given SWFs a boost in popularity—these days nations are happy to get capital from any source—the implementation of GAPP practices should help prevent a return to the hostile investment environment of the recent past…… Full Article: Source

Gulf’s SWFs expected to perform poorly in 2009

Posted on 23 December 2008 by VRS  |  Email |Print

From Bi-me.com: Henry Azzam, Deutsche Bank CEO for the MENA region, expects the loss of assets of Gulf sovereign wealth funds to reach to US$ 450 billion. “This loss is equivalent to the region’s oil income for a whole year,” said Azzam, in an exclusive interview with CNBC Arabiya Fil Omoq programme.

One of the region’s most respected economists and chief executives told CNBC Arabiya viewers that the region’s sovereign funds may not perform well in 2009 after poor 2008 results…… Full Article: Source

Arab sovereignty and SWFs

Posted on 23 December 2008 by VRS  |  Email |Print

From Middle-east-online.com: This is a moment when some Arabs should be thinking more in terms of enhancing the wealth of their sovereignty, rather than merely bemoaning the erratic performance of their sovereign wealth.

One aspect of the Arab economies that is widely discussed abroad yet is almost totally absent from the domestic public debate is the pool of trillions of dollars in the so-called Sovereign Wealth Funds (SWFs). ….. Full Article: Source

Doha Bank approves share sale to Qatar wealth fund

Posted on 23 December 2008 by VRS  |  Email |Print

From Reuters: Doha Bank DOBK.QA said on Monday shareholders had approved a plan to raise its capital by up to 20 percent in order to sell a stake to the Gulf state’s sovereign wealth fund, the Qatar Investment Authority (QIA).

The shares would be issued at their closing price on Oct. 12, Doha Bank said in a statement on the bourse website. The shares closed at 42.7 riyals ($11.72) that day…… Full Article: Source

Kuwait bourse fund to start on Wed

Posted on 23 December 2008 by VRS  |  Email |Print

From Tradearabia.com: A planned multi-billion-dollar government fund to buy into Kuwait’s bourse will be launched on Wednesday, state news agency Kuna said on Monday citing the country’s finance minister. Last month, Kuwait asked its sovereign wealth fund KIA to set up the fund to shore up the second largest Arab bourse.

“Kuwait Investment Authority (KIA) has allocated its share in the long-term investment fund to invest in the Kuwait Stock Exchange to the Kuwait Investment Co,” Kuna cited Mustapha al-Shamali, who also heads the KIA board, as saying…… Full Article: Source

Gulf SWFs’ outlook murky

Posted on 23 December 2008 by VRS  |  Email |Print

From Saudigazette.com.sa: Gulf sovereign wealth funds (SWFs) will stand to lose around $450 billion, Henry Azzam, Deutsche Bank CEO for the MENA region, predicted. “This loss is equivalent to the region’s oil income for a whole year,” he said in an exclusive interview with CNBC Arabiya Fil Omoq program.

He said the region’s sovereign funds may not perform well in 2009 after poor 2008 results…… Full Article: Source

2009 M&A activity to be fueled by ‘Merger of Necessity’

Posted on 23 December 2008 by VRS  |  Email |Print

From Money.aol.com: During 2008, companies not only turned to sovereign funds for cash infusions, but they are relying on PIPEs (private investment in public equities) as well.

As of December 12th , PIPE transactions totaled $109.7 billion , surpassing the 2007 full year amount of $83.5 billion….. Full Article: Source

Uganda to benefit from $77bln fund

Posted on 23 December 2008 by VRS  |  Email |Print

From Newvision.co.ug: Uganda is to benefit from a $77billion (sh150.1b) fund pledged by the World Bank to support African countries to minimise the impact of the global financial crisis.

The impact of the crisis and recession on Africa will slow down private capital flows. Already, Ghana and Kenya have postponed sovereign bond issues worth about $800million ….. Full Article: Source

Semi-annual U.S. economic outlook: collapsing on schedule

Posted on 23 December 2008 by VRS  |  Email |Print

From Gurufocus.com: The worldwide recession is redirecting sovereign wealth money homeward. For instance, seven sovereign wealth funds in the Persian Gulf region are expected to lose 15% of their value, or $190 billion, this year, cancelling the likely $198 billion growth in crude oil revenues.

