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Sovereign Wealth Funds Briefing 15.Apr 2013

Posted on 15 April 2013 by VRS |  Email |Print

Israel’s cabinet on Sunday re-approved the establishment of a sovereign wealth fund to prevent a steep appreciation of the shekel once natural gas fields start to generate high levels of income. Bank of Israel Governor Stanley Fischer has called for a sovereign wealth fund similar to Norway’s to safeguard the billions of dollars in windfall natural gas revenue.
Israel wants to avoid the so-called Dutch Disease, whereby a sudden explosion in national wealth overheats the currency and undermines export industries………………………………………..Full Article: Source

Posted on 15 April 2013 by VRS |  Email |Print

The creation of an Israeli sovereign wealth fund for revenue from natural-gas discoveries will help the government manage currency-market expectations, a top adviser to the prime minister said.
A draft law creating the fund was approved in principle today by the Cabinet, said Eugene Kandel, head of the National Economic Council. While the fund will probably enjoy income only in 2016 or 2017, the government is rushing to prepare the framework for its operation now, he said………………………………………..Full Article: Source

Posted on 15 April 2013 by VRS |  Email |Print

The government approved the creation of a sovereign wealth fund to manage profits from Israel’s natural gas fields and prevent the influx of dollars from overvaluing the shekel. But the fund’s creation only becomes final after the Knesset legislates it.
Many states that discover large natural resource reserves set up such funds to avoid what economists call “Dutch disease.” Selling natural gas on the world market would flood Israel’s economy with dollars, making them cheap relative to the shekel. A strong shekel, in turn, would make Israeli goods more expensive on the world market, hurting exports………………………………………..Full Article: Source

Posted on 15 April 2013 by VRS |  Email |Print

Norway’s $730 billion sovereign wealth fund, Europe’s biggest equity investor, will continue to operate under its current strategy, the finance ministry said in a white paper on Friday.
“The ministry presents analyses of several aspects of the strategy, but does not present plans for major changes to the investment strategy of the fund,” it said in a statement………………………………………..Full Article: Source

Posted on 15 April 2013 by VRS |  Email |Print

The value of Norway’s $724 billion oil fund is likely to fluctuate more in the coming years, said Minister of Finance Sigbjorn Johnsen Friday, adding that he still expected an average annual yield of 4%. “I think 4% is a realistic target,” Mr. Johnsen told Dow Jones Newswires after presenting the government’s annual review of the oil fund’s performance and strategies.
The fund returned 13.4% on its investments in bonds, stocks and real estate in 2012, its second best year ever. But Mr. Johnsen said the Norwegian people should expect more volatility in the fund’s value in the years to come………………………………………..Full Article: Source

Posted on 15 April 2013 by VRS |  Email |Print

The Excess Crude Account (ECA) is now $7 billion, as the Federal Government, states and the 774 local government councils in the country shared N731.13 billion.
The allocation, which is for March, was shared by the three tiers of government after a stormy session at the meeting of the Federation Account Allocation Committee (FAAC) in Abuja, occasioned by the face-off of state commissioners of finance with the Minister of State for Finance, Lawan Yerima Ngama………………………………………..Full Article: Source

Posted on 15 April 2013 by VRS |  Email |Print

The Kuwait Investment Authority is investing in the $15bn Hudson Yards office property project in Manhattan in a deal that illustrates how conservative sovereign wealth funds are taking on greater risk in the pursuit of higher returns. Sovereign wealth funds typically buy premier buildings for their rental yields or invest in real estate funds managed by private equity groups.
But with rental yields hovering around 4 per cent, sovereign wealth funds are now taking on development and construction risk on new buildings in the hope of earing double-digit returns on such investments………………………………………..Full Article: Source

