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Sovereign Wealth Funds Briefing - Archive | September, 2011

Qatar sovereign wealth fund: Europe in biggest crisis in 50 years

Posted on 30 September 2011 by VRS  |  Email |Print

Ahmad Mohamed Al-SayedThe head of Qatar’s $100 billion sovereign wealth fund said Greece’s debt crisis was Europe’s worst in decades, telling a German newspaper Handelsblatt the outlook precluded making long-term investment decisions.
“Currently, we can only act with a view to the short term, longer term forecasts cannot be maintained in view of the insecure situation in Europe and the United States,” Qatar Holding chief executive Ahmad Mohamed Al-Sayed was quoted as saying in an interview……………………………………….Full Article: Source

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Qatar Holding sees opportunities in Europe, Tagesspiegel reports

Posted on 30 September 2011 by VRS  |  Email |Print

Qatar Holding LLC sees potential to increase investments in Europe, including Greece, Tagesspiegel reported, citing an interview with Chief Executive Officer Ahmad Mohamed Al-Sayed.
The foreign investment arm of the Gulf country’s sovereign wealth fund regards many German companies as undervalued and is open for new partnerships, the newspaper said. Al-Sayed urged European politicians to resolve the region’s debt crisis quickly, Tagesspiegel reported……………………………………….Full Article: Source

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China needs clarity before helping euro zone

Posted on 30 September 2011 by VRS  |  Email |Print

China cannot give financial assistance to the heavily indebted euro zone countries without seeing a clear picture of solutions to sovereign debt problems, chairman of the country’s sovereign wealth fund said on Thursday.
Jin Liqun, chairman of the board of supervisors at China Investment Corporation, also urged Europe to recognise China’s market status……………………………………….Full Article: Source

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Norway to cut bank support as Europe girds for deeper crisis

Posted on 30 September 2011 by VRS  |  Email |Print

Norway’s $524 billion sovereign-wealth fund has so far shielded the country from the worst of Europe’s debt crisis. Still, adding to bank industry stresses as household indebtedness soars to the highest in more than two decades may stall recovery prospects. The central bank estimates consumer burdens will grow to more than 204 percent of disposable income next year, the highest since at least 1988.
Norway in the early 1990s seized control of its biggest banks, in part because of a real estate slump that followed a surge in lending growth triggered by deregulation in the 1980s……………………………………….Full Article: Source

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Temasek’s India head Kejriwal steps down to start own fund

Posted on 30 September 2011 by VRS  |  Email |Print

Singapore state investor Temasek Holdings said on Friday that its India head, Manish Kejriwal, has decided to step down to explore the creation of a new fund in India, the latest in a series of changes in the investment firm’s management.
The fund will not be capitalized by Temasek, a source familiar with the matter told Reuters. “Manish is doing his own thing,” the source said……………………………………….Full Article: Source

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Temasek’s Kejriwal, General Atlantic’s Sunish Sharma team up for fund

Posted on 30 September 2011 by VRS  |  Email |Print

Three Indian private equity executives belonging to two of the top global investment firms are on their way out from their present organisations to raise a fund of their own. Manish Kejriwal, who is heading India, Africa & Middle East operations at Temasek Holdings, the Singapore-government owned sovereign wealth fund, is quitting the firm.
Stephen Forshaw, Managing Director Corporate Affairs, Temasek, confirmed the development: “Manish Kejriwal has decided to step down as Head of Temasek India, in order to explore a new fund platform in India. He will continue to support Temasek in an advisory capacity.”………………………………………Full Article: Source

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Chinese private equity firms set sail abroad

Posted on 30 September 2011 by VRS  |  Email |Print

Citic Capital, owned by China sovereign wealth fund CIC and the state-backed conglomerate Citic Group, has a Japan fund and an international co-investment fund. The firm has done five deals in Japan and is closing in on a seventh deal in the United States.
In addition to seeking deals that they and Chinese corporations can take part in, the cross-border push of Chinese firms such as Hony, Citic and CDH has another motive: attracting overseas investors into their funds……………………………………….Full Article: Source

