Nigeria's $1 billion sovereign-wealth fund is set to start operating in the next few months, in what would mark a crucial step to help the government finance the revamping of its ramshackle roads and power grids.
Nigeria's $1 billion sovereign-wealth fund is set to start operating in the next few months, said the country's finance minister Ngozi Okonjo-Iweala, in what would mark a crucial step to help the governement finance the revamping of its ramshackle roads and power grids.
Norway’s new government vowed to cut income taxes, sell state assets and establish a 100 billion- krone ($17 billion) fund to aid the construction of roads and other infrastructure in western Europe’s largest oil producer.
Erna Solberg, leader of the Conservative Party and incoming prime minister after winning the Sept. 9 election, and Progress Party leader Siv Jensen Monday presented a 75-page platform revealing how the coalition plans to rule Scandinavia’s richest economy over the next four years.
Last spring, the Norwegian government announced that it would use its $818 billion sovereign wealth fund to do more than simply invest the country’s oil money. From this point forth, said the owners of the world’s largest such fund, it would effectively function as an activist investor, with a mandate to advance social goals and influence corporate behavior.
You can mess with Greece with only modest repercussions, but, as Bloomberg reports, mess with Libya and trouble comes fast. In a strangely familiar case of deja vu, Libya’s sovereign wealth fund (LIA) sued Goldman Sachs over money-losing investments made in 2008, saying the bank exploited the LIA’s inexperience to sell risky derivatives.
Lots of countries have so much oil and gas wealth that they don't know to do with it. Some U.S. states do too. So they put it into a sovereign wealth fund — basically a giant, actively-managed investment portfolio. Here's a map of every sovereign wealth fund in the world, via the Sovereign Wealth Fund Institute (red=oil and gas, blue=not, although we think there's some overlap).
Fifteen years ago, London’s Regent Street was known for Liberty, the high-end department store with its mock Tudor facade, and Hamleys, the 255-year-old toy maker. Otherwise, it was a West End backwater filled with airline offices, carpet shops, and stores selling royal kitsch aimed at tourists.
Today, it’s a global shopping mecca. Apple, J.Crew, Hugo Boss, Michael Kors, and Brooks Brothers, among others, have opened flagship megastores on Regent Street, turning it into a giant outdoor mall in the heart of London.
Oslo (AFP) - Norway's state pension fund, the world's biggest sovereign wealth fund, will have to sell its stakes in companies with a significant exposure to the global coal sector, a parliamentary committee said.
In the previous note I covered Moody's downgrade of Russian sovereign debt rating (see http://trueeconomics.blogspot.ie/2015/02/21215-moodys-downgrade-russia-risks-and.html). Now, as promised, a quick note on Russian use of sovereign fund cash reserves (also referenced in the Moody's decision, although Moody's references are somewhat more dated, having been formulated around the end of January).
DOHA (Reuters) - Qatar will create a new $12 billion investment firm, backed by blue-chip assets from its sovereign wealth fund, and list it on the local stock exchange, its main institutional backer said on Tuesday.
Brendan Ross submits:The Statens Pensjonsfond, Norway's sovereign wealth fund, combines the oil profits from its 2/3 stake in Statoil with an aggressive, 60% equities investment strategy. The Pensjonsfund is massive, has a very long investment horizon and is actively managed. Norway's Finance Ministry recently hired three well known professors to analyze the Pensjonsfond's stewardship of Norway's $525 billion. The results were surprising.