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Sovereign Wealth Funds Briefing 21.Nov 2011

Posted on 21 November 2011 by VRS |  Email |Print

China Investment Corp., the country’s sovereign wealth fund, bought $1.75 billion of shares in China Construction Bank Corp., increasing state control of the second-largest Chinese lender by market capitalization.
CIC bought 2.76 billion shares at an average price of $0.634 off the exchange on Nov. 14, according to a disclosure filing to the Hong Kong stock exchange yesterday that didn’t identify the sellers. That increased CIC’s stake to 60.46 percent from 59.31 percent………………………………………..Full Article: Source

Posted on 21 November 2011 by VRS |  Email |Print

Michael Jude FernandesKhazanah Nasional, the sovereign wealth fund of the Malaysian government, plans to invest in sectors like financial services, infrastructure and energy in India in the near future.
“We are looking at sectors like financial services, infrastructure and energy for investment in the near future,” Khazanah Nasional executive director Michael Jude Fernandes said………………………………………..Full Article: Source

Posted on 21 November 2011 by VRS |  Email |Print

India’s foreign exchange reserves fell by $326 million to $314.34 billion for the week ended Nov 11, declining sharply for the second straight week due to a slump in the value of foreign currency assets, official data showed.
The forex reserve kitty had slumped by $5.72 billion in the previous reporting week………………………………………..Full Article: Source

Posted on 21 November 2011 by VRS |  Email |Print

Superannuation funds posted a rare increase in October, providing some respite for investors after five months of negative returns driven by global market volatility.
The median balanced option superannuation fund posted a 2.8 per cent rise in October, following a 1.8 per cent drop in September, according to super fund ranking agency SuperRatings………………………………………..Full Article: Source

Posted on 21 November 2011 by VRS |  Email |Print

Kuwait could invest in the European Union’s expanded EFSF rescue fund, although it will depend on the conditions of investing, which are not yet clear, the president of the Kuwait Investment Office said on Friday.
“It depends on the criteria,” Eid Al-Rayyes Al-Rasheedi, who heads the sovereign wealth fund’s London office, told reporters on the sidelines of a conference in Frankfurt………………………………………..Full Article: Source

Posted on 21 November 2011 by VRS |  Email |Print

Governor Sule Lamido of Jigawa State speaks on his love for the downtrodden, the introduction of social welfare package for the disabled, plans to open up Jigawa to investors, agriculture and civil responsibilities of citizens to the Nigerian State. Lamido also speaks on the proposed Sovereign Wealth Fund, SWF, which, according to him, is not desirable now. There are more things to be done that just keeping money.
“All monies accruing to the federation must be shared among all the three tiers of government, so says the Constitution of the Federal Republic of Nigeria and anything to the contrary is null and void”………………………………………..Full Article: Source

Posted on 21 November 2011 by VRS |  Email |Print

On May 27, 2011, the Sovereign Wealth Fund (SWF) bill was signed into law by President Goodluck Jonathan. This was after the bill had been passed by the National Assembly. The attempt to establish the fund has, however, been mired in controversy.
THE establishment of a SWF is common among natural resource-rich countries, which are concerned about the volatility of the international market for natural resources. The main purpose of the fund is to guarantee the ability of the government to plan and carry out such plans regardless of whatever economic situation it may be………………………………………..Full Article: Source

Posted on 21 November 2011 by VRS |  Email |Print

Against the background of the agitation for a new revenue formula and other seemingly controversial issues of sharing the national cake, including the matter of the Sovereign Wealth Fund an interview with Elias Mbam a seasoned bureaucrat, is the chair man of the Revenue Mobilisation, Allocation and Fiscal Commission, became a pursuit.Sir what is your take on the issue of the Sovereign Wealth Fund?
Well, on the Sovereign Wealth Fund generally I have not heard anybody, individual or group saying that the Sovereign Wealth Fund is bad, not even the Governors. But maybe there are some issues in the process or in the implementation that they are not comfortable with, but my question is where have all these people being since the inception of the idea………………………………………..Full Article: Source

Posted on 21 November 2011 by VRS |  Email |Print

The national government is adamant in preventing mismanagement of funds by tightening the Sovereign Wealth Fund (SWF) management law, Prime Minister Peter O’Neill said last week.
He said that last Friday when officiating at the opening of the Mataure Rabaul Microfinance Ltd office in Rabaul town, East New Britain. “We have had world class mines like Bougainville, Ok Tedi and continue to have Lihir but revenues have been mismanaged as such and we don’t have any money now,” he said………………………………………..Full Article: Source

Posted on 21 November 2011 by VRS |  Email |Print

Politically and economically, the European Union has been struggling to keep itself together. In recent months, numerous high-level government officials from several European nations have been courting foreign institutional investors to buy government bonds, allocate money to EFSF investments, and invest in capital increases in large scale European companies.
Some government officials have been trying to arrange deals to sell public assets to foreign state-owned enterprises (SOE)………………………………………..Full Article: Source

Posted on 21 November 2011 by VRS |  Email |Print

The changes made to the rules of storage, allocation and management of foreign funds of the State Oil Fund of Azerbaijan (SOFAZ) do not include toughening the requirements for external managers, SOFAZ told Trend on Saturday.
The rules of storage, allocation and management of SOFAZ’s foreign funds, adopted on June 19, 2001, were amended by the decree of the Azerbaijani President in late October………………………………………..Full Article: Source

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