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Sovereign Wealth Funds Briefing 22.Nov 2012

Posted on 22 November 2012 by VRS |  Email |Print

With record-high gross international reserves (GIR) of $81.9 billion as of end September, analysts opine that the Philippines has become a prime candidate for setting up a sovereign wealth fund (SWF). The Philippines’ sizable foreign exchange reserves, however, puts pressure on the peso to appreciate.
If the peso were to appreciate even more, it could potentially have an adverse effect on key industries like outsourcing and manufacturing, eroding competitiveness against cheaper alternative hubs like India. Some analysts argue that adopting an SWF and investing these funds abroad could help ease pressure on the currency to appreciate………………………………………..Full Article: Source

Posted on 22 November 2012 by VRS |  Email |Print

The Azerbaijani State Oil Fund (SOFAZ) plans to buy property in the center of Moscow, Russian Trade Representative in Azerbaijan Yuri Shchedrin said. “SOFAZ plans to buy VIP-estate in Moscow to implement business activity,” Shchedrin said.
He said that SOFAZ’s recent decision on asset placement in rubles in the Russian financial market testifies to the trusting relations between the parties. He added that SOFAZ will place around $500 million in the Russian financial market in the near future………………………………………..Full Article: Source

Posted on 22 November 2012 by VRS |  Email |Print

The assets of the State Oil Fund of Azerbaijan in Russian economy may reach RUR 15,500,000,000 or $500m. The statement came from trade representative of Russia in Azerbaijan Yuriy Shedrin.
He said today the assets of the State Oil Fund in Russia reach RUR 3bn or $1m. SOFAZ earlier stated the planned investments in different financial institutions of the Russian banks, as well as the property of the European and South-Eastern Asia, in particular, in London, Paris, Rome, Moscow and Istanbul………………………………………..Full Article: Source

Posted on 22 November 2012 by VRS |  Email |Print

The net income of the companies, part of Samruk-Kazyna Sovereign Wealth Fund, without regarding second-tier banks is planned at 686.7 billion tenge (150.46 /$1) in 2012, said the fund. In 2011, SK net income totaled 629.991 billion tenge. Therefore, a 9% increase is expected this year. EBITDA in 2012 is estimated at 18.2% (17.8% in 2011), ROACE 9.5% (8.9%, respectively).
Samruk-Kazyna National Welfare Fund is a state holding company that owns and manages national companies in different economic sectors including oil and gas, telecommunication, transport industries as well as the national institutes of development………………………………………..Full Article: Source

Posted on 22 November 2012 by VRS |  Email |Print

Commerce Minister Neoklis Sylikiotis has announced that the government has started the process of establishing a national hydrocarbons fund. Sylikiotis said the fund, to be established by law, will aim at creating conditions of equality and prosperity for the present and future generations of Cyprus.
Part of the fund’s shares will be directed towards the hydrocarbons’ industry, another part will go to the state budget, and a third part will be kept for the benefit of future generations, the Minister noted………………………………………..Full Article: Source

Posted on 22 November 2012 by VRS |  Email |Print

Malaysia’s state investor Khazanah Nasional Bhd placed out more than eight percent of Malaysia Airports Holdings Bhd on Wednesday, reducing its stake in the country’s dominant airport operator to almost 41 percent.
According to dealers, the exercise that lasted four hours after market closed at 5pm was broken into two blocks - with an initial block of 85 million shares followed by another 25 million shares………………………………………..Full Article: Source

Posted on 22 November 2012 by VRS |  Email |Print

Singapore commodities trader Olam International Ltd took its battle with short-seller Muddy Waters to a Singapore court on Wednesday as it fought off criticisms of its accounting practices and debt levels that have battered its share and bond prices.
Olam, partly owned by the Singaporean sovereign wealth fund Temasek Holdings, has filed suit against Muddy Waters LLC and its founder Carson Block in the high court of Singapore, alleging libel, slander or malicious falsehoods for statements Block made at a London conference on Monday, a company spokeswoman said. She said Olam was seeking damages but gave no details………………………………………..Full Article: Source

Posted on 22 November 2012 by VRS |  Email |Print

The Qatar Investment Fund (QIF) is formulating plans that could allow it to invest in Saudi Arabia, in what would be one of its first non-Qatari allocations. The proposals are subject to shareholder approval at its Extraordinary General Meeting, which has been convened for 14 November 2012.
Although the fund already has a small amount (0.5%) invested in Oman, the majority of the fund is allocated to domestic Qatari investments (96.8%), with the remainder (2.7%) in cash………………………………………..Full Article: Source

Posted on 22 November 2012 by VRS |  Email |Print

Greek Prime Minister Antonis Samaras will visit the wealthy Gulf state of Qatar next week to discuss investment opportunities inside Greece, a Greek embassy spokesman in Doha said on Tuesday.
Other investment areas to be discussed include real estate projects such as the Hellenikon project, a 620-hectare development near central Athens, Europe’s largest real estate project. Qatar Holding, the investment arm of Qatar’s sovereign wealth fund, is participating in the tender process of the project. Qatar Holding recently invested 1.2 billion euros in a gold mining operation in northern Greece………………………………………..Full Article: Source

Posted on 22 November 2012 by VRS |  Email |Print

Before the end of 2012, Kazakhstan will approve a three-year cost reduction programme for the national companies. It was the managing director of Samruk-Kazyna Nurlan Rakhmetov who made a corresponding statement in Astana. According to him, international consultants with international experience are to be hired to develop a plan to optimize costs.
It is expected that over the three years of the programme’s existence, the Fund will save at least 8 billion tenge. Also at the briefing, it was announced that this year, the Fund has reduced the amount of its sponsorship financing three-fold from 60 to 20 billion tenge. In addition, Samruk-Kazyna imposed a strict ban on the construction and acquisition of non-core items………………………………………..Full Article: Source

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