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VRS - who has written 15276 posts on Opalesque Sovereign Wealth Funds Briefing.


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Temasek, Winklevoss invest in US start-up which predicts outcome of legislation

Posted on 21 November 2014

Temasek Holdings has invested in a Washington-based start-up which uses artificial intelligence to predict the outcome of legislation. According to The Washington Post, FiscalNote has closed a US$7 million round of funding from a raft of big names, including the Singapore sovereign wealth fund and the Winklevoss twins, famous for their lawsuits against Facebook and [...]

Reverse Logistics may raise $125 million, step into new markets

Posted on 21 November 2014

Refurbished goods retailer Reverse Logistics Corps, which owns and operates GreenDust.com, is in talks with global hedge funds and wealth funds to raise about $125 million (Rs 772 crore) in another round of funding. Among those the Delhi-based company is talking to for Series B capital are Temasek, the sovereign investment arm of the government [...]

Future Fund invests in fossil fuels but not tobacco

Posted on 21 November 2014

Former treasurer Peter Costello has defended the Future Fund’s investment decisions during a sometimes feisty Senate estimates hearing in Canberra. Mr Costello, who is the chairman of the fund, was questioned about why the fund continued to invest in fossil fuels given its decision to stop investing in tobacco companies.

Alaska Permanent Fund posts -1.2% return for quarter

Posted on 21 November 2014

Alaska Permanent Fund Corp., Juneau, returned -1.2% for the quarter ended Sept. 30, slightly above its benchmark return of -1.6%, said a news release from the $50.7 billion sovereign wealth fund.

A Sovereign Wealth Fund For The Eurozone?

Posted on 20 November 2014

Social Europe Journal has just published its latest Research Essay “Public Capital in the 21st Century” by Giacomo Corneo. The main argument of the paper is that the state should become a kind of investment state in order to make sure that high returns on capital do not further increase inequality but benefit the wider [...]

Faraj Guliyev: “SOFAZ should reconsider ruble policy”

Posted on 20 November 2014

State Oil Fund of Azerbaijan should reconsider ruble policy, said the MP Faraj Guliyev in the discussion of budget package for 2015 at the plenary meeting of Azerbaijani Parliament.

Consumer inflation exceeds core inflation for the third straight month in Azerbaijan

Posted on 20 November 2014

Parliament of Azerbaijan clamped down on an attempt to withdraw assets of the State Oil Fund of Azerbaijan (SOFAZ) from the world markets in order to decrease internal loan rate to 2%. Valeh Alasgarov, Vice Speaker of the Parliament, called for the deputies to stop speculative talks on impact of fall in the world oil [...]

Krone-Oil Ties Show Cracks as Norway Curbs Deflation: Currencies

Posted on 20 November 2014

Norway’s government funnels most of its oil revenue into its sovereign-wealth fund, the world’s largest. Prime Minister Erna Solberg, who came to office last year, has cut taxes to boost productivity in the mainland economy and said Norway needs to diversify away from oil.

Kazakhstan’s Alliance Bank says completes debt restructuring

Posted on 20 November 2014

Kazakhstan’s Alliance Bank has completed a $1.2 billion debt restructuring and the country’s sovereign wealth fund will put 220 billion tenge ($1.2 billion) of special deposits into the bank to support the deal, Alliance’s chief executive said on Wednesday.

Kazakhstan SWF to Sponsor Turkish Football Giant?

Posted on 20 November 2014

Footballers for Galatasaray, the legendary Turkish club, may soon be wearing the name of Kazakhstan’s capital, Astana, across their chests. Kazakhstan’s sovereign-wealth fund, Samruk-Kazyna, is rumored to be close to signing a five-year, $50 million deal to sponsor Galatasaray, Turkish media has reported.

FiscalNote snares $7 million in investments from Winklevoss, Singapore wealth fund

Posted on 20 November 2014

A District-based start-up that uses artificial intelligence to predict the outcome of legislation has received $7 million in funding, including investments from the Singapore sovereign wealth fund and from the Winklevoss twins, made famous from their lawsuits against Facebook.

Panama has rising fiscal deficits, despite strong growth: Moody’s

Posted on 20 November 2014

Additionally, two important institutional arrangements in the fiscal arena are the Social Fiscal Responsibility Law (SFRL) and a sovereign wealth fund (Fondo de Ahorro de Panama, or FAP), although they have had a limited and somewhat questionable track-record. Over the past few years, authorities have repeatedly circumvented the deficit ceiling defined by the SFRL through [...]

