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Sovereign Wealth Funds Briefing 15.Oct 2012

Posted on 15 October 2012 by VRS |  Email |Print

Arnotts’ bankers knocked back a bid from Kuwait’s prestigious national sovereign wealth fund, according to A/Wear owner Michael Flacks. The Kuwait Investment Authority (KIA) offer was one of two which Flacks said he brought to the table in a bid for the iconic department store. The other was on behalf of an American investment bank, which Flacks wouldn’t name.
Both the KIA and the US investment house gave commitment letters offering between €75m and €100m “to buy the buildings and the business,” Flacks said. “We’ve shown the money, both times we were refused,” he said. “They think they can do better, even though they’re not making enough money,” he added………………………………………..Full Article: Source

Posted on 15 October 2012 by VRS |  Email |Print

Poland launched a plan Friday aimed at reinvigorating its slowing economy while sidestepping the sort of unpopular austerity measures that have toppled governments in several of its fellow European Union states. Prime Minister Donald Tusk said he wants to pump hundreds of billions of dollars worth of investment into the country’s energy sector and infrastructure through 2020 by leveraging valuable state-owned assets to raise the cash.
Tusk said the broad plan is to raise some of the cash needed against state-owned shares in Polish companies that will be transferred into a new sovereign-wealth fund. Raising cash through a sovereign-wealth fund means the plan won’t increase the country’s self-imposed public deficit limits, Tusk said………………………………………..Full Article: Source

Posted on 15 October 2012 by VRS |  Email |Print

Kazakhstan’s oil pipeline monopoly, KazTransOil, plans to raise 30 billion tenge ($199 million) via an initial public offering as part of the country’s People’s IPO program, a senior sovereign wealth fund official said Friday.
The government plans to invigorate the small local stock market and raise about $500 million from a first round of IPOs, which will see company stakes of 5 to 15 percent sold to retail investors and local pension funds. KazTransOil’s IPO is set to be held by the end of this year, Kuandyk Bishimbayev, deputy head of the sovereign wealth fund, Samruk-Kazyna, said………………………………………..Full Article: Source

Posted on 15 October 2012 by VRS |  Email |Print

The Kazakh government made some changes in the Board of Directors of Kazakh Sovereign Wealth Fund Samruk-Kazyna, the Fund reported on Friday. “According to the government decree No1256 from October 4, the Board of Directors of Samruk-Kazyna was changed,” the Fund said.
Kazakh Prime Minister Serik Akhmetov was appointed to the post of Board of Directors’ Chairman and Economy Development and Trade Minister Erbolat Dosayev joined the Board………………………………………..Full Article: Source

Posted on 15 October 2012 by VRS |  Email |Print

The assets size of Qatar Investment Authority (QIA) has grown by 15 percent between July and September 2012 to about $115bn, according to a report published by Sovereign Wealth Funds recently. The QIA maintained its ranking compared to the corresponding period last year. Previous year, it ranked 12th with a total asset value of $100bn.
According to the same source, in the month of September, there was a change in the top order of the sovereign funds. Norwegian Sovereign Wealth Fund ousted Abu Dhabi Investment Fund to occupy the first place with $656.2bn while Abu Dhabi Investment Fund slipped to second position with an asset value of $627bn………………………………………..Full Article: Source

Posted on 15 October 2012 by VRS |  Email |Print

AC Milan has said there are no plans to sell a stake in the top Italian football club to the Qatar sovereign wealth fund or other investors. Italy’s leading sports newspaper Gazzetta dello Sport said on Friday that Silvio Berlusconi was considering selling a 30 percent stake for 250 million euros to reinvigorate his team.
The report said talks with Qatar have become more frequent. “There is no truth in it,” Milan vice-chairman Adriano Galliani was reported as saying in the article………………………………………..Full Article: Source

Posted on 15 October 2012 by VRS |  Email |Print

While the Libyan Investment Authority has been preoccupied with fighting seizures and losses in Europe, several African governments have taken a swipe at telecoms assets, with mixed success.
As the one-year anniversary of the fall of Tripoli approaches, the Libyan Investment Authority (LIA), Libya’s sovereign-wealth fund, is still picking through the recovery of assets frozen during the revolution. The LIA is now also investigating losses that have come to light, including $1.95bn at the hands of investments made with Goldman Sachs and Société Générale in 2007 and 2008………………………………………..Full Article: Source

Posted on 15 October 2012 by VRS |  Email |Print

The Federal Government, states and the 774 local government areas in Nigeria shared a total of N566.5 billion for the month of September, as the accruals to the Excess Crude Account (ECA) rose to $8.4 billion. The shared fund came from Statutory, Value Added, SURE-P and refunds from the Nigeria National Petroleum Corporation (NNPC).
Minister of State for Finance, Yerima Lawan Ngamam, while briefing newsmen at the end of the meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja, said the gross revenue of N594.7 billion received for the month was higher than the N564.884 billion received in the previous month by N29.6 billion due to a rise in crude oil production and an increase in the price of crude oil in the international market………………………………………..Full Article: Source

Posted on 15 October 2012 by VRS |  Email |Print

Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala,  said in Tokyo on Sunday that Nigeria’s Excess Crude Account  would be built up to  10 billion dollars  by early 2013.
Okonjo-iweala made this known while briefing newsmen on the Nigerian economy at the Annual Meeting of the World Bank and the IMF. “I strongly feel and I have shared with the governors, with Mr. President and vice-president who fully supports that the Excess Crude Account must be built up to 10 billion dollars.We should strive to do that in the next few months and we keep that as buffer.”……………………………………….Full Article: Source

Posted on 15 October 2012 by VRS |  Email |Print

China Investment Corp., the nation’s sovereign wealth fund, favors larger hedge funds in selecting external managers for investing its capital, said Hua Fan, head of fixed-income investment at CIC.
CIC, which helps China manage the world’s largest foreign- currency reserves, will also avoid “over-diversification” by investing in too many funds, Fan said at an annual conference of the Chinese Finance Association in New York………………………………………..Full Article: Source

Posted on 15 October 2012 by VRS |  Email |Print

Natural Resources Minister Joe Oliver put down a suggestion Canada save the money it makes from its vast resource wealth Thursday. If Ottawa were to redirect royalties and taxes from regular revenue towards a sovereign wealth fund — common practice in many resource economies — it wouldn’t go to more critical social programs today, said Oliver.
“If we aren’t receiving those hundreds of billions of dollars, we would not be able to afford the same level of health care and same level of education and other programs,” he said. “This is a crucial issue and to the extent that money is diverted from those programs, it’s not available for those programs.”……………………………………….Full Article: Source

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