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Samruk-Kazyna fund to privatize over 200 state firms

Posted on 17 April 2014 by VRS  |  Email |Print

The Republic of Kazakhstan’s Samruk-Kazyna Sovereign Wealth Fund plans to place over 200 national companies on the market, Daniyar Mukhtarov writes for Trend. The sell-off is being conducted as part of a privatization program, Chairman of the Board at Samruk Kazyna, Umirzak Shukeev said.
Specifically, those companies working in non-core business will be privatized. An example is companies producing solar panels as part of the Kazatomprom national atomic agency………………………………………..Full Article: Source

Bank of America forecasts increase in Middle East M&A deals

Posted on 17 April 2014 by VRS  |  Email |Print

Bank of America, the second-largest US lender by assets, expects mergers and acquisitions in the Middle East to increase as cash-rich global companies target investments in the region. The trend is a shift from previous years when activity was mostly limited to sovereign wealth funds and government-related entities targeting overseas deals, Wadih Boueiz, the co-head of corporate and investment banking for the Middle East and North Africa said in an interview this week.
The Gulf region’s sovereign wealth funds, which together control more than US$1 trillion in investments globally, are finding it more “challenging” to deploy capital while interest rates are low and liquidity in international markets increases, Mr Boueiz said………………………………………..Full Article: Source

Why not use permanent fund to build a gas line?

Posted on 17 April 2014 by VRS  |  Email |Print

Unlike with other resource issues, Alaskans stand pretty much united in our efforts to monetize the huge gas reserves of Alaska’s North Slope. The Legislature has spent a good portion of the session holding hearings and listening to consultants on the administration’s proposal, Senate Bill 138, and its two components, the memorandum of understanding and the Heads of Agreement.
I have expressed my concerns to the House and Senate committees regarding the MOU’s proposal to have TransCanada acquire what would otherwise be the state’s 25 percent equity interest in the gas line in exchange for being the bank and financing construction of the gas line………………………………………..Full Article: Source

Kazakh National Welfare Fund to put over 200 companies on sale

Posted on 16 April 2014 by VRS  |  Email |Print

Kazakh National Welfare Fund, Samruk-Kazyna will put up over 200 companies for sale within the framework of privatization program, the Chairman of the Board of Samruk Kazyna, Umirzak Shukeev said. In particular, the companies which are engaged in non-core business will be privatized, for example, those companies which produce solar panels in Kazatomprom.
Furthermore, the privatization will include those companies that compete in the market with private companies or do not have strategic importance, do not relate to matters of national security, and have no social significance………………………………………..Full Article: Source

Samruk-Kazyna head on forthcoming IPOs and privatization plans

Posted on 16 April 2014 by VRS  |  Email |Print

Umirzak Shukeyev, Head of Samruk-Kazyna Sovereign Wealth Fund, announced a list of companies to run IPOs in 2014-2016 and unveiled plans to privatize some state-owned companies. “In 2014 plans are there to float 10% minus one share in Kazakhstan Electricity Grid Operating Company (KEGOC) and 75% in Mangistau Distribution Company. 100% in the Atyrau thermal power plant, 75.6% in Temirzhol Zhondeu, 51% in Temirzhol Energo, 49% in Semser Security; 51% in Lokomotiv-2030, 50% in Zhambyl regional power plant will be offered through auctions”, Shukeyev said.
According to Shukeyev, 10% minus one share in Samruk-Energo, up to 49% in KazTransGasAimak and KazTransGas-Almaty, 49% in Transtelecom, and 10% minus one share in KazTemirTrans will be floated in 2015. “Shares in 14 companies, including Eurasia-Air and KazMortransFlot owned by KMG will be offered through auctions”, he elaborated………………………………………..Full Article: Source

$2.7 billion out of Kazakhstan National Oil Fund to stimulate economy in 2014

Posted on 16 April 2014 by VRS  |  Email |Print

$2.7 billion out of the National Oil Fund accumulating windfall oil revenues is to be allocated in 2014 to stimulate the country’s economy growth, Tengrinews.kz reports, citing the country’s Minister of Economic Affairs Yerbolat Dossayev.
“One of the sources to boost the country’s economy growth will be $5.5 billion out of the National Oil Fund to be allocated in 2014 and 2015. $2.7 of the amount will be allocated this year, with $552 million being spent to support small and middle-sized businesses, another $1.3 billion being spent to bolster the country’s banking sector, and $ 828 million to support the Industrial Development Program………………………………………..Full Article: Source

