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Sovereign Wealth Funds Briefing 04.Mar 2011

Posted on 04 March 2011 by VRS |  Email |Print

From Indiatimes.com: Libya ranks among the world’s largest sovereign wealth funds as it always had large amounts of cash to throw around because of its huge reserves of high-quality crude oil, a media report said.

Libya had created a $60 billion sovereign wealth fund after the UN lifted its economic sanctions on the country in 2003. Today, the Libyan Investment Authority (LIA) ranks among the world’s largest sovereign wealth funds, the CNN reported Wednesday……………………………………Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Nytimes.com: As the battle for Libya rages on, the struggle over control of the country’s sovereign wealth fund and its $70 billion in assets has just begun.
With a sizable pot of ready cash and stakes in a few elite European companies — including the British publisher Pearson and the Italian soccer club Juventus — the fund served as an emphatic calling card for its founder, Seif al-Islam el-Qaddafi, a son of the Libyan ruler who was once regarded as the reformer in the family…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Bloomberg: Austria’s central bank is expanding an asset freeze of 26 Libyans to include the deputy chief executive officer of the North African country’s sovereign wealth fund.

The National Bank ordered Mustafa Zarti’s accounts frozen as of tomorrow, a bank spokeswoman said today. Austria’s Foreign Ministry requested the freeze because of Zarti’s close links to Libya’s ruling family, spokesman Peter Launsky-Tieffenthal said in a telephone interview…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From WSJ: European Union member states are split over whether the bloc’s asset freeze applies to Libya’s sovereign wealth fund and central bank, a senior EU official said Thursday.

Some countries, including Italy, are arguing that the sanctions adopted thus far do not apply so broadly to cover the Libyan Investment Authority and that to extend them there would need to be fresh agreement at EU level…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Alrroya.com: Qatar, once content to attach its name to trophy assets, may use its investments to garner political goodwill as foreign leaders fly in to woo the fund, arguably now the world’s most aggressive. Consecutive visits by the prime ministers of Britain and Spain and president of Germany to Doha over the past week highlight the Qatar Investment Authority’s (QIA) growing global profile.
Flush with cash thanks to abundant natural gas resources, the QIA has cannily mixed smart investing with goodwill generation…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Onlineopinion.com.au: One of the Howard Government’s proudest boasts was that it ‘paid off’ the debt it inherited from its predecessor.
Having come to office with Australian government net debt at $96bn, equivalent to 18% of GDP (not an especially large figure by international standards, but high in terms of Australian experience), by the time it left office the Australian government had become a net creditor to the tune of over $30bn…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From IPE: The back and middle offices of sovereign wealth funds are not fully ready to address diversification into alternatives, according to Jai Arya, the head of BNY Mellon’s newly established sovereign institutions group.

Risk specialists working with one Asian sovereign institution, for example, say it could not value its portfolio instantly, or even daily, even though the institution began trading more frequently during the recent global financial crisis…………………………………….Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Ai-cio.com: Patrick Thomson, head of J.P. Morgan Asset Management’s sovereign wealth fund client group, notes that he sees opportunity in real estate and that as a long-term investor, conflict in the Middle East has not spurred huge changes in investment policy.
Last week, news spread that civil war was possibly emerging in Libya. With continued political strife in the Middle East, should investors be worried about the impact on their portfolios?……………………………………Full Article: Source

Posted on 04 March 2011 by VRS |  Email |Print

From Businessweek.com: South Korea’s foreign currency reserves have hit a new record high for the second straight month. The Bank of Korea announced Thursday that the country’s official foreign reserves totaled $298 billion at the end of February. That was up $1.7 billion from the previous high of $296 billion in January.

South Korea’s reserves hit a series of records last year. Asian countries lead the world in reserve holdings…………………………………….Full Article: Source

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