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Sovereign Wealth Funds Briefing 21.May 2012

Posted on 21 May 2012 by VRS |  Email |Print

Jai AryaSovereign wealth fund assets have topped $5 trillion globally for the first time, with Chinese entities accounting for one fifth at $1.14 trillion, according to the Sovereign Wealth Fund Institute.
In its latest rankings, the Abu Dhabi Investment Authority leads the pack of 61 sovereign funds with $627 billion in assets, followed by Norway’s Government Pension Fund – Global at $611 billion………………………………………..Full Article: Source

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Posted on 21 May 2012 by VRS |  Email |Print

Christian PorterSpending rather than saving the seed capital for Western Australia’s future fund would have overheated the state’s construction industry with consequences for the domestic housing market, state Treasurer Christian Porter said.
The Barnett government’s decision to put aside $1.1 billion from the generous Royalties for Regions scheme was lauded yesterday by former Liberal leader Malcolm Turnbull, who has long called for a federal sovereign wealth fund………………………………………..Full Article: Source

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Posted on 21 May 2012 by VRS |  Email |Print

Malcolm Turnbull has renewed his call for a national sovereign wealth fund, lauding Western Australia’s establishment of its own future fund as a “common sense” decision.
Wayne Swan today questioned the WA government’s budget priorities, saying the federal government was committed to spreading around the benefits of the boom………………………………………..Full Article: Source

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Posted on 21 May 2012 by VRS |  Email |Print

Norway’s Government Pension Fund Global should invest in agricultural land and forests as a hedge against any climate change policies that governments around the world may introduce, according to a report specially prepared by investment consultant Mercer.
The Nkr3.3 trillion ($550bn) fund, the second-largest sovereign wealth fund in the world, according to the SWF Institute, should invest in these commodities “as a ‘hedge’ against climate policy measures that are not fully anticipated by the market”, Mercer’s report said………………………………………..Full Article: Source

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Posted on 21 May 2012 by VRS |  Email |Print

The state government of Osun has warned the Minister of Finance, Mrs. Ngozi Okonjo-Iweala, against withdrawing a whopping $1billion from the Excess Crude Oil Account for the Sovereign Wealth Fund (SWF).
Okonjo-Iweala had, some few days ago, said that the Federal Government would withdraw the sum of $1billion from the Excess Crude Oil Account and to be saved at the SWF on behalf of the 36 states of the federation………………………………………..Full Article: Source

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Posted on 21 May 2012 by VRS |  Email |Print

Plans by the Federal Government to transfer $1 billion from the Excess Crude Account to a new account to be known as the “Sovereign Wealth Fund,” may have met a brick wall, as Governors of the 36 states of the Federation, have threatened to dump the out-of-court settlement deal.
This is even as the Chief Justice of Nigeria, CJN, Justice Dahiru Musdapher, has directed the Federal Government and the governors to appear before the apex court today with their report of settlement or be ready for a full-blown hearing into the substantive matter………………………………………..Full Article: Source

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Posted on 21 May 2012 by VRS |  Email |Print

The benefits of an SWF to the Nigerian economy cannot be overemphasized, which is why other oil economies around the globe have long embraced the idea. Foreign portfolio investors have proven volatile and lack sufficient faith and understanding of the Nigerian markets.
The SWF can help create stability in the markets and deepen investors’ confidence. It will also allay the fears of sceptics who argue that the Nigerian market may not be able to absorb equity listings of major corporations from Telco’s and oil and gas companies………………………………………..Full Article: Source

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Posted on 21 May 2012 by VRS |  Email |Print

In a recent Wall Street Journal interview, Nigerian finance minister Ngozi Okonjo-Iweala reviewed Nigerian economic issues, notably, that the anticipated sovereign wealth fund would start operating during the next few months, with U.S. $1 billion from the Excess Crude Account to start. She promised a governing council including representatives from civil society, media, and academics would oversee the account “to ensure that the money is transparently invested.”
In other issues, she emphasized the importance of diversifying the economy to create more jobs. (Nigeria’s economy is growing at the rate of 7.4 percent; she said that most of the growth took place in the non-oil sectors of the economy.)……………………………………….Full Article: Source

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Posted on 21 May 2012 by VRS |  Email |Print

Active talks are underway between the EBRD and key sovereign wealth funds over infrastructure investment in eastern Europe. The EBRD is in active talks with cash-rich sovereign wealth funds (SWFs) of Asia and the Middle East for fresh capital sources to fund a growing infrastructure deficit in central and eastern Europe.
The bank has been talking with major SWFs, understood to include Temasek of Singapore, which has funded infrastructure projects around East Asia, Australasia, and increasingly North America………………………………………..Full Article: Source

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