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VRS - who has written 15428 posts on Opalesque Sovereign Wealth Funds Briefing.


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Deals in S’pore rise 30% on mergers: Report

Posted on 12 December 2014

The Republic has recorded a 30 per cent jump in deals, which totalled US$55.4 billion (S$72.8 billion) this year, fuelled by a surge in mergers and acquisitions (M&A), with a strong deal pipeline expected next year. Singapore sovereign wealth fund GIC and investment giant Temasek Holdings contributed significantly to the M&A market performance, with both [...]

Malaysia’s 1MDB delays $3.2 billion Islamic bond to 2015: Sources

Posted on 12 December 2014

Malaysia’s sovereign wealth fund, 1Malaysia Development Bhd, has postponed the sale of up to 8.4 billion ringgit (S$3.2 billion) of Islamic bonds to 2015, according to two people familiar with the matter.

Qatari Fund Buys Lloyds’s Stake in London’s Savoy Hotel

Posted on 12 December 2014

The Savoy, the five-star London hotel once frequented by Winston Churchill, Marilyn Monroe and Claude Monet, is now owned by the state of Qatar and one of Saudi Arabia’s richest men.

Qatar And The QIA: When The SWF Is Also A Family Office

Posted on 12 December 2014

In recent days, two important pieces of information about the Qatar Investment Authority, the emirate’s sovereign wealth fund, emerged into public consciousness.

Oman fund invests in Gujarat agrochem firm

Posted on 12 December 2014

The Oman India Joint Investment Fund (OIJIF), a joint venture between State Bank of India (SBI) and Oman’s sovereign wealth fund State General Reserve Fund (SGRF), has invested Rs.95 crore in GSP Crop Science Pvt. Ltd, a Gujarat-based agrochemical company.

Angola sovereign fund allocates $1.6bn to Africa projects

Posted on 12 December 2014

Oil-rich Angola’s sovereign wealth fund has set aside $1.6 billion to back infrastructure and hotel projects across sub-Saharan Africa, though falling energy prices could slow future flows of new money into its coffers.

New $1.6bn Infrastructure Fund Launched In Angola to Offset Drop in Oil Prices

Posted on 12 December 2014

Angola’s sovereign wealth fund (SWF) has launched $1.6bn African infrastructure and hotel funds to help diversify its portfolio as the slide in crude prices threatens the country’s oil-dependent economy. The $5bn SWF, which was set up two years ago but only began to deploy its cash this year, is allocating $1.1bn to a fund that [...]

Angola sovereign fund allocates $1.6 bln to Africa projects

Posted on 11 December 2014

Oil-rich Angola’s sovereign wealth fund has set aside $1.6 billion to back infrastructure and hotel projects across sub-Saharan Africa, though falling energy prices could slow future flows of new money into its coffers.

Angola Sovereign Fund Invests in Energy, Transport

Posted on 11 December 2014

The sovereign wealth fund of Angola, Africa’s second-largest crude oil producer, is investing in infrastructure projects and hotels for high yields shielded from volatility, Chairman Jose Filomeno dos Santos said.

Angola launches $1.6bn Africa infrastructure fund

Posted on 11 December 2014

Angola’s sovereign wealth fund has launched $1.6bn African infrastructure and hotels funds to help diversify its portfolio as the slide in crude prices threatens the country’s oil-dependent economy.

Qatar and the QIA: When the SWF Is Also a Family Office

Posted on 11 December 2014

In recent days, two important pieces of information about the Qatar Investment Authority, the emirate’s sovereign wealth fund, emerged into public consciousness.

German Kauri, Swedish Apeiron join SWF in €300m German housing JV

Posted on 11 December 2014

Kauri CAB Management and Apeiron Capital have teamed up with an unnamed sovereign wealth fund to invest in German residential property. The joint venture has invested €130m in a portfolio of 1,675 residential and 105 commercial units within 61 residential buildings in Germany.

Norway oil fund lifts investment ban on Dongfeng

Posted on 11 December 2014

Norway’s $860 billion oil fund has lifted its investment ban on Dongfeng Motor Group Co and will no longer keep Randgold Resources Ltd. on observation for possible exclusion, the finance ministry said in a statement on Wednesday.

