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National Investment and Infrastructure Fund

Posted on 26 September 2016 by VRS  |  Email |Print

Nineteen months after the announcement was made in FY16 Budget, the National Investment and Infrastructure Fund (NIIF) will commence operations next month with a $1-billion corpus for the highway sector and another fund of the same size for the renewable energy industry, according to official sources.
In line with the NIIF’s investment structure, the Centre would infuse nearly 49% of the corpus, or a total of $1 billion in the two sectoral funds, while the balance amount will come from long-term investors such as sovereign wealth funds. The potential investors in these funds include Abu Dhabi Investment Authority (ADIA), Qatar Investment Authority (QIA) and RUSNANO of Russia, the sources added…………………………………….Full Article: Source

Qatar withdraws from race for Grosvenor House and New York Plaza

Posted on 26 September 2016 by VRS  |  Email |Print

The Qatar Investment Authority has abandoned talks to buy London’s Grosvenor House Hotel and two hotels in New York, increasing the likelihood that the trophy properties will be acquired by the UK’s richest men, the Reuben brothers.
The QIA’s withdrawal, confirmed by three people briefed on the situation, prolongs the troubles of India’s Sahara Group, which owns the Grosvenor House and majority stakes in New York’s Plaza and Dream Downtown hotels…………………………………….Full Article: Source

Azerbaijani banks buy over $60M from State Oil Fund

Posted on 23 September 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $61.4 million to 19 banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 22, SOFAZ said in a message on September 22.
As much as $100 million was put up for the auction. SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016………………………………………Full Article: Source

Oil Fund and Central Bank of Azerbaijan created currency oversupply

Posted on 23 September 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank have created the currency oversupply during its centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ, putting an application for $100 million, sold $61.4 million to 19 banks,” SOFAZ said. In its turn, the CBA announced the putting the application for $50 million. As a result, total application from these two organizations made up $150 million, exceeding the demand at the auction by 2.44-fold………………………………………Full Article: Source

SOFAZ hosts CROSAPF Annual Summit 2016

Posted on 22 September 2016 by VRS  |  Email |Print

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) hosts the third Annual Summit of the Co-Investment Roundtable of Sovereign and Pension Funds (CROSAPF) at the Four Seasons Hotel in Baku, on September 20-21, 2016.
The senior representatives of leading sovereign and pension funds as well as investment management firms have gathered in Baku to discuss current global opportunities and challenges in financial markets and improve the cooperation amongst the investors. At this year’s event, 100 participants represent approximately 60 prominent organizations from around the world…………………………………….Full Article: Source

Azerbaijani banks buy over $70M from State Oil Fund

Posted on 21 September 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $72.4 million to 20 banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 20, SOFAZ said in a message. As much as $100 million was put up for the auction.
SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million………………………………………Full Article: Source

These Difficult Investment Conditions Can Stretch For The Next 10 Years

Posted on 21 September 2016 by VRS  |  Email |Print

The words in the title of this article are an exact quote from Lim Chow Kiat, the deputy group president and group chief investment officer of GIC, one of Singapore’s sovereign wealth funds.
GIC manages over S$460 billion worth of assets that are located around the globe and is estimated to be the world’s eighth largest sovereign wealth fund. Lim’s statement came in late July after the fund reported a dip in its 20-year annualised real rate of return from 4.9% in fiscal 2015 (fiscal year ended 31 March 2015) to just 4% in fiscal 2016………………………………………Full Article: Source

Chinese fund takes 20% of $7.3bn Melbourne port

Posted on 21 September 2016 by VRS  |  Email |Print

The Australian state of Victoria has leased the port of Melbourne for $7.3bn (A$9.7bn) to a consortium led by the Queensland Investment Corporation (QIC), which also includes a Chinese sovereign wealth fund.
The sale price agreed was A$3.9bn higher than the original estimate for the deal, and was greeted by Daniel Andrews, the premier of Victoria, as “a A$9.7bn vote of confidence in the Victorian economy”………………………………………Full Article: Source

The sovereign wealth fund

Posted on 21 September 2016 by VRS  |  Email |Print

The sovereign wealth funds are the national investments many countries have made for their future generations. Some of these funds are huge, as seen by the figures presented in the next paragraph. The sovereign wealth funds have huge clout internationally – whether economic or geopolitical. Collectively or singularly, they can move markets, destabilise currencies or change governments.
The petrodollar wealth funds emerged in the 1970s, when the oil producing economies had surplus funds which they did not know where to park. Henry Kissinger was the brain behind the petrodollar sovereign wealth funds. As America’s chief strategist, he wanted to ensure that the surplus funds of the oil producing economies were invested in dollars – hence petrodollars………………………………………Full Article: Source

