Connect with us

Norwegian Government to Use More Sovereign Fund Oil Wealth

Published

on

ernasolberg_eretroThe Norwegian Ministry of Finance released an Amendment to its 2014 fiscal budget today that indicates a lowering of tax rates and an increase in transfers from the Government Pension Fund Global (GPFG), Norway’s sovereign wealth fund, to cover the non-oil fiscal budget deficit.

In response to Dutch disease-like symptoms, the new Norwegian government, led by Prime Minister Erna Solberg, is seeking to stimulate growth in parts of the domestic economy that have been priced out by the explosive growth in the petroleum sector. Sectors experiencing a strain are housing and trade. According to a statement, “The petroleum sector, including subcontractors, has expanded, whereas the high cost level has posed challenges for the trade exposed industries.” The new fiscal budget is responding by lowering taxes and establishing a “productivity commission” slated with giving advice on how to strengthen growth and productivity.

In addition, the government is augmenting spending on growth projects. “The increased spending of petroleum revenues is targeted on measures that stimulate growth and production,” says Minister of Finance Siv Jensen.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

Published

on

Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Guggenheim Partners Agrees to Acquire Millstein & Co.

Published

on

On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

GIC Holds Steady, Maintains Cautious Investment Stance

Published

on

Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.