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VRS - who has written 15271 posts on Opalesque Sovereign Wealth Funds Briefing.


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Kazakhstan To Use National Fund For Oil Price Damage Limitation

Posted on 12 November 2014

For the second time in seven years, Kazakhstan will tap its National Fund as one way to help sustain its economy, which has become a victim of the global drop in oil prices. “One of the main tasks of the fund is to ensure the stability of our economy against external shocks, which include a [...]

Kazakh leader orders government to open oil fund for projects

Posted on 12 November 2014

Kazakhstan’s president ordered his government on Tuesday to allocate $3 billion from the National Fund every year from 2015 to 2017 to bolster growth in an economy hit by falling oil prices and a slowdown in Russia.

Annual $3 billion to be allocated out of National Oil Fund to bolster nation’s wellbeing

Posted on 12 November 2014

As part of his Address to the Nation, Kazakhstan’s President Nursultan Nazarbayev has instructed his Government to allocate another $3 billion annually for the following 3 years out of the National Oil Fund accumulating windfall oil revenues, a Tengrinews.kz journalist reports from an extended sitting of the Nur Otan Party Political Council.

Zimbabwe’s Sovereign Wealth Fund put into gear

Posted on 12 November 2014

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

Kelvin Re 100% backed by Abu Dhabi sovereign wealth fund

Posted on 12 November 2014

The Abu Dhabi Investment Council (ADIC) is the sole equity backer of Credit Suisse Asset Management (CSAM)’s Guernsey start-up reinsurance vehicle Kelvin Re, a report from rating agency AM Best has revealed.

Court Dismisses Gbajabiamila, Others’ Suit on Excess Crude Account

Posted on 12 November 2014

A Federal High Court in Abuja has dismissed a suit filed by the Minority Leader of the House of Representatives, Femi Gbajabiamila and four other members of the House, challenging the legality of the creation of the Excess Crude Account by the federal government.

CIC Says Private Equity to Benefit from China’s Overseas M&A Activity

Posted on 12 November 2014

Private equity players are set to benefit as China’s private companies play a more important role in overseas acquisitions, said Linbo He, head of private equity at China Investment Corp., one of the world’s largest sovereign wealth funds.

Dr M’s take on losers, transgenders, 1MDB

Posted on 12 November 2014

Former premier Mahathir Mohamad waxed lyrical on a number of issues gripping the nation today. On the issue of 1MDB, Mahathir condemned the fund outright, saying there was little need for a fund that only served to increase the country’s debt rather than live up to its name as the nation’s sovereign wealth fund.

Chua Tee Yong sparks protest in Parliament after refusing to discuss 1MDB

Posted on 12 November 2014

A ruckus broke out in Parliament today when Deputy Finance Minister Datuk Chua Tee Yong refused to answer questions on the controversial state sovereign fund, 1Malaysia Development Bhd (1MDB).

DAP rep, in diatribe, says 1MDB risks defaulting RM42 billion loan

Posted on 12 November 2014

1Malaysia Development Berhad’s (1MDB) dismal performance in paying up RM317.3 million for a land acquisition despite repeated extensions was a sign that it was financially stretched, said a DAP lawmaker in a scathing attack on the debt-ridden state investment vehicle.

Timor-Leste Oil fund worth US$16.6 billion in September

Posted on 12 November 2014

The value of the Timor-Leste (East Timor) Oil Fund increased by just US$177 million in the third quarter due to payments to the state budget, the Timor-Leste Central Bank said Monday in Dili. According to the statement issued in Dili, the value of the Oil Fund was US$16.6 billion at the end of September.

Why Sovereign Wealth Funds Were Smarter Than Yahoo Shareholders

Posted on 12 November 2014

Sunnyvale-based Yahoo was founded by hungry entrepreneurs, Jerry Yang and David Filo. Post dot-com-boom, Yahoo had acquired, sold and shuttered many high-profile acquisitions such as Geocities, Overture Services, Hotjobs.com, Right Media and Broadcast.com (which made Mark Cuban very rich.)

Sovereign Wealth Funds Poised to Reach $7 Trillion by 2015

Posted on 11 November 2014

As of November 2014, sovereign wealth fund assets totaled US$ 6.977 trillion compared to US$ 6.106 trillion in December 2013. This nearly US$ 900 million increase can be attributed by improvements in investment returns and capital flows into sovereign wealth fund vehicles.

