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Sovereign Wealth Funds Briefing 09.Jan 2012

Posted on 09 January 2012 by VRS |  Email |Print

Richard Di NataleThe Future Fund’s investments in tobacco and companies involved in nuclear arms production face growing scrutiny this year, as the Greens step up calls for tighter rules on what assets the fund can buy.

With the government facing a legal fight with tobacco firms over new plain packaging laws, the Future Fund last year said it held $147 million worth of shares in cigarette producers………………………………………Full Article: Source

Posted on 09 January 2012 by VRS |  Email |Print

The Gillard government is facing pressure to stop its multibillion-dollar Future Fund from investing in the tobacco industry and in companies that make nuclear weapons. The Future Fund, which was set up by the former Howard government to help meet the long-term cost of public sector superannuation liabilities, revealed last year that it held $147 million worth of shares in cigarette producers.
Norway’s sovereign wealth fund sold its investments in tobacco in 2010, and has guidelines preventing investing in companies that damage the environment………………………………………Full Article: Source

Posted on 09 January 2012 by VRS |  Email |Print

China’s state-owned Central Huijin Investment Ltd. increased its equity holding in Industrial & Commercial Bank of China Ltd. (ICBC), the bank said.

Central Huijin’s holding in ICBC, the country’s largest lender, stood at 123.69 billion shares, or 35.43 percent of the bank’s total, as of Dec. 31, 2011, according to a statement ICBC filed with stock exchanges in Shanghai and Hong Kong. According to the statement, Central Huijin bought 38.47 million more shares after boosting its stake in ICBC by 14.58 million A-shares on Oct. 10 last year………………………………………Full Article: Source

Posted on 09 January 2012 by VRS |  Email |Print

Libya will review its investments in the Arab world, Africa, and elsewhere, and it will make major agricultural and property investments in neighbouring Sudan, the chairman of its ruling National Transitional Council said.

“We have a general view to review all investments in the Arab world, the African continent and elsewhere,” Mustafa Abdul Jalil said at news conference with visiting Sudanese President Omar Hassan al-Bashir. Some of Libya’s major investments in Africa are managed by the $65-billion Libyan Investment Authority (LIA) through a $5 billion fund known as Libyan African Investment Portfolio (LAP)………………………………………Full Article: Source

Posted on 09 January 2012 by VRS |  Email |Print

Working through the direct representation of Western Financial Institutions and the IMF in Nigeria’s Government, a new IMF conditionality calls for the creation of a Sovereign Wealth Fund.

Olusegun Aganga, the former Nigerian Minister of Finance commented on how the SWF was hastily pushed through and enacted prior to the countries national elections. If huge savings are amassed from oil exports and austerity measures, one cannot realistically expect that these funds will be invested towards infrastructure development based on the current track record of the Nigerian Government. Further more, it is increasingly more likely that any proceeds from a SWF would be beneficial to Western institutions and markets, which initially demanded its creation………………………………………Full Article: Source

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