Sun, May 1, 2016
A A A
Welcome tstroemlev
RSS

Author Archives | VRS

VRS - who has written 18476 posts on Opalesque Sovereign Wealth Funds Briefing.


Contact the author

Norway’s sovereign wealth fund posts $US10b quarterly loss

Posted on 29 April 2016

Norway’s $US870 billion sovereign wealth fund, the world’s biggest, returned to losses in the first quarter amid some of the most turbulent markets since the financial crisis as the government started withdrawals.

Norway’s sovereign wealth fund returns -0.6% in quarter; government makes first withdrawal

Posted on 29 April 2016

Norway’s Government Pension Fund Global, Oslo, returned -0.6% in the quarter ended March 31, with assets falling 5.3% to 7.08 trillion Norwegian kroner ($848 billion) as market volatility hit, and the government withdrew money for the first time.

Norway’s wealth fund cautious on property deals

Posted on 29 April 2016

Norway’s sovereign wealth fund sees signs of declining prices in prime real estate markets around the world but not yet enough to trigger a buying spree, the fund’s head of real estate investments told Reuters.

Norway’s Wealth Fund Doubles Money on Central London Properties

Posted on 29 April 2016

Norway’s $870 billion sovereign-wealth fund said the value of its first real estate investments, stakes in London’s Regent Street and a cluster of offices, shops and apartments nearby, more than doubled in value since they were purchased in 2011 and 2013.

Norway’s sovereign wealth fund hit by global stock turmoil

Posted on 29 April 2016

Norway’s $870bn oil fund recorded its third quarter of negative returns in the past year as weak stock markets from China to Europe weighed on its results. The world’s largest sovereign wealth fund had a negative return of 0.6 per cent in the first quarter, writes Richard Milne, Nordic correspondent.

Norway’s wealth fund: China growth will not slow down too harshly

Posted on 29 April 2016

Norway’s $868-billion sovereign wealth fund, the world’s largest, does not expect the Chinese economy to come to an abrupt standstill, a senior official said on Thursday.

Central Bank again becomes a buyer of Oil Fund’s currency, but not key buyer

Posted on 29 April 2016

The State Oil Fund of Azerbaijan (SOFAZ) has appeared today at the foreign exchange auction of the Central Bank as a seller. According to SOFAZ, today it has applied for sale of $50 million and sold $42.4 million through the auction.

How much would 5% of Saudi Aramco be worth?

Posted on 29 April 2016

In 2005, McKinsey said Aramco was worth about $0.781 trillion. The Sovereign Wealth Fund Institute recently pegged its value at around $2.1 trillion. The Saudi deputy crown prince Mohammad bin Salman put the number at $2.5 trillion.

Vision 2030: Dawn of a new era

Posted on 29 April 2016

At first sight, the Saudi Vision 2030 plan, unveiled this week by Deputy Crown Prince Mohammed bin Salman, seems to break with the Kingdom’s evolutionary approach. The implications of a radical realignment of the economy are profound.

Libya SWF case against Goldman Sachs back in London court on May 5

Posted on 29 April 2016

A dispute between Libya’s $67 billion sovereign wealth fund and Goldman Sachs over advice given on trades made in 2008 will be back in London’s High Court on May 5, with amended court papers that emerged on Wednesday adding new details.

Malaysia Central Bank Fines 1MDB for Non-Compliance, Ends Probe

Posted on 29 April 2016

Malaysia’s central bank slapped a fine on 1Malaysia Development Bhd. and announced it was ending its investigation into the troubled state fund, drawing one line under months of probes of 1MDB’s finances.

1MDB in Default: The Abu Dhabi Dispute and Debt in Contention

Posted on 29 April 2016

1Malaysia Development Bhd. defaulted on a $1.75 billion bond this week. It missed a $50 million interest payment amid a dispute with Abu Dhabi’s sovereign wealth fund over who is required to make the payment.

1MDB insists debt reduction plan still on course

Posted on 29 April 2016

1Malaysia Development Berhad (1MDB) is still on track to pay off its RM51 billion (S$17.6 billion) debt pile despite being locked in a dispute with an Abu Dhabi sovereign wealth fund, the state investor’s president Arul Kanda Kandasamy said.

Who will prevail in standoff between IPIC and 1MDB?