CIC, Korea’s National Pension Service pitch in for port

Posted on 20 September 2016 by VRS  |  Email |Print

China’s mammoth sovereign wealth fund, CIC, and South Korea’s National Pension Service have emerged as secondary investors in the $9.7 billion Port of Melbourne sale, underscoring the weight of international demand for top-tier Australian infrastructure despite mounting anti-foreign investment curbs from the federal government.
The two Asian funds backed Global Infrastructure Partners’ $2.24bn equity commitment to the record-breaking privatisation, with the multinational private equity firm that specialises in infrastructure ranking as one of the biggest contributors to the winning consortium……………………………………….Full Article: Source

Future Fund, others buy Port of Melbourne

Posted on 20 September 2016 by VRS  |  Email |Print

The Future Fund, Queensland Investment Corporation and one of China’s biggest sovereign wealth funds have snapped up the Port of Melbourne for a whopping $9.7 billion.
The Future Fund and QIC teamed up with international investment managers Global Infrastructure Partners and Canadian pension fund the Ontario Municipal Employees Retirement System (also known as OMERS) as part of its consortium. A fund managed by Global Infrastructure Partners will hold a 40 per cent stake in the port……………………………………….Full Article: Source

GIC looks to buy Blackstone’s Australian retirement village owner

Posted on 20 September 2016 by VRS  |  Email |Print

GIC is believed to be looking to acquire an Australian retirement village owner, National Lifestyle Villages, owned by Blackstone. Singapore’s sovereign wealth fund is understood to be attracted by the asset’s steady income stream, estimated at about AUD200m (€135m) annually.
GIC recently purchased Yes Communities in the US for $2bn (€1.8bn). The investor is expected to run into a number of competitors interested in Australia’s growing yet highly fragmented retirement living sector……………………………………….Full Article: Source

Banking crisis brewing in China but Temasek confident

Posted on 20 September 2016 by VRS  |  Email |Print

BBC reported that the Bank for International Settlements (BIS), the global banking watchdog, is concerned about the mounting risks of a Chinese banking crisis. BIS monitors the international flow of money and credit.
Temasek Holdings is very confident of the Chinese financial industry. It is now the biggest foreign investor in Chinese banks. Last year, it raised its stake in Industrial & Commercial Bank of China (ICBC) to 10 percent of the company’s Hong Kong-listed shares after a stock market rout drove the world’s largest bank to record-low valuations……………………………………….Full Article: Source

Temasek among suitors for Learfield

Posted on 20 September 2016 by VRS  |  Email |Print

Temasek Holdings Pte, the Singaporean state-owned investment group, is among the bidders for Learfield Communications Inc, according ot people familiar with the matter.
Temasek is in the second round of the Learfield auction, as are entertainment and sports talent group Creative Artists Agency LLC and Thomas H. Lee Partners, said the people, who asked not to be identified because the information is private. Temasek may opt to bid in tandem with another group, one of the people said. Learfield, which has been owned by private equity firm Providence Equity Partners since 2013, could fetch as much as US$1.2bil in a sale, the people said……………………………………….Full Article: Source

Oman fund to invest in India’s power sector

Posted on 20 September 2016 by VRS  |  Email |Print

Oman’s State General Reserve Fund (SGRF), a sovereign wealth fund, plans to support a joint venture that aims to facilitate investment in India’s power sector, a report said. SGRF will join Canada-based La Caisse de dépôt et placement du Québec (CDPQ), a leading institutional fund manager and Kuwait Investment Authority (KIA), a sovereign wealth fund in backing the platform company set up by India’s Tata Power and ICICI Venture, added the Oman Observer report.
The plat plans to raise an initial capital of up to $850 million to be contributed by the sponsors and partner investors either directly or through their affiliates, according to the report……………………………………….Full Article: Source

Wyoming considers changes in investment strategy

Posted on 20 September 2016 by VRS  |  Email |Print

As Wyoming turns over financial rocks looking to ease its budgetary shortfall, the Legislature and state Treasurer’s office have focused their attention on the crown jewel of the state’s revenue system: the Permanent Wyoming Mineral Trust Fund.
Created in 1975, the fund receives 2.5 percent of all severance taxes collected from minerals in Wyoming. The permanent fund has a current market value of $7.3 billion……………………………………….Full Article: Source

