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Sovereign Wealth Funds Briefing 16.Aug 2010

Posted on 16 August 2010 by VRS |  Email |Print

Tony BurkeFrom Farmonline.com.au: Sovereign wealth funds have become the central issue in the debate over foreigners buying up rural properties in Australia. While there are many examples of foreigners buying land in the past couple of years, Qatar-based Hassad Food, which is backed by the Qatar Investment Authority, exemplifies sovereign wealth funds buying up rural land in Australia to feed not only Qatar but other Middle Eastern countries concerned about food security.

Hassad has bought more than $40 million worth of sheep stations in northern NSW and South Australia in the past six months and intends to increase its land holding……………………………………Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From Reuters: Stakes in British and continental European publicly-listed companies held by state-owned investment funds have fallen slightly since the start of 2010 after sharp rises in 2009, according to Thomson Reuters data.

The combined total of listed equity assets held by government-owned funds in Europe outside Britain fell to $206.5 billion at the start of August from $217.1 billion in the first quarter of 2010…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From WSJ: The Norwegian Government Pension Fund Global reported a negative return of NOK155 billion, or -5.4%, in the second quarter, dragged down by a decline in global equity markets.

The fund was made up of 59.6 percent in equities and 40.4 percent in fixed-income securities at the end of the quarter, which respectively gave returns of -9.2% and +1%……………………………………Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From Telegraph: Norway’s sovereign wealth fund saw 5.4pc wiped off its investments in its second quarter as its BP shareholding near halved in value in response to the giant oil spill in the Gulf of Mexico.
Government Pension Fund Global , which funnels tax revenue frosm the country’s oil and gas into foreign investments, said the crisis-hit company was its single worst-performing investment. The BP shareholding fell from 18.9bn kroner (£1.96bn) to 10.6bn kroner, representing a drop of around £860m…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From Bloomberg: Norway’s sovereign wealth fund, the world’s second largest, snapped up bonds from debt-ridden southern European countries to tap into higher yields.

“We have actually increased our exposure,” said Yngve Slyngstad, the head of Norges Bank Investment Management — the central bank’s asset management arm — in an interview in Oslo…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From Dailytimes.com.pk: Companies in energy-intensive sectors such as oil production, chemicals and transport are doing too little to combat climate change, Norway’s $455 billion sovereign wealth fund said on Friday.

The fund, number two in the world behind that of the United Arab Emirates, said it hoped a survey it released on Friday would spur companies to do more on global warming, in the same way that a previous report had helped curb use of child labour…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From Arabnews.com: Nigeria has distributed $4.7 billion in revenues and windfall oil savings to government for July, a massive disbursal which is likely to trigger a drop in bond yields and interbank rates next week, dealers said.

Africa’s biggest oil and gas producer shares its revenues among three tiers of government each month — federal, state and local — and tops the disbursal up with a withdrawal from its windfall oil savings if there is a shortfall…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From Tribune.com.ng: The proposed sovereign wealth fund has taken off. This follows the setting aside of $1 billion for the fund by the Federal Government.

President Goodluck Jonathan had told the National Economic Council, some months ago, to establish a framework for the fund within three months…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From 234next.com: The federal government on Friday announced that it has set aside the sum of $1billion (about N150billion), in preparation for the Sovereign Wealth Fund (SWF) take off.

The Accountant General of the Federation, Ibrahim Dankwambo, who disclosed this in Abuja at the end of the Federation Accounts Allocation Committee (FAAC) meeting on Friday, said the three tiers of government agreed to share a total of about N704.3billion for the month of July…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From Sunnewsonline.com: The Federal Government has disclosed plans towards sourcing low-cost term funds, as a way of further fastracking economic development goals aimed at returning the real sector of the economy back to life, with the establishment of a Sovereign Wealth Fund.

The Federal Government’s real sector support and development strategy was unveiled by the Minister of Finance, Mr Olusegun Aganga, at a recent parley with members of the Organized Private Sector in Lagos…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From Businessdayonline.com: The culture of profligacy and expensive lifestyle among Nigeria’s elected politicians which focuses on the benefits of today without a commensurate transfer to Nigerians, is putting the country at serious economic risk, say the World Bank and analysts spoken to by BusinessDay at the weekend.

