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Sovereign Wealth Funds Briefing 01.Jun 2011

Posted on 01 June 2011 by VRS |  Email |Print

Norway’s central bank will make daily sales of 400 million Norwegian crowns ($73.56 million) in June to buy foreign exchange for the country’s oil fund, the bank said on Tuesday, extending its May practice.
Last month the central bank sold 300 million crowns so the fund could invest money in foreign stocks and bonds. Norges Bank manages Norway’s 3.1 trillion Norwegian crown ($524 billion) Government Pension Fund Global, which invests surplus oil wealth to save for a future when the country’s oil and gas resources run dry……………………………………….Full Article: Source

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Posted on 01 June 2011 by VRS |  Email |Print

As civil war roars on in Libya and Colonel Muammar Gadhafi vows to remain in power, reports surfaced that the Northern African country entrusted $1.3 billion through its sovereign wealth fund to Goldman Sachs in 2007, of which the investment bank lost approximately 98%, sparking the ire of Libyan officials.
The fascinating drama includes Goldman offering Libya preferred equity and debt which could’ve made it one of the investment bank’s largest shareholders during the onset of the crisis, as well as intimidation and violent threats by Libyan officials……………………………………….Full Article: Source

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Posted on 01 June 2011 by VRS |  Email |Print

Goldman Sachs denied a report Tuesday that first appeared in the Wall Street Journal that it had offered Libya’s sovereign wealth fund a large stake in the company after several complicated investments made by Goldman with $1.3 billion of the fund’s money lost 98% of their value.
Goldman spokesman Lucas van Praag said the firm never proposed a deal that would have resulted in the Libyan Investment Authority getting an equity stake in the company. The bank would have had to get approval from its board and the Federal Reserve before it could have reached such a deal……………………………………….Full Article: Source

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Posted on 01 June 2011 by VRS |  Email |Print

The history of the Libyan Investment Authority begins in 2004. Col. Gadhafi, in an effort to come in from the cold, pledged to abandon weapons of mass destruction and paid reparations to families of the airline bombing over Lockerbie, Scotland.
In return, sanctions against Libya were lifted, allowing Western corporations and banks to do business the country. Libya’s oil began flowing to the West……………………………………….Full Article: Source

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Posted on 01 June 2011 by VRS |  Email |Print

The appointment of Dr. Olusegun Olutoyin Aganga as the nation’s Finance Minister on April 6, 2010, elicited high expectations in many quarters, especially among private sector operators. The expectations stemmed from his background as Managing Director, MD, of Goldman Sachs, based in London, United Kingdom, a position he held until the ministerial appointment.
Dr. Aganga’s wealth of experience, Nigerians had hoped, would be put into use in the formulation of macro-economic policies that would jump-start the economy……………………………………….Full Article: Source

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Posted on 01 June 2011 by VRS |  Email |Print

The Future Fund has no plans to buy the debt being issued to rescue ailing euro zone countries as the fund is currently steering clear of sovereign bonds, chairman David Murray says.
In an effort to stabilise heavily indebted peripheral nations, euro zone authorities are issuing debt through a temporary bailout fund, the European Financial Stability Facility, while the European Union itself is also partly funding the rescue……………………………………….Full Article: Source

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Posted on 01 June 2011 by VRS |  Email |Print

Russia may just have found the white knight it is looking for: one week after a pledge from China’s sovereign wealth fund to invest in the country’s latest round of privatization, the country’s second largest bank has thrown it’s proverbial hat into the ring.
The news will be welcome relief to Moscow’s mandarins. President Demetri Medvedev’s top economic adviser recently told the FT Russia needed to improve its investment climate amid growing capital flight……………………………………….Full Article: Source

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Posted on 01 June 2011 by VRS |  Email |Print

JPMorgan Chase & Co. tapped Lou Jiwei, head of China’s $332 billion sovereign wealth fund, and former U.K. Prime Minister Tony Blair to kick off a three-day forum in Beijing tomorrow on China’s changing role in the world.
Lou’s China Investment Corp. helped the nation become the world’s second-biggest buyer of resource companies……………………………………….Full Article: Source

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Posted on 01 June 2011 by VRS |  Email |Print

Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar has admitted to being disappointed by his inability to trim fat from the portfolio he inherited in 2004 due to political interference, the Financial Times reported yesterday.
“We have had our frustrations, and there have been areas, mostly in the regulated sectors such as electricity, automobiles and aviation, where value has stagnated or even declined,” Azman (picture) told the international financial daily……………………………………….Full Article: Source

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Posted on 01 June 2011 by VRS |  Email |Print

At the height of the last boom, with the coming crash already visible for those who had eyes to see, the activities of several sovereign wealth funds (SWFs) were getting US senators in particular into a tizzy.
The funds were clearly on a hunt for yield and had massive fire power. They were buying up chunks of household-name European and US companies. Hysteria and protectionism were in the air……………………………………….Full Article: Source

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