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VRS - who has written 15628 posts on Opalesque Sovereign Wealth Funds Briefing.


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Telefonica Said to Have Weighed Stake Sale to Qataris

Posted on 22 January 2015

Telefonica SA (TEF), the Spanish carrier in talks to sell its U.K. mobile-phone business to Hutchison Whampoa Ltd. (13), also considered selling a stake in itself to Qatar’s sovereign-wealth fund to help cut debt, three people with knowledge of the matter said.

Oiling the wheels! Goldman Sachs faces lawsuit for allegedly duping Colonel Gadaffi’s officials

Posted on 22 January 2015

In oil-rich North Africa, the Libyan Investment Authority brings this to mind once again in the form of a claim that global investment bank Goldman Sachs abused the financial illiteracy of Libyan officials during Colonel Gadaffi’s regime in order to attract investment of almost £800 million.

Alberta has no reason to panic, at least not yet

Posted on 22 January 2015

A dramatic fall in oil prices, predicted to reduce provincial government resource revenues in Alberta by $7 billion — a drop of at least 16 per cent — has generated intense speculation regarding public expenditure cuts, tax changes and, of course, the introduction of a general sales tax.

Alitalia chief welcomes possible Abu Dhabi investment in Rome airport

Posted on 21 January 2015

Alitalia’s chief executive said yesterday that he welcomes a potential acquisition of a stake in Rome’s airport by an Abu Dhabi investment fund. “We are perfectly aware of the ongoing discussions between Abu Dhabi Investment Authority [Adia] and Aeroporti di Roma. Adia is a suitable stakeholder to be involved in these discussions,” said Silvano Cassano, [...]

Investment managers doing right by New Mexico

Posted on 21 January 2015

It is what New Mexico has that is entirely its own, which is why the money from these revenue flows are called sovereign wealth funds. Worldwide, there are some 50 sovereign wealth funds, led by Norway with $893 billion in assets and followed closely by Abu Dhabi, Saudi Arabia, Kuwait and China. In the United [...]

No crisis yet for Qatar but fiscal discipline is vital

Posted on 21 January 2015

As Gulf countries are devising strategies to tackle over the 60% plunge in oil prices year-to-date, Qatar may see budget deficit of $5bn-$10bn in 2015 if crude remains at $50 for the entire year, Amwal has said.

Citigroup Can’t Block Arbitration in Court

Posted on 21 January 2015

A federal judge properly refused to enjoin arbitration over Abu Dhabi’s $7.5 billion loss during the 2008 financial crisis, despite Citigroup’s claims of redundancy, the 2nd Circuit ruled. The Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund, had made its investment back in 2007, taking a 4.9 percent stake in Citigroup, at the time [...]

Singapore’s GIC Invests $165 Million in India’s Bandhan

Posted on 21 January 2015

Singapore’s sovereign-wealth fund, GIC Pte., is planning to invest $165 million in India’s Bandhan Financial Services in a move that will enable the Kolkata-based microfinance company to set up a full-fledged bank.

Zeti: Malaysia’s fundamentals still intact

Posted on 21 January 2015

Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz did not give away any indication that there is going to be a hike in the current overnight policy rate of 3.25%, as it is still accommodative for the country’s economic growth.

Temasek trims CCB stake

Posted on 20 January 2015

Temasek Holdings trimmed its stake in China Construction Bank to cash in HK$354 million last Tuesday, the Singapore government’s investment arm said. The sovereign investor sold 54.38 million H shares in China’s second-largest commercial bank at an average price of HK$6.50, reducing its shareholding in CCB to 5.99 percent from 6.02 percent.

Temasek buys 18% stake in Medanta from Punj Lloyd

Posted on 20 January 2015

Infrastructure firm Punj Lloyd has sold its entire 17.74 per cent stake in Global Health Pvt Ltd, which owns and runs Gurgaon-based multi specialty hospital Medanta - The Medicity, to Singapore’s state-owned investment firm Temasek, for an undisclosed amount, it said on Monday.

GIC to invest in Bandhan

Posted on 20 January 2015

Microfinance entity Bandhan has received an investment commitment from Singapore’s sovereign wealth fund GIC to shore up capital as it looks to start banking operations before September 2015. The Calcutta-based microlender today said its capital base would increase by around Rs 1,700 crore following the investments by GIC and World Bank group member International Finance [...]

SOFAZ names revenues from Shah Deniz, ACG projects

Posted on 20 January 2015

Azerbaijan’s state oil fund SOFAZ has earned $2.12 billion since 2007 by implementing the project of the giant Shah Deniz oil and gas condensate field in the Azerbaijani sector of the Caspian Sea. “SOFAZ received $523 million within the Shah Deniz project in 2014,” the fund told Trend Agency on January 16.

