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Sovereign Wealth Funds Briefing 02.Nov 2011

Posted on 02 November 2011 by VRS |  Email |Print

State funds in Gulf hydrocarbon producers could suffer from a fresh bout of losses because of the European Union debt crisis following a sharp decline in their assets in the wake of the 2008 global fiscal distress, a well known Gulf economist has said.
While the EU economic slowdown means slackening oil demand and consequently lower crude prices, Gulf countries and other OPEC members have taken measures to offset the crisis and keep prices strong, said Mohammed al Asumi, a former adviser at the Dubai Executive Office and head of economic research at the state-run Emirates Industrial Bank………………………………………..Full Article: Source

Posted on 02 November 2011 by VRS |  Email |Print

Eddie TruellA sovereign wealth fund investing in infrastructure could be set up to meet the £1.3 trillion public sector pension liability according to proposals from Pension Corporation and the London School of Economics (LSE).
Pension fund insurance business Pension Corporation has teamed with a LSE think tank to look at ways of meeting the £1.3 trillion liability from government-funded public sector pension schemes………………………………………..Full Article: Source

Posted on 02 November 2011 by VRS |  Email |Print

The Russian Direct Investment Fund (RDIF) has about 20 projects worth a total of about $5bn under consideration, according to comments from Vnesheconombank, manager of the country’s sovereign wealth fund.
Potential deals that are being mulled by RDIF, which was established in June to draw foreign money into Russia’s underdeveloped private equity sector, include a project to sell Sukhoi Superjet 100 regional airliners to Indonesia………………………………………..Full Article: Source

Posted on 02 November 2011 by VRS |  Email |Print

The UAE’s foreign assets were estimated at around $550 billion at the end of 2010 and they could soar to a record high of nearly $600bn at the end of 2010, according to a key western financial firm. The assets, controlled mostly by the Abu Dhabi Investment Authority (Adia), have already climbed close to $600 billion and could reach that level at the end of next year, the Washington-based Institute for International Finance (IIF) said in its latest semi annual report on the Middle East and North Africa………………………………………..Full Article: Source

Posted on 02 November 2011 by VRS |  Email |Print

The Action Congress of Nigeria, ACN, has strongly condemned the aggressive clamour by the Federal Government to set up the so-called Sovereign Wealth Fund (SWF), describing the fund as illegal, unconstitutional, fraudulent and anti-federalism.
In a statement issued in Abeokuta, Ogun State, Tuesday by its National Publicity Secretary, Alhaji Lai Mohammed, the party said there is absolutely no argument that can justify the creation of the illegal SWF………………………………………..Full Article: Source

Posted on 02 November 2011 by VRS |  Email |Print

Former Governor of Lagos State and leader of Action Congress of Nigeria, ACN, Asiwaju Bola Ahmed Tinubu has joined the growing number of prominent Nigerians kicking against the establishment of Sovereign Wealth Fund (SWF) by President Goodluck Jonathan.
Tinubu in a statement today said that the SWF as structured by President Jonathan is illegal because it violates the constitutional provisions concerning the allocation of revenue to the three tiers of government and improperly confiscates funds meant for state and local government………………………………………..Full Article: Source

Posted on 02 November 2011 by VRS |  Email |Print

Saving for the rainy day is an old adage which literally means making adequate arrangement for unforeseen and unpleasant circumstances in the future. At the individual level, man imbibed the saving culture whereby deposits of gold, money or other treasures are saved into improvised safes or asusu and in modern times, banks to provide for future needs.
At the community level, cooperatives are formed to pool resources together for community development efforts in times of war, famine, flood, disease outbreaks and other natural disasters………………………………………..Full Article: Source

Posted on 02 November 2011 by VRS |  Email |Print

South Korea’s foreign exchange reserves rebounded in October from a three-year low as a weaker dollar raised the conversion value of non-dollar assets, the central bank said Wednesday.
The country’s foreign reserves reached US$310.98 billion as of the end of October, up $7.6 billion from the previous month, according to the Bank of Korea (BOK)………………………………………..Full Article: Source

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