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.
Michael Dalder/ReutersSovereign wealth funds are massive investment vehicles with trillions of dollars in assets.
However, these wealth giants are little known and less understood than other types of investments vehicles.
We've assembled 10 facts to help you figure out what sovereign wealth funds are all about.
Check them out below.
Not surprisingly the economy has featured strongly in all of the main party manifestos. There is no denying that we’ve seen promising signs of growth over the last 12 months, but the election has brought with it a degree of uncertainty for the small business community. Therefore it is imperative that any future administration seeks to protect the interests of the small business community and provide a much-needed confidence boost to ensure continued and sustainable growth, regardless of who is in power after May 7th.
While the world was glued to the developments in the Mediterranean in the past week, Poland took a page straight out of Rahm Emanuel's playbook and in order to not let a crisis go to waste, announced quietly that it would transfer to the state - i.e., confiscate - the bulk of assets owned by the country's private pension funds (many of them owned by such foreign firms as PIMCO parent Allianz, AXA, Generali, ING and Aviva), without offering any compensation. In effect, the state just nationalized roughly half of the private sector pension fund assets, although it had a more politica
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).
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.
Having learned last week that the world's central banks are their sovereign wealth proxies have secretly pumped over $29 trillion into markets in the last few years, it is not entirely surprising to hear from one of the largest - Norway $888 billion oil fund - that it is buying stocks with bond hands and feet.