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Sovereign Wealth Funds Briefing 12.Dec 2008

Posted on 12 December 2008 by VRS |  Email |Print

From Businessweek.com: So far this year, the funds have seen declines of an estimated 18% to 25% of their assets, which could lead to closer scrutiny in the future. Norway’s $300 billion Government Pension Fund-Global, reported a negative 7.7% return against an international currency basket in the third quarter through September.

That was the worst performance in the 18-year history of the fund, which invests Norway’s oil revenues. And it doesn’t include the likely further drubbings in October and November. …. Full Article: Source

Posted on 12 December 2008 by VRS |  Email |Print

From Nst.com.my: Terengganu is setting up a RM10 billion ($2.8 bln) sovereign wealth fund to ensure its growth after its oil and gas resources are depleted. Called the Terengganu Investment Authority (TIA), the idea for the fund was mooted by Yang di-Pertuan Agong Tuanku Mizan Zainal Abidin and presented to the state and Federal Governments recently.

Tuanku Mizan, who is the sultan of Terengganu, said the state must plan for its future economic growth….. Full Article: Source

Posted on 12 December 2008 by VRS |  Email |Print

From Thenational.ae: Mention the term “sovereign wealth fund” in Washington or London, and the typical image you evoke is of a hushed, hypermodern office full of be-robed Gulf State bankers moving huge sums of money into offshore investments – and away from their domestic economies, where, until recently at least, such monies posed a real risk of sparking rampant inflation.

Now the French President Nicolas Sarkozy is trying to flip that image on its head by importing and revamping the sovereign wealth fund model – and he’s pushing the concept in a curiously defensive direction….. Full Article: Source

Posted on 12 December 2008 by VRS |  Email |Print

From Hurriyet.com.tr: A committee formed by Turkey’s top-level officials will invite Saudi Arabia’s investment fund, which is considered to be the world’s largest sovereign wealth fund, as well as other investment funds in the Gulf to invest in Turkey.

Besides the giant investment fund Saudi Arabia is expected to set up, Turkey also aims to lure in an annual investment of at least $10 billion to $15 billion….. Full Article: Source

Posted on 12 December 2008 by VRS |  Email |Print

From IHT: A report released by the International Monetary Fund praised Libya’s $50 billion sovereign wealth fund for its transparency and management but said it needed to start investing beyond North Africa.

Italy is familiar - and available - territory for Libyan investment. United Nations sanctions were lifted in 2003 and since then Libya has initiated a series of structural reforms and sped up its transition to a “people’s capitalism.”…. Full Article: Source

Posted on 12 December 2008 by VRS |  Email |Print

From Bi-me.com: Managed by the Libyan Investment Authority, a sovereign wealth fund that manages Libya’s assets in other countries, including Libya Oil Holding and Tamoil, which owns three refineries in Europe and more than 3,000 filling stations on the continent, the North African giant has now expanded its business to Ethiopia.

Following the agreement it signed with Shell Ethiopia in July, the company has discussed its future business with Girma Birru, Minister of Trade and Industry (MoTI), Alemayehu Tegenu, Minister of Mines and Energy, and Yigzaw Mekonnen, General Manager of the Ethiopian Petroleum Enterprise (EPE)….. Full Article: Source

Posted on 12 December 2008 by VRS |  Email |Print

From Bloomberg: China Investment Corp., the nation’s $200 billion sovereign wealth fund, paid $5 billion last year for 9.9 percent of Morgan Stanley and invested $3 billion in Blackstone, the world’s largest private-equity firm.

Both New York-based companies have lost more than two-thirds of their market value since the investments were made…. Full Article: Source

Posted on 12 December 2008 by VRS |  Email |Print

From Stuff.co.nz: The New Zealand Superannuation Fund has decided to sell shareholdings in six companies associated with manufacture of cluster munitions and the manufacture or testing of nuclear explosive devices.

However, the fund appears to be keeping its shareholding in New Zealand technology firm Rakon - or at least is not intending to divest it on ethical grounds….. Full Article: Source

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