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Sovereign Wealth Funds Briefing 11.Mar 2011

Posted on 11 March 2011 by VRS |  Email |Print

From Businessinsider.com: Well, I’d probably turn to the sovereign wealth fund community. It turns out that this sector is sitting on a whopping $4 trillion in assets under management (well, $3.98 trillion, according to Preqin, but who’s counting, right?). Meanwhile, the latest estimate for the global hedge fund sector is a paltry $2.47 trillion … and this is the result of a “comeback” for this beleaguered corner of the alternative investment industry.
What is interesting is that the sovereign wealth fund space was able to overcome some incredible odds to post 11 percent year-over-year growth in 2010, including the raiding of the Russian fund to fix a budget shortfall……………………………………….Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From Economist.com: The European Union looked set to freeze the assets of Libya’s sovereign-wealth fund as part of its sanctions against the Qaddafi regime. Libya’s fund is only the world’s 14th-largest, according to the Sovereign Wealth Fund Institute, a think-tank.
The world’s largest sovereign-wealth fund belongs to the United Arab Emirates, whose Abu Dhabi Investment Authority manages assets worth $627 billion. No single Chinese fund is nearly as big: the chunkiest, the SAFE Investment Company, has holdings worth $347 billion……………………………………….Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From Financialexpress.com: Abu Dhabi Investment Company, the sovereign wealth fund of the United Arab Emirates with an estimated $650-875 billion in assets, is looking to enter the private equity space in India, said sources. The company is in the process of roping in BDO India, part of the world’s fifth-largest accounting network, for its India entry.
According to experts, the firm will set apart $1 billion for India, which will primarily target the infrastructure sector, especially power and renewable energy………………………………………Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From Jpost.com: Many other countries have such special mineral funds; Kuwait has had its own “sovereign wealth fund” since before it was even sovereign, and more recently Norway established its special Petroleum Fund. Both funds manage hundreds of billions of dollars, despite citizenries of only a few million.
Eugene Kandel, the head of Israel’s National Economic Council, endorsed starting such a fund in Israel, and later Prime Minister Binyamin Netanyahu expressed his intent to establish one. Such a fund can serve several purposes, but it can also be subject to several objections……………………………………….Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From Economist.com: Tracking down Libya’s mysterious sovereign-wealth fund. One hope is that the LIA is sufficiently professional that the money doesn’t go walkies. The two former advisory-board members both say that the plan was to create a transparent organisation.
“It was run in a perfectly sensible way and there was no Qaddafi on board,” says one, also noting that auditors and investment advisers had been hired. The other adds that “only a small part of the funds was driven by the will of the Qaddafis.”………………………………………Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From CNN: Zimbabwean officials have said the government will create a fund that will take control of 51% of the country’s mines to finance development. “We have been careful to implement this … We need the 51% (equity) to come into our sovereign wealth fund,” said Saviour Kasukuwere, the minister of youth and empowerment. “We all agreed as a government.”
New guidelines on the mine policy, which will affect foreign-owned businesses, will be published Friday, the minister said……………………………………….Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From Tribune.com.ng: Vice-President Namadi Sambo said the establishment of the sovereign wealth fund by the Federal Government was one of the core initiatives aimed at enthroning prudent management of the nation’s economy and serving to catalyse co-investment in the Nigerian economy.
Sambo made this assertion at the opening of a two- day national conference on “sustaining growth and development through intervention in the financial and real sectors of the economy,” held in Katsina, on Wednesday……………………………………….Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From Independentngonline.com: After several years of complaints by the National Assembly and civil society group on the operation of an illegal account, the Federal Government has finally set a machinery in motion to replace the Excess Crude Account with the Nigerian Sovereign Investment Authority.
The Authority will take off with a seed capital of $1billion already provided by the National Economic Council (NEC) with all the 36 state governors agreeing to the deal……………………………………….Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From Arabianbusiness.com: Dubai’s sovereign wealth fund, Investment Corporation of Dubai (ICD), acquired the remaining 50 percent stake in National Bonds Corp, taking full ownership of the Islamic savings scheme.
The fund has also appointed a new five-member board of directors, the state-owned company said in a statement Wednesday……………………………………….Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From FT Alphaville: You’re familiar with SWFs — and the damage they can cause in the wrong hands — but on Thursday Bloomberg carried news of what we’ll call a Sovereign Health Fund (SHF):
The Gulf Cooperation Council plans to set up a fund worth more than $10 billion, Kuwait’s foreign minister said, to help the rulers of Bahrain and Oman appease popular protest movements……………………………………….Full Article: Source

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From Reuters: Abu Dhabi’s Mubadala has offered to buy a stake in state-owned Dubai Aluminium (Dubal), a local daily reported on Thursday, a deal that will give Dubai funds to repay debt and help consolidate the nation’s aluminium industry.
Investment fund Mubadala’s deal will create a new holding company which includes Emirates Aluminium Co (Emal) — a joint venture between Dubal and Mubadala — and will have a production capacity of 2.5 million tonnes annually, Dubal Chairman Sheikh Hamdan Bin Rashid Al Maktoum was quoted as saying by the Gulf News on Thursday……………………………………….Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From Trend.az: Germany has frozen accounts belonging to Libya’s central bank and sovereign wealth fund, the German Press Agency dpa learned on Thursday.
The move, disclosed by Economics Minister Rainer Bruederle, affected 193 accounts at 14 German banks, including the German central bank, according to government sources……………………………………….Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From Trend.az: The State Oil Fund of the Azerbaijan Republic (SOFAZ) has announced the sale of assets provided by foreign oil companies under production sharing agreements (PSA).
The assets for sale include welding equipment, various-sized pipes, electrical cables and spare parts used for drilling oil and gas wells……………………………………….Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From Reuters: Halyk and Almex, a company owned by entrepreneur Timur Kulibayev and his wife Dinara, a daughter of President Nursultan Nazarbayev, will together spend 33 billion tenge ($226 million) buying back the shares from sovereign wealth fund Samruk-Kazyna.
Almex will transfer part of its call option on the 259 million common shares held by Samruk-Kazyna to Halyk, the bank said, in a deal that will then see Halyk buy back 213 million shares and Almex 46 million at a price of 126.8 tenge per share……………………………………….Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From Katytimes.com: It’s raining. Texas is currently facing a $27 billion budget deficit and a $15 billion revenue shortfall. Significant budget cuts are being made regardless of the legislature’s consideration for use of the Rainy Day Fund.
General revenue will see a $9.2 billion reduction, or 10.4 percent. In terms of all funds, which include federal funds, the proposed budget is reduced by $31.1 billion, or 16.6 percent……………………………………….Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From Bloomberg: Foreign-currency reserves in Nigeria rose to the highest in five months as crude prices surged, signaling the likelihood that the country’s central bank may meet banks’ demand for international exchange.
The coffers of Africa’s biggest oil producer grew to $36.4 billion, according to data published today on the website of the Abuja-based Central Bank of Nigeria. The body, which offers foreign currency in auctions twice a week, has met lenders’ demand twice in 18 auctions held so far this year……………………………………….Full Article: Source

Posted on 11 March 2011 by VRS |  Email |Print

From Telegraf.by: According to the National Bank of Belarus, the country’s international reserve assets, calculated by the standards of the International Monetary Fund, decreased by $319.4 million (7.4%) in February 2011 and amounted to just over $4 billion in March 1, 2011.
Thus, foreign exchange reserves (FER) of Belarus declined by 20% (more than $1 billion) since the year’s beginning……………………………………….Full Article: Source

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