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Sovereign Wealth Funds Briefing 07.Jan 2014

Posted on 07 January 2014 by VRS |  Email |Print

America is already home to a number of sovereign wealth funds as well. The purest sovereign wealth fund is the one Alaska runs called the Alaska Permanent Fund. It is like a big endowment for the state, and the returns from it are sent out each year to every Alaskan citizen in the form of a social dividend (which is itself a kind of basic income).
But it is not just Alaska. Every single public employee pension fund in the country is a kind of sovereign wealth fund. The state manages a big fund of money and pays out benefits from it to public employees. In some places, states have failed to put enough money into the funds to match the benefits they have promised, but the funds themselves are generally well-managed and function just fine……………………………………….Full Article: Source

Posted on 07 January 2014 by VRS |  Email |Print

Falcon Private Bank, a Switzerland-based boutique private wealth manager backed by Abu Dhabi’s sovereign wealth fund, is exiting its Hong Kong operations.
The bank blamed the decision on growing competition and rising costs, even as the Asia region, led by China, is projected to power global wealth over coming decades. Falcon will seek to hand off the bulk of its Hong Kong business to another Swiss bank, EFG International………………………………………..Full Article: Source

Posted on 07 January 2014 by VRS |  Email |Print

EFG International AG has agreed a deal for Falcon Private Bank’s activities in Hong Kong including 800 million Swiss francs ($884.81 million) of assets, which the Abu Dhabi-owned group has decided to exit.
Neither the Swiss private bank nor Falcon disclosed the details of how the two businesses would be merged, including the key question over what financial enticement Falcon’s advisers, and their clients, will be given to be referred to EFG……………………………………….Full Article: Source

Posted on 07 January 2014 by VRS |  Email |Print

The Nigerian National Petroleum Corporation (NNPC) has dismissed the claim that the sum of $10.8billion, out of the alleged unremitted $49.8 billion crude oil fund, was missing.
This is contained in a statement issued in Abuja by Dr Omar Ibrahim, General Manager, Group Public Affairs Division, NNPC. Ibrahim stated that the issues surrounding the allegation of unremitted $49.8billion against the NNPC, had since been explained last December at a joint press conference by NNPC, the Central Bank of Nigeria (CBN), Ministry of Finance, and Ministry of Petroleum Resources………………………………………..Full Article: Source

Posted on 07 January 2014 by VRS |  Email |Print

Bumi Resources, the biggest coal miner by production volume, has announced several debt restructuring plans via debt-for-equity swap deals with some its lenders, including China’s sovereign wealth fund the China Investment Corporation.
Under that swap deal, CIC would convert up to $1.3 billion of Bumi’s debts into stakes in the coal miner’s assets and associated subsidiaries. Bumi seeks to cut annual interest expenses by $216 million. The plan suffered a setback last year after an extraordinary general meeting of shareholders in Jakarta failed to proceed with a voting on the CIC debt deal………………………………………..Full Article: Source

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