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Sovereign Wealth Funds Briefing 27.Sep 2011

Posted on 27 September 2011 by VRS |  Email |Print

Gary DuganThe eurozone is in crisis, and many expect that Middle East money will be used to help bail out struggling European banks and even governments. But with no guarantees the eurozone will even survive its current troubles, might Gulf Sovereign Wealth Funds be reluctant to help out this time around?
“Many of the SWFs here try to play that global citizen role, saying: ‘We’ll support you in the tough times’,” says Gary Dugan, Chief Investment Officer, Private Banking, at Emirates NBD. “But if they have supported you in the last six months, as many of them have, they’ll be facing losses and I just wonder what their attitude will be now……………………………………….Full Article: Source

Posted on 27 September 2011 by VRS |  Email |Print

Omar MehannaIncreased appetite from sovereign funds and restructuring-driven asset sales will help drive a modest recovery in mergers and acquisitions (M&A) in the Middle East and North Africa (MENA), the head of HSBC’s regional advisory business said.
While global markets are teetering under the impact of a sovereign debt crisis in the euro zone and a slowdown in the U.S. economy, a sharp fall in asset values may present an opportunity for these cash-rich funds with a mandate to invest their state’s hydrocarbon revenues, Omar Mehanna told Reuters……………………………………….Full Article: Source

Posted on 27 September 2011 by VRS |  Email |Print

The flood of cash into the kingdom has enabled Qatar Investment Authority (QIA), the country’s sovereign wealth fund, as well as the country’s private sector investors, to snap up assets in Europe, principally Britain.
But the speed of the acquisitions and the lack of information on how the fund operates and where its assets are invested have raised concerns……………………………………….Full Article: Source

Posted on 27 September 2011 by VRS |  Email |Print

I want to discuss sovereign wealth fund (SWF) as a source of funding not just for the medium-term plan (MTP), but also for long-term development in an inter-generational sense. I want to start by congratulating the Ministry of Economic Planning and Investment Promotion for drafting a comprehensive blueprint. The plan touches every sector and pillars of the economy.
However, beyond the drafting of a comprehensive plan, there is need to secure funding for the plan……………………………………….Full Article: Source

Posted on 27 September 2011 by VRS |  Email |Print

Libya’s sovereign wealth fund, which is conducting a review of all investments made by the toppled Gaddafi regime, has uncovered potentially large losses in its $5 billion Africa portfolio, its acting chief executive said.
The Libyan Investment Authority (LIA), whose assets are estimated at $65 billion, will suspend investments until a new management, including a replacement for Chairman Mohamed Layas, is appointed by the cabinet, Rafik Nayed told Reuters………………………………………Full Article: Source

Posted on 27 September 2011 by VRS |  Email |Print

The Norwegian fund Government Pension Fund Norway had assets worth 139.1 billion Norwegian kroner ($23.8 billion) at the end of June, down 0.3% from the end of last year.
The composition of the fund, however, changed substantially during the period January to June. The bond portfolio increased 22% to NOK54.8 billion, while shares and other equity were reduced by NOK9.2 billion……………………………………….Full Article: Source

Posted on 27 September 2011 by VRS |  Email |Print

Norway’s sovereign wealth fund is $550 billion compared to Alaska’s Permanent Fund of $40 billion. While much of Alaska’s oil is developed with the expertise of international oil companies, Norway created its own oil production company, Statoil that also enters into joint ventures with international oil companies.
The Norwegian State makes a financial investment in production projects through a state-owned company Petoro. All businesses in Norway are taxed at 28 percent of profits, while offshore oil and gas projects are taxed at 50 percent, equaling a 78 percent tax rate on profits……………………………………….Full Article: Source

Posted on 27 September 2011 by VRS |  Email |Print

The head of Australia’s sovereign wealth fund has launched a harsh attack on eurozone’s political class, saying the bloc’s debt crisis stemmed from “a failure of government to understand the nature of financial markets and to stop the level of indebtedness of countries”.
David Murray, chair of Australia’s A$75.2bn (US$73.5bn)Future Fund, said: “Those elected to political life have to understand the limits of debt they should have, and their responsibilities……………………………………….Full Article: Source

Posted on 27 September 2011 by VRS |  Email |Print

Recently we have heard from a chorus of people all singing from the same economic song sheet: Australia needs a sovereign wealth fund.
It’s claimed that a sovereign wealth fund could provide the answer to a number of our country’s economic challenges. Its proponents argue that it can lock away the gains of the current mining boom for a rainy day; increase national savings; facilitate investment in offshore assets; put downward pressure on the Australian dollar; provide a source of foreign income; and reduce our current account deficit……………………………………….Full Article: Source

Posted on 27 September 2011 by VRS |  Email |Print

The new equalisation fund, known as the club future fund, replaces annual special distribution, which has provided clubs with funding of $52 million over the past five years.
The futures fund has been boosted to $144 million, and all clubs will also receive $6 million over the next five years, the same broadcast rights dividend they were given between 2007 and 2011……………………………………….Full Article: Source

Posted on 27 September 2011 by VRS |  Email |Print

China Investment Corporation (CIC), the country’s sovereign wealth fund, needs to protect its own interests first and has no intention to buy European bonds, the fund’s general manager said over the weekend, Caixin.com reported Monday.
“You all heard that our premier said China is willing to support Europe,” Gao Xiqing said, speaking at an annual meeting of the International Monetary Fund in Washington, D.C. “But as a company, CIC’s mandate from the government is to maintain a certain amount of profit. We cannot just go to Europe and save someone; we need to protect ourselves.”………………………………………Full Article: Source

Posted on 27 September 2011 by VRS |  Email |Print

Temasek Holdings is an existing shareholder in the Alibaba Group. DST Global, Yunfeng Capital, Silver Lake, and Temasek Holdings are participating to invest in the Alibaba Group. Alibaba Group is one of China’s biggest e-commerce companies.
The key objective of the investment is to provide liquidity to Alibaba’s employees. It is said the amount of stock from Alibaba employees that was being purchased is around US$ 1.6 billion. ………………………………………Full Article: Source

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