Posted on 29 April 2016

1MDB was directed in writing by Abu Dhabi sovereign wealth fund International Petroleum Investment Company (IPIC) then managing director and Aabar Investment PJS chairperson - Khadem al Qubaisi and Mohamed Al Husseiny respectively - to transfer the money into Aabar Investment Ltd BVI.

Kazakh Wealth Fund Eyes Tenge Debt, EBRD Loans as Economy Slumps

Posted on 28 April 2016

Kazakhstan’s sovereign wealth fund is weighing asset sales, loans from the European Bank for Reconstruction and Development and a move into local-currency borrowing as it seeks to reduce its $17.3 billion debt load.

Future Fund’s David Neal says low rates hurting growth

Posted on 28 April 2016

Future Fund chief executive David Neal has warned that a prolonged period of ultra-low interest rates has reduced the probability of the fund achieving its long-term growth targets, while defending the fund’s big move into cash.

GIC scoops up buys amid global downturn

Posted on 28 April 2016

Sovereign wealth funds are having a tough time finding good investments amid the difficult economic environment, and Singapore’s GIC is no different. Stock market volatility and low yields across various other asset classes amid flagging global growth have combined to create a challenging environment for state investors.

State funds Temasek, GIC revamping leadership to navigate volatile markets

Posted on 28 April 2016

Singapore’s top state investment firms are shuffling senior management to help navigate choppy global markets. Investment firm Temasek Holdings Pte said on Tuesday that its Americas President Boon Sim is leaving as it appointed two new presidents in the latest management reorganization to help it navigate “challenging global times.”

Temasek Holdings reorganises to prioritise investment team

Posted on 28 April 2016

Temasek Holdings has reorganised its senior management to refocus its investment team to cope with volatile markets. The reorganisation which sees the promotion of six investment professionals is a move by Temasek International (TI) chief executive Lee Theng Kiat to refine roles and set priorities.

Moody’s: 1MDB default raises contingent liability risks to sovereign

Posted on 28 April 2016

State-owned fund 1Malaysia Development Bhd’s (1MDB) default has increased the probability that contingent liabilities, particularly through cross-defaults and an associated indemnity, will crystallise on Malaysia’s government balance sheet, a credit negative for the sovereign, according to Moody’s Investors Service.

1MDB scandal: Malaysian government ultimately to pay for all of state fund’s obligations

Posted on 28 April 2016

The Malaysian government, and eventually taxpayers, will have to foot all of 1Malaysia Development Berhad (1MDB) financial obligations, even though some of them have been guaranteed by Abu Dhabi sovereign fund International Petroleum Investment Co (IPIC). This is because the government had provided a back-to-back guarantee on IPIC’s guarantee.

Troubled Malaysian fund defaults on $1.75bn bonds

Posted on 28 April 2016

Troubled Malaysian state investment fund 1MDB said yesterday it had defaulted on $1.75bn in company bonds after missing an interest payment, heightening fears of a market-rattling bailout of the scandal-hit company. The fund, founded in 2009 by Prime Minister Najib Razak, is teetering on the brink of collapse amid multiple investigations around the world into [...]

1MDB insists debt reduction plan still on course

Posted on 28 April 2016

1Malaysia Development Berhad (1MDB) is still on track to pay off its RM51 billion (S$17.6 billion) debt pile despite being locked in a dispute with an Abu Dhabi sovereign wealth fund, the state investor’s president Arul Kanda Kandasamy said.

Alibaba’s Ant Financial raises $5.8bn in largest private tech funding

Posted on 28 April 2016

Ant Financial Services Group, the financial services affiliate of e-commerce giant Alibaba Group, closed the world’s largest private fundraising round for an internet company at $US4.5 billion ($5.8bn), valuing it at about $US60bn. It raised its latest funding round from a clutch of investors, including a Chinese sovereign wealth fund and the country’s biggest insurers.

Libya fund accuses Goldman Sachs of breaching its own rules

Posted on 28 April 2016

The brother of a top Libyan official who secured an internship at Goldman Sachs was paid a pro-rata salary of £36,000 plus a housing allowance — soon after the US bank carried out lossmaking trades on behalf of Libya’s sovereign wealth fund.

Sovereign wealth funds move into real estate amid volatile stock markets

Posted on 28 April 2016

Real estate is now a prime play for sovereign wealth funds (SWFs) as equity markets remain unpredictable, said an analyst Wednesday. The Sovereign Wealth Fund Institute president Michael Maduell said, “They are looking for long-term investments where they can lock up their capital and not have to continually reinvest that capital.”

