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Sovereign Wealth Funds Briefing 19.Feb 2015

Posted on 19 February 2015 by VRS |  Email |Print

Sovereign wealth funds have been important participants in financial markets over the past decade but as the charts below show, the fortunes of most sovereign wealth funds are tied to oil. For instance, the biggest sovereign wealth fund, Norway’s Government Pension Fund Global (formerly the Government Petroleum Fund) derives its funding from profits generated by the country’s petroleum sector. Most other large sovereign wealth funds are also financed by oil profits.
If oil prices remain low for quite some time to come, it will hit these funds hard. The only exception to oil-based sovereign wealth funds are the Chinese funds, which have grown in size and influence over the past few years………………………………………..Full Article: Source

Posted on 19 February 2015 by VRS |  Email |Print

Ministry of Communications and High-Tech and the State Oil Fund of Azerbaijan (SOFAZ) postponed the financing of Fiber to Home project (”Optics in house”), providing for maintenance of broadband Internet throughout the country.
As part of the Caspian-European Club (CEIBC) meeting which was held in Baku, the Minister of Communications and High Technologies Ali Abbasov told reporters that the funding for the project by the SOFAR is postponed for the period after 2016, 1news.az reports. At the same time, he noted that new sources of funding for the project are found………………………………………..Full Article: Source

Posted on 19 February 2015 by VRS |  Email |Print

The Ministry of Communications & High Technologies of Azerbaijan (RYTN) is trying to save the national program of fiber-optic network development - fiber to home. At a meeting in the Caspian-European Club (CEIBC) Communications Minister Ali Abbasov has stated that negotiations with international banks about financing for the program realization have been launched.
Earlier, the State Oil Fund of Azerbaijan (SOFAZ) undertook the obligation to allocate $100 million for the program, but the funding has not yet been opened. The total cost of the program to be implemented for 3 years is estimated at EUR 500 million………………………………………..Full Article: Source

Posted on 19 February 2015 by VRS |  Email |Print

Online news portal Sarawak Report has published a 26-page document, revealing sovereign fund 1Malaysia Development Berhad (1MDB) had paid US$1 billion of public funds into a shady venture with Petrosaudi International, despite its lack of a tangible track record.
“What the document reveals is that the prime minister and his advisors at 1MDB paid USD1 billion of borrowed public money into a venture that already carried a USD700 million debt in the form of a loan from PetroSaudi’s parent company to the subsidiary that was entering into the joint venture, PetroSaudi Holdings (Caymans) Limited,” it said in its report………………………………………..Full Article: Source

Posted on 19 February 2015 by VRS |  Email |Print

Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, was ranked among the world’s most transparent sovereign wealth funds as it was rated ten out of ten in the 2015 Linaburg-Maduell Transparency Index. The rankings represent an upgrade from the previous year’s score of 9/10, reflecting the ongoing commitment of Mumtalakat’s Board of Directors led by H.E. Shaikh Khaled bin Abdulla Al Khalifa, Deputy Prime Minister and Chairman of the Board and the company’s management team to transparency. Mumtalakat was one of only 11 funds in the world to be awarded full marks for transparency, out of a total of 52 funds surveyed.
The Linaburg-Maduell Transparency Index is one of the world’s most influential benchmarks in measuring sovereign wealth funds’ commitment to transparency. It was developed by Carl Linaburg and Michael Maduell in 2008 and is published quarterly by the Sovereign Wealth Fund Institute, outlining funds’ performance in ten key areas of transparency. (Press Release)

Posted on 19 February 2015 by VRS |  Email |Print

The drive to have self-managed funds and local communities become major funders of future infrastructure projects is gathering momentum. At the same time, there is a real chance that low oil prices will change the global infrastructure game. David Murray, the chairman of the Financial System Inquiry, along with many others, is watching closely developments in Saudi Arabia where the sovereign wealth fund has been a major investor in global infrastructure projects.
The Saudis continue to make big profits from the current oil price because of their low extraction costs but they have set up a society that requires a $US75 a barrel price to fund the country. That means that very soon the Saudi’s sovereign wealth fund will need to sell assets to cover the shortfall. At the same time, they will slash their support for new projects………………………………………..Full Article: Source

Posted on 19 February 2015 by VRS |  Email |Print

The Alaska Permanent Fund returned 3.2 percent in the most recent quarter of fiscal 2015, bringing the year-to-date return to 1.9 percent.
The fund’s value is $52.8 billion as of Dec. 31, 2014, according to a news release. The statuatory net income — the amount used to calculate the annual Permanent Fund Dividend — was $597 million for the quarter………………………………………..Full Article: Source

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