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Sovereign Wealth Funds Briefing 17.May 2012

Posted on 17 May 2012 by VRS |  Email |Print

Sovereign wealth funds (SWFs) are investment mechanisms abused by mostly Arab and Asian countries to take control of strategic industries within developed economies. They should therefore be viewed with caution and regulated with homogenous global regulation to control their movements within the global market.
This is what Western economic leaders and politicians would like us to believe, but when stripped of their terrorist-style commentary and viewed through cold facts, SWFs have the potential to offer large benefits and to kick-start economic recovery………………………………………..Full Article: Source

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Posted on 17 May 2012 by VRS |  Email |Print

Author Christopher Balding having recognised – like many of us – that he knew too little about sovereign wealth funds (SWFs), set about doing something about it. The result is an excellent source of information on SWFs.
Part one, entitled ‘Framework’, begins with the history of SWFs, explaining there are three main types of funds. The first SWFs orginated as ‘stabilisation funds’ that were set up by countries where commodity exports dominated economic activity and governments decided to set aside revenues in the fat years to help fund lean years………………………………………..Full Article: Source

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Posted on 17 May 2012 by VRS |  Email |Print

Iran’s President Mahmoud Ahmadinejad said on Saturday the country’s sovereign wealth fund could reach $55 billion by March next year if oil prices kept high, in an apparent bid to defend his economic record in the face of increasing isolation.
Iran earned up to $100 billion in oil revenue last year but an EU embargo set to come into force in July could put a major dent in future income………………………………………..Full Article: Source

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Posted on 17 May 2012 by VRS |  Email |Print

Governor Babatunde Fashola of Lagos State said state governors’ opposition to the Sovereign Wealth Fund, SWF, and the Excess Crude Account is borne out of distrust for the Federal Government’s ability to judiciously manage the funds and utilise it for the purpose it was meant for.
“These really are the issues. It is not that the governors are up in arms against the idea of saving. But we are asking what the rules of engagement are and do those rules of engagement work within the rules that bind all of us,” Fashola said……………………………………….Full Article: Source

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Posted on 17 May 2012 by VRS |  Email |Print

State Babatunde Fashola(SAN) said the Sovereign Wealth Fund (SWF) lacks the necessary legal backing, thereby making it difficult for governors to key into it.
He explained that until the controversial issues surrounding the fund are addressed, it will continually be seen as a high risk issue for investors………………………………………..Full Article: Source

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Posted on 17 May 2012 by VRS |  Email |Print

Nigeria’s Excess Crude Account is not growing as it should because of bunkering activities in the Niger Delta causing shortage in oil production output, the Minister of Finance and the Coordinating Minister of Economy has said.
Dr. Ngozi Okonjo-Iweala told Daily Trust that oil bunkering is affecting revenue projection for the year. The Excess Crude Account has risen from $3.6 billion last month to $4.2 billion currently, but the minister said the balance in the account should be higher because price of oil at the international market is rising………………………………………..Full Article: Source

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Posted on 17 May 2012 by VRS |  Email |Print

Qatar’s business love affair with German companies has grown even stronger with the Gulf state taking a 3% stake in Siemens.
It follows the high-growth country’s acquisition of a 17% voting stake in German car giant Volkswagen, through the investment arm of its sovereign wealth fund, Qatar Holdings, while only last week Siemens signed a research agreement with Qatar University and utility company Kahramaa to support the rapid development of infrastructure projects………………………………………..Full Article: Source

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Posted on 17 May 2012 by VRS |  Email |Print

French state-controlled nuclear engineering firm Areva Wednesday said it finalized the sale of its 26% stake in mining company Eramet SA to French state-owned investment fund Fonds Strategique d’Investissement for EUR776 million.
This operation is being conducted subsequent to the signature of the share purchase agreement concluded on March 16 and to the lifting of the standard conditions precedent imposed with regard to the antitrust authorities and the stock market regulator, Autorité des marchés financiers………………………………………..Full Article: Source

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Posted on 17 May 2012 by VRS |  Email |Print

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Trade Development Council organized a seminar on promoting offshore renminbi (RMB) business in Tokyo on Tuesday.
Norman Chan, chief executive of the HKMA, said that the growing trade links between China and Japan presented a strong business case for the use of renminbi, or the yuan, in enhancing the efficiency of these activities………………………………………..Full Article: Source

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Posted on 17 May 2012 by VRS |  Email |Print

The planned US$1.5 billion listing of Malaysia’s Integrated Healthcare Holdings (IHH) is expected to debut on the Malaysian and Singapore bourses by the end of July, two sources with direct knowledge of the matter told Reuters.
The dual listing would be the fourth-biggest initial public offering (IPO) in the city state’s history and Malaysia’s second-largest this year after the planned listing of Malaysian plantation group Felda Global Venture Holdings………………………………………..Full Article: Source

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Posted on 17 May 2012 by VRS |  Email |Print

The intense debate over whether investors are overexposed to the sharemarket ignores savers’ individual circumstances, according to the new chairman of the Future Fund, David Gonski.
Speaking for the first time since taking up the role three weeks ago, Mr Gonski said the appropriate asset mix for any investor depended on various factors such as their age, investment goals, need to draw an income, and the size of their portfolio………………………………………..Full Article: Source

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Posted on 17 May 2012 by VRS |  Email |Print

The $77 billion Future Fund is moving towards establishing itself more like a listed company. New chairman David Gonski will step back to allow for a more high-profile role for senior executive Mark Burgess as “managing director and president”.
In their first public interviews yesterday, Gonski and Burgess said the fund, which has 11 per cent of its assets in cash, was looking to increase its exposure to property, where it has only 6 per cent of its assets………………………………………..Full Article: Source

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Posted on 17 May 2012 by VRS |  Email |Print

An Australian politician says Papua New Guinea’s Sovereign Wealth Fund (SWF) can be best managed by the country’s Central Bank. Australia’s Deputy Opposition Leader Julie Bishop on Monday while addressing the 28th Australia Papua New Guinea Business Council (APNGBC) forum and trade expo in Brisbane said: “It might be good for the Central Bank to manage the SWF.”
Bishop, who is also the Shadow Minister for Foreign Affairs and Trade, also advised that it would be good for Papua New Guinea Government and the committee working on the SWF to seek advice from the Monetary Authority of Singapore to effectively manage the funds………………………………………..Full Article: Source

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