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VRS - who has written 13908 posts on Opalesque Sovereign Wealth Funds Briefing.


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Nigeria: SWF Posts N505.6mln Income in 15 months

Posted on 02 April 2014

The Nigeria Sovereign Investment Authority (NSIA) which is responsible for the management of Nigerian Sovereign Wealth Fund (SWF) has reported a total income of N505.694 million for the 15 months which ended December 2013.

Big economy, poor strategy

Posted on 02 April 2014

Nigeria, with its prodigious wealth of people and natural resources, may after all be recognised as the largest economy in Africa. However, this size does not reflect in the way she manages her economy, or her investment strategy. Notably, in the management of Nigeria’s huge and idle pension funds and that of her Sovereign Wealth [...]

Norway cbank won’t buy foreign currency for oil find in April

Posted on 02 April 2014

Norway’s central bank will not purchase any foreign currency for the country’s sovereign wealth fund in April, the bank said on Monday on its page, in line with its practice over the past several months.

Azerbaijani State Oil Fund purchases real estate in South Korea

Posted on 02 April 2014

The State Oil Fund of Azerbaijan (SOFAZ) has acquired prime office complex, Pine Avenue Tower A in Seoul, South Korea for USD 447 million, a message from the Fund said on April 1.

Trinidad and Tobago appoints new sovereign wealth fund chairman

Posted on 28 March 2014

Minister of Finance and the Economy Larry Howai (left) presents Dr Ralph Henry (right), newly appointed Chairman of the Heritage and Stabilization Fund with his instrument of appointment. Dr Ralph Henry has been appointed as the new Chairman of the Heritage and Stabilization Fund (Trinidad and Tobago’s sovereign wealth fund), a release from the Ministry [...]

Planned sovereign wealth fund may well be only Zim entity able to pay for stakes in mines

Posted on 28 March 2014

The introduction of the Sovereign Wealth Fund (SWF) by the Zimbabwe government could not have been more timeous, according to experts, as it will be used for much-needed infrastructure development. This also comes amid investor dissatisfaction in the Zimbabwean mining industry, owing to the country’s Indigenisation and Economic Empowerment Act and mining royalties policies.

NEC demands details of spending on Excess Crude Account

Posted on 28 March 2014

The National Economic Council (NEC) Thursday requested the federal government to give the details of the spending on Excess Crude Account (ECA) to the states. Governor Godswill Akpabio of Akwa Ibom State made this known after the NEC meeting presided over by the Vice-President Namadi Sambo in Abuja.

Russia to aid banks, businesses in case of crisis – Finance Minister

Posted on 28 March 2014

Russia will support banks and businesses with large external debts in the event of a financial crisis by dipping into an $88 billion emergency sovereign wealth fund, Finance Minister Anton Siluanov told the Prime news agency Thursday.

RDIF taps Middle East and China investors to buy stake in Sodrugestvo

Posted on 28 March 2014

Russian Direct Investment Fund , the Kremlin-backed investment fund, is teaming up with Middle Eastern and Chinese investors to acquire a stake in Sodrugestvo Group SA, an oilseed processor and trader in Russia.

Sovereign funds wary of emerging market volatility

Posted on 27 March 2014

Sovereign wealth funds see emerging market turbulence as a long-term buying opportunity, but are wary of excessive exposure via some of their Western holdings such as luxury goods makers, a top investment official at Franklin Templeton said.

Sovereign wealth funds make up more than 25pct of U.S. retirement assets

Posted on 27 March 2014

The Investment Company Institute published retirement data stating that December 31, 2013 retirement U.S. assets amounted to US$ 23 trillion. These assets increased 5% from 3 months ago. Employer-based defined contribution assets in the U.S. totaled US$ 5.9 trillion, in which US$ 4.2 trillion were in 401(k) plans.

China’s sovereign wealth fund to buy $40 mln stake in IKang

Posted on 27 March 2014

China’s sovereign wealth fund agreed to pay $40 million for a stake of about 4.6 percent in iKang Healthcare Group Inc., the Beijing-based provider of preventive care that filed earlier this month for an initial public offering in the U.S.

