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Sovereign Wealth Funds Briefing 06.Jun 2012

Posted on 06 June 2012 by VRS |  Email |Print

Joseph StiglitzMyanmar would benefit from securing the revenue accumulated through its oil and natural gas sales into a sovereign wealth fund, helping the fledgling democracy avoid the ‘resources curse’ and distributing wealth more equitably, Former World Bank Chief Economist Jospeh Stiglitz said.
“Many countries with large natural resources have not done well. They’ve not done well in terms of growth, equity, poverty reduction and so much so that this is called the natural resource curse and we’ve studied the causes and what can be done about it,” the Nobel prize-winning economist said……………………………………….Full Article: Source

Posted on 06 June 2012 by VRS |  Email |Print

Lou Jiwei The wealth funds of Russia and China will each commit $1 billion in a joint investment fund worth as much as $4 billion, raising additional money from third-party international investors, China Investment Corp. said.
China Investment Corp.’s Chairman Lou Jiwei and Russian Direct Investment Fund’s Chief Executive Officer Kirill Dmitriev signed a memorandum today “signifying the full launch of the joint fund,” according to the statement posted on the Chinese sovereign wealth fund’s website………………………………………..Full Article: Source

Posted on 06 June 2012 by VRS |  Email |Print

China Investment Corporation (CIC), the country’s sovereign wealth fund, said Tuesday it had signed a memorandum with Russian Direct Investment Fund (RDIF) over the official launching and basic principles of the China-Russia Investment Fund.
The latest progress came after the CIC and RDIF signed a memorandum last year to create the joint fund in an effort to boost economic cooperation between the two countries………………………………………..Full Article: Source

Posted on 06 June 2012 by VRS |  Email |Print

A new Russia-China investment fund was launched by political leaders in Beijing yesterday in a landmark deal that aims to tap private equity opportunities in both countries.
Collaborating in the venture are China’s $440 billion sovereign wealth fund CIC and the Russian Direct Investment Fund (RDIF), a $10 billion vehicle set up by the Russian government last year to co-invest in PE deals with international PE funds, SWFs and multinational corporations………………………………………..Full Article: Source

Posted on 06 June 2012 by VRS |  Email |Print

The successful bidder for EFG-Hermes risks overpaying for the Egyptian company. The embattled Egyptian investment bank is caught between two rival bids - the first from a joint venture with QInvest that would provide funding from Qatar’s sovereign wealth fund, and the second a US$1 billion (Dh3.67bn) unsolicited buyout bid from Planet Investment Banking (Planet IB), a consortium of Arab investors.
QInvest is controlled by the Qatar Investment Authority, the Qatari sovereign wealth fund………………………………………..Full Article: Source

Posted on 06 June 2012 by VRS |  Email |Print

As head of the Norwegian sovereign-wealth fund, Yngve Slyngstad collects his country’s oil revenues, which currently total more than €100 million — per day. The fund is supposed to use these revenues to provide the country with prosperity for the long term.
It’s no easy task, because the government expects Slyngstad and his staff of more than 300 people to generate a 4 percent return on investment………………………………………..Full Article: Source

Posted on 06 June 2012 by VRS |  Email |Print

In spite of the fall of world oil prices, State Oil Fund of Azerbaijan (SOFAZ), forecasts increase of its revenues. SOFAZ’s Executive Director Shahmar Movsumov has reported that forecasting of oil prices at $100 per barrel in state budget for 2012 will automatically lead to growth of the Fund’s revenues.
“The Fund maintains its reporting on the basis of this price which will lead to rise of the Fund’s revenues. The Fund’s expenses will remain the same. On the whole, Azerbaijan’s state budget is resistant to oil price change process at the world market “,- Sh. Movsumov said………………………………………..Full Article: Source

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