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VRS - who has written 19300 posts on Opalesque Sovereign Wealth Funds Briefing.


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GIC’s and Temasek’s investee company Xiaomi lost $40 billion in value

Posted on 26 August 2016

It was recently reported that Chinese smartphone company Xiaomi, once dubbed the “Apple of the East”, has lost US$40 billion in value over a period of 18 months. In Dec 2014, Xiaomi announced a funding round of US$1.1 billion giving it a valuation of US$45 billion. In the US$45 billion round, it wasreported that investors [...]

GIC keeping close tabs on cash-strapped Arrium

Posted on 26 August 2016

Singapore sovereign wealth fund GIC is closely monitoring its investment in cash-strapped Australian steel and iron ore supplier Arrium, it told The Straits Times yesterday. Arrium went into voluntary administration in April after lenders rejected its US$927 million (S$1.3 billion) recapitalisation plan.

Temasek to meet Prayut on future of satellite

Posted on 26 August 2016

Executives of Temasek Holding, a major shareholder of Thailand’s InTouch Holdings, plan to meet Prime Minister Gen Prayut Chan-o-cha on the future of the country’s satellite industry and the Thaicom case.

Najib’s 1MDB stolen bullions used to fund night-club

Posted on 26 August 2016

Khadem Al Qubaisi Owned Hakkasan (HKK) Entertainment Empire As Part of the Vasco Trust Web Of Companies. On 24th October 2013 a team of lawyers from the New York law firm Greenberg Traurig (‘gtlaw’) emailed the Abu Dhabi based New Zealand lawyer, Jim Sullivan, at the time a Board Member of the wealth fund IPIC [...]

Clinton Bundler Partnered With Malaysian Fund Under Investigation for Embezzling $3 Billion

Posted on 26 August 2016

Malaysian sovereign wealth fund entered joint venture with D.C. firm owned by bundler for Obama, Clinton. A top bundler for President Barack Obama and now Hillary Clinton previously entered into a joint venture agreement with a Malaysian sovereign wealth fund accused of embezzling more than $3 billion dollars internationally.

Azerbaijan’s State Oil Fund sells over $340M to banks

Posted on 26 August 2016

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 28 banks through an auction held by the Central Bank of Azerbaijan (CBA) Aug. 25, SOFAZ said in a message. The SOFAZ sold $344.5 million to banks during August 2016.

Oil Fund sells another $50 million through Central Bank’s auction

Posted on 26 August 2016

The State Oil Fund (SOFAZ) and the Central Bank continue centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.

Iraqi sovereign fund to provide for the future

Posted on 26 August 2016

Hashimi said economist: The Fund sovereign large economic and financial experience of Iraq needs to be fought by being considered the best way globally accredited to provide investment for future generations, especially as the circumstances require speed up thestudy of this experience and apply them in line with the reality , which is going through [...]

Empire State Building: Now Partially Owned by Qatar

Posted on 26 August 2016

Qatar’s sovereign wealth fund has made an iconic purchase in America — a stake in the company that owns New York’s Empire State Building. The $622-million purchase by the Qatar Investment Authority comes as the Doha fund increases its investments in the U.S. as the small country on the Arabian Peninsula tries to cope with [...]

Qatar’s Empire State Building investment is rare move for foreign fund

Posted on 26 August 2016

The Qatar Investment Authority’s acquisition of a 9.9-percent stake in Empire State Realty Trust, announced Wednesday, is an unusual move for a sovereign wealth fund. But it offers several advantages, analysts say. “It is relatively rare to see [sovereign wealth funds] buy a stock position,” said John Guinee, an analyst at Stifel. Far more often, [...]

Norway’s sovereign wealth fund supports proposed spin-off in Svenska Cellulosa

Posted on 25 August 2016

Based upon the terms and conditions in Svenska Cellulosa’s statement and our expectation of sound corporate governance practices in delivery of the proposed spin-off, it is our intention to support the proposal when put to shareholder vote at the next Annual General Meeting. Our final approval will be confirmed once we have reviewed all documentation [...]

Africa’s friends reviewed - A case study of sovereign wealth funds

Posted on 25 August 2016

Over the years, Africa has had many friends or those who claim to be friends, but who among these is betting her funds on the continent? It’s one thing to hand out grants and another to bet citizens’ funds in a cause or economy you believe in. Going by sovereign wealth funds, Norway is betting [...]

