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Sovereign Wealth Funds Briefing 17.Oct 2013

Posted on 17 October 2013 by VRS |  Email |Print

Norway’s state oil fund may consider selling its cc. 1.6% stake in Hungarian oil and gas group MOL, as its Code of Ethics does not allow it to invest in companies under suspicion of corruption, Hungarian business daily Napi Gazdaság reported on Wednesday.
Shareholders are not exactly happy about the news and the share price sunk by 6% in the morning, although it has recouped some of its losses later in the day. MOL’s spokesman said the report was baseless and the company had no information that the Norwegian shareholder would contemplate a possible sale of its MOL stake………………………………………..Full Article: Source

Posted on 17 October 2013 by VRS |  Email |Print

Shares in MOL fell sharply on Wednesday partly in response to a local press report which suggested that Norway’s $790 billion sovereign wealth fund might consider selling its holding in the Hungarian energy company.
Hungarian business daily Napi Gazdasag, citing the ethics rules of Norway’s $790 billion wealth fund, said that based on those rules, the fund might consider selling its MOL shares, without giving any sources………………………………………..Full Article: Source

Posted on 17 October 2013 by VRS |  Email |Print

The Norwegian sovereign wealth fund is the largest in the world at around $750 billion, and a new government is currently being formed in Oslo that is considering investing some of the wealth in renewable energy projects across the world.
Formed in 1990, the fund generates money from taxes on Norway’s oil and gas industry, as well as owning several fields in the North Sea, and a 67% stake in Statoil. It also owns large shares in many of Europe’s largest companies, and it has been calculated that one in every $80 invested in equities around the world is owned by Norway, giving the fund massive influence over the global financial market………………………………………..Full Article: Source

Posted on 17 October 2013 by VRS |  Email |Print

Korea Investment Corp. (KIC), South Korea’s sovereign wealth fund, has made far less profits this year from overseas stock and bond investment than those reaped by the national pension fund, data showed Thursday, raising doubts on its asset management capability.
The sovereign wealth fund, which manages 67 trillion won (US$62.7 billion) of taxpayer money, posted a return ratio of 2.47 percent from its offshore stock and bond investment for the first seven months of this year, according to KIC document submitted to parliament………………………………………..Full Article: Source

Posted on 17 October 2013 by VRS |  Email |Print

South Korea’s sovereign wealth fund has poured some US$3 billion into alternative investments this year. The investments bring the Korea Investment Corp.’s alternatives holdings to roughly 10% of its $65 billion portfolio, chief investment officer Dong-Ik Lee told Pensions & Investments. KIC has set a 20% alternatives target, which Lee said it expected to reach over the next few years.
Hedge funds have won the biggest share of KIC’s alternatives allocation, with 39%. Private equity accounts for 31% and real-estate for 26%. Lee said eventually the numbers would skew more towards p.e………………………………………..Full Article: Source

Posted on 17 October 2013 by VRS |  Email |Print

Finance Minister Bill English congratulated the New Zealand Superannuation Fund on achieving its tenth anniversary, and having built a world-class sovereign wealth fund in that time.
The New Zealand Superannuation Fund, which invests to assist in meeting some of the long-term cost of New Zealand Superannuation, started in 2003 with $2.5 billion in cash. Since then it has returned an average of 8.84 per cent per annum and the fund now stands at $23 billion………………………………………..Full Article: Source

Posted on 17 October 2013 by VRS |  Email |Print

The Superannuation Fund, which has just turned 10 years old, has $23 billion in it. Finance Minister Bill English says New Zealand has built a world-class sovereign wealth fund in just a decade.
It was started by Labour finance minister Michael Cullen in 2003 to help meet the long-term cost of national superannuation. Dr Cullen put $2.5 billion in it to start it up………………………………………..Full Article: Source

Posted on 17 October 2013 by VRS |  Email |Print

Contributions to the Heritage and Stabilisation Fund (HSF), Trinidad and Tobago’s US$5 billion sovereign wealth fund, have plummeted over the past three years, according to reports issued by the fund. Contributions to the fund have been falling steadily, from US$451 million in 2011, to US$207 million last year, then to the current figure of US$42 million.
Ministry of Finance officials, Minister of Energy and Energy Affairs Kevin Ramnarine and officials of the Central Bank of T&T were asked why. Ministry of Finance and Central Bank officials pointed to declining oil revenue, while Ramnarine pointed to the Ministry of Finance and the Economy for an answer………………………………………..Full Article: Source

Posted on 17 October 2013 by VRS |  Email |Print

Brazilian businessman Eike Batista ceded control of an iron ore port to Dutch energy firm Trafigura Beheer BV and an Abu Dhabi sovereign wealth fund in a $996-million (U.S.) deal that takes debt off his hands and secures new investment for the port.
The former billionaire’s latest effort to stave off the collapse of his once high-flying Grupo EBX conglomerate follows the sale of other key assets and comes amid talks with creditors of OGX Petróleo e Gas Participações SA. The oil producer missed a $44.5-million bond interest payment this month and, analysts say, risks going bankrupt within weeks………………………………………..Full Article: Source

Posted on 17 October 2013 by VRS |  Email |Print

Before getting pied by critics, let us consider the possible benefits of a technical default by the U.S. Treasury for institutional investors. As the U.S. Congress reaches the 11th hour on a budget deal, and investors sit idly by waiting for a decision, television pundits and economists in the United States are voicing concerns ranging from the fall of the U.S. dollar’s exclusive global reserve currency status to a full out economic Armageddon.
At the publishing of this article, Congress in a last minute effort approved the debt ceiling, but these concerns will certainly be revisited again………………………………………..Full Article: Source

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