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DPJ policy chief proposes Japanese sovereign wealth fund

Posted on 30 September 2011 by VRS  |  Email |Print

Japan should set up a sovereign-wealth fund to fight the high yen, and sell as many government assets as possible to reduce reliance on tax increases to fund quake reconstruction, the ruling party’s policy chief said Wednesday.
“We would like to consider a national fund, or a so-called sovereign-wealth fund,” Seiji Maehara said in an interview, adding that Prime Minister Yoshihiko Noda said he would examine the idea……………………………………….Full Article: Source

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Market turmoil shakes Super Fund

Posted on 30 September 2011 by VRS  |  Email |Print

The New Zealand Superannuation Fund has posted a loss of $1.67 billion in July and August, citing a tough two months on world share markets. The slump follows a golden year for the Super Fund that saw it rise 25 per cent in the year to June to reach a peak of $19.03b.
The fund fell 2.81 per cent in July and 5.04 per cent in August, ending up at $17.36b on August 31 - an overall loss of 7.71 per cent for the financial year to date……………………………………….Full Article: Source

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Sovereign wealth fund: FG, governors meeting deadlocked

Posted on 30 September 2011 by VRS  |  Email |Print

Negotiations between the Federal Government and the 36 state governors on the implementation of the Sovereign Wealth Fund, SWF have been deadlocked.
The meeting, held at the Rivers State Governor’s Lodge, Asokoro, Abuja, under the aegis of Nigeria Governors’ Forum, failed to reach an agreement with the Federal Government on modalities for the implementation of the SWF……………………………………….Full Article: Source

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FG, states fail to agree on sovereign wealth fund

Posted on 30 September 2011 by VRS  |  Email |Print

The Federal Government has failed to convince the 36 state governors on the need for them to support the Sovereign Wealth Fund. The two parties, which held a meeting that ran into the late hours of Wednesday in Abuja, stuck to their positions.
Our correspondent gathered that the Federal Government team to the meeting led by the Minister of Finance, Mrs. Ngozi Okonjo-Iweala, tried to persuade the governors to change their opposition to the SWF……………………………………….Full Article: Source

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Govs hold crucial meeting over SWF

Posted on 30 September 2011 by VRS  |  Email |Print

The Nigeria Governors’ Forum (NGF) Wednesday held a meeting to take a final decision on the Sovereign Wealth Fund (SWF), Excess Crude Proceeds, security challenges and the implementation of the Minimum Wage Act in the country.
As at press time, the meeting which was still going on was expected to take a final decision on the controversial SWF and weigh the option of seeking redress at the Supreme Court to determine its constitutionality……………………………………….Full Article: Source

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Tinubu urges govs to reject sovereign wealth fund

Posted on 30 September 2011 by VRS  |  Email |Print

Former Lagos State Governor, Asiwaji Bola Tinubu said on Thursday that the Sovereign Wealth Fund was illegal and unconstitutional.
He therefore urged governors across the country not to support the creation of the fund. Tinubu claimed the creation and maintenance of the SWF was a ploy by those in power to steal money……………………………………….Full Article: Source

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Alberta Heritage Savings Trust Fund to take big hit: Snelgrove

Posted on 30 September 2011 by VRS  |  Email |Print

The nest egg of the province — the Alberta Heritage Savings Trust Fund — has been hit by economic turbulence in world markets and will show a loss in value in the government’s next fiscal update, says Finance Minister Lloyd Snelgrove.
“I do know that there will be losses or writedowns in the Heritage Savings Trust Fund,” said Snelgrove, speaking at the Alberta Urban Municipalities Association conference in Calgary on Thursday……………………………………….Full Article: Source

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JP Morgan: With dip in equities, SWFs review traditional asset allocation

