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Sovereign Wealth Funds Briefing 26.Oct 2015

Posted on 26 October 2015 by VRS |  Email |Print

Australia should establish a sovereign wealth fund when the budget returns to surplus rather than spend all the extra money on tax cuts and middle-class welfare, as happened under the Howard government, Prime Minister Malcolm Turnbull says. The Prime Minister would not commit to a timetable for the budget to be out of deficit, saying only that Tony Abbott’s aspiration to have a strong surplus by 2023-24 was “a good goal”.
Turnbull said when growth returned to trend, the budget should be back in balance. “We certainly need to get the budget back to balance over the cycle,” he said. “When you talk about the budget being in balance over the cycle, when the business cycle is roaring ahead and the terms of trade are booming, you want to be running surpluses and putting money in the bank, preferably in a sovereign wealth fund………………………………………..Full Article: Source

Posted on 26 October 2015 by VRS |  Email |Print

The China Investment Corporation — a state-owned sovereign wealth fund — earlier this month closed a $2.45 billion deal to buy stakes in nine Australian office towers, seven of which are in Sydney. The Australian-record purchase includes a 50 per cent share of the Telstra building on George St, a 25 per cent share of the Deutsche Bank building on Phillip St and 100 per cent shares of high-rises on Elizabeth and Market streets and in North Sydney.
Helped by the falling Aussie dollar, the deal is the latest in a growing list of recent local Chinese purchases whose values have reached hundreds of millions of dollars and beyond. A report this month by real estate services giant Cushman & Wakefield found that Sydney was the world’s fourth-most popular city for global investors, behind only London, New York and Paris………………………………………..Full Article: Source

Posted on 26 October 2015 by VRS |  Email |Print

The performance of Hong Kong’s Exchange Fund in the first three quarters this year, which will be announced early next month, can hardly be encouraging, warns Eddie Yue Wai-man, deputy chief executive of Hong Kong Monetary Authority.
And chief executive Norman Chan Tak-lam’s warning in January that the investment environment in 2015 will be more complex and difficult than last year is quite prescient as global financial markets have been abnormally turbulent so far, especially in the third quarter, Yue wrote in an article on the authority’s website………………………………………..Full Article: Source

Posted on 26 October 2015 by VRS |  Email |Print

Oman’s biggest sovereign wealth fund has agreed with Japanese institutions to set up a joint $400 million fund that will invest in food and agribusiness industries, Omani officials said on Sunday. The fund will facilitate direct investment in Gulf Cooperation Council (GCC) states by Japanese food and agribusiness firms, ranging from grains and feed to vegetables, milk and dairy products, logistics and research firms, they said, aiming to spend at least 35 percent of the money in Oman.
The Gulf Japan Food Fund will be owned 37.5 percent by Oman’s State General Reserve Fund. State-run Oman National Investments Development Co and Gulf Investment Corp, owned by the six GCC states, will hold a combined 12.5 percent………………………………………..Full Article: Source

Posted on 26 October 2015 by VRS |  Email |Print

This week, with Malaysia’s parliament back in session, the opposition is renewing its efforts to oust Prime Minister Najib Razak through a no-confidence vote. The effort follows the prime minister’s involvement earlier this year in a scandal surrounding the heavily indebted 1Malaysia Development Berhad (1MDB) sovereign wealth fund. Among other points of controversy, Najib is struggling to explain the source of nearly $700 million deposited to his personal account.
Even without the political crisis, Malaysia is already facing economic headwinds because of low commodity prices and a looming interest rate hike by the U.S. Federal Reserve. But the scandal may be worsening the situation. Malaysia’s once globally esteemed financial institutions are now in question, and 1MDB is involved in nearly every part of the Malaysian economy, including energy, agriculture, tourism and real estate………………………………………..Full Article: Source

Posted on 26 October 2015 by VRS |  Email |Print

1Malaysia Development Berhad (1MDB) president and group executive director Arul Kanda Kandasamy has reiterated that he “looks forward” to being questioned by the Public Accounts Committee (PAC). “Yes. We have confirmed to this publicly many times. We look forward to the PAC hearing in order to provide answers to the lawful authorities of the country,” said Arul.
He was present at Malaysia’s Economic Outlook Seminar to give a briefing on 1MDB’s history as well as to hold a question-and-answer session for MCA members. Applause could be heard from the seminar room when Arul concluded his session………………………………………..Full Article: Source

Posted on 26 October 2015 by VRS |  Email |Print

Is it possible to make a link between what you (should) do as a private investor and what the world’s richest country does? Yes! Therefore, in a series of articles we look at Norway, its sovereign wealth fund – known as Government Pension Fund Global, and the lessons private investors can learn from the country.
Do you usually earn more than you spend and have money left over to invest? If the answer is “yes”, you have something in common with the kingdom in the north. Since 1996, it has been saving part of its oil and gas revenue in its so-called oil fund, which with an value of roughly $875 billion has become the largest sovereign wealth fund, at least of those that make data public………………………………………..Full Article: Source

Posted on 26 October 2015 by VRS |  Email |Print

The budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2015 will be deficit-ridden due to the long decline in world oil prices, SOFAZ told Trend Oct. 23. While drawing up SOFAZ budget-2015, the basic parameters of the state budget were taken as a basis. The oil price was set at $90 per barrel, the source said.
“Taking into account the oil price at $50 a barrel, SOFAZ’s total income, including the proceeds from the oil and gas sale are predicted at 7.4 billion manat till late 2015, which is 28 percent less than SOFAZ income approved for this year,” SOFAZ said………………………………………..Full Article: Source

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