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Sovereign Wealth Funds Briefing 25.Apr 2013

Posted on 25 April 2013 by VRS |  Email |Print

Norway’s sovereign wealth fund is looking into selling off shares in oil firms that work in Equatorial Guinea, where oil revenue does nothing to relieve abject poverty, the fund’s ethics council said, a list that includes Exxon Mobil. The Norwegian Pension Fund Global was Exxon Mobil’s tenth-largest shareholder at end-2012 with some 16 billion crowns ($2.7 billion) worth of shares, or a stake of 0.81 percent.
The fund, whose investments totalled $725 billion on Wednesday, invests Norway’s revenues from oil and gas production for future generations. Exxon Mobil was its tenth-largest equity holding at end-2012, according to its annual report………………………………………..Full Article: Source

Posted on 25 April 2013 by VRS |  Email |Print

The state-appointed ethics council that oversees investments made by Norway’s huge oil-fueled sovereign wealth fund is questioning whether operations by US oil giant ExxonMobil in Equatorial Guinea violate “fundamental ethical norms.” If so, the fund may need to sell off its ExxonMobil stock.
The council is charged with evaluating investments in individual companies in which Norway’s popularly called “oil fund” has stakes. The Norwegian finance ministry, ultimately in charge of the fund that’s tied to Norway’s central bank and long has ranked as one of the biggest investment funds in the world, makes its decisions based on the council’s recommendations………………………………………..Full Article: Source

Posted on 25 April 2013 by VRS |  Email |Print

Finance Ministry has opposed creation of a $10 billion Sovereign Wealth Fund (SWF) to acquire oil and gas and fertiliser assets abroad, saying the country did not have sufficient foreign currency to support the fund. At a recent meeting called by PM’s principal secretary Pulok Chatterjee, departments of economic affairs and expenditure were of the opinion that cash-rich PSUs should use their reserves and decide independently on overseas acquisition on commercial terms, official sources said.
Planning Commissioned had mooted setting aside of $10 billion from the nation’s foreign-exchange reserves and creating a sovereign wealth fund to secure energy assets overseas………………………………………..Full Article: Source

Posted on 25 April 2013 by VRS |  Email |Print

Khazanah Nasional Bhd., Malaysia’s state investment company, selected three banks to help arrange a sale of as much as $1 billion of convertible Islamic bonds, said two people with knowledge of the matter.
The sovereign fund is working with CIMB Group Holdings Bhd., Deutsche Bank AG and Standard Chartered Plc on a potential offer, said the people, who asked not to be identified because the information is private. Khazanah could raise $500 million to $1 billion, though a final decision on whether to proceed has yet to be made, one person said………………………………………..Full Article: Source

Posted on 25 April 2013 by VRS |  Email |Print

“The sovereign wealth fund is definitely a mechanism that can break the link between these huge inflows and the exchange rate,” IMF Senior Economist Jaime Guajardo said in an interview last week.
The Philippines has been buoyed by robust BPO earnings that hit $13 billion last year, up by 18.18%. Overseas remittances totalling $21.391 billion, up 6.3% from 2011 and breaching the Bangko Sentral ng Pilipinas’ (BSP) 5% growth target, also provided a boost………………………………………..Full Article: Source

Posted on 25 April 2013 by VRS |  Email |Print

What was revealed by PKR director of strategy Rafizi Ramli was alarming - the 1MDB had raised RM5 billion through government-guaranteed bonds for several investment ventures which were not clearly identified.According to Rafizi, 1MDB had raised the bonds for several investment ventures, for example Petro Saudi International (PSI), whose activities and origins he alleged were “dubious”.
When we raise loans of this size, we should have clear and definite investment plans, after feasibility studies concluded, on how to use the money………………………………………..Full Article: Source

Posted on 25 April 2013 by VRS |  Email |Print

Samruk-Kazyna National Welfare Fund plans to implement 83 investment projects worth over $51 billion, Tengrinews.kz reports citing the fund’s press-service.“The fund is currently taking part in implementation of 100 investment projects worth over $82 billion via its major branches. The fund is additionally considering implementation of another 83 investment projects worth $51.7 billion,” the message states.
According to the press-service, the fund is currently focusing on investment in the projects with high growth potential. They include alternative energy, chemistry and oil chemistry, transport, infrastructure, engineering, IT technologies and projects with innovative component and transfer of advanced technologies………………………………………..Full Article: Source

Posted on 25 April 2013 by VRS |  Email |Print

The State Oil Fund will allocate AZN 30 million for the education of Azerbaijani students abroad this year, said Minister of Education Misir Mardanov in his speech at the presentation ceremony on the development of Information Management System and new website regarding “State Program on education of Azerbaijan youth abroad in 2007-2015” held in the Ministry of Education, APA reports.
He said the funds for the education of Azerbaijani youth abroad are increased every year. The Minister said while this amount was AZN 20 million last year, it is expected to be AZN 30 million this year: “When started the implementation of program, we thought how we would afford its implementation. However, now we are concerned how to effectively spend so much money.”……………………………………….Full Article: Source

Posted on 25 April 2013 by VRS |  Email |Print

Sometimes, a picture really is worth a thousand words. Above, I show which countries have the largest sovereign wealth funds, and below, I show how these countries’ funds rank on a per capita basis. Data about the funds comes from the Sovereign Wealth Fund Institute’s Sovereign Wealth Fund Rankings, and I calculated per capita values primarily by using World Bank population data. It’s interesting to note that:
Oil rules. These sovereign wealth funds (SWFs) are more or less oil-based except for a few Asian tigers and Australia. And out of the countries with the fifteen largest funds–as measured by the combined assets of all the funds whose amounts are listed–the Middle East and North Africa occupy six spots………………………………………..Full Article: Source

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