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Sovereign Wealth Funds Briefing 24.Sep 2013

Posted on 24 September 2013 by VRS |  Email |Print

Charon Wardini Mokhzani, CIMB’s group deputy CEO with responsibility for investment banking, is leaving the Malaysian bank in early November to take on a new career challenge with Khazanah Nasional, the two firms said in separate announcements on Monday.
Charon, who is also CEO of CIMB investment bank, will at Khazanah take on a role as executive director in the managing director’s office. The state-owned investment company is the largest shareholder in CIMB with a 30% stake………………………………….Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

South Australian Premier Jay Weatherill has announced the establishment of a future fund for South Australia’s state government. The public fund’s objectives, according to a statement, will be to quarantine “money to be spent on infrastructure, children, families and the workforce.”
Weatherill stated that the wealth fund will be capitalized through excess petroleum and mineral revenues only if the state budget is in surplus. He estimates that the first cash infusion will take place as early as 2015 with about A$ 20 million…………………………………Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

The India government is considering creating a developmental financial corporation dedicated to fund mineral and energy acquisitions overseas. The structure of the new overseas investment corporation would be different from the previously considered sovereign wealth fund, which was rejected earlier this year by the Finance Ministry, the official said.
In June 2013, the Finance Ministry informed government-owned companies, which included oil exploration and production major ONGC Limited, iron-ore miner NMDC and steel producer Steel Authority India Limited (SAIL), that the creation of a sovereign wealth fund to acquire overseas assets by drawing on India’s foreign exchange reserves would be risky given the government’s high current account deficit (CAD)………………………………….Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

Mainland firms have honest objectives in their efforts to acquire overseas assets, the head of one of China’s biggest investment banks said, but political suspicions remain the biggest barrier to getting deals done.
“When China wants to invest overseas in oil and gas, do we have no political objectives? Of course we have, because we want to have safe, guaranteed supply of energy,” said China International Capital Corp chairman Jin Liqun, who was formerly head of the supervisory board of China Investment Corp, the mainland’s sovereign wealth fund………………………………..Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

Five years after nearly collapsing under the weight of bad debts, the once-hobbled Kazakh bank BTA has a spring in its step. Kazakhstan’s third-largest lender, 97% owned by sovereign wealth fund Samruk-Kazyna, posted first-half earnings of T15.6 billion ($112 million), compared with a T658 billion loss a year ago. BTA chairman Kadyrzhan Damitov attributed the turnaround to a second debt restructuring completed in December 2012, helping boost first-half net interest income to T17 billion.
BTA’s focus this year has switched to locating and recouping billions of dollars that the bank alleges former chairman Mukhtar Ablyazov stole. Ablazov was arrested in France on July 18 on a request from Ukraine. He maintains the charges of fraud are false and politically motivated, and that BTA’s problems stem from its nationalization in 2009………………………………….Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

It was with bemused resignation that we read the reaction of the Peoples Democratic Party to the legitimate questions about the contracting out of Nigeria’s sovereign wealth to foreign firms. Though we were worried that a simple inquiry as to the proprietary of the transaction would evoke such vituperations and foul language from the ruling party, we felt it was vintage PDP.
Even if we are proved wrong eventually, our questions remain legitimate and appropriate. However, the PDP’s acerbic reaction only goes to further convince Nigerians that a party that mouths transparency and accountability but neglects and refuses to answer questions from the people needs to be shown the exit doors………………………………….Full Article: Source

Posted on 24 September 2013 by VRS |  Email |Print

Members of the new Peoples Democratic Party (PDP) in the House of Representatives are in support of the All Progressives Congress (APC) decision to challenge the appointment of three foreign firms to manage the $200m or 20 percent of the nation’s $1b Sovereign Wealth Fund (SQF).
The lawmakers also said it is the Minister of Petroleum Resources, Diezani Allison-Madueke that should be asked to resign by the Nigeria Governors Forum(NGF) and not the Minister of Finance, Ngozi Okonjo-Iweala………………………………….Full Article: Source

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