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Sovereign Wealth Funds Briefing 07.Jun 2011

Posted on 07 June 2011 by VRS |  Email |Print

The Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, is part of a consortium paying US$3.25 billion (Dh11.93bn) for a stake in Gassled, a venture that owns almost all of Norway’s natural gas pipelines.
Solveig Gas Norway, a holding company 25 per cent owned by the Abu Dhabi Investment Authority (Adia), has agreed to buy 24.1 per cent of the Gassled joint venture from Statoil, Norway’s largest oil company………………………………………Full Article: Source

Posted on 07 June 2011 by VRS |  Email |Print

Recently, President Goodluck Jonathan signed the Nigeria Sovereign Investment Authority (NSIA) bill into law. In this report, Amaka Ifeakandu captures experts’ views on the future of the Fund
The quest for putting in place a Sovereign Wealth Fund (SWF) in the country has become a reality. This was as a result of the recent passage of the bill establishing it by the National Assembly and signing of the Act by President Goodluck Jonathan………………………………………Full Article: Source

Posted on 07 June 2011 by VRS |  Email |Print

With the passage of the ‘Nigeria Sovereign Investment Authority (NSIA) bill 2011’ by the upper legislative chamber, and the signing into law by President Goodluck Ebele Jonathan, Nigeria has demonstrated its resolve and eagerness to join the group of about 50 other countries already operating the Sovereign Wealth Fund (SWF) scheme.
The NSIA automatically replaces the Excess Crude Account (ECA), a pillar of International Monetary Fund-backed fiscal reforms, launched in 2003………………………………………Full Article: Source

Posted on 07 June 2011 by VRS |  Email |Print

Libyan dictator Muammar Gaddafi’s sovereign wealth fund holds around 0.1% stake in ICICI Bank. Global Witness, an international NGO which works at exposing exploitation and conflict arising out of attempts to control natural resources, last week disclosed the holding of the Libyan Investment Authority as on June of last year.
Among various investments in global giants, there is a small $29.6 million investment in ICICI Bank which was worth $31 million in June 10………………………………………Full Article: Source

Posted on 07 June 2011 by VRS |  Email |Print

Infrastructure Development Finance Co., or IDFC, said Friday it plans to form a joint venture company with Malaysia’s sovereign wealth fund Khazanah Nasional Berhad to invest in road projects in India.
IDFC would initially hold a 19.9% stake in the joint venture while Khazanah would own the balance 80.1%, the Indian company said in a filing to the Bombay Stock Exchange………………………………………Full Article: Source

Posted on 07 June 2011 by VRS |  Email |Print

China’s state owned enterprises (SOE) and sovereign wealth funds (SWF) were armed with hundreds of billions of US dollars from the country’s foreign reserves and sent out to scour the globe for resources - they went on the hunt to fuel China’s exploding economy.
China wants to diversify out of the massive US dollar component of its Foreign Reserves so the SOE/SWFs have no problem dealing in straight cash and operating in what some might consider high risk areas. The Chinese also have a longer term horizon for their ultimate payoff because they are mostly after off-take supply agreements from early stage development projects………………………………………Full Article: Source

Posted on 07 June 2011 by VRS |  Email |Print

The chairman of sovereign wealth fund China Investment Corp. said it is in the country’s interest to create conditions to open up the yuan capital account.
Lou Jiwei said in an article on the Caixin media group website Monday that doing so would have certain negative effects, but that China could react with measures such as limiting short-term cross-border capital flows. However, China would lose certain economic opportunities if such restrictions were too tight, he said………………………………………Full Article: Source

Posted on 07 June 2011 by VRS |  Email |Print

Olam International Ltd. (OLAM), the commodities trader part-owned by Temasek Holdings Pte., is raising $600 million in a share sale to fund acquisitions, three people with direct knowledge of the transaction said.
The company will offer $200 million of the new shares to investors at S$2.60 apiece and a separate $200 million to Temasek, Singapore’s state investment company, at the same price, the people said………………………………………Full Article: Source

Posted on 07 June 2011 by VRS |  Email |Print

West Australian Premier Colin Barnett is “talking through his hat” if he believes he can build a future fund while state debt continues to blow out, Opposition Leader Eric Ripper says. Last week, Mr Barnett proposed the creation of a future fund “that would preserve some of this wealth of the state at the moment for future generations”.
He has said the fund could be created by redirecting some of the state’s royalty income or using a share of future surpluses………………………………………Full Article: Source

Posted on 07 June 2011 by VRS |  Email |Print

The $5.8 billion MTAA Superannuation Fund, among the country’s largest superannuation funds, is under investigation about its performance during the three years prior to June 2010, when during the heat of the global financial crisis it lost more than $500 million.
The investigation was launched by the Australian Prudential Regulation Authority (APRA), which appointed Jane Paskin, an expert on trustee duties and obligations, to head the questioning of fund employees………………………………………Full Article: Source

Posted on 07 June 2011 by VRS |  Email |Print

Japan’s foreign reserves rose to a record 1.139 trillion U.S. dollars at the end of May from 1.136 trillion U.S. dollars at the end of April, marking a third- straight month-on-month rise, the Ministry of Finance said in a report on Tuesday.
Japan’s foreign reserves were increased by higher foreign bond prices, particularly U.S. Treasury bonds and gains made on foreign asset holdings’ returns, the ministry said………………………………………Full Article: Source

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