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Sovereign Wealth Funds Briefing 16.Jun 2010

Posted on 16 June 2010 by VRS |  Email |Print

From Thisdayonline.com: The Presidency and governors of the 36 states of the federation on the aegis of the National Economic Council (NEC) has set up a committee to work out modalities for the establishment of the Sovereign Wealth Fund (SWF).
The sovereign fund will serve as a reserve facility for the country’s future needs…………………………………………Full Article: Source

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Posted on 16 June 2010 by VRS |  Email |Print

From Reuters: Nigeria’s state governors on Tuesday voiced opposition to having a sovereign wealth fund manage the country’s oil wealth, an early sign that new Finance Minister Olusegun Aganga will have to fight for reforms.
Aganga has championed the idea of a sovereign fund to help Africa’s most populous nation save some of its oil revenues for the future, invest in critical infrastructure and help stabilise the OPEC member’s finances when world oil prices are volatile…………………………………………Full Article: Source

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Posted on 16 June 2010 by VRS |  Email |Print

From Thenationonlineng.net: There was disagreement yesterday between the Federal Government and governors on the funding of the proposed Sovereign Wealth Fund (SWF). It was at the National Economic Council meeting.
At the end of the disagreement, a committee under the leadership of the Finance Minister was put in place to iron out grey areas and come up with acceptable modalities for the funding…………………………………………Full Article: Source

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Posted on 16 June 2010 by VRS |  Email |Print

From 234next.com: The excess crude account (ECA) was created in 2003 out of desperation to mitigate the boom and burst cycle that has characterised Nigerian economy since the first oil boom in the 1970s.
Rather than subject the economy to the vagaries of the international oil price fluctuations, putting away surplus earnings above the budget benchmark was seen as a veritable way of protecting the economy during any shortfall. The account was meant to achieve macroeconomic stability by controlling money supply and ensuring that something is kept aside for the lean years…………………………………………Full Article: Source

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Posted on 16 June 2010 by VRS |  Email |Print

From Bloomberg: Egypt plans to offer China’s $300 billion sovereign wealth fund opportunities to invest in major infrastructure projects as it seeks to diversify sources of foreign inflows, Investment Minister Mahmoud Mohieldin said.
Lou Jiwei, chairman of China Investment Corp., will visit the Arab country this month “to explore opportunities and discuss the possibilities of involving the CIC in Egypt,” Mohieldin told reporters today in Cairo…………………………………………Full Article: Source

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Posted on 16 June 2010 by VRS |  Email |Print

From Reuters: The chairman of China’s sovereign wealth fund, which manages $300 billion in assets, will visit Egypt to discuss infrastructure and other possible investments in the Arab world’s most populous nation, a minister said on Tuesday.
Egypt, whose economy has kept growing at around 5 percent throughout the global financial crisis, wants to push foreign direct investment (FDI) back to around $10 billion a year, the level it hit before the world downturn…………………………………………Full Article: Source

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Posted on 16 June 2010 by VRS |  Email |Print

From Bobsguide.com: China is looking into potential investments worth billions of euros in a variety of industries in Greece. The financially-stricken European country has been anxious to attract countries with big sovereign wealth funds to make investments as it attempts to tackle its fiscal crisis and steady its economy.
A Greek government official told the Financial Times that a delegation led by Zhang Dejiang, a Chinese vice-premier, is ready to sign off a series of deals with local companies today (June 15th 2010)…………………………………………Full Article: Source

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Posted on 16 June 2010 by VRS |  Email |Print

From Bloomberg: Mohamed A. El-Erian, whose firm runs the world’s biggest mutual fund, says sovereign wealth funds are poised to profit from a reshaping of the global economy known as the “new normal.”
“Although sovereign wealth funds were not able to completely sidestep the global financial crisis, they have recovered nicely and are well placed as a group to navigate the journey to and through the new normal,” El-Erian, chief executive officer of Pacific Investment Management Co., wrote in Finance & Development Magazine, published by the International Monetary Fund…………………………………………Full Article: Source

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Posted on 16 June 2010 by VRS |  Email |Print

From Theepochtimes.com: Sovereign wealth funds (SWFs), or government-owned investment funds, have risen in prominence in recent years among oil and cash-rich nations as a way to invest in foreign businesses.
“There are two primary reasons for the rapid appearance and growth of SWFs: the rapid increase in oil prices and the accumulation of large balance-of-payments surpluses,” according to a recently released Wharton Leadership Center study…………………………………………Full Article: Source

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Posted on 16 June 2010 by VRS |  Email |Print

From Reuters: Qatari Diar, a property arm of Qatar’s sovereign wealth fund, will issue a $3.5 billion bond denominated in dollars in the coming weeks with five and 10-year maturities, a source close to the matter said on Tuesday.
The issue will come through a syndicate of local and international banks including HSBC, Barclays Capital, Standard Chartered and QNB Capital, the investment banking unit of Qatar National Bank, the source said…………………………………………Full Article: Source

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Posted on 16 June 2010 by VRS |  Email |Print

From Bloomberg: Dubai World’s creditor banks may have lost as much as 56 percent of the value of the loans they made to the state-owned holding company after it altered the terms on $14.4 billion of debt, and lenders may have to aside 10 percent of these loans to cover losses, analysts said.
Dubai World’s loans have a fair value of 44 cents to 46 cents to the dollar after the restructuring proposal, JPMorgan Chase & Co. said in a research report e-mailed today. The company’s $4.4 billion of Group A debt has a fair value of 58 cents to 61 cents, and $10 billion of Group B debt a fair value of 36 cents to 41 cents, it said…………………………………………Full Article: Source

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Posted on 16 June 2010 by VRS |  Email |Print

From Channelnewsasia.com: India’s Fortis Healthcare on Tuesday said it is keeping its options open on Malaysian sovereign wealth fund Khazanah’s offer for Singapore’s Parkway Holdings.
In a statement, Fortis said it will continue to evaluate its options in the best interests of its shareholders…………………………………………Full Article: Source

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Posted on 16 June 2010 by VRS |  Email |Print

From Totaltele.com: Thai government plans to buy Singapore company’s stake for national security reasons. Singapore’s state-owned investment company Temasek Holdings Pte. Ltd. appeared to respond positively when the Thai government discussed its intention in April to buy Temasek’s interest in Thaicom PCL, Finance Minister Korn Chatikavnij said Tuesday.
Temasek subsidiaries own a combined 96.1% stake in Shin Corp. PCL, which holds 41.1% of Thaicom’s shares…………………………………………Full Article: Source

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Posted on 16 June 2010 by VRS |  Email |Print

From Businessspectator.com.au: Superannuation fund returns are set to exceed an average of 10 per cent this year, after returning a median 5.5 per cent over the past five years.
The average balanced fund is expected to return 11.5 per cent for the 12 months to June, according to estimates by Chant West and SuperRatings…………………………………………Full Article: Source

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