Azerbaijani President approves revenues and expenditures of State Oil Fund budget for 2015

Posted on 20 January 2015

President Ilham Aliyev has signed a decree on the budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2015.

Russia approves $2.3 billion funding for Hanhikivi 1

Posted on 20 January 2015

Russia’s Cabinet of Ministers has approved up to RUB150 billion ($2.3 billion) in funding from the country’s sovereign wealth fund for the Hanhikivi 1 nuclear power plant project in Finland. Russian ministerial approval was granted on 30 December via order number 2795-pc, which was published on 16 January on the government’s official website for legal [...]

How Is it That Norway Is Rich and We Are Not?

Posted on 20 January 2015

Norway - A small nation of about five million people nestled in the northwest corner of Europe. Either in this year or next, Norway’s sovereign wealth fund will crest a trillion dollars. Eighteen years ago the sovereign wealth fund sat at a mere $200 million.

Gulf Arab sovereign wealth funds

Posted on 20 January 2015

Plunging oil prices could prompt Gulf Arab sovereign wealth funds to pull tens of billions of dollars out of global markets this year, with much of the money expected to come out of U.S. dollar debt and deposits with banks abroad.

Nigeria: Oil Price Crash and the CBN Response

Posted on 20 January 2015

Little is there in the Sovereign Wealth Fund (which is a replacement for the Excess Crude Account with three separate funds: stabilization fund, infrastructure fund and future generations fund has only $1 billion as initial take-off capital in 2011) (the Nigerian sovereign wealth fund is the third-largest in sub-Saharan Africa, after the $6.9bn Botswana and [...]

Canada’s Sovereign Wealth Funds: A Question of Consolidation

Posted on 19 January 2015

It is a well-established fact that Norway has a massive sovereign wealth fund (SWF) from its oil resource, totaling US$893 billion; other oil producers such as the U.A.E. and Saudi Arabia have sizeable SWF’s as well, valued at $773 billion and $757 billion each [1]. However, it might come as a surprise that Canada also [...]

Norway Sticks to Budget Plan Despite Oil Slump

Posted on 19 January 2015

The finance minister of Norway, Western Europe’s biggest oil producer, said on Friday that she would sanction extra fiscal stimulus if the economic outlook were to worsen further but for now her budget plan for 2015 still holds despite the rapid drop in crude prices.

Temasek may buy 18% in Medanta Owner for Rs 700 crore

Posted on 19 January 2015

Temasek, the Singapore government’s investment company that has $223 billion in assets, is set to acquire a stake of about 18% for nearly Rs 700 crore in Global Health Pvt. Ltd, which owns, manages and operates Medanta hospital in Gurgaon outside Delhi, two people familiar with the matter said.

1MDB IPO: A chance to get it right

Posted on 19 January 2015

Just when it looked like state-backed 1MDB was finally ready to put its energy assets on the market for Malaysia’s biggest IPO in years, the listing has come up against another delay. That hardly inspires confidence in the sovereign wealth fund. But with a new president in place, there is now a chance to set [...]

1MDB ‘dirt’ so great even Mideast investors AFRAID for their investments

Posted on 19 January 2015

Mounting troubles at Malaysia’s government-owned strategic investment company 1Malaysia Development Berhad, or 1MDB, which has a focus on promoting foreign direct investment in Malaysia, have caused alarm bells ringing for two of its main investment partners from the Middle East, the Qatar Investment Authority and Abu Dhabi’s Aabar Investment.

Nigeria: Excess Crude Account Reduced to $2.45bn

Posted on 19 January 2015

The Minister of State for Finance, Bashir Yuguda, speaking at the end of the Federation Accounts Allocation Committee, FAAC, in Abuja on Friday announced that the balance in the excess crude account for December 2014 stood at about $2.45 billion.

Alaska’s fiscal perfect storm

Posted on 19 January 2015

Alaska depends on oil tax revenue from development on state lands to fund much of state government. Oil prices are volatile, and Alaska’s economy has ridden out ups and downs. With no state income or sales tax and no commitment to tap the $52 billion Permanent Fund, oil dictates most everything in Alaska.

Former Treasurer Peter Costello a no-show at Future Fund’s ‘five star booze up’

Posted on 19 January 2015

Peter Costello’s Future Fund has invested $11,000 in a “five star booze up’’ to ensure 96 highly paid staff celebrated Christmas in style. But the former Treasurer, who established the scheme in 2004 and is now paid $200,000 a year for a part-time gig as chairman, failed to turn up leaving staff to enjoy the [...]

