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Sovereign Wealth Funds Briefing 03.Nov 2011

Posted on 03 November 2011 by VRS |  Email |Print

The Internal Revenue Service released proposed regulations that would provide clearer rules governing when the U.S. activities of sovereign wealth funds are exempt from taxation.
The U.S. currently taxes the income of sovereign wealth funds that is attributable to “commercial activity.” The proposed rules released today include an exception that would allow wealth funds to engage in “inadvertent commercial activity” without triggering taxation. The proposal also provides additional definitions of what is considered commercial activity………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

Gilmore Hoefdraad The government is planning to establish a Sovereign Wealth Fund (SWF). “The bank hails this deliberate step by the government to set up a SWF”. Central Bank of Suriname (CBvS) Governor Gilmore Hoefdraad said this in his Dies address, which he delivered yesterday evening in the Centrum Reformed Church to mark the start of the University’s academic year. A SWF is an investment fund managed by the national government.
The funds for the SWF are often from revenues of the mining of minerals (often oil), or tax revenues from the mining sector, or accumulated budget surpluses. These funds are intended to be invested for the long term. Hoefdraad mentioned the example of Trinidad, which started an interim revenue stabilization fund in 2000………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

Saudi Arabia is well cushioned in comparison to other GCC countries with regard to sovereign wealth funds (SWFs) as it has limited exposure to euro zone debt crisis, according to analysts.
Their remarks came as regional media reported Wednesday that the SWFs are likely to suffer losses from the lingering debt crisis. The G20 summit, which begins Thursday, will be dominated by European debt problems, economists said………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

A Bahraini sovereign wealth fund has launched a 100 million dinar ($265 million) food security fund to invest in agricultural projects in the kingdom and abroad, an official said.
“The fund is based on purely commercial principles,” Mohammed Mubarak Al-Sulaity, chief executive of Bahrain’s Future Generations Reserve Fund (FGF), told Al Arabiya television………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

Governors of the 36 states have initiated fresh legal war against the Federal Government over the proposed creation of a Sovereign Wealth Fund and the lodgement of over N150 billion ($1 billion) for the take off of the scheme, which is meant to save fund for the future.
The governors wrote to the Supreme Court for an order restraining the Federal Government from making any withdrawals from the account styled the ‘Excess Crude Account’ (or any account replacing same by any name however) pending the hearing and determination of a subsisting suit they initiated in 2008………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

Nigeria struggles to become a nation governed by the rule of law and the principles of federalism. Establishment of the Sovereign Wealth Fund represents a grave challenge to these democratic concepts. The government tries to paint the SWF as evidence of financial prudence. In reality, the SWF reveals a government that has little regard for law. Operation of the Sovereign Wealth Fund is an unprovoked onslaught on the rule of law.
The SWF is illegal because it violates the constitutional provisions concerning the allocation of revenue to the three tiers of government. In effect, the SWF improperly confiscates funds meant for state and local government to use these funds for purposes determined solely by bureaucrats hired by the Federal Government………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

Nigeria’s main opposition Action Congress of Nigeria (ACN) has strongly opposed the plan by the federal government to create a Sovereign Wealth Fund (SWF), which is aimed at saving part of the country’s earnings for the rainy day.
Finance Minister Ngozi Okonjo-Iweala announced recently that the SWF had taken off, but shortly after, the state governors challenged the creation of the fund at the Supreme Court, especially because the SWF is being funded from the Federation Account, the proceeds of which belong to all the three tiers of government………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

The take off of Nigeria’s Sovereign Wealth Fund with $1 billion drawn from the Excess Crude Account signifies government’s intention to break away from the past and save for the rainy day, but political intrigues and manoeuvres may mar its implementation
While tempers were still rising over government’s plan to withdraw oil subsidy, to liberalise the sector, Ngozi Okonjo-Iweala, finance minister and leader of the economic management team of President Goodluck Jonathan’s administration, announced that government had started the implementation of the Sovereign Wealth Fund, SWF, with a seed capital of $1 billion drawn from the Excess Crude Account, ECA, which currently stands at a little above $6 billion……………………………………….Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

Azerbaijan’s $32 billion rainy-day oil fund plans to invest abroad in publicly traded shares, real estate and gold in 2012, the fund’s executive director said on Wednesday.
The state oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenues. It has been used to finance social spending and infrastructure projects………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

