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Sovereign Wealth Funds Briefing 21.Jun 2012

Posted on 21 June 2012 by VRS |  Email |Print

Farhat Omar BengdaraLibya’s sovereign-wealth fund will ask for a seat on UniCredit SpA’s board, the fund’s president said Wednesday, after the term of the member representing Libyan interests expired last month.
Until May 11, Libyan investments in the Italian bank had been represented by Farhat Omar Bengdara, governor of the Libyan central bank. In May, UniCredit’s shareholders also decided to cut the number of the bank’s board members to 19 from 23………………………………………..Full Article: Source

Posted on 21 June 2012 by VRS |  Email |Print

The Libyan sovereign wealth fund has lost $1.75 billion on financial investments in structured products managed by Goldman Sachs and Societe Generale , the fund’s chairman said on Wednesday.
Mohsen Derregia, chairman of the Libyan Investment Authority, told reporters in Milan LIA needed to review these investments and how they were managed. “Then we will talk to the investment houses and see if we can claim a refund,” Derregia said………………………………………..Full Article: Source

Posted on 21 June 2012 by VRS |  Email |Print

The Libyan sovereign wealth fund is investigating investment losses of $1.75 billion on structured products managed by Goldman Sachs and Societe Generale to see whether it can claim compensation, the fund’s chairman said on Wednesday.
Mohsen Derregia, chairman of the Libyan Investment Authority (LIA), told reporters in Milan that the LIA needed to review these investments and how they were managed………………………………………..Full Article: Source

Posted on 21 June 2012 by VRS |  Email |Print

Nigeria may learn from other countries. In the United States there is no national sovereign wealth fund (SWF) but each state is free to set up its own SWF.
For instance, State of Alaska has the Alaska Permanent Fund (oil-based SFW), the State of Wyoming has the Wyoming Mineral Trust Fund (a mineral-based SWF) and the State of New Mexico has the New Mexico State Investment Trust (a non-commodity SWF)………………………………………..Full Article: Source

Posted on 21 June 2012 by VRS |  Email |Print

Norway’s Norges, the world’s largest sovereign wealth fund, has been in talks, advised by CBRE, to buy the stake from the centre owners - London & Stamford and British Land - for several months but market sources this week said the centre was now under offer.
London & Stamford said in its May results that it was “actively involved” in talks to raise significant funds from the sale of its 50% joint venture interest in Meadowhall, which produces annual income of around £77m………………………………………..Full Article: Source

Posted on 21 June 2012 by VRS |  Email |Print

As of March this year, the total value of Norway’s Sovereign Wealth Fund (SWF) was NOK 3,496 billion ($613 bn) — the world’s largest. Officially The Government Pension Fund of Norway, the fund derives its wealth not from pension contributions, but primarily from oil revenues, including taxes, dividends, sales revenues and licensing fees. Norwegians refer to it simply as Oljefondet, or “The Oil Fund.”
This vast wealth has allowed the Norwegians to indulge in that most costly of economic experiments: Socialism………………………………………..Full Article: Source

Posted on 21 June 2012 by VRS |  Email |Print

Opposition parties attacked the provincial government Wednesday for failing to invest more in Alberta’s Heritage Savings Trust Fund.
NDP MLA Dave Eggen asked the committee that oversees the fund to recommend a new law that would commit 30 per cent of any budget surplus to the fund. Tories on the committee voted against the idea and the motion was defeated………………………………………..Full Article: Source

Posted on 21 June 2012 by VRS |  Email |Print

Alaska’s Permanent Fund has been riding the roller coaster of financial markets and probably will end its fiscal year on June 30 in a break-even position, according to Mike Burns, the fund’s executive director.
The monthly performance report prepared for the fund’s trustees for April 30 showed a 0.76 percent gain in value over the prior 12 months, although the fiscal-year-to-date (July 1 to April 30) was little better, a gain of 2.03 percent………………………………………..Full Article: Source

Posted on 21 June 2012 by VRS |  Email |Print

Chinese purchases in Europe are likely to expand in the future as the debt crisis in some eurozone members provides investors with lucrative opportunities.
To this end, in March 2012 the Chinese government injected $30 billion into the China Investment Corporation (the Chinese sovereign wealth fund) to be used specifically for acquiring industrial and strategic assets in Europe………………………………………..Full Article: Source

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