It’s interesting that the Fed, with its new commercial paper program, is lending directly to nonbank corporations for the first time since the 1930s. But then the Fed can lend to anyone, you included, under “unusual and exigent” circumstances. The Fed is, after all, the nation’s lender of last resort. ….. Full Article: Source

Singapore’s DBS to raise $2.8 bln by rights offer

Posted on 23 December 2008 by VRS  |  Email |Print

From People.com.cn: Singapore’s DBS Group Holdings Ltd (DBS), the country’s largest bank measured by assets, said on Monday that it plans to raise 4 billion Singapore dollars (about 2.8 billion U.S. dollars) by offering a rights issue.

According to the statement, DBS’ largest shareholder, Temasek Holdings Limited, has agreed to subscribe for up to one-third of the rights issue through a sub-underwriting arrangement. ….. Full Article: Source

UAE liquidity will turn around in first quarter of 2009

Posted on 23 December 2008 by VRS  |  Email |Print

From Business24-7.ae: It suggested that a part of the revenue generated from oil sales stay in the country instead of being invested abroad through sovereign wealth funds.

The bank said the UAE’s economy will continue to grow at 2.7 per cent in 2009 and at 3.5 per cent in 2010. ….. Full Article: Source

Remove the veil from Arab SWF

Posted on 22 December 2008 by VRS  |  Email |Print

From Dailystar.com.lb: One aspect of the Arab economies that is widely discussed abroad yet is almost totally absent from the domestic Arab public debate is that pool of trillions of dollars in the so-called Sovereign Wealth Funds (SWFs).

This blackout situation has been slightly ameliorated with the publication this week of a 25-page paper by a visiting scholar at the Carnegie Endowment for International Peace’s Beirut Center, Sven Behrendt, titled: “When Money Talks: Arab Sovereign Wealth Funds in the Global Public Policy Discourse.”…. Full Article: Source

SWF may be Madoff victim

Posted on 22 December 2008 by VRS  |  Email |Print

From Thenational.ae: The Abu Dhabi Investment Authority (Adia), the world’s largest sovereign wealth fund, may also have lost money in the US$50 billion (Dh183.6bn) ‘ponzi’ fraud scheme carried out by New York investment manager Bernard Madoff.

In 2005, Adia indirectly invested around $400m with Mr Madoff through a fund called Fairfield Sentry Ltd, according to a report in the New York Times on Saturday, which cited a description of Fairfield’s investors supplied to a prospective client. Adia has since withdrawn portions of its original investment from Fairfield Sentry twice, but may still have had some $132 million in the fund as of last year….. Full Article: Source

Qatar economy weathers year storms

Posted on 22 December 2008 by VRS  |  Email |Print

From Thepeninsulaqatar.com: Fitch’s assessment was based in part on expectations that Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), would provide support to any banks in need.

In October, authorities unveiled a scheme under which the QIA would buy up to 20 percent of listed banks’ capital, part of a programme to inject liquidity into the banking sector, stimulate growth and maintain confidence. …. Full Article: Source

Abu Dhabi to create financial watchdog

Posted on 22 December 2008 by VRS  |  Email |Print

From Indiatimes.com: The Gulf Arab emirate of Abu Dhabi said on Saturday that it would create a state auditing unit that would look into the management of state funds and firms in which it owns more than a 50 per cent stake. Abu Dhabi, one of seven members of the United Arab Emirates, has the world’s largest sovereign wealth fund and is a shareholder in several local firms.

Among the goals of the watchdog is “increasing accountability and transparency in entities that fall under its jurisdiction”, according to a law creating the body cited by the official WAM news agency. …. Full Article: Source

Norway to dip into oil fund

Posted on 22 December 2008 by VRS  |  Email |Print

From Canada.com: The Scandinavian country traditionally places all of its oil and gas revenues in a massive pension fund–the world’s second-biggest sovereign wealth fund, according to an unofficial ranking.

The state is allowed to draw up to four per cent of the fund to balance its books….. Full Article: Source

Gilles Michel leaves the group to head France’s SWF

Posted on 22 December 2008 by VRS  |  Email |Print

From Psa-peugeot-citroen.com: The Board of Directors of the Fonds Stratégique d’Investissement, the French sovereign wealth fund set up by President Nicolas Sarkozy, has appointed Gilles Michel, Executive Vice President of Automobiles Citroën and member of the PSA Peugeot Citroën Managing Board, Managing Director of the fund.