Norges Bank goes shopping in Tesco despite analysts’ fears over sales

Posted on 16 April 2014 by VRS  |  Email |Print

Do the Norwegians know something the market doesn’t? Norway’s $840 billion national government pension fund, run by the country’s central Norges Bank, seems to.
The fund has been buying Tesco in a big way in advance of full-year numbers due out this morning. A statement by the company dropped just after the closing bell yesterday revealing that Norges Bank, already Tesco’s largest investor, has upped its bet on Britain’s biggest supermarket chain again………………………………………..Full Article: Source

Abu Dhabi SWF and CVC in GBP1.5bln Spire race

Posted on 16 April 2014 by VRS  |  Email |Print

Abu Dhabi’s vast sovereign wealth fund has joined forces with the largest shareholder in Formula One motor racing in the race to buy Spire Healthcare, one of Britain’s biggest private hospital groups. Abu Dhabi Investment Authority (ADIA) is backing a takeover bid for Spire that is being assembled by CVC Capital Partners, the London-based private equity firm.
The pair are competing against other financial investors such as KKR and Onex, with rival hospital operators including HCA and Ramsay, an Australian company, also monitoring the situation. Spire, which employs nearly 8,000 people, has been owned by Cinven, another buyout firm, since it was formed from the purchase of Bupa’s hospitals business in 2007………………………………………..Full Article: Source

Temasek widens its Africa footprint

Posted on 15 April 2014 by VRS  |  Email |Print

Temasek, Singapore’s state investment company, has signalled a big push into the booming sub-Saharan African market, closing on Monday its first major deal in Nigeria.
The move by Temasek, one of the world’s most influential investors, comes amid burgeoning investments in Africa by Singaporean companies and could encourage other global investors, bankers and officials said………………………………………..Full Article: Source

Temasek’s dealmaking reflects big bets on rise of the consumer

Posted on 15 April 2014 by VRS  |  Email |Print

From toothpaste and shampoo in China to instant noodles and tomato paste in Africa, Temasek is betting big on growth in an emerging middle class – a significant shift for Singapore’s $171bn national investment agency, long known for its emphasis on the financial sector.
Last month Temasek struck a $5.7bn deal with Li Ka-shing, Hong Kong’s richest man, for a 25 per cent stake in his AS Watson health and beauty stores business. That came on the heels of a tender offer for Olam in a deal that values the Singapore-listed cashews-to-cotton company at $4.2bn………………………………………..Full Article: Source

Lessons for Australia from Norway’s petro-wealth debate

Posted on 15 April 2014 by VRS  |  Email |Print

As the Minerals Council of Australia launches its latest defence against the fossil fuel divestment campaign and Prime Minister Abbott directs the Clean Energy Finance Corporation to cease financing renewables, on the other side of the world Norway is considering whether to divest its Sovereign Wealth Fund of fossil fuels and invest more of its oil-driven fortune in green technology.
At $840 billion, the Norwegian Sovereign Wealth Fund is the largest shareholder in Europe and owns 1 per cent of all publicly listed companies worldwide. Its investments are spread across more than 8000 companies in 82 countries so, as World Wide Fund for Nature Norway chief executive Nina Jensen points out, “every decision Norway makes on this fund sends signals around the world.”……………………………………….Full Article: Source

Australia looks to Gulf funds for A$700bln infrastructure investment

Posted on 14 April 2014 by VRS  |  Email |Print

Australia is seeking Gulf sovereign wealth fund investment to help plug a A$700 billion (Dh2.41 trillion) infrastructure funding gap. It comes as the country launches its largest ever trade and investment mission to the Gulf states – targeting agribusiness, education and infrastructure among other sectors.
“There are some serious opportunities for major-league projects in Australia over the next decade,” said Andrew Robb, the minister for trade and investment. “It’s one of the major priorities for the new government. We have got a A$700bn infrastructure deficit.”……………………………………….Full Article: Source

