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Sovereign Wealth Funds Briefing 19.Mar 2014

Posted on 19 March 2014 by VRS |  Email |Print

Israel should not invest its natural gas revenues in foreign markets as planned, but in domestic “social-environmental causes,” lawyer-businessman Shraga Biran argued on Tuesday. “You need to find a social fund that will help this generation and the future generation,” he said.
Biran was participating in a panel on the country’s sovereign wealth fund for natural gas profits. The cabinet approved the creation of such a fund – which calls for the investment of the expected $125 billion of profits in foreign markets – in April 2013………………………………………..Full Article: Source

Posted on 19 March 2014 by VRS |  Email |Print

Och-Ziff, the hedge fund group, warned that it could face a hit to its financial results from a Department of Justice investigation into alleged corruption in Libya before the fall of Muammer Gaddafi.
The company revealed in a regulatory filing on Tuesday that the DoJ and the Securities and Exchange Commission were examining its relationship with the Libyan Investment Authority, the country’s sovereign wealth fund, and its investments in companies doing business in Libya………………………………………..Full Article: Source

Posted on 19 March 2014 by VRS |  Email |Print

Bahraini sovereign fund Mumtalakat has no current plans to tap the debt capital markets in 2014 and will pay off a small loan facility due later in the year, its chief executive said on Tuesday.
One of the smaller sovereign wealth funds in the Gulf region, Mumtalakat had $7.1 billion of assets under management at the end of September. It holds stakes in 40 firms in the kingdom’s non-oil sector, including Bahrain Telecommunications Co (Batelco) and Aluminium Bahrain (Alba)………………………………………..Full Article: Source

Posted on 19 March 2014 by VRS |  Email |Print

Singapore investment company Temasek Holdings’ offer for Olam International could be a sector re-rating event, reflecting the potential for major shareholder groups to step in if soft commodity groups remain undervalued, said Barclays. This is especially since equity markets are too concerned with quarterly earnings numbers - often affected by volatile commodity markets - while strategic shareholders can take a long-term view on the key drivers of the business.
“The long-term drivers of constrained upstream productive resources and demand growth in emerging markets are secular trends, irrespective of the volatility in commodity markets,” said Barclays analysts in a report. “In our view, Temasek’s offer for Olam may reflect the potential for other shareholder groups to step in if they believe the equity market is not pricing in the earning potential.”……………………………………….Full Article: Source

Posted on 19 March 2014 by VRS |  Email |Print

Singaporean GIC - one of the world’s leading sovereign wealth funds which oversees USD100 billion forex reserve of the country, has entered Vietnam through pouring capital into a company in Vietnam, NDHMoney’s source says.
GIC was the brainchild of Dr Goh Keng Swee, then Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS). He saw the need for an entity dedicated to the task of investing Singapore’’s growing reserves for better long-term returns, Dr Goh created what in retrospect, was the prototype sovereign wealth fund………………………………………..Full Article: Source

Posted on 19 March 2014 by VRS |  Email |Print

The average Australian superannuation fund has posted a return of more than 10 per cent in the first eight months of the financial year, according to research house Chant West. The median growth fund returned 2.1 per cent in February, taking the return for fiscal 2014 so far to 10.8 per cent, the firm said.
The average fund is up 13.1 per cent compared with a year ago and 7.1 per cent compared with 10 years ago………………………………………..Full Article: Source

Posted on 19 March 2014 by VRS |  Email |Print

Russian Regional Development Minister Igor Slyunyayev has not ruled out that money from the Russian National Welfare Fund may be used to build a bridge the Kerch Strait bridge. “The proposal on the construction of a 4.2-kilometer long bridge had earlier been considered with the Ukrainian side, the agreement was signed last December,” the minister said.
“The design estimate documentation for the construction of a bridge across the Strait of Kerch, according to the decision of the Russian government, should be finalized by the state-run company Rosavtodor by November 1, 2014.” “The construction period is two years. I do not rule out that money from the National Welfare Fund may be used for the implementation of this strategic and undoubtedly paying project,” said Slyunyayev, without specifying the amount of the funds………………………………………..Full Article: Source

Posted on 19 March 2014 by VRS |  Email |Print

Norway is examining new ways to calculate returns generated by the world’s biggest sovereign wealth fund in a move that could affect how much oil revenue the government uses in its budgets.
The Finance Ministry has ordered Statistics Norway to find out how different deflators, which adjust returns for inflation, will affect returns. The government is due next month release a white paper assessing the fund’s strategy and performance………………………………………..Full Article: Source

Posted on 19 March 2014 by VRS |  Email |Print

The government of Norway will mandate the country’s sovereign wealth fund, the largest in the world, to invest in renewable energy, Prime Minister Erna Solberg announced in Oslo today. “We are thrilled that Norway is stepping forward to lead on renewable energy,” says Nina Jensen, CEO of WWF-Norway. “If done at scale, this will have global impact and redefine how we use money consistent with commitments to limit climate change.
“We have long advocated that the fund invest up to 5% in infrastructure for renewable energy. This will require a change in the guidelines for the fund, similar to the mandate to investing in property that was granted in 2010………………………………………..Full Article: Source

Posted on 19 March 2014 by VRS |  Email |Print

Azerbaijan’s successful debut sovereign Eurobond placement amid the market situation in the region reflects investors’ confidence in the balanced management of oil revenues, head of the IMF mission on Article IV of the Articles of Agreement of the International Monetary Fund Raja Almarzoqi said in Baku on March 17.
“The aim is to consolidate the budget, that is, to reduce dependence on oil revenues by further decline in transfers from the State Oil Fund of Azerbaijan (SOFAZ),” he said. “The state budget revenue generated by the private sector must increase. All this will create a strong buffer for the national economy in case of oil price decrease.”……………………………………….Full Article: Source

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