Norway’s Pension Fund Is Advised to Keep Fossil Fuel Shares

Posted on 11 December 2014

If the decision had been different, it might have made a dramatic headline: “Norway to sell out of oil companies.” Instead, a panel of experts advising Norway’s Finance Ministry recommended last week that the giant sovereign wealth fund that invests the country’s petroleum wealth remain an active investor in oil and coal companies.

Kazakhstan’s Kazkommertsbank’s profit falls after BTA buy

Posted on 11 December 2014

Kazkommertsbank (KKB), Kazakhstan’s largest lender by assets, reported a 10.7 percent fall in nine-month net income after its purchase of a stake in bailed-out BTA Bank left it with more bad loans on its books.

Russian and Indian Funds to Invest $1 Billion in Hydro Power

Posted on 11 December 2014

The Russian Direct Investment Fund (RDIF) will team up with an Indian partner to invest $1 billion in hydroelectric projects in Asia’s third-largest economy, the head of the Russian state fund said Wednesday.

With New Fund, China Hits a Silk Road Stride

Posted on 11 December 2014

China’s ambitious plan to expand trade links westward into Central Asia in the spirit of the ancient Silk Road is taking shape now that the government has decided to shift foreign currency into a special fund. The State Council will tap the nation’s foreign currency reserves for about 65 percent of a new US$ 40 [...]

Malaysia’s investment fund disaster

Posted on 11 December 2014

In 2008, a boisterous young man by the name of Jho Low Taek, a Penang-born Wharton grad with a taste for Cristal champagne and Broadway blondes, approached Malaysia’s Terengganu state government with a proposal to use the state’s authority to sell RM10 billion (US$2.87 billion) in bonds to start a state-backed investment fund.

GLP Co-Invests with GIC on $8B IndCor Purchase

Posted on 11 December 2014

Global Logistics Properties Ltd., the leading provider of logistics facilities in Asia and Brazil, is making a big move into the United States industrial market by taking a 55 percent stake in a deal with GIC, Singapore’s sovereign wealth fund, to buy IndCor Properties from Blackstone for $8.1 billion.

How Sovereign Wealth Funds Bought Spain

Posted on 10 December 2014

Sovereign wealth funds are known for their sophistication and long-term time frame, so it shouldn’t be a surprise to learn that they were highly active picking up bargains during the European debt crisis. This is well known. But new research shows just how remarkably busy they were at a time when everyone else was heading [...]

Flipkart in talks to raise up to $1 billion

Posted on 10 December 2014

India’s largest e-commerce firm Flipkart is in advanced talks to raise between $700 million and $1 billion in fresh funds, barely four months after the company received a record $1 billion, according to three people familiar with the matter.

Khazanah has the right to appoint Mueller

Posted on 10 December 2014

Khazanah Nasional Bhd has the right to appoint Christoph R. Mueller as chief executive officer-designate to lead the restructured Malaysia Airlines (MAS) as it is injecting the RM6 billion investment to revive the national carrier, says Abdul Wahid Omar.

Singapore Acquisitions Hit a Record High

Posted on 10 December 2014

Heavy buying by Singapore companies, such as an $8.1 billion purchase in the U.S. by a consortium including sovereign-wealth fund GIC Pte. Ltd., has sent acquisitions to record highs this year. Buying by GIC and Temasek Holdings Pte. Ltd., the government’s two investment firms, accounts for more than a third of the total.

Moody’s: Suriname has favorable growth outlook and relatively low government debt

Posted on 10 December 2014

Suriname’s rating balances a favorable growth outlook and relatively low government debt and interest burdens against an elevated economic and fiscal vulnerability to commodity price volatility and low institutional capacity.

Sukuk record scuppered as 1MDB delays 2014 sale

Posted on 10 December 2014

Global Islamic bond sales look set to miss out on a record year after Malaysia’s sovereign wealth fund postponed what would have been 2014’s biggest offering. The top underwriter is also cautious over the coming year.

Qatar Investment Authority participates in Uber’s $1.2B funding round

Posted on 10 December 2014

US-based New Enterprise Associates (NEA) and Middle East sovereign wealth fund, Qatar Investment Authority, participated in online cab booking company Uber’s $1.2 billion investment round announced early this month, says a The Wall Street Journal report, quoting unnamed sources.