Mining communities must benefit from bauxite/alumina revival, say MPs

Posted on 19 January 2015

They are happy that bauxite mining is about to resume and that the Alpart (alumina) plant in Nain which has been closed since 2009 is to be reopened in 2016. However, parliamentarians Michael Peart and Richard Parchment who represent communities most affected in neighbouring South Manchester and South-Eastern St Elizabeth want to make sure that [...]

SOFAZ reduces 2015 expenditures up to AZN 500 mln

Posted on 16 January 2015

The State Oil Fund of Azerbaijan (SOFAZ) will reduce its 2015 expenditures. APA-Economics reports that SOFAZ will reduce its expenditures AZN 491 mln to AZN 11.814 bln. According to budget package for 2015, Fund’s incomes were amounted to AZN 10.246 bln, expenditures – to AZN 12.305 bln. Fund’a budget deficit was forecasted ay AZN 2.1 [...]

GIC, Ironbridge plan IPO of Australian car-lease firm FleetPartners

Posted on 16 January 2015

Singapore sovereign wealth fund GIC and Australian private equity firm Ironbridge Capital are planning an initial public offering of FleetPartners Ltd in a deal that would value the car leasing company at about US$615 million, a source said.

CIC private equity exec joins Ontario Teachers

Posted on 16 January 2015

Another China Investment Corp (CIC) private equity veteran has moved into the private sector. Olivia Ouyang, a former private equity executive at CIC, has joined the Ontario Teachers’ Pension Plan in Hong Kong as director of funds and co-investments, according to Ontario Teachers’ website and a person with knowledge of the situation.

STB to partner Temasek Holdings for Mandai nature project

Posted on 16 January 2015

The Singapore Tourism Board (STB) will partner with Temasek Holdings to create a large-scale nature project in the Mandai precinct, the Ministry of Trade and Industry (MTI) announced in a press release on Wednesday (Jan 14).

Malaysia’s sovereign wealth fund earns over $1B from Alibaba IPO

Posted on 16 January 2015

Alibaba’s IPO late last year earned many happy investors a fortune – Yahoo, for example, raked in a massive US$9.4 billion after selling off its shares. Yesterday, Malaysia’s sovereign wealth fund Khazanah revealed that it too made a tidy profit of more than US$1 billion in selling a part of its Alibaba holdings, according to [...]

Khazanah questions Jentayu’s source of funding (Video)

Posted on 16 January 2015

Khazanah Nasional’s Managing Director, Tan Sri Azman Mokhtar trashed some of the 34 “business proposals” it received on the restructuring of Malaysia Airline System (MAS),saying some didn’t even have credible sources of funding. He reiterated the sovereign wealth funds stance that there is no intention to break up MAS’ assets and sell them.

Khazanah Hospital Unit Said to End Plans to Buy Medicana Stake

Posted on 16 January 2015

Turkey’s biggest hospital chain dropped talks to buy a stake in rival Medicana Saglik Grubu, two people with knowledge of the matter said. Acibadem Saglik Hizmetleri ve Ticaret AS, controlled by Malaysian state-investment company Khazanah Nasional Bhd, and Huseyin Bozkurt, chairman and owner of the Medicana group, decided to end a due-diligence process that began [...]

Copper price fall bad news for Chile, but not disaster

Posted on 16 January 2015

Public finances remain fairly healthy, key for President Michelle Bachelet’s government, which is pressing forward with a reform drive despite the slowdown and does not want to renege on its promises to increase public spending. Chile’s coffers include $14.8 billion (as of November) stashed away in a sovereign wealth fund.

Former Facebook Veteran Leads Sovereign Wealth Backed Venture Capital

Posted on 16 January 2015

Former Facebook executive Jonathan Heiliger is back in the venture capital game, several months after stepping down as a Silicon Valley-based partner with North Bridge Venture Partners. Heiliger, who was known as Facebook’s “cloud fixer,” has teamed up with In Sik Rhee (ex-Rembrandt Venture Partners) to launch a U.S. affiliate of Vertex Ventures, a [...]

Russia to Dip Into Wealth Fund as Ruble Crisis Pressures Economy

Posted on 16 January 2015

Russia will unseal its $88 billion Reserve Fund and use it to acquire rubles, the government’s latest effort to stem the country’s worst currency crisis in almost 17 years and limit its effects on the ailing economy.

