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Sovereign Wealth Funds Briefing 23.Aug 2010

Posted on 23 August 2010 by VRS |  Email |Print

From 234next.com: The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says the Sovereign Wealth Fund being proposed by the Federal Government is illegal, as its foundations are not rooted in the provisions of the country’s constitution.

The Fund is for the accumulation of excess revenue from trade and crude oil exports for investments and development of critical infrastructure that would benefit both the country’s economy and the citizenry in general…………………………………….Full Article: Source

Posted on 23 August 2010 by VRS |  Email |Print

Ahmad Husni HanadzlahFrom Americanchronicle.com: The Malaysian government’s call on the member countries of the Islamic Development Bank (IDB) to consider establishing “the world’s first supra-sovereign wealth fund” to invest in Muslim economies on the same returns expectations as for the SWF industry in general, merits serious discussion. The precedent involving the efficacy of intra-Arab funds however does not augur well for a Muslim supra-SWF.

The idea of a supra-sovereign wealth fund was suggested by Malaysian Finance Minister, Ahmad Husni Hanadzlah, at the 35th Annual Board of Governors Meeting of the IDB which was held a few weeks ago in Baku, Azerbaijan…………………………………….Full Article: Source

Posted on 23 August 2010 by VRS |  Email |Print

From Asahi.com: One reason is that the Chinese government established a sovereign wealth fund named the China Investment Corp. (CIC) with capital of $200 billion in September 2007 to more aggressively invest in overseas markets.

That is about the time the two Chinese investment funds began expanding their portfolios…………………………………….Full Article: Source

Posted on 23 August 2010 by VRS |  Email |Print

From Koreaherald.com: Chinese investors more than doubled their holdings of Korean bonds so far this year as part of efforts to diversify investment from the U.S. and Europe in the wake of the financial crisis. The China Investment Corp. is thought to be planning to diversify its portfolio, and has been receiving consultations from Korean securities firms.

Flush with cash, Chinese investors are putting money in the debt, stocks and real estate of Korea, which has been emerging from the global recession most robustly among rich countries…………………………………….Full Article: Source

Posted on 23 August 2010 by VRS |  Email |Print

From Ibtimes.com: Kenny Huang and the consortium of sovereign wealth including CIC - have reportedly dropped their bid in to become Liverpool football club’s new owners.

However, in true Chinese fashion, despite having reportedly dropped interest, it appears Huang and the QSL consortium remain interested after only wanting to ’speed things up’ as sources reveal his is the only ‘credible’ bid for the football club…………………………………….Full Article: Source

Posted on 23 August 2010 by VRS |  Email |Print

From Emirates247.com: RAK Airways - a private joint stock company incorporated in the RAK Investment Authority Free Zone with an authorized capital of Dh1.5 billion - has already invested more than $27.23m in infrastructure development, according to Oxford Business Group.

To complement the airway’s revival, substantial construction work is also running ahead for the RAK International Airport, which is angling to corner more of the passenger and cargo business within the UAE…………………………………….Full Article: Source

Posted on 23 August 2010 by VRS |  Email |Print

From Indiatimes.com: India has abandoned the plan to create a sovereign wealth fund on the line of Singapore, United Arab Emirates, Saudi Arabia, China and Russia, the finance ministry said on Friday. “The government had examined a proposal to create a sovereign fund of $5 bn for financing acquisitions of companies abroad. However, it was decided not to pursue this proposal,” Minister of State for Finance Namo Narain Meena said.
Currently, there are more than 50 sovereign wealth funds, managing assets worth nearly $3 trillion. Most of these funds are run by the countries that have huge trade surplus. It is mostly funded by commodity revenues, predominantly from oil and gas exports…………………………………….Full Article: Source

Posted on 23 August 2010 by VRS |  Email |Print

The global financial crisis that erupted in August 2007 has shed new light on the role of official investors and the assets they manage. In many countries, governments and government-owned entities were called upon to address crises that emerged due to the mismanagement of risk in the private sector. Yet official investors and public institutions need to manage risks of their own – risks that in many cases are unique to them.

Sovereign Risk Management focuses on how official investors should respond to the new challenges they face in managing diverse forms of risk in the aftermath of the crisis. The book includes the insights of a carefully selected roster of experts and practitioners on the management of market, political and regulatory risk…………………………………….Full Press Release: Source

Posted on 23 August 2010 by VRS |  Email |Print

From Forbes: Jamaica’s central bank says the Caribbean island’s foreign currency reserves reached more than $2.5 billion by the end of June, providing about 20 weeks of cover in the event of a crisis.

A bank statement issued Saturday says the international benchmark for reserve cover is roughly 12 weeks for countries operating under International Monetary Fund loans…………………………………….Full Article: Source

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