GIC scoops up buys amid global downturn

Posted on 27 April 2016

Sovereign wealth funds are having a tough time finding good investments amid the difficult economic environment, and Singapore’s GIC is no different. Stock market volatility and low yields across various other asset classes amid flagging global growth have combined to create a challenging environment for state investors.

Temasek names 2 new presidents in management reshuffle

Posted on 27 April 2016

State investment firm Temasek Holdings has appointed two new presidents in a management reshuffle to help it navigate “challenging times”. Mr Chia Song Hwee and Mr Dilhan Pillay have been promoted to presidents, joining president Gregory Curl, the firm said in a statement on its website on Tuesday (Apr 26).

Temasek revamps leadership ranks amid volatile markets

Posted on 27 April 2016

Singapore’s sovereign wealth funds are shuffling senior management to help navigate choppy global markets. Temasek Holdings said Tuesday that Boon Sim, its Americas president, is leaving as it appointed two new presidents in the latest management reorganization to help it navigate “challenging global times.”

Temasek Restructures, Loses Americas Chief

Posted on 27 April 2016

Singapore sovereign fund Temasek International is reorganizing its management structure to prepare for “challenging global times,” the fund announced Tuesday. The S$266 billion (US$197 billion) fund said it has appointed Chia Song Hwee and Dilhan Pillay—current joint heads of investments—as presidents.

Malaysia’s 1MDB in default as Abu Dhabi dispute escalates

Posted on 27 April 2016

Malaysia’s 1MDB defaulted on a $1.75bn bond on Tuesday, triggering cross defaults on two other notes totalling $1.9bn and raising the stakes in a dispute between the troubled state investment fund and an Abu Dhabi counterpart.

Malaysia’s Reputation Takes Another Hit as State Fund Defaults

Posted on 27 April 2016

The Malaysian government’s reputation took another hit on Tuesday after state-owned 1Malaysia Development Bhd. defaulted on a $1.75 billion bond. The ringgit fell and 1MDB’s dollar debt slumped.

Najib Razak 1MDB scandal: Malaysia’s troubled state investment fund defaults on bonds

Posted on 27 April 2016

Troubled Malaysian state investment fund 1MDB says it has defaulted on $US1.75 billion ($2.27 billion) in bonds it issued after missing an interest payment, raising fears of financial-market fallout from the scandal-tainted company.

Ringgit Declines for Fourth Day as 1MDB Default Drags on Stocks

Posted on 27 April 2016

The ringgit fell for a fourth day in its longest stretch of losses since November and stocks dropped to a six-week low as troubled state investment company 1Malaysia Development Bhd. confirmed it’s in default after missing an interest payment on bonds.

Malaysia’s 1MDB Scandal Confirmed Investment Funds Defaults on US $1.75 Billion Bond

Posted on 27 April 2016

Malaysia’s 1Malaysia Development Berhad (1MDB) confirmed on Tuesday, April 26 that the non-payment of US$ 50.3 million (S $ 68.1 million) in interest over a now defaulted US $ 1.75 billion bond had resulted in cross-defaults for RM 7.4 billion (S $ 2.6 billion) in other bonds.

Saudi Arabia plans $2tn sovereign wealth fund in move away from oil

Posted on 27 April 2016

Saudi Arabia said it would create the world’s largest wealth fund and sell shares in state energy giant Aramco as it unveiled a vast plan to transform its oil-dependent economy. Prince Mohammed said part of the plan is ”to sell less than five per cent of Aramco” in an initial public offering (IPO), valuing the [...]

Saudi Arabia Can’t Quit Oil

Posted on 27 April 2016

Saudi Arabia announced the seemingly impossible. The world’s largest oil producer and owner of an oil company reportedly worth more than $2 trillion, is going to kick its fossil fuel habit, Deputy Crown Prince Mohammed bin Salman said.

Is Saudi Arabia the next failed state?

Posted on 27 April 2016

Saudi Arabia has been a hot bed of bad news recently. First, there was their horrifying war in Yemen, then their empty threat to start selling off U.S. debt. Most recently, the 30-year-old Deputy Crown Prince Mohammad bin Salman, who heads the Saudi Council for Economic and Development Affairs (and also serves as defense minister) [...]