Equities to stay dominant in SWF portfolios: Cerulli

Posted on 11 November 2014

While Asia’s biggest institutions are increasingly investing in alternative assets, sovereign wealth funds’ allocations continue to be dominated by equities, and that situation is likely to continue, said research house Cerulli Associates.

UK lawmakers to consider shale gas sovereign wealth fund

Posted on 11 November 2014

Britain’s upper house of parliament will on Monday consider plans for a sovereign wealth fund to be set up with revenues raised from shale gas, a source of energy which the government hopes will offset the decline of output from the North Sea.

Decc announces plans for sovereign wealth fund based on shale gas

Posted on 11 November 2014

The UK Department of Energy and Climate Change (Decc) has announced plans to set up a state-owned investment fund with future revenues from the extraction of shale gas. Launched with the support of Her Majesty’s Treasury, the sovereign wealth fund will be put in place when commercial production begins in order to ensure profits from [...]

UK proposes shale gas sovereign wealth fund

Posted on 11 November 2014

George Osborne says money from shale gas production could create fund for north of England. A plan for new shale gas tax revenues to be deployed in a UK sovereign wealth fund is to be debated in the House of Lords on Monday.

Petrodollars: Figuring out what to do with PNG’s new LNG wealth

Posted on 11 November 2014

As Papua New Guinea enters the small fraternity of LNG exporters, it needs to figure out what do with the money the poor nation is going to earn. Christine Forster looks at the issue in this week’s Oilgram News column, Petrodollars. The start-up in April this year of the ExxonMobil-operated Papua New Guinea LNG project [...]

Are Sovereign Wealth Funds About to Take Over European Soccer?

Posted on 11 November 2014

Fans of European, and especially English, soccer have become used to a particular type of face in the crowd over the last decade - the face of the foreign billionaire club owner.

Qatar bid doesn’t hit the right note for Songbird

Posted on 11 November 2014

Canary Wharf majority stake holder, Songbird, has rejected a £1.6bn joint take over bid from the Qatari Sovereign Wealth fund and American Property Firm, Brookfield Property Partners. News of a potential deal broke at around lunchtime last Thursday with Songbird chairman David Pritchard initially saying:

Mumtalakat Hires Banks For Potential Dollar Sukuk Issue

Posted on 11 November 2014

Bahraini sovereign fund Mumtalakat (BBB from S&P/Fitch) has hired BNP Paribas, Deutsche Bank, MUFG and StanChart to arrange a series of fixed income investor meetings starting on Thursday, Nov. 13.

‘Distribution of ECA funds violates provisions’

Posted on 11 November 2014

The distribution of Excess Crude Account (ECA) savings among the three tiers of government has been described as a violation of the provisions establishing it. ECA, which came into force in 2007, by the signing of a Memorandum of Understanding (MoU) between the Federal Government and the states, prominently featured a clause the prohibited [...]

Khazanah open to proposals for MAS restructuring

Posted on 11 November 2014

Khazanah Nasional Bhd is open to receive proposals and ideas from various quarters for the restructuring of Malaysian Airline System Bhd (MAS). Khazanah deputy chairman Tan Sri Nor Mohamed Yakcop said the company was prepared to listen and weigh the ideas or proposals so that the restructuring process could proceed smoothly and successfully to enable [...]

1MDB attempting to cover up massive losses by revaluing their assets, claims Rafizi

Posted on 11 November 2014

PKR said that the controversial government-owned investment company 1Malaysia Development Berhad could face bankruptcy if it continued to record massive losses year after year. Pandan MP Rafizi Ramli, who is a strong critic of the sovereign wealth fund, said Putrajaya was trying to cover up the real losses recorded by 1MDB by revaluing the entity’s [...]

Temasek buys 10.16% stake in Intas Pharma from ChrysCapital

Posted on 11 November 2014

Singapore’s sovereign fund Temasek has bought 10.16 per cent stake in Intas Pharmaceuticals Ltd from PE firm ChrysCapital, for an undisclosed amount by way of a secondary PE deal, as per a press release. VCCircle had first reported that Temasek has emerged as the front-runner for buying the stake for around Rs 840 crore.

