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Sovereign Wealth Funds Briefing 08.Sep 2011

Posted on 08 September 2011 by VRS |  Email |Print

India’s policy makers will discuss next week a proposal mooted by corporate chiefs to float a sovereign wealth fund (SWF), which would potentially invest in overseas projects and companies to secure access to natural resources for one of the fastest-growing economies in the world. A committee headed by Reserve Bank of India Governor D Subbarao will discuss the merits of the proposal on September 15, according to senior officials.
The committee operates under the umbrella of the Financial Stability and Development Council, or FSDC, a forum of regulators monitoring financial stability and interregulatory co-ordination……………………………………….Full Article: Source

Posted on 08 September 2011 by VRS |  Email |Print

Can the creation of a sovereign wealth fund (SWF) by the Indian government, which will buy stocks listed on domestic exchanges, shore up confidence of local investors? It can, or so feels Gagan Randev, CEO of Religare Securities.
Speaking at a Ficci conference on capital markets, Randev suggested that corpus of the SWF could be the securities transaction tax (STT) and capital gains tax collected by the government from investors……………………………………….Full Article: Source

Posted on 08 September 2011 by VRS |  Email |Print

A sovereign wealth fund is a no-brainer. Like the family that saves to ensure its economic future, a national pool of savings would underwrite Australia’s future.
Otherwise, we will all wake up one day, the boom will be over and the price of some commodities will be so low they will cost money to stockpile. End of golden era. Full stop. Where did the money go? Oh, that’s right, was it Bob Brown who was saying 83 per cent of our mining was foreign-owned?………………………………………Full Article: Source

Posted on 08 September 2011 by VRS |  Email |Print

A sovereign fund offers Labor a chance to reconcile its traditional ideology of fairer wealth distribution with its modern deference to free market principles. It is a vehicle for intergenerational equity, spreading resource profits between current and future Australians, while also a prudent fiscal tool that takes temporary tax revenues from a finite resource and turns them into permanent financial assets augmented by investment in capital markets.
What could offer a better blend of old and new Labor philosophy – a model of egalitarian wealth distribution compatible with a capitalist economic system……………………………………….Full Article: Source

Posted on 08 September 2011 by VRS |  Email |Print

The Greens are big supporters of making greater use of sovereign wealth funds. This op-ed in The Age helps explain the appeal of sovereign wealth funds to the left: contemporary Left thinkers have increasingly argued that the ‘‘financialisation’’ of society - the replacement of government-funded retirement with individually-funded savings invested in financial markets, the privatisation of core services, the increasing ownership of society by hedge funds and the explosive use of credit - needs some tempering through social control of public wealth.
That could come through government ownership of vehicles such as sovereign wealth funds……………………………………….Full Article: Source

Posted on 08 September 2011 by VRS |  Email |Print

New research from Towers Watson shows that Australia’s major institutional superannuation funds grew at more than double the pace of their global peers last year.
From 2005 to 2010, eleven Australian funds were added to the ranking of the world’s 300 largest pension funds, determined by Towers Watson and Pension & Investments - the highest of all other countries on the list. While Australia’s Future Fund ranked 35th overall with $73.4 billion in assets, Australian Super followed in 78th place, with State Super in 93rd and QSuper in 99th. In total, there are 15 Australian funds in the top 300 global institutional funds ranked by the firm……………………………………….Full Article: Source

Posted on 08 September 2011 by VRS |  Email |Print

Temasek Holdings has increased its stake in China Construction Bank to 8.10 percent from 6.27 percent, according to the Singapore investment firm and a filing made to the Hong Kong stock exchange.
A spokesman for the state-linked firm confirmed Temasek’s stake in the Chinese lender has been raised but declined to give any further details of the transaction……………………………………….Full Article: Source

Posted on 08 September 2011 by VRS |  Email |Print

When the Singapore government fund Temasek Holdings last July, its holdings in China Construction Bank (CCB) and Bank of China reduced substantially, this has been registered by market participants with astonishment.
The guide in charge of Temasek earlier had always stressed that they had continued to trust in the upside potential of the banking stocks in the Middle Kingdom. The disposals in the amount of approximately HK $ 28 billion (2.8 billion francs) was explained by shifts in the portfolio……………………………………….Full Article: Source

Posted on 08 September 2011 by VRS |  Email |Print

UAE-based Mubadala Development Company is likely to be one of the main benefactors in the initial public offering (IPO) announced on Tuesday by US-based private equity company Carlyle Group.
The Washington-based firm filed for an IPO on Tuesday, a long-awaited move to catch up with rivals Blackstone, KKR and Apollo……………………………………….Full Article: Source

Posted on 08 September 2011 by VRS |  Email |Print

South African reserves advanced 2.7 percent in August as a surge in the gold price boosted the value of the country’s bullion holdings.
Gross gold and foreign-currency reserves rose to $51.45 billion from $50.11 billion in July, the Pretoria-based Reserve Bank said on its website today. The median estimate of eight economists surveyed by Bloomberg was for gross reserves to climb to $50.9 billion. Net reserves increased to $49.13 billion from $47.87 billion, more than the $48.4 billion median estimate of six economists……………………………………….Full Article: Source

Posted on 08 September 2011 by VRS |  Email |Print

In contrast to the usual pre-election cynicism, NDP Leader Dwain Lingenfelter’s Bright Futures Fund is a breath of fresh air.
Yes, it’s a little vague and motherhood-ish. After all, who could possibly oppose the concept of setting aside one-time resource windfalls for Saskatchewan people not yet born? Well, the “who” that has opposed this is every Saskatchewan government to date, which is why Lingenfelter’s Bright Futures Fund deserves serious consideration during this upcoming election. ………………………………………Full Article: Source

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