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VRS - who has written 16993 posts on Opalesque Sovereign Wealth Funds Briefing.


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Oman has run up 1.8b riyal deficit so far

Posted on 25 August 2015

Oman has run a 1.8 billion riyal (Dh17.09 billion) budget deficit so far this year, according data provided by the Ministry of Finance. The approved deficit for 2015 budget stands at 2.5 billion riyals — an increase of 38.9 per cent compared to last year, according to the budget statement.

Abu Dhabi SWF among anchors in Navkar IPO

Posted on 25 August 2015

Abu Dhabi Investment Authority, one of the sovereign wealth funds of UAE representing the emirate of Abu Dhabi, is among the anchor investors that have together invested Rs 173 crore in Raigad-based logistics company Navkar Corporation Ltd, as part of an initial public offer (IPO) of the company.

GIC-Backed Microlender Bandhan Starts India Banking Operations

Posted on 24 August 2015

Bandhan Financial Services Pvt., the first new commercial Indian lender in more than a decade, kicked off operations with 501 branches across the country, with plan for a 26 percent expansion by end-March.

Swiss Look Into Connection Between Banking Sector and 1MDB

Posted on 24 August 2015

Swiss authorities have opened a criminal probe into the relationship between “suspicious transactions” in the country’s banking sector and a troubled state investment fund tied to Malaysian Prime Minister Najib Razak.

Interest in 1MDB assets proves it has value: PM

Posted on 24 August 2015

Prime Minister Datuk Seri Najib Abdul Razak today said he had met with the Emir of Qatar who had expressed his interest to invest in 1MDB owned assets. “If 1MDB assets are worthless, there would be no interest from investors.

1MDB ‘partner’ SACKS its CEO ahead of global graft meet

Posted on 24 August 2015

Prime Minister Najib Razak can threaten all he likes, arrest as many critics he wishes, have his henchmen make the most outlandish statements but calls for his resignation won’t go away. There’s nothing he can do to repair his mauled reputation, nothing how many hundreds of million he continues to squanders on foreign publicists.

Kuwait’s fiscal prudence pays off with rating agencies

Posted on 24 August 2015

Kuwait’s strong fiscal and external accounts are behind the country’s eminently favourable credit ratings, with Standard & Poor’s recently conferring a long-term rating of AA. Understandably, rating agencies derive comfort from the country’s substantial sovereign wealth fund (SWF). Kuwait boasts a substantial reserve that provides the necessary cushion for stakeholders like creditors and exporters.

SWF To Team Up With OTPP, Hermes

Posted on 24 August 2015

One of the world’s biggest sovereign wealth funds is part of a consortium that is plotting a bid for London City Airport, which has been valued at 2bn, says an article in the Telegraph. Wren House Infrastructure Management, which is an investment vehicle owned by the Kuwait Investment Authority; Canadian giant Ontario Teachers’ Pension Plan; [...]

Norwegian Fund Divestment Over Environmental Concerns

Posted on 24 August 2015

Norway’s sovereign wealth fund is removing four Asian companies from its investment portfolio for ethical reasons. The fund, officially known as the Government Pension Fund, is financed by profits, taxes and fees from Norway’s offshore oil and gas sector.

Alaska Permanent Fund gains 4.9% for fiscal year

Posted on 21 August 2015

Alaska Permanent Fund Corp., Juneau, returned a preliminary 4.9%, gross of fees, for the fiscal year ended June 30, surpassing its -1.4% benchmark, said spokeswoman Laura Achee. The sovereign wealth fund has a target asset allocation of 36% stocks, 20% bonds and cash, 12% real estate, 6% each private equity and absolute return, 4% [...]

Kuwaitis part of $3bn bid to buy London City Airport

Posted on 21 August 2015

An international consortium of sovereign wealth and pensions funds, including a London-based division of the Kuwait Investment Authority (KIA), is lining up a bid to buy London City Airport for $3 billion, according to media reports.

Saudis Could Face An Open Revolt At Next OPEC Meeting

Posted on 21 August 2015

Saudi and Gulf Arab OPEC members’ foreign currency reserves and sovereign wealth funds (SWF) comprise approximately 78 percent of total OPEC member holdings, $2.73 trillion of $3.05 trillion.

Asia fails to follow Norge’s ethical investing lead

Posted on 21 August 2015

A move by the world’s largest institutional investor to exclude four Asian firms from its allocations has highlighted the lack of regional progress in implementing ethical investments. While Europe has taken the lead in rolling out environmental, social and governance (ESG) policies, Asian investors continue to lag behind.

