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Sovereign Wealth Funds Briefing 26.Nov 2010

Posted on 26 November 2010 by VRS |  Email |Print

From 234next.com: The National Economic Council (NEC) approved the bill for the establishment of the National Sovereign Wealth Fund (NSWF) which is to replace the excess crude account.
The Minister of Finance, Olusegun Aganga said the bill would be sent to the Federal Executive Council (FEC) for approval before it goes to the national assembly for legislation……………………………………….Full Article: Source

Posted on 26 November 2010 by VRS |  Email |Print

From CNA: The Government of Singapore Investment Corp. (GIC) and Temasek Holdings, another investment arm of the city-state government, have expressed strong interest in investing in Taiwan, a top Taiwanese economic planner said .
Christina Liu, minister of the Council for Economic Planning and Development (CEPD), told reporters that Temasek, in particular, is planning to send representatives to Taiwan in the near term to survey the island’s business environment……………………………………….Full Article: Source

Posted on 26 November 2010 by VRS |  Email |Print

From IPE: Ireland’s National Pensions Reserve Fund (NPRF) has seen its original purpose of supporting future retirees change in light of the ongoing crisis, Jerry Moriarty of the Irish Association of Pension Funds (IAPF) has said.
Moriarty, director of policy at the lobbying organisation, was speaking after the Irish government unveiled proposals that would allow the NPRF to invest in Irish bonds for the first time, so far forbidden under the sovereign fund’s investment guidelines……………………………………….Full Article: Source

Posted on 26 November 2010 by VRS |  Email |Print

From Globalpensions.com: The Irish government plans to use assets from the €24bn ($32bn) National Pensions Reserve Fund (NPRF) to support the government bond market and infrastructure investment, the National Recovery Report has confirmed.
The government intends to launch a four-year ‘solidarity’ bond which pays an annual fixed rate of 1% with added bonuses up to 50%, provided pension funds are invested for a longer time. The bond has a similar structure to the ten-year bond, paying a coupon each year and a bonus for investors who hold the bond to maturity. The ten year solidarity bond has raised €300m since its launch in May 2009……………………………………….Full Article: Source

Posted on 26 November 2010 by VRS |  Email |Print

From Spb.ru: Finance Minister Alexei Kudrin proposed creating a reserve fund of proceeds from privatization, interest from which could be used to plug budget gaps, during a finance forum.
Kudrin premiered the reserve fund idea, in the context of a trend in international finance, on the heels of the recent economic crisis……………………………………….Full Article: Source

Posted on 26 November 2010 by VRS |  Email |Print

From Adnkronos.com: Prosecutors in the Italian capital, Rome, are probing Libya’s 7.58 percent stake in Italy’s largest bank, Unicredit. Company rules prohibit investors from having the right to cast more than 5 percent of ballots in shareholder votes.
Critics have questioned whether the Libyan Investment Authority and the Central Bank of Libya - both state-owned - are really distinct entities……………………………………….Full Article: Source

Posted on 26 November 2010 by VRS |  Email |Print

From Vancouversun.com: The Korean sovereign wealth fund that invested $50 million in one early-stage, Calgary-based oilsands company last summer is putting another $100 million into its partner.
Calgary-based Osum Oil Sands Corp. announced Wednesday it has entered into an agreement to sell to Korea Investment Corp. 7.7 million common shares at $13 per share for $100 million……………………………………….Full Article: Source

Posted on 26 November 2010 by VRS |  Email |Print

From Peopledaily.com.cn: China’s Everbright Bank, the country’s sixth-largest commercial bank, is considering buying a trust firm, its chairman said on Thursday. With more than 400 branches across the country, Everbright Bank is controlled by Central Huijin, the investment arm of China’s $300 billion sovereign wealth fund.
The plans come as China’s banking regulator recently stepped up scrutiny of banks and trust firms as part of efforts to rein in liquidity……………………………………….Full Article: Source

Posted on 26 November 2010 by VRS |  Email |Print

From Businessspectator.com.au: Future Fund chairman David Murray is seeking further transparency regarding the government’s broadband reforms ahead of a crucial vote on the policy by Telstra shareholders next year.
Mr Murray’s statements come as the Senate prepares to approve the reforms today. He increased pressure on the government to release a detailed cost-benefit analysis of the national broadband network (NBN)……………………………………….Full Article: Source

Posted on 26 November 2010 by VRS |  Email |Print

From IPE: The investment strategy of a sovereign wealth fund (SWF) should consist of three basic building blocks, including liability hedging and an endowment-hedging portfolio, according to research by the EDHEC Risk-Institute.
In its most recent paper, ‘Asset-Liability Management Decisions for Sovereign Wealth Funds’, the business school names the blocks as a performance-seeking portfolio (PSP), an endowment-hedging portfolio (EHP) and a liability-hedging portfolio (LHP). The last should invest heavily in bonds and other assets that closely trace changes in inflation……………………………………….Full Article: Source

Posted on 26 November 2010 by VRS |  Email |Print

From Oilprice.com: SWFs are a modern iteration of economic power projection by states on the international scene. In one form or another, vehicles resembling SWFs have been around for a long time.
Similar entities investing state funds, generated from reserves or trade surpluses (such as from natural resources), or utilizing substantial state support or privilege, could very well include conglomerates such as VOC (the Dutch East India Company) or the British East India Company……………………………………….Full Article: Source

Posted on 26 November 2010 by VRS |  Email |Print

From Cri.cn: A senior official at Indonesian central bank (BI) said on Thursday that the country’s foreign currency reserve has broken a new record to 91.8 billion U.S. dollars.
Sugeng, BI Research and Development Director, said that the record-breaking foreign currency reserves were recorded late last month. He added that the country would enjoy large surplus in its terms of payment this year……………………………………….Full Article: Source

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