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Sovereign Wealth Funds Briefing 23.Oct 2012

Posted on 23 October 2012 by VRS |  Email |Print

A newly-launched sovereign wealth fund from Africa’s second-biggest oil producer - Angola - may be looking to invest in Asian assets. The fund, which was launched on October 17, has an initial asset size of about US$5 billion.
Fundo Soberano de Angola will pursue a diversified portfolio across a number of industries and asset classes, including stocks, bonds, foreign currencies, financial derivatives, commodities and real estate and infrastructure funds. While the fund hopes to retain a “strong focus” on the domestic market, it will also be investing internationally, with key interests in emerging economies………………………………………..Full Article: Source

Posted on 23 October 2012 by VRS |  Email |Print

Every year for five years, corruption in Angola has become steadily worse, according to Transparency International’s corruption perceptions index of 182 nations. In 2007, the oil-rich southwest African country was 32nd from the bottom. By last year, it had plunged to the 14th most-corrupt nation on the Earth.
That’s not surprising. Oil and corruption have gone hand in hand since the industry was pioneered a century and a half ago. But more recently, experts have added a corollary—that an oil-producing country that channels some of its wealth into an independently run sovereign wealth fund is likely to rank better on the corruption scale than one that does not………………………………………..Full Article: Source

Posted on 23 October 2012 by VRS |  Email |Print

Nigeria’s foreign external reserves last week hit $42 billion as international rating agency, Fitch put the country’s Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘BB-’ and ‘BB’ respectively with a Stable Outlook.
The reserves had been rising consistently over the past few months in line with the Coordinating Minister of the Economy’s aims at building the reserves to $50 billion before the end of the year (2012), so as to serve as cushion for the economy in case of any global economic recess………………………………………..Full Article: Source

Posted on 23 October 2012 by VRS |  Email |Print

A group of the companies of Kazakh Sovereign Wealth Fund Samruk-Kazyna exceeded a net income target by 20 percent in the first nine months of 2012, Samruk-Kazyna’s Chairman of the Board Umirzak Shukeyev told Kazakhsatanskaya pravda newspaper.
“In the first 9 months of this year, the total net income of Samruk-Kazyna’s group of companies, excluding the banks amounted to 727 billion tenge, which is 20 percent more than the target,” Shukeyev said. According to Shukeyev, this figure is a very good index………………………………………..Full Article: Source

Posted on 23 October 2012 by VRS |  Email |Print

According to the decision of the Azerbaijani Cabinet of Ministers, gold imports into the country for the needs of the State Oil Fund of the Azerbaijani Republic (SOFAZ) are exempt from VAT and customs duties, SOFAZ told Trend.
SOFAZ has begun a weekly purchase of 10,000 ounces of gold since Feb. 1, 2012. As of July 1, 2012, the investment portfolio included 6,847 kilograms (220,146 ounces) of gold. “The decision was made to exempt gold imported into the country by SOFAZ from VAT and customs duties,” SOFAZ said………………………………………..Full Article: Source

Posted on 23 October 2012 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has announced the growth of its assets by 11.4% for Jan-Sept 2012. The Fund informs that over the first three quarters of the year SOFAZ assets rose up to $33.19 bn versus AZN 29.8 bn by early 2012.
For Jan-Sept 2012 Fund’s revenues amounted to AZN 10.076 bn and expenditures AZN 7.5 bn. Since the first quarter the Fund also started buying physical gold, and as of 1 October SOFAZ assets in gold totaled 10,891 tons or 350,146 ounces………………………………………..Full Article: Source

Posted on 23 October 2012 by VRS |  Email |Print

Singapore government’s sovereign fund Temasek Holdings has sold 8.54 per cent stake in Welspun Global Brands Ltd in the markets for an estimated Rs 3.5-4 crore. The fund held 9.85 per cent stake, which now leaves it with 1.31 per cent stake.
The shares of Welspun Global were last traded at Rs 43.4 on the Bombay Stock Exchange. Temasek sold the shares between Rs 38-43.5 per unit through its arms Dunearn Investments Mauritius and Baytree Investments Mauritius last week………………………………………..Full Article: Source

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