Bahrain’s Mumtalakat Said to Raise $600 Million From Sukuk

Posted on 19 November 2014

Bahrain Mumtalakat Holding Co., the Gulf country’s sovereign wealth fund, raised $600 million from the sale of Islamic bonds, according to a person familiar with the deal, as it seeks funds to refinance debt.

Bahraini fund Mumtalakat launches $600 mln seven-year sukuk

Posted on 19 November 2014

Bahrain sovereign fund Mumtalakat has launched a $600 million seven-year sukuk at the tight end of its previously-marketed price range, with the sale set to complete later on Tuesday, a document from lead managers said.

Singapore’s Temasek invests in Tel Aviv University technology

Posted on 19 November 2014

Singapore-based investment company Temasek agreed to help fund new technologies emerging from research at Tel Aviv University, the university’s technology company Ramot said. Temasek agreed with Ramot to invest $5 million in the $23.5 million Momentum Fund, which selected six technologies earlier in 2014 and is in the process of choosing another four to six.

1MDB Criticized by Lawmakers Before Sukuk Sale: Islamic Finance

Posted on 19 November 2014

Malaysia’s opposition lawmakers are criticizing rising debt at the sovereign wealth fund as the company plans to sell the nation’s biggest sukuk of 2014. 1Malaysia Development Bhd.’s power unit is seeking to raise 8.4 billion ringgit ($2.5 billion) before year-end, which will increase its outstanding debt to $15 billion, data compiled by Bloomberg show.

1MDB made RM1.6 billion from Cayman deal, says chairman

Posted on 19 November 2014

The chairman of scandal-ridden 1Malaysia Development Berhad (1MDB) said the move to park funds in the Cayman Islands had yielded a profit of US$488 million (RM1.63 billion) from an initial investment of US$1.8 billion in an oil and gas venture.

1MDB managed competently

Posted on 19 November 2014

Overly leveraged is the oft repeated criticism of detractors of 1Malaysia Development Berhad (1MDB), the nation’s strategic development company. Other accusations include the issue of the company’s lack of transparency, a fair demand on a state-owned investment arm. Once the Terengganu Investment Company, a sovereign wealth fund for the state, it was renamed 1MDB in [...]

Irish sovereign fund to consider social housing investment

Posted on 18 November 2014

Ireland’s sovereign wealth fund would be open to investing in social housing but will be careful not to allocate too much of its €7bn capital to low economic impact projects, according to its head of infrastructure and credit.

Afraid of ‘difficult’ questions? Ahmad Maslan CHICKENS OUT of 1MDB forum

Posted on 18 November 2014

Deputy Finance Minister Datuk Ahmad Maslan said today that he did not receive an invite to Pakatan Rakyat’s forum on 1Malaysia Development Berhad (1MDB), despite the forum’s promotional poster featuring him as a speaker, and that he will not be attending it.

1MDB abusing proceeds from US$3 billion bond, says DAP lawmaker

Posted on 18 November 2014

In another twist to the 1Malaysia Development Bhd (1MDB) saga, a federal lawmaker has claimed that the state sovereign fund is diverting part of the proceeds of the US$3 billion (RM9.6 billion) loan raised by its subsidiary to fund operating expenses and pay off its burgeoning debts.

Bahrain’s Mumtalakat sets initial price guidance for up-to-$600 mln sukuk

Posted on 18 November 2014

Bahrain sovereign fund Mumtalakat has opened order books after setting initial price guidance for an up-to-$600 million seven-year Islamic bond offering, a document from lead managers said.

Analysts dim on Zim’s new state fund

Posted on 18 November 2014

The Zimbabwean Sovereign Wealth Fund (SWF) funded from mineral royalties will not work unless President Robert Mugabe’s Zanu PF-led government addresses poor confidence in the country’s economy, declining foreign direct investments as well as a woeful budget position, experts told Business Report on Friday.

Norway Wealth Fund Outsmarts Flash Boys as Algorithms Abandoned

Posted on 17 November 2014

Oeyvind Schanke, head of asset strategies at Norway’s $860 billion sovereign wealth fund, has worked out how to dodge traders in the U.S. trying to profit on his orders by leaving no pattern for them to track.

Norway’s oil fund, TIAA-CREF buy Washington property

Posted on 17 November 2014

Norway’s sovereign wealth fund and U.S. financial services group TIAA-CREF have bought a Washington D.C. property in a deal valuing the site at $165 million, the fund said on Friday.