China growth unsatisfactory, but it’s early: CIC

Posted on 27 March 2014

A senior official in China’s sovereign-wealth fund said the country’s economic growth so far this year has been disappointing but it is too early to draw alarm. China’s “first-quarter growth is not satisfactory but it is like a trial run–it does not represent the entire year,” said Li Xiaopeng, head of China Investment Corp.’s supervisory [...]

CIC eyes agriculture, tips H2 China growth

Posted on 27 March 2014

China’s sovereign wealth fund has singled out global agricultural investments as a particular area of interest, with other favoured sectors including information technology, real estate and infrastructure.

China CIC sovereign wealth fund worried over US QE

Posted on 27 March 2014

Sovereign wealth fund (CIC) Chairman Li expressed concern that it is becoming more difficult to find investible long-term projects, also noting that while QE may weigh on emerging markets in the short term, those challenges would likely be temporary. Li also said Q1 GDP in China thus far appears to be unsatisfactory, but Q2 will [...]

Temasek diversifies from China Banks with Watson: Update

Posted on 27 March 2014

Temasek Holdings Pte’s plan to buy a stake in the retail arm of billionaire Li Ka-shing’s Hutchison Whampoa will help the investment firm extend its reach in China and ease its reliance on the nation’s banks.

China Huiyuan to issue $150 mln bonds to Temasek

Posted on 27 March 2014

China Huiyuan Juice Group Ltd will issue $150 million worth of convertible bonds to a unit of Singapore state investor Temasek Holdings (Pvt) Ltd, as China’s top pure fruit juice producer aims to expand its investor base.

Mubadala, France’s CDC launch $414mln fund

Posted on 27 March 2014

Abu Dhabi state-owned investment fund Mubadala Development Company and France’s CDC International Capital on Tuesday launched a 300 million euro ($414 million) investment vehicle to invest in a wide range of sectors in France.

Suit: Dutch firm laundered money for Libyan regime

Posted on 27 March 2014

Palladyne International Asset Management BV was a “kickback and money laundering operation” for the former Libyan dictator Moammar Gadhafi’s regime, a former executive alleged in a lawsuit filed this week.

UK spent its oil legacy: Norway couldn’t

Posted on 27 March 2014

Norway thus created what is now the world’s largest sovereign wealth fund at $840bn. It’s almost three times the size of the Kuwait Investment Office and that oil-rich state started building its nest egg 60 years ago.

Sovereign funds wary of hidden emerging market exposure: Templeton

Posted on 26 March 2014

Sovereign wealth funds see emerging market turbulence as a long term buying opportunity, but are wary of excessive exposure via some of their Western holdings such as luxury goods makers, a top investment official at Franklin Templeton said.

Mubadala and France launch Dh1.5bln investment fund

Posted on 26 March 2014

Abu Dhabi’s Mubadala Development has announced the creation of a €300 million (Dh1.51 billion) investment platform in conjunction with CDC International Capital (CDC I Capital), the investment arm of France’s sovereign wealth fund Caisse des Dépôts.

ZANU PF ploughs ahead with the sovereign wealth fund

Posted on 26 March 2014

As Zimbabwe forges ahead towards creating a Sovereign Wealth Fund, observers fear the ZANU PF government is not ready for such an undertaking given its history of economic mismanagement.

Nigeria: SWF- FG, states’ out-of-court settlement collapses

Posted on 26 March 2014

The federal government yesterday informed the Supreme Court that the out-of-court settlement with the 36 states of the federation over dispute arising from the maintenance of the Excess Crude Account and the transfer of $1 billion from the account to the Sovereign Wealth Fund (SWF) has collapsed.

Nigeria court adjourns sovereign wealth fund suit

Posted on 26 March 2014

The Supreme Court in Nigeria has been told that the out-of-court settlement between the Federal Government and the 36 states of the federation over the dispute arising from the maintenance of the Excess Crude Account and the transfer of one billion dollars from the account to the Sovereign Wealth Fund (SWF) has collapsed for the [...]

