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Sovereign Wealth Funds Briefing 10.Mar 2011

Posted on 10 March 2011 by VRS |  Email |Print

From Globest.com: Sovereign Wealth Funds are tracking the path of all other global investors–and they’re coming back. The recovery is raising all boats, and SWFs, which during the recession had to pull in their global claws to focus on issues closer to home, are once again looking for deals.
That is the word from a session held at MIPIM here Wednesday morning–”Capital Requirements: Understanding What Sovereign Wealth Funds Are Looking For”–in which SWFs were dissected……………………………………….Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Compassnewspaper.com: There was an overwhelming concurrence by all the relevant stakeholders at a public hearing staged yesterday by the Joint Committee of the National Assembly on the Bill for an Act to Establish the Nigerian Sovereign Wealth Fund (SWF).
The SWFs are government-owned investment funds, set up for a variety of macro-economic purposes and are generally used to facilitate the saving and intergenerational transfer of proceeds from non-renewable resources, such as oil and gas and also help to reduce the impact of the inevitable boom and bust cycles driven by changes in commodity export prices……………………………………….Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Vanguardngr.com: The senate yesterday inched closer to the establishment of a Sovereign Trust Fund as stakeholders at a public hearing, including the federal and state governments, as well as the Nigeria Labour Congress, applauded the proposed establishment of Sovereign Investment Wealth Fund Authority, saying it was the answer to efficient management of the nation’s resources, especially for generations yet unborn.
Minister of Finance, Olusegun Aganga, who appeared before the joint committees of the Senate and the House of Representatives on Finance, informed the committees that in its determination to ensure a quick take off of the proposed fund………………………………………Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Vanguardngr.com: Finance Minister, Olusegun Aganga, yesterday appeared at a public hearing held by the Senate and House of Representatives Joint Committee on Finance where he disclosed that the Federal Government would soon set up the proposed Nigerian Sovereign Investment Authority (NSIA) with $1 billion (N150 billion) and proffered argument on why the country must inaugurate the NSIA now.
The Senate held the second reading on the bill to set up the authority last week and asked its Committee on Finance to conduct a public hearing on it……………………………………….Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From 234next.com: The Minister of Finance, Olusegun Aganga, yesterday explained why the Federal Government plans to abolish the excess crude account (ECA) established by the Olusegun Obasanjo administration.
The account, opened in 2004 following a fiscal policy decision to check the negative impact of the swings of crude oil prices at the international oil market on government expenditure, was to help create savings from excess crude earnings for the country……………………………………….Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Theaustralian.com.au: President Robert Mugabe is about to seize control of Zimbabwe’s foreign-owned multi-billion-dollar mining industry. Saviour Kasukuwere, the Indigenisation Minister, said that a sovereign wealth fund would be created that would own 51 per cent of the mines, which account for a third of the country’s GDP.
The regulations are to take effect at the end of next week. “In the mining sector specifically, we have been getting a raw deal all this time, with companies taking money out of the country,” Mr Kasukuwere said……………………………………….Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Bloomberg: The Libyan Investment Authority owns $20 billion in bonds and holds about a 1 percent stake in Italian oil company Eni SpA as part of $9 billion in equity stakes, its former deputy chief executive officer said.
The country’s main sovereign-wealth fund had about $65 billion of assets, most of it cash and short-term securities, when the uprising against Libyan leader Muammar Qaddafi began last month, Mustafa Zarti said in a Bloomberg Television interview in Vienna……………………………………….Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Businessday.co.za: The European Union voted yesterday to extend sanctions against the regime of Libyan leader Muammar Gaddafi and freeze the assets of the main sovereign wealth fund, central bank and other entities.
The freeze will include the Libyan Investment Authority, the Libya Africa Investment Portfolio, the Libyan Foreign Bank, the Libyan Housing and Infrastructure Board and the country’s central bank……………………………………….Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Reuters: The agency that handles Libya’s multi-billion-dollar oil revenues appears to have deserted its plush London offices, where a pre-Gaddafi national flag hangs from a balcony and a banner demands an end to the “blood bath.”
Two visits this week to the cream-white building, just yards away from the U.S. embassy and a short walk from Hyde Park in the exclusive Mayfair district, yielded no official response from the Libyan Investment Authority (LIA)……………………………………….Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Reuters: A former official at Libya’s sovereign wealth fund has asked Austria’s top court to release his assets that Vienna froze in a hunt for offshore wealth of Libyan leader Muammar Gaddafi and his inner circle.
Attorneys for Mustafa Zarti, 40, filed an appeal on Wednesday with Austria’s Constitutional Court against the March 4 asset freeze order from the central bank, a spokesman for Zarti said, confirming a report by the Austria Press Agency……………………………………….Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Financialexpress.com: European Union member states are adding the Libyan Investment Authority to a sanctions list on Tuesday, with the restrictions expected to come into force on Friday LIA, the country’s sovereign wealth fund with assets of around $70 billion, has invested in a wide range of companies including European bluechips.
Below are some of the foreign assets held by the fund, as well as details of other investments:………………………………………Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Ameinfo.com: The Investment Corporation of Dubai (ICD) has completed full acquisition of National Bonds Corporation PJSC, the leading Shari’a-compliant saving scheme in the UAE. A new five member board of directors has also been appointed by ICD.
The move gives ICD 100% ownership of National Bonds, by acquiring the remaining 50% of shares from its previous local shareholders……………………………………….Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Gulfnews.com: Abu Dhabi-based Mubadala Development Company has offered to buy shares in the state-owned industry giant Dubai Aluminium Company (Dubal) to form a holding company that includes Emirates Aluminium Company (Emal) and create a production capacity of 2.5 million tonnes annually, according to a top government official.
“Until now no percentage [of shares] was specified but I think it’s a good share,” Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Finance Minister and Chairman of Dubal, yesterday said at a press conference on Dubal’s annual results……………………………………….Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Alrroya.com: Korea Investment Corp, South Korea’s $35 billion sovereign wealth fund, may boost its exposure to emerging markets. Director of investment strategy Ikho Suh told Reuters on Wednesday any shift would come after an ongoing allocation review, noting that last year the fund’s investments were in energy and infrastructure assets.
“We are in the final stages of reviewing our strategic asset allocation,” said Suh. “We have some positive views on emerging markets in general……………………………………….Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Bloomberg: Mapletree Commercial Trust is expected to start trading in Singapore on April 8 after marketing of its initial public offering began this week.The trust is a unit of Mapletree Investments Pte, the real estate arm of Singapore state investment company Temasek Holdings Pte.
A series of investor meetings involving Mapletree Commercial Trust management will also run from March 22 until March 30 to market the IPO, the e-mailed pre-sale document shows……………………………………….Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Btimes.com.my: Pos Malaysia Bhd climbed the most in seven weeks in Kuala Lumpur trading after the Star newspaper said Khazanah Nasional Bhd may complete a sale of its 32.2 per cent stake in the postal services company by April 12.
The stock climbed 6.2 per cent to RM3.24 at 9:06 a.m. local time, set for its biggest advance since Jan. 19……………………………………….Full Article: Source

Posted on 10 March 2011 by VRS |  Email |Print

From Trend.az: Gold and foreign currency reserves of Kazakhstan grew by 6 percent in February, Kazakhstan today reported. “The country’s international reserves , including the National Fund assets in foreign currency (which comprise $32.9 billion according to preliminary data), grew by 6 percent to $ 66.4 billion in February,” the Kazakh National Bank stated.
Growth from the beginning of the year attained 12.7 percent………………………………………Full Article: Source

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