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Sovereign Wealth Funds Briefing 12.Jun 2013

Posted on 12 June 2013 by VRS |  Email |Print

India is eyeing investments from the $700-billion sovereign wealth fund of Norway. External Affairs Minister Salman Khurshid will be meeting the fund officials during his ongoing visit to that country.
A Ministry spokesman said that the Minister would take forward discussions that Fund officials had here with senior Government officials, including Finance Minister P. Chidambaram; and Deputy Chairman of Planning Commission Montek Singh Ahluwalia; in April. The Minister will explore ways to facilitate investments into the country, including in the infrastructure sector, the spokesman said………………………………………..Full Article: Source

Posted on 12 June 2013 by VRS |  Email |Print

A sharply falling rupee has led India’s finance officials to consider relaxing the investment rules for foreign sovereign wealth funds. As India continues to fight off the widening current account deficit, the finance ministry, the central bank, and market regulators are hoping that external investment could shore up the country’s finances, and stave off its declining currency.
Two senior ministry officials, who declined to be named, told Reuters the aim was to attract more capital flows from wealth funds in Middle East countries. Finance Minister P Chidambaram has visited the Middle East in recent months to drum up investment………………………………………..Full Article: Source

Posted on 12 June 2013 by VRS |  Email |Print

Norway’s KLP pension fund company is removing French oil stock Total from its portfolio on ethical grounds due to the company’s involvement in Western Sahara, the fund said. Jeanett Bergan, head of responsible investment at KLP Asset Management (KLP Kapitalforvaltning), said: “KLP considers Total’s operations on the continental shelf off Western Sahara can be linked to contravention of fundamental ethical norms.”
Based on the pension fund’s own review, along with urging from the Norwegian authorities and the experience of previous similar cases, KLP said it decided investing in Total risked might flout basic ethical principles………………………………………..Full Article: Source

Posted on 12 June 2013 by VRS |  Email |Print

Japan Prime Minister Shinzo Abe’s efforts to revive the economy and fight deflation could lead to further gains in the country’s stocks, according to the head of Temasek Holdings Pte’s fund-management unit.
Abe needs to get through next month’s election for the upper house of parliament before he’s able to detail his reform plans, said Manraj Sekhon, chief executive officer of Fullerton Fund Management Co. Abe’s success in pushing his policies could drive earnings higher and more liquidity into equities, Sekhon said………………………………………..Full Article: Source

Posted on 12 June 2013 by VRS |  Email |Print

Dangote Cement Plc, the industrial company owned by Africa’s richest man, Aliko Dangote, has sold a 1.5 percent stake to Public Investment Corporation of South Africa (PIC), a Sovereign Wealth Fund, managing pension funds.
The stake was sold at 179 naira share, valuing the deal at 45.8 billion naira ($289 million) and giving the Lagos-based company an implied market capitalization of $19.3 billion, Moscow-based Renaissance Capital said in an e-mailed statement………………………………………..Full Article: Source

Posted on 12 June 2013 by VRS |  Email |Print

Africa is experiencing the strongest growth in new sovereign wealth funds in the world as its nations are amassing commodity revenues and foreign-exchange reserves, JP Morgan Asset Management said on Monday.
During the past two years, 15 state funds have been set up or are being considered in Africa, the group’s global head of sovereigns Patrick Thomson said. The region would see more starting in coming years, he said………………………………………..Full Article: Source

Posted on 12 June 2013 by VRS |  Email |Print

Investment Corp of Dubai (ICD), the holding company for some of the emirate’s best-known companies, has signed an upsized $2.5bn, five-year loan facility, it has said in a statement.
The new deal, which was arranged by a group of eight local and international banks, refinances an existing $2bn facility which is due to mature in August. Bankers told Reuters last month that the new loan had attracted heavy demand from lenders, with ICD considering an increase on its original $2bn target………………………………………..Full Article: Source

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