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Sovereign Wealth Funds Briefing 24.Aug 2011

Posted on 24 August 2011 by VRS |  Email |Print

Surong BulakulThai Oil supports a joint discussion of the Bank of Thailand, the Finance Ministry and the Energy Ministry on the establishment of a sovereign wealth fund, which could earn better returns from growing foreign reserves.
Surong Bulakul, chief executive officer of Thai Oil, said that with such fund, Thailand would have a mechanism to manage public-sector risks in the same way as Singapore, Malaysia and South Korea……………………………………….Full Article: Source

Posted on 24 August 2011 by VRS |  Email |Print

Kairat KelimbetovThe Kazakhstani government has scheduled an initial public offering (IPO) of shares in several companies within the Samruk-Kazyna sovereign wealth fund for the second or third quarter of 2012, Lenta.ru reported August 23, quoting Economy Minister Kairat Kelimbetov.
The plan would make hundreds of thousands of Kazakhstanis shareholders in some of the country’s largest companies. The first state-owned companies whose shares would become available are the electrical grid operator KEGOC, the airline Air Astana and the oil pipeline operator KazTransOil, Kelimbetov said……………………………………….Full Article: Source

Posted on 24 August 2011 by VRS |  Email |Print

The State Oil Fund of the Republic of Azerbaijan published its Annual Report for the year 2010 including report on Fund’s activities in 2010, audited Financial Statements and Auditor’s Report (Ernst & Young).
In 2010, the Fund streamlined both the structural and presentation style of annual reporting, started to implement innovations in the design concept of the report. Design theme of the State Oil Fund’s 2010 annual report will follow the legacy of Nizami Ganjavi, a great Azerbaijani poet and philosopher……………………………………….Full Article: Source

Posted on 24 August 2011 by VRS |  Email |Print

Libyan rebels on the verge of bringing Muammar Gaddafi’s regime to an end will probably inherit a depleted investment portfolio in the country’s secretive sovereign wealth fund.
The fund, established in 2006 to manage the country’s oil revenue and with stakes in European blue chips, is seen as crucial to Libya’s post- conflict reconstruction and its future economic development. The market value of the Libyan Investment Authority’s investment portfolio rebounded in the third quarter of last year , after a 4,5% slump in the prior quarter, to $64,19bn as of September 30 last year , the fund’s management information report showed……………………………………….Full Article: Source

Posted on 24 August 2011 by VRS |  Email |Print

Libyan rebels needed NATO’S military might to bring Muammar Qaddafi’s rule to the brink of collapse. About $50 billion in cash abroad means they can do without foreign aid to rebuild the country after a six-month conflict.
The central bank and the Libyan Investment Authority, the country’s sovereign-wealth fund, have about $168 billion in assets abroad. About $50 billion of that is in bank deposits in European countries including Germany, the U.K., France, Italy, Portugal, Spain, Sweden, Belgium and the Netherlands,………………………………………Full Article: Source

Posted on 24 August 2011 by VRS |  Email |Print

The National Economic Council (NEC) set up a Committee headed by its Chairman, Vice President Namadi Sambo, to liaise with President Goodluck Jonathan on how to come to a middle point over the implementation of the Sovereign Wealth Fund (SWF), which the Governors want reviewed.
Briefing newsmen after the maiden meeting of NEC, Gover-nors Gabriel Suswam of Benue State, and Isa Yuguda of Bauchi State said that given the new realities on ground, especially the sate of education in the North and payment of the new minimum wage, there was need to look at the Fund especially on how to fund it……………………………………….Full Article: Source

Posted on 24 August 2011 by VRS |  Email |Print

Nigeria’s powerful state governors have sought more clarity over how the country’s planned debut sovereign wealth fund (SWF) would work because of concerns they will have less access to oil revenues.
The fund has been designed to help Africa’s biggest oil exporter to improve its management of often-squandered crude oil earnings and would replace Nigeria’s excess crude account (ECA), where oil revenues over a benchmark price are now saved……………………………………….Full Article: Source

Posted on 24 August 2011 by VRS |  Email |Print

The Institute of Chartered Accountants of Nigeria (ICAN) and a human rights group, Human Rights Writers Association (HURIWA) have condemned calls by the Nigerian Governors’ Forum for the scrapping of the recently established Sovereign Wealth Fund which replaced the Excess Crude Account where excess budgetary revenues are pooled for serious national intervention.
ICAN made its position known in Abuja yesterday when its newly installed President, Prof. Francis Ojaide and the Chairman of the Abuja District Society, Mallam Shehu Aladire spoke to journalists after a visit by the ICAN Executive to the Auditor-General of the Federation, Mr. Samuel Ukura, while HURIWA’s reaction is contained in a statement by its boss, Comrade Emmanuel Onwubiko……………………………………….Full Article: Source

Posted on 24 August 2011 by VRS |  Email |Print

China should diversify its huge foreign exchange reserves into non-financial assets to hedge against risks from a long-term decline in the U.S. dollar, Xia Bin, an academic adviser to the central bank said on Tuesday.
“The Chinese government is certainly worried about (the safety) of its foreign exchange reserves,” Xia told a forum……………………………………….Full Article: Source

Posted on 24 August 2011 by VRS |  Email |Print

Certain important themes emerge: (1) Chinese outbound investment is not marked by its uniformity but rather by a loose coordination; (2) Chinese ministries with access to SWFs compete for power, influence and status through these funds, the more successful the funds, the more useful not only as a source of wealth but also internal influence within the state apparatus;
(3) the blended objectives of politically targeted wealth maximization tends to provide a framework, but not an inflexible formula, for SWF investment activity;………………………………………Full Article: Source

Posted on 24 August 2011 by VRS |  Email |Print

When asked for his views on Dr Tony Tan’s suggestion of a second resilience package if Singapore should face another economic crisis, Dr Tan Cheng Bock said his opponent will be more suited to be back in the GIC.
He said that the job of initiating a resilience package should remain that of the Finance Minister’s, Mr Tharman Shanmugaratnam, and the political party which is in power……………………………………….Full Article: Source

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