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Sovereign Wealth Funds Briefing 21.Sep 2011

Posted on 21 September 2011 by VRS |  Email |Print

David MurrayThe head of the Future Fund has joined the mining tax and infrastructure debates by suggesting that state governments use mining royalties to set up their own sovereign wealth funds. David Murray said goods and services tax distribution methods discouraged states from putting royalties into a long-term savings fund and setting aside the money for infrastructure projects.
”The states own the minerals under the surface. They do levy royalties and the Commonwealth doesn’t, so [the states] are entitled to decide how they reimburse their own people in each state for the loss of that resource,” he said………………………………………Full Article: Source

Posted on 21 September 2011 by VRS |  Email |Print

The head of the federal government’s Future Fund has called on the states, as owners of the nation’s mineral reserves, to empower themselves to set up sovereign wealth funds using their own mining royalties.
Fund chairman David Murray also flagged the potential to use the Future Fund as a sovereign wealth fund that could stabilise future federal budgets……………………………………….Full Article: Source

Posted on 21 September 2011 by VRS |  Email |Print

‎Future Fund chairman David Murray says the federal government could use money from the fund to stabilise the budget, if the rules governing the fund are changed.
Murray said the way that the Future Fund was formulated made it a long-term fund only. The fund was set up to fund $140 billion of uncovered superannuation liabilities by 2020……………………………………….Full Article: Source

Posted on 21 September 2011 by VRS |  Email |Print

A unit of Singapore’s Temasek Holdings yesterday agreed to sell its 22.9-per-cent stake in an Indonesian petrochemical maker for about US$318 million (S$403.4 million) to Thailand’s largest industrial conglomerate, Siam Cement.
In a statement, Siam Cement said it will buy a 22.9-per-cent stake in Indonesia’s PT Chandra Asri Petrochemical from Apleton Investments and another 7.1-per-cent stake valued at about US$99 million from PT Barito Pacific……………………………………….Full Article: Source

Posted on 21 September 2011 by VRS |  Email |Print

In a rare public reprimand by Government of Singapore Investment Corp., the Singapore sovereign wealth funds said Tuesday it was disappointed with Swiss bank UBS AG’s trading lapses, which resulted in US$2.3 billion of losses.
GIC, the Swiss bank’s largest shareholder with a 6.6% stake, said it met the senior management and UBS Group Chief Executive Oswald Gruebel Tuesday. GIC acquired a 9% stake in the Swiss bank for about 11 billion Swiss francs ($12.40 billion) through the purchase of two-year convertible bonds in 2007, which was subsequently reduced to its current level after the bonds were converted into equity early last year……………………………………….Full Article: Source

Posted on 21 September 2011 by VRS |  Email |Print

All petroleum stabilisation fund activities will be published to ensure transparency in managing petroleum prices according to market mechanisms, Minister of Finance Vuong Dinh Hue has said.
“The country will pursue this policy with the participation of State management to reach macroeconomics targets, curbing inflation and ensuring social security,” Hue said……………………………………….Full Article: Source

Posted on 21 September 2011 by VRS |  Email |Print

Horizon Roads, a consortium of global institutional investors, plans to take a stake in a Melbourne toll road as its developer exits the project. Korea’s National Pension Service (NPS) and China Investment Corporation (CIC) are among a consortium of global institutional investors reportedly acquiring a $2.4 billion stake in an Australian toll road.
The consortium, named Horizon Roads, plans to invest in Eastlink, a highway that runs through the eastern suburbs of Melbourne……………………………………….Full Article: Source

Posted on 21 September 2011 by VRS |  Email |Print

The Russian Direct Investment Fund (RDIF), a sovereign institution for promoting foreign investment in Russia’s barren private equity sector, has put together an international advisory board, appointing to it company chiefs and sovereign wealth top brass from various countries.
The board’s nine members, who will work on a pro bono basis, include top figures in private equity firms Permira, TPG, Apollo Global Management, Apax Partners, Warburg Pincus and Blackstone Group……………………………………….Full Article: Source

Posted on 21 September 2011 by VRS |  Email |Print

The Qatar Investment Authority holds an estimated $60 to $100 billion in assets. On top of that, the country reckons its foreign reserves for the year will total around $20 billion. But that pales in size in absolute terms against the sovereign funds of Abu Dhabi and China which are each several times bigger.
Assuming estimates of the QIA’s size are about right, at least 20 percent of Qatar’s assets are spread across a handful of purchases made over the last two years alone……………………………………….Full Article: Source

Posted on 21 September 2011 by VRS |  Email |Print

The recent gesture from the state Governors’ Forum that they will agree to the demand of N18, 000 minimum wage only when the Federal Government agrees to suspend her Sovereign Wealth Fund (SWF) is another pointer to the complicated nature of our public policy formulation process.
What that is showing is that no matter the merits of the SWF, in as much as the Federal Government insists on the N18, 000 minimum wage, it should be shelved. Nigerian governors have a history of using any opportunity to demand for what ever they thought is their rightful allocation, which they later on spend on not necessarily important projects……………………………………….Full Article: Source

Posted on 21 September 2011 by VRS |  Email |Print

The 36 state governors may push for a combination of the use of the Excess Crude Account (ECA) and the Sovereign Wealth Fund (SWF) sources close to the Nigerian Governors Forum and the Presidency told BusinessDay yesterday in Abuja.
The Nigerian Governors` Forum (NGF) has called on the Federal Government to suspend the operation of the SWF, saying it is unconstitutional. Sources within government, inform that the disagreement from the governors, amounts to concerns, as to whether the ECA would still remain, while some part of the resources in the account is sent to the SWF……………………………………….Full Article: Source

Posted on 21 September 2011 by VRS |  Email |Print

Most Alaska residents will soon be getting a check for $1,174 simply because they live there.
Each person’s share of the state’s vast oil wealth was announced with much fanfare in Anchorage Tuesday, with Gov. Sean Parnell ripping open a gold-colored envelope to reveal the number. This day is so widely anticipated in Alaska that the announcement of the Permanent Fund Dividend amount was carried live on television statewide, and dozens tuned in to view a live webcast by the governor’s office……………………………………….Full Article: Source

Posted on 21 September 2011 by VRS |  Email |Print

The forum will host an extensive cast of high-level delegates from around the world to discuss important issues regarding sovereign wealth funds, governmental investing, critical investment themes, asset allocation, risk management, geopolitical issues, asset classes, and capital market expectations.
“The Sovereign Wealth Fund Institute is truly excited to be hosting this event in Switzerland,” says Carl Linaburg, Senior Vice President, Sovereign Wealth Fund Institute. “With all the uncertainty in the markets linked with demographic, monetary flow, and geopolitical shifts; it is not the time to put your head in the sand. It is the time to collaborate, share, and get perspective from a wide-range of governmental and private experienced investment figures.” (Press Release)

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