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Sovereign Wealth Funds Briefing 01.Nov 2011

Posted on 01 November 2011 by VRS |  Email |Print

David Cameron is considering a sovereign bond fund to invest in infrastructure and plug the UK’s £1.3 trillion public sector pension deficit. If the Treasury issued enough sovereign gilts, a massive fund could be created to bankroll large-scale infrastructure projects, such as building new housing, power stations and roads.
This could produce enough returns in the long-term to meet pension liabilities when they fall due………………………………………..Full Article: Source

Posted on 01 November 2011 by VRS |  Email |Print

The Norwegian Government Pension Fund Global reported its second weakest quarter results ever as it was rocked by the effects of the global economic downturn.
The fund, which is the world’s second largest sovereign wealth fund, lost 8.8% - or €37 billion in euro terms - over the third quarter of 2011. The market value of the fund also dropped €7 billion to €339 billion………………………………………..Full Article: Source

Posted on 01 November 2011 by VRS |  Email |Print

The head of Norway’s huge oil fund wants to rein in the powerful credit bureaus that seemingly can determine the destiny of European countries in crisis, along with returns on the fund itself. The move comes after the fund reported the biggest losses in its 15-year history.
Newspaper Dagens Næringsliv (DN) reported over the weekend how current rules require that the oil fund sell off debt instruments issued by foreign governments if the credit rating of the countries involved is downgraded by one of the major credit bureaus………………………………………..Full Article: Source

Posted on 01 November 2011 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) is to disclose aspects of its new investment strategy. The Fund reports that on 2 November Baku will host a conference on the theme “State Oil Fund’s role in the National Oil Strategy” to be dedicated to the 20th anniversary of Azerbaijan’s independence.
Within the conference there will be made the reports reflecting the goals and results of the National Oil Strategy and prospects of multi-vector transport infrastructure development………………………………………..Full Article: Source

Posted on 01 November 2011 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has summed up the results of the first 9 months of the year. The Fund reports that since early 2011 its assets have grown by 41.6% up to $32.2 bn. Over the reported period SOFAZ budget profitable part totaled AZN 11.8 bn and expenditure part AZN 4.366 bn.
SOFAZ revenues from oil and gas agreements amounted to AZN 11.668 bn, including from sale of profit oil and gas AZN 11.476 bn, price difference on Shah Deniz Project 1 AZN 101.7 million, BTC Co dividends AZN 66.8 million, transit fees AZN 5.5 million, acre payments AZN 1.2 million, bonuses AZN 15.7 million, transfer of assets of foreign investors AZN 1.2 million………………………………………..Full Article: Source

Posted on 01 November 2011 by VRS |  Email |Print

Russia’s Direct Investment Fund has begun operation, the head of Vnesheconombank Vladimir Dmitriev told PM Putin on Monday. The fund is now considering about 20 investment projects worth 5 bln dollars and will bring specific results, the official added.
He also said that the fund’s main asset is an agreement with China’s investment corporation reached during Putin’s October visit as the company runs about 450 bln dollars………………………………………..Full Article: Source

Posted on 01 November 2011 by VRS |  Email |Print

Milton Friedman’s dictum is that the business of business must be only business. Until the Great Recession in 2008-09, sovereign wealth funds (SWFs) were viewed with suspicion in the West, driven by the belief that their business of business was not necessarily business, but political leverage too, wherever they bought assets.
Yet, the Recession changed all that. As the West’s banking giants tottered on the brink of collapse, it was the Chinese, Singaporean and Persian Gulf SWFs that bailed them out, one after another, of the credit crunch………………………………………..Full Article: Source

Posted on 01 November 2011 by VRS |  Email |Print

French power and gas company GDF Suez has formed an alliance with Chinese sovereign wealth fund China Investment Corp and signed a deal with state-owned energy company CNOOC to bolster its presence in China and the Asia-Pacific.
Under the deal, CIC will take a 2.3 billion euro (HK$25 billion) minority stake in GDF Suez’s exploration and production unit as well as a 10 percent stake in a liquid natural gas plant in the Caribbean………………………………………..Full Article: Source

Posted on 01 November 2011 by VRS |  Email |Print

Information Affairs Authority (IAA) President Shaikh Fawaz bin Mohammed Al Khalifa received today Bahrain Mumtalakat Holding Company Chief Executive Talal Al Zain.
He stressed the importance of boosting media cooperation with the private sector to promote the new strategy which seeks to achieve media openness in the kingdom, in line with the royal reform project of His Majesty King Hamad bin Isa Al Khalifa………………………………………..Full Article: Source

Posted on 01 November 2011 by VRS |  Email |Print

Governor Babangida Aliyu of Niger State on Monday said that the governors of the 36 states of the federation did not at anytime oppose the operation of the Sovereign Wealth Fund.
This is just as the former Governor of Kwara State, Dr. Bukola Saraki, expressed support for the creation of the SWF, saying it would help the country to save money every year………………………………………..Full Article: Source

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