Britain to establish a sovereign wealth fund

Posted on 10 November 2014

The British government said on Saturday that it would establish a sovereign wealth fund with the proceeds from extracting natural gas from shale. The announcement, which may be seen as premature because no shale gas production is likely to occur in the near future, is another step by the government of Prime Minister David Cameron [...]

Setting up a sovereign wealth fund would let future generations benefit from gas profits

Posted on 10 November 2014

The natural assets of a country are, in part, infinite – the sunshine, rain, wind or wave power. But others are finite, for example the coal that powered Britain’s industrial revolution and for a time made this country the workshop of the world. Another lucky beneficiary of oil and gas is Norway. But after a [...]

Shale gas: George Osborne proposes north of England fund

Posted on 10 November 2014

Shale gas extraction revenues could be held in a “sovereign wealth fund” for the north of England, the chancellor has said. George Osborne told BBC Radio 4’s Today programme the fund would be a way of “making sure money is not squandered on day-to-day spending”.

Italian sovereign wealth fund buys 23% of Rocco Forte Hotels

Posted on 10 November 2014

Sir Rocco Forte is giving up nearly a quarter of his luxury hotels business to Italian investors in return for a £60m investment to double the size of its portfolio in five years. Rocco Forte Hotels will seek to add at least four properties in Italy as a result of the cash injection from sovereign [...]

Norway proves oil-rich nations can be both green and prosperous

Posted on 10 November 2014

Conventional wisdom suggests a big fossil fuel-producer like Canada can’t be both green and prosperous. It’s one or the other. Norway’s experience suggests this is a false choice. Through a combination of steep carbon taxes, careful management of its oil wealth and strategic investments in innovation, oil-rich Norway has found a comfortable balance between the [...]

Russiam Minister Tells SWF to Disburse New Subsidized Loans for Russian Banks

Posted on 10 November 2014

The Russian economic development minister has urged the country’s sovereign wealth fund to disburse subsidized loans to national banks to help them finance the Russian economy. “I think it is a good idea to use money from the National Wealth Fund as a basis for funding commercial banking operations so that our biggest lenders could [...]

Australia missed a chance to set up wealth funds, says Asciano chairman

Posted on 10 November 2014

ASCIANO chairman and BHP Billiton director Malcolm Broomhead says Australia to some extent wasted the decade-long commodities boom by failing to establish a sovereign-wealth fund and follow the likes of Norway. But the resources industry veteran says a fund is still needed to tackle looming demographic changes and that industry cost structures need to change [...]

Goodman Group and Singapore’s sovereign wealth fund, GIC invest in Auckland’s Viaduct Precinct

Posted on 10 November 2014

Investment in New Zealand’s property market is on an upward trajectory with a number of Australian-based joint ventures, public floats and residential projects be readied for completion in the short to medium term.

1MDB’s actions do not reflect a sovereign wealth fund

Posted on 10 November 2014

I suspect that one of the aims of 1MDB was to correct the mistakes of the privately owned Independent Power Producers (IPPs) of the past — specifically the first generation IPPs where the agreements were too generous to the private companies.

Rafizi to tell all about 1MDB’s Cayman fund next week

Posted on 10 November 2014

PKR secretary-general Rafizi Ramli said he will reveal next week the details of 1Malaysia Development Berhad’s (1MDB) funds in the Cayman Islands. “Besides myself, a team from the National Oversight and Whistleblowers (NOW) will reveal the individuals and companies involved in the hiding of public funds in the Cayman Islands.”

ICD sets up Dubal Holding

Posted on 10 November 2014

Dubai’s sovereign wealth fund Investment Corporation of Dubai (ICD) has set up a new subsidiary – Dubal Holding – to manage its 50 per cent shareholding in Emirates Global Aluminium (EGA), said a press statement on Saturday.

UAE’s Aabar buys 5.1% stake in Egyptian developer

Posted on 10 November 2014

Aabar Investments has acquired a 5.1 percent stake in Egypt’s second-largest listed real estate developer Palm Hills, Palm Hills said in a statement on Sunday. Palm Hills is valued on the Egyptian Stock Exchange at approximately 5.6 billion Egyptian pounds ($785 million), putting the value of the investment at around 285 million Egyptian pounds, according [...]