Iraqi Farouk al-Kasim behind Norway oil fund that is envy of world

Posted on 14 April 2014 by VRS  |  Email |Print

Norway has squirrelled much of its oil revenue away in an $850B fund for future generations. Today, less than 25 years since its inception, that nest egg has grown into the world’s most valuable sovereign wealth fund, worth about $850 billion – more than $165,000 per Norwegian citizen, according to an SWF Institute report. It is the envy of the world, funding initiatives ranging from infrastructure improvements and green energy projects to public pensions.
Meanwhile, the Alberta Heritage Fund, which is 14 years older, is worth about $17 billion. The Alaska Permanent Fund sits at $50 billion. Even combined, they represent a fraction of the wealth Norway has amassed, and which it will be able to draw on long after its oilfields run dry………………………………………..Full Article: Source

Why not the Permanent Fund?

Posted on 14 April 2014 by VRS  |  Email |Print

Unlike other resource issues, Alaskans stand pretty much united in our efforts to monetize the huge gas reserves of Alaska’s North Slope. The Legislature has spent a good portion of the current session holding hearings and listening to consultants on the administration’s proposal (SB138) and its two components, the MOU and the Heads of Agreement.
I have expressed my concerns to the House and Senate committees regarding the MOU’s proposal to have TransCanada acquire what would otherwise be the state’s 25 percent equity interest in the gasline in exchange for being the bank and financing construction of the gasline………………………………………..Full Article: Source

GIC to buy Tokyo property for $1.3 bln from Lone Star-sources

Posted on 10 April 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC will buy a Tokyo property from US investment fund Lone Star Funds for about 134 billion yen (S$1.6 billion), the highest price since Japan’s real estate market recovery accelerated last year, people with direct knowledge of the sale told Reuters.
Lone Star had put up the property, called Meguro Gajoen, for auction late last year for at least 96 billion yen. The property comprises a complex of office towers, with the Japanese unit of Amazon.com its main tenant. GIC was chosen from three final bidders, which included a consortium of New York-based real estate investment firm Aetos Capital Real Estate and China’s sovereign fund China Investment Corp, two of the people said………………………………………..Full Article: Source

Temasek sets up private-equity investment vehicle Astrea II

Posted on 10 April 2014 by VRS  |  Email |Print

Singapore investment company Temasek has launched a new co-investment vehicle, Astrea II, which has broadly diversified holdings in 36 private equity funds.This is the latest of Temasek’s continuing efforts to develop co-investment platforms where diversified portfolios of assets can be made available to a broader base of investors, including retail investors in the long term.
It is the single largest investor in Astrea II at 38 per cent. Mr Dilhan Pillay Sandrasegara, Head of Enterprise Development Group in Temasek, said, “Temasek continues to be an active investor in high quality private equity or PE funds globally. These investments have created value for us in the form of direct returns, as well as opportunities for us to make further direct investments alongside the PE fund managers.”……………………………………….Full Article: Source

NewQuest, GIC partially exited stake of IKang in its $153mln IPO

Posted on 10 April 2014 by VRS  |  Email |Print

Beijing-based private medical services provider iKang Guobin Healthcare Group has raised $153 million by offering 10.9 million shares at $14 per share on the NASDAQ. NewQuest Capital Partners and Singapore’s GIC Private Ltd. has partially exited from iKang.
At the same time, Best Investment Corporation, a subsidiary of China’s sovereign wealth fund China Investment Corporation, is to pay $40 million for a stake of about 4.6% of iKang at $13.00 per share, according to a previous filing. Last April, GIC Private and Goldman Sachs jointly committed $100 million to iKang. Goldman Sachs is not selling in the IPO, but its stake will be diluted from 13% to 10.8%………………………………………..Full Article: Source

