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Sovereign Wealth Funds Briefing 07.Mar 2013

Posted on 07 March 2013 by VRS |  Email |Print

The president of China’s giant sovereign-wealth fund warned Japan against using its neighbors as a “garbage bin” by deliberately devaluing the yen, joining growing international griping about a potential currency war.
In unusually strong language, Gao Xiqing, president of China Investment Corp., echoed alarms from Latin America to Europe that the new Japanese government is aiming to boost its exports at other countries’ expense via a weaker currency—allegations often leveled at China itself by the U.S. and others………………………………………..Full Article: Source

Posted on 07 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, marking a rebound from last year’s loss.
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………………………………………..Full Article: Source

Posted on 07 March 2013 by VRS |  Email |Print

Bahrain sovereign wealth fund Mumtalakat plans a multi-million pound investment in local projects, joining efforts to bolster the local economy. Chief executive Mahmood Al-Kooheji said the fund was targeting $150 million of investments in the kingdom in 2013 as part of efforts to deploy funds in the country and expand its domestic portfolio.
Mumtalakat, set up in 2006, holds stakes in firms in Bahrain’s non-oil sector, including Bahrain Telecommunications Co, Aluminium Bahrain and airline Gulf Air , and is one of the smaller sovereign wealth funds in the Gulf region………………………………………..Full Article: Source

Posted on 07 March 2013 by VRS |  Email |Print

Bahrain’s sovereign wealth fund is considering investing in some of the country’s stalled property developments to help kick-start them again. Mumtalakat CEO Mahmood Hashim Al Kooheji said the company’s real estate arm, Edamah, would invest in the part-finished projects if they were commercially viable.
At least four significant developments – Bahrain Bay, Marina West, Marina Reef and the Villamar residential complex - have stalled since the onset of the financial crisis, which saw the average value of real estate in the country plummet………………………………………..Full Article: Source

Posted on 07 March 2013 by VRS |  Email |Print

Qatar’s sovereign wealth fund, the largest shareholder of Tiffany & Co, further raised its stake in the U.S. luxury jeweler to 11.27 percent, according to a regulatory filing.Qatar Investment Authority, which first disclosed a 5.2 percent stake in Tiffany last April, had raised its holding in the company to 8.7 percent last month.
Vanguard Group Inc, the largest U.S. mutual fund company, and Capital World Investors, a unit of Capital Group Companies Inc, are the next biggest shareholders of Tiffany’s as of Dec. 31………………………………………..Full Article: Source

Posted on 07 March 2013 by VRS |  Email |Print

The Central Bank of Nigeria, CBN, Governor, Lamido Sanusi, has described the recent controversy surrounding Nigeria’s management of its excess crude revenue savings and external reserves as unnecessary, saying the Federal Government used part of the savings in the Excess Crude Account, ECA, to finance the controversial petroleum subsidy payments.
Payments by the Federal Government for subsidy on petroleum products supply and distribution, which was only N290 billion in 2009 rose astronomically in controversial circumstances to about N2.1 trillion in 2011, resulting in a national protest by Nigerians in January 2012 after the government announced a hike in the price of petrol………………………………………..Full Article: Source

Posted on 07 March 2013 by VRS |  Email |Print

In 1987, the value of Alberta’s Heritage Savings and Trust Fund stood at $12.7 billion. That year, the province faced a massive budget deficit and transfers to the fund from resource revenues were suspended. Such deposits did not resume again until almost two decades later and only lasted two years before being suspended again.
There is little doubt of the severity of the financial difficulties facing Alberta. In many ways it’s the late 1980s all over again. Alberta has again squandered a period of pronounced prosperity and ended up with unsustainable deficits, the likelihood of mounting debt, and no savings. While reform and reduction of spending will have to be undertaken in the short term to achieve a balanced budget, the province should not forget or ignore the need for longer term reform………………………………………..Full Article: Source

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