|
Libya
ranks among world's largest sovereign wealth funds
Thursday March 03, 2011 09:56:27 PM,
IANS
|
|
New York: Libya ranks
among the world's largest sovereign wealth funds as it always had
large amounts of cash to throw around because of its huge reserves
of high-quality crude oil, a media report said.
Libya had created a $60 billion sovereign wealth fund after the UN
lifted its economic sanctions on the country in 2003. Today, the
Libyan Investment Authority (LIA) ranks among the world's largest
sovereign wealth funds, the CNN reported Wednesday.
The country also uses the Libyan Central Bank and the Libyan
Foreign Bank as channels to invest, focusing mainly on domestic
and African investments, it said.
Libya had "about $32 billion in liquidity" stored in US banks in
January 2010, CNNMoney said citing documents made public by the
WikiLeaks. That's roughly equivalent to the amount the US Treasury
Department had frozen earlier this week.
Libya even invested over $300 million into the now defunct
investment bank Lehman Brothers, according to US bankruptcy court
filings. The country is fighting in the courts to recover those
losses.
In Canada, Libya made one of its first private-equity deals by
purchasing Verenex Energy for about $320 million in 2009.
Libya put the bulk of its cash to work in Europe and the United
Kingdom, partly because of its geographic proximity, CNN said
quoting Wikileaks.
The LIA also has stakes in Italian companies like oil giant Eni,
defence contractor Finmeccanica and UniCredit, Italy's largest
bank. The LIA also has a 7.5 percent stake in Juventus.
It also owns a 3.3 percent stake in Pearson, the owner of the
Financial Times and Penguin Publishing in Britain. The fund also
has stakes in several commercial real estate properties in
Britain, the CNN reported.
|
|
Home |
Top of the Page |
|
 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 Top
Stories |
|
At least
3,000 dead in Libya: Rights Group
At least 3,000 people are estimated to
have been killed so far in Libya's two-week-old uprising, the
International Federation for Human
»
Tension
in Libya as question of foreign intervention looms
UN
suspends Libya's membership in Human Rights Council
Arab
League to discuss turmoil in Middle East, North Africa
|
|
|
|
Picture of the Day |
|
 |
|
Department
of Architecture, Aligarh Muslim University (AMU) under the
aegis of ‘Centre of Islamic Architecture’ had on February 27
organized a Workshop on “Legacy of Islamic Architecture and
its impact on Contemporary World”. The workshop was
sponsored by Aditya Birla Ultratech. |
|
|
|
|
Most
Read |
|
 Islamic
Bank will change the outlook of the state: Kerala Finance Minister
The Islamic Bank functioning on
interest-free principles will change the very outlook of the
development projects in the state, Kerala Finance Minister
»
'When London, Singapore and Tokyo can have
Islamic banks, why not India?'
|
|
Quake
rocks Sikh pilgrim centre of Nanded
The famous Sikh pilgrim city
of Nanded and surrounding areas were rocked by a quake early
Thursday, forcing people to come out on the streets, police said.
The quake measuring 3.27 on the Richter Scale shook the district
at 3.17 a.m.
» |
|
|
|
News Pick |
|
 32 feet
high Raja Bhoj statue unveiled in Bhopal
Associated with much hype and hoopla the completion of 1000 years
of coronation of Raja
»
Bhojpal,
not Bhopal? Chouhan sparks debate |
|
Gulf Cup Dirt Track Racing: Mohammad Ali
humbles famed motorcycle riders
The 21-year-old young novice Bhopal
lad Mohammad Ali Khan was the cynosure of all eyes as he humbled
famed motorcycle riders in the Clash of Titans in the Gulf Cup
Dirt Track Racing
»
|
|
US court
summons Congress party on Sikh riots case
A US court has issued summons to
India's Congress party to answer charges of "conspiring, aiding,
abetting and carrying out organized
»
US Sikh
group campaigns against immunity for Kamal Nath |
|
Postpone
polls, urge Tamil Nadu parties
Various political parties in Tamil Nadu
Wednesday urged the election commission to postpone the April 13
assembly polls citing final school examinations, state
»
Five
states to go to polls in April-May |
|
Pakistan
trying their best to avoid playing in India
In their bid
to avoid intimidating Indian crowds in Ahmedabad and Mohali,
venues of the quarterfinal and semi-final matches, Pakistan
captain Shahid Afridi appealed to his team mates to give their
best so that they top Group
» |
|
|
|
Union Budget 2011 |
|
Budget
promises more money for all - farmers to corporates
Promising more money in the hands of households by hiking the
income tax exemption limit and lowering tax surcharge for
corporates, Finance Minister Pranab Mukherjee Monday presented the
general budget for the next fiscal with a fair dose of reforms and
steps to curb inflation, check
»
Complete text of the budget speech
Highlights of Pranab Mukherjee's budget for 2011-12
Budget
allocation for Minority Affairs raised to 2600 crore
Bouquets
and brickbats for Pranab's budget
Housewives to Pranab: Thanks for sparing us more headache
Budget 2011: Education gets 24% hike; AMU, Azad
foundation get funds
Pranab's
budget has Rs.8,000 crore for Kashmir's development
|
|
|
|
|
Comments
|
Quick links