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Sovereign Wealth Funds Briefing 14.Apr 2014

Posted on 14 April 2014 by VRS |  Email |Print

Australia is seeking Gulf sovereign wealth fund investment to help plug a A$700 billion (Dh2.41 trillion) infrastructure funding gap. It comes as the country launches its largest ever trade and investment mission to the Gulf states – targeting agribusiness, education and infrastructure among other sectors.
“There are some serious opportunities for major-league projects in Australia over the next decade,” said Andrew Robb, the minister for trade and investment. “It’s one of the major priorities for the new government. We have got a A$700bn infrastructure deficit.”……………………………………….Full Article: Source

Posted on 14 April 2014 by VRS |  Email |Print

The question of whether Malaysia should have a sovereign wealth fund derived from its natural resources is one that has been raised many times. The government has been using revenue derived from the country’s natural resources – in particular dividends from the nation’s oil and gas (O&G) company Petroliam Nasional Bhd (Petronas) – for development.
O&G-producing nations like Norway, the United Arab Emirates (UAE), the United States, Russia, Algeria and Kazakhstan have set up their own sovereign wealth funds derived from the sector………………………………………..Full Article: Source

Posted on 14 April 2014 by VRS |  Email |Print

Norway has squirrelled much of its oil revenue away in an $850B fund for future generations. Today, less than 25 years since its inception, that nest egg has grown into the world’s most valuable sovereign wealth fund, worth about $850 billion – more than $165,000 per Norwegian citizen, according to an SWF Institute report. It is the envy of the world, funding initiatives ranging from infrastructure improvements and green energy projects to public pensions.
Meanwhile, the Alberta Heritage Fund, which is 14 years older, is worth about $17 billion. The Alaska Permanent Fund sits at $50 billion. Even combined, they represent a fraction of the wealth Norway has amassed, and which it will be able to draw on long after its oilfields run dry………………………………………..Full Article: Source

Posted on 14 April 2014 by VRS |  Email |Print

UBS is relocating Alberto Palombi, head of the investment bank’s global sovereign wealth fund business, to Dubai as deals pick up in the Middle East, said two people familiar with the decision who asked not to be identified as the information is not public.
Palombi, currently based in London, joined the largest Swiss bank in 2012 after the appointment of Andrea Orcel as head of UBS’s investment bank. Prior to joining UBS, Mr Palombi worked as a managing director for Bank of America Merrill Lynch in Dubai, the people said………………………………………..Full Article: Source

Posted on 14 April 2014 by VRS |  Email |Print

President Ilham Aliyev has issued a decree on amendments to the decree “On 2014 budget of State oil Fund of Azerbaijan”. APA-Economics reports that the amendment is related to task to the State Oil Company of Azerbaijan on establishment of closed joint-stock company (OJSC), of which authorized capital makes AZN 100 mln and 51%-equity belongs to state, 49% - to SOCAR, under the President’s order on “several measures regarding other projects on Shah Deniz-2 and establishment of Southern Gas Corridor” dated to February 25, 2014, and task to the State Oil Fund of Azerbaijan on providing the financing of OJSC’s shares belonging to the state.……………………………………….Full Article: Source

Posted on 14 April 2014 by VRS |  Email |Print

State-owned AIB could be worth between “€10bn and €11bn”, according to Finance Minister Michael Noonan. This is the first time that the Government has revealed what its stake in AIB could be worth.
In February, it emerged that a Gulf sovereign wealth fund had made a €500m offer to buy a stake in AIB. The “tentative” approach had been made in September by an unnamed “sovereign wealth fund”. The approach was rebuffed at an early stage………………………………………..Full Article: Source

Posted on 14 April 2014 by VRS |  Email |Print

Chile is betting on the expansion of state-owned copper producer Codelco, and may turn to its sovereign wealth fund to finance the investment, even as metal prices and economic growth approach four-year lows.
Gross domestic product will expand about 3.5 per cent this year, Deputy Finance Minister Alejandro Micco forecast, the first estimate by President Michelle Bachelet’s government that came to office March 11………………………………………..Full Article: Source

Posted on 14 April 2014 by VRS |  Email |Print

Unlike other resource issues, Alaskans stand pretty much united in our efforts to monetize the huge gas reserves of Alaska’s North Slope. The Legislature has spent a good portion of the current session holding hearings and listening to consultants on the administration’s proposal (SB138) and its two components, the MOU and the Heads of Agreement.
I have expressed my concerns to the House and Senate committees regarding the MOU’s proposal to have TransCanada acquire what would otherwise be the state’s 25 percent equity interest in the gasline in exchange for being the bank and financing construction of the gasline………………………………………..Full Article: Source

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