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Sovereign Wealth Funds Briefing 13.Jan 2014

Posted on 13 January 2014 by VRS |  Email |Print

The Kazakh Government approved the new staff of the Board of Directors of Sovereign Wealth Fund Samruk -Kazyna, the fund reported on Jan. 10. The new Board of Directors is chaired by Kazakh Prime Minister Serik Akhmetov, according to the governmental resolution.
The new Board of Directors also includes Assistant to Kazakh President Yerbol Orynbaev, Deputy Prime Minister - Finance Minister Bakhyt Sultanov, Economy and Budget Planning Minister Erbolat Dossaev, Samruk- Kazyna’s Chairman of the Board Umirzak Shukeyev and independent directors Alexander Mirchev , Richard Evans and Nigel John Stapleton………………………………Full Article: Source

Posted on 13 January 2014 by VRS |  Email |Print

Shareholders of Indonesia’s Bumi Resources, Asia’s biggest thermal coal exporter, approved a crucial $1.3 billion debt-for-equity swap deal with China’s sovereign wealth fund, CIC, even without the presence of its largest owner.
Only one-third of shareholders were required to approve the deal after the Indonesian company delayed a previous vote from Dec. 20. “I hope the deal will be final before Chinese New Year, this month,” Andrew Beckham, a director at Bumi Resources, said………………………………Full Article: Source

Posted on 13 January 2014 by VRS |  Email |Print

Government has gazetted the Sovereign Wealth Fund of Zimbabwe Bill and the Biological and Toxin Weapons Crimes Bill and these are set to be tabled in Parliament soon for debate. This comes as President Mugabe has published names of Cabinet ministers, deputy ministers and permanent secretaries and their ministries and portfolios in the Government Gazette.
The announcement, being done in terms of the Constitution, is meant to give legal effect to the heads of Government ministries appointed by the Head of State and Government and Commander-in-Chief of the Zimbabwe Defence Forces after he secured an overwhelming victory in the July 31 2013 harmonised elections………………………………Full Article: Source

Posted on 13 January 2014 by VRS |  Email |Print

Norway’s sovereign wealth fund has ballooned so much due to high oil and gas prices that every person in the country became a theoretical millionaire this week. The Nordic nation is proving to be an exception as others struggle under a mountain of debts.
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. The surplus revenue is collected in the Government Pension Fund Global………………………………Full Article: Source

Posted on 13 January 2014 by VRS |  Email |Print

Among the reasons Norwegians can celebrate Norway are the ’80s band A-ha, the narrow geological formations called fjords, oil and the biggest sovereign wealth fund in the world. The sovereign fund, which the country uses for investments that benefit their economy and people, reached 5.1 trillion crowns, or about $818 billion, due in large part to the rising price of oil, according to a report out this week.
That surge in the fund, called the Government Pension Fund Global, theoretically makes each of Norway’s 5,096,300 people a millionaire in crowns. Translated into dollars the fund’s crowns (spelled “krone” in Norway) per capita is about $161,660, said Michael Maduell, president of the Sovereign Wealth Fund Institute………………………………Full Article: Source

Posted on 13 January 2014 by VRS |  Email |Print

Every man, woman and child in oil-rich Norway became a theoretical millionaire this week. The country’s oil fund — which collects taxes from oil profits and invests the money, mostly in stocks — exceeded 5.11 trillion crowns ($905 billion) in value this week, making it worth a million crowns per person, or about $177,000 per Norwegian.
That’s right. Norway, the “socialist paradise,” is effectively running a surplus of nearly a trillion dollars, thanks to oil revenue. About the same time this happened, the Canadian Taxpayers Federation released calculations showing that the taxpayers of Alberta are on the hook for $7.7 billion in debt, or about $1,925 per person………………………………Full Article: Source

Posted on 13 January 2014 by VRS |  Email |Print

Everyone in Norway became a theoretical millionaire on Wednesday in a milestone event for one of the world’s biggest sovereign wealth funds that has ballooned thanks to high oil and gas prices.
A preliminary counter on the website of the central bank, which manages the fund, rose to 5.11 trillion crowns ($828.66 billion), fractionally more than a million times Norway’s most recent official population estimate of 5,096,300. Norway’s $710 billion wealth fund earned 13.4 percent last year. 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

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