Norwegian fund divestment over environmental concerns

Posted on 21 August 2015

Norway’s sovereign wealth fund is removing four Asian companies from its investment portfolio for ethical reasons. The fund, officially known as the Government Pension Fund, is financed by profits, taxes and fees from Norway’s offshore oil and gas sector.

Norwegian oil fund sees losses as US equities drop in value

Posted on 21 August 2015

Norway’s sovereign wealth fund saw its value decline by NOK53bn (€6bn) over the course of the second quarter, as the kroner strengthened and US equity holdings suffered negative returns.

Norway’s sovereign wealth fund posts first negative return in three years

Posted on 21 August 2015

Norway’s sovereign wealth fund posted a -0.9 percent return, or a loss of 73 billion Norwegian kroner (8.79 billion U.S. dollars), in the second quarter of 2015, the first negative quarterly return in three years, the fund said on Wednesday.

Norway’s Giant Fund Buckles in Q2?

Posted on 21 August 2015

Norway’s $870 billion sovereign wealth fund reported its first quarterly loss in three years on Wednesday, hauled down by sliding bond and stock markets. The world’s richest sovereign wealth fund owns about 1.3 percent of all global equities and has massive government and corporate bond holdings, so its performance and decisions are closely followed by [...]

Norway sovereign fund posts first negative return since 2012

Posted on 20 August 2015

The world’s biggest sovereign wealth fund, Norway’s public pension fund, reported Wednesday its first negative quarterly return in three years, pulled down by the bond market. The fund posted a -0.9 percent return.

Norway’s $870 billion oil fund had negative return in Q2

Posted on 20 August 2015

Norway’s $870 billion sovereign wealth fund, the world’s biggest, had a negative return on investments in the second quarter as US stocks pulled down results and bonds fell, it said on Wednesday.

Norway’s sovereign wealth fund suffers $8.8bn loss

Posted on 20 August 2015

Norway’s $870 billion sovereign wealth fund reported its first quarterly loss in three years onWednesday, hauled down by sliding bond and stock markets. The world’s richest sovereign wealth fund owns about 1.3 percent of all global equities and has massive government and corporate bond holdings, so its performance and decisions are closely followed by investors [...]

Oil Cash Slump Triggers New Risks at World’s Biggest Wealth Fund

Posted on 20 August 2015

The sudden slowdown in capital flows into the world’s biggest sovereign wealth fund will add to risks and make it more costly to adjust its strategy, its chief executive officer said. As crude has plunged below $50 a barrel, Norway’s fund has seen a precipitous drop in cash injections from the government. It received just [...]

Norway Oil Fund: Monetary Policy, China Are Main Issues (Video)

Posted on 20 August 2015

Monetary policy and China are the biggest issues facing Norway’s sovereign wealth fund, according to Yngve Slyngstad, chief executive officer of the fund. Slyngstad spoke with Bloomberg’s Manus Cranny in Oslo as the world’s biggest sovereign wealth fund, where Norway places most of its oil wealth, lost 73 billion kroner ($8.8 billion) in the second [...]

Norway oil fund affirms China commitment

Posted on 20 August 2015

The world’s largest sovereign wealth fund said it remained committed to China despite expecting more volatility in markets there as the Asian country continues to open up to foreign investors.

Fed, China Hamper Norway’s Sovereign Wealth Fund (Video)

Posted on 20 August 2015

In today’s “Morning Must Read,” Bloomberg’s Brendan Greeley and Manus Cranny recap the op-ed pieces and analyst notes providing insight behind today’s headlines, including comments from the Chief Executive Officer of the Norway Sovereign Wealth Fund. They speak on “Bloomberg Surveillance.”.

The Better Corporation

Posted on 20 August 2015

Around the world, the corporate governance landscape is shifting, as efforts to improve business practices and policies gain support and momentum. The wave of reform has become visible everywhere – from tough new regulations in Japan to sovereign wealth funds like Norway’s Norges Bank Investment Management taking a more active approach to their investments – [...]

London City Airport could be bought by world’s fifth biggest sovereign wealth fund

Posted on 20 August 2015

London City Airport could be bought by one of the world’s biggest sovereign wealth funds. Reports in The Telegraph suggest the Docklands site - valued at £2billion - could be snapped up by Wren House Infrastructure Management, an investment vehicle owned by Kuwait Investment Authority.

Kuwait sovereign wealth fund linked to London City bid

Posted on 20 August 2015

London City airport is reported to have attracted attention from two potential suitors after its owners signalled a £2 billion sale. According to the Daily Telegraph a consortium including the Kuwait sovereign wealth fund is gearing up to make a bid along with the Australian investment group Macquarie.

