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Sovereign Wealth Funds Briefing 19.Dec 2012

Posted on 19 December 2012 by VRS |  Email |Print

Aimed at acquiring big-ticket natural resources abroad, the creation of a Sovereign Wealth Fund (SWF) for India has been under the consideration of the finance ministry since 2008. In principle, the proposal to set up a SWF was cleared by a group of ministers on October 13, 2011, after which the matter came up for discussion during a recent meeting in the Prime Minister’s Office.
After detailed deliberations, the government is now of the view that it may be prudent to rework the concept with greater focus on mobilising resources from within, including public sector undertakings, by creating an attractive instrument of investment………………………………………..Full Article: Source

Posted on 19 December 2012 by VRS |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment company, raised its stake in Olam International Ltd. (OLAM) after earlier this month saying it would back the commodity trader’s bond offering.
Aranda Investments Pte., controlled by Temasek, bought 200,000 shares for S$293,000 ($240,598) yesterday, according to an Olam filing. Temasek’s deemed interest rose to 17 percent from 16.99 percent, it said………………………………………..Full Article: Source

Posted on 19 December 2012 by VRS |  Email |Print

China’s Central Huijin Investment Co, , a unit of the country’s $480 billion sovereign wealth fund, has invested 20 billion yuan ($3.2 billion) in China Export & Credit Insurance Corp, the latest move to help domestic firms to export and make outbound investment, state television reported on Tuesday.
It did not reveal the size of stake taken by Central Huijin. China Export & Credit Insurance Corp is a state-owned company that provides credit insurance services for exporters and other firms………………………………………..Full Article: Source

Posted on 19 December 2012 by VRS |  Email |Print

The government’s strategic investment fund Khazanah Nasional Bhd will divest its entire 45% stake in Time Engineering Bhd (TEB), a move that is part of Khazanah’s divestment plan to dispose its non-core assets, via a tender process to a qualified Bumiputera entrepreneur.
The estimated value of the chunk, according to its latest market capitalisation, is RM101.6 million………………………………………..Full Article: Source

Posted on 19 December 2012 by VRS |  Email |Print

The Fundo Soberano de Angola (FSDEA) was launched in October to great fanfare, receiving global media coverage from the likes of the New York Times, CNN and Euromoney. Local and international journalists packed into the shiny new offices by Sagrada Família upmarket area in Luanda to admire the glass and steel spiral staircase, lacquered furniture and raw silk wallpaper.
They were given stylish press packs featuring black and white photographs of smiling Angolan children and told how the FSDEA would change Angola for the better and preserve the country’s great oil wealth for the use of future generations………………………………………..Full Article: Source

Posted on 19 December 2012 by VRS |  Email |Print

The creation of the Sovereign Wealth Fund (SWF) presents an opportunity for the government to fund infrastructure, the Managing Director, Stanbic IBTC Holdings Plc, Mrs Sola David-Borha, has said.
Speaking at the Fourth Christopher Kolade Symposium hosted by the Nigerian Leadership Initiative (NLI) in Lagos, she said infrastructure stimulate growth. The Federal Government requires N16 trillion to provide infrastructure in the country, she said. According to her, the economy is growing but not as fast as expected because of inadequate infrastructure………………………………………..Full Article: Source

Posted on 19 December 2012 by VRS |  Email |Print

The Azerbaijani government keeps on expanding tax exemptions for the State Oil Fund of Azerbaijan (SOFAZ), assets of which exceed the size of country’s state budget. According to the amendments to the Rules of assessment and payment of land tax to local (municipal budgets), lands belonging to or used by SOFAZ were exempted from land tax.
Simultaneously it was specified the rate of land tax for rural areas used under industrial, construction, transport, communications, trade, service enterprises; housing fund, pastures and cottages. For enterprises it ranges 2 up to 10 manats per 100 sq m and for the rest 0.1 up to 0.6 manats………………………………………..Full Article: Source

Posted on 19 December 2012 by VRS |  Email |Print

The Parliamentary Economic Policy Committee is considering today a bill on amendments to the Tax Code of Azerbaijan, the largest since 2009. Deputy Tax Minister Natig Amirov says that the bill proposes the amendments relating to the taxation of the operations of the State Oil Fund of Azerbaijan (SOFAZ).
“In accord with the amendments the finances directed for SOFAZ assets are exempted from income tax. The SOFAZ is also exempted from payment of VAT for import of physical gold purchased for placement of their assets,” Amirov said………………………………………..Full Article: Source

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