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Sovereign Wealth Funds Briefing 11.Feb 2011

Posted on 11 February 2011 by VRS |  Email |Print

Olusegun AgangaFrom Bloomberg: Nigeria’s sovereign wealth fund, currently under debate in parliament, will set aside at least 20 percent of its assets accrued from crude oil exports for future generations.
The Nigeria Sovereign Investment Authority will be split into the Nigeria Infrastructure Fund, the Future Generations Fund and the Stabilization Fund, according to a draft of the bill obtained by Bloomberg. Each component will represent at least 20 percent of the total fund……………………………………….Full Article: Source

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Posted on 11 February 2011 by VRS |  Email |Print

Waleed Al Mokarrab Al MuhairiFrom Reuters: Abu Dhabi-owned investment fund Mubadala plans to set up a joint venture company with Chicago-based asset manager Mesirow Financial to offer risk management in commodity and currency markets, Mubadala said on Thursday.
The venture has hired Chris Coombe — previously chief operating officer of Invest AD — as its chief executive, a source familiar with the matter said……………………………………….Full Article: Source

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Posted on 11 February 2011 by VRS |  Email |Print

From Forexyard.com: Emirates NBD expects its bad loans ratio to rise further in 2011 as the restructuring of indebted Dubai Holding and other corporate exposures continue to weigh on profitability, the lender said on Thursday. ENBD is 56 percent owned by the Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund.
ENBD, Dubai’s largest bank by market value, reported sharply higher fourth-quarter profit but impairments on non-performing, or bad, loans and on investments hit its yearly results……………………………………….Full Article: Source

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Posted on 11 February 2011 by VRS |  Email |Print

From Reuters: Norway’s sovereign oil wealth fund has trimmed back its investment in Danish wind turbine maker Vestas to take it back below a 5 percent stake, just a month after it exceeded that level, Vestas said on Thursday.
Norges Bank Investment Management (NBIM) — the unit of the Norwegian central bank that manages the more than $500 billion oil fund — reduced its stake in Vestas to 4.86 percent as of Feb. 9, Vestas Wind Systems A/S said in a statement……………………………………….Full Article: Source

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Posted on 11 February 2011 by VRS |  Email |Print

From Telegraph: Britain’s biggest companies are to be matched with individual ministers to “manage” trade and investment deals under a substantial refocusing of the UK’s trade policies, the Government has said. Ministers will also personally court foreign sovereign wealth funds for investment in UK infrastructure like powerplants, roads and airports.
They will be “held accountable” if companies fail to secure deals and if foreign investors favour Britain’s economic rivals as places to conduct business……………………………………….Full Article: Source

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Posted on 11 February 2011 by VRS |  Email |Print

From Barrons.com: When the rich fall on hard times, they often end up resorting to selling the family jewels to meet their debts or living expenses. The mirror image of that is seen in the sovereign wealth funds of the surplus nations of Asia, the Middle East and some Scandinavian countries.
Of the latter, they realized their wealth was based on minerals that one day would be depleted. So, they accumulated financial assets to replace those in the ground……………………………………….Full Article: Source

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Posted on 11 February 2011 by VRS |  Email |Print

From WSJ: The Securities and Exchange Commission’s foreign bribery probe of banks and private equity firms is looking beyond the dealings with sovereign-wealth funds to other types of sovereign investment, reports Joseph Palazzolo.
Investigators are interested in a broader set of data than that associated with typical sovereign-wealth funds, including information on dealings with national pension funds. Government pension plans throughout the world are large investors in U.S. private equity funds……………………………………….Full Article: Source

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Posted on 11 February 2011 by VRS |  Email |Print

From Saigon-gpdaily.com.vn: The government will continue to operate the fuel price stabilization mechanism though there are reports that a fund meant for it is running out of money.
The Ministry of Finance report that VND83 billion (US$4.25 million) is left in the fund while fuel wholesalers claim it is VND1.35 trillion in the red……………………………………….Full Article: Source

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Posted on 11 February 2011 by VRS |  Email |Print

From VietNamNet Bridge: Vietnam’s foreign exchange reserves were “more than US$10 billion” at the end of last year, a senior minister said, a remark that may increase concerns about the dwindling level of reserves.
Planning and Investment Minister Vo Hong Phuc’s comment was reported on Wednesday in the state-run Vietnam Economic Times. Phuc provided no details, and it was unclear how much above $10 billion the reserves may be. The exact current level is guarded as a state secret……………………………………….Full Article: Source

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Posted on 11 February 2011 by VRS |  Email |Print

From Dow Jones: Brazil’s foreign reserves surpassed the $300 billion mark for the first time ever Wednesday according the country’s central bank, seeing influence from recent heavy foreign exchange inflows and accelerated dollar buying by the institution.
The bank said foreign reserves Wednesday rose to $300.27 billion from $299.8 billion on Tuesday……………………………………….Full Article: Source

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