China’s sovereign wealth fund is betting big on a stock market recovery

Posted on 20 August 2015

According to a report in the South China Morning post, Central Huijin Investment, a Chinese state-backed subsidiary of the China Investment Corporation, used more than 20 billion yuan ($3.125 billion) to increase its stake in Chinese banks during Wednesday’s trading session. The China Investment Corporation, or CIC, is China’s sovereign wealth fund.

GrabTaxi raises money from China’s sovereign wealth fund

Posted on 20 August 2015

Chinese sovereign wealth fund China Investment Corporation is among backers pouring $350 million into South East Asia’s answer to Uber, cab-hailing app GrabTaxi. U.S.-based Coatue Management and China’s Didi Kuaidi, which competes with Uber on the mainland, also invested in the latest round which takes GrabTaxi’s total funding to $700 million, according to a company [...]

BNY Mellon Fined for Bribing SWF with Internships

Posted on 20 August 2015

BNY Mellon has agreed to pay $14.8 million to settle corruption charges for giving internships to family members of a Middle Eastern sovereign wealth fund’s officials. The US Securities and Exchange Commission (SEC) found that the custodian bank and asset manager employed three of these family members in 2010 despite them not meeting “stringent hiring [...]

Korean Sovereign Fund Asks Elliott to Stop Investing in Korea

Posted on 19 August 2015

South Korea’s sovereign wealth fund has asked Elliott Management Corp. to refrain from investing in Korean-based businesses after the activist hedge fund firm lost a high-profile proxy fight last month aimed at blocking a merger of businesses partly owned by the Samsung conglomerate’s controlling Lee family, said a person with direct knowledge of the matter.

BB may provide $2.0b to sovereign wealth fund

Posted on 19 August 2015

The central bank is going for financing necessary infrastructure development to help achieve 7.0 per cent economic growth by the end of this fiscal year (FY). Bangladesh Bank (BB) Governor Dr Atiur Rahman disclosed Tuesday the growth-targeted investment in infrastructure development in a bigger way.

Kuwait eyes consortium bid for London City Airport

Posted on 19 August 2015

The sovereign wealth fund of Kuwait is teaming up with Ontario Teachers’ Pension Plan and Hermes to bid for the airport, while Macquarie is leading a rival consortium. One of the world’s biggest sovereign wealth funds is part of a consortium that is plotting a bid for London City Airport, which has been valued at [...]

Kuwait sovereign credit ratings affirmed despite low oil prices

Posted on 19 August 2015

Standard & Poor’s Ratings Services affirmed its ‘AA/A-1′ long- and short-term foreign and local currency sovereign credit ratings on Kuwait. The outlook is stable. Prices for crude oil have fallen by around 50% in the last year. We now forecast an average Brent oil price of 55/bbl in 2015 and 67.5/bbl in 2015-2018. The sharp [...]

Norwegian oil fund stands behind Chinese stake despite stock slump

Posted on 19 August 2015

The world’s biggest sovereign wealth fund isn’t about to lose its faith in China. The $870-billion (U.S.) fund, built on Norway’s oil riches, says the current selloff and policy shifts from China’s leadership won’t change its long-term view on the world’s second-biggest economy, where it’s prepared to increase its investment.

Oman fund acquires 90 per cent stake of Mariott Ambassador Paris Hotel

Posted on 19 August 2015

State General Reserve Fund (SGRF), the Sultanate’s sovereign wealth fund, has acquired a majority stake in Marriott Ambassador Paris Hotel by purchasing 90 per cent of its shares. The transaction was completed through a joint venture with Westmont Hospitality Group (WHG) which will own 10 per cent of the hotel shares and will provide the [...]

Norwegian fund giant puts premium on ethical investing

Posted on 19 August 2015

Norway’s $1.15 trillion Cdn sovereign-wealth oil fund announced this week that it will sell its stakes in four Asian companies over environmental concerns, underlying yet again how willing it is to take an activist approach to companies that fail to meet its ethical standards.

Norway fund drops 4 Asian firms

Posted on 19 August 2015

Norway’s gigantic sovereign wealth fund has announced that it is divesting from four large Asian companies over the environmental damage their palm oil activities have on tropical forests. The world’s largest public investment fund, managing 7.15 trillion kroner (S$1.23 trillion), said its decision to exclude four groups - including South Korean group Daewoo International - [...]

