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Sovereign Wealth Funds Briefing 06.Mar 2013

Posted on 06 March 2013 by VRS |  Email |Print

A few months late to this story, the Wall Street Journal published a piece last Wednesday entitled “Angola Wealth Fund is Family Affair.” This was widely reported in the international press back in the fall when the Fundo Soberano de Angola was officially announced.
The Fund, started with $5 billion, now puts Angola in line with other OPEC nations, which also have funds to protect against oil price volatility, to secure the future when oil runs out, to build infrastructure, and/or to diversify the economy. Angola could use all these. According to one prominent member of the board, the emphasis will be on diversification and wealth creation………………………………………..Full Article: Source

Posted on 06 March 2013 by VRS |  Email |Print

The head of Libya’s sovereign wealth fund says his efforts to recoup billions of dollars lost through sales of derivatives by Goldman Sachs and other financial institutions are now “in limbo” after the country’s prime minister moved to sack him last week.
Mohsen Derregia, head of the Libyan Investment Authority (LIA), told the Financial Times that he believed his pursuit of damages from foreign banks for suspicious deals forged under the regime of Muammer Gaddafi was one of the reasons behind the government’s efforts to replace him………………………………………..Full Article: Source

Posted on 06 March 2013 by VRS |  Email |Print

The total assets of the National Fund of Kazakhstan amounted to $68.9 billion (34 per cent of GDP), the minister of economy and budget planning Erbolat Dosaev said. “The government of Kazakhstan is going to continue the policy of accumulating assets in the National Fund considering the irreducible residue at a rate of 20 per cent of the expected value of GDP,” he said.
Moreover, in order to provide the budget with a stable revenue source and finance the expenditures allocated on an increase of economic activity and employment, the law of the Republic of Kazakhstan ‘on guaranteed transfer from the National Fund of Kazakhstan’ was adopted, Trend was informed………………………………………..Full Article: Source

Posted on 06 March 2013 by VRS |  Email |Print

China Investment Corp., the country’s main sovereign wealth fund, earned a 10.65% return on its overseas investments last year, CIC Executive Vice President Liang Xiang said Wednesday. CIC’s total accumulated overseas investment return since it was established in 2007 is now above 5%, Ms. Liang said on the sidelines of the National People’s Congress, the annual meeting of the country’s legislature.
CIC reported a 4.3% loss on its overseas investments in 2011 as its holdings, including energy and resource producers, were hit by volatile global markets. Ms. Liang said the U.S. and Europe would still be the fund’s main markets for investment this year, though the euro-zone crisis remains a major concern………………………………………..Full Article: Source

Posted on 06 March 2013 by VRS |  Email |Print

Singapore wealth fund Temasak has bought a 5% stake in Spanish oil group Repsol for just over one billion Euros, raising its total stake in the company to 6.3%, Repsol said in a release. The operation involves the entire portfolio of Repsol treasury stock at 16.01 Euros per share for a total of 1.036 billion Euros (1.35bn dollars).
“The operation, the biggest investment ever made by Singapore in Spain, reflects the confidence which first class international investors have in Repsol’s growth strategy,” it said in a statement………………………………………..Full Article: Source

Posted on 06 March 2013 by VRS |  Email |Print

A Manhattan federal judge on Monday rejected a bid by the Abu Dhabi Investment Authority to overturn an arbitration panel’s ruling favouring Citigroup Inc. in a dispute over a $7.5 billion investment by the fund in the bank. US District Judge George Daniels rejected arguments that the October 2011 ruling by an American Arbitration Association panel, which reviews international disputes, ignored applicable law and was “fundamentally unfair” by depriving the Abu Dhabi fund of a chance to properly present its case.
The sovereign wealth fund had sought to rescind the November 2007 investment, or recover $4 billion in damages over what it called Citigroup’s fraudulent representations to induce it to invest………………………………………..Full Article: Source

Posted on 06 March 2013 by VRS |  Email |Print

Dubai expects to offer at least one flagship asset to the public as early as next year to stimulate investment and shore up its role as a global trade hub, a senior government official told Reuters.
Mohammad Al Shaibani, chief executive of the Investment Corporation of Dubai (ICD), told Reuters that Dubai had a plan to deal with debts maturing in coming years and would not see a repeat of the 2009 debt crisis. He declined to provide specifics………………………………………..Full Article: Source

Posted on 06 March 2013 by VRS |  Email |Print

The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has stressed the need for a thorough governance review of transparency and accountability in the oil sector. Sanusi said this while presenting a speech at a forum organised by members of the Metropolitan Club in Lagos Tuesday.
Responding to questions on Nigeria’s external reserves, the CBN helmsman who apparently was making reference to a recent feud between the Federal Government and a former vice-president of the World Bank, Mrs. Oby Ezekwesili, said the country never had $67 billion reserves in its history………………………………………..Full Article: Source

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