Citigroup loses appeal over Abu Dhabi fund’s arbitration

Posted on 15 January 2015

Citigroup Inc on Wednesday lost an appeal aiming to block Abu Dhabi Investment Authority from pursuing a second arbitration over the sovereign wealth fund’s $7.5 billion investment in late 2007 to shore up the then-struggling bank.

Russia to use sovereign wealth fund to prop up ruble

Posted on 15 January 2015

Russia will unseal its $88 billion Reserve Fund and use it to acquire rubles, the government’s latest effort to stem the country’s worst currency crisis in almost 17 years and limit its effects on the ailing economy.

SOFAZ draft budget decided to be submitted to Azerbaijani President

Posted on 15 January 2015

SOFAZ Supervisory Board holds its following meeting A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on January 8, 2015. The meeting chaired by Mr. Artur Rasi-zadeh, Prime Minister of Azerbaijan and Chairman of the Supervisory Board discussed the SOFAZ draft budget for 2015.

The Oil Fund of Azerbaijan is not able to finance the national program “fiber to home”

Posted on 15 January 2015

The State Oil Fund of Azerbaijan Republic (SOFAZ) is not able to finance implementation of the national program for development of fiber-optic network “fiber to home”. According to Elmir Velizadeh, Deputy Minister of Communications and High Technologies, the Ministry is trying to raise funds from other sources including loans to implement this project.

Legal & General could invest with foreign partners in British infrastructure-CEO

Posted on 15 January 2015

Legal & General (L&G) is keen to invest in British property and infrastructure together with overseas sovereign wealth funds such as the Abu Dhabi Investment Authority (ADIA), the UK insurer’s chief executive said on Wednesday. L&G’s $1.1 trillion in assets under management and investment in housing and transport schemes mean it wants to be seen [...]

Aviva share price steady as Norwegian fund backs Friends Life deal

Posted on 15 January 2015

The world’s largest sovereign wealth fund has significantly increased its stakes in Aviva Plc and Friends Life Group since the £5.1 merger between the two companies was unveiled at the end of last year, the Financial Times has reported. Norway’s $860 billion oil fund has bought about £100 million worth of shares in the [...]

GIC, Ironbridge plan IPO of Australian car-lease firm FleetPartners-Reuters

Posted on 15 January 2015

Singapore sovereign wealth fund GIC and Australian private equity firm Ironbridge Capital are planning an initial public offering of FleetPartners Ltd in a deal that would value the car leasing company at about $615 million, a source said.

Asian Fund Pays $1,800 Per Sq Ft For Silicon Valley Complex

Posted on 15 January 2015

Sand Hill Road in Menlo Park, Ca. is renowned for being one of the most prestigious office addresses in Silicon Valley. Now it’s also setting new records for office building sale prices.

Malaysia’s state investor Khazanah’s portfolio rises to $40.5 bln

Posted on 15 January 2015

Malaysian state investor Khazanah Nasional said a 7.7 percent rise in its asset value in 2014 leaves it in good shape for what it expects to be a challenging year, as the country faces pressure from a weakening currency and falling oil prices.

Khazanah to continue invest overseas but will not neglect domestic market

Posted on 15 January 2015

Khazanah Nasional Berhad will continue to invest overseas pending clarification of a directive for government agencies and companies to spend their money in Malaysia. The sovereign wealth fund, however, stressed that it would not neglect the domestic market and that it was ready to play a role in investing in the national economy.

Khazanah reaps $1bn from Alibaba investment

Posted on 15 January 2015

Khazanah, Malaysia’s sovereign wealth fund, reaped more than $1bn from investing in Alibaba ahead of the Chinese e-commerce group’s stock market flotation last year, in a sign of how big Asian investors have cashed in on what remains the world’s biggest initial public offering to date.

Malaysia’s Khazanah Got Aboard The Alibaba Gravy Train

Posted on 15 January 2015

Khazanah, the Malay word for treasure, is also the name of Malaysia’s sovereign wealth fund. Like many major Asian investors, Kazanah saw value ahead of Alibaba’s IPO and invested $400 million in the burgeoning Chinese ecommerce giant back in 2012 and 2013.

Khazanah says can turn MAS around despite mounting challenge

Posted on 15 January 2015

Sovereign wealth fund Khazanah Nasional Bhd said today it has a “fair chance” of returning ailing flag carrier MAS to profitability as the restructuring exercise allows it to execute tough but necessary policies. Khazanah chief executive Tan Sri Azman Mokhtar said this included the freedom to trim MAS’ bloated workforce and re-negotiate lopsided contracts, both [...]

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