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Sovereign Wealth Funds Briefing 23.Feb 2015

Posted on 23 February 2015 by VRS |  Email |Print

Kazakhstan’s sovereign wealth fund Samruk-Kazyna is considering borrowing up to $2.5 billion this year abroad or domestically, depending on market conditions, fund chief Umirzak Shukeyev said on Friday. “We will probably need to borrow $2 billion or up to $2.5 billion this year,” Shukeyev told a news briefing. “We are now thinking where to borrow. It will all depend on conditions.”
“If conditions on external markets are attractive enough for us, we will tap foreign markets, although right now we see that the siatuation on the internal market is more favourable for us to borrow.”……………………………………….Full Article: Source

Posted on 23 February 2015 by VRS |  Email |Print

Kazakhstan’s sovereign wealth fund, which controls oil producer KazMunaiGaz and the nation’s rail monopoly, said selling its companies’ foreign-currency earnings alone won’t stave off pressure on the tenge to decline.
“We are ready to fully support” a request to stabilize the tenge and the Kazakh financial sector, “but we will do it intelligently, taking into account the needs of every unit,” Yelena Bakhmutova, deputy chief executive officer of the fund, known as Samruk-Kazyna, said in an interview in Almaty on Friday. “We will try to implement our part, but I am afraid that our deeds alone won’t change the situation on the market.”……………………………………….Full Article: Source

Posted on 23 February 2015 by VRS |  Email |Print

The Prime Minister Peter O’Neill introduced the bill, reportedly designed to safeguard the nation’s wealth generated from its petroleum and mineral resources.The Post Courier reports that Parliament voted 82-0 for the bill on its first reading - it is expected to become law by April after a third reading.
Mr O’Neill said it was urgent to pass the law because the first revenue from PNG’s landmark LNG gas project will be paid in late March, as advised by operator ExxonMobil. Mr O’Neill said there are two components to the overall Fund, one a “future’s fund” and the other a “stabilisation fund”………………………………………..Full Article: Source

Posted on 23 February 2015 by VRS |  Email |Print

Back at the end of January, Russia’s sovereign wealth funds amounted to USD160 billion, with the government primarily taking a historically set approach (from 2003 onwards) of arms-length interactions with the funds’ management. This relative non-interference marked 2014 and is now set to be changed, with the government looking at using SWFs to provide some support for the investment that has been falling in the 2013-2014 period and is likely to fall even further this year.
Fixed investment in Russia fell 2.0% y/y in 2013, and by another 3.7% in 2014. Private investment is likely to fall by double digits in 2015, based on the cost of funding, lack of access to international funding and general recession in the economy. It is likely to stay in negative growth territory through 2016………………………………………..Full Article: Source

Posted on 23 February 2015 by VRS |  Email |Print

Nigerians have been urged to give another four years to President Goodluck Jonathan because he is head and shoulder above his All Progressives Congress, (APC) rival, Major General Muhammadu Buhari. Former Anambra State Governor, Peter Obi, who is also the Deputy Chairman of the Jonathan/ Sambo Campaign Organisation, made the appeal.
Citing the establishment of the Sovereign Wealth Fund, (SWF), as one notable example, Obi said that when the country had the Excess Crude Account, there were always agitations from everyone, including governors, that the money should be shared. But, “Jonathan’s government had moved from Excess Crude Account to Sovereign Wealth Fund. With the former, governors, and everybody, all of us would go to Abuja and say, ‘let’s share it’, but you can’t share the Sovereign Wealth Fund. It is managed internationally. It’s there for everybody and everybody can see it”………………………………………..Full Article: Source

Posted on 23 February 2015 by VRS |  Email |Print

Gulf states directly invested $3 billion in UK property in 2014, according to new statistics. As yet unpublished research by CBRE shows that the Gulf accounted for 10 percent of the total $26 billion of direct capital flows into the UK real estate market – predominantly in London – last year.
Almost 50 percent of that contribution came from Qatar, which directly invested at least $1.3 billion through transactions including the acquisition of HSBC’s London headquarters by the nation’s sovereign wealth fund, and of Canary Wharf owner Songbird Estates by a Qatari-led consortium last month………………………………………..Full Article: Source

Posted on 23 February 2015 by VRS |  Email |Print

An investment group from the United Arab Emirates bought the newly-opened Miami Beach Edition hotel for $230 million. Hotel company Marriott International had developed the beach property, which opened in December and $1,000-per-night rates. It sold the 294-room hotel to companies owned by the Abu Dhabi Investment Authority, according to The Miami Herald newspaper.
Maryland-based Marriott had announced in 2013 that it intended to sell three Edition hotels — in Miami Beach, London and New York — to the sovereign wealth fund for a total of $800 million, while retaining long-term management agreements, the newspaper said. The Abu Dhabi Investment Authority invests money on behalf of the government of the oil-rich emirate of Abu Dhabi in the Persian Gulf. By some estimates, its assets now top $800 billion………………………………………..Full Article: Source

Posted on 23 February 2015 by VRS |  Email |Print

In the run-up to the 2013 election, Premier Christy Clark was dreaming big about sky-high LNG revenues, and a soon-to-be established Prosperity Fund to share today’s revenue from the non-renewable resource with tomorrow’s citizens. Does this mean the idea of some kind of sovereign wealth fund is, like much of Clark’s projected revenue stream, dead in the water?
Of course a sovereign wealth fund is more than just a pot of money that sits and grows and is never spent. The authors note that other jurisdictions put earnings from the savings to such uses as stabilizing government revenues over time, funding infrastructure and even maintaining healthy pension funds………………………………………..Full Article: Source

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