Mr. Michel’s business expertise, acquired over the past twenty years with Saint Gobain and, since 2001, with PSA Peugeot Citroën, will prove invaluable in helping him to successfully lead the new fund, whose mission is to support the French economy, and particularly the industrial sector, during this period of crisis….. Full Article: Source

Huge surpluses will cushion budget deficits

Posted on 22 December 2008 by VRS  |  Email |Print

From Gulfnews.com: While a sustained oil price slump would have a drastic impact on oil producers’ spending power, high oil prices have allowed Gulf central banks to enhance their cash cushion against any downturn and to build up huge sovereign wealth funds.

The Gulf made export earnings of $2.2 trillion in the five years to June, according to estimates of Saudi Arabia’s Samba Financial Group….. Full Article: Source

World economy will be built of Bric

Posted on 22 December 2008 by VRS  |  Email |Print

From Scotsman.com: Even if the oil price stays at only $60 a barrel over the next five years, the assets held by sovereign wealth fund could increase five-fold to as much as $15 trillion by 2013.

Adrian Cooper, a senior economic advisor to Item Club, said the increase would make the funds “an even more significant factor in global financial – and political – dynamics”….. Full Article: Source

Rudd sails stormy China seas

Posted on 22 December 2008 by VRS  |  Email |Print

From Canberratimes.com.au: Nevertheless, there is a lingering hope in the West generally, and in Australia in particular, that China, with its vast sovereign wealth fund, may come to the rescue of capitalist states struggling through the current financial crisis.

Australia also looks to China’s phenomenal growth rate to ensure its own continued prosperity…… Full Article: Source

SWFs may soon be net sellers of world

Posted on 19 December 2008 by VRS  |  Email |Print

From Gulf Times: Sovereign wealth funds could soon turn into net sellers of world assets as diminishing return profiles prompt them to liquidate foreign assets accumulated in boom times and invest instead locally.

Such a shift is likely to come increasingly from those that have aggressively diversified away from liquid government bonds and have actively managed portfolios – a prerequisite for higher returns before the credit crisis….. Full Article: Source

StanChart stake retained

Posted on 19 December 2008 by VRS  |  Email |Print

From Straitstimes.com: Singapore sovereign wealth fund Temasek Holdings will retain its 18.8 per cent stake in Standard Chartered after subscribing to a rights issue, the bank said in a statement on Friday.

The British-based bank said Temasek now holds 356.6 million ordinary shares, compared with 268.2 million shares, equivalent to the same percentage it owned before the rights issue. ….. Full Article: Source

SWFs: New voluntary principles a step in the right direction

Posted on 19 December 2008 by VRS  |  Email |Print

From Heritage: In October 2008, the International Working Group of Sovereign Wealth Funds (IWG) released a set of generally accepted principles and practices (GAPP) for the conduct, governance, and accountability of sovereign wealth funds (SWF).

First conceived in the 1950s by foreign governments as a means to invest surplus foreign exchange earnings in the U.S. and markets abroad, SWFs have been the subject of intense media and government scrutiny after a flurry of investment deals in 2006 and 2007 caught the public’s eye….. Full Article: Source

Peugeot’s Michel said to be picked by Sarkozy for SWF

Posted on 19 December 2008 by VRS  |  Email |Print

From Bloomberg: Gilles Michel, a member of the management committee of PSA Peugeot Citroen, was picked by French President Nicolas Sarkozy to head the country’s 20 billion-euro ($29 billion) sovereign wealth fund, three people with direct knowledge of the matter said.

Sarkozy chose Michel, 52, from two nominees put to him by the fund’s board, which may vote on the appointment tomorrow, said the people, who requested anonymity because the information isn’t public….. Full Article: Source

IFC Board approves new programs to help firms weather crisis

Posted on 19 December 2008 by VRS  |  Email |Print

From Easybourse.com: The board of the International Finance Corp (IFC) will double an existing trade-finance guarantee facility to $3 billion, while creating three new programs aimed at recapitalizing banks, supporting infrastructure financing and enabling sovereign wealth fund investments.