Kerzner deal a good fit for Investment Corporation of Dubai

Posted on 09 April 2014 by VRS  |  Email |Print

Last week’s transaction between Investment Corporation of Dubai (ICD) and Kerzner International is a transformational deal on multiple levels. ICD, under its chief executive Mohammed Al Shaibani, bought about 46 per cent of the company that controls the international up-market hotel group.
The global operations of the Atlantis and One & Only chains, as well as the Mazagan beach resort in Morocco, thus fall under the control of Dubai. With another significant shareholding in Kerzner, about 25 per cent, held by Istithmar World, a subsidiary of Dubai World, the emirate becomes the majority shareholder in one of the biggest and most luxurious hotel operators in the world………………………………………..Full Article: Source

SOFAZ revenues from Shah Deniz, ACG projects made public

Posted on 08 April 2014 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ has gained more than $1.7 billion from 2007 to April 1, 2014 by implementing the development project of the giant Shah Deniz gas condensate field in the Caspian Sea. SOFAZ received some $115.6 million as part of the Shah Deniz project from January 1 to April 1, SOFAZ said.
The Shah Deniz field, one of the world’s largest gas-condensate fields, was discovered in 1999. Its reserves are estimated at 1.2 trillion cubic meters of gas. Overall, the field has proved to be a secure and reliable supplier of gas to Azerbaijan, Georgia, Turkey, and Europe………………………………………..Full Article: Source

EGA incorporated under Mubadala, Investment Corporation of Dubai

Posted on 08 April 2014 by VRS  |  Email |Print

Abu Dhabi-based Mubadala Development Company, and the Investment Corporation of Dubai announced on Monday the official incorporation of Emirates Global Aluminium (EGA), the jointly-owned aluminium company formed by integrating the two shareholders’ interests.
EGA’s core operating entities are Dubai Aluminium (Dubal) and Emirates Aluminium (Emal), whose combined annual production currently accounts for 50 per cent of the total primary aluminium produced within the GCC region………………………………………..Full Article: Source

Virgin Galactic in talks with Mubadala

Posted on 08 April 2014 by VRS  |  Email |Print

Mubadala Development Company could team up with Richard Branson’s commercial space flight company, Virgin Galactic, according to George T. Whitesides, CEO and president of Virgin Galactic. Whitesides confirmed to the media on Monday that the American space flight company has held discussions with Abu Dhabi’s Mubadala.
Asked if Mubadala could supply parts or build any part of Virgin Galactic’s commercial spacecraft fleet, Whitesides said, “We’ve had good conversations with Mubadala and other stakeholders in the UAE and we will see where those conversations go.”……………………………………….Full Article: Source

Panama’s sovereign wealth fund to diversify into stocks - CIO

Posted on 03 April 2014 by VRS  |  Email |Print

Panama’s sovereign wealth fund expects to begin the process of investing some of its assets into equities later this year, and would target developed economies, its chief investment officer said on Tuesday.
The fund, set up in 2012 to safeguard the country against negative shocks, currently invests almost two thirds of its $1.3 billion of assets in fixed income and holds the rest in cash. The majority of its fixed income assets are in U.S. corporate bonds, mortgage-backed securities and Treasuries, as well as debt issued by multi-lateral lenders such as the Latin American development bank (CAF)…………………………….Full Article: Source

Kazakhmys completes sale of power-unit stake for $1.25 bln

Posted on 03 April 2014 by VRS  |  Email |Print

Kazakhmys Plc (KAZ), Kazakhstan’s largest copper miner, has received $1.25 billion after completing the sale of its power unit to the nation’s sovereign wealth fund.
The company sold its remaining 50 percent interest in Ekibastuz LLP to Kazakhstan’s Samruk-Kazyna fund, Kazakhmys said in a statement today. It bought Ekibastuz in 2008 for $1.26 billion and sold a 50 percent stake to Samruk-Kazyna for $681 million in 2010, Kazakhmys said…………………………….Full Article: Source

Gulf SWFs to broaden range of target acquisition markets

Posted on 03 April 2014 by VRS  |  Email |Print

Sovereign wealth funds in the Middle East, mostly owned by the GCC countries, are likely to broaden the range of target markets in 2014 after doubling their acquisitions to $18.8 billion in 2013 as the global commercial property transactions volumes are projected to jump, Knight Frank’s said on Monday.
The latest Global Capital Markets report by the independent real estate consultancy said the global transaction volumes for commercial property (retail, offices, industrial and hotels) are set to see growth of at least 15 per cent in 2014, which will take the annual total to well in excess of $600 billion…………………………….Full Article: Source

