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Sovereign Wealth Funds Briefing - Archive | October, 2011

GDF Suez looks to alliance with China’s sovereign wealth fund to expand China, Asia presence

Posted on 31 October 2011 by VRS  |  Email |Print

French utility GDF Suez says its new alliance with China’s sovereign wealth fund should expand its access to potential Chinese business partners and investors. The chairman and CEO of GDF Suez, Gerard Mestrallet, said Monday the Chinese Investment Corp. already has helped to set up a financing arrangement with a major state-owned Chinese bank.
Mestrallet was in Beijing to sign the final agreement on a 3.3 billion euro ($4 billion) investment by CIC in the French company’s gas exploration unit and a gas facility in the Caribbean………………………………………..Full Article: Source

Norway’s sovereign wealth fund sold all U.S. mortgage bonds

Posted on 31 October 2011 by VRS  |  Email |Print

Yngve SlyngstadNorway’s $570 billion sovereign wealth fund sold all its holdings in U.S. mortgage-backed securities as part of a shift of its fixed-income portfolio.
The fund holds no mortgage bonds issued by Fannie Mae and Freddie Mac, the U.S.-controlled mortgage financiers, and an “insignificant” amount of private home loan-backed bonds, said Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, today in an interview in Oslo………………………………………..Full Article: Source

Norway pension fund loses $52bln in Q3

Posted on 31 October 2011 by VRS  |  Email |Print

The Government Pension Fund Global returned -8.8% or -NOK284bn ($52bn) due to stumbling global stock markets, third quarter results show. The overall return was the second weakest in the fund’s history and fell short the benchmark by 0.3 percentage points.
Equity investments, as measured in international currency, returned -16.9% compared to -0.65% in the previous quarter and 9.82% for the third quarter in 2010. The plunge was apparent as investors reduced their risk appetite as concerns over the European sovereign debt crisis grew and global economic growth deteriorated, said the fund………………………………………..Full Article: Source

Norway oil fund rejects “aid” to euro zone

Posted on 31 October 2011 by VRS  |  Email |Print

Norway’s $572-billion sovereign wealth fund will not invest in any euro zone rescue schemes that have elements of aid in them, the country’s central bank Governor Oeystein Olsen said on Friday.
Olsen’s comments came after the head of the fund said he was holding fire on possible investments in the euro zone’s beefed-up rescue mechanism until it has more information on how they would be structured………………………………………..Full Article: Source

Bahrain wealth fund to target more liquid investments: CEO

Posted on 31 October 2011 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Co, the country’s sovereign wealth fund, is seeking to channel more cash into liquid investments globally as part of its diversification strategy and will continue to have euro exposure in its portfolio, chief executive officer Talal al-Zain said.
He told Zawya Dow Jones in a recent interview that as part of the fund’s diversification strategy, it was seeking to inject more cash into global markets to expand its portfolio of liquid investments at a time when “opportunities” were arising from depressed valuations amid a gloomy economic outlook for Europe and the US……………………………………….Full Article: Source

Nigeria: The sovereign wealth fund controversy

Posted on 31 October 2011 by VRS  |  Email |Print

The recent unilateral inauguration of the controversial Sovereign Wealth Fund (SWF) by the Federal Government in defiance of opposition from state governors has set the stage for what may turn out to be a long-drawn legal tussle between the two arms of government.
Although there appears to be pockets of support for the SWF among state chief executives, their umbrella body, Nigeria Governors Forum (NGF) headed by Rivers State Governor, rule of Rotimi Amaechi, dragged the Federal Government to the Supreme Court on October 24………………………………………..Full Article: Source

Sovereign wealth wahala

Posted on 31 October 2011 by VRS  |  Email |Print

Nigeria is not the first country in Africa or the world to have legislated into being, a sovereign wealth fund. Although this country made the chart of sovereign States with such funds only this year under the name Nigerian Sovereign Investment Authority (NSIA) with oil as the origin of assets for the fund ($ 1 Billion US dollars), the records of other countries in that category are rather instructive and remarkable.
In terms of existence, the first off the block was the pre-independence Kuwait which, in 1953, set up the Kuwait Investment Authority (KIA), with a whopping sum of S202.8 Billion (US Dollars) and Oil as the origin of that fund………………………………………..Full Article: Source

