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Sovereign Wealth Funds Briefing 07.Apr 2014

Posted on 07 April 2014 by VRS |  Email |Print

Oil-rich Norway moved Friday to target its huge sovereign wealth fund’s investments more closely at boosting green businesses, but environmentalists said the proposals were not strong enough.
In its yearly policy paper on the fund — the world’s largest — the rightwing government also proposed giving the central bank, which manages the fund day-to-day, more power to decide when to disinvest from a company for ethical reasons………………………………………..Full Article: Source

Posted on 07 April 2014 by VRS |  Email |Print

Norway’s $860-billion (U.S.) oil fund should scale up its investments in renewable energy and weigh the risk to future returns posed by climate change, the finance ministry said on Friday, a shift green groups said was insufficient.
The switch is part of government reforms of the fund – the biggest of its kind in the world – that also include changes to its ethical guidelines and a review of its activities in emerging markets………………………………………..Full Article: Source

Posted on 07 April 2014 by VRS |  Email |Print

Norway is considering excluding foreign oil and coal companies from its $860 billion sovereign wealth fund, which manages profits from Norway’s own fossil fuel industry.
In a shake-up of the fund that sharpens its environmental focus, Finance Minister Siv Jensen said Friday she had appointed a panel to assess the question on the grounds of possible damage to the climate. It will report back to the government in November………………………………………..Full Article: Source

Posted on 07 April 2014 by VRS |  Email |Print

Oil-rich Norway moved on Friday to target its huge sovereign wealth fund’s investments more closely at boosting green businesses, but environmentalists said the proposals were not strong enough.
In its yearly policy paper on the fund — the world’s largest — the right-wing government also proposed giving the central bank, which manages the fund day-to-day, more power to decide when to divest from a company for ethical reasons. Fed by the country’s oil surplus, the fund is currently worth 5.1 billion kroner (US$856 million), invested abroad in stocks and bonds and, to a lesser extent, real estate………………………………………..Full Article: Source

Posted on 07 April 2014 by VRS |  Email |Print

Azerbaijan’s state oil fund SOFAZ is planning to continue searching for commercially attractive real estate in Asia. “It’s not yet certain whether SOFAZ will manage to complete the investment policy in East and South-East Asia by purchasing Pine Avenue Tower A worth $447 million in Seoul,” SOFAZ said. “It is difficult to reveal and examine the economically attractive real estate in this region, but SOFAZ will continue going ahead in this direction,” the company added.
SOFAZ, an entity that accumulates and manages Azerbaijan’s oil and gas revenues, said earlier that it can spend about $1 billion to purchase real estate in Asia and Australia. Almost a half of the claimed investments have been already made in the purchase of real estate in Seoul………………………………………..Full Article: Source

Posted on 07 April 2014 by VRS |  Email |Print

Al-Ajial Investment Fund of Kuwait Investment Authority (KIA) is investing 400 million euro in the Wessal Capital Gulf-Morocco venture, an equal share to that put in by the sovereign funds of Saudi Arabia, Qatar, the UAE, and Morocco. Al Ajial Investment Fund General Manager Waleed Al-Fehaid said, that 780 million of the total investment would be channeled to the Wessal Casablanca-Port project.
King Mohammed VI had earlier in the day inaugurated the project, which is aimed to bolster this gulf-Morocco partnership………………………………………..Full Article: Source

Posted on 07 April 2014 by VRS |  Email |Print

Tiffany & Co., the US luxury jewellery retailer in which the Qatar Investment Authority owns an 8.7 percent stake, reported fourth quarter results that were up on an ongoing basis in spite of the economic environment, but were turned into a loss by an unfavourable arbitration ruling.
The company incurred a net loss for the quarter ended January 31, 2014 (fiscal 2013) of $103.6m, compared to net income of $179.6m in the fourth quarter of fiscal 2012………………………………………..Full Article: Source

Posted on 07 April 2014 by VRS |  Email |Print

The Investment Corp. of Dubai (ICD), which is the Sovereign Wealth Fund of the Emirate of Dubai, today announced it has taken over leadership and control of luxury hotel chain Kerzner International Holdings Limited (KIHL).
Founded by South African entrepreneur Sol Kerzner the hotel group built resorts in the Bahamas, and also the famed luxury Atlantis palm island resort in Dubai itself………………………………………..Full Article: Source

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