Posted on 15 April 2013 by VRS |  Email |Print

Experts say the country’s sovereign wealth fund is only focussed on investments with high returns. Bankers and politicians touting their countries’ wares have to work hard to get the attention of Qatar’s sovereign wealth fund, such is the range of its interests, from banks to cars to soccer clubs, and its exacting requirement for returns.
With estimated assets of about $200 billion, and more than a dozen potential deals on its radar every week, the state-run firm has no time for less than compelling investment opportunities and hopes to make more than 17 per cent on its book this year, according to one banker close to the fund………………………………………..Full Article: Source

Posted on 15 April 2013 by VRS |  Email |Print

The Qatar Investment Authority, the Gulf country’s sovereign wealth fund, is planning an IPO of a new US$12bn investment fund in what would be one of the largest ECM deals in the region. But with the sale of shares set to be restricted to investors based in the country, bankers are sceptical that the Qatari market has the capacity to absorb a deal of this magnitude.
The Doha Global Investment Co fund is scheduled to list on the Qatar Exchange in May with a free-float of 50%, suggesting a deal size of US$6bn, which would make it one of the largest IPOs in the EMEA region in the recent past. However, given Qatar’s small population and the size of its stock market, observers doubt that the the deal will go through in its present form………………………………………..Full Article: Source

Posted on 15 April 2013 by VRS |  Email |Print

Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, announces its support to the Palm Association. The association raises funding with the aim of helping needy Bahraini families and making a difference in their lives by providing food parcels, educational sponsorships and home improvements.
Mumtalakat is proud to be associated with this Association and to donate BD7,000. The donation will support projects that the Palm Association undertakes each month, amongst which the cornerstone Feed-a-Family programme, which distributes approximately 155 food parcels to the value of BD20 every month to Bahraini families who have fallen on hard times………………………………………..Full Article: Source

Posted on 15 April 2013 by VRS |  Email |Print

Australians could be sitting on a $300 billion sovereign wealth fund to rival the oil-rich nation of Kuwait if we had banked the budget windfall of the now deflating mining boom. Instead, exclusive modelling for News Limited reveals successive federal governments have squandered the lot - and then some - in tax cuts, handouts and stimulus spending.
Most economists are tipping Labor’s fifth budget will reveal a budget still deep in deficit - by as much as $10 billion in 2013-14 - as revenues continue to disappoint. This is despite the mining boom delivering a $290 billion boost to the budget bottom line between 2003/4 to 2016/17, according to modelling by Canberra-based forecasting group Macroeconomics………………………………………..Full Article: Source

Posted on 15 April 2013 by VRS |  Email |Print

QSuper members will gain access to a mortgage broking service which offers a refund on 50 per cent of the lending institutions’ ongoing commissions. Its financial planning arm QInvest will launch the new service through a newly formed team of salaried mortgage brokers, with 50 per cent of the value of ongoing commissions going into the running of the business.
The superannuation fund said the move would enable its members to get a better deal on their home loans and forms part of its move towards a holistic whole-of-life offering, which includes the annuity product it launched earlier this year………………………………………..Full Article: Source

Posted on 15 April 2013 by VRS |  Email |Print

The healthy iKang Management Group held a press conference to formally announce the joint strategic investment for a leading global investment bank Goldman Sachs Group and the Government of Singapore Investment Corporation, nearly 100 million dollars. Needless to say, the Chinese health management industry is by far the largest single private investment.
The iKang Group Chairman and CEO Mr. Zhang Ligang said the money will help the speed up iKang medical entities in major cities in China expansion, to establish a more comprehensive customer service platform, and on the basis of the healthy development of new business, to help iKang health management platform to build industry-leading………………………………………..Full Article: Source

Posted on 15 April 2013 by VRS |  Email |Print

Kotak Mahindra Bank will make a preferential allotment of 2 crore equity shares to Singapore-based Heliconia for Rs 1,296 crore. The proposed investment will be at a price of Rs 648 a share.
The preferential equity issue is subject to shareholder and other necessary regulatory approvals, the bank said in a statement. Post-allotment, Heliconia, an affiliate of the Government of Singapore Investment Corporation Pte Ltd, will have approximately 2.6 per cent shareholding in the private sector bank………………………………………..Full Article: Source

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