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Sovereign Wealth Funds Briefing 30.May 2012

Posted on 30 May 2012 by VRS |  Email |Print

Janez SustersicSlovenia plans to create a sovereign- wealth fund by merging agencies that are managing state assets to boost revenue from their investments.
“The aim is to streamline the management of state assets and make them more efficient,” Finance Minister Janez Sustersic told reporters in Ljubljana. “We will later decide which are just portfolio investments, which are strategic and we want to keep and which companies will be sold.”……………………………………….Full Article: Source

Posted on 30 May 2012 by VRS |  Email |Print

Brian BakerCentral banks in Asia – as elsewhere – are increasingly looking at new types of investment* with a view to diversifying their exposure and boosting returns.
This is raising various issues, one of which is the effect it is having on their relationships with their sovereign wealth funds. In some cases these are already tense, given the competition between the two entities; moves into new asset classes by central banks may be causing further strains………………………………………..Full Article: Source

Posted on 30 May 2012 by VRS |  Email |Print

Legal tussle over the proposed creation of a “Sovereign Wealth Fund” assumed a fresh dimension, yesterday, as Governors of the 36 states of the federation approached the Supreme Court, asking it to abort plans by the Federal Government to withdraw $2 billion from the “Excess Crude Account.”
The governors made the request on a day they told a seven-man panel of Justices of the apex court, presided by Chief Justice of Nigeria, CJN, Justice Dahiru Musdapher, why they failed to reach agreement with the Federal Government, regarding its plans to transfer $1 billion from the “Excess Crude Account” to a new account to be known as the “Sovereign Wealth Fund.”……………………………………….Full Article: Source

Posted on 30 May 2012 by VRS |  Email |Print

Sovereign wealth funds and other government entities in the United Arab Emirates greatly increased their overseas investments during 2011 as higher oil prices led to a large rise in the country’s balance of payments surplus, new figures from the U.A.E. central bank indicate.
Capital outflows from U.A.E. public sector entities rose to 95 billion U.A.E. dirhams ($26 billion) in 2011 from AED10 billion in 2010, according to the recently-released central bank annual report for 2011. That was the highest outflow since 2008, when the global financial crisis led to a sharp drop in the U.A.E’s oil revenues………………………………………..Full Article: Source

Posted on 30 May 2012 by VRS |  Email |Print

Qatar plans to boost government spending by 27 per cent in the fiscal year that began in April, including on wages, social services and infrastructure, but it expects to see a comfortable surplus.
Qatar, a major global investor through its sovereign wealth fund, has yet to release budget data for 2011-12. It overshot its budget by 21pc on average in the previous two years, finance ministry data shows………………………………………..Full Article: Source

Posted on 30 May 2012 by VRS |  Email |Print

Manabi SA, the first Brazilian iron- ore company to go public since 2006, is counting on Ontario Teachers’ Pension Plan to spark investor interest in its share sale after Brazil’s benchmark stock index entered a bear market.
Rio de Janeiro-based Manabi filed on May 16 to sell shares in Sao Paulo and Toronto to help finance $4.12 billion of iron ore projects in Brazil’s Minas Gerais state. Canada’s third- biggest pension fund is Manabi’s top investor with a 21 percent holding, while South Korea’s sovereign wealth fund and Southeastern Asset Management also have stakes in the company………………………………………..Full Article: Source

Posted on 30 May 2012 by VRS |  Email |Print

The successful execution of the state budget allowed it to reduce the amount of transfers from the State Oil Fund of Azerbaijan (SOFAZ), Finance Minister Samir Sharifov said during the discussion of the draft law On State Budget Execution for 2011 in Parliament on Tuesday.
“Execution of expenditures below the target level and income above 100 per cent allowed transfers from the State Oil Fund amounting to 203 million manat below the target level,” Sharifov said………………………………………..Full Article: Source

Posted on 30 May 2012 by VRS |  Email |Print

“The code of corporate governance is aimed at improving and systematization of the Fund’s corporate governance, insuring the greater transparency in fund management and confirmation of fund’s willingness to meet the standards of good corporate governance,” the Fund said.
Moreover, the Board of Directors of Samruk-Kazyna decided to set up a specialized committee under the board of directors of Samruk-Kazyna, which will realize comprehensive and objective analysis of the impact of the Fund’s organizations on the development of the economy and sectors of the economy………………………………………..Full Article: Source

Posted on 30 May 2012 by VRS |  Email |Print

The owners of Formula One motor racing are shunning ultra-wealthy government-backed investment funds as they attempt to sell billions of pounds worth of shares in the sport, sources said Tuesday.
The bankers working for CVC Capital Partners, F1’s controlling shareholder, held talks in the last week with dozens of potential investors as F1 races towards a Singapore flotation that will value it at more than £6.5 billion ($10 billion)………………………………………..Full Article: Source

Posted on 30 May 2012 by VRS |  Email |Print

The Alaska Permanent Fund Corporation (APFC) is eyeing troubled real estate markets to boost its portfolio. The $40-billion-dollar fund plans to make an initial investment of $400 million in the company American Homes 4 Rent LLC.
The fund’s board of trustees is looking at investing in depressed housing markets across the nation. Their plan is to invest through the property management firm American Homes 4 Rent LLC, which owns around 1,000 single-family homes and will scoop up foreclosed properties………………………………………..Full Article: Source

Posted on 30 May 2012 by VRS |  Email |Print

Sovereign wealth funds (SWFs) represent a significant source of investor funds for private equity funds. By some estimates, SWFs have nearly $5 trillion of funds under management.1 An important part of planning for SWF investment in funds is to ensure that U.S. source interest and dividends are exempt from U.S. withholding taxes.
The Internal Revenue Code long has provided such an exemption for interest and dividends received by foreign governments. Temporary regulations were issued in 1988. After 24 years, Treasury has issued proposed regulations that, in some cases, should ease investment by SWFs in private equity funds………………………………………..Full Article: Source

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