Norway’s oil fund targets ‘forever’ horizon in real estate market

Posted on 17 November 2014

Targeting an investment horizon of “forever”, Norway’s $860 billion oil fund plans to enter the Asian real estate market next year and aims to broaden its asset range to include anything from new developments to refurbishments, it said.

SNB head says no sovereign fund for gold if referendum passes: paper

Posted on 17 November 2014

The chairman of the Swiss central bank ruled out creating a sovereign wealth fund to manage Switzerland’s gold reserves if a referendum on banning the bank from selling them passes, according to a newspaper interview published on Sunday.

National Pensions Reserve Fund a winner in transparency index ratings

Posted on 17 November 2014

In case you missed it, this week saw the release of the long-awaited third-quarter Linaburg-Maduell Transparency Index Ratings, aka the Oscars of the sovereign wealth universe. The main “takeaway” from the publication is that we, the State, did well and everybody likes it when we do well in internationally graded tests. In fact, we got [...]

Sovereign wealth fund acquisitions surge as confidence returns

Posted on 17 November 2014

Sovereign wealth funds are buying up assets this year at their fastest rate since the financial crisis as these state-run pools of assets regain the confidence lost when big punts on western banks turned sour, Thomson Reuters data shows.

Iran to draw on sovereign fund to withstand oil price slide

Posted on 17 November 2014

Iran will draw on its sovereign wealth fund to cope with damage to its economy from plunging global oil prices, Iranian Oil Minister Bijan Zanganeh was quoted by the ministry’s news agency Shana as saying. “By drawing upon its National Development Fund to reimburse contractors active in upstream projects, Iran will make up for the [...]

Italian, Qatari Funds Make First Investment In Italian Food

Posted on 17 November 2014

State-backed Italian and Qatari investors are to buy a 165 million euro ($205 million) stake in Inalca, expanding the Italian meat producer’s overseas markets in the first such deal by the two investment partners. Under the deal signed on Friday, the IQ Made in Italy joint venture will buy a 28.4 per cent stake in [...]

Oman SWF-SBI JV to raise $250M to back ventures under ‘Make in India’ campaign

Posted on 17 November 2014

The fund was formed in 2011 with equal equity contribution from SBI and SGRF, one of Oman’s sovereign wealth funds. A joint investment fund set up by SBI and Oman’s sovereign fund will raise its corpus by $250 million for a special purpose vehicle (SPV) to capitalise on the new government’s ‘Make in India’ initiative.

CIC, Illinois Teachers eye cross-border deals

Posted on 14 November 2014

China Investment Corporation (CIC) and Illinois Teachers’s Retirement System have been talking up the benefits of private equity investors and managers collaborating on cross-border deals. China’s sovereign wealth fund said it was keen on facilitating European deals, while the $46 billion US state pension spoke about its recently agreed partnership with a PE fund-of-funds [...]

Costello defends Future Fund tax bill

Posted on 14 November 2014

Future Fund chairman Peter Costello has defended the amount of tax the sovereign wealth fund pays, saying it has ’sovereign immunity’ when it invests overseas. The government-owned Fund was named along with other Australian companies for using Luxembourg as a base in which to lower global taxes in one of the biggest global tax leaks [...]

Don’t bend the rules for 1MDB, Anwar tells Putrajaya

Posted on 14 November 2014

Datuk Seri Anwar Ibrahim warned Putrajaya against manipulating the checks and balances set out by the Treasury in order to counter the allegations against 1Malaysia Development Berhad (1MDB), saying that the fund is now “the government’s greatest liability”.

Malaysian government spends $10 million on plane searches

Posted on 14 November 2014

Malaysia has spent 33.46 million ringgit (10 million dollars) to date in the search and rescue operations after two tragedies hit its national airline this year, an official said Thursday. The Malaysian state sovereign fund Khazanah Nasional has said that it would pump 6 billion ringgit into the ailing Malaysia Airlines to rehabilitate the national [...]

UK mulls shale gas fund to avoid ’squandering’ revenue

Posted on 14 November 2014

The UK is considering setting up a wealth fund from the proceeds of the fracking industry. Communities would benefit, but many question whether fossil fuels like shale gas are the way forward.

Rocco Forte secures funding from Italian sovereign wealth fund

Posted on 14 November 2014

Rocco Forte Hotels has announced a strategic partnership with Fondo Strategico Italiano Spa, the Italian State-backed sovereign fund 80 per cent controlled by Cassa Depositi e Prestiti and 20 per cent by Bank of Italy.It has a paid-up share capital of €4.4 billion.

