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VRS - who has written 13921 posts on Opalesque Sovereign Wealth Funds Briefing.


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The fascinating business empire behind Temasek Holdings

Posted on 23 April 2014

Temasek is one of the world’s largest sovereign wealth funds with assets of more than S$200 billion and investments in over six continents. Temasek’s investments are classified under five different categories: 1) Financial services; 2) Telecommunication, media, and technology; 3) Transportation and industrials; 4) Life sciences, consumer, and real estate; and 5) Energy and resources.

Property gains drove 2012-13 profits for Malaysia state investor 1MDB accounts

Posted on 23 April 2014

Malaysian state investment fund 1Malaysia Development Bhd (1MDB) relied on a sharp revaluation of its property assets to drive profit growth in its last financial year, accounts released today showed. The improvement came despite 1MDB paying more than RM10 billion to buy power businesses in the past two years.

Angola sovereign wealth fund starts hotel, infrastructure pools

Posted on 23 April 2014

The Fundo Soberano de Angola, the $5 billion sovereign wealth fund of Africa’s second-largest oil producer, is starting investments in hotels and commercial infrastructure in sub-Saharan Africa. The fund, based in Luanda, may invest in 50 sub-Saharan African hotels over three years, including in its home country, Chairman Jose Filomeno dos Santos said.

Tanzania: Sovereign wealth fund comes aboard in October

Posted on 23 April 2014

The government is formulating legislation for the establishment of a Sovereign Wealth Fund in a bid to manage the proceeds from natural gas. The upshot is ensuring that the resource benefits current and future generations, President Jakaya Kikwete has said.

FG, states, LGs share N1.912tn in first quarter

Posted on 23 April 2014

In his opinion, the Emerging Markets Strategist, Standard Bank Plc, Samir Gadio said the oil revenue, which is continuously monetised and shared among the three tiers of governments, prevents any tangible accumulation of the forex reserves as well as the Excess Crude Account (ECA).

Taiwan SWF moves a step closer

Posted on 22 April 2014

Taiwan’s move to merge the investment activities of its four main public pension funds has renewed speculation that the country plans to set up a sovereign wealth fund.

Karim Massimov appointed chairman of Samruk-Kazyna

Posted on 22 April 2014

Prime-Minister of Kazakhstan Karim Massimov has been appointed Chairman of the Board of Directors of Samruk-Kazyna Sovereign Wealth Fund, Tengrinews reports citing the website of the Kazakhstan Stock Exchange (KASE).

Goldman Sachs to seek early dismissal of Libya Wealth Fund suit

Posted on 22 April 2014

Goldman Sachs Group Inc. (GS) will seek to have a $1 billion lawsuit by the Libyan Investment Authority thrown out before trial. The bank will ask a London judge to decide whether the case has a realistic chance of success and issue a so-called summary judgment, according to court documents released this week.

Libyan wealth fund mulls hiring external managers

Posted on 22 April 2014

Abdulmagid Breish, the chairman of Libya’s $66 billion sovereign wealth fund, said it plans to hire external companies to manage about $11 billion of its assets under a restructuring plan. The Libyan Investment Authority (LIA), valued at about $66 billion by Deloitte, will split its assets into three distinct funds starting as soon as next [...]

Tanzania: Sovereign wealth fund comes aboard in October

Posted on 22 April 2014

The government is formulating legislation for the establishment of a Sovereign Wealth Fund in a bid to manage the proceeds from natural gas.The upshot is ensuring that the resource benefits current and future generations, President Jakaya Kikwete has said.

Sovereign wealth fund a well thought idea

Posted on 22 April 2014

Tanzania will soon establish a sovereign wealth fund (SWF) to safeguard, monitor and safeguard proceeds from the country’s natural resources, especially natural gas. President Jakaya Kikwete revealed the government plans on the proposed fund during talks with editors of various media houses in Dar es Salaam recently.

1MDB net profit up 74pct to RM778mln

Posted on 22 April 2014

1Malaysia Development Bhd, the government’s sovereign wealth fund, saw its net profit surge 74% to RM778.24 million for the year ended March 31, 2013 from RM44.72 million a year before.

Global fund assets to top $100 trillion on real estate boom, PwC says

Posted on 22 April 2014

Global fund assets are projected to grow by 60% to $101.7 trillion by 2020, fuelled by the shift toward individual retirement plans, a surge in high-net-worth individuals in emerging markets and growth in sovereign wealth fund (SWF) assets, PwC says.

