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Sovereign Wealth Funds Briefing 29.Aug 2011

Posted on 29 August 2011 by VRS |  Email |Print

Wayne SwanIn times of prosperity, doesn’t it make sense to set aside some wealth for the benefit of posterity; for the point when the mining boom comes to an end and we reach the bottom of the bottomless pit? It is with this aim in view that I support a sovereign wealth fund (SWF) to manage Australia’s long-term prosperity.
A SWF is a state-owned but independently managed fund into which surplus revenue is pooled and then invested, typically abroad. The interest that accrues on these investments ensures that the fund’s wealth grows over time – provided the investments don’t turn bad……………………………………….Full Article: Source

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Posted on 29 August 2011 by VRS |  Email |Print

Martin ParkinsonIt is estimated that today around $4 trillion in assets are held by sovereign wealth funds. While other mature asset classes like pension funds are significantly larger, it is expected sovereign wealth funds will grow significantly and could surpass $6 trillion by 2012. In other words, they are here to stay.
A sovereign wealth fund can perform a number of different functions: it can be the source of long-term wealth creation, otherwise known as intergenerational equity, or have a shorter-term objective to stabilise revenue cycles……………………………………….Full Article: Source

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Posted on 29 August 2011 by VRS |  Email |Print

As Australia’s mining boom runs apace, a number of leading commentators have advocated the establishment of a sovereign wealth fund to invest the benefits of the boom offshore.
Prominent among these is Professor Warwick McKibbin - until recently a member of the Reserve Bank Board - who argues that such a fund would reduce excess demand in the economy……………………………………….Full Article: Source

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Posted on 29 August 2011 by VRS |  Email |Print

Uganda should invest oil revenues in Sovereign Wealth Fund (SWF) and at least developing one new economy, if it is to avoid the so called oil curse, oil experts have urged. Experts contend that the development could be geared to areas like tourism, real estate or airlines so long as it is targeted to particular activities especially projects that bring return to the country.
Sovereign Wealth Fund is a pool of money derived from a country’s reserves, which are set aside for investment purposes that will benefit the country’s economy and citizens……………………………………….Full Article: Source

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Posted on 29 August 2011 by VRS |  Email |Print

Benedict Ukpong, Assistant Director, Federal Capital Development Authority, Abuja, on the need for government to carefully examine SWF and the economic benefits it would bring in the long-run, if adequately utilised.
According to the bill already endorsed by both chambers, the future funding for SWF would be derived from remaining funds from the federation account that would be transferred to the authority. This means the three tiers of government should function as a team to develop the economy……………………………………….Full Article: Source

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Posted on 29 August 2011 by VRS |  Email |Print

President Goodluck Jonathan on Friday signed into law the 2011 Amended Appropriation Bill with an expenditure profile of N4.484 trillion.
He also gave his assent to the National Sovereign Investment Authority Bill (2011) which provides for the establishment of a Sovereign Wealth Fund (SWF) and for which $1 billion has been set aside as seed capital……………………………………….Full Article: Source

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Posted on 29 August 2011 by VRS |  Email |Print

Three months after the bill for the establishment of a Sovereign Wealth Fund (SWF) was passed by the two chambers of the National Assembly and signed into law by President Goodluck Jonathan, state governors under the Nigeria Governors Forum (NGF) are, again, calling for its review and amendment.
The governors, who renewed their opposition to some provisions of the law at the end of a recent meeting with the nation’s economic managers, hinged their new position on the unconstitutionality of the legislation……………………………………….Full Article: Source

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Posted on 29 August 2011 by VRS |  Email |Print

Trusted Libyan officials have been given the task of tracking down Libya’s foreign investments. The BBC has reported that some $2.9 billion has gone missing from the accounts of the Libyan sovereign wealth fund.
Officials from the Libyan Investment Authority have discovered misappropriation and misuse of part of the total funds, which are worth about $70 billion. The fund was set up in 2006 by Saif al-Islam, one of Muammar Gaddafi’s sons, to invest in foreign companies……………………………………….Full Article: Source

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Posted on 29 August 2011 by VRS |  Email |Print

some $2.9bn (£1.8bn) is missing from the accounts of the Libyan sovereign wealth fund, the official tasked with tracking down Libya’s foreign investments has told the BBC.
Mahmoud Badi said investigations had found “misappropriation, misuse and misconduct of funds” at the Libyan Investment Authority (LIA). The LIA has total funds worth about $70bn……………………………………….Full Article: Source

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Posted on 29 August 2011 by VRS |  Email |Print

Trusted Libyan officials have been given the task of tracking down Libya’s foreign investments. The BBC has reported that some $2.9 billion has gone missing from the accounts of the Libyan sovereign wealth fund.
Officials from the Libyan Investment Authority have discovered misappropriation and misuse of part of the total funds, which are worth about $70 billion……………………………………….Full Article: Source

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Posted on 29 August 2011 by VRS |  Email |Print

The central bank and the Libyan Investment Authority, the country’s sovereign wealth fund, have about $168bn in assets abroad.
About $50bn of that was in bank deposits in European countries including Germany, the UK, France, Italy, Portugal, Spain, Sweden, Belgium and the Netherlands, Bengdara said. The two institutions also held about $40bn in US and European government bonds………………………………………Full Article: Source

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Posted on 29 August 2011 by VRS |  Email |Print

Qatar is racing ahead to buy another British landmark. The Harrods-owner, Qatar Investment Authority (QIA), is said to be in exclusive talks to buy Silverstone Formula One race track.
The British Racing Drivers’ Club (BRDC), the current owner of the circuit, has entered into discussions with the sovereign wealth fund to lease the 850-acre Silverstone site for 150 years. The deal is worth up $250 million pounds. The QIA was selected as the preffered bidder from a shortlist of interested parties drawn up by PricewaterhouseCoopers……………………………………….Full Article: Source

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Posted on 29 August 2011 by VRS |  Email |Print

Qatar Investment Authority is expected to be involved in the new entity that will come out from the merger between Greece’s Eurobank and Alpha Bank. The merger will have assets worth “150 billion Euros ($214 billion), 8 million clients, 80 billion euros of deposits,” a banking source involved in the deal, according to a Reuters article.
“The Qatar fund will participate in the new entity through a rights issue,” said the official, who declined to be named. “Qatar will be one of the major shareholders in the new entity.”………………………………………Full Article: Source

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Posted on 29 August 2011 by VRS |  Email |Print

Saudi Arabia’s foreign reserves surpassed $500 billion for the first time in July, giving the biggest Arab economy scope to carry out its spending plans to promote growth and weather any potential drop in oil prices.
Total reserves assets increased to 1.90 trillion riyals from 1.86 trillion riyals in the previous month, according to data posted on the Saudi Arabian Monetary Agency’s website on Sunday……………………………………….Full Article: Source

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