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).
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.
BySteve Picarillo:Norway's sovereign wealth fund, one of the world's biggest investors and the world's largest sovereign wealth fund grew by $100 billion in 2012, making 2012 its second-best year on record. The fund rose in value by 13.4% last year. It is now worth circa $710 billion, which is 40% more than the value of the entire Norwegian economy. Known as the 'oil fund', it invests revenue from Norway's lucrative oil industry for the country's future.
Norway's sovereign wealth fund lost $15 billion last year as European stock prices fell over uncertain growth prospects amid the debt crisis, the country's central bank said Friday.Investments made by the oil and gas rich country's sovereign wealth fund suffered a 2.5 percent loss in 2011 worth 86 billion kronor ($15 billion, 11.4 billion euros).