HKMA remains vigilant in ‘unstable’ environment

Posted on 17 April 2014

Hong Kong and emerging markets will likely face continued capital outflows given tapering by the US Federal Reserve and the gradual normalisation of interest rates from a very low level, the top official of the Hong Kong Monetary Authority said.

Samruk-Kazyna fund to privatize over 200 state firms

Posted on 17 April 2014

The Republic of Kazakhstan’s Samruk-Kazyna Sovereign Wealth Fund plans to place over 200 national companies on the market, Daniyar Mukhtarov writes for Trend. The sell-off is being conducted as part of a privatization program, Chairman of the Board at Samruk Kazyna, Umirzak Shukeev said.

SOFAZ investment in Romania exceeds 50 mln euros

Posted on 17 April 2014

Azerbaijan’s state energy company SOCAR has international experience in implementation of large-scale projects which can contribute to achieving common European targets in the energy field.

1MDB net profit up 74pct to RM778mln

Posted on 17 April 2014

1Malaysia Development Bhd, the government’s sovereign wealth fund, saw its net profit surge 74% to RM778.24 million for the year ended March 31, 2013 from RM44.72 million a year before. Revenue in the same 12-month period grew four times to RM2.59 billion from RM633.2 million previously.

Yatra.com raises $23mln in a new round from IDG Ventures and Temasek’s VC arm

Posted on 17 April 2014

Gurgaon-based Yatra Online Travel Pvt Ltd, the company behind the online travel portal Yatra.com, has raised Rs 140 crore ($23 million) led by IDG Ventures and Vertex Venture Management, the VC investment arm of Singapore’s sovereign wealth fund Temasek. Existing investors including seed investor Norwest Venture Partners (NVP) also participated in this round.

Singapore’s Keppel Corp Q1 net profit falls 5 pct

Posted on 17 April 2014

Singapore’s Keppel Corporation Ltd said on Wednesday its net profit in the first quarter dropped 5 percent on the year to S$339 million ($270.46 million). Singapore’s state investor Temasek Holdings owns a stake of more than 20 percent in Keppel.

Excess Crude Account rises to $3.6bln FG, states, LGs share N641.3bln in March

Posted on 17 April 2014

It emerged Tuesday that the Excess Crude Account (ECA) now stands at about $3.6 billion compared to $3.4 billion in February. The Accountant General of the Federation (AGF), Mr. Jonah Otunla, disclosed this after the monthly meeting of the Federation Account Allocation Committee (FAAC) which also yesterday shared a total distributable revenue amounting to N641.38 [...]

Libya goes head to head with SocGen in $1.5 bln lawsuit

Posted on 17 April 2014

The Libyan Investment Authority (LIA) has filed a $1.5 billion lawsuit against Société Générale (SocGen), claiming the French investment bank helped channel bribes worth tens of millions of dollars to associates of Saif al-Islam, the son of the former Libyan dictator Muammar Gaddafi.

Bank of America forecasts increase in Middle East M&A deals

Posted on 17 April 2014

Bank of America, the second-largest US lender by assets, expects mergers and acquisitions in the Middle East to increase as cash-rich global companies target investments in the region. The trend is a shift from previous years when activity was mostly limited to sovereign wealth funds and government-related entities targeting overseas deals, Wadih Boueiz, the [...]

Why not use permanent fund to build a gas line?

Posted on 17 April 2014

Unlike with other resource issues, Alaskans stand pretty much united in our efforts to monetize the huge gas reserves of Alaska’s North Slope. The Legislature has spent a good portion of the session holding hearings and listening to consultants on the administration’s proposal, Senate Bill 138, and its two components, the memorandum of understanding and [...]

Kazakh National Welfare Fund to put over 200 companies on sale

Posted on 16 April 2014

Kazakh National Welfare Fund, Samruk-Kazyna will put up over 200 companies for sale within the framework of privatization program, the Chairman of the Board of Samruk Kazyna, Umirzak Shukeev said. In particular, the companies which are engaged in non-core business will be privatized, for example, those companies which produce solar panels in Kazatomprom.

