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Sovereign Wealth Funds Briefing 26.Mar 2012

Posted on 26 March 2012 by VRS |  Email |Print

Raj BhattSovereign wealth funds have been quietly making moves to India as the value of assets in more established markets elsewhere in the world have fallen. Why is India of interest to sovereign wealth funds (SWFs)?
The country has for long been on the radar of many SWFs, but it has only recently opened up more to institutional investors who picked up on India’s growth story. “Traditionally SWFs have not invested huge amounts of money in India because of its volatility and relatively low ability to absorb dollars but have had their focus in Europe instead,” says Raj Bhatt, the chairman of Elara Capital, based in Mumbai………………………………………..Full Article: Source

Posted on 26 March 2012 by VRS |  Email |Print

Softbank Corp., Japan’s second- biggest mobile-phone company by market value, agreed to buy the Fukuoka Yahoo! Japan Dome for 87 billion yen ($1.1 billion) from Government of Singapore Investment Corp.
The stadium is the home of the Softbank Hawks baseball team and is being offered on loan, the phone company said in a statement on its website. The Yahoo! Dome, which opened in April 1993 as Japan’s first stadium with a retractable roof, is also used for events including concerts, according to the website of Hawks Town, which has a floor area of 176,000 square meters………………………………………..Full Article: Source

Posted on 26 March 2012 by VRS |  Email |Print

The Government of Singapore Investment Corp (GIC) is selling a baseball stadium in Japan to SoftBank Corp for 87 billion yen (S$1.33 billion).
The sovereign wealth fund is believed to have paid about 100 billion yen for the entire Fukuoka Hawks Town complex where the retractable-roof dome is located, the Nikkei daily reported on Saturday………………………………………..Full Article: Source

Posted on 26 March 2012 by VRS |  Email |Print

Norway’s sovereign wealth fund has breached its own code of ethics by investing billions in companies involved with nuclear weapons, reports say. It has been revealed that the Government Pension Fund Global (‘Oil Fund’) invested 4.4 billion kroner in 2011 in five companies. UK-based Rolls-Royce Holdings PLC received the biggest, totaling 3.1 billion kroner.
The firm, together with Babcock Marine and BAE Systems, is involved in developing submarines for the British Army that will contain nuclear weapons………………………………………..Full Article: Source

Posted on 26 March 2012 by VRS |  Email |Print

The Government Pension Fund Global returned -2.5%, or -86 billion kroner, in 2011 as global stock markets slumped. Equity investments returned -8.8% in 2011 as stocks fell in Europe, where the fund had half its shareholdings at the end of the year. Fixed-income investments returned 7%, boosted by rising prices on government bonds from countries such as the US, the UK and Germany.
The overall return was 0.1% point lower than the return on the fund’s benchmark indices, Norway’s Central Bank Norges Bank reported………………………………………..Full Article: Source

Posted on 26 March 2012 by VRS |  Email |Print

Failure by the federal government and the 36 states of the federation to reach an out-of-court settlement over the dispute arising from the maintenance of the Excess Crude Account and the transfer of $1 billion from the account to the Sovereign Wealth Fund (SWF), could threaten the fund.
The federal government and the 36 states of the federation will be heading back to court tomorrow following the collapse of talks between both sides on the legality of Excess Crude Account and the SWF………………………………………..Full Article: Source

Posted on 26 March 2012 by VRS |  Email |Print

Five months after governors of the 36 states of the federation dragged the Federal Government before the Supreme Court over plans to transfer $1 billion from the “Excess Crude Account” to a new a new account to be known as the “Sovereign Wealth Fund,” the apex court has ordered the two parties to appear before it today, for hearing to commence on the matter.
A seven-man panel of the court, headed by the Chief Justice of Nigeria, CJN, Justice Dahiru Musdapher, has assumed jurisdiction of the legal dispute following an outright collapse of an out-of-court mediation between the warring parties………………………………………..Full Article: Source

Posted on 26 March 2012 by VRS |  Email |Print

An Abu Dhabi joint venture between sovereign wealth fund Mubadala Group and state-owned International Petroleum Investment Company (IPIC) has advanced plans for a floating storage and regasification unit (FSRU) in the port of Fujairah, Mubadala said.
“The project engineering phase has now commenced, following completion of a feasibility study last year,” said a spokesman from the sovereign wealth fund, adding that the terminal is expected to start operations in the “next two or three years.”……………………………………….Full Article: Source

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