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Sovereign Wealth Funds Briefing 25.Feb 2013

Posted on 25 February 2013 by VRS |  Email |Print

The proposal of the Prime Minister’s Office (PMO) to create a Sovereign Wealth Fund (SWF) has been scrapped following overall assessment that India does not have sufficient foreign exchange to support it.
The most vocal resistance came from the Finance Ministry, with both the economic affairs and expenditure departments saying cash-rich PSUs should use their reserves and decide independently on commercial terms. “In the prevailing situation… it would be more advisable if PSUs with surplus funds and technical know-how take independent decisions to invest in acquiring assets based on commercial gains,” said the economic affairs department at a meeting held by the principal secretary to the PM………………………………………..Full Article: Source

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Posted on 25 February 2013 by VRS |  Email |Print

Qatar Holding, the foreign investment arm of the Gulf state’s sovereign wealth fund, plans to seek a credit rating in the “next few months”, its CEO said in comments published by Bloomberg.
If the move goes ahead, the ratings agency would likely require some degree of disclosure from the fund, which is seen as largely opaque. The Doha-based investment fund had zero debt on its balance sheet at the end of last year, Ahmad Mohamed Al-Sayed said………………………………………..Full Article: Source

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Posted on 25 February 2013 by VRS |  Email |Print

Qatar Holding, a unit of the Gulf Arab state’s sovereign wealth fund, will launch a new investment firm worth $12 billion to purchase assets globally, a top official said on February 19. Qatar Holding vice-chairman, Hussain al-Abdullah, who is also a board member of Qatar Investment Authority (QIA), said the company would be listed on the Doha stock exchange in six to eight weeks.
“You name it - shares, bonds, real estate, private equity. We will look at every sector in every country around the world,” he told reporters in the Qatari capital………………………………………..Full Article: Source

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Posted on 25 February 2013 by VRS |  Email |Print

A former Director in the Central Bank of Nigeria (CBN), Titus Okunronmu, on Saturday 2013 urged the Federal Government to provide effective guidelines for the take-off of the Sovereign Wealth Fund.
Okunronmu made this known in Lagos, saying there was the need for sharing formula guidelines to ensure transparency. According to him, states will not need the same amount of money at the same time, so the Federal Government needed to devise a way of meeting each state’s demand at different times………………………………………..Full Article: Source

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Posted on 25 February 2013 by VRS |  Email |Print

I knew for a fact that even after Obasanjo left office, foreign reserves accretion continued and peaked at almost $63 billion in September 2008.
It was only after the global economy went into a tailspin, oil prices crashed from a peak of $147 per barrel attained in July 2008, the US government allowed Wall Street investment bank Lehman Brothers to fail two months later, and foreign investors exited the Nigerian equities market in droves during the same period, that the country’s foreign reserves took a beating………………………………………..Full Article: Source

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Posted on 25 February 2013 by VRS |  Email |Print

China’s foreign-exchange regulator has been actively but discreetly investing in U.K. property and infrastructure, marking a significant shift in how the secretive manager of the world’s largest foreign-currency reserves uses its funds.
In recent years SAFE, which is responsible for investing most of China’s $3.31 trillion worth of foreign-exchange reserves, has mainly kept a low profile, taking very small positions in blue-chip stocks or allocating funds to third-party asset managers to invest on its behalf. But SAFE’s recent U.K. investments signal a new willingness to take significant direct ownership stakes, following in the footsteps of China Investment Corp., the better-known investor of Beijing’s sovereign wealth………………………………………..Full Article: Source

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