Oman wealth fund joins initiative to invest in India’s power sector

Posted on 16 September 2016 by VRS  |  Email |Print

The State General Reserve Fund (SGRF), a sovereign wealth fund of the Sultanate of Oman, is part of a trio of globally renowned investors that are backing a ‘platform company’ set up to facilitate investment in India’s booming power sector. The platform company has been jointly launched by Tata Power, India’s largest integrated power company, and ICICI Venture, a specialist alternative assets manager wholly owned by ICICI Bank, the largest private sector bank in India.
Earlier this week, Tata Power and ICICI Venture announced the establishment of the Platform to facilitate investment in power projects in India in the coming two-three years, which are in either operational or in advanced stages of development………………………………………..Full Article: Source

Now Indonesia has a sovereign wealth fund – and it won’t be the last

Posted on 15 September 2016 by VRS  |  Email |Print

Sovereign wealth funds (SWFs) are large state owned investment funds. With assets under management of about US $7trillion globally, SWFs have become key players in international finance – even surpassing the combined size of global hedge funds and private equity firms.
In the vast majority of cases SWFs were funded by the proceeds of oil and gas exports, and resource rich countries have particularly tended to create SWFs in periods when oil prices are high………………………………………..Full Article: Source

Libya sovereign fund denies handover rumours

Posted on 15 September 2016 by VRS  |  Email |Print

AbdulMagid Breish, the chairman of LIA Tripoli, and Fawzi Farkash, the newly-appointed Chairman of the Tobruk-based LIA has denied veracity of the reports that a steering committee has taken over responsibility for managing the LIA following a handover process. In a joint statement, they confirmed that these reports are “completely false”:
“Reports in recent days of a handover of power to an interim steering committee are simply untrue. Reports that a steering committee has taken over responsibility for managing the LIA following a handover process are also completely false. The Tripoli LIA and the Tobruk LIA are united in our condemnation of these totally unfounded stories.”……………………………………….Full Article: Source

Tottenham Hotspur open talks with Qatar Investment Authority over stadium naming-rights deal

Posted on 15 September 2016 by VRS  |  Email |Print

Tottenham Hotspur have reportedly entered into negotiations with the Qatar Investment Authority (QIA) over a naming-rights deal for the redeveloped White Hart Lane. The North London club are looking to secure a big-name partner for their new stadium, which is set to open at the start of the 2018-19 season.
Spurs feel that their hand has been strengthened by impressive ticket sales for their opening Champions League fixture against Monaco this evening (14 September). The club have already sold in excess of 80,000 tickets for their return to Europe’s premier club competition………………………………………..Full Article: Source

Qatar linked with $198m sponsorship deal for Tottenham Hotspur stadium

Posted on 15 September 2016 by VRS  |  Email |Print

Qatar Investment Authority has been linked with a possible sponsorship deal with Premier League club Tottenham Hotspur regarding naming rights for club’s stadium. The north London club is currently redeveloping its famed White Hart Lane ground, which will open for the start of the 2018-19 season.
The UK Times newspaper reports that club officials have opened talks with representatives from the sovereign wealth fund over a possible deal to secure naming rights for Tottenham’s home ground………………………………………..Full Article: Source

Oman wealth fund joins initiative to invest in India’s power sector

Posted on 15 September 2016 by VRS  |  Email |Print

The State General Reserve Fund (SGRF), a sovereign wealth fund of the Sultanate of Oman, is part of a trio of globally renowned investors that are backing a ‘platform company’ set up to facilitate investment in India’s booming power sector. The platform company has been jointly launched by Tata Power, India’s largest integrated power company, and ICICI Venture, a specialist alternative assets manager wholly owned by ICICI Bank, the largest private sector bank in India.
Earlier this week, Tata Power and ICICI Venture announced the establishment of the Platform to facilitate investment in power projects in India in the coming two-three years, which are in either operational or in advanced stages of development………………………………………..Full Article: Source

Mubadala CEO signals more oil deals as IPIC megamerger advances

Posted on 15 September 2016 by VRS  |  Email |Print

Mubadala Development Co, the Abu Dhabi sovereign fund merging with International Petroleum Investment Co, said potential energy deals are more attractive after the slump in oil prices drove down asset prices.
“For someone who takes a long-term view, it’s an attractive time to invest in the industry,” Mubadala chief executive officer Khaldoon Mubarak said in an interview last week at his office in the UAE capital. “We as Mubadala are players in this industry. We will continue to invest in this industry, particularly in such a time where we find valuations at a low and attractive range.”……………………………………….Full Article: Source

