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Sovereign Wealth Funds Briefing 14.Feb 2014

Posted on 14 February 2014 by VRS |  Email |Print

Resource-rich African countries are busy setting up sovereign wealth funds, but critics say the funds may not serve the long-term interests of poor countries that still need to invest in basics such as schools and roads.
Three oil producers, Angola, Ghana and Nigeria, started funds in the last two years. Before them, only Botswana, Gabon and Equatorial Guinea had such schemes. Other countries are following. Zambia and Liberia announced plans for funds last month. Tanzania, Kenya, Uganda, Mauritius, Mozambique and Zimbabwe have similar intentions………………………………………..Full Article: Source

Posted on 14 February 2014 by VRS |  Email |Print

Norway’s central bank governor said Thursday the nation’s massive sovereign-wealth fund should be allowed to increase exposure to assets such as equities and infrastructure and trim back on bonds to find a better balance between improving returns and hedging against risk.
Øystein Olsen said that cutting the bond exposure of the fund, also known as the oil fund, to between 20% and 25% of its holdings from the current 35% could be appropriate………………………………………..Full Article: Source

Posted on 14 February 2014 by VRS |  Email |Print

Singapore sovereign wealth fund GIC has cut its stake in commodities trader Bunge Ltd to 1.73 percent from 4.99 percent a year earlier, according to a U.S. regulatory filing. GIC, which had built up its stake in Bunge close to 5 percent in 2012, cut its holding after Bunge’s share price jumped about 13 percent in 2013.
GIC said in a filing on Thursday it owned 1.73 percent of Bunge shares, versus 4.99 percent as of Feb. 6, 2013, according to a Securities and Exchange Commission filing seen by Reuters………………………………………..Full Article: Source

Posted on 14 February 2014 by VRS |  Email |Print

The Excess Crude Account (ECA), which was created to provide succour in rainy days for the federation, now has only about $2.1 billion in its kitty. The depletion of the ECA from about $11 billion in December 2012, has been seriously disputed by analysts, who see the withdrawals as unwarranted.
The current status of ECA emerged yesterday at the meeting of the Federation Account Allocation Committee (FAAC), where a total statutory revenue of N629.128 billion was shared among the three-tiers of government for January………………………………………..Full Article: Source

Posted on 14 February 2014 by VRS |  Email |Print

Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA) is undergoing a major restructure of senior management personnel. The LIA is now advertising for a new Chief Executive Officer, as well as looking for a new Head of Treasury and Budget Stabilisation Fund and a Senior Advisor for Finance and Control. New heads of departments for human resources and communications and PR are also being sought.
In advertisements f0r the roles, the LIA said it was seeking to revitalise operations, promote a new strategy to foster economic stability and protect economic growth in Libya………………………………………..Full Article: Source

Posted on 14 February 2014 by VRS |  Email |Print

Chad has launched the privatisation of its state-owned telecoms company, following a failed attempt four years ago to sell a large portion of the group to the sovereign wealth fund of Libya.
The privatisation of 80 per cent in the Société des Télécommunications du Tchad (Sotel-Tchad) could offer investors a late chance to enter into the booming mobile phone market in Africa………………………………………..Full Article: Source

Posted on 14 February 2014 by VRS |  Email |Print

The ANZ Bank last month predicted the kina will fall by up to 10% in value by the end of 2014, in anticipation of income from the LNG project. Paul Barker looks ahead several years to when that income begins to have ‘a substantial impact’.
While it’s unusual for a bank to be publicly forecasting currency movements, the fall in the value of the kina over the last few months was predictable………………………………………..Full Article: Source

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