Posted on 30 September 2011 by VRS  |  Email |Print

Sovereign wealth funds may soon be shifting out of equities toward alternative investments such as infrastructure and property.
“Ten-year returns on government bonds have been generally superior to those of public equities. However, these returns have been driven by large falls in bond yields,” Patrick Thomson, Global Head of Sovereign Wealth at J.P. Morgan Asset Management, said in a statement. “This fall in prospective government bond returns, combined with continued sovereign credit crisis and the ongoing volatility in equity markets, has encouraged many sovereigns to take a fresh look at the way they invest.”………………………………………Full Article: Source

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Equity woes may force shift in SWF strategy

Posted on 30 September 2011 by VRS  |  Email |Print

Sovereign wealth funds (SWFs) may be shifting toward alternative investments such as infrastructure and property as they reconsider their investment strategies after a decade of equity underperformance against low-yielding fixed income.
That means the US$4-trillion (S$5.2-trillion) sector is unlikely to play white knight to hobbled euro zone banks as it did in 2008, when state-owned investment vehicles ploughed US$80 billion into troubled Western lenders……………………………………….Full Article: Source

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SWF emerged saviours of global finance

Posted on 30 September 2011 by VRS  |  Email |Print

Sovereign Wealth Funds (SWFs) emerged as saviours of global finance during the 2007-2009 financial crisis with their massive investments in the financial sector, and some euro zone politicians may be hoping that they will again ride to the rescue.
But so far surplus-rich nations that own SWFs have been non-committal, instead preferring to stay on the sidelines to see how events play out. Australia’s $76-billion SWF said last week it has increased its allocation to cash due to the market turmoil and will wait to see how events play out before putting the money back to work……………………………………….Full Article: Source

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Equity rout may force shift in SWF strategy

Posted on 29 September 2011 by VRS  |  Email |Print

Patrick ThomsonSovereign wealth funds may be shifting toward alternative investments such as infrastructure and property as they reconsider their investment strategies after a decade of equity underperformance against low-yielding fixed income.
That means the $4 trillion sector is unlikely to play white knight to hobbled euro zone banks as it did in 2008, when state-owned investment vehicles plowed $80 billion into troubled Western lenders……………………………………….Full Article: Source

Japan considers sovereign wealth fund

Posted on 29 September 2011 by VRS  |  Email |Print

Seiji MaeharaJapan should set up a sovereign-wealth fund to fight the high yen, and sell as many government assets as possible to reduce reliance on tax increases to fund quake reconstruction, the ruling party’s policy chief said Wednesday.
“We would like to consider a national fund, or a so-called sovereign-wealth fund,” Seiji Maehara said in an interview, adding that Prime Minister Yoshihiko Noda said he would examine the idea……………………………………….Full Article: Source

Japan encounters calls for creation of a sovereign wealth fund

Posted on 29 September 2011 by VRS  |  Email |Print

Similar to recent domestic and international pressure for Australia to create a sovereign wealth fund, Japan is now facing similar urgent calls.
Democratic Party of Japan (DPJ) policy chief Seiji Maehara has asserted in an interview with Dow Jones Newswires that the country should consider a sovereign wealth fund to fight the strong yen. Furthermore, he noted that he aims to sell as many government assets as possible to lower reliance on tax hikes in order to help fund earthquake reconstruction……………………………………….Full Article: Source

S Korea sovereign fund won’t buy more Bank of America shares for now

Posted on 29 September 2011 by VRS  |  Email |Print

Korea Investment Corp. has decided not to buy more Bank of America (BAC) shares for now amid increasing criticism over significant valuation losses arising from its investment in the U.S. banking giant, people familiar with the matter said Wednesday.
South Korea’s sovereign wealth fund will assess developments in global financial markets and BoA’s share price movements before making any decision, one of the people told Dow Jones Newswires……………………………………….Full Article: Source

Singapore Power appoints Temasek Holdings exec to top job

Posted on 29 September 2011 by VRS  |  Email |Print

Temasek Holdings executive Wong Kim Yin will be Singapore Power’s new boss. Mr Wong, managing director of investments at the investment company, will take up the post of chief executive-designate on Nov 1 and the electricity firm’s top job on Jan 1.
Current chief executive Quek Poh Huat will retire at the end of the year but remain as senior adviser……………………………………….Full Article: Source