Zim mine royalties put into new fund

Posted on 14 November 2014

Zimbabwe’ Treasury is to put a quarter of the country’s mining royalties into a new sovereign wealth fund, which will be managed by the central bank. Several oil-rich African countries such as Algeria and Nigeria have sovereign wealth funds. Zimbabwe is desperate to renew its infrastructure, which includes electricity-generating plants, roads, rail and water treatment [...]

Brazil, China, India still offer investment value - CPPIB

Posted on 14 November 2014

Brazil, China and India still offer long-term investment value but a lot of global assets are fully priced and competing with huge sovereign wealth funds is getting harder, one of Canada’s biggest dealmakers said on Thursday. Mark Wiseman, CPPIB’s chief executive, said he’s optimistic about North American assets and longer-term plays in Brazil, China and [...]

Libya fund sues France’s SocGen for $1.5 bn

Posted on 13 November 2014

Libya’s sovereign wealth fund is suing French bank Societe Generale for $1.5 billion (1.2 billion euros) for allegedly channelling bribes to allies of Moamer Kadhafi’s son, in a case hitting the London courts Wednesday.

SocGen denies allegations of funnelling bribes in LIA lawsuit

Posted on 13 November 2014

Société Générale and a Libyan businessman have denied “extremely serious” allegations that they helped funnel bribes to influence the Libyan Investment Authority to enter into complex trades, the High Court has been told.

SocGen Denies Bribing Qaddafi Friend in Libya Fund Case

Posted on 13 November 2014

Societe Generale SA denied paying bribes to Libya’s sovereign wealth fund, saying $58 million in payments to a family friend of Muammar Qaddafi were to help the bank “navigate the unfamiliar and difficult” market in the country.

Zimbabwe: Sovereign Wealth Fund Act Takes Effect

Posted on 13 November 2014

Legislation to establish the Sovereign Wealth Fund is now in place following the gazetting of the Sovereign Wealth Fund Act on Monday, a landmark development which seeks to establish a facility whose objective is to reserve income from the country’s finite mineral resources for the benefit of future generations.

Mugabe signs Sovereign Wealth Fund bill

Posted on 13 November 2014

The Treasury will, with immediate effect, remit a quarter of mining royalties to the Sovereign Wealth Fund (SWF) after President Robert Mugabe on Monday signed into law a bill to set up the fund, which is meant to secure investments for future generations and support economic growth.

Dr. Mahathir:Malaysia can do without 1MDB

Posted on 13 November 2014

Tun Dr Mahathir Mohamad said Malaysia does not need a sovereign fund like the 1Malaysia Development Berhad (1MDB), especially if it results in losses for the country. The former prime minister (PM) said Malaysia could do without the 1MDB, which has been criticised for its lack of transparency as well as for racking up big [...]

Support letter issued to 1MDB is not ‘explicit government guarantee’, says Ahmad Maslan

Posted on 13 November 2014

Deputy Finance Minister Datuk Ahmad Maslan insisted that Putrajaya’s letter of support for 1Malaysia Development Berhad’s (1MDB) fundraising exercise is not an “explicit guarantee”, sidestepping concerns that the federal government will have to foot the sovereign wealth fund’s debt. He stressed that the ministry had only given an explicit guarantee amounting to RM5.8 billion to [...]

1MDB already audited by a ‘big company’, A-G says

Posted on 13 November 2014

The Auditor-General’s Department did not audit 1Malaysia Development Bhd (1MDB), which is accused of financial irregularities, because it was already audited by “a big international” firm, Auditor-General Tan Sri Ambrin Buang said.

Oil Fund set for shake-up for fairness

Posted on 13 November 2014

Energy policymakers will reconsider the role of the state Oil Fund after its burden in subsidising liquefied petroleum gas (LPG) prices ends, says Energy Minister Narongchai Akrasanee.

Rosneft Must Keep Hands Off Wealth Fund, Kudrin Says

Posted on 13 November 2014

The man who designed Russia’s rainy-day fund to protect against swings in commodity prices says the country’s state oil company shouldn’t be allowed anywhere near the money. OAO Rosneft (ROSN), headed by Igor Sechin, a long-time ally of President Vladimir Putin, asked last month for more than $44 billion from Russia’s Wellbeing Fund to finance [...]

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