No going back on sovereign wealth fund –Aganga

Posted on 31 October 2011 by VRS  |  Email |Print

The Federal Government has resolved to press ahead with the setting up of the Sovereign Wealth Fund (SWF). This is in spite of the opposition being mounted by the majority of state governments, which have slammed a suit against the federal authorities in the Supreme Court to stop the scheme.
One state, Edo, has already dissociated itself from the joint suit, saying it was duly consulted by the Federal Government before the SWF was set up………………………………………..Full Article: Source

SWF: Embrace dialogue, RMAFC tells FG, states

Posted on 31 October 2011 by VRS  |  Email |Print

TheRevenue Mobilisation, Allocation and Fiscal Commission (RMAFC) has appealed to the federal and state governments to embrace dialogue in resolving the dispute over the implementation of the Sovereign Wealth Fund (SWF).
A statement by Mr Ibrahim Mohammed, Head, Press and Public Relations of RMAFC, said Mr Elias Mbam, the chairman of the commission, made the appeal in Abuja, on Sunday. According to the statement, the SWF was a crisis fund set aside by governments to provide palliatives in times of national and global crises like natural disasters, global economic meltdown and oil prices fluctuation, which could adversely affect national economies and retard development programmes………………………………………..Full Article: Source

SWF: PDP govs may dump suit

Posted on 31 October 2011 by VRS  |  Email |Print

State governors elected on the platform of the Peoples Democratic Party (PDP), may pull out of the suit filed last week at the Supreme Court against the Federal Government over the establishment of the Sovereign Wealth Fund (SWF).
The Presidency is said to be shocked by the decision of the Nigeria Governors Forum (NGF) to take the matter to court when all avenues for resolving the matter have not been explored. It has since been lobbying them to have a rethink………………………………………..Full Article: Source

SWF: States not in court with federal government - Amaechi

Posted on 31 October 2011 by VRS  |  Email |Print

The Forum of Nigerian Governors (FNG) has denied dragging the Federal Government to court on the issue of Sovereign Wealth Fund (SWF), describing it as a media-created misunderstanding.
The chairman of the forum, who is also Rivers State governor, Chibuike Rotimi Amaechi, who clarified the state of relationship with the Federal Government on the matter during an interactive session with journalists in Port Harcourt on Friday, also said his administration would not back down on its waterfront development project, local and international blackmail notwithstanding………………………………………..Full Article: Source

Sovereign wealth fund, an illegality - Gov. Yari

Posted on 31 October 2011 by VRS  |  Email |Print

Zamfara State Governor Abdulaziz Yari Abubakar has said that the sovereign wealth fund account for now remains an illegality unless the constitution is amended to accommodate it.
Alhaji Abdulaziz told newsmen at the weekend that there is no rift between governors and the president, but just a misunderstanding of issues………………………………………..Full Article: Source

India: Industry ministry wants SWF to buoy infra project financing

Posted on 31 October 2011 by VRS  |  Email |Print

Weeks after the Planning Commission in a note to the Group of Ministers (GoM) on external energy security interface advocated the creation of a $10 billion Strategic Energy Fund to secure global energy assets, the Industry Ministry on Friday pitched for setting up of a sovereign wealth fund (SWF) for infrastructure financing.
This assumes significance in a scenario where current estimates peg the required investment in the infrastructure sector at Rs 45 lakh crore ($1 trillion) over the next five years………………………………………..Full Article: Source

Industry ministry for sovereign wealth fund to finance infra

Posted on 31 October 2011 by VRS  |  Email |Print

The Industry Ministry on Friday pitched for setting up of Sovereign Wealth Fund for infrastructure financing, which requires an estimated Rs.45 lakh crore ($1 trillion) in the next five years.
In a discussion paper on infrastructure financing, the Ministry said the government should use part of its foreign exchange reserves to set up the Sovereign Wealth Fund (SWF) as had been done by countries such as China, Korea and Singapore………………………………………..Full Article: Source

Should India join the sovereign-wealth-fund herd?

