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Sovereign Wealth Funds Briefing 25.Mar 2013

Posted on 25 March 2013 by VRS |  Email |Print

Norway, home to the world’s biggest sovereign wealth fund, is betting it can afford to ignore investor outrage. After shocking global credit markets in 2011 by pulling support from the once AAA and now junk (6120B)-rated lender Eksportfinans ASA, the government unveiled plans in January to cut tariffs on gas transport by 90 percent, sapping income for those funding the venture by as much as $7 billion.
Investors are now asking themselves how much risk they’re willing to accept to gain access to western Europe’s biggest oil and gas reserves. And while Norway boasts a stable AAA rating and the world’s smallest default risk, the government’s decision to ride roughshod over investors is starting to resemble actions seen in less stable democracies such as Venezuela and Russia………………………………………..Full Article: Source

Posted on 25 March 2013 by VRS |  Email |Print

With an eclectic list of interests united only by a belief in investing for the long term, the emirate’s sovereign wealth fund is being taken seriously at last. The Qatar Investment Authority, where HBJ is chief executive, is what most people think of when Qatar pops up on a deal, but little is known about its workings. The sovereign wealth fund rankings gives it a “transparency index” of five out of 10 – the same as Iran’s sovereign fund – while estimating it has around $115bn of assets.
Even so, the QIA is essentially a holding company and it is its various subsidiaries, mainly Qatar Holding, that have led many of Qatar’s foreign acquisitions. It is via QH that Qatar holds its stakes in Barclays, Sainsbury’s and German carmakers Volkswagen and Porsche, plus full ownership of Harrods, the luxury department store which houses the QIA’s London office………………………………………..Full Article: Source

Posted on 25 March 2013 by VRS |  Email |Print

Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, signed a Memorandum of Understanding (MoU) with three entities in Japan in an effort to promote and revitalise Bahrain’s pearl industry. The MoU was signed as part of the Kingdom’s visit to Japan, which was led by His Royal Highness Prince Salman Bin Hamad Al-Khalifa, the Crown Prince of Bahrain, the First Deputy Prime Minister, and Chairman of the Economic Development Board.
Signatories of the MoU include, among others: Kinoshita Pearl Co., Ltd. (Kinoshita Pearl), a leading specialist company in natural and cultured pearls; First Stem Cell Japan Co., Ltd. (First Stem Cell), a biotechnology research company; and Japan International Cooperation Center (JICE). Kinoshita Pearl and First Stem Cell will be able to provide advanced new technologies and methods to determine the existence, quality and maturity of pearls. (Press Release)

Posted on 25 March 2013 by VRS |  Email |Print

The Cypriot parliament passed emergency legislation relating at setting up the groundwork for a bailout deal. These bills include the creation of a sovereign wealth fund, nationalization of pension assets and imposing strict limits on the movement of capital.
The Eastern Mediterranean Sea has offshore gas deposits; capital-intensive infrastructure is needed to extract the gas and transport it. The future sovereign wealth fund of Cyprus has a long way to go to receive funding from offshore gas deposits………………………………………..Full Article: Source

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