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Sovereign Wealth Funds Briefing 03.Feb 2011

Posted on 03 February 2011 by VRS |  Email |Print

From Vanguardngr.com: The National Assembly will throw out the proposal by the Presidency to create a Sovereign Wealth Fund to pool together the resources meant for all tiers of government, Rep. Leo Ogor, has said.
An Executive Bill pending before the National Assembly, entitled “Nigeria Sovereign Investment Authority Bill”, seeks in part, according to its explanatory note, “to receive, manage and invest in (a) a diversified portfolio of medium and long-term investments for the benefit of future generations of Nigerian citizens.”………………………………………Full Article: Source

Posted on 03 February 2011 by VRS |  Email |Print

 Lamido SanusiFrom Reuters: Nigeria’s foreign exchange reserves slipped slightly to $33.12 billion naira by the end of January from $33.53 billion two weeks earlier and remain down more than a quarter from a year ago, the central bank said on Wednesday.
The foreign reserves of Africa’s top oil and gas producer have fallen over the past 12 months despite rising oil prices and production, raising concerns about government spending in the run-up to April elections……………………………………….Full Article: Source

Posted on 03 February 2011 by VRS |  Email |Print

From Allafrica.com: National Social Security Fund (NSSF) sold 16.4 million Stanbic Bank shares worth sh4.6b to Crane Financial Services, the second gigantic transaction by the fund in a month.
Last week, Stanbic announced that its earnings for 2010 were expected to be 20-25% lower than the previous year. Richard Byarugaba, the NSSF chief executive officer, confirmed the deal……………………………………….Full Article: Source

Posted on 03 February 2011 by VRS |  Email |Print

From Moneycontrol.com: Countries in north Africa and the Middle East are urgently seeking ways to soften the blow of surging food prices for their citizens, alarmed by protests against authoritarian rulers from Algeria to Yemen. Hassad Food, owned by Qatar’s sovereign wealth fund — a top global investor — has been in talks with governments in Argentina and Ukraine to buy farmland for cereals production.
But investing in farmland abroad is not without its critics who accuse buyers of perpetrating a “land grab” that could raise reduce access to food for some of the world’s poorest people……………………………………….Full Article: Source

Posted on 03 February 2011 by VRS |  Email |Print

From Reuters: Kuwait’s Gulf Bank, which was rescued by the Kuwaiti central bank two years ago during the financial crisis, swung to fourth quarter and full year profit. In 2008, Gulf Bank was rescued by the central bank after derivatives losses and the sovereign wealth fund, Kuwait Investment Authority, owns a 16-percent stake. Its troubles prompted the government to guarantee all deposits in local banks to restore confidence.
Gulf Bank had net profit of 8.66 million dinars in the fourth quarter, according to Reuters calculations, reversing a net loss of 21.05 million dinars in the prior-year period……………………………………….Full Article: Source

Posted on 03 February 2011 by VRS |  Email |Print

From Dow Jones: European leaders are seeking to “change the rules of the game” with their plans to reconfigure the existing borrowing facility for nations crippled with debt, a move which could backfire with consequences for investors, Standard & Poor’s Ratings Services’ sovereign-ratings committee chief said Wednesday.
John Chambers, who is head of the committee that sets and changes Standard & Poor’s ratings for 118 central governments, warned a mooted new permanent safety net for indebted nations from 2013 could override existing investors and ultimately turn into a political tool……………………………………….Full Article: Source

Posted on 03 February 2011 by VRS |  Email |Print

The New Zealand Superannuation Fund is in the hunt for more dairy farms, have bought its first, a dairy property in West Otago. It’s the first step in the Super Fund’s rural land strategy in which it could invest up to $500 million in New Zealand and overseas.
The fund has appointed South Island-based farm management and consultancy company FarmRight as investment manager. FarmRight chief executive Jim Lee says it’s actively looking at further farm purchases in New Zealand for the Super Fund and the focus at this stage is on dairy farms……………………………………….Full Press Release: Source

Posted on 03 February 2011 by VRS |  Email |Print

From Thegovmonitor.com: Investment management fees for the Alaska Permanent Fund have increased $18.5 million based on the current value of the fund.
Unanticipated state agency costs are included at $31 million, and $9.9 million would cover fire suppression that protects Alaskan lives and property……………………………………….Full Article: Source

Posted on 03 February 2011 by VRS |  Email |Print

From Dow Jones: Brazil’s foreign-currency reserves increased $9.12 billion in January from the previous month, amid continued dollar purchases in the foreign-exchange market by the monetary authority, according to figures published on the central bank’s website Wednesday.
Foreign reserves totaled $297.7 billion as of Jan. 31, up from $288.57 billion at the end of December……………………………………….Full Article: Source

Posted on 03 February 2011 by VRS |  Email |Print

From Superreview.com.au: Sovereign asset managers are strategically shifting from active investment management towards a more passive approach in the wake of the global financial crisis and turbulent financial markets, according to new research released by State Street Global Advisers.
The State Street research, published in a new paper, suggests some sovereign debt funds are making significant changes, with greater focus being placed on the possibility of accessing different and independent sources of economic value such as land and infrastructure to help diversify sovereign portfolios……………………………………….Full Article: Source

Posted on 03 February 2011 by VRS |  Email |Print

From Investordaily.com.au: Sovereign wealth funds have been shifting from active to passive investment management strategies over the last 12 months as a result of turbulence in the financial markets, according to a survey by State Street Global Advisors (SSgA).
“When losses occur, questions are not only asked about the scale of the losses, but also, how they happened,” SSgA Official Institutions Group senior managing director John Nugée said……………………………………….Full Article: Source

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