Sovereign funds pave a path to shared prosperity

Posted on 09 December 2014

A decade ago, the phrase “sovereign wealth fund” made some European and American politicians shudder. No wonder. Back then — or before the 2008 financial crisis — these entities mostly hailed from Asia and the Middle East, and were lamentably opaque. So much so, that they were popularly perceived in the West as the financial [...]

Singapore Sovereign Fund Bets Big on Trophy Real Estate

Posted on 09 December 2014

Lim Chow Kiat, a 44-year-old man with a calm demeanor and a dimpled smile, is known as someone who doesn’t stray from his habitual ways. Friends and colleagues say Lim — group chief investment officer of GIC Pte, Singapore’s sovereign wealth fund — has kept his hair short and worn the same style of square, [...]

Temasek to buy 10% stake in US high-speed trading firm Virtu

Posted on 09 December 2014

Temasek Holdings will pay about US$180 million (S$238 million) for a minority stake in Virtu Financial, the United States high-speed trading firm that had postponed an initial public offering, said a person familiar with the transaction.

Khazanah Picks CEO for Restructured Malaysia Airlines

Posted on 09 December 2014

The Malaysian government’s sovereign wealth fund, Khazanah Nasional Berhad, has picked Aer Lingus CEO Christoph Mueller to lead the restructured and privatized Malaysia Airlines. Mueller’s contract with Aer Lingus ends on May 1 next year, but Khazanah hopes to install the German national as CEO by as early as March 1. It expects to complete [...]

Analysts back Khazanah appointment of Mueller to revive Malaysia Airlines

Posted on 09 December 2014

Analysts have backed Khazanah Nasional Bhd’s decision to appoint Christoph Mueller to revive Malaysia Airlines Bhd despite the move drawing flak from politicians. They said that Mueller’s track record in reviving an airline was paramount in the decision to hire him.

Qatar, Kuwait Wealth Funds Invest in Dubai Parks IPO

Posted on 09 December 2014

Sovereign wealth funds from Qatar and Kuwait are among institutional investors that bought shares in the initial public offering of Dubai’s new theme park developer and operator.

Qatar fund buys stake in taxi app Uber - report

Posted on 09 December 2014

Qatar’s sovereign wealth fund has reportedly bought a stake in the controversial mobile taxi dispatching service Uber. Qatar Investment Authority (QIA) was among investors who participated in a $1.2 billion financing round, according to the Wall Street Journal. The newspaper did not detail the exact size of QIA’s investment.

Brookfield-Qatari bid for Canary Wharf owner gains some support

Posted on 09 December 2014

Songbird Estates shareholder Madison International Realty plans to accept Qatar Investment Authority’s offer for the British property company, the sovereign wealth fund behind the hostile move said. The offer of 350 pence per share for the owner of London’s Canary Wharf financial district was launched to Songbird shareholders by QIA and U.S. investor Brookfield Property [...]

Global Logistic Properties to partner GIC in US$8.1 billion IndCor investment

Posted on 09 December 2014

Global Logistic Properties will be co-investing with Singapore sovereign wealth fund GIC to acquire one of the largest logistics real estate portfolios in the US for US$8.1 billion, confirming earlier speculation that it would be involved in the deal.

Russian State Fund May Step In to Help Big-Box Retailers

Posted on 09 December 2014

As Russia’s worsening economic situation crimps investment, the state-run Russian Direct Investment Fund (RDIF) is negotiating with major retail chains to finance construction of new stores, the Vedomosti newspaper reported Monday, citing sources close to the negotiations.

Temasek buys stake in U.S. electronic trading firm Virtu

Posted on 08 December 2014

Singapore state investor Temasek Holdings has agreed to buy a minority stake in Virtu Financial Inc, the New York-based electronic dealing firm said on Monday, in a bet on the growth of automated trading globally.

Future Fund cuts Australian dollar exposure

Posted on 08 December 2014

The federal government’s $100 billion Future Fund has cut its exposure to the Australian dollar and positioned itself to profit from the Reserve Bank cutting interest rates as the nation’s largest investors seek shelter from a deteriorating domestic economy.