Agric: FG parleys Govs on SWF, seeks World Bank’s N82.5bln

Posted on 29 September 2011 by VRS  |  Email |Print

The Federal Government has said it had negotiated with the World Bank for an investment of $500 million (N75 billion) in agriculture and another $50 million (N7.5 billion) to support the environment sector .
On the Sovereign Wealth Fund, the finance minister the Federal Government was in dialogue with the governors and would meet with them in a couple of days and let them realise the importance of SWF to the economy……………………………………….Full Article: Source

Qatar eyes more investment in Germany

Posted on 29 September 2011 by VRS  |  Email |Print

Qatar, part-owner of Germany’s Volkswagen and Hochtief , is looking for more investment opportunities in the country, the head of the Gulf state’s sovereign wealth fund said.
“We are looking forward to strengthening our position here in Germany,” the chief executive of Qatar’s sovereign wealth fund, Ahmad Mohamed Al-Sayed, told a gathering of German industry executives in Berlin on Tuesday……………………………………….Full Article: Source

Q&A with Max Giolitti, Formerly at the Alaska Permanent Fund

Posted on 29 September 2011 by VRS  |  Email |Print

Q&A with Max Giolitti, Former Head of Risk Management and Asset Allocation at the Alaska Permanent Fund. For large institutional investors, what is your investment outlook on 2012, is it positive, negative, mixed?
In terms of asset prices it is mixed. Developed countries in particular are going through an adjustment period. From a “great moderation” standpoint this is a significant outlier event, but from a longer historical context it is not. Emerging countries will also experience the effects of the developed countries pains, but then the very definition of emerging implies greater volatility……………………………………….Full Article: Source

Are Middle East sovereign wealth funds going to bail out Europe and its banks?

Posted on 28 September 2011 by VRS  |  Email |Print

As the sovereign debt crisis in Europe continues to unfold, talk about bank recapitalization has led to rumors that foreign investment vehicles would come to the rescue.
After reports that China might buy peripheral debt, Nomura analyzes the possibility of Middle East sovereign wealth funds (SWFs) jumping in, and concludes the hurdle will be much higher than in the crisis of ’07-’08……………………………………….Full Article: Source

Qatar backs VW, Porsche deal as car makers review merger options

Posted on 28 September 2011 by VRS  |  Email |Print

Ahmad Mohamed Al-SayedSovereign wealth fund Qatar Holding LLC said Tuesday it continues to support Volkswagen AG’s and Porsche Automobil Holding SE’s plan to forge a combined company after the two German auto makers were forced to review their initial merger agreement due to persistent legal issues.
“We’re working with them [...] It’s a matter of time [for the combination to happen],” Qatar Holding Chief Executive Ahmad Mohamed Al-Sayed said on the sidelines of a conference in Berlin……………………………………….Full Article: Source

Qatar eyes more investment in Germany

Posted on 28 September 2011 by VRS  |  Email |Print

Qatar, part-owner of Germany’s Volkswagen and Hochtief , is looking for more investment opportunities in the country, the head of the Gulf state’s sovereign wealth fund said.
“We are looking forward to strengthening our position here in Germany,” the chief executive of Qatar’s sovereign wealth fund, Ahmad Mohamed Al-Sayed, told a gathering of German industry executives in Berlin on Tuesday……………………………………….Full Article: Source

SWFs, mid-size deals to keep Mena M&A ticking

Posted on 28 September 2011 by VRS  |  Email |Print

Increased appetite from sovereign funds and restructuring-driven asset sales will help drive a modest recovery in mergers and acquisitions (M&A) in the Middle East and North Africa (Mena), the head of HSBC’s regional advisory business said.
While global markets are teetering under the impact of a sovereign debt crisis in the eurozone and a slowdown in the US economy, a sharp fall in asset values may present an opportunity for these cash-rich funds with a mandate to invest their state’s hydrocarbon revenues, Omar Mehanna told Reuters……………………………………….Full Article: Source

