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Sovereign Wealth Funds Briefing 18.Feb 2011

Posted on 18 February 2011 by VRS |  Email |Print

From Smh.com.au: Some of Australia’s most powerful business leaders have thrown their support behind a Norwegian-style sovereign wealth fund to ensure Australia does not squander its windfall from the mining boom.
Comments by the heads of a broad range of the biggest companies are likely to increase pressure on the Gillard government to reconsider ways to secure more from the resource windfall with a long-term investment fund……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Smh.com.au: Business leaders are solidly in favour of creating a sovereign wealth fund to bolster Australia’s future, but they differ on its design and purpose. Executives from Lend Lease, Tabcorp, Foster’s, Mirvac, CSL and Coca-Cola Amatil have joined the Fairfax Media chairman, Roger Corbett, and the Commonwealth Bank chief executive, Ralph Norris, in calling for a sovereign wealth fund to better manage the nation’s legacy from the resources boom.
They are concerned about the long-term cost to the economy of high commodity prices and high terms of trade, and believe the nation should take advantage of the boom while it lasts……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Finnewsnetwork.com.au: Commonwealth Bank of Australia’s chief executive is strongly in favour of a Norwegian-style sovereign wealth fund, according to Fairfax Media. Ralph Norris reportedly said Australia should look to get a return from mining companies recovering resources.
Fairfax Media reports that chief executives from Lend Lease, Tabcorp, Mirvac, CSL, Foster’s, Orica, Coca-Cola Amatil as well as Reserve Bank governor Glenn Stevens are said to be in favour of a fund to ensure Australia benefits from the current mining boom in the future……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Smh.com.au: Support is growing for the creation of a sovereign wealth fund to invest the proceeds of the mining boom. The Herald surveyed Australia’s business leaders before BHP Billiton, the world’s largest mining company, posted a half-year profit of $US10.6 billion.
The chief executives of Lend Lease, Tabcorp, Mirvac, CSL, Foster’s, Orica and Coca-Cola Amatil, and the chairman of Mirvac, Gloucester Coal and Pacific Brands all favour such a fund……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Smh.com.au: Nice to see so many high-profile CEOs and chairmen backing the national interest by supporting the establishment of an Australian sovereign wealth fund. What’s missing though is any of them volunteering to pay for it.
The national wealth fund bandwagon is gathering moment - and a perfectly fine bandwagon it is too. A very sound idea to invest some of the present commodity price windfall for the greater long-term benefit of the nation. The Reserve Bank, Treasury and any passing economist would all like to see it……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Barrons.com: The head of China’s sovereign wealth fund in mid-2009 asked U.S. Treasury Secretary Timothy Geithner to press the Federal Reserve to speed approval of the fund’s $1.2 billion investment in Morgan Stanley, according to Reuters.
Based on cables by diplomats supplied by WikiLeaks, the news agency also notes that China at one point shifted its U.S. Treasury holdings away from longer-term notes which impacted borrowing costs in the U.S. But officials here weren’t concerned that leaders in Beijing would stop entirely buying U.S. debt, according to the report……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Thestar.com.my: Lingui Developments Bhd, which has been excluded from Norway’s sovereign wealth fund because of its alleged “contribution to severe environmental damage,” said it practised open and transparent businesses.
In a statement yesterday, the company said its parent, Samling Global Ltd, had also been excluded from the fund last year……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Bloomberg: PT Bank Danamon Indonesia, controlled by Temasek Holdings Pte and Deutsche Bank AG, said profit more than quadrupled in the fourth quarter last year on loan growth and non-interest income such as fees and insurance.
The lender posted net income of 680 billion rupiah ($77 million) in the three months to Dec. 31, compared with 167 billion rupiah a year earlier, Bank Danamon said in a statement released in Jakarta today……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Malaya.com.ph: The Department of Trade and Industry (DTI) is tapping two oil-producing countries in the Gulf for $2 billion of investments in public-private partnership projects, Undersecretary Cristino Panlilio said yesterday.
Panlilio said he will meet officials of the investment authorities of Qatar and Abu Dhabi this weekend to solicit equity investments for PPPs and a wide range of sectors, including those listed in the Investment Priorities Plan……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Ai-cio.com: The Korean National Pension Service (NPS),the world’s fourth latest pension, is aiming to broaden its portfolio this year by investing $4 billion oversees in alternative assets, including infrastructure. NPS’s aggressive approach toward investing more heavily in alternatives coincides with the strategy taken by the Korea Investment Corporation (KIC), South Korea’s government-owned investment management company that specializes in overseas investments.
KIC’s Chief Investment Officer Scott Kalb told aiCIO that alternative assets have all been profitable……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Reuters: “It’s raining now,” politicians told then-Nigerian finance minister Ngozi Okonjo-Iweala seven years ago, when she began to develop ways to save the country’s oil wealth for a rainy day.
Okonjo-Iweala’s brainchild Excess Crude Account (ECA) began its short life in 2004, growing to as much as $20 billion in 2007. The ECA then dwindled to less than $1 billion, a victim of political wrangling between central and local government……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Emirates247.com: Qatar Holding, the investment arm of the Gulf Arab state’s sovereign wealth fund, has not held discussions to buy Manchester United football club, a source close to Qatar Holding said.
The British football club’s high-yield bonds rose to near record highs on Tuesday on speculation of a deal……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From News.az: According to international organizations, Azerbaijan has achieved great results in this sphere. The State Oil Fund of Azerbaijan is one of two structures in the world to have received an international certificate on transparency in its work.
There should be no corruption in Azerbaijan, considering the favourable conditions created. If there is any, then it should be in isolated instances and at a minimum level……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Dow Jones: Norwegian Finance Minister Sigbjorn Johnsen is aiming to bring the budget deficit below 4% of oil revenues next year as he seeks to reduce government spending to within state guidelines and ease pressure on the central bank to raise interest rates. According to a fiscal rule adopted in 2001, the Norwegian government can over time spend up to 4% of the balance of the Global Pension Fund, where the state’s oil revenues are held.
That amount should correspond to the fund’s expected long-term real return……………………………………….Full Article: Source

Posted on 18 February 2011 by VRS |  Email |Print

From Policyinnovations.org: At the national level such funds are referred to as Sovereign Wealth Funds (SWF) and they aim to capitalize on windfall profits or economic rents from natural resource unearned increments and other excess income. The goal of these funds is to stabilize revenues, save assets for contingencies, and allow for more effectively planned expenditures.
The Sovereign Wealth Funds Institute, based in Las Vegas, estimates the total value of SWF assets at $4.16 trillion. The six largest SWFs account for 75 percent of all assets held by such funds worldwide—China, Kuwait, Norway, Saudi Arabia, Singapore, and United Arab Emirates……………………………………….Full Article: Source

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