Posted on 31 October 2011 by VRS  |  Email |Print

In 2007 China set up its sovereign wealth fund, the China Investment Corporation, with an initial capital fund of $200 billion. Since then, Asia’s other emerging economic power – India – has been wondering if it should follow. This column argues that such a move is ill-advised and that India has more worthy investment opportunities at home.
New Delhi will soon take a final call on the issue of setting up of a sovereign wealth fund. The idea of setting up an Indian sovereign wealth fund has been going around since 2007 when China established its major sovereign wealth fund, China Investment Corporation (CIC), with an initial capital fund of $200 billion………………………………………..Full Article: Source

Future Fund assets lose $2bln in value: report

Posted on 31 October 2011 by VRS  |  Email |Print

The Future Fund saw more than $2 billion erased from the value of its assets in the September quarter, sparking the sovereign wealth fund’s board to scramble and reduce the fund’s exposure to Australian equities, according to a report by The Australian.
In the September quarter the Future Fund saw the value of its assets fall 2.9 per cent, from $75.39 billion to $73.18 billion………………………………………..Full Article: Source

Future fund battens down ready for squalls

Posted on 31 October 2011 by VRS  |  Email |Print

The Future Fund is battening its hatches for what it sees as long-term structural changes in the global economy. The sovereign wealth fund expects below-trend growth in the developed world, and that emerging economies will grow just ahead of the established players.
Its sanguine annual report came with performance numbers of the quarter ended September………………………………………..Full Article: Source

Global fiscal ucertainty pulls down Future Fund investments, posts 2.9pct Q3 loss

Posted on 31 October 2011 by VRS  |  Email |Print

Australian policy regulators have been urged to devise and implement fiscal plans that will help anchor the country as it glides and cushions itself on the impact brought about by the global economic slowdown.
This, as the Australian Future Fund announced Friday that third quarter performance results have not been good in spite cutting its share holdings and hiking cash and hedge fund distributions. For the September quarter, the Future Fund revealed suffering a 2.9 per cent slash, cutting the value of its assets by more than $2 billion from $75.39 billion to $73.18 billion………………………………………..Full Article: Source

Sovereign wealth appetite for EFSF

Posted on 31 October 2011 by VRS  |  Email |Print

Can sovereign wealth funds play a role in the saving of Europe? The European Financial Stability Facility (EFSF), a Luxembourg incorporated entity, has been in the news headlines in recent months.
The EFSF will eventually be worth US$1.5 trillion after European leaders agreed to leverage existing guarantees 5x. Germany, France, and Italy are the three largest contributor countries to the EFSF. Supranational debt exposure is usually deemed less risky, but underlying factors make it look unattractive to some governmental investors………………………………………..Full Article: Source

For Europe bailout fund, next stop is Japan

Posted on 31 October 2011 by VRS  |  Email |Print

The head of Europe’s bailout fund, Klaus Regling, takes his tour of potential Asian investors to Japan next, after Beijing proved unwilling to open its checkbook until European leaders could offer more details about their plan to save the euro zone.
Jin Liqun, chairman of sovereign wealth fund China Investment Corp., made clear in London last month that CIC wouldn’t offer handouts. “The $3 trillion in reserves are the fruits of the hard work of the Chinese people,” he said. “We’re willing to work with those European countries in distress for a better solution. But…we have to be accountable to the people.”……………………………………….Full Article: Source

State Oil Fund of Azerbaijan receives permission to invest in assets of Russia and Turkey

Posted on 28 October 2011 by VRS  |  Email |Print

President of Azerbaijan Ilham Aliyev signed an order on Oct. 27 expaning the list of countries in assets of which the investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) can be placed. Russia and Turkey were also named in the list.
Upon Presidential order, relevant amendmends have been made to the regulations on storage, placement and management of funds of the SOFAZ, adopted on June 19, 2001. Previously, the funds could be placed in the assets of the G7 - the U.S., Germany, United Kingdom of Great Britain and Northern Ireland, France, Italy, Canada and Japan, the EU countries, as well as in assets denominated in currencies of countries with long-term credit rating not less than “A” (Standard & Poors and Fitch) or “A2″ (Moodys)………………………………………..Full Article: Source

