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Sovereign Wealth Funds Briefing 07.Nov 2011

Posted on 07 November 2011 by VRS |  Email |Print

The government has decided to set up a sovereign wealth fund. The objective is to acquire strategic resources that enable economic growth but are finite in supply. To sustain India’s economic growth and development, in the long run, it will become imperative to source such resources globally.
Ensuring sustained long-term supply of these resources requires engagement on an international scale. This requires prior coordination between diplomatic, ministerial and financial entities in the country………………………………………..Full Article: Source

Posted on 07 November 2011 by VRS |  Email |Print

Pranab MukherjeeA Group of Ministers (GoM) on external security interface chaired by Pranab Mukherjee has agreed in principle on setting up a sovereign wealth fund to help companies acquire mineral and energy assets abroad. This caps discussions on the need for such a fund, which have been on for more than a year among various sections in the government.
The money from the fund would be available only to state-owned undertakings, and not those in the private sector. ……………………………………….Full Article: Source

Posted on 07 November 2011 by VRS |  Email |Print

China’s cabinet has approved a plan to separate the country’s sovereign wealth fund China Investment Corp. from its wholly-owned unit Central Huijin Investment Ltd., the Economic Observer reported Saturday, citing unnamed sources.
The report said the government will establish a new entity, CIC International, to focus on overseas investment, and the ownership of the new entity will be shared among CIC, the finance ministry and the central bank. After the restructuring, CIC will retain a controlling stake in Central Huijin, the state parent of China’s major banks, the report said………………………………………..Full Article: Source

Posted on 07 November 2011 by VRS |  Email |Print

In recent weeks, the China Investment Corporation (CIC) has been in the news headlines for its economic view on Europe and current investment activity in the region. It is well known over the past three decades, more importantly this last decade; China has accumulated vast foreign reserves. Created in 2007, the CIC was tasked to manage a portion of China’s financial resources.
Europe is in the midst of troubling economic times. The Chinese government has been supportive of Europe, but the real question is what will be their level of involvement in the European sovereign debt crisis?……………………………………….Full Article: Source

Posted on 07 November 2011 by VRS |  Email |Print

GIC Special Investments, the Singapore sovereign wealth fund, has picked 6.24 per cent stake in Fortis Healthcare (India), the hospital chain owned by billionaire brothers Malvinder and Shivinder Singh.
Lathe Investment Pte. Ltd., an affiliate of GIC, converted the foreign currency convertible bonds (FCCBs) it subscribed to last year at a price of Rs 167 per share………………………………………..Full Article: Source

Posted on 07 November 2011 by VRS |  Email |Print

Nigeria is an interesting country. The political class plays a game of chess with the people they are supposed to cater for. In the end, there is a lot of mistrust. The Governors’ forum was supposed to be a meeting point for chief executives of states to discuss common issues and chart a clear way forward for their states and the nation at large by taking a common position in the best interest of the people.
But happenings and the discordant tunes coming out of the Governors’ forum leaves one with the impression that they just gather to backslap one another and feel good………………………………………..Full Article: Source

Posted on 07 November 2011 by VRS |  Email |Print

Recently, President Goodluck Jonathan’s administration made a bold statement when it launched the nation’s Sovereign Wealth Fund (SWF) with an initial capital of $1billion. The fund replaces the Excess Crude Account (ECA) created by the administration of the former Head of State, Olusegun Obasanjo in 2004.
President Jonathan gave the green light to the SWF in a law passed in May even though political wrangling and opposition from the Governors’ Forum delayed its implementation. Like many new policies in the country, the fund has continued to generate controversy………………………………………..Full Article: Source

Posted on 07 November 2011 by VRS |  Email |Print

Controversy broke-out recently over the Sovereign Wealth Fund (SWF) which was signed into law by the President on May 27, 2011. The on-going tussle over the fund assumed a pungent legal dimension last week when 23 state governors filed an application before the Supreme Court over legality, and to restrain the Federal government from tampering with money domiciled in the Excess Crude Account (ECA).
Interestingly, not much public excitement has attended the political and legal controversies, partly because they have been out-flanked by the more combustible debate over the removal of the fuel-subsidy………………………………………..Full Article: Source

Posted on 07 November 2011 by VRS |  Email |Print

For the first time since this column began its run six years ago in October 2005,one has never felt as unenthusiastic to continue with a series of column articles as one does now,with regard to the current one on the sovereign wealth fund begun here,last Monday.
And that is not just because the matter is now before the courts of law and a judge may may subjectively decide that you are guilty of a contempt of his own court………………………………………..Full Article: Source

Posted on 07 November 2011 by VRS |  Email |Print

In an address detailing Norway’s success capitalizing on its offshore oil and gas resources – including creating a 21-year-old investment fund worth $600 billion and an oil company with worldwide operations – the country’s energy minister said a stable tax regime for producers has been critical.
“If you are to invest billions and billions of dollars, you need to know the system won’t change overnight,” said Ola Borten Moe, Norway’s Minister of Petroleum and Energy. “So we take great pride in the fact that we don’t change the system every now and then.”……………………………………….Full Article: Source

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