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Sovereign Wealth Funds Briefing 20.Mar 2014

Posted on 20 March 2014 by VRS |  Email |Print

The largest public palm oil producer in the world might still be keen to dip its finger in the Olam pie. Sime Darby has approached Temasek Holdings for a place in the consortium that made an offer for the shares of Olam International that it does not yet own, sources said.
The group had been holding internal discussions to make an offer for Olam shares prior to Temasek’s surprise announcement last Friday, they said………………………………………..Full Article: Source

Posted on 20 March 2014 by VRS |  Email |Print

Kazakhstan’s President has approved of the draft project to construct a new airport in the vicinities of Almaty, Kazakhstan’s ex capital city, Tengrinews.kz reports, citing the country’s PM Serik Akhmetov’s official letter to a Majilis (lower chamber) member.
“The draft project has been approved of by the Head of State; the country’s Sovereign Wealth Fund Samruk Kazyna has been designated as the investor on the Kazakh side. The respective public bodies are looking into financial, technical and administrative support to the project”, the letter reads………………………………………..Full Article: Source

Posted on 20 March 2014 by VRS |  Email |Print

A Closed Joint-Stock Company (CJSC) for the effective management of projects comprising Shah Deniz and delivery of gas to Europe will be officially registered in Azerbaijan in the near future, SOCAR (the State Oil Company of Azerbaijan) Vice-President for Economic Affairs Suleyman Gasimov told Trend on March 17.
The State Oil Fund of Azerbaijan (SOFAZ) has been instructed to provide an equity financing for the CJSC, which is under direct state ownership. Funds to be provided to the company for financing the equity will provide a long term investment on return conditions………………………………………..Full Article: Source

Posted on 20 March 2014 by VRS |  Email |Print

Norway needs an immediate shift in how it allocates its oil wealth to avoid an economic slump as a fading oil industry and high costs threaten growth, Prime Minister Erna Solberg said. “We need to take steps today to avoid a hard landing,” she said today in the text of a speech at the University of Oslo. “The government will prioritize the use of oil wealth as was the original intention: investments that strengthen the growth potential of the Norwegian economy.”
Scandinavia’s richest nation has used its oil and gas income, which it has funneled into an $850 billion sovereign wealth fund, to protect against Europe’s economic slump. Still, the reliance on petroleum, both for income and investments, has weakened other areas of the economy and hurt competitiveness………………………………………..Full Article: Source

Posted on 20 March 2014 by VRS |  Email |Print

At a staggering $920 billion, Norway has the largest sovereign wealth fund in the world, and Norwegian Prime Minister Erona Solberg has flagged that the country is planning to invest more of that national wealth in renewable energy.
Norway’s immense sovereign wealth fund has largely been accrued from its fossil fuel industry. Oil was discovered in Norwegian waters in the late 1960s, and in 2011 the country was the eighth largest crude oil exporter in the world. It was also the world’s third largest natural gas exporter in the that year. However, Norway’s stated aim is now to use its massive sovereign wealth to help address climate change………………………………………..Full Article: Source

Posted on 20 March 2014 by VRS |  Email |Print

I am still to be convinced that, given our experience and the state of our current institutional incapacity, we can create a viable and professionally managed Sovereign Wealth Fund that puts the needs of the nation and its citizens first.
I have read the Sovereign Wealth Fund bill and it certainly looks good on paper. But I am afraid that most Zimbabweans have misplaced expectations on what it can achieve in the short to medium term………………………………………..Full Article: Source

Posted on 20 March 2014 by VRS |  Email |Print

A SWF is a huge pile of capital that is owned by the state and invested for a return just like a mutual fund, a pension fund, or a university endowment. The wealth of such funds is, by definition, held collectively by the public, instead of being held privately.
To the extent that wealth concentrating in the hands of a tiny few is our concern, one obvious way to prevent that is to have the public hold a bunch of it collectively. If the public owns it, the super-capitalists don’t. That helps check our wealth inequality problem………………………………………..Full Article: Source

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