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Sovereign Wealth Funds Briefing 14.Oct 2013

Posted on 14 October 2013 by VRS |  Email |Print

The creation of an international stock exchange in Shanghai’s free-trade zone would put the city on the fast track to becoming a global financial centre, the head of the Hong Kong unit of the mainland’s sovereign wealth fund said.
Lawrence Lau Juen-yee, the chairman of CIC International (Hong Kong), urged the securities regulator to launch the long-awaited board soon as a way to grant mainland capital direct access to shares of American corporate giants such as Microsoft and Boeing, describing it as an ideal method to utilise the country’s huge pool of funds………………………………………..Full Article: Source

Posted on 14 October 2013 by VRS |  Email |Print

Kenya plans to set up a mega fund that will manage and re-invest revenues that the government gets mostly from natural resources as the country readies itself to start exploitation of oil and other minerals. The proposed National Sovereign Wealth Fund, which will get a Sh10 billion seed capital from the National Treasury, will be used to support macroeconomic stability and public investment, notably development of infrastructure.
The special fund seeks to help the country avoid ‘the resource curse’ that has afflicted many resource rich countries. The Fund will also have a key mandate to set aside wealth acquired for Kenya’s future generations that will not immediately enjoy returns from oil and minerals that the country has discovered in substantial quantities………………………………………..Full Article: Source

Posted on 14 October 2013 by VRS |  Email |Print

On May 11, 2011 the Nigerian Senate approved the Nigeria Sovereign Investment Authority Bill, 2010, which sought to establish a sovereign wealth fund to manage excess profits from the country’s sale of crude oil. Before then, it had been passed by the House of Representatives, in line with the Nigerian Constitution.
It was subsequently signed into law by the President of the Federal Republic of Nigeria, His Excellency, Dr. Goodluck Ebele Jonathan, GCFR. More than a year later, on August 28, 2012, the Coordinating Minister for the Economy and the Honourable Minister of Finance, Dr (Mrs) Ngozi Okonjo-Iweala announced the appointment of the Chairman of Board and Management team of the Nigerian Sovereign Investment Authority (NSIA)……………………………………….Full Article: Source

Posted on 14 October 2013 by VRS |  Email |Print

The Secretary to the Government of the Federation (SGF), Senator Anyim Pius Anyim and Managing Director of the Sovereign Wealth Fund (SWF), Mr. Uche Orji, have expressed their readiness to participate at this year’s South-east Economic Forum scheduled to hold later this month.
A statement signed by the Group Secretary, Mr. Amaechi Agboeze, said that the SGF and SWF boss have confirmed their participation at the summit which takes place from October 29 to 31 at the Nike Lake Resort, Enugu, Enugu State………………………………………..Full Article: Source

Posted on 14 October 2013 by VRS |  Email |Print

As the deadline looms for Peter MacKinnon’s report on a proposed sovereign wealth fund, the Saskatchewan government should study carefully a new report warning of the need for Ottawa to address income disparities across the provinces.
The Institute for Research on Public Policy released a report Thursday saying that Canada is suffering a bout of Dutch disease caused by disparate and high incomes in three provinces driven by resource incomes, and suggesting that Ottawa must take measures to ease the pain………………………………………..Full Article: Source

Posted on 14 October 2013 by VRS |  Email |Print

Russia’s sovereign wealth fund, the Russian Direct Investment Fund, and Germany’s Deutsche Bank AG (DB) are to buy a joint stake in Russian telecommunications company Rostelecom (RTKM.RS) for a combined 7.67 billion rubles ($238 million).
The money from the deal “will be used to further develop and strengthen the company’s market position,” the Russian fund said in a statement. The Russian government, which owns 55.2% of Moscow-listed Rostelecom, plans to sell its controlling stake for at least $5 billion by 2016, and the announcement comes not long after senior management changes at the company, which has been in the process of revamping its long-term strategy………………………………………..Full Article: Source

Posted on 14 October 2013 by VRS |  Email |Print

Ansaldo Energia is an Italian power equipment company that manufactures gas turbines, steam turbines and generators. Founded in 1853 as Giovanni Ansaldo & Co, Ansaldo Energia manufactured their 150th gas turbine in 2010 – a milestone for the company.
Italian defense contractor Finmeccanica SpA is looking to lighten up their balance sheet………………………………………..Full Article: Source

Posted on 14 October 2013 by VRS |  Email |Print

A tentative agreement has been reached between Kazakhstan sovereign wealth fund Samruk-Kazyna and billionaire mining titan Bulat Utemuratov for the sale of the fund’s stake in Temirbank as well as some of its stake in Alliance Bank JSC, according to a statement. The public institutional investor will retain a majority stake in Alliance Bank.
The wealth fund had purchased controlling stakes in the banks to assist in their “anti-crises” efforts. However, directives from the Kazakh President Nursultan Nazarbayev to sell the stakes were issued in February. According to Deputy Chairman of the Board of Samruk-Kazyna Helena Bakhmutova, the selloff is appropriate and well timed………………………………………..Full Article: Source

Posted on 14 October 2013 by VRS |  Email |Print

The world’s largest sovereign wealth fund, the Government Pension Fund of Norway (GPF), could begin investing in renewable energy.
The country’s newly-formed minority conservative government, which recently ousted the Labour party in the general election, this week released its official platform and pledged to invest some of the GPF money sustainably. The GPF owns around 1.25% of the world’s stocks and is valued at a reported $760 billion………………………………………..Full Article: Source

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