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Sovereign Wealth Funds Briefing 28.Jan 2014

Posted on 28 January 2014 by VRS |  Email |Print

Mongolia is mulling a plan to use its mounting income from the mining sector to establish a sovereign wealth fund. An apparent reaction by the president to concern that the country is not leveraging that revenue to the benefit of the wider population, the fund would be used to promote long-term economic development.
President Tsakhia Elbegdorj’s bill on launching the “Treasury Fund”, was discussed in the President’s Civil Hall on January 24, UB Post reports. Presidential Advisor Luvsandash Dashdorj criticised the government’s lack of a “clear system and policy” to handle the income from Mongolia’s rising raw materials exports……………………………………….Full Article: Source

Posted on 28 January 2014 by VRS |  Email |Print

An opposition proposal to prohibit Norway’s $815 billion sovereign wealth fund, the world’s largest, from investing in coal companies has won the support of two minority parties whose backing the government needs.
The fund, commonly known as the oil fund, is the sixth-largest investor in BHP Billiton and the ninth-largest in Anglo American, among other companies that produce coal. The proposal by the opposition Labour Party calls on “the government to conduct a thorough investigation with a view to remove the fund’s investments into coal companies”………………………………………..Full Article: Source

Posted on 28 January 2014 by VRS |  Email |Print

Three more owners of Norway’s gas-pipeline network, including a company backed by Allianz SE (ALV) and Abu Dhabi’s wealth fund, sued the government over tariff cuts they say will reduce income by about $6.5 billion.
Solveig Gas Norway AS, which is also backed by the Canada Pension Plan Investment Board, filed a writ of summons to start legal proceedings against the Norwegian Ministry of Petroleum and Energy, the company said in a statement today. Infragas Norge AS and Silex Gas Norway AS, which also own stakes in the pipeline network, are part of the lawsuit, Infragas Chief Executive Officer Knud Noerve said………………………………………..Full Article: Source

Posted on 28 January 2014 by VRS |  Email |Print

Kuwait Investment Authority has become the fourth entity to hold more than $1 billion in quota under China’s qualified foreign institutional investor scheme.
The sovereign wealth fund obtained an additional $500 million QFII quota in January, bringing its total to $1.5 billion, alongside three other institutions. KIA has $410 billion in assets, according to the Sovereign Wealth Institute, and is the world’s oldest SWF, set up in 1953………………………………………..Full Article: Source

Posted on 28 January 2014 by VRS |  Email |Print

One of the world’s largest sovereign wealth funds has announced it will expand its investments in western infrastructure. The Kuwait Investment Authority (KIA), which is thought to have $386 billion under management according to the Sovereign Wealth Fund Institute, will increase its infrastructure investments in the US, the UK, and other European markets in the coming months.
The KIA is a well-known player in infrastructure already. Last year, the fund was part of a Canadian-led consortium that bid for the UK’s Severn Trent water company, but eventually walked away after the company refused to engage in talks before a bid deadline expired, according to media reports………………………………………..Full Article: Source

Posted on 28 January 2014 by VRS |  Email |Print

About N802.9 billion was withdrawn from the Excess Crude Account (ECA) in 2013 to shore up shortfalls in monthly revenue collections as well as settle arrears.
The ECA, which was created to provide succor during the rainy days, had been depleted to about $2.5 billion by January 17, 2014 from about $11.5 billion in December 2012. Analysts have argued that its depletion could not be justified because there has not been any serious economic shock to warrant the decimation………………………………………..Full Article: Source

Posted on 28 January 2014 by VRS |  Email |Print

A hedge fund with financial backing almost entirely from China’s giant sovereign wealth fund closed last week less than three years after it was launched, according to people familiar with the matter.
PCA Investments was formed in 2011 and attracted notice for the involvement of China Investment Corporation, the country’s $US575 billion ($659bn) sovereign wealth fund, which is tasked with investing part of China’s vast foreign exchange reserves. PCA had operations in both Hong Kong and Beijing………………………………………..Full Article: Source

Posted on 28 January 2014 by VRS |  Email |Print

Some sovereign wealth funds and mega pensions have converged on Davos, the Swiss city where the World Economic Forum is held. Bahrain’s Mumtalakat Holdings, a frequent Davos delegate sender, had their CEO Mahmood al-Kooheji representing Bahrain.
Kooheji gave an optimistic update on Gulf Air citing layoffs and restructuring changes. In addition, Kooheji told Reuters reporters in Davos,”This year we will be more active in investments. We are looking across the globe and open for investments in all sectors except aviation and real estate.”……………………………………….Full Article: Source

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