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Sovereign Wealth Funds Briefing 28.Mar 2011

Posted on 28 March 2011 by VRS |  Email |Print

Warwick MckibbinThere is a lot of talk about Australia establishing a sovereign wealth fund. Other resource-rich countries have established them. One of the best known is Norway, but according to the International Monetary Fund, over 20 countries have such funds; and over half of the total assets in these funds are held by countries which are significant oil and gas exporters.

Several business leaders – including the Commonwealth Bank’s Ralph Norris, the ANZ Bank’s Mike Smith and Tabcorp’s Elmer Funke Kupper – have called for Australia to establish a sovereign wealth fund. The reason most commonly cited: we should put away some of the proceeds of the resources boom for a rainy day…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Colin BarnettWest Australian Premier Colin Barnett says the state is considering introducing a Norway-style sovereign wealth fund so future generations can benefit from its buoyant resources sector.Barnett was responding to a question from a mining executive at a WA Mining Club briefing in Perth on Friday.

“The West Australian government is looking at setting up a state wealth fund so that we would potentially put some share of royalty income or some share of budget surpluses into a fund for the future,” Mr Barnett said…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

China Investment Corp. is looking to invest in Canadian resource, infrastructure and real estate companies, the Globe and Mail reported, citing the director of the Beijing-based sovereign wealth fund’s Canadian office.

China Investment seeks minority stakes in such companies, not controlling investments, Felix Chee said in an interview…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Norway’s $544-billion sovereign wealth fund is planning to invest in Spanish companies, including smaller banks, a Norwegian central bank spokesman said on Saturday, but she declined to say how much it would invest.

“We are planning to invest in Spanish companies including smaller Spanish banks,” the spokesman told Reuters on Saturday…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Dag Dyrdal, Chief Strategic Relations Officer at Norges Bank Investment Management (NBIM), which manages Norway’s Government Pension Fund Global, says that the fund will continue to play an active role in Europe’s bailout fund and sees opportunity in Asian markets as well as real estate.
In 2010, Norway’s Government Pension Fund Global, the world’s second-largest sovereign-wealth fund valued at $548 billion at the end of last year, started investing in real estate to improve the real return of the fund…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Spain’s savings banks are struggling to attract private capital ahead of Monday’s deadline to present plans to the Bank of Spain detailing how they will boost capital reserves in line with tough new minimum levels.

The only private investors to have offered to invest in the regional savings banks, or “cajas,” have been sovereign wealth funds from Qatar and Abu Dhabi. Norway’s central bank said over the weekend it was looking to invest in smaller Spanish banks……………………………………Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

The Austrian probe has centred on Mustafa Zarti, the former vice-chief of the country’s sovereign wealth fund. Vienna authorities have said Zarti, an Austrian citizen, was a close confidant of the Libyan regime.

Zarti has dismissed this although he admits to knowing Gaddafi’s son Saif al-Islam, who studied in Vienna…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

For countries such as Nigeria dependent on natural resources as dominant sources of earning foreign currencies, Sovereign Wealth Funds, represent meaningful economic avenues to diversity their economies.

In other words, the ability to put the incomes earned through natural resources such as crude oil into other viable income earning mechanisms, represent conscious attempts at deriving income from such avenues…………………………………….Full Article: Source

Posted on 28 March 2011 by VRS |  Email |Print

Abu Dhabi-owned Invest AD’s asset management arm has been buying Egyptian stocks this week as the stock exchange reopened after seven weeks and stock prices reached attractive levels, the firm’s CIO said. Invest AD also invests for its owner, sovereign wealth fund Abu Dhabi Investment Council.

“We reduced our position in Egypt to 14 percent from 25 percent when the Tunisian revolution broke out and before the Egyptian market closed,” David Sanders told Reuters on the sidelines of a Thomson Reuters Africa investment conference…………………………………….Full Article: Source

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