Norway open to EFSF investment on commercial basis

Posted on 28 October 2011 by VRS  |  Email |Print

Norway’s sovereign wealth fund has invested in the European Financial Stability Facility before and could do so again as long it felt the investment was sound in terms of how much profit could be made and how much risk was involved, a fund spokeswoman said Thursday.
“We have invested in EFSF funds before and we would consider doing it again,” Bunny Nooryani a spokeswoman for Norges Bank Investment Management, which manages the oil fund, told Dow Jones Newswires by telephone. “But any investment would be subject to the same requirements for profitability and risk assessment that any other investment by the fund is subject to.”……………………………………….Full Article: Source

Kremlin adviser eyes possible EFSF fund aid

Posted on 28 October 2011 by VRS  |  Email |Print

The Wall Street Journal/Dow Jones Newswires sat down with Russian President Medvedev’s chief economic aide, Arkady Dvorkovich, to discuss possible aid for the European Financial Stability Facility, the Russian economy and the ruble.
President Dmitry Medvedev’s top economic aide said Russia would consider taking part in the EFSF’s private fund via its sovereign wealth funds. But the aide said the Kremlin prefers to help the euro-zone via Russia’s contributions to the International Monetary Fund. Russia has the world’s third-biggest foreign reserves, currently at $514.6 billion………………………………………..Full Article: Source

Europe turns to Asia for help with bailout

Posted on 28 October 2011 by VRS  |  Email |Print

European officials have quickly turned to Asia to help bankroll their plan to ease Greece’s debt obligations and prevent its fiscal collapse—but it won’t be an easy sell.
China’s $400 billion sovereign-wealth fund, China Investment Corp., is fully invested and currently doesn’t have the resources to make a significant contribution to Europe’s bailout………………………………………..Full Article: Source

Help us out, Europe begs China: Desperate Euro chiefs look East to fund huge bailout gamble

Posted on 28 October 2011 by VRS  |  Email |Print

Europe is holding out the begging bowl to China in an effort to keep the rescue package for the single currency alive.
They are trying to get other private investors from around the world, potentially including the involvement of sovereign wealth funds, to leverage up the fund……………………………………….Full Article: Source

China may end up contributing to this vast European bailout fund

Posted on 28 October 2011 by VRS  |  Email |Print

The Chinese control £1.93 trillion of foreign currency reserves, with about US$300 billion in its China Investment Corporation. Indeed were it not for Chinese purchase of European government debt, the Euro would probably have collapsed already.
It is what is sustaining the Euro against a weak US dollar, along with European banks flogging off overseas assets which are then converted from dollars back into Euros………………………………………..Full Article: Source

Singapore sovereign wealth fund invests in aircraft-leasing venture

Posted on 28 October 2011 by VRS  |  Email |Print

Avolon, the Irish aircraft lessor, Thursday said it has secured $300 million from a Singapore sovereign wealth fund to accelerate expansion and cement its position in Asia’s fast-growing aviation market.
The Government of Singapore Investment Corp., or GIC, will take a stake of a little under 20% in Avolon, marking a rare foray by a sovereign fund into the closely-knit aircraft finance business………………………………………..Full Article: Source

GIC disclosed more information in reports over 4 years, Ng says

Posted on 28 October 2011 by VRS  |  Email |Print

Ng Kok Song, chief investment officer of Government of Singapore Investment Corp., comments on increasing the level of disclosure by the city-state’s sovereign wealth fund. Prime Minister Lee Hsien Loong, who’s the chairman of the fund that manages more than $100 billion of the country’s reserves, said he wants to share more information about its investments with the public, Today newspaper reported on Oct. 21.
Ng spoke in an interview at the investment fund’s office in Singapore today………………………………………..Full Article: Source

Nigeria: Controversy over sovereign wealth fund

Posted on 28 October 2011 by VRS  |  Email |Print

Following the passage of the Nigerian Sovereign Investment Authority (NSIA) bill in the National Assembly (NASS) earlier in the year, the apparent controversy cum fears plaguing the establishment of the US$1billion Nigerian Sovereign Wealth Fund (SWF), particularly between the Federal Government of Nigeria and 36 state governors, under the auspices of Governors’ Forum, in particular and generality of Nigerians, indicates there is yet no actual understanding of the propriety or otherwise of the concept in certain quarters.
But, what’s an SWF all about? According to Wikipedia, a free online encyclopedia, a sovereign wealth fund is described as “a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments. Sovereign wealth funds invest globally.”……………………………………….Full Article: Source