The State Oil Fund of Azerbaijan is holding a conference. The State Oil Fund of Azerbaijan is holding a conference Role and Place of the State Oil Fund in National Oil Strategy dedicated to 20th anniversary of Azerbaijan’s independence.
In his remarks to the conference, Shahmar Movsumov said the Fund will begin to invest in new instruments starting from 2012………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) is to draw managers to run assets of new type. SOFAZ executive director Shahmar Movsumov has said that in connection with changes in investment rules, external managers will be drawn for the management of all new assets as this is new type of assets, and before to start managing them itself the Fund should see how others do that.
“The available managers were hired to run our portfolio on time-based income. Portfolios themselves will not be reviewed,” Movsumov said. The Fund received the right to invest in stocks, real estate and gold………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

The State Oil Fund expects to transfer AZN 9.9bn ($12.5bn) to the state budget next year, the fund’s executive director has said. This is $500m more than the fund will contribute to the state budget this year, according to figures given by Shahmar Movsumov in late August.
He said today that the volume of the fund’s assets would remain unchanged for the rest of the year, Gun.Az reported………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

Greece’s plans to put a European rescue agreement to a referendum creates additional uncertainty that “doesn’t help” efforts to safeguard the global economy, said the head of Russia’s sovereign private-equity fund.
Russian President Dmitry Medvedev meets tomorrow with counterparts from the BRICS group of emerging economies, comprising Brazil, Russia, India, China and South Africa, on the sidelines of the Group of 20 summit in Cannes, France……………………………………….Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

Russia’s Reserve Fund amounted to RUB 790.02bn (approx. USD 26.4bn) as of November 1, down 4.1% month-on-month, while the country’s Sovereign Wealth Fund totaled RUB 2.7 trillion (approx. USD 91.2bn), shrinking 3.6% month-on-month, according to data released by the Finance Ministry.
The two funds gained value in the first ten months of 2011: the Reserve Fund rose 2%, and the Sovereign Wealth Fund advanced 1.1%. The Reserve Fund held USD 11.08bn, EUR 9.04bn and GBP 1.58 as of November 1, 2011………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

Russia’s Finance Ministry informed on Tuesday that the state reserves had at 1 November a volume of 790.02 billion rubles, equivalent to around 18.8 billion Euro. The country’s Prosperity Fund had the same date a volume of 2.726 trillion rubles, or 65 billion Euro.
The total income from the funds that were placed on foreign currency accounts in Russia’s National Bank was in the period from 15 January to 31 October this year 400 million USD or 11.94 billion rubles………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

The world’s biggest economies are turning a cold shoulder toward Europe’s bailout fund as the G20 prepares to gather in France.
The G20 meeting in Cannes, which starts Thursday, is the latest and most global in a series of urgent leaders’ meetings aimed at negotiating a deal to rescue Europe’s failing economies and the euro-zone monetary union………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

Freeport today announces the completion of its successful refinancing with new investment provided by a sovereign wealth fund from the Middle East, allowing the company to take full advantage of opportunities to create value in the European outlet mall sector.
Following the refinancing, it has also created a new entity for Freeport’s property management team, Freeport Retail, to provide specialist outsourced asset management services and is actively working with real estate investors across Europe………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

Discussions on with GIC, Temasek, ADIA, Kuwait Investment Authority. HDFC Realty, the private equity arm of Housing Development Finance Corporation, is engaged in talks with the world’s largest sovereign funds to raise its fourth real estate fund.
According to sources in the know, the company has already started discussion with a few of the Singapore government-owned GIC and Temasek Holdings, the Abu Dhabi Investment Authority (ADIA, owned by the government of Abu Dhabi) and Kuwait Investment Authority. ADIA manages more than $600 billion. Temasek, focused primarily in Asia and Singapore, handles $151 bn under various assets. GIC manages assets worth a little over $300 billion………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

Banks have been tapped to submit proposals for an initial public offering of healthcare company Parkway Pantai that could potentially raise as much as $2 billion.
Malaysia’s Integrated Healthcare Holdings Sdn Bhd, which is 70% owned by Malaysia’s sovereign wealth fund, Khazanah Nasional Berhad, acquired most of its Singapore assets through a full takeover of Parkway Holdings Ltd. on the Singapore Exchange last year in a transaction that valued the healthcare group at US$3.5 billion………………………………………..Full Article: Source

Posted on 03 November 2011 by VRS |  Email |Print

The numbers are in for the 2012 First Quarter returns for the Alaska Permanent Fund. The numbers there reflect the current market trends. The continued slow growth of the U.S. economy, as well as economies globally have had an effect on Fund returns. The fund’s investment value fell to $37.0 Billion, this is a reduction of $3.1 Billion from the beginning of the quarter.
The Permanent Fund returns ran in negative territory at -8.3% for the quarter. Responsible for the poor numbers were a return of -19.8% in Non-U.S. stocks, a return of -16.4% on U.S. stock portfolios, and a return of -16.2% in global portfolios………………………………………..Full Article: Source

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