MH370 Tragedy: Khazanah Nasional ready to assist in SAR

Posted on 03 April 2014 by VRS  |  Email |Print

Khazanah Nasional Berhad, the major share holder in Malaysia Airlines (MAS), have always cooperated with the government to do all it can to assist in the case of the missing MAS flight MH370.
Khazanah Nasional managing director Tan Sri Azman Mokhtar said the government linked company would do everything possible in its capacity to assist. “From the day the flight went missing (March 8), we have been working closely with government and MAS. In the event of a tragedy like this, everybody need to work together and move forward……………………………Full Article: Source

Singapore’s sovereign wealth fund opens office in Brazil

Posted on 02 April 2014 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC Private Ltd said on Tuesday it has opened an office in Brazil as it looks to increase its investments in Latin America. Based in Sao Paolo, the new office will focus on investments in real estate, healthcare, financial and business services, and natural resources and infrastructure, GIC said in a statement.
The fund’s chief investment officer, Lim Chow Kiat, said he is confident of the long-term growth prospects in Latin America despite the recent volatility in emerging market economies……………………………..Full Article: Source

GIC joins IFM, Borealis for Qld Motorways bid

Posted on 02 April 2014 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC has joined IFM and Borealis to form a new consortium that will bid next month for Queensland Motorways, a 62-kilometre network of tolled roads, bridges and infrastructure around Brisbane that may be worth about $4 billion.
Melbourne-based IFM and Austria’s Borealis were looking for a third party to join their consortium following the departure of Canada’s Ontario Teachers’ Pension Plan. The group is being advised by Rothschild……………………………..Full Article: Source

Temasek not the usual sovereign wealth fund

Posted on 02 April 2014 by VRS  |  Email |Print

Whenever Temasek Holdings opens a new office outside of Singapore, it is “not indicative of some radical shift” in the investment company’s approach, said its chairman Lim Boon Heng.
“Coming from a little island nation with no natural resources except for some granite rocks, we are not a sovereign wealth fund in the normal sense of the term,” he said. “Instead, we invest capital accumulated from generations of hard work and commitment by everyone in Temasek and the Temasek portfolio companies,” said Mr Lim in a speech at the Millennium Mayfair Hotel……………………………..Full Article: Source

Sovereign wealth funds top investors among global funds that bet on Indian equities

Posted on 02 April 2014 by VRS  |  Email |Print

Sovereign wealth funds emerged as the top investors among global funds that bet on Indian equities last year, indicating strong faith in the long-term prospects of the Indian economy that’s currently in a slump and yet to show definitive signs of a recovery.
Regulatory data showed the share of long-term funds such as sovereign wealth funds and pension funds in total foreign institutional investor, or FII, inflows into Indian equities topped 16% in December 2013 from 9% in May 2013. In absolute terms, it rose by $14 billion, according to data from the Securities and Exchange Board of India (Sebi)……………………………..Full Article: Source

Big economy, poor strategy

Posted on 02 April 2014 by VRS  |  Email |Print

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 Fund there are useful lessons to draw from South Africa.
Though PIC is not a SWF, its investment strategy is instructive. SWFs are state-owned investment vehicles that invest surpluses generated from a natural resource e.g. oil. PIC manages the pension of South African civil servants……………………………..Full Article: Source

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

Posted on 27 March 2014 by VRS  |  Email |Print

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.
sovereign wealth funds total US$ 6.357 trillion in assets surpassing 401(k) assets, U.S. government pensions and U.S. private defined-benefit plans. Increasingly, asset managers and private equity funds are courting sovereign wealth funds, mainly due to the massive growth of the investor class in the past decade………………………………..Full Article: Source

China CIC sovereign wealth fund worried over US QE

Posted on 27 March 2014 by VRS  |  Email |Print

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 likely see “very real growth.”
China’s Ag Bank is up over 3% after reporting FY13 results overnight. Profits were in line, Rev above expectations, and NPL ratio fell 11bps to 1.22%…………………………………Full Article: Source

