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Sovereign Wealth Funds Briefing 16.Mar 2011

Posted on 16 March 2011 by VRS |  Email |Print

From Eurasiareview.com: Despite the large size of Norway’s fund (second only to that of Abu Dhabi), its managers treat it in much the same way that a Norwegian family would treat its own personal savings account. The money is consigned to fund managers to invest in a wide array of stocks and bonds so as to minimize risk.
In effect, Norway has a big set of mutual funds. The aim is to avoid converting oil export proceeds into domestic currency and thus pushing up the exchange rate (the Dutch Disease), while using the revenue for future generations to use as best they can……………………………………….Full Article: Source

Posted on 16 March 2011 by VRS |  Email |Print

From Tradingmarkets.com: Norway’s sovereign wealth fund, known as the oil fund (Oljefondet), may have suffered losses of NOK15bn in its market value from the depreciation of Japan stocks after the earthquake last Friday, Norwegian news source HegnarOnline said.
The fund owned shares in 1,327 Japanese companies, worth a total NOK89bn, according to its annual report for 2009. Among the investments were 0.83% of Tokyo Electric Power Company, or Tepco, which owns the quake-crippled nuclear power plant Fukushima Daiichi……………………………………….Full Article: Source

Posted on 16 March 2011 by VRS |  Email |Print

From Isria.com: The Ministry of Finance has excluded the Chinese company Shanghai Industrial Holdings Ltd. from the investment portfolio of the Government Pension Fund Global on account of its tobacco production. The Ministry has also decided to revoke its decision to exclude a US company that no longer produces components for cluster bombs.
The decision was based on the recommendations of the Fund’s Council on Ethics……………………………………….Full Article: Source

Posted on 16 March 2011 by VRS |  Email |Print

From Independentngonline.com: So soon after running down the much-eulogised Excess Crude Account (ECA) set up by the Olusegun Obasanjo administration at the behest of the International Monetary Fund (IMF), the Federal Government recently began preparations to establish a Sovereign Wealth Fund (SWF).
Addressing members of the National Assembly Committees on Finance last week, Finance Minister Olusegun Aganga noted, in part, that Nigeria is one of the very few members of Organisation of Petroleum Exporting Countries (OPEC), without such a fund……………………………………….Full Article: Source

Posted on 16 March 2011 by VRS |  Email |Print

From Gulf-times.com: The Spanish savings bank association (CECA) is “tremendously confident” Spain’s unlisted regional banks will get concrete offers of private capital before. The association has met Kuwait’s sovereign wealth fund, Kuwait Investment Authority, and Abu Dhabi’s wealth fund ADIA is the next stop on a tour of the Middle East, including Qatar and Dubai, to raise interest in the regional banks.
The association, representing Spain’s 17 regional banks, had received interest from investors on a tour of the Middle East and on a previous fund-raising tour to Asia, said Jorge Gil, managing director of CECA……………………………………….Full Article: Source

Posted on 16 March 2011 by VRS |  Email |Print

From Thenational.ae: Many sovereign wealth funds (SWFs) have exposure to Sharia-compliant, publicly listed screened companies. The government pension fund of Norway reported in last year’s third quarter that nine out of the top 10 investments were Sharia-compliant. HSBC Bank is the only exception.
According to Monitor-FEEM Research’s five-point definition, there are 35 sovereign funds, just over half of which are from Muslim countries. The question to ask is twofold: has the time arrived for Islamic SWFs and what are the implications?………………………………………Full Article: Source

Posted on 16 March 2011 by VRS |  Email |Print

From Businessweek.com: An arm of Qatar’s sovereign wealth fund is buying more than 6 percent of Spanish power utility Iberdrola for just over 2 billion euros.
The companies said on Monday that Qatar Holding will pay 2.02 billion ($2.82 billion) for the stake, which will mostly come from nearly issued shares……………………………………….Full Article: Source

Posted on 16 March 2011 by VRS |  Email |Print

From Temasekreview.com: A common line of thought which often accompanies the defense of Singapore’s SWFs (Temasek Holdings and GIC Singapore) is that they are better investors than the common folk, that if we left Singaporeans to manage their own savings they’ll turn in meagre returns or worse huge losses due to impulsive investments.
This strain of thought is clearly prevalent in the thinking of Singapore’s founding father, Lee Kuan Yew (Chairman of GIC), who has been quoted repeatedly throughout the years as denigrating the common man and promoting elitists such as himself and other scholars who are co-opted into government……………………………………….Full Article: Source

Posted on 16 March 2011 by VRS |  Email |Print

From Pehub.com: CITIC Capital Partners closed its second Japan buyout fund, raising 18 billion yen ($220 million), which was 60 percent of what the fund had originally targeted. CITIC Capital is owned by China Investment Corp., China’s sovereign wealth fund, CITIC International Financial Holdings Ltd and CITIC Pacific Ltd
The fund was closed last week, CITIC said in a statement……………………………………….Full Article: Source

Posted on 16 March 2011 by VRS |  Email |Print

From Lubbockonline.com: Gov. Rick Perry, who had vowed not to tap into the state’s reserve fund — popularly known as the Rainy Day Fund — said Tuesday it’s OK to use some of the money after all.
Perry and Texas Legislature leaders on Tuesday reached an agreement that would allow the lawmakers to withdraw $3.2 billion from the $8.2 billion fund to fill a gap expected for the current fiscal year ending Aug. 31………………………………………Full Article: Source

Posted on 16 March 2011 by VRS |  Email |Print

From Peopledaily.com.cn: The preliminary estimate of the Macao Special Administrative Region’s foreign exchange reserves amounted to 196.2 billion patacas (24.44 billion U.S. dollars) at the end of February 2011, according to the figures released by the Monetary Authority of Macao Tuesday.
The reserves for February rose by 2.2 percent over the previous month, or up by 31 percent year on year, according to the Monetary Authority of Macao……………………………………….Full Article: Source

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