Azerbaijan’s Central Bank buys $30M from State Oil Fund

Posted on 27 April 2016

The State Oil Fund of Azerbaijan (SOFAZ) sold $4.9 million to five banks through the auction held by the Central Bank of Azerbaijan (CBA), SOFAZ’s message said Apr. 26. Meanwhile, the CBA, which obtained $30 million, has become for the first time one of the buyers of SOFAZ’s currency resources.

Saudi Arabia to sell less than 5% of Aramco, create $2 trillion fund

Posted on 26 April 2016

Saudi Arabia said Monday it would create the world’s largest wealth fund and sell shares in state energy giant Aramco as it unveiled a vast plan to transform its oil-dependent economy.

Saudi Arabia’s growth plan: 0% income tax and a giant wealth fund

Posted on 26 April 2016

Saudi Arabia has no plans to introduce income tax any time soon, despite the damage done to its finances by the oil price crash. The kingdom made clear Monday that taxes on income or basic goods are not part of its 15-year strategy for breaking the economy’s dependence on oil.

Everything in play for Saudi wealth fund

Posted on 26 April 2016

Saudi Arabia’s cabinet has approved a sweeping package of reforms aimed at modernising the kingdom’s economy while cutting its heavy dependency on oil. Deputy Crown Prince Mohammed bin Salman, 31, set out the plans in Vision 2030, a blueprint for the nation’s future published.

What’s In Saudi Arabia’s Blueprint for Life After Oil?

Posted on 26 April 2016

Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman unveiled his “Saudi Vision 2030” to reduce the kingdom’s reliance on oil. The blueprint, approved by King Salman, includes plans to sell less than 5 percent of Saudi Arabian Oil Co., or Aramco, the creation of the world’s largest sovereign wealth fund and raising non-oil revenue.

Abu Dhabi Fund Prepared to Pay Interest if Malaysia’s 1MDB Defaults on Bond

Posted on 26 April 2016

A partner of troubled Malaysian government investment fund 1Malaysia Development Bhd. said Monday it would pay $50 million in overdue interest owed on a 1MDB bond, but only after the bond is declared in default. The default could trigger further defaults on billions more in debt.

Abu Dhabi’s IPIC to Make 1MDB Bond Payment in Event of Default

Posted on 26 April 2016

Abu Dhabi’s sovereign wealth fund said on Monday it will pay bondholders of Malaysia’s troubled investment company should the latter default on an interest payment of $50 million.

1MDB in default, declares Gulf fund

Posted on 26 April 2016

State-owned 1Malaysia Development Berhad (1MDB) was declared in default yesterday after it failed to settle a US$50.3 million (S$68 million) debt payment on billions of dollars in bonds guaranteed by an Abu Dhabi state-owned sovereign wealth fund which, for its part, said it would honour its obligations to bond holders.

Singapore’s GIC to acquire stake in transmission utility ITC for $1.23B

Posted on 26 April 2016

Singapore-based sovereign wealth fund GIC has signed an agreement with North American electric and gas utility Fortis to acquire 19.9% of independent transmission utility ITC for $1.23 billion. The agreement follows a deal signed by Fortis in February to acquire all of ITC for roughly $11.3 billion, Kallanish Energy reports.

New Zealand Superannuation Fund divests interests in 3 offshore funds

Posted on 26 April 2016

New Zealand Superannuation Fund, New Zealand’s sovereign wealth fund (SWF), has divested its interests in three offshore private equity (PE) funds with, with the consideration and buyer kept confidential. The sales was reported by New Zealand publication Scoop News.

Samruk Kazyna’s 2016 net income seen plunging on low oil price, weak demand

Posted on 26 April 2016

Kazakh sovereign wealth fund Samruk Kazyna’s net income grew in 2015 but is forecast to nosedive this year, trailing low oil prices and weakening demand in major trading partners Russia and China, the company said on Monday.

Norway boosts withdrawals from sovereign wealth fund

Posted on 26 April 2016

Norway increased withdrawals from the nation’s wealth fund again in March, running ahead of estimates made by the central bank just two months ago. The government withdrew 7.4 billion kroner ($898 million), according to monthly data published by Norwegian Government Agency for Financial Management. That’s up from 6.7 billion kroner in each of the first [...]

banner
May 2016
M T W T F S S
« Apr    
 1
2345678
9101112131415
16171819202122
23242526272829
3031