Qatari Sovereign Wealth Fund Buys a Stake in the Empire State Building

Posted on 25 August 2016

The fund has announced a U.S. investment push of $35 billion in five years. The owner of the Empire State Building has sold 9.9% of its company to a Qatari sovereign wealth fund. The Empire State Realty Trust announced Qatar Investment Authority’s $622 million acquisition on Tuesday afternoon.

Qatar fund invests $622 mln in owner of Empire State Building

Posted on 25 August 2016

Qatar Investment Authority (QIA), the Gulf state’s investment arm, has invested $622 million in the owner of the Empire State Building in New York. The investment gives QIA a 9.9 percent stake in Empire State Realty Trust (ESRT), a listed New York-based trust which manages a portfolio of office and retail properties in Manhattan and [...]

NY State Of Mind: Qatar Wealth Fund Buys Empire State Building Stake

Posted on 25 August 2016

The sovereign wealth fund Qatar Investment Authority purchased a 9.9% stake in the Empire State Building’s owner, Empire State Realty Trust (ESRT). As Bloomberg’s David Levitt reports, the fund bought 29.6 million newly issued Class A common shares at $21 each, or a $622 million investment. The shares also come with voting interest.

Qatar Wealth Fund Buys 9.9% Stake in Empire State Building Owner

Posted on 24 August 2016

Qatar Investment Authority, the sovereign wealth fund of the Middle Eastern country, bought a 9.9 percent interest in Empire State Realty Trust, owner of New York’s Empire State Building.

Qatar’s financial position ‘will remain strong over next decade’

Posted on 24 August 2016

Qatar, whose budget will turn back to surplus in 2017, will remain in one of the strongest fiscal positions in the world over the next decade and continue to hold massive financial buffers through its sovereign wealth fund (SWF), according to BMI. “Qatar’s sovereign position will remain one of the strongest in the world,” BMI [...]

Libya wealth fund claimant denounces UN-backed govt’s plan

Posted on 24 August 2016

A claimant to the chairmanship of Libya’s $67 billion sovereign fund on Monday denounced the appointment by the country’s United Nations-backed government of a panel to run the fund, saying he had not been formally asked to step down.

Libyan Investment Authority issue statement regarding the Interim Steering Committee

Posted on 24 August 2016

Abdulmagid Breish, Chairman and Chief Executive Officer of the Libyan Investment Authority (LIA), takes note of the purported appointment by the Tobruk-based Board of Trustees of Mr Ali Shamekh as chief executive officer of the Tobruk parallel operation. Mr Breish also takes note of the presentation by Mr Hassan Bouhadi of his resignation as purported [...]

Turkey’s $200 Billion Wealth Fund to Finance Transport Projects

Posted on 24 August 2016

Turkey’s proposed national wealth fund, which could total as much as $200 billion, will finance projects including airports, seaports, roads and railroads across the country, according to a government minister.

China Central Huijin To Name Insurance Executive Bai Tao As General Manager

Posted on 24 August 2016

China Central Huijin Investment Ltd. is to appoint Bai Tao, a vice president at China Life Insurance Co., Ltd., as its general manager, Caixin Media reported citing people familiar with the matter. Bai Tao, 52, will also become vice general manager at Central Huijin’s parent company, China Investment Corp, in a routine arrangement.

Azer Fund sells nearly $50mln to banks

Posted on 24 August 2016

The State Oil Fund of Azerbaijan (SOFAZ) sold $46 million to 25 banks through an auction held by the Central Bank of Azerbaijan (CBA) Aug. 23, SOFAZ said in a message.

U.K. Property Values? They Are Anyone’s Guess

Posted on 24 August 2016

Most agree commercial real estate is down since Brexit, but estimates differ over how much. Property broker CBRE estimated that property values across the U.K. fell 3.3% in July. Data-firm MSCI Inc. said values fell 2.8%.

Turkey: Sovereign Wealth Fund to be fully transparent

Posted on 23 August 2016

Finance Minister Naci Ağbal said that the Turkish Sovereign Wealth Fund (SWF) was prepared in accordance with the best international practices and it will not be drawn from the current budget.

