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Sovereign Wealth Funds Briefing 01.Jul 2011

Posted on 01 July 2011 by VRS |  Email |Print

Olusegun AgangaHaving so far pushed the decision to establish the Nigerian Sovereign Investment Authority, the Federal Government has no doubt made a bold statement that it is willing and ready to subscribe to global best practice in the management of its economic and financial resources.
The Nigerian Sovereign Investment Authority (NSIA) replaces the Excess Crude Account (ECA). The ECA had been widely held to be inappropriate, in view of recent global trends……………………………………….Full Article: Source

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Posted on 01 July 2011 by VRS |  Email |Print

Libya’s sovereign wealth fund complained last year about steep losses in several of the funds in which it invested, noting it was paying millions of dollars in fees essentially to accrue millions more in losses, according to an internal report leaked Friday.
The Libyan Investment Authority internal report that details the claims offers a fresh look at the investments held by the oil rich North African nation’s largely opaque sovereign wealth fund. The report was obtained and released to media by the British lobbying group Global Witness……………………………………….Full Article: Source

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Posted on 01 July 2011 by VRS |  Email |Print

Prominent American and European investment funds managed hundreds of millions of dollars in Qaddafi regime assets poorly, charging tens of millions of dollars in fees and producing low returns, according to a document obtained by the advocacy group Global Witness.
The banks appeared to have taken advantage of a Libyan investment fund that was poorly managed and “a mess,” according to a western official who spoke on condition of anonymity……………………………………….Full Article: Source

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Posted on 01 July 2011 by VRS |  Email |Print

Internal critics are striking back against domestic and international calls for Australia to establish a sovereign wealth fund (SWF) on the back of a commodities boom fueled by rising Asian demand.
Australia is faced with the question of what to do with the proceeds of a large surge in demand for its vast deposits of coal and iron ore. At the heart of the dispute is whether Australia should try to emulate Norway by establishing a sovereign wealth fund or rather impose a tax on mining profits as the best way of capitalizing on the boom……………………………………….Full Article: Source

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Posted on 01 July 2011 by VRS |  Email |Print

Australia’s treasurer Thursday dismissed arguments for a new sovereign wealth fund, or SWF, insisting the government’s proposed tax on mining profits is a better solution for how to capitalize on the mining boom.
Like other mineral-rich countries, Australia is debating how best to create long-term and sustainable economic benefits from a surge in demand for its vast deposits of coal and iron ore. Creating a new sovereign wealth fund to re-process revenue from its commodity industry is one of the options suggested by law makers including influential Greens Party leader Bob Brown but so far the government has refused to debate the proposal……………………………………….Full Article: Source

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Posted on 01 July 2011 by VRS |  Email |Print

Top executives from at least 24 major Singaporean companies led by state-owned Temasek International Pte. Ltd.are exploring joint venture opportunities with Filipino businessmen.
These firms would be matched with possible Filipino partners at today’s Business Matching event during the Philippines-Singapore Business Council being organized by the Makati Business Club in Mandarin Hotel in Makati……………………………………….Full Article: Source

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Posted on 01 July 2011 by VRS |  Email |Print

The networked relationships between sovereign wealth funds and the largest financial and resource companies continues to develop. One of the most interesting set of relationships is that between the Chinese Sovereign Wealth Fund, the China Investment Corporation, and some of the largest private enterprises based in the developed world.
Consider the International Advisory Council of the China Investment Corporation from the China Investment Company website:………………………………………Full Article: Source

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Posted on 01 July 2011 by VRS |  Email |Print

China Investment Corporation (CIC), a sovereign-wealth fund, has the third-largest stake in Songbird Estates, which controls Canary Wharf Group, the property firm behind the towers that dominate the London city’s eastern skyline.
CIC may soon become an investor in the Citigroup building, another landmark skyscraper, which is for sale……………………………………….Full Article: Source

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Posted on 01 July 2011 by VRS |  Email |Print

Norway’s central bank said Thursday it will buy foreign exchange worth 400 million Norwegian kroner ($74.5 million) a day in July for the Government Pension Fund Global, the same amount it purchased on a daily basis in June.
Norges Bank manages Norway’s Pension Fund Global, also known as the oil fund, which according to a report from consulting firm Monitor Group from early June, is the world’s largest sovereign wealth fund. The oil fund was set up in 1990 to safeguard Norway’s oil wealth for future generations and has a market value of more than $500 billion……………………………………….Full Article: Source

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Posted on 01 July 2011 by VRS |  Email |Print

Soitec, the French semi-conductor technology firm, has launched a Eu150m rights issue to fund capital expenditure with the backing of the Fonds Stratégique d’Investissement, the country’s sovereign wealth fund which will use the deal to take a stake in the firm.
Funds raised through this transaction will support the financing of the investment plan, as announced on May 18, 2011, to develop and strengthen Soitec’s technological advance in solar energy (CPV, or “Concentrated PhotoVoltaic”) and light-emitting diodes (LEDs), while maintaining the group’s net cash position at satisfactory levels……………………………………….Full Article: Source

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Posted on 01 July 2011 by VRS |  Email |Print

Kazakhstan and Kyrgyzstan will create a US $100 million investment fund. The relevant agreement was signed last week during a visit to Bishkek by a delegation of Kazakhstan’s Samruk-Kazyna (SK) sovereign wealth fund headed by its Deputy Chairman Aidan Karibzhanov.
The new fund will finance Kyrgyz business ventures in energy, telecommunications, transport infrastructure, tourism and other fields. Kyrgyzstan’s First Vice Prime Minister Omurbek Babanov suggested several projects for investment and cooperation……………………………………….Full Article: Source

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