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Sovereign Wealth Funds Briefing 31.May 2011

Posted on 31 May 2011 by VRS |  Email |Print

Lee Hsien LoongSingapore Prime Minister Lee Hsien Loong was named chairman of Government of Singapore Investment Corp., which manages more than $100 billion of the island’s assets, succeeding his father Lee Kuan Yew.
The elder Lee will be senior adviser to the sovereign wealth fund and the changes are effective June 1……………………………………….Full Article: Source

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Posted on 31 May 2011 by VRS |  Email |Print

Ian KemishPapua New Guinea’s Government says the country risks high levels of inflation and currency appreciation, if it does not manage its current resources boom well. Australia’s High Commissioner to PNG Ian Kemish has told Radio Australia’s Pacific Beat program, one way to manage the boom is to establish sovereign wealth funds.
“Papua New Guinea has taken very careful advice from Australia in particular a set of in-prinicple decisions about the establishment of sovereign wealth funds,” he said……………………………………….Full Article: Source

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Posted on 31 May 2011 by VRS |  Email |Print

Australia’s Future Fund has no plans to buy the debt being issued to rescue ailing eurozone countries as the fund is currently steering clear of sovereign bonds, Chairman David Murray said in an interview.
In an effort to stabilize the heavily indebted peripheral nations, eurozone authorities are issuing debt through a temporary bailout fund, the European Financial Stability Facility, while the European Union itself is also part-funding the rescue………………………………………Full Article: Source

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Posted on 31 May 2011 by VRS |  Email |Print

The risk of default on European Union sovereign debt is less than markets expect, and China has confidence in the stability of the euro in the near term, a Chinese state researcher says.
China could even consider setting up a special organisation to assess the strategic return on its reserves, apart from the State Administration of Foreign Exchange and China Investment Corp, the country’s sovereign wealth fund, he said……………………………………….Full Article: Source

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Posted on 31 May 2011 by VRS |  Email |Print

World’s largest forex reserves holder, China should use its huge foreign exchange reserves to expand investment in the agricultural sector overseas, according to a researcher with country’s Research Center For Rural Economy.
In an essay published in the state-owned Farmer’s Daily, Chen Jie said this will help to increase domestic market supply. China’s foreign exchange reserves to $3.04 trillion as of the end of March, with a substantial portion invested in U.S. Treasurys……………………………………….Full Article: Source

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Posted on 31 May 2011 by VRS |  Email |Print

Higher revenues realised from the export of the country’s oil resources in excess of budgeted oil benchmarks under the newly established Sovereign Wealth Fund (SWF) are to be channeled into special funds for infrastructure development, protection of the future of Nigerian youth, and provision for annual fiscal stability.
Minister of finance, Olusegun Aganga, said at the formal assent to the Bill establishing the Nigerian Sovereign Investment Authority (NSIA) that the SWF has three components, namely the Nigeria Infrastructure Fund; the Future Generations Fund; and the Stabilisation Fund……………………………………….Full Article: Source

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Posted on 31 May 2011 by VRS |  Email |Print

The Minister of Finance, Dr Olusegun Aganga, has hailed the signing into law of the 2011 budget and the Sovereign Wealth Fund by President Goodluck Jonathan.
Aganga commended all the relevant agencies and bodies responsible for the preparation, passage and final assent of the president of the budget, stressing that the budget would bring about stronger economy and a sound macroeconomic environment that would ensure that Nigerians were employed, prosperous and able to engage their numerous talents in building a great nation……………………………………….Full Article: Source

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Posted on 31 May 2011 by VRS |  Email |Print

The former chairman of National Revenue Mobilisation and Fiscal Commission, Alhaji Hammam Tukur, has declared as “illegal” the Sovereign Wealth Fund bill that was signed into law by President Goodluck Jonathan last Thursday.
He said this was because the National Assembly did not have any right to legislate on money in the Federation Account……………………………………….Full Article: Source

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Posted on 31 May 2011 by VRS |  Email |Print

In early 2008, Libya’s sovereign-wealth fund controlled by Col. Moammar Gadhafi gave $1.3 billion to Goldman Sachs Group to sink into a currency bet and other complicated trades. The investments lost 98% of their value, internal Goldman documents show.
What happened next may be one of the most peculiar footnotes to the global financial crisis. In an effort to make up for the losses, Goldman offered Libya the chance to become one of its biggest shareholders, according to documents and people familiar with the matter……………………………………….Full Article: Source

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Posted on 31 May 2011 by VRS |  Email |Print

Rebels have been fighting the 41-year-long regime of the Libyan government of Muammar Qaddafi (or Gaddafi) for three months, and NATO countries became involved – to protect civilian lives and also to protect Gadhafi’s enemies from his forces (according to Statfor) – for two months.
So what has happened in Libya most recently? Libyan Deputy Foreign Minister Khaled Kaim said on May 27th that his country was not concerned with decisions made by the G8, after Russia (which is mediating the conflict) joined NATO in calling for Gadhafi’s departure, AFP reported. During the G8 summit this week-end, President Barack Obama said the U.S. and France were committed to finishing the job in Libya, said News24……………………………………….Full Article: Source

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Posted on 31 May 2011 by VRS |  Email |Print

Invesco Asset Management Limited today released its second annual Invesco Middle East Asset Management Study which offers insight into the complex investment behaviour of sovereign wealth funds (SWFs) in the Gulf Cooperation Council (GCC) region and provides a new framework to help interpret investment preferences across these ever-evolving markets.
The new model helps dispel the myth about the prevalence of international ‘trophy asset’ investing, and suggests geo-political drivers could be drawing money flows towards local development. (Press Release)

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Posted on 31 May 2011 by VRS |  Email |Print

As Russian corporate debt swells to over $500 billion and foreign loans become more expensive due to the strengthening rouble, the Kremlin is hoping that its new state-led private equity fund can plug some of the gaps left by a dearth of foreign direct investment.
The $10 billion Russia Sovereign Direct Investments Fund, a brainchild of President Dmitry Medvedev, in May appointed as its CEO Kirill Dmitriyev, a 36-year-old Stanford and Harvard graduate who has run the Icon and Delta private equity funds in Russia……………………………………….Full Article: Source

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