ABANA honors KIA managing director for achievements in financial management

Posted on 28 September 2011 by VRS  |  Email |Print

The Arab Banking Association of North America (ABANA) held a banquet to honor the Managing Director of Kuwait Investment Authority (KIA) Bader Al-Saad for his achievements in financial management.
The ceremony Monday night was attended by a host of representatives of banks and financial and investment institutions, as well as economic and financial experts, businessmen, and the Ambassador of Kuwait to the US Mansour Ayyad Al-Otaibi……………………………………….Full Article: Source

Mubadala H1 revenues leap 70pct

Posted on 28 September 2011 by VRS  |  Email |Print

Mubadala Development Company’s revenues soared 70 per cent in the first six months of the year to Dh13.6 billion, up against Dh8 billion in the same period a year ago, on the back of revenues from the consolidation of its global semiconductor business.
The strong performance of the oil and gas businesses and the consolidation of Tabreed also contributed to the growth in revenue. The Abu Dhabi-based company expects that volatility in the market will continue in second half, resulting in both challenges and opportunities for its portfolio……………………………………….Full Article: Source

Abu Dhabi’s Mubadala posts $54mln first-half profit

Posted on 28 September 2011 by VRS  |  Email |Print

The Abu Dhabi state investment company with stakes in General Electric and asset management firm Carlyle Group says it earned $54 million in the first half of the year, aided by the integration of the emirate’s semiconductor business.
Mubadala Development Company reported the comprehensive gain Tuesday, using an accounting method that takes into account unrealized changes in investments. That compares with a nearly $1.2 billion loss in the same period last year……………………………………….Full Article: Source

Robust portfolio returns drive up Mubadala income

Posted on 28 September 2011 by VRS  |  Email |Print

The Abu Dhabi government-owned Mubadala Development Company, which makes strategic investments on behalf of the government, said yesterday its total comprehensive income during the first half of this financial year attributable to the equity holder of the company was Dh198 million compared with a loss of Dh4.4 billion for the same period last year.
“This increase was driven by the improved performance of assets such as EMAL and Dolphin and a better result from Mubadala’s financial investment portfolio,” Mubadala said in a statement……………………………………….Full Article: Source

Libya SWF probes $5 bln losses in Africa portfolio

Posted on 28 September 2011 by VRS  |  Email |Print

Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA), which is conducting a review of all investments made by the toppled Muammar Gaddafi regime, has uncovered potentially large losses in its $5 billion Africa portfolio, its acting chief executive, Rafik Nayed, said.
Nayed said that its investment operations are on hold while it looks through $65 billion in assets to examine dealings with people tied to Gaddafi………………………………………Full Article: Source

Nigerian sovereign wealth fund law

Posted on 28 September 2011 by VRS  |  Email |Print

The Nigerian Government has passed into law the Sovereign Investment Authority (Establishment, Etc.) Act 2011 to among other things establish a Nigerian Sovereign Investment Authority.
This Authority is charged to receive, manage and invest in diversified portfolios, the medium and long-term revenue of the Federal Government, all the State Governments, the Federal Capital Territory, the Local Government and all the Area Councils in Nigeria………………………………………Full Article: Source

After holding people’s IPO Samruk-Kazyna to retain its maximum stake in Air Astana

Posted on 28 September 2011 by VRS  |  Email |Print

As a result of holding people’s IPO the Samruk-Kazyna National Welfare Fund will remain Air Astana’s shareholder with a maximum stake, the airline’s president Peter Foster said. After holding people’s IPO the Samruk-Kazyna fund will be a shareholder with a maximum stake in Air Astana, according to KazTAG.
It was reported that the so-called first wave of companies with state participation, the shares of which will be offered in the domestic market under the People’s IPO program includes KazTransOil, KEGOC, and Air Astana. Their IPO is expected to be held during the second half of 2012……………………………………….Full Article: Source

