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Sovereign Wealth Funds Briefing 19.Sep 2014

Posted on 19 September 2014 by VRS |  Email |Print

Kazakhstan is speeding up the sale of its assets in Ukraine as growing “political risks” threaten outside investors, sovereign wealth fund Samruk-Kazyna said. “Given the current political and economic situation in Ukraine, the interests of non-residents will be considered last,” Samruk-Kazyna Deputy Chief executive Officer Yelena Bakhmutova said on the fund’s website.
The fund plans to sell its shares in Kherson Oil Refinery, Ukrnefteproduct and Kazakhoil-Ukraina, she said. In 2000, Kazakhoil, a state-owned oil company that was later merged into KazMunaiGaz National Co., won a tender to purchase 60 percent of the refinery for about $6.4 million. The plant has been shut since 2005. Samruk-Kazyna is the parent company of KazMunaiGaz……………………………………..Full Article: Source

Posted on 19 September 2014 by VRS |  Email |Print

A new economic analysis of a potential Scottish Oil or Sovereign Wealth Fund has found that Scotland could earn the same from the fund as current revenues from North Sea oil and gas tax receipts. The new economic outlook found that Scotland could have amassed a fund worth between £73.64 billion and £147.28 billion in 24 years, the same time as the Norwegian Oil Fund has been running.
The economic analysis found that the Scottish Oil Fund would bring in an annual income of between £2.9 billion and £5.8 billion respectively in today’s prices, the same amount as current estimated tax receipts from North Sea oil and gas revenues……………………………………..Full Article: Source

Posted on 19 September 2014 by VRS |  Email |Print

The Russian government does not plan to make any cash injections into the country’s Reserve Fund next year. It is predicted that by the end of 2015, the Reserve Fund will amount to 3.543 trillion rubles ($92 billion), while the Russian National Wealth Fund (NWF), which is part of the Reserve Fund, is expected to reach 3.194 trillion rubles ($83 billion).
The Russian non-oil and gas budget deficit will amount to 10.5 percent of the country’s GDP……………………………………..Full Article: Source

Posted on 19 September 2014 by VRS |  Email |Print

The Kuwait Investment Authority (KIA), one of the world’s largest sovereign wealth funds and a long-term investor in German auto maker Daimler AG , wants to ramp up investments in Europe’s largest economy.
Speaking on Thursday at a ceremony in Stuttgart to celebrate the 40-year anniversary of Kuwait’s investment in Daimler, His Excellency Anas K. Al-Saleh, minister of finance of the State of Kuwait and chairman of the board of the Kuwait Investment Authority, said the KIA would continue to increase its investments in Germany……………………………………..Full Article: Source

Posted on 19 September 2014 by VRS |  Email |Print

The Kuwait Investment Authority has been a shareholder of Daimler for the past 40 years. Partnership underscored at a ceremony featuring around 100 guests. His Highness Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, the Prime Minister of the State of Kuwait: “Our celebration today reflects the concept of successful economic partnership, and clearly demonstrates the astuteness of the State of Kuwait in seeking to invest financial surplus in long term investments to assist future generations in facing the future confidently and with resolve.”
Dr. Manfred Bischoff, Chairman of the Supervisory Board of Daimler AG: “During the last 40 years, Kuwait became Daimler’s most reliable partner despite all ups and downs in corporate history. We are grateful and deeply honored to have an outstandingly reliable partner who is willing to shape a bright future for Daimler together with us.”…………………………………….Full Article: Source

Posted on 19 September 2014 by VRS |  Email |Print

Mubadala Development, the strategic investment vehicle owned by the Abu Dhabi Government, said revenue and operating income rose in the first half of the year, mainly because of higher sales and income from its aerospace, energy and aluminium businesses.
Under the terms of the restructuring, Mubadala is due to have the full amount repaid by 2017. An executive at the company declined to comment on the Brazilian situation, but pointed to the fact that EBX had recently received $800m in cash from the sale of a 49 per cent stake in its Colombian gold business to the Qatar Investment Authority……………………………………..Full Article: Source

Posted on 19 September 2014 by VRS |  Email |Print

Mubadala Development Company, the Abu Dhabi-owned sovereign wealth fund, on Thursday posted a 23 per cent profit jump for the first half of the year. The company tasked with developing the emirate’s economy posted a Dh1.34 billion ($364.8 million) profit attributable to equity owners compared to the Dh1.09 billion profit it accrued in the same period a year ago.
Mubadala’s 23 per cent profit jump is off the back of higher revenues from joint ventures such as Emirates Global Aluminium and Dolphin Energy. Income from the joint venture business doubled to Dh2.12 billion in the six months ending June 30……………………………………..Full Article: Source

Posted on 19 September 2014 by VRS |  Email |Print

1Malaysia Development Bhd (1MDB) is said to be in the midst of selling up to RM8.4 billion worth of sukuk, the largest globally so far this year. A report in Bloomberg yesterday said the sovereign wealth fund is seeking approval from the Securities Commission (SC) on the said issuance and has chosen AmInvestment Bank Bhd as the sole lead arranger and manager.
Proceeds from the issuance, which would be sold through 1MDB’s 70 per cent-owned subsidiary Jimah East Power Sdn Bhd, would be used to finance the construction of a 2,000-megawatt power plant in Negri Sembilan. 1MDB initially sought to raise RM9.6 billion stateearlier this year through a listing of its energy assets, which at that time was set to be the nation’s second-biggest initial public offering (IPO)……………………………………..Full Article: Source

Posted on 19 September 2014 by VRS |  Email |Print

A little-known investment by Khazanah Nasional Bhd in Alibaba Group in 2012 has paid off. Khazanah’s investment in the e-commerce giant from China is estimated to be valued at between US$1bil and US$1.2bil (RM3.22bil and RM3.86bil), a between four and five-fold increase of its initial US$250mil investment.
Its investment, although only small in comparison with the size of the technology stock’s valuation estimated at between US$160bil and US$170bil, will provide a handsome windfall should the state investment unit decide to divest upon the listing of Alibaba Group Holding Ltd in the United States……………………………………..Full Article: Source

Posted on 19 September 2014 by VRS |  Email |Print

Khazanah Nasional Bhd is to set up a special centre to provide “outplacement support” to some 6,000 Malaysia Airlines (MAS) staff to be made redundant as part of its restructuring process. A source familiar with the restructuring said the focus of the outplacement centre (OPC) would be to extend all relevant and required support to the various groups of employees leaving the national airline. This would include professional, emotional and financial support to assist them as they transition out to the next stage of their career.
Khazanah had, at the end of August, announced its 12-point plan to resuscitate the national airline which would see 6,000 jobs cut across the board and result in the emergence of a ‘new’ and leaner MAS come July 1, 2015 from its existing workforce of 20,000 employees……………………………………..Full Article: Source

Posted on 19 September 2014 by VRS |  Email |Print

Recent regulatory changes introduced by the Securities and Exchange Board of India (Sebi) with regards to foreign investors seem to have gone down well with sovereign wealth funds (SWFs), who have more than doubled their equity assets in the last 10-12 months.
Just a couple of months after Sebi issued the draft regulations for foreign portfolio investor (FPI) regime, SWFs’ assets under custody (AUC) surged to their highest ever at $18.07 billion in December, 2013. Since then, SWFs have further raised their equity holdings, with AUCs surging past $24 billion — 150% higher than the levels seen just before the draft in September 2013……………………………………..Full Article: Source

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