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Sovereign Wealth Funds Briefing 09.Sep 2011

Posted on 09 September 2011 by VRS |  Email |Print

Montek Singh AhluwaliaA government panel has proposed that India should set up a $10 billion sovereign wealth fund, a senior policy maker said Thursday, underscoring the fast-expanding economy’s intent to ready a warchest for securing global energy assets.
“There is a case for a small one [sovereign wealth fund]. The finance ministry has to look at it,” said Montek Singh Ahluwalia, deputy chairman of the Planning Commission, the top government think tank……………………………………….Full Article: Source

Posted on 09 September 2011 by VRS |  Email |Print

The Planning Commission has proposed that India should set up a sovereign wealth fund with an initial corpus of $10 billion, mainly to invest in energy and mining assets abroad.
“Sovereign Wealth Fund is something that the finance ministry is looking at. We have suggested to start with $10 billion,” Planning Commission deputy chairman Montek Singh Ahluwalia told reporters here on the sidelines of a Ficci event……………………………………….Full Article: Source

Posted on 09 September 2011 by VRS |  Email |Print

Recently, media reports suggested that India was debating the pros and cons of creating a sovereign wealth fund (SWF). Earlier this month, Thailand’s finance minister also suggested that the country could use some of its $189 billion in foreign reserves to set up a SWF to invest in regional infrastructure deals.
But what exactly are SWFs? While they handle billions in public money, very little is known about these funds. For example, can you name the world’s biggest sovereign wealth fund? How about their funding sources? Or, what is the region that accounts for the maximum number of sovereign funds?………………………………………Full Article: Source

Posted on 09 September 2011 by VRS |  Email |Print

Bank of Thailand Deputy Governor Atchana Waiquamdee comments on discussions between the finance ministry and the central bank over a proposal to create a sovereign wealth fund. She spoke in an interview today in Bangkok.
Finance Minister Thirachai Phuvanatnaranubala has asked the central bank to study a proposal to use part of the nation’s foreign reserves to set up a sovereign fund……………………………………….Full Article: Source

Posted on 09 September 2011 by VRS |  Email |Print

The recent growing interest in Parkson Holdings Bhd from the Government of Singapore Investment Corp Pte Ltd (GIC) could spell good things for the former’s shareholders, in light of the proposed listing of its Asean retail arm, Parkson Retail Asia Pte Ltd (Parkson Asia), said market observers.
GIC had been actively purchasing shares of Parkson Holdings, increasing its interests to 55.72 million shares or 5.09% as of Monday, after emerging as a substantial shareholder with a 5% stake or 55.03 million shares on Aug 24, just eight days after Parkson Holdings announced its intention to list Parkson Asia……………………………………….Full Article: Source

Posted on 09 September 2011 by VRS |  Email |Print

The problem is, politicians much prefer spending over saving. Which is why a truly far-sighted government would put in place a more explicit mechanism to ensure some of the proceeds of the boom are banked in a sovereign wealth fund.
By setting aside some portion of mining boom revenues in the good times, such a fund may be used to ‘’stabilise” the macro-economy with spending during the bad times. The most exciting prospect would be the behavioural effect it could have on politicians……………………………………….Full Article: Source

Posted on 09 September 2011 by VRS |  Email |Print

It was only a matter of time. A few weeks after every money losing firm in the US and the kitchen sink disclosed it would sue Bank of America in an accelerating attempt to salvage something through litigation, the worst case scenario for Brian Moynhian just got real.
As of minutes ago, Norway’s Government Pension Fund, which is another name for its Sovereign Wealth Fund, has just announced it is suing Bank of America for mortgage fraud. Not only that but it is also going after Countrywide, obviously, but far more importantly, is also suing KPGM, the auditor on the Countrywide transaction, and, drumroll, ole’ Agent Orange himself……………………………………….Full Article: Source

Posted on 09 September 2011 by VRS |  Email |Print

The recent call by the Nigerian Governors’ Forum (NGF) for the suspension of the implementation of the Sovereign Wealth Fund (SWF) has mostly generated angry responses from Nigerians, who are miffed that the Governors do not seem to think of tomorrow.
It should be recalled that the SWF was set up ostensibly to conserve a portion of the money due to the Federation Account from oil revenue in excess of the benchmarks used in budget appropriation by the National Assembly……………………………………….Full Article: Source

Posted on 09 September 2011 by VRS |  Email |Print

In our estimate, sovereign wealth funds would look forward to the creation of an American infrastructure bank. The primary reason for this is the infrastructure fund investment returns would most likely surpass treasuries and other current fixed income investments. It is essential to note that not all infrastructure investments are created equal.
By observing current infrastructure investment patterns around the globe, sovereign wealth funds and other governmental investors prefer infrastructure in energy, utilities, and transportation, over more speculative types like green projects and social infrastructure……………………………………….Full Article: Source

Posted on 09 September 2011 by VRS |  Email |Print

Alberta established a heritage fund in 1976, committing to set aside one-third of resource revenues for the future. Unfortunately, the government abandoned the commitment in 1987 and has repeatedly tapped the fund to cover current spending.
Norway has been far more successful. The country - with fewer than five million people - has placed all oil revenues in a long-term fund, which is now valued at more than $500 billion. The investments are intended to provide revenue for the inevitable day when the resource is gone……………………………………….Full Article: Source

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