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Sovereign Wealth Funds Briefing 17.Apr 2013

Posted on 17 April 2013 by VRS |  Email |Print

The prime minister’s office does not agree with the finance ministry position that the country does not have enough foreign exchange to set up a sovereign wealth fund. Prime minister Manmohan Singh is keen on creating a $100 billion fund. Finance minister P Chidambaram will soon meet the prime minister to discuss the next steps towards creating the fund. “Inputs from various ministries have been received. The prime minister will now give a final directive,” says an official.
At a recent meeting chaired by the prime minister’s principal secretary Pulok Chatterjee, finance ministry officials said that the foreign exchange was not enough for the fund…………………………………….Full Article: Source

Posted on 17 April 2013 by VRS |  Email |Print

Given the revenue account deficit and apprehensions of devaluation of rupee vis-a-vis dollar resulting in worsening fiscal deficit, the government has put the proposal of constituting a sovereign wealth fund (SWF) to acquire assets abroad on the back burner.
“Constitution of a SWF is possible and desirable only when the current account is surplus and investing funds in acquiring assets abroad, based on commercial decisions, give better returns as against putting these funds in treasury,” the finance ministry conveyed at a recent meeting in the Prime Minister’s Office (PMO). HT is in possession of the minutes of the meeting held in the PMO…………………………………….Full Article: Source

Posted on 17 April 2013 by VRS |  Email |Print

The study by A Capital is the most comprehensive investigation yet into Chinese investment in Europe. The private equity firm itself counts the Chinese government among its investors, in the form of the China Investment Corporation (CIC).
Chinese firms have caused a furor in the past for their partial or complete takeovers of German flagship companies like concrete pump manufacturer Putzmeister, warehouse equipment maker Kion and consumer electronics manufacturer Medion…………………………………….Full Article: Source

Posted on 17 April 2013 by VRS |  Email |Print

Qatar’s aggressive sovereign wealth fund is focusing its investment strategy in Germany on companies selling in emerging markets as well as real estate, an executive board member of the Qatar Investment Authority has said.
The QIA, the most active Middle East sovereign wealth fund in recent years, is estimated to be worth around $200bn and has bought stakes in companies ranging from German sports car maker Porsche to Barclays…………………………………….Full Article: Source

Posted on 17 April 2013 by VRS |  Email |Print

Sovereign wealth funds (SWFs) are not new to the continent. Botswana’s Pula Fund dates back to 1994, Algeria formed its Revenue Regulation Fund in 2000 and in Tripoli the government created the Libyan Investment Authority (LIA) in 2006.
Chad, Mauritania, Gabon, Namibia and São Tomé e Príncipe also have SWFs, though information on their assets and investment targets is harder to come by.So, if you are an African finance minister with a windfall to invest, what do you choose?……………………………………Full Article: Source

Posted on 17 April 2013 by VRS |  Email |Print

Angola said on Tuesday it missed its own deadline to publish an investment policy for a planned $5 billion sovereign wealth fund due to a legal challenge, slowing efforts to diversify its oil-dependent economy.
Africa’s second-largest oil producer announced plans for the fund in October, to invest in everything from water projects to sub-Saharan hotels. It has made little progress since, frustrating investors who had hoped for clearer signals on potential spending…………………………………….Full Article: Source

Posted on 17 April 2013 by VRS |  Email |Print

Israel is on its way to launching a sovereign wealth fund (SWF), designed to prevent a steep appreciation of the shekel following the country’s plans to allow access to its natural gas fields.
The country’s cabinet voted to re-approve the establishment of a SWF, after the initial proposal from the previous administration failed to be passed by the Knesset - the Israeli legislative branch of government which passes all laws - before its election in January…………………………………….Full Article: Source

Posted on 17 April 2013 by VRS |  Email |Print

For the 1st quarter the State Oil Fund of Azerbaijan (SOFAZ) had budget net surplus at AZN 593.8 million or 16.85% of revenues for the reported term.According to SOFAZ, in the 1st quarter it received AZN 3.5 bn of revenue and made AZN 2.929 bn of expenditures. Due to that, SOFAZ assets for the quarter increased by 0.6% - from $34.129 bn up to $34.325 bn.
The basis of revenue for the quarter were proceeds from oil and gas production PSA contracts for AZN 3.413 bn, including revenue from sale of profit oil and gas for AZN 3.410 bn. Another AZN 110.4 million were brought to Fund’s budget by revenues from the management of its assets. Transit fee provided AZN 2.1 million, bonus AZN 200,000, sale of assets transferred by foreign companies AZN 10,000…………………………………….Full Article: Source

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