Sovereign wealth funds calm inflation, stimulate growth

Posted on 28 October 2011 by VRS  |  Email |Print

Sovereign wealth funds can help to stimulate economic growth, can help maintain lower inflation, whilst allowing governments to provide cash injections into the economy when needed, PwC found in their latest report.
Launched today, the report “The impact of Sovereign Wealth Funds on economic success, also fiunds that non-commodity funds are now challenging more traditional commodity based Sovereign Wealth Funds and now account for around 40% of assets managed by Sovereign Wealth Funds according to PwC economic analysis of 51 countries………………………………………..Full Article: Source

Sovereign wealth fund must save in foreign currency

Posted on 27 October 2011 by VRS  |  Email |Print

Australia needs to establish a sovereign wealth fund to capitalise on the resources boom, but any funds should be saved in a foreign currency to protect against the negative effects of a sharp appreciation of the Australian dollar, according to Investec.
“Most sovereign wealth funds save in foreign currencies. Now that does a number of things, by far the most important is that you’re taking some of the surpluses that are accumulating as a result of a resource bonanza and saving them for future generations,” Investec Asset Management global strategist Michael Power told Investor Weekly………………………………………..Full Article: Source

Sovereign wealth fund is to deceive Nigerians, says Tinubu

Posted on 27 October 2011 by VRS  |  Email |Print

Action Congress of Nigeria (ACN) national leader Asiwaju Bola Ahmed Tinubu has criticised the creation of Sovereign Wealth Fund (SWF) by the Federal Government. Describing it as “illegal”, the former Lagos State governor said he is in support of the legal action taken by governors against the Federal Government.
Tinubu told reporters in Abuja that SWF is another name for Excess Crude Account to deceive Nigerians by the Federal Government………………………………………..Full Article: Source

Goldman Sachs, JP Morgan lobby FG over SWF

Posted on 27 October 2011 by VRS  |  Email |Print

In a bid to ensure that they grab the portfolio of the Federal Government’s Sovereign Wealth Fund (SWF), Wall Street titans - Goldman Sachs, Morgan Stanley and JP Morgan Chase - are already courting top government officials for the management of the Fund.
The New York Times disclosed this Tuesday, saying that the Fund was expected to buffer the Nigerian economy from volatile commodity prices and impose fiscal……………………………………….Full Article: Source

Eur300mln investment in air leasing group by GIC

Posted on 27 October 2011 by VRS  |  Email |Print

A sovereign wealth fund in Singapore is set to invest $300 million in equity in Irish aircraft leasing group Avolon. Singapore’s Government Investment Corporation (GIC) will inject the funding into the Dublin-based company to become a major shareholder in Avolon alongside Cinven, CVC Capital Partners and Oak Hill Capital Partners, the private equity groups.
GIC was formed in 1981 and manages investments on behalf of the Singapore state. Its website says it has invested more than $100 billion in a range of assets – from equities to real estate to natural resources – in more than 40 countries………………………………………..Full Article: Source

Norway won’t pay into European aid package, Stoltenberg says

Posted on 27 October 2011 by VRS  |  Email |Print

Norway Prime Minister Jens Stoltenberg said the Nordic country won’t contribute to any euro area aid package, adding that leaders from the debt-stricken region haven’t sought the Nordic country’s help.
Norway, which has built a $551 billion sovereign-wealth fund from its oil income, had been touted as a possible source of support for the euro area together with China as Europe’s leaders try to stretch the resources at their disposable to solve the debt crisis. Euro area leaders are looking into creating a special purpose vehicle to attract investors outside the region………………………………………..Full Article: Source

Global firms head east to tap sovereign funds

Posted on 27 October 2011 by VRS  |  Email |Print

Large global firms are looking east to access emerging market investors, where sovereign wealth funds and secondary listings in Hong Kong are being sought as a source of capital, finds a new poll by BNY Mellon.
According to the Global Trends in Investor Relations survey, sovereign wealth funds are firmly in the sights of capital-seeking companies, with the Government of Singapore Investment Corporation ranking as the most popular, having met 38% of survey respondents in the past three years………………………………………..Full Article: Source

