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Sovereign Wealth Funds Briefing 08.May 2013

Posted on 08 May 2013 by VRS |  Email |Print

Angola’s government plans to appoint a new chairman for its $5 billion sovereign wealth fund, with Armando Manuel stepping down from the post after he was appointed as the oil rich-country’s finance minister, a spokeswoman for the fund said on Tuesday.
“The fund (FSDEA) confirms that Armando Manuel will leave the post of chairman in order to concentrate on his new position,” the spokeswoman said in written comments to Reuters. President Jose Eduardo dos Santos on Monday replaced his finance and construction ministers, in the first cabinet re-shuffle since elections last August………………………………………..Full Article: Source

Posted on 08 May 2013 by VRS |  Email |Print

The appointment of Armando Manuel as Angola’s finance minister boosts the legitimacy of the southern African nation’s $5 billion sovereign wealth fund, Markus Weimer of Control Risks Group said.
Angolan President Jose Eduardo dos Santos replaced Finance Minister Carlos Alberto Lopes yesterday in a cabinet shuffle and appointed Waldemar Pires Alexandre construction minister. “The appointment of Manuel brings greater legitimacy and prominence to the sovereign wealth fund, which is going to be an important part of Angola’s development going forward,” Weimer, a senior analyst for Control Risks in London, said………………………………………..Full Article: Source

Posted on 08 May 2013 by VRS |  Email |Print

The Government of Singapore Investment Corp (GIC) has taken a stake in the third-largest private equity deal of the year. The investment firm is among a group of investors that will pay US$6.9 billion (S$8.5 billion) in cash to buy American company BMC Software and take it private, according to a statement released by BMC.
The price per share works out to US$46.25, less than 2 per cent over BMC’s closing price of US$45.42 on the Nasdaq exchange last Friday………………………………………..Full Article: Source

Posted on 08 May 2013 by VRS |  Email |Print

Abu Dhabi’s sovereign wealth fund International Petroleum Investment Company (Ipic) said on Tuesday its fiscal year 2012 net profit rose to a whopping Dh6.4 billion from Dh164.1 a million year earlier on the back of robust operational performance of Cepsa, Nova Chemicals, and Borealis along with the recovery of certain listed equities held by Aabar.
“Total comprehensive income reached Dh6.0 billion for 2012, an increase of Dh15.3 billion from the previous year. Consolidated revenue increased from Dh126.0 billion to Dh190.6 billion in 2012 while operating profit increased from Dh9.2 billion to Dh11.7 billion for the same period,” Ipic said in a statement………………………………………..Full Article: Source

Posted on 08 May 2013 by VRS |  Email |Print

Sunshine Oilsands, a developer of oil sands projects in Canada, plans to raise C$300 million (HK$2.3 billion) this year by issuing debt to fund expansion. The Hong Kong and Toronto-listed firm is 30.9 per cent owned by China Petroleum & Chemical (Sinopec), sovereign wealth fund manager China Investment Corp, and the Hong Kong asset management arms of Bank of China and China Life Insurance.
It is developing the West Ells project in northern Alberta, which is expected to produce 5,000 barrels of oil daily by October. An expansion scheduled to be commissioned early next year will double output………………………………………..Full Article: Source

Posted on 08 May 2013 by VRS |  Email |Print

Norway’s most expansionary budget since the height of the global financial crisis in 2009 won’t put any pressure on the central bank to tighten monetary policy, Finance Minister Sigbjoern Johnsen said.
Western Europe’s largest crude exporter will use 3.3 percent of its $740 billion oil fund to plug deficits this year, representing a 19 percent increase from 2012, the Finance Ministry said yesterday. That will deliver the biggest fiscal boost to Europe’s second-richest economy per capita in four years, it said………………………………………..Full Article: Source

Posted on 08 May 2013 by VRS |  Email |Print

The Azerbaijani government managed to wisely use the revenues from energy sector and avoid some complications that some oil-producing countries had, Azerbaijani President Ilham Aliyev said during the first South Caucasus Forum in Baku today.
“A very important mechanism of asset management was created, like the State Oil Fund of Azerbaijan, which is considered to be one of the most transparent funds among all the independent funds of the world,” he said………………………………………..Full Article: Source

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