Temasek diversifies from China Banks with Watson: Update

Posted on 27 March 2014 by VRS  |  Email |Print

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.
Singapore’s state-owned investment company agreed on March 21 to buy 25% of A.S. Watson & Co. for HK$44 billion ($7.2 billion), marking its biggest acquisition based on data compiled by Bloomberg. The health and beauty chain has stores in more than 20 Chinese cities including Shanghai and Beijing, according to its website…………………………………Full Article: Source

Mubadala, France’s CDC launch $414mln fund

Posted on 27 March 2014 by VRS  |  Email |Print

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.
The investments will mainly target equity stakes in private companies as well as other asset classes including real estate or infrastructure, a statement from Mubadala said. Both companies have agreed to commit 150 million euros each for joint investments to be managed by senior executives from the companies…………………………………Full Article: Source

UK spent its oil legacy: Norway couldn’t

Posted on 27 March 2014 by VRS  |  Email |Print

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.
Britain, by contrast, just poured its oil revenues into healthcare, education and other government expenditure. The UK has no sovereign wealth fund. Without the oil, our budget deficit would be even bigger, but we, unlike Norway, have 60m-plus people demanding a share…………………………………Full Article: Source

Sovereign funds wary of hidden emerging market exposure: Templeton

Posted on 26 March 2014 by VRS  |  Email |Print

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.
David Smart, who heads a team managing around $85 billion for sovereign funds and supranational clients at Templeton, said the $5 trillion sector can afford to ride out volatile swings thanks to its long-term horizons………………………………..Full Article: Source

Norway’s fund on the look-out in Malaysia

Posted on 24 March 2014 by VRS  |  Email |Print

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.
Norwegian Minister of Trade and Industry Affairs Monica Maeland said the current investments and future investments will signal the Scandinavian country’s confidence in the Malaysian economy and its corporate companies’ performances………………………………………..Full Article: Source

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

Posted on 24 March 2014 by VRS  |  Email |Print

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?’”
This was the view expressed this week by Clive Black, head of research and stock broking analyst in food retailing at Shore Capital. Qatar Holding, a wholly owned subsidiary of the Qatar Investment Authority (QIA), is a major shareholder in Sainsbury’s with a 26% stake………………………………………..Full Article: Source

Olam suitor knocks on Temasek’s door

Posted on 21 March 2014 by VRS  |  Email |Print

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.
The group had been holding internal discussions to make an offer for Olam shares prior to Temasek’s surprise announcement last Friday, they said………………………………………..Full Article: Source

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

Posted on 21 March 2014 by VRS  |  Email |Print

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.
“We need to take steps today to avoid a hard landing,” she said today in the text of a speech at the University of Oslo. “The government will prioritize the use of oil wealth as was the original intention: investments that strengthen the growth potential of the Norwegian economy.”……………………………………….Full Article: Source

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

Posted on 21 March 2014 by VRS  |  Email |Print

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.
Och-Ziff began receiving subpoenas from the Securities and Exchange Commission and requests for information from the Justice Department in 2011, the filing said. The hedge-fund operator said the investigation “concerns an investment by a foreign sovereign wealth fund in some of the Och-Ziff funds in 2007 and investments by some of the funds, both directly and indirectly, in a number of companies in Africa.”……………………………………….Full Article: Source

Sime Darby has sought to join Temasek in Olam bid, say sources

Posted on 20 March 2014 by VRS  |  Email |Print

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.
The group had been holding internal discussions to make an offer for Olam shares prior to Temasek’s surprise announcement last Friday, they said………………………………………..Full Article: Source

Azerbaijan creates new structure for effective management of energy projects

Posted on 20 March 2014 by VRS  |  Email |Print

A Closed Joint-Stock Company (CJSC) for the effective management of projects comprising Shah Deniz and delivery of gas to Europe will be officially registered in Azerbaijan in the near future, SOCAR (the State Oil Company of Azerbaijan) Vice-President for Economic Affairs Suleyman Gasimov told Trend on March 17.
The State Oil Fund of Azerbaijan (SOFAZ) has been instructed to provide an equity financing for the CJSC, which is under direct state ownership. Funds to be provided to the company for financing the equity will provide a long term investment on return conditions………………………………………..Full Article: Source

