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Sovereign Wealth Funds Briefing 04.Jul 2011

Posted on 04 July 2011 by VRS |  Email |Print

Mark ZuckerbergA state-owned fund in China is reportedly interested in buying a stake in social network Facebook, said a media report. A source told US business magazine Business Insider that China’s sovereign wealth fund - the China Investment Corp - is hoping it could buy a stake in Facebook, large enough “to matter”, the Shanghai Daily reported.

Financial firm Citibank is reportedly trying to acquire as much as $1.2 billion worth of Facebook stock on behalf of two sovereign wealth funds - one from China and another from the Middle East, the daily said……………………………………….Full Article: Source

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Posted on 04 July 2011 by VRS |  Email |Print

Dr Olarn ChaipravatThe new government expected to be led by the Pheu Thai Party is likely to brand itself as pro-change and pro-reform, and to encourage a “bottom-up” approach to development. It wants to set up a sovereign wealth fund by drawing international reserves from the central bank to invest in natural resources and energy - oil, diamonds and gold in Africa.
These ideas, partly formulated by Dr Olarn Chaipravat, the party’s chief economic strategist, are seen as a continuation of those set by its predecessor, the now-defunct Thai Rak Thai Party……………………………………….Full Article: Source

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Posted on 04 July 2011 by VRS |  Email |Print

Resources revenue should build a sovereign wealth fund. Some of the billions upon billions of taxation revenue generated each year, a sum that will be boosted should the proposed minerals resource tax become law as expected, should be channelled to a sovereign wealth fund.
It is here that Senator Brown has fallen in behind Malcolm Turnbull, the former - and perhaps future - opposition leader, who has been advocating the establishment of such a fund……………………………………….Full Article: Source

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Posted on 04 July 2011 by VRS |  Email |Print

Superannuation in Australia is acting like a sovereign wealth fund and is on track to boost savings each year by three per cent of GDP.

In a major speech last week on Compulsory Superannuation and National Saving, Treasury researchers David Gruen and Leigh Soding said that despite perceptions of low domestic savings rates, Australia’s 24% gross savings rate matches Germany’s and compared to other OECD countries is second only to Japan’s 26%……………………………………….Full Article: Source

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Posted on 04 July 2011 by VRS |  Email |Print

Australia’s rate of savings is remarkably high compared with other developed nations and one of the main savings drivers - compulsory superannuation - is effectively doing the job of a sovereign wealth fund.

Senior Treasury official David Gruen told the Growth Challenge conference yesterday concern about Australia’s savings levels was answered when comparisons were made with countries with similar economies such as the US, Britain, New Zealand and Canada……………………………………….Full Article: Source

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Posted on 04 July 2011 by VRS |  Email |Print

Global Logistic Properties Ltd., majority owned by Singapore’s sovereign-wealth fund, is in final negotiations to acquire a Japanese portfolio of real estate that could fetch up to ¥140 billion ($1.7 billion), making it the biggest property deal in Japan in two years, according to people familiar with the matter.

Private-equity firm Blackstone Group’s real-estate arm is also in final talks and is in close competition with GLP in a bid to acquire the assets, according to the people. LaSalle Investment Management is selling a portfolio of more than 20 industrial properties in Japan used for distribution and warehouses by companies……………………………………….Full Article: Source

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Posted on 04 July 2011 by VRS |  Email |Print

Sovereign wealth fund Libyan Investment Authority (LIA), controlled by Libyan dictator Muammar Gaddafi, has made an impressive return by investing in the ADRs (American Depository Receipts) of ICICI Bank.

As per the portfolio disclosed in a leaked internal document — the Management Information Report of the LIA — which was published Friday by independent campaign group Global Witness, LIA’s investment in ICICI Bank appreciated by about 38 per cent in the third quarter of 2010 (between June and September)………………………………………Full Article: Source

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Posted on 04 July 2011 by VRS |  Email |Print

A previously-undisclosed audit of Libya’s sovereign-wealth fund by KPMG LLP depicts a portfolio in chaos, said a published report Friday. Col. Moammar Gadhafi’s Libyan Investment Authority had never audited its financial statements until last year, the Wall Street Journal reported. The fund began in 2007 with assets of about $40 billion.
KPMG’s report suggests that financial firms took advantage of the fund’s inexperience, charging excessive fees or selling it assets it didn’t need, such as currency “hedges” for currencies it didn’t hold……………………………………….Full Article: Source

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Posted on 04 July 2011 by VRS |  Email |Print

Libya’s $64 billion sovereign wealth fund sought to cut holdings in hedge funds after losing on investments including bets with Millennium Global Investments Ltd., according to a document distributed by U.K. human-rights group Global Witness.

The Libyan Investment Authority, or LIA, invested $4.5 billion is so-called alternative assets, according to an LIA “Management Information Report” dated Sept. 30. KPMG LLP, which was advising the fund, recommended reducing the holdings by $2.4 billion amid high fees and sluggish performance, the document shows……………………………………….Full Article: Source

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Posted on 04 July 2011 by VRS |  Email |Print

Due to the inappropriate nature in the management of Nigeria’s Excess Crude Account, it became obvious that the issue of transparency and accountability is at the heart of the debate for the establishment of the Nigerian Sovereign Wealth Fund.
To address issues relating to this, Nigeria has decided to subscribe to the Santiago Principles in the management of its Sovereign Wealth Fund……………………………………….Full Article: Source

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Posted on 04 July 2011 by VRS |  Email |Print

Nigeria has become the latest country to create a sovereign wealth fund, the newest in a long line of commodity-rich nations endeavouring to preserve its wealth for future generations.
Crucially, the Nigeria Sovereign Investment Authority Bill, signed into law in May, has established a tripartite model: a savings fund, an economic stabilisation fund and an infrastructure fund……………………………………….Full Article: Source

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Posted on 04 July 2011 by VRS |  Email |Print

Kuwait Investment Authority will contribute 35 million dinars ($128 million) to make up for a decline in Kuwait Airways Corp.’s market value, Al-Watan reported, citing a report by the fund.

The value of the state-owned carrier being prepared for sale dropped to 185 million dinars from 220 million dinars, according to the newspaper. The wealth fund’s contribution is a step toward the carrier’s sale, Al-Watan said……………………………………….Full Article: Source

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Posted on 04 July 2011 by VRS |  Email |Print

Qatari Diar Real Estate Investment - the real estate arm of the Persian Gulf destination’s sovereign wealth fund – is celebrating the reopening of the Hotel Schweizerhof in Bern, Switzerland.

The 150-year-old five-star hotel - located in the Swiss capital’s Old City - was partially opened April 16th and now all its 99 rooms are in service following an extensive renovation. The hotel has previously accommodated stars such as Peter Ustinov, Grace Kelly and Elizabeth Taylor……………………………………….Full Article: Source

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Posted on 04 July 2011 by VRS |  Email |Print

Let us introduce… the Sovereign’s Wealth Fund. Sort of. Going forward, Her Majesty will receive the Sovereign Grant: a percentage of net revenue from the Crown Estate. She will receive 15 per cent of net revenues for 2012-13, thus keeping her payments from the taxpayer roughly the same as under the old system. In good years “excess” revenues will be placed into a Reserve Fund.

The FT’s occasional royal correspondent Robert Shrimsely uses his column to explain the business opportunities the Fund creates for the Windsors……………………………………….Full Article: Source

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