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Sovereign Wealth Funds Briefing 26.Nov 2013

Posted on 26 November 2013 by VRS |  Email |Print

A U.S. judge has rejected Citigroup Inc’s effort to block the Abu Dhabi Investment Authority from seeking a second arbitration over the sovereign wealth fund’s $7.5 billion investment in late 2007 to shore up the then-struggling bank.
U.S. District Judge Kevin Castel in Manhattan said on Monday that arbitrators, not federal judges, had power to decide whether Citigroup’s success in the first arbitration barred the ADIA from pursuing a second arbitration, in which it seeks $2 billion of damages or to rescind its investment………………………………………..Full Article: Source

Posted on 26 November 2013 by VRS |  Email |Print

Oil Search will find out next month if the Papua New Guinea government can raise $1.68 billion to avoid giving up its 14.6 per cent stake in the company to an Abu Dhabi state-owned wealth fund, which could then expose the company to a takeover tilt. If the PNG government is forced to give up its blocking stake in the Port Morseby-based Oil Search, it could provide a chance for the likes of ExxonMobil, France’s Total or Royal Dutch Shell to move in and attempt a takeover.
The PNG government is expected to announce before Christmas whether it will relinquish its stake to the Abu Dhabi sovereign wealth fund, International Petroleum Investment Company (IPIC)………………………………………..Full Article: Source

Posted on 26 November 2013 by VRS |  Email |Print

The planned sovereign wealth fund may get as much as a quarter of mining royalties and the same share of “special dividends” on state mineral and metal sales. Parliament will also be able to appropriate money to benefit the fund.
A 16-member board will decide on the fund’s activities, allowing it to make withdrawals, primarily to pay for infrastructure developments, according to a draft of the Sovereign Wealth Fund of Zimbabwe Act………………………………………..Full Article: Source

Posted on 26 November 2013 by VRS |  Email |Print

Government needs to come up with a clear accountability framework for the Sovereign Wealth Fund proposed in the Zimbabwe Agenda for Sustainable Socio-Economic Transformation, a World Bank representative said.Addressing delegates at a consultative meeting in Harare last week, World Bank Director for Poverty Reduction and Economic Management in Africa Mr Marcelo Giugale said the idea of a Sovereign Wealth Fund was a good one if handled properly.
“Government should prioritise putting frameworks in place. There is need for a strong fiscal framework, a balanced budget and a transparency and accountability framework so that people know what is happening,” he said………………………………………..Full Article: Source

Posted on 26 November 2013 by VRS |  Email |Print

Adamawa State Governor, Murtala Nyako has asked the Federal Government to give facts and figures on the alleged depletion of the Excess Crude Account. The governor said “semantics and grammar” being used against well-articulated observations and questions raised by Governor Rotimi Amaechi, are not what Nigerians expect to hear from government officials.
He spoke while reacting to the face-off between the Minister of Finance, Dr. Ngozi Okonjo-Iweala and his colleague-governor, over the actual balance in the account………………………………………..Full Article: Source

Posted on 26 November 2013 by VRS |  Email |Print

Governor Murtala Nyako of Adamawa State has challenged the presidency to give facts and figures on the alleged depletion of the Excess Crude Account, saying that the use of semantics against Governor Rotimi Amaechi was largely unhelpful. He spoke in response to the war of words between the Minister of Finance, Dr. Ngozi Okonjo-Iweala and Governor Amaechi over the alleged depletion of the ECA to the tune of $5 billion.
Governor Amaechi, chairman of the mainstream faction of the Nigerian Governors Forum, NGF, had at a retreat of the forum last week in Sokoto accused the Federal Government of depleting the ECA to the tune of $5 billion without the knowledge of the other tiers of the federation who are beneficiaries of the ECA………………………………………..Full Article: Source

Posted on 26 November 2013 by VRS |  Email |Print

The Rivers State government has denied that the allegation that Governor Chibuike Rotimi Amaechi was involved in demanding that funds from the Excess Crude Account be shared to augment the shortfall in the Federation Account.
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, had said that Amaechi was closely involved and actively participated in making requests to the Presidency for the account to be shared among the three tiers of government for the purpose of augmenting the regular allocations from the Federation Account whenever there was a shortfall………………………………………..Full Article: Source

Posted on 26 November 2013 by VRS |  Email |Print

Australia should consider a Norwegian-style sovereign wealth fund to share around the benefits of the mining boom, a union report argues. The Construction, Forestry, Mining and Energy Union (CFMEU) released its report on the resources boom, Sharing the Benefits today.
The report found that although the boom had helped shelter Australia from the worst of the global financial crisis, governments had “squandered” a chance to efficiently share its profits. “We have experienced a major boom but have relatively little to show from it,” CFMEU president Tony Maher said in the report………………………………………..Full Article: Source

Posted on 26 November 2013 by VRS |  Email |Print

Norges Bank Investment Management, manager of the Norwegian government’s global pension fund has published its third quarter report on investment returns. The Government Pension Fund Global returned 5.0%, or 228 billion kroner,($37bn) in the third quarter of 2013. Equity investments returned 7.6%, while fixed income investments returned 0.3%. The return on equity and fixed income investments was 0.1 percentage point higher than the return on the fund’s bench mark, the report said.
Investments in real estate returned 4.1%. The fund had a market value of 4,714 billion ($769bn) kroner at the end of the quarter and was invested 63.6% in equities, 35.5% in fixed income and 0.9% in real estate………………………………………..Full Article: Source

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