Libya sovereign fund claimant denounces U.N.-backed govt’s management plan

Posted on 23 August 2016

A claimant to the chairmanship of Libya’s $67 billion sovereign fund on Monday denounced the appointment by the country’s United Nations-backed government of a panel to run the fund, saying he had not been formally asked to step down.

Preserving the UAE’s wealth requires the right balance

Posted on 23 August 2016

The largest Abu Dhabi sovereign wealth fund, the Abu Dhabi Investment Authority (Adia), recently announced its results with the 20-year average return dropping to 6.5 per cent from 7.4 per cent and the 30-year average dropping to 7.5 per cent from 8.4 per cent the previous year.

New Zealand SWF awards factor investing mandates to Northern Trust

Posted on 23 August 2016

The New Zealand Superannuation (NZ Super) fund has appointed Northern Trust Asset Management to manage two new factor investing mandates, extending a relationship first established in 2007, the sovereign wealth fund (SWF) announced.

1MDB-linked Leonardo DiCaprio pulls out of Hilary Clinton fundraiser

Posted on 23 August 2016

Leonardo DiCaprio has abruptly dropped out of hosting a US$33,400-per-guest (S$45,200-per-guest) fundraiser lunch for Democratic presidential nominee Hillary Clinton at his Hollywood Hills home — just days before the event scheduled on Tuesday.

Will Shahrol be made the 1MDB scapegoat?

Posted on 23 August 2016

Former 1MDB chief executive officer Shahrol Halmi will likely be made the scapegoat in the multi-billion ringgit 1MDB scandal if police restrict their investigations as ordered by the cabinet, Petaling Jaya Utara MP Tony Pua says.

Former Falcon Chairman and Abu Dhabi Official Arrested in 1MBD Probe-Report

Posted on 23 August 2016

The former head of Abu Dhabi’s sovereign wealth fund was arrested in Abu Dhabi as part of a graft investigation into Malaysian state fund 1MDB, according to a report. Meanwhile, an elusive Malaysian at the heart of the probe may have been spotted off Hong Kong.

Chinese takeover approach for Liverpool: Report

Posted on 23 August 2016

Premier League giants Liverpool are the target of an £800-million (US$1 billion, €924 million) takeover bid backed by the Chinese government, British newspaper the Sunday Times reported. China Everbright, a state-backed financial firm, are leading the bid, backed by the country’s main sovereign wealth fund, the China Investment Corporation (CIC), the paper said.

China Sovereign Fund to Pursue Vale Iron Ore Streaming Deal

Posted on 22 August 2016

China Investment Corp., the $814 billion sovereign fund, is leading a Chinese investor group in talks for a multibillion-dollar iron-ore streaming deal with Brazil’s Vale SA, people familiar with the matter said.

CIC may buy Liverpool for $1bn

Posted on 22 August 2016

Premier League giants Liverpool are the target of an 800 million pounds ($1 billion, 924 million euros) takeover bid backed by the Chinese government, British newspaper the Sunday Times reported. China Everbright, a state-backed financial firm, are leading the bid, backed by the country’s main sovereign wealth fund, the China Investment Corporation (CIC), the paper [...]

1MDB linchpin Khadem Al Qubaisi arrested by Abu Dhabi authorities

Posted on 22 August 2016

Abu Dhabi authorities have arrested Khadem Al Qubaisi, who authorities say is a key figure in an alleged multi-billion-dollar fraud related to a Malaysian sovereign wealth fund.

Multiple reshuffles stir up Libyan sovereign wealth fund

Posted on 22 August 2016

The Libyan Investment Authority is undergoing drastic changes, as key members resigned last week followed by Libya’s unity government appointing a new management team for the country’s main sovereign wealth fund Monday. The Presidency Council of the Tripoli-based Government of National Accord on Monday appointed a steering committee to temporarily assume the leadership of the [...]

Why Nigerian state governments must establish sovereign wealth funds

Posted on 22 August 2016

Successive Nigerian governments failed to save or invest a part of their earnings. No individual or government that spends all their income during times of plenty should expect everything to be well in times of famine.

Kazakhstan woos investors with stakes in national assets

Posted on 22 August 2016

Kazakhstan is looking to attract Singaporean investors with stakes up for grabs in seven of its core state-owned enterprises. The country’s sovereign wealth fund, Samruk-Kazyna, is managing the privatisation of the companies. Except for Air Astana, where plans are under discussion, it intends to sell up to 25 per cent of each enterprise.

