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Sovereign Wealth Funds Briefing 28.Aug 2012

Posted on 28 August 2012 by VRS |  Email |Print

Montek Singh AhluwaliaA Planning Commission appointed committee has recommended creation of a Rs 5,000-crore Sovereign ‘Fund of Funds’ to aid early stage venture funds. The committee has also suggested creating new source of capital for domestic venture capital.
The committee submitted its report with a presentation to Finance Minister P. Chidambaram and Deputy Chairman of the Planning Commission Montek Singh Ahluwalia. The recommendations of the Committee aim to create a ‘Vibrant Entrepreneurial Ecosystem in India.’ The committee has clubbed its recommendations under five themes………………………………………..Full Article: Source

Posted on 28 August 2012 by VRS |  Email |Print

Ngozi Okonjo-IwealaNigeria plans to issue an international bond valued “anywhere from $500 million to $1 billion” by 2013 to develop the capacity of its oil and gas sector, the Co-ordinating Minister for the economy said. Dr Ngozi Okonjo-Iweala who is also the Finance Minister said Nigeria’s improved credit ratings by global rating agencies Fitch and Standard & Poors in 2011, increases international confidence in the country.
Also, global financial service provider JP Morgan said on August 15 it is considering listing Nigeria on its Government Bond Index – Emerging Markets (GBI-EM); a move that would increase Nigeria’s visibility and credibility on the international market with a possible increase in international funding………………………………………..Full Article: Source

Posted on 28 August 2012 by VRS |  Email |Print

The unusually long period spent on due diligence on the selected management team of the proposed Sovereign Wealth Fund (SWF) and their insistence on collecting letters of appointment before resuming work, were among the causes of the delay in the announcement of the team by the Federal Government, BusinessDay investigations have revealed.
Also, the strike action by the National Union of Petroleum and Natural Gas workers (NUPENG) which necessitated finance minister, Ngozi Okonjo-Iweala’s intervention, was responsible for the deferment of the inauguration of the SWF management team, from last week to this week………………………………………..Full Article: Source

Posted on 28 August 2012 by VRS |  Email |Print

The federal government is looking at issuing a Eurobond worth up to $1 billion next year to fund its power and gas sector reforms, taking advantage of the country’s likely inclusion in a JP Morgan emerging market index Minister of Finance, Ngozi Okonjo-Iweala said.
She also said that her long-term target was to scrap the country’s Excess Crude Account (ECA) and replace it with a planned sovereign wealth fund. “Ideally you would want to fold the two into one and that is our ultimate objective but for now I think the two in the short-medium term will run side-by-side until everybody gets comfortable with the sovereign wealth fund.”……………………………………….Full Article: Source

Posted on 28 August 2012 by VRS |  Email |Print

The local interest rate market will be focusing on international events this week, particularly the annual central banker’s bash at Jackson Hole, Wyoming where Fed boss Ben Bernanke will be delivering a major speech on “monetary policy since the GFC”.
My view is that Asian central banks and sovereign wealth funds will be somewhat less keen to be aggressive buyers of NZ Government bonds over coming months compared to the lumpy investment inflows from them witnessed earlier this year………………………………………..Full Article: Source

Posted on 28 August 2012 by VRS |  Email |Print

With the advent of the euro, exchange rate risk within the Economic and Monetary Union disappeared, and Germans were able to invest their excess savings in the common currency. As a result, German surpluses grew to become ingrained at 6 per cent of gross domestic product, more than a quarter of national savings.
However, German investors’ appetite for eurozone public and private debt has diminished sharply. Investment outside the eurozone is not an alternative, since a large part of German savings are intermediated by banks, which cannot take exchange rate risk………………………………………..Full Article: Source

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