State Oil Fund’s total revenue hits $60bln

Posted on 28 September 2011 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan, SOFAZ, has received $60bn from the oil and gas industry since its creation in 2000, the fund’s CEO has said.
Shahmar Movsumov gave the figure at a round table discussion at the Ministry of Industry and Energy on Tuesday to mark the 20th anniversary of the independence of Azerbaijan. The round table was entitled “The industrial and energy complex on the way to new achievements”, 1news.az reported……………………………………….Full Article: Source

GIC supported UBS ex-CEO Gruebel’s strategic plan

Posted on 28 September 2011 by VRS  |  Email |Print

UBS AG’s largest shareholder supported former chief executive Oswald Gruebel’s strategic plan for the bank and believed he could have stayed on to manage it through the latest crisis, a source with direct knowledge of the matter said on Tuesday.
The faith of Government of Singapore Investment Corp Pte Ltd, the bigger of the city-state’s two sovereign wealth funds, in UBS’s departed CEO underscores the complexity of Gruebel’s resignation and reveals the extent to which a variety of internal and external factors, including political pressure, played a role in his exit……………………………………….Full Article: Source

Singapore Inc.’s bank bet losses pile up on UBS scandal

Posted on 28 September 2011 by VRS  |  Email |Print

Government of Singapore Investment Corp. faces a 6.7 billion Swiss franc ($7.4 billion) loss as the biggest investor of UBS AG, topping unprofitable banking investments by the city’s sovereign wealth firms since 2007.
GIC also has about $500 million of unrealized losses on its Citigroup Inc. stake, according to Bloomberg calculations. Temasek Holdings Pte, Singapore’s other state investment company, divested shares in Bank of America Corp. and Barclays Plc at losses more than two years ago……………………………………….Full Article: Source

GCC sovereign wealth funds monitor European opportunities

Posted on 27 September 2011 by VRS  |  Email |Print

Gary DuganThe eurozone is in crisis, and many expect that Middle East money will be used to help bail out struggling European banks and even governments. But with no guarantees the eurozone will even survive its current troubles, might Gulf Sovereign Wealth Funds be reluctant to help out this time around?
“Many of the SWFs here try to play that global citizen role, saying: ‘We’ll support you in the tough times’,” says Gary Dugan, Chief Investment Officer, Private Banking, at Emirates NBD. “But if they have supported you in the last six months, as many of them have, they’ll be facing losses and I just wonder what their attitude will be now……………………………………….Full Article: Source

Sovereign wealth funds to keep MENA M&A ticking, says HSBC chief

Posted on 27 September 2011 by VRS  |  Email |Print

Omar MehannaIncreased appetite from sovereign funds and restructuring-driven asset sales will help drive a modest recovery in mergers and acquisitions (M&A) in the Middle East and North Africa (MENA), the head of HSBC’s regional advisory business said.
While global markets are teetering under the impact of a sovereign debt crisis in the euro zone and a slowdown in the U.S. economy, a sharp fall in asset values may present an opportunity for these cash-rich funds with a mandate to invest their state’s hydrocarbon revenues, Omar Mehanna told Reuters……………………………………….Full Article: Source

Qatar investment spree is double-edged sword

Posted on 27 September 2011 by VRS  |  Email |Print

The flood of cash into the kingdom has enabled Qatar Investment Authority (QIA), the country’s sovereign wealth fund, as well as the country’s private sector investors, to snap up assets in Europe, principally Britain.
But the speed of the acquisitions and the lack of information on how the fund operates and where its assets are invested have raised concerns……………………………………….Full Article: Source

Zimbabwe: Understanding sovereign wealth funds - An MTP perspective

Posted on 27 September 2011 by VRS  |  Email |Print

I want to discuss sovereign wealth fund (SWF) as a source of funding not just for the medium-term plan (MTP), but also for long-term development in an inter-generational sense. I want to start by congratulating the Ministry of Economic Planning and Investment Promotion for drafting a comprehensive blueprint. The plan touches every sector and pillars of the economy.
However, beyond the drafting of a comprehensive plan, there is need to secure funding for the plan……………………………………….Full Article: Source

