Fri, Jul 1, 2016
A A A
Welcome mteam
RSS

Author Archives | VRS

VRS - who has written 18919 posts on Opalesque Sovereign Wealth Funds Briefing.


Contact the author

Noble Credit Rating Cut by S&P Despite Efforts to Raise Cash

Posted on 16 June 2016

Noble Group Ltd.’s credit rating was cut by S&P Global Ratings for the second time in six months, citing its weakened liquidity position and higher funding costs despite recent efforts to raise cash. The rating was lowered to B+ from BB-, with a negative outlook, according to a statement on Wednesday. The downgrade comes after [...]

Uber’s Chinese Rival Nabs $7.3 Billion In Funding War

Posted on 16 June 2016

Anything Uber can do, Didi can do better? That’s the message coming from the ongoing fundraising war among ride-sharing companies. Didi Chuxing (aka Didi Kuaidi) announced on Thursday morning in China that it has completed a $7.3 billion financing round, including debt.

New CIO Named at Korea Investment Corp

Posted on 15 June 2016

Days after news broke of CIO Heung-sik Choo’s departure for the World Bank, the Korea Investment Corporation (KIC) has announced its next investment chief. As of June 13, Shinwoo Kang leads investments for KIC, the $91.8 billion sovereign wealth fund said Tuesday. Kang is the fifth CIO since the fund’s 2005 launch.

Abu Dhabi seeks $6.5 bn in row with Malaysia’s 1MDB

Posted on 15 June 2016

Abu Dhabi’s sovereign wealth fund is seeking $6.5 billion from Malaysia’s troubled state investment vehicle 1MDB, as it moves to settle a debt dispute through international arbitration.

ChrysCapital, GIC may buy SBI’s 5% stake in NSE

Posted on 15 June 2016

Local private equity fund ChrysCapital Investment Advisors India Pvt. Ltd and Singapore’s sovereign wealth fund GIC Pte. Ltd may together buy a 5% stake in National Stock Exchange of India Ltd (NSE) valued at Rs.900 crore, three people aware of the development said.

Golden Gate Ventures closes new $60 million fund for Southeast Asia

Posted on 15 June 2016

Singapore-based Golden Gate Ventures has closed a new $60 million fund for Southeast Asia’s rapidly-growing startup ecosystem. The firm first announced its new fund last summer, when it had closed an initial $35 million in capital from investors including Facebook co-founder Eduardo Saverin, Singaporean sovereign wealth fund Temasek and Naver, the Korea-based owner of soon-to-go-public [...]

Goldman Says Libya Suffering From Buyers Remorse Over Bad Trades

Posted on 15 June 2016

The Libyan Investment Authority is using Goldman Sachs Group Inc. as a scapegoat to recover more than $1 billion the sovereign-wealth fund lost during a period when global markets were seizing in the 2008 credit crunch, the investment bank’s lawyer said.

Former Goldman Sachs executive denies paying for ‘improper entertainment’ in LIA case

Posted on 15 June 2016

A Goldman Sachs executive at the centre of a $1.2 billion (£850 million) claim brought by Libya’s sovereign wealth fund has denied allegations he paid for “improper entertainment” for himself and the younger brother of a key decision-maker at the fund on a business trip.

Libyan fund alleges Goldman took advantage of its inexperience

Posted on 15 June 2016

Libya’s sovereign wealth fund, in a long-awaited trial that started on June 13, alleged Goldman Sachs took advantage of its lack of financial sophistication to draw it into losing trades. Emails in the case show Goldman executives saying that the Libyan fund had little experience in finance. “They are very unsophisticated – and anyone could [...]

Kuwait fund intends to dispose of Areva stake

Posted on 15 June 2016

Sovereign wealth fund Kuwait Investment Authority (KIA) has told French authorities that it wants to sell its stake in nuclear group Areva, according to a report. Areva, with its partner Électricité de France, is in the race to win the contract for the 9,600MW of SA’s new nuclear power. The fund is Areva’s second-biggest shareholder, [...]

Modi effect: SWFs and Pensions Intensify Direct Investments in India

Posted on 14 June 2016

Narendra Modi was sworn in as Prime Minister of India on May 26, 2014. Somewhat stronger private property rights, slightly-loosened regulation and friendlier foreign investment laws have increased the flows of foreign institutional investor capital. Since 2013, direct investments by sovereign funds and public pensions into India have ramped up, according to time-series [...]

