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Sovereign Wealth Funds Briefing 17.Sep 2013

Posted on 17 September 2013 by VRS |  Email |Print

The government is setting up a company — India Overseas Investment Corporation (INOIC) — under the finance ministry on the lines of a sovereign wealth fund to lend financial muscle for securing access to overseas natural resources.
A concept note prepared by the ministry goes beyond the conventional reasons of acquiring energy assets to justify the need for INOIC. “Other key areas such as food security (also ) requires access to fertilizers to augment food stocks as well as to enhance farm productivity,” the note said. With INOIC, India will join a select group of economies such as US, Russia, China, South Korea, Singapore, Malaysia, Brunei, Qatar and UAE that have pushed overseas acquisitions and business through such funds………………………………………..Full Article: Source

Posted on 17 September 2013 by VRS |  Email |Print

Nigeria’s Sovereign Wealth Fund (SWF) has made its first investment, handing over $200m to UBS, Credit Suisse and Goldman Sachs to manage a fixed income portfolio. The first investment, even if relatively small, adds Nigeria to the small cadre of commodity-rich countries that over the past decade have become one of the most powerful forces in global financial markets through their sovereign wealth funds, according to a report by the Financial Times.
Uche Orji, chief executive of the $1bn Nigerian Sovereign Investment Authority (NSIA), told the Financial Times the fund gave UBS $50m last week to invest in United States (US) Treasuries. A further $150m is being transferred this week to Credit Suisse and Goldman Sachs to build a US corporate bond portfolio………………………………………..Full Article: Source

Posted on 17 September 2013 by VRS |  Email |Print

The Sovereign Wealth Fund, oil theft and continued deductions from excess crude account are expected to dominate discussions at the summit of the governors from the 36 states of the federation, holding on Tuesday.
According to unconfirmed reports, the meeting will be holding at the Rivers State Governor’ Lodge in Abuja. According to the Director General of the Nigeria Governors’ Forum, Bayo Okuaro, who confirmed the meeting, said that all the 36 state governors have been invited to the meeting that is expected to hold Tuesday with the following agenda - Fresh & subsisting litigations; update on Federation Allocation Accounts Committee, Excess Crude Account and the Sovereign Wealth Fund………………………………………..Full Article: Source

Posted on 17 September 2013 by VRS |  Email |Print

The Nigerian economy, hobbled for years by state inefficiency, is beginning to connect with the real sector as the pace of reforms in diverse areas accelerates. Reforms in agriculture, banking and power and the establishment of a sovereign wealth fund (SWF) are beginning to impact the real economy.
Nigeria’s Sovereign Wealth Fund, with seed capital of $1 billion, has also begun to impact the real economy with plans to invest in infrastructure. The board of the SWF has decided on the first infrastructure investment, according to Finance Minister Ngozi-Okonjo Iweala………………………………………..Full Article: Source

Posted on 17 September 2013 by VRS |  Email |Print

Libya’s economy could grow just 5 percent instead of around 18 percent predicted by the IMF this year if the country cannot end protests that have all but halted its oil exports, its central bank governor told Reuters.
Governor Saddek Omar Ali Elkaber said he opposed suggestions by some decision makers and politicians that the government could draw on Libya’s foreign exchange reserves or cash deposits in its $60 billion sovereign wealth fund………………………………………..Full Article: Source

Posted on 17 September 2013 by VRS |  Email |Print

China and Arab countries should step up “two-way” investment and create a sound environment for multilateral economic cooperation to capitalize on the high-return industries of services, finance and environmental improvement, said senior officials of Arab nations.
The changing global economic map and the lingering debt crisis in the eurozone have caused big losses for government-backed Gulf financial institutions and their sovereign wealth funds in developed markets such as the United States, the United Kingdom, France and Germany in recent years………………………………………..Full Article: Source

Posted on 17 September 2013 by VRS |  Email |Print

It reported by the quoted transaction documents of IFR of Thomson Reuters on Friday, September 14 that Temasek, an investment company owned by the Government of Singapore, is planning to sell the shares of Youku Tudou Inc (ADR) valued at $185 million in order to end the investment into this online media company.
IFR said that Temasek, through its subsidiary Sennet Investments, is selling770, 000 shares of Youku Tudou Inc (ADR) and the price ranges from $23.80 to $24.00 per share. The report said that Credit Suisse is appointed to deal with this matter………………………………………..Full Article: Source

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