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Sovereign Wealth Funds Briefing 26.Aug 2011

Posted on 26 August 2011 by VRS |  Email |Print

Martin SkanckeThe Ministry of Finance has confirmed that Martin Skancke has resigned his position as head of the department overseeing the Government Pension Fund Global. The sovereign wealth fund has an estimated $600bn in assets, managed by Norges Bank Investment Management.
NBIM is answerable to the Norwegian Parliament through the country’s Ministry of Finance, where Skancke headed the relevant department. In addition to overseeing the fund, the Ministry also takes an active role in determining investment strategy……………………………………….Full Article: Source

Posted on 26 August 2011 by VRS |  Email |Print

Libya’s rebels are investigating possible corruption at the country’s $65 billion sovereign wealth fund and its links to the family of leader Moammar Gadhafi, the Financial Times reported Friday, citing the man in charge of the probe.
“We are collecting all the information and data needed to evaluate the state of these assets, and will look at all the misdoings and corruption and those responsible for it,” Mahmoud Badi, appointed by the National Transitional Council to track down Libya’s foreign assets including those held by the Libyan Investment Authority, said………………………………………Full Article: Source

Posted on 26 August 2011 by VRS |  Email |Print

Libya’s sovereign-wealth fund and central bank were major investors in some of Italy’s biggest firms, including Milan-based bank UniCredit SpA, defense contractor Finmeccanica SpA and the Turin football club Juventus. Libya’s stakes in those firms remain frozen.
Eni’s agreement to supply local Libyan populations is a first step in reviving the Italian oil giant’s vast operations in the country. Before the conflict, Rome counted on the North African country for about a quarter of Italy’s oil supplies and 10% of its natural gas……………………………………….Full Article: Source

Posted on 26 August 2011 by VRS |  Email |Print

The Tripoli seafront headquarters of Libya’s $65 billion sovereign wealth fund lay empty and unguarded on Thursday, the only sign of recent human activity a giant torn poster of Muammer Gaddafi in the foyer.
Perched high in a tower overlooking the southern Mediterranean, the offices of an institution that was once courted by some of the world’s leading banks lay open to visits from rebel fighters and looters — even if its most interesting doors remain locked for now……………………………………….Full Article: Source

Posted on 26 August 2011 by VRS |  Email |Print

The call by the ‘Governors’ Forum’ for the suspension of the implementation of the Sovereign Wealth Fund (SWF) in Nigeria , has been roundly condemned by analysts.
The analysts say that suspending the Sovereign Wealth Fund would pose a threat to the huge benefits to be reaped in the long run, from the fiscal consolidation advocated by Ngozi Okonjo-Iweala , Nigeria ’s finance minister……………………………………….Full Article: Source

Posted on 26 August 2011 by VRS |  Email |Print

A Korean Chaebol may join forces with an Arab sovereign wealth fund to take up a 15% stake in Hynix which would give them management control of the memory company.
The Chaebol, STX, builds ships among other activities. It owns the European ship building interests formerly operated by Kvaerner, Alstom and Aker which include shipbuilding yards in Brazil Finland, Norway, France, Rumania and Vietnam……………………………………….Full Article: Source

Posted on 26 August 2011 by VRS |  Email |Print

India’s sovereign wealth fund plans are gaining momentum. The proposed USD 10 billion fund will shop for energy assets including crude oil, gas and coal.
It has been on the table since 2010 as a very important strategic initiative. It was first proposed by the Planning Commission to support India’s energy security and its growth plans by acquiring energy assets abroad……………………………………….Full Article: Source

Posted on 26 August 2011 by VRS |  Email |Print

The government recently tossed up the idea of becoming a direct overseas investor by setting up a sovereign wealth fund. The strongest argument in support of this is that the country imports 80% of its oil needs.
There is, therefore, an overwhelming need to acquire oil and gas assets overseas to boost energy security. This task is not easy since it requires the kind of resources that are often beyond the scope of individual companies……………………………………….Full Article: Source

Posted on 26 August 2011 by VRS |  Email |Print

Whether it is rebuilding after the devastating impact of the summer floods on Queensland, or trying curb the affect of a strong Australian dollar on manufacturing and its workers, one issue keeps returning to the political debate - calls for the establishment of a sovereign wealth fund.
Treasurer Wayne Swan was again this week batting away such suggestions to ease upward pressures on a dollar that is crippling manufacturing, and a key factor that has led to the loss of 1000 jobs at BlueScope Steel as it shut down its export operations……………………………………….Full Article: Source

Posted on 26 August 2011 by VRS |  Email |Print

The New Zealand Superannuation Fund is investing in companies involved in the manufacture of cluster bombs, the Green Party claims.
Answers to Green Party parliamentary written questions have revealed the fund invests $2.5 million in five companies allegedly involved in the production of cluster bombs……………………………………….Full Article: Source

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