Middle East sovereign funds sell assets as low oil bites -study

Posted on 14 June 2016

Middle Eastern sovereign wealth funds liquidated or cancelled investments worth about 7 percent of their total assets last year, according to a study released on Monday by asset manager Invesco, in a sign of pressure from low oil prices.

Libyan Fund Alleges Goldman Took Advantage of Its Unsophistication

Posted on 14 June 2016

Libya’s sovereign-wealth fund, in a long-awaited trial that started Monday, alleged Goldman Sachs Group Inc. took advantage of its lack of financial sophistication to draw it into losing trades. Emails in the case show Goldman executives saying that the Libyan fund had little experience in finance. “They are very unsophisticated—and anyone could ‘rape’ them,” one [...]

Goldman Sachs exploited Libya fund, court told

Posted on 14 June 2016

A Goldman Sachs banker described officials at Libya’s sovereign wealth fund as so unsophisticated that “anyone could ‘rape’ them”, it was claimed in the London’s High Court, on the first day of a $1bn legal case being brought against the financial group.

Qatar fund ‘in talks for $2.7b loan’ to buy tower

Posted on 14 June 2016

Qatar Investment Authority (QIA) has approached banks for a loan of as much as US$2 billion (S$2.7 billion) to finance its acquisition of BlackRock’s Asia Square Tower 1, according to three people with knowledge of the matter.

Kuwait fund wants to sell French nuclear group Areva stake -media

Posted on 14 June 2016

Sovereign wealth fund Kuwait Investment Authority (KIA) has told French authorities it wants to sell its stake in nuclear group Areva, La Lettre de l’Expansion reported on Monday.

Brokers circle ADIA’s Transurban stake

Posted on 14 June 2016

Equities desks are homing in on a potential block trade of the Abu Dhabi Investment Authority’s stake in Transurban Group. Street Talk understands the sizeable holding, although less than the substantial shareholder threshold, has piqued the interest of several banks particularly after a 13.5 per cent rally in Transurban stock this year.

Norwegian oil fund draws up plans to protect assets from extreme political events

Posted on 14 June 2016

The Norwegian oil fund has drawn up plans to protect its assets from extreme political events such as military invasion or coup. According to the Financial Times, the Norges Bank Investment Management said the oil fund had looked at various scenarios which represent a threat to the fund’s holdings.

Chinese car-hailing app Didi Chuxing receives $600 mn investment

Posted on 14 June 2016

The latest fund-raising comes with China’s top ride-hailing company locked in a struggle to fend off its global rival’s march into China. Uber raised $3.5 billion from Saudi Arabia’s sovereign wealth fund in new resources earlier this month.

Sovereign wealth funds stay confident as returns slide

Posted on 14 June 2016

Despite the volatility of global financial markets this year and a steady decline in investment returns, confidence among the world’s sovereign wealth funds remains high, a survey by Invesco has found.

SWF acquisitions rise 62 percent, highest level since 2008

Posted on 13 June 2016

The value of acquisitions involving sovereign wealth funds has risen 62 percent to $28.6 billion in the year to date, the highest level since 2008, Thomson Reuters data showed on Friday. The Qatar Investment Authority (QIA), a sovereign wealth fund, this week agreed to buy a 43-story Singapore office tower for $2.5 billion from the [...]

Sovereign wealth funds pile into property

Posted on 13 June 2016

Bid to improve performance as the world’s largest investors grapple with low interest rates. Sovereign wealth funds are piling into property at an unprecedented pace in a bid to improve performance as the world’s largest investors grapple with low interest rates.

Sovereign funds rethink strategies

Posted on 13 June 2016

Having gone from bumper cash inflows to redemptions in just two years, many sovereign wealth funds have been forced to shake up their investment strategies to embrace both super-liquid safe assets with more esoteric illiquid plays to bolster returns.

Trinidad makes $375m withdrawal from sovereign wealth fund

Posted on 13 June 2016

Trinidad & Tobago, the Caribbean’s largest oil and natural gas producer, joined Qatar, Russia and other energy-rich nations by tapping its sovereign wealth fund after low oil prices left the government with a budget shortfall, Finance Minister Colm Imbert said Friday.

