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Sovereign Wealth Funds Briefing 15.May 2014

Posted on 15 May 2014 by VRS |  Email |Print

The Libyan Investment Authority (LIA), the oil producer’s sovereign wealth fund, plans to invest billions of dollars in the local stock market to help fund badly needed infrastructure projects, its new head said in a interview.
Chairman Abdulmagid Breish also said the LIA, which owns assets worth $66 billion, plans a special fund to cover future budget deficits - a timely idea as protests at oil facilities undermine public finances………………………………………..Full Article: Source

Posted on 15 May 2014 by VRS |  Email |Print

Norway’s new government is tapping more oil revenue than previously estimated this year to support a slowing expansion in Scandinavia’s richest nation.
The government will use a record 140.9 billion kroner ($24 billion), of its oil revenue to plug budget deficits, up from 139 billion kroner estimated in November, according to a budget handed out in Oslo today. That’s equal to 2.8 percent of the wealth fund, down from a 2.9 percent estimate in November………………………………………..Full Article: Source

Posted on 15 May 2014 by VRS |  Email |Print

Norway’s revised 2014 budget, to be unveiled later on Wednesday, will increase spending by 1.9 billion crowns ($320 million) compared to a November proposal, news agency NTB reported, citing government documents.
The structural budget deficit is now seen at 2.8 percent of the $860 billion sovereign wealth fund, known as the oil fund, below a November forecast of 2.9 percent, NTB added. The government can spend up to 4 percent of the oil fund each year and even though spending has been rising in nominal terms, it has been on a decline as a percentage of the fund because of its rapid growth………………………………………..Full Article: Source

Posted on 15 May 2014 by VRS |  Email |Print

Norwegian Finance Minister Siv Jensen vowed Wednesday to implement structural reforms to counter a drop in oil- sector investment and an expected slowdown in economic growth. “What we see now is a long-term development where oil-sector investments are dropping further ahead,” Ms. Jensen said.
The record 140.9 billion Norwegian kroner ($23.8 billion) spending figure amounts to 2.8% of the value of the country’s sovereign-wealth fund. ……………………………………….Full Article: Source

Posted on 15 May 2014 by VRS |  Email |Print

The National Assembly is currently holding a closed-door session to discuss Kuwait’s foreign investments with the state sovereign fund, Kuwait Investment Authority. Speaker Marzouq Al-Ghanim ordered the main meeting hall to be cleared out of visitors as per the request of Finance Minister Anas Al-Saleh on Wednesday after the parliament had agreed a day earlier to hold two-hour talks on the matter.
KIA is expected to present a detailed report on its activities to the lawmakers, the minister had earlier informed the parliament. The report will highlight assessments, analyses, investment decisions, strategies, adopted procedures, performance and the revenue accumulated by the Kuwaiti sovereign fund………………………………………..Full Article: Source

Posted on 15 May 2014 by VRS |  Email |Print

As the country continues to bask in the euphoria of the proclaimed economic growth, the Central Bank of Nigeria (CBN) has suggested that contributions into the Sovereign Wealth Fund (SWF) should be made mandatory to all stakeholders.
The Acting Governor of the CBN, Dr. Sarah Alade made the submission the submission in Abuja when she appeared before the National Conference Committee on Economy, Trade and Investment. She said if “contributions into the Sovereign Wealth Fund is made mandatory, the economy would function at the optimal level.”……………………………………….Full Article: Source

Posted on 15 May 2014 by VRS |  Email |Print

GIC and Temasek Holdings are set to lead global sovereign investors in acquisitions for a second year after emerging as the most active in 2013. The US$15.7 billion (S$19.6 billion) spent by both companies accounted for about a third of direct investments by state investors globally last year, data compiled by the London-based Institutional Investor’s Sovereign Wealth Center showed.
This year, major investments have already been announced: Temasek and one of its units announced two purchases in March, amounting to US$8.9 billion, or 57 per cent of what the two firms invested last year, data compiled by Bloomberg showed………………………………………..Full Article: Source

Posted on 15 May 2014 by VRS |  Email |Print

Olam International Ltd.’s third-quarter net profit more than doubled year over year on exceptional gains including a revaluation of stevia-sweetener producer PureCircle Ltd., Olam said Thursday. Temasek Holdings Pte. Ltd is the arge shareholder of the commodity trader.
Net profit for the three months ended March 31 was 396.1 million Singapore dollars (US$316.8 million) compared with 108.5 million Singapore dollars, Olam said in a statement to the Singapore Exchange. Revenue rose 2.5% to 4.84 billion Singapore dollars, it said………………………………………..Full Article: Source

Posted on 15 May 2014 by VRS |  Email |Print

Malaysia’s state investor Khazanah Nasional Bhd and global private investment firm TPG have agreed to buy US$132 million (S$165.3 million) worth of shares in 8990 Holdings, the Philippine mass housing developer said on Wednesday.
Khazanah and TPG have committed to subscribe to about two-thirds of 8990 Holdings’ follow-on equity offering that raised 9 billion pesos (S$257.5 million), the Philippine firm said in a stock exchange filing. The shares bought by the two institutional investors, amounting to over 5.8 billion pesos, are equivalent to around 20 per cent of the Philippine firm’s equity, according to Reuters’computations………………………………………..Full Article: Source

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