They warn that Nigeria is at risk of not having a fall back fund should it run into major financial difficulties following the fast depletion of its Excess Crude Account (ECA) from $20 billion in 2007 to a mere $450 million…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From Thisdayonline.com: The sum of $3 billion has been taken from the Excess Crude Account. $2 billion of it was shared among the three tiers of governments while $1 billion was set aside for the proposed Sovereign Wealth Fund which is yet to be signed into law.With the withdrawal, the depletion of the Excess Crude Account brings its current value to only about $460 million.

There are growing concerns that so much have been taken from the Excess Crude Account without tangible improvement in the lives of Nigerians…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From Vanguardngr.com: The appetite for more funds by the three tiers of government has forced the Federal Government to draw down a $3 billion in one fell swoop from the Excess Crude Account, leaving behind a mere $460 million.
Accountant-General of the Federation, Alhaji Ibrahim Dankwambo, disclosed at the monthly Federation Account Allocation Committee, FAAC, meeting, in Abuja, weekend, that $1 billion of the amount was set aside for the Sovereign Wealth Fund…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From Bloomberg: Barwa Real Estate Co.,which has Qatar’s sovereign wealth fund as one of its biggest shareholders, reported a 33 percent increase in first-half profit as the largest Qatari developer by assets received help from the gas-rich country’s government to repay some Islamic finance obligations.

Net income rose to 498.4 million riyals ($137 million), or 1.63 riyals a share, from 374.2 million riyals, or 1.43 riyals, in the year-earlier period, the company said in a statement to the Qatar Exchange website today…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From israelidiamond.co.il: IDB Holding Corp will launch a $1 billion fund with Credit Suisse Group AG and two groups from Saudi Arabia and Qatar that will invest in emerging markets. The other two Credit Suisse shareholders in the fund are the Saudi Arabian investment firm Olayan Group, a private multinational enterprise comprising 50 companies and affiliated businesses, and the Qatar Investment Authority (QIA), a sovereign-wealth fund.

“We see a great potential in the emerging markets, which constitute a long-term growth engine for the global economy,” IDB Chairman Nochi Dankner said. “The intensification of the emerging markets is part of a significant financial-political process occurring throughout world, of which the financial crisis was but one of its peaks, where the economic hegemony is gradually shifting from the West to the East…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From Mineweb.co.za: Whether it is $25 billion or just $5 billion, the Indian government has decided against setting up a Sovereign Wealth Fund for financing overseas acquisitions by Indian corporates, notably those dealing in rare earths. For long, the Indian government has been debating the institution of a Sovereign Wealth Fund (SWF) that would allow the country’s forex reserves to be used for investment in mineral and oil assets.
The country’s most recent SWF proposal, (the earlier one that was nixed was to the tune of $25 billion) was a joint effort by the ministry of petroleum and the ministry of external affairs, and involved the conception of a fund to buy strategic mineral assets. Though most expectedthe SWF to buy oil for the country, the target this time appeared to be rare earth deposits…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From Financeasia.com: Indonesia’s State Enterprises Minister Mustafa Abubakar said on August 2 that China Investment Corporation (CIC), the country’s $300 billion sovereign wealth fund, had expressed interest in investing in three of Indonesia’s state firms — coal miner Tambang Batubara Bukit Asam, electricity utility Perusahaan Listrik Negara (PLN) and port operator Pelabuhan Indonesia II.

Initial investment is likely to be $2 billion next year, but that figure could increase more than twelve-fold to $25 billion, say sources. CIC invested $58 billion overseas last year, according to its annual report…………………………………….Full Article: Source

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Posted on 16 August 2010 by VRS |  Email |Print

From Thestar.com.my: It was an open secret that Khazanah Nasional Bhd-controlled UEM Group wanted to sell its stake in Pharmaniaga Bhd and had been looking for the right buyer in the past year or so. Pharmaniaga is a steady, profitable business that has never lost money since it went public a decade ago, but was considered not the right fit for UEM or Khazanah.

On the other hand, Boustead Holdings Bhd chief executive Tan Sri Lodin Wok Kamaruddin needs an established name to launch the group’s foray into the healthcare business in a big way…………………………………….Full Article: Source

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