Libya’s Economic and Social Development Fund is showing a deficit of $4.7 billion as its revenue from investments declined following the 2011 revolution that toppled Muammar Qaddafi, Chairman Mahmoud Badi said.
Libya, whose sovereign wealth fund declined by at least $4 billion in value over the past four years, said it’s demanding an explanation from Societe Generale SA on how it lost about $1 billion on derivative contracts.
India dumped a proposal to tighten rules for overseas investors seeking to benefit from double taxation treaties after money managers said the change was too onerous and foreign funds sold the most shares in a year.
UniCredit SpA investor Libyan Investment Authority boosted its stake in Italy’s biggest bank since July and told the country’s stock market regulator that it’s a separate entity from the Central Bank of Libya, according to two people with knowledge of the matter.
The Libyan Investment Authority raised its stake in UniCredit SpA to 2.59 percent from 2.08 percent after buying about 100 million shares, Il Sole 24 Ore reported, without saying where it got the information.
Buyout firm Carlyle Group accepted $118 million from the biggest sovereign-wealth fund in Libya, demonstrating the North African nation’s success in courting asset managers and banks after persuading Western politicians that it had dropped ties to terrorism.