Qatar and Brookfield’s bid for Canary Wharf rejected

Posted on 10 November 2014

Songbird Estates, the owner of London’s Canary Wharf financial district, rejected an approach from Qatar Investment Authority and Brookfield Property because the proposed bid is too low.

Asian Sovereign Wealth Fund Portfolios Still Dominated by Equities

Posted on 07 November 2014

Despite strong attention focused on allocation to alternatives such as private equity and real estate by Asian sovereign wealth funds (SWFs), their allocations to equities continued to dominate through year-end 2013, says a report by research firm Cerulli Associates Asia.

Philippines’ Emperador says Singapore’s GIC to buy initial 9.64 pct stake

Posted on 07 November 2014

Philippine liquor firm Emperador Inc said on Friday it had agreed to sell a 9.64 percent stake to GIC for 17.6 billion pesos ($391 million), in what it described as an initial investment by the Singaporean sovereign wealth fund.

GIC takes another bite of New Zealand real estate sector in joint venture for 5 malls

Posted on 07 November 2014

Sovereign wealth fund GIC is increasing its interests in the real estate sector in New Zealand. It said on Thursday that it has entered into a joint venture partnership with Scentre Group to acquire five New Zealand malls with a combined gross value of NZ$2.1 billion.

Singapore fund buys into NZ Westfield shopping centres

Posted on 07 November 2014

A billion dollar property deal by Singapore for a stake in some of New Zealand’s top shopping malls shows the super city model has made Auckland attractive to overseas investors, a property industry boss says. Singapore Government’s investment fund GIC has paid A$930 million ($1.1 billion) for 49 per cent ownership in five Westfield Shopping [...]

Leak reveals Future Fund and multinationals’ secret offshore tax deals

Posted on 07 November 2014

Directors of the Australian government’s Future Fund as well as PricewaterhouseCoopers, Macquarie and AMP could be forced to face a Senate inquiry into tax avoidance following a global investigation into secret tax deals in Luxembourg.

MAS minority shareholders approve Khazanah plan

Posted on 07 November 2014

Malaysia Airlines (MAS) minority shareholders have approved Khazanah Nasional Bhd’s privatisation offer of 27 sen a share at its EGM on Thursday. The proposal received 93.3% approval from the minority shareholders who turned up at the EGM, which was held at the MAS academy in Kelana Jaya.

Khazanah promises transparency on MAS revamp

Posted on 07 November 2014

State investment arm Khazanah Nasional Bhd promised to remain transparent on Malaysia Airlines (MAS) restructuring process even after the airline’s privatisation, Minority Shareholder Watchdog Group (MSWG) said.

1MDB bled RM665m in a year

Posted on 07 November 2014

Sovereign wealth fund 1Malaysia Development Bhd (1MBD) booked a net loss of RM665.36 million in its previous financial year, a local daily reported today citing a filing with the Companies Commission of Malaysia (CCM).

1MDB pulls out of Caymans

Posted on 07 November 2014

1MALAYSIA Development Bhd’s (1MDB) RM7.18bil in offshore accounts in the Cayman Islands is expected to be channelled back to the country by December. “Sixty per cent of the money is already back. The remaining 40% will be brought back by the end of this year,” Deputy Finance Minis­ter Datuk Ahmad Maslan said in his reply [...]

Qatar wealth fund makes joint bid for Canary Wharf-owner Songbird

Posted on 07 November 2014

Songbird Estates, the majority owner of London’s Canary Wharf estate, said it had received a joint preliminary approach from Qatar Investment Authority and Brookfield Property Partners regarding a possible takeover.

Saudi Arabia’s sovereign wealth fund sees 9 percent asset growth since January

Posted on 06 November 2014

Total assets of Saudi Arabia’s main sovereign wealth fund, SAMA Foreign Holdings (SAMA), have jumped 9 percent since January, allowing it to maintain its position as the world’s third-largest, according to a report by the Sovereign Wealth Fund Institute (SWFI).

KIC to Create $2 Bil. Fund with Qatari Sovereign Wealth Fund

Posted on 06 November 2014

Korea Investment Corp., the nation’s sovereign wealth fund, will join hands with Qatar’s counterpart to make investment together. The Korean sovereign wealth fund based on foreign currency reserves said on November 5 that is signed a memorandum with the Qatar Investment Authority to form a joint investment fund.

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