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Sovereign Wealth Funds Briefing 25.Aug 2011

Posted on 25 August 2011 by VRS |  Email |Print

Norway’s state pension fund, recently ranked the largest sovereign wealth fund in the world, cautioned on Wednesday that water scarcity poses a growing risk for an increasing number of firms it invests in.
“Water was an important input and output factor at 865 companies the fund was invested in with 255 billion kroner ($47bn) at the end of 2010,” the Norwegian fund said in a statement at the World Water Week conference in Stockholm……………………………………….Full Article: Source

Posted on 25 August 2011 by VRS |  Email |Print

Norway’s sovereign wealth fund excluded Grupo Carso SAB de CV, a company controlled by Mexican billionaire Carlos Slim, from its portfolio because of its involvement in tobacco production.
The $540 billion fund, built from Norway’s oil and natural gas wealth, sold its shares in the company because of its ownership in Compania Mercantil de Productos de Tabaco SA de CV and Philip Morris Mexico SA de CV, the Oslo-based Finance Ministry said………………………………………Full Article: Source

Posted on 25 August 2011 by VRS |  Email |Print

Martin Skancke, long known as the brains behind much of the success of Norway’s so-called “oil fund,” has resigned from his top post in the Finance Ministry to start advising other countries that are building up their own funds. He’ll also help guide investing by Norwegian insurance firm Storebrand.
Skancke, age 45, has led the department in charge of Norway’s wealth management for the past five years. Before that, he worked in both the Office of the Prime Minister and for consulting firm McKinsey……………………………………….Full Article: Source

Posted on 25 August 2011 by VRS |  Email |Print

The government has been urged not to fast-track the creation of a sovereign wealth fund in the light of concern that the country’s international reserves risk being wasted. Senator Kamnoon Sithisman expressed his concern over the government plan to establish a sovereign wealth fund by using money held by the central bank.
Prime Minister Yingluck Shinawat-ra said on the first day of the debate that the government would consider creating such a fund as part of an effort to manage the Kingdom’s assets better……………………………………….Full Article: Source

Posted on 25 August 2011 by VRS |  Email |Print

Keen to ensure energy security as it strives for double-digit growth, the government has finally decided to take forward its long pending plan to set up a sovereign wealth fund. The fund is likely to have a corpus of $10 billion, though government sources indicated that its size could be reviewed in view of the soaring global crude oil prices.
“An in-principle approval has been taken to set up a sovereign wealth fund. Its size and contours will be finalised over the next few months,” an official close to the development said……………………………………….Full Article: Source

Posted on 25 August 2011 by VRS |  Email |Print

The country’s sovereign wealth fund, the Libyan Investment Authority and its central bank are thought to have more than $160billion of assets overseas, including bank deposits, government bonds, hedge fund holdings and other investments.
Here in the UK there are £12billion of frozen assets, including a stake in media company Pearson, deposits with banks including Royal Bank of Scotland and some £700million of property investments……………………………………….Full Article: Source

Posted on 25 August 2011 by VRS |  Email |Print

The cloud is gathering over the much promoted Sovereign Wealth Fund (SWF) with state governors calling for more clarity over how the country’s planned debut SWF would work because of concerns that they will have less access to oil revenues.
The fund has been designed to help improve management of often-squandered crude oil earnings and would replace Nigeria’s Excess Crude Account (ECA), into which oil revenues over a bench- mark price are now saved……………………………………….Full Article: Source

Posted on 25 August 2011 by VRS |  Email |Print

The call by governors of the 36 states of the federation for the suspension of the nation’s Sovereign Wealth Fund, SWF, has generated fresh rounds of controversy. Like Boko Haram, the mess in the judiciary, single term tenure and others, the SWF has become the latest jigsaw in town.
The decision of the Federal Government of Nigeria to establish the Fund as at the time it was set up was said to be one of the most significant economic policy decisions taken in recent times……………………………………….Full Article: Source

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