Norway oil fund sells Asian shares for palm oil

Posted on 19 August 2015

Norway’s gigantic sovereign wealth fund announced on Monday that it was divesting from four large Asian companies over the environmental damage their palm oil activities have on tropical forests.

Genting down 2% as it gets dropped by Norwegian fund

Posted on 19 August 2015

Shares in Genting Bhd fell as much as 14 sen, or 2%, to RM7 this morning following news that the Norwegian Government Pension Fund Global, the world’s top sovereign wealth fund with assets of US$871 billion (RM3.58 trillion), has dropped Genting from its investments.

Norway’s wealth fund expels POSCO, Daewoo Int’l over palm oil holdings

Posted on 19 August 2015

Norway’s central bank is divesting the country’s $870 billion pension fund of its holdings in four Asian multinationals over rainforest destruction for palm oil in Southeast Asia, the bank announced. Two of the companies, steelmaker POSCO and its subsidiary Daewoo International Corp., are headquartered in South Korea. The others, Genting Bhd. and IJM Corp. Bhd., [...]

Canada’s natural-resource wealth must be included on balance sheets

Posted on 19 August 2015

The amount of natural-resource wealth within Canada’s borders is impressive. Natural-resource assets, which include timber, oil, natural gas and other subsoil minerals, have been valued by Statistics Canada at about $1-trillion. This puts Canada in an enviable position relative to other countries.

BNY Mellon paying $14.8M to settle SEC charges on Middle Eastern sovereign wealth fund

Posted on 19 August 2015

Bank of New York Mellon Corp. agreed to pay $14.8 million to settle charges that it violated foreign-bribery laws by giving internships to relatives of officials from a Middle Eastern sovereign-wealth fund. The settlement is the first enforcement action brought by the Securities and Exchange Commission against a financial institution under the Foreign Corrupt Practices [...]

The Largest Sovereign Wealth Fund Private Equity Investors

Posted on 19 August 2015

The aggregate dollar amount of sovereign wealth fund capital toward private equity and private markets is expanding rapidly, according to data from the Sovereign Wealth Fund Institute (SWFI). SWFI researchers estimate, as of June 2015, US$ 415.36 billion was allocated to private equity, this includes direct stakes in private companies, not just interests in private [...]

Someone didn’t read Santiago Principle No. 14…

Posted on 19 August 2015

That would be the Santiago Principles signed up to by sovereign wealth funds in 2008, regarding good governance — including via-a-vis the custodians of SWFs’ often-plentiful assets. While it was BNY Mellon who paid nearly $15m on Tuesday to settle SEC charges that it handed out internships to the family of a SWF client’s official, [...]

Norway fund axes 4 Korean, Malaysian firms on environmental grounds

Posted on 18 August 2015

The Norwegian sovereign wealth fund has excluded two South Korean and two Malaysian companies from its investments due to risks of “severe environmental damage”, it said on Monday. Construction firm IJM Corp Bhd and conglomerate Genting Bhd, both of Malaysia, and steelmaker POSCO and conglomerate Daewoo International Corp of South Korea, were removed from the [...]

Norway’s Wealth Fund Excludes Posco, Daewoo International

Posted on 18 August 2015

Norway’s $875 billion sovereign wealth excluded Daewoo International Corp. and Posco from its investments because of their involvement in palm oil production. “There’s an unacceptable risk that Daewoo, and thus also its parent company POSCO, may be responsible for severe environmental damage in connection with the conversion of tropical forest into oil palm plantations in [...]

Norway Oil Fund Excludes Companies on Environment Risks

Posted on 18 August 2015

Norway’s sovereign-wealth fund, the world’s biggest, said Monday that it would exclude four companies from its investment portfolio on concerns that the companies could create severe environmental damage as they convert tropical forest into palm-oil plantations. The exclusions include South Korea’s Posco and Daewoo International Corp. as well as Malaysia’s IJM Corp. Bhd and Genting [...]

Norway fund excludes four Asian groups over palm oil links

Posted on 18 August 2015

Norway’s $870bn oil fund excluded four of Asia’s biggest companies because of concerns over severe environmental damage at Indonesian palm oil plantations. In the first use of a new procedure, Norway’s central bank decided the world’s largest sovereign wealth fund should not be able to invest in Daewoo International and Posco of South Korea, and [...]

Norway’s giant wealth fund decides that palm oil is terrible

Posted on 18 August 2015

Norway’s $871 billion sovereign wealth fund said it would remove four Asian companies from its investment portfolio, citing the environmental damage they are causing by turning rain forests in Indonesia and Malaysia into palm oil plantations.

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