Don’t Try to Buy Dollars in Azerbaijan’s Capital

Posted on 22 August 2016

Dollar sales in the Azeri capital have all but seized up as demand from households still reeling after two devaluations last year leaves most banks running on empty, with the manat plunging the most globally against the U.S. currency on Friday. The sovereign wealth fund known as Sofaz offers only $50 million in auctions held [...]

SOFAZ reveals income from largest oil project

Posted on 19 August 2016

Revenues of Azerbaijan’s state oil fund SOFAZ from the project on development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields totaled $119.779 billion from early 2001 to August 1, 2016, the Fund told Trend.

Norway’s oil fund pares UK property portfolio after Brexit vote

Posted on 19 August 2016

Norway’s $893-billion sovereign wealth fund cut the value of its UK property portfolio by 5 percent after Britain’s vote to leave the EU, and is concerned at the prospect that Brexit might limit free movement of goods, services and people, it said on Wednesday.

Norway’s oil fund fends off Brexit to post positive return

Posted on 19 August 2016

Norway’s sovereign wealth fund, the world’s biggest, posted a positive return on Wednesday for the second quarter, despite market pressure from Britain’s decision to leave the EU.

Norway’s SWF Up Despite 5% UK Real Estate Haircut

Posted on 19 August 2016

Norway’s sovereign wealth fund is worth 7,177 billion NOK (US$878 billion). It was up in the second quarter of 2016 by a steady 1.3%, in spite of its real estate holdings in the UK that Norge’s Bank Investment Management’s quarterly report says it reduced by 5 percent as of June 30th.

Norway oil fund looks into trimming $520b stock portfolio

Posted on 19 August 2016

The world’s biggest sovereign wealth fund, long a backstop for global equity markets, is looking into potentially trimming its $520 billion (Dh1.9 trillion) stock portfolio as it tries to buy more properties and even move into infrastructure.

Western Powers call Libyans to protect their sovereign fund

Posted on 19 August 2016

France, Germany, Italy, Spain, Britain and the United States governments called Libyans to back the Presidential Council (PC) of the Government of National Accord (GNA) and to protect and preserve the institutions of Finance and their integrity for the benefit of the country and the Libyan people.

Western governments welcome panel to run Libyan wealth fund-Germany

Posted on 19 August 2016

The governments of France, Germany, Italy, Spain, Britain and the United States welcomed the appointment in Libya of an interim panel to run the country’s sovereign wealth fund, Germany’s foreign ministry said on Thursday.

Turkey to set up €15mn sovereign wealth fund to support struggling economy

Posted on 19 August 2016

Turkey will set up a sovereign wealth fund with an initial capital of TRY50mn (€15mn), Economy Minister Namik Zeybekci said on August 17. Ankara will target to raise the fund’s size to $200bn at a later stage, Bloomberg reports.

Key Figure in 1MDB Probe Is Arrested in Abu Dhabi

Posted on 19 August 2016

Abu Dhabi authorities have arrested Khadem Al Qubaisi, who authorities say is a key figure in an alleged multibillion-dollar fraud related to a Malaysian sovereign-wealth fund, according to people familiar with the matter.

Court Papers Link DiCaprio Fund to Malaysia Finance Scandal

Posted on 19 August 2016

Actor Leonardo DiCaprio’s environmentally focused charitable fund has been caught up in the federal investigation of a massive embezzlement case involving Malaysian sovereign-wealth fund 1MDB, writes The Hollywood Reporter.

Temasek sells telco shares to Singtel for $2.47b

Posted on 19 August 2016

Singapore investment firm Temasek Holdings has agreed to sell Singtel a 21 per cent stake in Intouch Holdings, the Thai telecoms conglomerate formerly known as Shin Corp. Temasek will also sell its entire 7.4 per cent stake in India’s Bharti Telecom to Singtel.

Sovereign Funds Hold Steady on Private Equity Allocation

Posted on 19 August 2016

Traditionally, public pensions have been a reliant source of capital for private equity deals. However, sovereign wealth funds continue to gain ground in the private equity investor base, as assets steadily grow for the institutional investor class. The total sovereign fund allocation to private equity tepidly increased for the year ended June 30, 2016, [...]

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