FG briefs Supreme Court on inability to settlement dispute over Excess Crude Account, Sovereign Wealth Fund with states

Posted on 26 March 2014

The Federal Government on Monday briefed the Supreme Court about its inability to reach an amicable settlement with governors of the 36 states in the dispute over the maintenance of the Excess Crude Account and its plan to move $1 billion from the account for the establishment of the Sovereign Wealth Fund (SWF).

GIC backs Intelligent Energy with £38mln

Posted on 26 March 2014

Singapore’s sovereign wealth fund GIC has sunk $63m (£38m) into Loughborough-headquartered Intelligent Energy Holdings, the company’s second major fundraising in the past six months.

Asian investors want $1bn farm deals but sector not ready

Posted on 26 March 2014

International companies, pension funds and sovereign wealth funds are ready and willing to invest in the Australian farm sector, but many parts of the industry are still not investment-ready and lack the depth in management to facilitate deals.

Saskatchewan Premier Brad Wall says there’s no decision on when to launch Futures Fund

Posted on 24 March 2014

Premier Brad Wall says he hasn’t decided whether his administration will begin directing resources to a new sovereign wealth fund before the provincial government has paid off its sizable debt. “You’re going to see legislation from this government very soon to establish that futures fund,” Wall told reporters at the legislature on Thursday.

Broten, Wall battle over futures fund

Posted on 24 March 2014

Opposition Leader Cam Broten says he wanted to see a stronger commitment to a sovereign-wealth fund in the provincial budget. “Right now, the premier’s sort of trying to have it both ways,” Broten told reporters in Regina after the issue was raised in question period Wednesday. “It’s a rather ambiguous position.”

Nordic giants offload Euro1.7mln stake in Providence Resources

Posted on 24 March 2014

The world’s largest sovereign wealth fund has sold off its stake in Providence Resources – one of the more active companies working in the Irish oil industry. Norway’s €602.5bn Government Pension Fund, which is managed by Norges Bank, sold off its €1.7m stake in Providence Resources last year.

Kazakhstan Government increases reserve fund by $250 mln after tenge devaluation

Posted on 24 March 2014

Amid adjustments of microeconomic indicators for the year 2014 the Kazakhstan Government has revised its budget. “We advise to increase the government reserve by $250 million to ensure timely response to emergency situations arising from fluctuations of the economy,” the Minister of Economy and Budget Planning Yerbolat Dosayev suggested at the meeting of the Cabinet.

Middle East funds breathe new life into European property market

Posted on 24 March 2014

Middle East funds are helping to drive European commercial property yields lower as they join a rush of international investors snapping up real estate on the continent. Last year about €165.6 billion (Dh838.99bn) of deals were transacted across the continent – a 30 per cent rise on 2012.

Thames Water seeks international backers for ’super sewer’

Posted on 24 March 2014

British utility Thames Water has begun a hunt for international investors to pay for the construction of a 15-mile (24-kilometre) “super-sewer” in London, a British newspaper reported, without citing sources.

Norway’s fund on the look-out in Malaysia

Posted on 24 March 2014

The Norwegian Government Pension Fund, which owns stakes in 130 Malaysian companies via investments of more than RM6 billion, will increase its participation in Malaysia’s growing business sector.

Temasek arm bets on rural lending in India

Posted on 24 March 2014

Fullerton India Credit Co. Ltd, the non-banking financial arm of Singapore-based $168 billion sovereign wealth fund Temasek Holdings (Pvt.) Ltd, is betting on an increase in revenue from its rural lending business, encouraged by demand for loans to start small enterprises and buy goods such as two-wheelers and small commercial vehicles.

Temasek acquires 24.9pct in Li Ka-shing’s A S Watson Co for $5.7 bln

Posted on 24 March 2014

Temasek Holdings, Singapore’s sovereign wealth fund, today agreed to buy a 24.9-per cent stake in billionaire Li Ka-shing’s health and beauty chain A S Watson Co, for $5.7 billion.