Goldman Sachs set for revealing Libya trial

Posted on 13 June 2016

It is a $1bn blockbuster legal battle pitting Goldman Sachs against Libya’s sovereign wealth fund, featuring colourful allegations of a “lavish trip to Morocco”, gifts, “heavy drinking and girls”. It promises to give a rare glimpse into the bank’s dealings with one of world’s richest investors, and into the behaviour of its bankers before the [...]

Libya SWF trial against Goldman Sachs set to start at London High Court

Posted on 13 June 2016

Libya’s $67 billion sovereign wealth fund will go head-to-head with Goldman Sachs in London’s High Court this week over claims that the U.S. investment bank exploited the fund by encouraging it to make risky and ultimately worthless investments.

Angola’s sovereign fund steps up local private equity push

Posted on 13 June 2016

Angola’s $5 billion sovereign wealth fund is stepping up private equity investments at home and in sub-Saharan Africa as low commodity prices and currencies give it a cheap way in to hotel, farming and infrastructure projects, its chairman said.

QIA Said to Weigh Loan of Up to $2 Billion for Singapore Tower

Posted on 13 June 2016

Qatar Investment Authority has approached banks for a loan of as much as $2 billion to finance its acquisition of BlackRock Inc.’s Asia Square Tower 1, according to three people with knowledge of the matter.

Qatar Investment Authority acquires $2.5bn Singapore tower

Posted on 13 June 2016

Sovereign wealth fund Qatar Investment Authority (QIA) has acquired a 43-storey office building in Singapore from US private equity firm BlackRock in a $2.45bn deal. The sale of the 1.25 million square feet office tower, Asia Square Tower 1, marks the largest single tower real estate transaction in the Asia Pacific to date and the [...]

ANZ Strategist Sam Tuck Quits to Join Sovereign Wealth Fund

Posted on 13 June 2016

Sam Tuck, a senior currency strategist at ANZ Bank New Zealand Ltd. in Auckland, said he is leaving the company to join the country’s sovereign wealth fund. “Today is my last day at ANZ,” he wrote in an e-mail Friday. Tuck, 38, said via instant message he will join the New Zealand Superannuation Fund.

Norwegian oil fund draws up contingency plans for war

Posted on 13 June 2016

Sovereign wealth fund is prepared to protect its assets from extreme political events. The $850bn Norwegian oil fund has drawn up contingency plans to protect its assets from extreme political events such as a military invasion or coup. This comes at a time when the stability of several international sovereign wealth funds is in question.

NIIF in MoU with Qatar sovereign wealth fund

Posted on 10 June 2016

After Abu Dhabi Investment Authority, another sovereign wealth fund from West Asia, the Qatar Investment Authority (QIA), has showed interest in India’s National Investment and Infrastructure Fund (NIIF).

India Says National Infra Fund CEO To Be Appointed Shortly

Posted on 10 June 2016

The National Investment and Infrastructure Fund (NIIF), India’s maiden sovereign wealth fund, will in “imminent” future get its chief executive, an appointment that was holding up the roll-out of investment proposals.

Indian Finance Minister Arun Jaitley Reviews Sovereign Wealth Fund Status

Posted on 10 June 2016

A panel headed by Finance Minister Arun Jaitley on Wednesday took stock of the progress made on operationalizing National Investment and Infrastructure Fund (NIIF), India’s maiden sovereign wealth fund, including selection of its CEO and projects shortlisted for making initial investments.

Government May Tweak Investment Norms for Infrastructure Fund

Posted on 10 June 2016

Government is looking to tweak the investment norms for NIIF (National Investment and Infrastructure Fund) to allow investors to co-invest in this sovereign wealth fund as also in the individual projects.

Temasek tenders NOL shares; CMA offer now unconditional

Posted on 10 June 2016

Neptune Orient Lines (NOL) on Friday said the offer from France’s CMA CGM is now wholly unconditional, after NOL’s majority shareholder Temasek Holdings tendered all shares in the acceptance of the offer. This means the acceptance condition of the takeover has been met.

Microsoft Accelerator partners Singapore state fund Temasek to aid startups

Posted on 10 June 2016

The accelerator arm of global information technology (IT) major Microsoft and Singapore’s state investment major Temasek Holdings have entered into a strategic partnership to drive the growth of startup ventures.

Singapore’s GIC nears stake deal in Irish telecoms group Eir

Posted on 10 June 2016

GIC, the sovereign wealth fund of Singapore, is poised to buy a large minority stake in Irish telecoms group Eir, in a deal that is expected to value the former state monopoly provider at more than €3.3bn.

