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Sovereign Wealth Funds Briefing 28.Jan 2010

Posted on 28 January 2010 by VRS |  Email |Print

From Reuters: It may seem like a perfect match. If sovereign wealth funds, which manage assets of $3 trillion, invested in clean tech, they could help plug the chronic shortage of funding to tackle climate change.
Since two-thirds of their wealth comes from oil and gas interests, the funds set up by nations from Norway to the Middle East and China would be burnishing their image by helping finance clean energy projects………………………………..Full Article: Source

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Posted on 28 January 2010 by VRS |  Email |Print

From Thestandard.com.hk: The Hong Kong Monetary Authority will not use the Exchange Fund to set up a sovereign wealth fund, Financial Secretary John Tsang Chun-wah told Legislators.

“The Exchange Fund is not a pure investment fund,” Tsang said, noting that its main purpose is to ensure the stability of the Hong Kong dollar………………………………..Full Article: Source

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Posted on 28 January 2010 by VRS |  Email |Print

From Abc.az: The State Oil Fund of the Azerbaijan Republic (SOFAZ), intends to take care of premises for its staff members. “Quantity of Fund’s employees grows constantly. In the future SOFAZ revenues will total $40-50 bn and already now we should prepare to run such sums. In the future we are going to buy shares promising large earnings and simultaneously great risks.

That is why the Fund needs subspeciality employees and its departments are going to expand. Besides, the construction of a building for SOFAZ will take another one or two years,” SOFAZ executive director Shahmar Movsumov said………………………………..Full Article: Source

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Posted on 28 January 2010 by VRS |  Email |Print

From News.az: Azerbaijan’s State Oil Fund (SOFAZ) has published figures for its expenditure in its 10 years of existence. SOFAZ Executive Director Shahmar Movsumov said that in the past 10 years the fund spent AZN 12.3bn or $15.319bn, at the rate of 0.8029 manats to the dollar.

SOFAZ transferred AZN 10.265bn to the state budget. It allocated AZN 612.9m to improve the situation of refugees and IDPs and AZN 547.4m and AZN 364.5m to the Samur-Absheron water system and Oguz-Gabala-Baku water pipelines respectively………………………………..Full Article: Source

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Posted on 28 January 2010 by VRS |  Email |Print

From Arabianbusiness.com: Dubai Investments Co, which swung to profitability at the end of 2009, expects to post a profit in the first quarter on stronger performance for its core business units. Dubai’s sovereign wealth fund Investment Corporation of Dubai has a stake in the company.

Khalid bin Kalban said: “2010 looks very positive for Dubai Investments.” Declining to be more specific, he said: “We will definitely make a profit (in Q1).”……………………………….Full Article: Source

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Posted on 28 January 2010 by VRS |  Email |Print

From Reuters: Goldman Sachs denied a media report it had been mooting the sale of equity in National Bank of Greece to Chinese banks as debt-ridden Greece struggles to fix its public finances.

The Financial Times on Wednesday reported Goldman Sachs had been mooting the sale of equity in NBG, Greece’s largest lender to Bank of China or to the China Investment Corp, the country’s sovereign wealth fund………………………………..Full Article: Source

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Posted on 28 January 2010 by VRS |  Email |Print

From Chinadaily.com.cn: China’s $300 billion sovereign wealth fund is considering new investments in resource-related companies after bets on commodities producers from the US to Kazakhstan paid off in 2009.

China Investment Corp (CIC) increased spending on energy and mineral assets last year to profit as the global economy recovers………………………………..Full Article: Source

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Posted on 28 January 2010 by VRS |  Email |Print

From Businessweek.com: Japan plans to revise legislation in order to help domestic companies acquire mining rights overseas and secure raw materials amid competition from neighboring China and South Korea. China Investment Corp., the nation’s sovereign wealth fund, has had “early” talks for direct investments in Brazil and Mexico.

The Ministry of Economy, Trade and Industry has prepared a bill that will allow state-owned Japan Oil, Gas and Metals National Corp. to invest in foreign mines in collaboration with private companies and to provide government guarantees to fund projects, according to Yohei Matsuda, deputy director at the ministry’s natural resources and energy agency………………………………..Full Article: Source

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Posted on 28 January 2010 by VRS |  Email |Print

From RTTNews: New Zealand’s total reserve assets decreased to NZ$21.59 billion in December from NZ$21.82 billion in the previous month, the Reserve Bank of New Zealand reported on Thursday.

Foreign currency reserves dropped to NZ$15.37 billion in December from NZ$17.01 billion in the preceding month………………………………..Full Article: Source

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Posted on 28 January 2010 by VRS |  Email |Print

Jordan’s foreign currency reserves grew by 41.5 per cent in 2009 to reache 10.9 billion dollars, the Central Bank of Jordan announced on Wednesday. The present reserves are sufficient for covering the country’s imports for 7.5 months compared with 5.8 months at the end of 2008, the CBJ said.

To be on the safe side, the International Monetary Fund (IMF) advises countries to have foreign currency reserves that cover imports for at least three months………………………………..Full Press Release: Source

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