Temasek diversifies from China Banks with Watson

Posted on 24 March 2014

Temasek Holdings Pte’s plan to buy a stake in the retail arm of billionaire Li Ka-shing’s Hutchison Whampoa Ltd. will help the investment firm extend its reach in China and ease its reliance on the nation’s banks.

Temasek sets up $40mln fund to help Singapore prepare for emergencies

Posted on 24 March 2014

Temasek Holdings is kickstarting events to mark its 40th year by setting up a $40 million fund to help Singapore prepare for and deal with difficult situations such as emergencies. The Temasek Emergency Preparedness (TEP) fund will give money to programmes that support people in crises including environmental disasters such as haze, or trauma from [...]

Profits earned by Temasek ‘are returned to community’

Posted on 24 March 2014

Temasek Holdings builds for the long term and the money it makes is returned to the community, said chairman Lim Boon Heng. “There is a common thread in what Temasek does: What we do, we do with tomorrow in mind - a quote from one of our founding leaders Mr S Rajaratnam. So we build [...]

‘Good time’ for QIA to up Sainsbury’s stake

Posted on 24 March 2014

If “the QIA is still committed to owning Sainsbury’s then it wouldn’t be ridiculous for them to be saying to their team: ‘Should we increase our position or should we take Sainsbury’s over and run it as a private business?’”

Dubai Investments to lift foreign ownership cap to 35 pct

Posted on 24 March 2014

Dubai Investments, a diversified manufacturer and investor in property, plans to increase the limit on foreign ownership of its shares to 35 percent of its total capital, the company said on Sunday.

PNG drops sovereign wealth fund plans

Posted on 21 March 2014

Papua New Guinea appears to have dropped plans to create a sovereign wealth fund to finance its purchase of a stake in gas company Oil Search after Australia backed the fund with aid money. Revenue from the PNG liquefied natural gas project, which was supposed to flow into the wealth fund, will now be pledged [...]

There’s a price to pay for our indebtedness to PNG

Posted on 21 March 2014

The first is that PNG has effectively given up on its sovereign wealth fund. Millions of Australian dollars have been spent on advising the PNG government on setting up a SWF. It was once seen as so important that it was the subject of a separate agreement between the two countries.

Olam suitor knocks on Temasek’s door

Posted on 21 March 2014

The largest public palm oil producer in the world might still be keen to dip its finger in the Olam pie. Sime Darby has approached Temasek Holdings for a place in the consortium that made an offer for the shares of Olam International that it does not yet own, sources said.

Norway rejects ban on coal investments for biggest wealth fund

Posted on 21 March 2014

Norway’s parliament rejected a proposal to ban the nation’s $850 billion sovereign wealth fund from investing in coal companies. “I’m disappointed but it’s been a big move to put this issue on the agenda,” Torstein Tvedt Solberg, one of the Labor Party lawmaker’s behind the proposal, said in an interview in Oslo. The party will [...]

The ethical work of Norway’s sovereign wealth fund

Posted on 21 March 2014

Last week wasn’t a great one for companies in the extractive industries. In South Africa, a wage strike by the Association of Mineworkers and Construction Union (AMCU) against the world’s top three platinum producers — Amplats, Lonmin and Impala Platinum – entered its eighth week, with no end in sight.

Norway to shift oil wealth to escape hard landing, Solberg says

Posted on 21 March 2014

Norway needs an immediate shift in how it allocates its oil wealth to avoid an economic slump as a fading oil industry and high costs threaten growth, Prime Minister Erna Solberg said.

Mubadala announces new chairman and CEO of Masdar

Posted on 21 March 2014

Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, on Thursday announced that Dr. Sultan Ahmed Al Jaber has been appointed chairman of the board of Masdar, Abu Dhabi’s renewable energy company, and Dr Ahmad Belhoul will be CEO of the company.

Och-Ziff may have been a little too friendly with Gaddafi’s sovereign wealth fund

Posted on 21 March 2014

Since it was restating its financials anyway after the SEC made it consolidate some CLOs, Och-Ziff Capital Management thought it might mention that the SEC (and Justice Dept.) is also interested in some bribery that may or may not have gone on before the Libyan dictator’s end.

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