Samruk-Kazyna head on forthcoming IPOs and privatization plans

Posted on 16 April 2014

Umirzak Shukeyev, Head of Samruk-Kazyna Sovereign Wealth Fund, announced a list of companies to run IPOs in 2014-2016 and unveiled plans to privatize some state-owned companies. “In 2014 plans are there to float 10% minus one share in Kazakhstan Electricity Grid Operating Company (KEGOC) and 75% in Mangistau Distribution Company. 100% in the Atyrau thermal [...]

$2.7 billion out of Kazakhstan National Oil Fund to stimulate economy in 2014

Posted on 16 April 2014

$2.7 billion out of the National Oil Fund accumulating windfall oil revenues is to be allocated in 2014 to stimulate the country’s economy growth, Tengrinews.kz reports, citing the country’s Minister of Economic Affairs Yerbolat Dossayev.

$1.3 billion to finance Toxic Assets Fund of Kazakhstan

Posted on 16 April 2014

$1.3 billion will be allocated out of the National Oil Fund to finance the Toxic Assets Fund, the country’s Minister of Economic Affairs Yerbolat Dossayev told a briefing April 14. The vehicle will be buying out toxic assets from the country’s banks. Regulating rules will be formulated by July 1, 2014.

Norges Bank goes shopping in Tesco despite analysts’ fears over sales

Posted on 16 April 2014

Do the Norwegians know something the market doesn’t? Norway’s $840 billion national government pension fund, run by the country’s central Norges Bank, seems to.

Abu Dhabi SWF and CVC in GBP1.5bln Spire race

Posted on 16 April 2014

Abu Dhabi’s vast sovereign wealth fund has joined forces with the largest shareholder in Formula One motor racing in the race to buy Spire Healthcare, one of Britain’s biggest private hospital groups. Abu Dhabi Investment Authority (ADIA) is backing a takeover bid for Spire that is being assembled by CVC Capital Partners, the London-based private [...]

Zimbabwe: A sovereign wealth fund is critical to development

Posted on 16 April 2014

In the Zimbabwe we want, a Sovereign Wealth Fund must be managed as the country’s endowment to future generations. It is not a fund to be plundered by government and used to meet current needs, but a savings account that must accumulate over time and be used to meet future developmental needs.

KIA’s Al-Ajial Fund invests 400 mln euro in Morocco

Posted on 16 April 2014

Al-ajial investment fund of kuwait investment authority (kia) is investing 400 million euro in the wessal capital gulf-morocco venture an equal share to that put in by the sovereign funds of saudi arabia qatar the uae and morocco.

1MDB’s accounts finally submitted

Posted on 16 April 2014

1Malaysia Development Bhd (1MDB) has submitted its long-awaited accounts for the financial year ended March 31, 2013 on April 9, according to the Companies Commission of Malaysia (SSM). “1MDB has submitted the company’s annual return together with the audited financial statement for the financial year ended March 31, 2013 on April 9, 2014,” SSM said.

Temasek widens its Africa footprint

Posted on 15 April 2014

Temasek, Singapore’s state investment company, has signalled a big push into the booming sub-Saharan African market, closing on Monday its first major deal in Nigeria.

Temasek’s dealmaking reflects big bets on rise of the consumer

Posted on 15 April 2014

From toothpaste and shampoo in China to instant noodles and tomato paste in Africa, Temasek is betting big on growth in an emerging middle class – a significant shift for Singapore’s $171bn national investment agency, long known for its emphasis on the financial sector.

Lessons for Australia from Norway’s petro-wealth debate

Posted on 15 April 2014

As the Minerals Council of Australia launches its latest defence against the fossil fuel divestment campaign and Prime Minister Abbott directs the Clean Energy Finance Corporation to cease financing renewables, on the other side of the world Norway is considering whether to divest its Sovereign Wealth Fund of fossil fuels and invest more of its [...]

Kazakhstan: $2.7 bln out of the National Oil Fund to stimulate the economy in 2014

Posted on 15 April 2014

$2.7 billion out of the National Oil Fund accumulating windfall oil revenues is to be allocated in 2014 to stimulate the country’s economy growth, Tengrinews.kz reports, citing the country’s Minister of Economic Affairs Yerbolat Dossayev.

Codelco could tap sovereign wealth fund for needed mine expansions

Posted on 15 April 2014

Chile’s state-owned copper producer Codelco needs to invest roughly $30 billion in the next decade to counter dwindling ore grades in its massive mines and deposits, and has not ruled out turning to its sovereign wealth fund to finance such investment, CEO Thomas Keller told Minería Chilena (in Spanish).