Libya SWF probing losses in $5 bln Africa portfolio

Posted on 27 September 2011 by VRS  |  Email |Print

Libya’s sovereign wealth fund, which is conducting a review of all investments made by the toppled Gaddafi regime, has uncovered potentially large losses in its $5 billion Africa portfolio, its acting chief executive said.
The Libyan Investment Authority (LIA), whose assets are estimated at $65 billion, will suspend investments until a new management, including a replacement for Chairman Mohamed Layas, is appointed by the cabinet, Rafik Nayed told Reuters………………………………………Full Article: Source

Norwegian Government Pension Fund’s total assets $23.8 bln end June

Posted on 27 September 2011 by VRS  |  Email |Print

The Norwegian fund Government Pension Fund Norway had assets worth 139.1 billion Norwegian kroner ($23.8 billion) at the end of June, down 0.3% from the end of last year.
The composition of the fund, however, changed substantially during the period January to June. The bond portfolio increased 22% to NOK54.8 billion, while shares and other equity were reduced by NOK9.2 billion……………………………………….Full Article: Source

Sharing wealth: Reflections from Norway

Posted on 27 September 2011 by VRS  |  Email |Print

Norway’s sovereign wealth fund is $550 billion compared to Alaska’s Permanent Fund of $40 billion. While much of Alaska’s oil is developed with the expertise of international oil companies, Norway created its own oil production company, Statoil that also enters into joint ventures with international oil companies.
The Norwegian State makes a financial investment in production projects through a state-owned company Petoro. All businesses in Norway are taxed at 28 percent of profits, while offshore oil and gas projects are taxed at 50 percent, equaling a 78 percent tax rate on profits……………………………………….Full Article: Source

Australian SWF head attacks European leaders

Posted on 27 September 2011 by VRS  |  Email |Print

The head of Australia’s sovereign wealth fund has launched a harsh attack on eurozone’s political class, saying the bloc’s debt crisis stemmed from “a failure of government to understand the nature of financial markets and to stop the level of indebtedness of countries”.
David Murray, chair of Australia’s A$75.2bn (US$73.5bn)Future Fund, said: “Those elected to political life have to understand the limits of debt they should have, and their responsibilities……………………………………….Full Article: Source

Australia: Not the time for wealth fund

Posted on 27 September 2011 by VRS  |  Email |Print

Recently we have heard from a chorus of people all singing from the same economic song sheet: Australia needs a sovereign wealth fund.
It’s claimed that a sovereign wealth fund could provide the answer to a number of our country’s economic challenges. Its proponents argue that it can lock away the gains of the current mining boom for a rainy day; increase national savings; facilitate investment in offshore assets; put downward pressure on the Australian dollar; provide a source of foreign income; and reduce our current account deficit……………………………………….Full Article: Source

Future fund saves struggling clubs

Posted on 27 September 2011 by VRS  |  Email |Print

The new equalisation fund, known as the club future fund, replaces annual special distribution, which has provided clubs with funding of $52 million over the past five years.
The futures fund has been boosted to $144 million, and all clubs will also receive $6 million over the next five years, the same broadcast rights dividend they were given between 2007 and 2011……………………………………….Full Article: Source

CIC has no intention to buy European bonds

Posted on 27 September 2011 by VRS  |  Email |Print

China Investment Corporation (CIC), the country’s sovereign wealth fund, needs to protect its own interests first and has no intention to buy European bonds, the fund’s general manager said over the weekend, Caixin.com reported Monday.
“You all heard that our premier said China is willing to support Europe,” Gao Xiqing said, speaking at an annual meeting of the International Monetary Fund in Washington, D.C. “But as a company, CIC’s mandate from the government is to maintain a certain amount of profit. We cannot just go to Europe and save someone; we need to protect ourselves.”………………………………………Full Article: Source

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