Malaysia Airline sees new leadership appointments by state fund

Posted on 08 December 2014

Malaysian Airline System Bhd (MAS), which is due to be taken private after being hit by two separate air disasters this year, on Friday sees new leadership appointments for the new company that will replace it.

Dr Mahathir slams Umno silence over 1MDB, TPPA

Posted on 08 December 2014

Tun Dr Mahathir Mohamad continued his tirade against his successors in Umno, writing today that party delegates and Putrajaya have not addressed issues about the controversy-ridden 1Malaysia Development Bhd (1MDB), a Pacific Rim trade pact and the widening wealth gap.

Global Logistic to Take 55% Stake in GIC Led Venture

Posted on 08 December 2014

Global Logistic Properties Monday said it would take a 55% stake in a venture led by Singapore’s sovereign- wealth fund that is acquiring industrial properties worth US$8.1 billion from Blackstone Group. Global Logistic will pay US$1.8 billion as its share in the venture, that will be 45% owned by GIC Pte. Ltd., the property firm [...]

Share of Iran’s NDF from oil revenues to decrease by 11%

Posted on 08 December 2014

Share of Iran’s National Development Fund (NDF) from the country’s oil revenues has been decreased by 11 percent in next year’s(to start on March 21, 2015) budget bill which was submitted to parliament on Dec. 7. Iran will transfer 20 percent of oil and gas revenues to the fund in next fiscal year, according to [...]

Oil Shock: Excess Crude Funds Not Well Managed, Says Obadan

Posted on 08 December 2014

A former Director General of the National Centre for Economic Management and Administration (NCEMA), Prof. Mike Obadan, has accused government across the three tiers of misuse and poor management of the nation’s Excess Crude Account (ECA). According to the professor of Economics at the University of Benin, Benin City, “The imprudent use of the ECA [...]

Canary Wharf owner Songbird rejects Qatar fund and partner’s raised offer

Posted on 08 December 2014

Songbird Estates, the owner of London’s Canary Wharf financial district, has rejected a raised joint bid from Qatar’s sovereign wealth fund and a North American investor that values the company at 2.6 billion pounds ($4.07 billion).

Uber’s Investor Club Adds Two Hedge Funds, Qatar’s Sovereign Wealth Fund

Posted on 08 December 2014

The elite club of Uber shareholders just added a few new members. New investors in the ride-sharing startup’s $1.2 billion round of funding included Middle East sovereign wealth fund Qatar Investment Authority and two hedge funds, Valiant Capital Partners and Lone Pine Capital, according to people familiar with the matter.

Fracking fund idea attacked

Posted on 08 December 2014

The heated debate over fracking was ignited once again today after Chancellor George Osborne confirmed plans for a shale gas “sovereign wealth fund” to boost the north of England. The Chancellor reiterated that the Government wanted to encourage the development of shale gas – a move yet to be approved by Lancashire planners.

Norwegian fund opts not to exclude coal and oil

Posted on 08 December 2014

The Norwegian sovereign wealth fund will not be forced to sell coal and oil stocks but will try to influence better ethical behaviour on a case-by-base basis by shareholder engagement. Opposition parties in Norway had called for the fund, which, ironically, exists to invest Norway’s income from selling oil, to divest from fossil fuel companies.

Sovereign funds pave a path to shared prosperity

Posted on 05 December 2014

A decade ago, the phrase “Sovereign Wealth Fund” made some European and American politicians shudder. No wonder. Back then — or before the 2008 financial crisis — these entities mostly hailed from Asia and the Middle East, and were lamentably opaque. So much so, that they were popularly perceived in the west as the financial [...]

Shrinking oil revenues could dig into funds

Posted on 05 December 2014

Energy-exporting countries which have stashed billions in windfalls in sovereign investment funds may be forced to draw down on them as oil revenues shrink, sending a chill through stock, bond and property markets worldwide. Oil-based sovereign wealth funds are a major force in international finance, holding more than $5 trillion (R56 trillion) in assets, according [...]

Qatar fund and partner raise offer for Canary Wharf-owner Songbird

Posted on 05 December 2014

Qatar’s sovereign wealth fund and a North American investor have upped their joint bid for Songbird Estates, the owner of London’s Canary Wharf financial district, with an offer that values the company at 2.6 billion pounds ($4.1 billion).

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