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Sovereign Wealth Funds Briefing 05.Dec 2012

Posted on 05 December 2012 by VRS |  Email |Print

Argentina’s Neuquen Province plans to set up a sovereign wealth fund to save some of the royalties it expects to reap from the development of its vast unconventional oil and gas resources. Neuquen Governor Jorge Sapag compared the plan to Norway’s decision to sock away the windfall revenues from oil and gas production in the North Sea.
“Forty years ago Norway was a very poor country,” Mr. Sapag said in an interview. “Like Norway, I think we can have a fund to offer … pensions. I’m not saying we’ll be as lucky as Norway, but we are putting together a similar model.”……………………………………..Full Article: Source

Posted on 05 December 2012 by VRS |  Email |Print

Many of the countries with the largest oil reserves also boast the largest sovereign wealth funds (SWFs). And yet African producers, like newcomer Ghana, Angola, and Nigeria which has been pumping oil since the 1950s, haven’t saved much of their oil revenue.
Now, in an effort to replicate the long-term growth of funds like Norway’s $600 billion Government Pension Fund accrued from North Sea riches, and the Abu Dhabi Investment Authority with assets somewhere around $900 billion, all of these African countries are in the process of launching their own SWFs………………………………………Full Article: Source

Posted on 05 December 2012 by VRS |  Email |Print

Nigeria has doubled savings in its Excess Crude Account (ECA), now totalling $9 billion, amidst efforts to improve fiscal discipline and economic stability in the country. Finance Minister Ngozi Okonjo-Iweala revealed that funds in the ECA have grown to at least $9 billion, up from last year’s savings figure of $4 billion.
“We have about $9 billion in the excess crude account. Last year it was $4 billion, so it’s more than doubled,” Okonjo-Iweala said………………………………………Full Article: Source

Posted on 05 December 2012 by VRS |  Email |Print

Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, announced its Silver Sponsorship to the Bahrain Women’s Day celebrations organized by the Supreme Council for Women. The event will be held on Wednesday 5th December, under the patronage of Her Royal Highness Princess Sabeeka bint Ebrahim Al Khalifa, wife of His Majesty the King and the president of the Supreme Council for Women.
Mr. Mahmood Hashim Al Kooheji, Chief Executive Officer of Mumtalakat said: “We would like to extend our sincere thanks and appreciation to Her Royal Highness Princess Sabeeka bint Ebrahim Al Khalifa for her continuous support to the role of Bahraini women in the Kingdom of Bahrain………………………………………Full Article: Source

Posted on 05 December 2012 by VRS |  Email |Print

Olam International, the commodity trader that Muddy Waters LLC said is in danger of failing, said banks hired to help sell US$1.25 billion in bonds and warrants didn’t raise concerns about its credit position in discussions with shareholder Temasek Holdings.
Credit Suisse Group, DBS Bank, HSBC Holdings and JPMorgan Chase “confirm that there was no mention of any concern regarding Olam’s credit position in their discussions with Temasek,” which is supporting the raising, Singapore-based Olam said in a statement on its website………………………………………Full Article: Source

Posted on 05 December 2012 by VRS |  Email |Print

Khazanah Nasional Bhd is keen to increase its current investments in the Organisation of Islamic Cooperation (OIC) member countries but will do it in an orderly manner.

Its managing director, Tan Sri Azman Mokhtar, said Khazanah was currently present in a quarter of the 56 OIC member countries, either directly or indirectly in companies controlled by it………………………………………Full Article: Source

Posted on 05 December 2012 by VRS |  Email |Print

Norway has just brought an early Christmas Holiday present to American institutional owners of large Class A office complexes and other conservative property assets in major cities and developed malls.
Norway’s $660 billion sovereign wealth fund, the world’s largest, announced it is entering the U.S. real estate investment market for the first time. The fund plans to invest about $11 billion in various countries………………………………………Full Article: Source

Posted on 05 December 2012 by VRS |  Email |Print

The taxation of Sovereign Wealth Funds in the United States is outmoded and due for reconsideration. Offering a tax exemption to the billion dollar investment funds owned by foreign governments is both unfair and fails to achieve the goals of the foreign sovereign tax exemption.
Founded in the principles of sovereign immunity, the foreign sovereign tax exemption, codified in I.R.C. §892, fails to satisfy the Congressional goals that motivated its creation. This Article explains the current taxation of foreign sovereigns and, by extension, Sovereign Wealth Funds. ……………………………………..Full Article: Source

Posted on 05 December 2012 by VRS |  Email |Print

South Korea’s foreign currency reserves maintained their record-breaking trend for four straight months in November amid the persistent current account surplus, central bank data showed Wednesday.
Bank of Korea (BOK) lifted its gold holdings by 14 tons last month in a bid to diversify its foreign reserves. Foreign reserves reached a fresh monthly high of 326.09 billion U.S. dollars as of the end of November, up from the previous record high of 323.46 billion dollars for October, according to the BOK………………………………………Full Article: Source

Posted on 05 December 2012 by VRS |  Email |Print

The Philippines’ foreign exchange reserves are set to reach a new high of $83 billion by the end of 2012, the central bank governor said Tuesday. “[The new gross international reserves forecasts are] $83 billion for this year and $86 billion for next year,” Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. told reporters at the sidelines of a forum on financial education held at the central bank’s headquarters in Manila.
The country’s GIR is currently already at a record high of $82 billion, 6.6 times the country’s total foreign currency-denominated debts and enough to cover nearly a year’s worth of the Philippines’ import requirements, the BSP earlier reported………………………………………Full Article: Source

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