Posted on 04 June 2012 by VRS | Email |Print
Lawmakers in Panama approved the government’s plan to create the country’s first sovereign wealth fund with revenue from an expanded Panama Canal to help buffer Latin America’s fastest-growing economy in a downturn.
Lawmakers voted 41-19 today to approve the creation of the fund, which would take effect after the canal’s $5.25 billion expansion is completed in 2014. With at least $300 million to start, the government estimates savings will grow by about $1.5 billion per year from taxes on the canal, Finance Minister Frank De Lima told lawmakers before voting took place………………………………………..Full Article: Source
Posted on 04 June 2012 by VRS | Email |Print
Mubadala Development made a loss of Dh4.2 billion (US$1.1bn) last year as the financial crisis squeezed the value of its investments around the world.
The comprehensive loss combines operating profits from its seven main industry sectors and paper losses on investments. It made a Dh338 million loss in 2010, the company said……………………………………….Full Article: Source
Posted on 04 June 2012 by VRS | Email |Print
The House of Representatives on Thursday called for the lodgment of proceeds from the Sovereign Wealth Fund (SWF) into viable commercial banks operating in the country. The sum of $1.1 billion has so far been realised from the excess crude account savings and domiciled with the Central Bank of Nigeria (CBN) for the take-off of the fund, according to Federal Ministry of Finance.
Aminu Tambuwal, Speaker, House of Representatives, has directed the joint committees on Finance, Commerce and Industry and Banking and Currency to conduct a public hearing with a view to “guaranteeing the correct usage of the Sovereign Wealth Fund”……………………………………….Full Article: Source
Posted on 04 June 2012 by VRS | Email |Print
Norway, what happened? Along with Sweden, Norway and the other Scandinavian countries were expected to be lights among the darkness that is the Euro Zone. After all, Denmark, Finland, Norway and Sweden have on primary advantage: They’re not Euro Zone members.
“We love the investment opportunities in Norway and the Scandinavian area in general,” Street One Financial President Scott Freeze told Benzinga in an interview. “Specific to Norway - they are one of the top oil exporters in the world, have the second highest sovereign wealth fund, and the highest standard of living in the world. They have very low unemployment and are not part of the euro, so they give you the ability to get European exposure without having exposure to the euro.”………………………………………..Full Article: Source
Posted on 04 June 2012 by VRS | Email |Print
LDC SA (LOUP), a French poultry processor, may be interested in buying the fresh cut business of Doux SA, Le Journal du Dimanche reported, without citing anyone.
France’s sovereign wealth fund FSI is also ready to team up with partners to help Doux, which sought protection from creditors on June 1, the newspaper said. Doux, which owes 140 million euros ($174 million) to Barclays, is seeking new lenders with the help of Lazard bankers, according to Journal du Dimanche………………………………………..Full Article: Source