The four programs should deploy about $30 billion over the next three years, with the help of governments and international institutions, it said in a release….. Full Article: Source

S.Korea to create $15 bln fund to bolster banks

Posted on 19 December 2008 by VRS  |  Email |Print

From AFP: South Korea plans to set up a 20 trillion won (15.4 billion dollar) fund to help banks raise their capital base and access cash during the credit crisis, the financial watchdog said Thursday.

The move will ensure banks “will be prepared for possible losses that they could incur from a prolonged economic slowdown and restructuring (of businesses),” the Financial Services Commission (FSC) said….. Full Article: Source

SWFs: Stylized facts about their determinants and governance

Posted on 19 December 2008 by VRS  |  Email |Print

From Frbsf.org: This paper presents statistical analysis supporting stylized facts about sovereign wealth funds (SWFs). It discusses the forces leading to the growth of SWFs, including the role of fuel exports and ongoing current account surpluses, and large hoarding of international reserves.

It analyzes the degree to which measures of SWF governance and transparency compare with national norms of behavior….. Full Article: Source

Bank of America CCB stake sale plan scuttled by Chinese rule

Posted on 19 December 2008 by VRS  |  Email |Print

From Bloomberg: Bank of America Corp.’s plan to sell about $2.8 billion of shares in China Construction Bank Corp. was undone by a Chinese securities law provision that would have forced it to forfeit profits from the sale, two people familiar with the matter said.

Central Huijin Investment Co., a unit of China’s $200 billion sovereign wealth fund, has a controlling 57.06 percent stake in China Construction. The Chinese government has said it wants to keep absolute control of the nation’s biggest lenders….. Full Article: Source

SWFs alter investment strategies during worsening global financial crisis

Posted on 18 December 2008 by VRS  |  Email |Print

From In Q3 of 2008, as the global financial crisis continued to worsen, SWFs sought to limit their exposure to the riskiness of OECD markets. At the same time these funds sought to put more capital to work in their domestic economies which were becoming increasingly strained.

SWFs continued to shy away from investments in the global financial services sector and continued to resist OECD investments in general, relative to alternatives in emerging markets….. Full Press Release: Source

Norway SWF seeks to block Buffett on Constellation

Posted on 18 December 2008 by VRS  |  Email |Print

From Reuters: Norway’s sovereign wealth fund on Wednesday threw a spanner into U.S. investor Warren Buffett’s deal to take over Constellation Energy, seeking to buy time to evaluate a rival bid by Electricite de France.

Norway’s $339 billion oil fund said it filed a law suit in a Maryland court to delay a Dec. 23 Constellation shareholders’ meeting due to vote on a takeover by MidAmerican Energy Company, a unit of Buffett’s Berkshire Hathaway Inc …. Full Article: Source

China’s SWF in ‘no hurry to invest overseas’

Posted on 18 December 2008 by VRS  |  Email |Print

From Chinadaily.com.cn: In the face of the global financial crisis, China Investment Corporation (CIC), the country’s sovereign fund, has no interest in an imminent overseas expansion, said Wang Jianxi, CIC deputy general manager.

Wang was quoted by China Business News that right now, in major developed countries around the world, risks are high and policy trends uncertain. Sovereign funds are also facing some special obstacles and are denied access to invest in such things as crude oils and strategic minerals….. Full Article: Source

The Terengganu Investment Authority can uplift the state

Posted on 18 December 2008 by VRS  |  Email |Print

From Thestar.com.my: Sovereign funds have been in business for a long time and over the years have been accumulating assets and seeking returns for the vast oil or non-oil resources of a particular country.

Be it Abu Dhabi Investment Authority, Government of Singapore Investment Corp, Government Pension Fund of Norway or China Investment Corp, these names are just examples of sovereign funds that have been locking up stakes in companies and businesses in search of long-term yields for their respective countries….. Full Article: Source

Algeria plans investment fund for local projects

Posted on 18 December 2008 by VRS  |  Email |Print

From Reuters: OPEC member Algeria will set up an investment fund next month geared at financing domestic economic projects, Finance Minister Karim Djoudi said.

“It is an investment company which takes the form of an investment fund,” government-run newspaper El Moudjahid quoted him as saying. Djoudi said the investment fund would be supplied mainly by the state treasury….. Full Article: Source

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