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Sovereign Wealth Funds Briefing 09.Jan 2014

Posted on 09 January 2014 by VRS |  Email |Print

Zambia plans to establish a sovereign wealth fund to spur investment outside the mining industry of Africa’s biggest copper producer, President Michael Sata said.
The fund will be set up through the Industrial Development Corp., which will oversee the southern African nation’s state-owned companies, Sata said in an e-mailed statement today. It “will focus on stimulating investment in strategic non-mining industries among others, thereby expanding the country’s investment portfolio and thus creating jobs,” he said………………………………………..Full Article: Source

Posted on 09 January 2014 by VRS |  Email |Print

Everyone in Norway became a theoretical crown millionaire on Wednesday in a milestone for the world’s biggest sovereign wealth fund that has ballooned thanks to high oil and gas prices.
Set up in 1990, the fund owns around 1 percent of the world’s stocks, as well as bonds and real estate from London to Boston, making the Nordic nation an exception when others are struggling under a mountain of debts………………………………………..Full Article: Source

Posted on 09 January 2014 by VRS |  Email |Print

Of the five economic proposals Jesse Myerson lists in Rolling Stone, one stands out, though not in a positive sense: that the U.S. start a sovereign wealth fund. It’s a proposal that would prove problematic for capital markets, pose thorny conflicts of interest, and offer vast opportunities for cronyism and graft.
According to the World Federation of Exchanges, the market value of all publicly listed companies is about $63 trillion, about $23 trillion of which is listed on U.S. stock exchanges. If a U.S. sovereign wealth fund tried to buy a market-weighted index, it would wind up with more than 4 percent of every publicly traded company in the world………………………………………..Full Article: Source

Posted on 09 January 2014 by VRS |  Email |Print

On December 12, 2013, India and the United Arab Emirates (UAE) signed a bilateral investment promotion and protection agreement (BIPA) in New Delhi. The agreement was signed by Namo Narain Meena, India’s Minister of State for Finance and Obaid Humaid Al Tayer, UAE’s Minister of State for Financial Affairs. With the signing of this BIPA, the total number of India’s bilateral investment protection agreements now stands at 84.
As per the official release, the text of the BIPA was finalized during October 30-31, 2013 at Abu Dhabi. After finalization, the agreement was signed by both countries in just a matter of six weeks. However, for some inexplicable reasons, the text of the signed agreement has not yet been made available at the official website of Ministry of Finance………………………………………..Full Article: Source

Posted on 09 January 2014 by VRS |  Email |Print

Dongik Don Lee, chief investment officer of Korea Investment Corp., has handed in his resignation and it remains to be seen who will succeed the post of Korea’s sovereign wealth fund managing 75 trillion won mostly from foreign exchange reserves.
According to investment banking sources on January 7, Mr. Lee will take the job of advisor for the company. The successor will be brought in from outside through public announcement or from inside through promotion. For the time being, Lee Ki-hong, chief investment strategy officer, will take the interim job………………………………………..Full Article: Source

Posted on 09 January 2014 by VRS |  Email |Print

Korean sovereign wealth fund KIC is searching for a new CIO after incumbent Lee Dong-ik quit. It is the second high-profile resignation at the institution within the past few months.Lee had been nominated to a three-year term as chief investment officer back in 2012. His term was due to expire in April 2015.
Only late last year he had been required to assume duties as KIC president and CEO on an interim basis after Choi Chong-suk resigned for personal reasons on October 21………………………………………..Full Article: Source

Posted on 09 January 2014 by VRS |  Email |Print

According to Sovereign Wealth Fund Transaction Database, in 2013, sovereign wealth funds completed 1,883 direct transactions with a total value of US$ 66.05 billion, an increase US$ 1.38 billion from 2012.
The number of direct transactions grew by 53.8% from 2012 and tripled the number of transactions compared to 2011. Emboldened sovereign funds amplified direct investments in a number of countries including Germany, Australia and China………………………………………..Full Article: Source

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