Qatar fund set to buy major stake in Ireland’s Eir

Posted on 10 June 2016

Qatar’s sovereign wealth fund is set to buy a major stake in Irish telecoms firm Eir, the Irish Times reported on Thursday, in a move that would likely support its plans to hold off from a stock market flotation for now.

How to Manage $2 Trillion If You’re New at It

Posted on 10 June 2016

Saudi Arabia is about to confront a serious challenge: Where and how to invest the money in a gigantic new sovereign wealth fund created as part of an effort to diversify its economy and pivot away from its dependence on oil.

After shock of redemptions, sovereign funds rethink strategies

Posted on 10 June 2016

Having gone from bumper cash inflows to redemptions in just two years, many sovereign wealth funds have been forced to shake up their investment strategies to embrace both super-liquid safe assets with more esoteric illiquid plays to bolster returns.

Indian FM Arun Jaitley reviews sovereign wealth fund’s status

Posted on 09 June 2016

A panel headed by Finance Minister Arun Jaitley on Wednesday took stock of the progress made on operationalising India’s maiden sovereign wealth fund National Investment and Infrastructure Fund (NIIF), including the selection of its CEO and projects shortlisted for making initial investments.

World Bank Nabs Korea’s Sovereign Fund CIO

Posted on 09 June 2016

The World Bank has appointed Heung-sik Choo, outgoing CIO of the Korea Investment Corporation (KIC), as director of its investment management division, the bank confirmed Wednesday.

No 1MDB profits sent to Singapore banks: regulator

Posted on 09 June 2016

Singapore said none of the banks in the city-state had received US$3 billion from Goldman Sachs Group Inc related to a bond sale by 1Malaysia Development Bhd (1MDB). The comment was made “in response to media queries,” the Monetary Authority of Singapore said in a one-line statement yesterday. It did not name any media organizations.

Greenko raises $230 million from ADIA, GIC

Posted on 09 June 2016

Greenko Energy Holdings, one of India’s leading renewable energy firms, has secured $230 million in total new funds from an entity owned by the Abu Dhabi Investment Authority (ADIA) and an affiliate of Singapore sovereign wealth fund GIC.

12 Swedish big shots have been blacklisted by Norway SWF

Posted on 09 June 2016

The enormous Norwegian sovereign wealth fund have blacklisted twelve Swedes. In essence, this means that the fund opposes them as members of the board of the companies the fund owns shares in. According to the Swedish daily Dagens Industri, the fund has in 2016 voted against twelve Swedes as members of the board.

Norwegian sovereign fund grows stake in Manhattan office portfolio

Posted on 09 June 2016

Norway’s sovereign wealth fund has grown its share in a multi-billion-dollar US office portfolio, acquiring a further 4% stake for $142m (€125m). Norges Bank Investment Management (NBIM), responsible for the NOK7.1trn (€767bn) Government Pension Fund Global, said in a statement it had always intended to acquire an increased stake in the Hudson Square joint venture, [...]

Azerbaijan’s Oil Fund got almost $1.87 bn from sale of profit hydrocarbons for Jan-May

Posted on 09 June 2016

Over Jan-May 2016 the State Oil Fund of Azerbaijan (SOFAZ) received $1.865 million from the sale of profit oil from oilfield block of Azeri-Chirag-Gunashli (ACG) and gas from Shah Deniz field.

Senate moves to amend Nigeria Sovereign Wealth Investment Authority Act

Posted on 09 June 2016

Senate Committee on Finance on Wednesday said it will amend Sovereign Wealth Investment Authority Act in order to widen the scope of activities of the agency. Speaking at stakeholders public hearing in Abuja, Chairman of the Committee, Senator John Owan Enoh stated that as an agency that was strategic to the economic growth of the [...]

Sovereign wealth funds throw funding lifeline to tech ventures

Posted on 08 June 2016

A succession of funding deals by deep-pocketed sovereign wealth funds have thrown a life preserver to some of the world’s biggest private tech firms whose high valuations have come under scrutiny in the past year. Saudi Arabia and other Gulf States along with state-backed investors in Singapore and China have ploughed money into hot tech [...]

banner
July 2016
M T W T F S S
« Jun    
 123
45678910
11121314151617
18192021222324
25262728293031