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

Posted on 20 March 2014 by VRS  |  Email |Print

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. “We need to take steps today to avoid a hard landing,” she said today in the text of a speech at the University of Oslo. “The government will prioritize the use of oil wealth as was the original intention: investments that strengthen the growth potential of the Norwegian economy.”
Scandinavia’s richest nation has used its oil and gas income, which it has funneled into an $850 billion sovereign wealth fund, to protect against Europe’s economic slump. Still, the reliance on petroleum, both for income and investments, has weakened other areas of the economy and hurt competitiveness………………………………………..Full Article: Source

Zimbabwe’s sovereign slush fund

Posted on 20 March 2014 by VRS  |  Email |Print

I am still to be convinced that, given our experience and the state of our current institutional incapacity, we can create a viable and professionally managed Sovereign Wealth Fund that puts the needs of the nation and its citizens first.
I have read the Sovereign Wealth Fund bill and it certainly looks good on paper. But I am afraid that most Zimbabweans have misplaced expectations on what it can achieve in the short to medium term………………………………………..Full Article: Source

Israel: Natural gas sovereign wealth fund merits further discussion

Posted on 19 March 2014 by VRS  |  Email |Print

Israel should not invest its natural gas revenues in foreign markets as planned, but in domestic “social-environmental causes,” lawyer-businessman Shraga Biran argued on Tuesday. “You need to find a social fund that will help this generation and the future generation,” he said.
Biran was participating in a panel on the country’s sovereign wealth fund for natural gas profits. The cabinet approved the creation of such a fund – which calls for the investment of the expected $125 billion of profits in foreign markets – in April 2013………………………………………..Full Article: Source

Singaporean GIC enters Vietnam

Posted on 19 March 2014 by VRS  |  Email |Print

Singaporean GIC - one of the world’s leading sovereign wealth funds which oversees USD100 billion forex reserve of the country, has entered Vietnam through pouring capital into a company in Vietnam, NDHMoney’s source says.
GIC was the brainchild of Dr Goh Keng Swee, then Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS). He saw the need for an entity dedicated to the task of investing Singapore’’s growing reserves for better long-term returns, Dr Goh created what in retrospect, was the prototype sovereign wealth fund………………………………………..Full Article: Source

Sovereign funds off to a slow M&A start in 2014

Posted on 18 March 2014 by VRS  |  Email |Print

Sovereign wealth funds have been much slower to pursue merger and acquisition deals so far this year after a bumper 2013, according to Thomson Reuters data.
Sovereign wealth funds (SWFs), which invest windfall revenues from oil and other exports for future generations, sealed $155 million of M&A deals in publicly listed markets up to March 10, less than a tenth of the value for the same year-ago period………………………………………..Full Article: Source

Regional sovereign wealth funds rack up $5.6bln worth of deals

Posted on 18 March 2014 by VRS  |  Email |Print

Middle East sovereign wealth funds completed seven major direct property deals worth a total of US$5.6 billion last year – and more big ticket purchases are expected over the coming months. The deals involved commercial, retail and hotel properties.
According to the property broker JLL, the Kuwait Investment Authority sealed the largest middle Eastern sovereign wealth fund deal last year when St Martins, the property division of the Kuwait government, agreed to buy the 13-acre More London office and restaurant complex near London Bridge in London for $2.7bn………………………………………..Full Article: Source

AmEx will spin off business travel in $900 mln deal

Posted on 18 March 2014 by VRS  |  Email |Print

American Express Co. (AXP) agreed to sell a 50 percent stake in its business-travel division for $900 million to partners that include Qatar’s sovereign-wealth fund.
AmEx will create a joint venture with an investor group led by Certares International Bank LLC and Qatar Holding LLC, AmEx and the Qatari fund said today in separate statements. The business will use the American Express brand and be headed by Bill Glenn, the New York-based firm’s president of global commercial services, AmEx said. The consumer travel operation isn’t part of the deal………………………………………..Full Article: Source

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