Wake-up call for sovereign wealth funds

Posted on 27 October 2011 by VRS  |  Email |Print

As Libya’s citizens rebuild their lives and economy, undoing the corruption in the Libyan Investment Authority (LIA), the sovereign wealth fund (SWF) in which Muammar Gadhafi’s regime allegedly stashed and misused Libya’s oil wealth, is becoming a priority.
The National Transitional Council is debating who should take over Libya’s Central Bank and the LIA’s assets an especially important decision, given that oil production is not expected to return to pre-war levels for several years………………………………………..Full Article: Source

Sovereign wealth funds top corporate agendas

Posted on 26 October 2011 by VRS  |  Email |Print

Companies across the globe are shifting their focus to attract sovereign wealth fund investors as they work to position themselves in high-growth regions, including the Middle East and Asia. According to BNY Mellon’s seventh annual investor relations survey, 59% of companies have met with sovereign wealth funds in the last three years, with 47% of companies doing so in 2010.

Singapore was the most targeted, with 38% of companies’ investor relations departments meeting with the Government of Singapore Investment Corporation over the last three years. This was followed closely by Norges Bank Investment Management at 37% and Abu Dhabi Investment Authority at 32%………………………………………..Full Article: Source

Companies focusing more on sovereign wealth funds and emerging markets investors

Posted on 26 October 2011 by VRS  |  Email |Print

Companies worldwide continue to shift their investor relations strategies to expand outreach to sovereign wealth funds and emerging markets, according to an annual survey conducted by BNY Mellon, the global leader in investment management and investment services. The study also found nearly three-out-of-four respondents believe mechanisms such as short-selling, ‘dark pools’ and high-frequency trading negatively impact global trading markets and that more oversight is necessary.

Developed as a benchmarking tool for BNY Mellon’s depositary receipt clients, the survey, Global Trends in Investor Relations, looks at how publicly traded companies are managing their IR practices – from guidance and disclosure policies to most popular roadshow destinations. The survey was conducted through July and August 2011 and features input from 650 companies across 53 countries. Respondents cover the range of market cap and sectors, including financials, industrials, consumer, technology and healthcare. (Press Release)

Dubai Investments secures near 60 pct of sought $326.7 mln loan

Posted on 26 October 2011 by VRS  |  Email |Print

Dubai Investments has secured 700 million dirhams ($190.6 million) of a 1.2 billion dirham loan it wants to raise, but will post a weaker third-quarter profit because of provisions, the firm’s chief executive said on Tuesday.
The company, in which sovereign fund Investment Corporation of Dubai (ICD)owns an 11.5-percent stake, sees third-quarter profit of 30 million dirhams, compared to a profit of 213.61 million dirhams a year-ago, chief executive Khalid Bin Kalban told reporters at a press conference………………………………………..Full Article: Source

Nigeria: Sovereign wealth fund kick-started

Posted on 26 October 2011 by VRS  |  Email |Print

The government has begun the implementation of its much touted Sovereign Wealth Fund (SWF). The SWF has been kick-started with an initial investment of $1 billion drawn from the Excess Crude Account (ECA), which currently stands at $6 billion.
Minister of Finance Dr Ngozi Okonjo-Iweala (pictured) announced the news at an Abuja press conference, where she disclosed that the recruitment of the fund’s management team is being undertaken by global accounting firm KPMG through adverts in The Economist and the (London) Financial Times………………………………………..Full Article: Source

Wall St. giants seek a piece of Nigeria’s sovereign fund

Posted on 26 October 2011 by VRS  |  Email |Print

Wanted: A reliable overseas business partner to invest more than $1 billion presently trapped in Nigeria. This is not a scam.

Nigeria, the West African nation that has gained notoriety for the illicit e-mail spammers aiming for Western bank accounts, is attracting attention for legitimate financial opportunities — investing its own savings………………………………………..Full Article: Source

Nigeria: SWF - White whale or Red herring?

Posted on 26 October 2011 by VRS  |  Email |Print

The federal government, last week, announced that it had commenced the implementation of the Sovereign Wealth Fund (SWF) with a seed capital of $1 billion from the Excess Crude Account (ECA).

