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Sovereign Wealth Funds Briefing 25.Nov 2011

Posted on 25 November 2011 by VRS |  Email |Print

Jesse WangChina’s sovereign wealth fund may give “indirect” support to Europe through investments without being the nation’s main route for any aid, said Jesse Wang, the executive vice president of China Investment Corp.

The fund “wouldn’t be the main channel” if China helps tackle the sovereign-debt crisis, Wang said in an interview at a forum in Beijing yesterday. “However, if during such a process there are good investment opportunities in Europe and if CIC’s investment helped the destination company or country to recover and developed the economy, that would be indirect support.” ……………………………………..Full Article: Source

Posted on 25 November 2011 by VRS |  Email |Print

Terra Firma Capital Partnersis seeking to raise up to 1 billion euros ($1.33 billion) from a sovereign wealth fund so it can continue to do deals when its buy-out fund’s investment period expires next year.

Big investors from China and the Middle East have approached Guy Hands’ private equity firm, saying they wanted it to create a separate pool worth between 500 million euros and 1 billion euros, the FT reported, citing people close to the matter………………………………………Full Article: Source

Posted on 25 November 2011 by VRS |  Email |Print

The Centre is still undecided on whether to set up a sovereign wealth fund (SWF) or not. No final decision has been taken by the Government in this matter, the Rajya Sabha (Upper house Parliament) was informed. “The issues regarding the establishment of a SWF are under discussion,” Mr Namo Narain Meena, the Minister of State for Finance, said in a written reply in Rajya Sabha.

A SWF is a special purpose investment vehicle created by a Government with surplus foreign exchange to invest overseas. A few years ago, India had considered setting up a SWF, but the proposal was not pursued………………………………………Full Article: Source

Posted on 25 November 2011 by VRS |  Email |Print

In a bid to emulate other BRIC nations India could be on the cusp of creating its own sovereign wealth fund. The idea has certainly gained traction with business and political leaders, says Kavaljit Singh, director of India’s Public Interest Research Centre.

New Delhi will soon take a final call on the issue of setting up of a sovereign wealth fund. The idea of setting up an Indian SWF has been going around since 2007 when China established its major sovereign wealth fund, China Investment Corporation, with an initial capital fund of $200bn………………………………………Full Article: Source

Posted on 25 November 2011 by VRS |  Email |Print

The chief executive of NIB, the Pakistani bank controlled by Singapore’s Temasek Holdings, has resigned and will be replaced by an interim CEO.

Khawaja Iqbal Hassan, who was instrumental in bringing Temasek as an investor in the Pakistani lender, will remain a non-executive member of NIB’s board after stepping down as president and CEO, according to a Karachi Stock Exchange filing………………………………………Full Article: Source

Posted on 25 November 2011 by VRS |  Email |Print

Endorsements of sovereign wealth funds from Queensland Premier Anna Bligh and Liberal Senator Arthur Sinodinos have bolstered efforts by business leaders to convince governments to establish sovereign wealth funds as a means to capture more of the windfall from the mining boom for future use, according to a report by the Australian Financial Review.

The concept of the sovereign wealth funds has been gaining greater traction amongst business leaders, with ASX Ltd chairman David Gonski, Future Fund chairman David Murray and Reserve Bank of Australia governor Glenn Stevens, among others, acting as the most recent and vocal advocates………………………………………Full Article: Source

Posted on 25 November 2011 by VRS |  Email |Print

The chairman of the Future Fund has warned Australian state and federal governments that they run the risk of following Europe into financial disaster if they do not cut spending and boost productivity.

The call comes despite a senior Treasury official saying Australia’s economy is performing well, and coping with the current mining boom much better than previous ones………………………………………Full Article: Source

Posted on 25 November 2011 by VRS |  Email |Print

The head of the federal government’s Future Fund, David Murray, has delivered a scathing assessment of Labor’s management of the economy, accusing it of borrowing money to buy votes, and of dangerous complacency in the face of a “wake-up call” from the crisis unfolding in Europe.

Mr Murray, the former chief of the Commonwealth Bank, has also stridently backed Qantas in its dispute with its employees, saying that unless the airline and companies like it tackled union privilege, Australia risked the same fate as Europe………………………………………Full Article: Source

Posted on 25 November 2011 by VRS |  Email |Print

Sovereign wealth funds from Qatar and Kuwait led pledges on Thursday to invest almost $3 billion in cash-strapped Morocco, cementing ties between Arab monarchies at a time of political turmoil in the region.

Qatar’s sovereign wealth fund and the Moroccan state agreed to establish a 50-50 investment joint venture worth $2 billion that aims to help Rabat fund major development projects, a statement from the Moroccan government said………………………………………Full Article: Source

Posted on 25 November 2011 by VRS |  Email |Print

The Nigeria Sovereign Investment Authority, the oil-rich country’s new state investment arm, has begun the search for its first top management team. The fund, which will replace the country’s Excess Crude Account, was approved back in May, but political wrangling over revenue-sharing between the various levels of Nigeria’s federal government delayed its implementation.

According to advertisements placed in western media outlets by KPMG, which is leading the search, the NSIA is looking for a chief executive, chief investment officer and chief risk officer. The chief executive role is targeted at Nigerian nationals but the other two positions are open to qualified individuals of any nationality………………………………………Full Article: Source

Posted on 25 November 2011 by VRS |  Email |Print

Representatives of Qatar’s sovereign wealth fund joined venture capital firms from Europe, the UK, US and Japan earlier this month to hear investment pitches from several Irish cleantech companies.

Sources who attended Enterprise Ireland’s annual investor day in London said it was the first time that financiers from the Middle East had attended the event, demonstrating the calibre of the Irish companies present. It is believed that the executives were scouting for investments that fit strategically with the aims of Qatar’s ministry of energy, pointing to a particular interest in the four cleantech firms that were among the 25 Irish companies there………………………………………Full Article: Source

Posted on 25 November 2011 by VRS |  Email |Print

Qatar’s sovereign wealth fund and the Moroccan state on Thursday agreed to establish a 50-50 investment joint venture worth $2 billion that aims to help the cash-strapped North African economy fund major development projects.

Visiting Qatari ruler Sheikh Hamad bin Khalifa al-Thani and Morocco’s King Mohammed signed an agreement in Rabat to set up the joint venture fund between the Qatar Investment Authority and its Moroccan equivalent, a Moroccan government statement said………………………………………Full Article: Source

Posted on 25 November 2011 by VRS |  Email |Print

The Government of Alberta announced the results of their second quarter on Monday and the Alberta Heritage Savings Trust Fund took a substantial hit in projected investment income. Finance Minister Ron Liepert explained that the financial situation in Europe has had an effect on the province’s finances.
“Nothing directly, because we really don’t do that much business with Europe, but it’s the indirect effect,” said Liepert. “The European turmoil has had a negative effect on the markets. Our projected income from the investments this year is now projected to be only half of what we said it would be in the budget so that hits our bottom line. It’s an indirect hit from the Europe situation.”……………………………………..Full Article: Source

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