Qatar Investment Authority again reduces ABC H-shares

Posted on 15 April 2014

Biggest sovereign wealth fund from Middle East Qatar Investment Authority once again reduced shares in Agricultural Bank Of China Limited.

The Zimbabwe we want - A sovereign wealth fund is critical to development

Posted on 15 April 2014

In the Zimbabwe we want, a Sovereign Wealth Fund must be managed as the country’s endowment to future generations. It is not a fund to be plundered by government and used to meet current needs, but a savings account that must accumulate over time and be used to meet future developmental needs.

Australia looks to Gulf funds for A$700bln infrastructure investment

Posted on 14 April 2014

Australia is seeking Gulf sovereign wealth fund investment to help plug a A$700 billion (Dh2.41 trillion) infrastructure funding gap. It comes as the country launches its largest ever trade and investment mission to the Gulf states – targeting agribusiness, education and infrastructure among other sectors.

Malaysia: Time for a sovereign fund derived from O&G?

Posted on 14 April 2014

The question of whether Malaysia should have a sovereign wealth fund derived from its natural resources is one that has been raised many times. The government has been using revenue derived from the country’s natural resources – in particular dividends from the nation’s oil and gas (O&G) company Petroliam Nasional Bhd (Petronas) – for development.

Iraqi Farouk al-Kasim behind Norway oil fund that is envy of world

Posted on 14 April 2014

Norway has squirrelled much of its oil revenue away in an $850B fund for future generations. Today, less than 25 years since its inception, that nest egg has grown into the world’s most valuable sovereign wealth fund, worth about $850 billion – more than $165,000 per Norwegian citizen, according to an SWF Institute report. It [...]

Swiss bank UBS to relocate head of SWF business to Dubai

Posted on 14 April 2014

UBS is relocating Alberto Palombi, head of the investment bank’s global sovereign wealth fund business, to Dubai as deals pick up in the Middle East, said two people familiar with the decision who asked not to be identified as the information is not public.

SOFAZ 2014 expenditures reduced up to AZN 760 mln

Posted on 14 April 2014

President Ilham Aliyev has issued a decree on amendments to the decree “On 2014 budget of State oil Fund of Azerbaijan”. APA-Economics reports that the amendment is related to task to the State Oil Company of Azerbaijan on establishment of closed joint-stock company (OJSC), of which authorized capital makes AZN 100 mln and 51%-equity belongs [...]

Taxpayers’ AIB stake worth up to EUR11bln – Noonan

Posted on 14 April 2014

State-owned AIB could be worth between “€10bn and €11bn”, according to Finance Minister Michael Noonan. This is the first time that the Government has revealed what its stake in AIB could be worth.

Codelco plans expansion via sovereign wealth fund

Posted on 14 April 2014

Chile is betting on the expansion of state-owned copper producer Codelco, and may turn to its sovereign wealth fund to finance the investment, even as metal prices and economic growth approach four-year lows.

Why not the Permanent Fund?

Posted on 14 April 2014

Unlike other resource issues, Alaskans stand pretty much united in our efforts to monetize the huge gas reserves of Alaska’s North Slope. The Legislature has spent a good portion of the current session holding hearings and listening to consultants on the administration’s proposal (SB138) and its two components, the MOU and the Heads of Agreement.

Angolan wealth fund buys fixed income but no project investments yet

Posted on 11 April 2014

Angola’s $5 billion sovereign wealth fund, sub-Saharan Africa’s second-biggest, has this year made its first investments by buying fixed income securities but is yet to start financing infrastructure projects, its chairman said.

Qatar SWF executive said to start hedge fund

Posted on 11 April 2014

A top investment executive at Qatar’s sovereign wealth fund is leaving to start a hedge fund, people briefed on the development said. Kamel Maamria has served as head of the global investment portfolio at Qatar Holding, a branch of the Qatar Investment Authority, the emirate’s sovereign wealth fund. He has also served on the board [...]

RRJ, Temasek’s fund invest $250 mln in Chinese developer

Posted on 11 April 2014

RRJ Capital Ltd., run by Charles Ong, and a fund owned by his former employer, Temasek Holdings Pte, have invested $250 million in Chinese logistics warehouse developer Shanghai Yupei Group Co.

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