This negated the claim of the Nigerian Governors’ Forum that establishing the Fund was not only illegal, unconstitutional but that it was out of place for the federal government to dictate to them how to spend their resources. We are in support of the FG on this issue because of the potential to bolster economic stability and the might of the Naira………………………………………..Full Article: Source

Governors to Jonathan: Don’t starve us of funds

Posted on 26 October 2011 by VRS  |  Email |Print

The chairman of the Nigeria Governors’ Forum (NGF) and Rivers State governor, Rotimi Amaechi, has said that although the federal government has the right to institute the Sovereign Wealth Fund (SWF), states should be given the latitude to access their own funds and contribute their quota to the federal government.
Amaechi stated this in Port Harcourt during a colloquium to commemorate the fourth anniversary of the Supreme Court judgment that ushered him into office on October 25, 2007………………………………………..Full Article: Source

Temasek Cares donates S$1.1mln for mental health programmes

Posted on 26 October 2011 by VRS  |  Email |Print

Temasek Cares is contributing S$1.1 million to fund new mental health programmes that will help more than 300 beneficiaries and their caregivers.

In a statement, Temasek Cares said from early 2012, these new community-based programmes will aim to create greater awareness and understanding of mental illness among community groups in Singapore and help those with mental illness to integrate with the community………………………………………..Full Article: Source

IMF considering participation in EU bailout fund

Posted on 26 October 2011 by VRS  |  Email |Print

The International Monetary Fund is considering taking part in a special investment vehicle being proposed by the euro zone bailout fund but has not made a decision yet, euro zone officials said on Tuesday.

“The IMF has indicated that they are considering it — they have not taken a position,” one euro zone official said. “It will all depend on the whole package.”……………………………………….Full Article: Source

Jouyet says sovereign fund help would carry a cost

Posted on 26 October 2011 by VRS  |  Email |Print

Sovereign wealth funds would make demands in return for giving support to euro debt markets through the International Monetary Fund or a special purpose vehicle, French market regulator Jean-Pierre Jouyet in an interview published in La Tribune newspaper.

“The idea of sovereign wealth funds giving support seems very useful at the start but the consequences must be considered because what will they be asking for in return from the European Union?” Jouyet was quoted as saying in the newspaper………………………………………..Full Article: Source

Is Timor-Leste’s plan for oil fund investments a risk worth taking?

Posted on 25 October 2011 by VRS  |  Email |Print

Tim AndersonA bill allowing more diversified investments by Timor-Leste’s multi-billion dollar oil and natural gas sovereign fund, which underwrites the lion’s share of the country’s expenditure, has divided opinion. Some say the step is necessary to maintain current levels of development spending, others call the move risky.

The amendment, which was passed by parliament in August and recently approved by the president, allows for up to 50% of the country’s petroleum fund, currently exceeding $8.7bn, to be invested in equities, including up to 5% in other forms of investments……………………………………..Full Article: Source

Nigerian governors appeal to block sovereign fund

Posted on 25 October 2011 by VRS  |  Email |Print

Ngozi Okonjo-IwealaNigeria’s powerful governors applied to the supreme court on Monday to block the federal government’s planned removal of $1 billion from the country’s crude oil savings to set up a sovereign wealth fund (SWF).

Nigeria’s finance minister, Ngozi Okonjo-Iweala, laid out a timeframe for the launch of the country’s SWF last week, in what was supposed to be the start for Africa’s biggest oil exporter of improvement in the management of often-squandered crude oil earnings………………………………………Full Article: Source

Sovereign wealth fund: Govs drag FG to Supreme Court

Posted on 25 October 2011 by VRS  |  Email |Print

The 36 state governors of the federation, on Monday, asked the Supreme Court to restrain the Federal Government from making any withdrawals from the Excess Crude Account pending the hearing and determination of a suit they filed in 2008.

The governors also asked the apex court to order that all sums standing to the credit of the account styled the Excess Crude Account (or any account replacing same by any name howsoever), be paid into court or be otherwise secured as the court may deem fit, pending the hearing and determination of the substantive suit………………………………………Full Article: Source

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