GLP deal a boon for Future Fund

Posted on 14 September 2016 by VRS  |  Email |Print

Singapore-listed Global Logistic Properties has delivered a windfall to Australia’s Future Fund in a deal to buy a portfolio of distribution centres in the United States from Hillwood Development for $US1.1 billion ($1.46bn).
The Australian sovereign wealth fund in 2014 boosted its exposure to the US real estate market, teaming with Dallas-based group Hillwood, which is controlled by Ross Perot Jr, in a $US1bn industrial property partnership. The pair, which had worked on earlier projects, then flagged plans to make direct and indirect investments in industrial real estate, mainly large warehouses, across North America………………………………………..Full Article: Source

Singapore’s GLP buys logistics portfolio, expands in U.S.

Posted on 14 September 2016 by VRS  |  Email |Print

Singapore-based logistics provider Global Logistic Properties announced Tuesday that it was acquiring a $1.1 billion U.S. logistics portfolio from Hillwood Development Company, expanding its reach in America.
GLP, together with Singapore’s sovereign wealth fund GIC, entered the U.S. in 2015 with a whopping $8.1 billion acquisition from private equity fund Blackstone Group. Most of GLP’s stakes were eventually sold to institutional investors from Asia and North America………………………………………..Full Article: Source

3 Key Political Factors for Attracting Sovereign Funds

Posted on 13 September 2016 by VRS  |  Email |Print

In the past year, a number of sovereign wealth fund CIOs have spent quite a bit of time revisiting their geographic exposures. Is this a country that will respect our fiduciary capital? Are there other foreign asset owners investing significant sums of money into this country?
There is a reason why sovereign wealth funds directly invested over US$ 29.4 billion (not counting fund investments and the majority of non-convertible bond purchases) into the United Kingdom during 2015, according to SWFI’s Sovereign Wealth Fund Transaction Database. Factor 1: Private Ownership Laws and Historic Rights……………………………………….Full Article: Source

Is East Africa Ready for a Sovereign Wealth Fund for its natural resources?

Posted on 13 September 2016 by VRS  |  Email |Print

Kenya, Uganda and Tanzania are among the new frontier economies in the oil and gas industry that have over the last decade announced significant hydrocarbon discoveries. These East Africa Countries (EAC) countries have introduced laws to manage oil and gas resources for the benefit of all stakeholders.
Kenya, for instance, introduced a petroleum act earlier this year; the Act stipulates that 75% of the proceeds from commercial oil and gas produced be retained by the national government, with county governments hosting the deposits receiving 20% and local community receiving 5%………………………………………..Full Article: Source

New contracts awarded for Oman Antimony Roaster

Posted on 12 September 2016 by VRS  |  Email |Print

London-based Tri-Star Resources, a major investor in a joint venture antimony roaster project under development at Sohar Port and Freezone, has awarded key contracts for the Oman project.
The company has a 40 per cent equity interest in SPMP. The balance is held by Oman Investment Fund, a sovereign wealth fund of the sultanate with a 40 per cent equity, and DNR Industries (20 per cent), a private company with interests in the mining and energy sectors………………………………………..Full Article: Source

KSA Weighing Plans to Cancel Projects

Posted on 12 September 2016 by VRS  |  Email |Print

Saudi Arabia is weighing plans to cancel more than US$20 billion of projects and slash ministry budgets by a quarter to repair finances squeezed by low oil prices, people familiar with the matter said — efforts that analysts expect to slow economic growth. The prince also plans to sell a stake in oil giant Saudi Arabian Oil Co., or Aramco, and create the world’s biggest sovereign wealth fund.
The government is reviewing thousands of projects valued at about 260 billion riyals (US$69 billion) and may cancel a third of them, three people said, asking not to be identified as the discussions are private. The International Monetary Fund expects the shortfall to drop to below 10% of GDP in 2017……………………………………….Full Article: Source

Malaysian sovereign fund Khazanah selling stake in utility Tenaga

Posted on 09 September 2016 by VRS  |  Email |Print

Malaysian sovereign wealth fund Khazanah Nasional Bhd is divesting part of its stake in national power utility Tenaga Nasional, two sources familiar with the matter told Reuters on Thursday. Khazanah is looking to sell 82 million shares of Tenaga, or about 1.5 per cent of the total shares outstanding, which could raise up to US$294 million (S$395 million), according to a termsheet seen by IFR, a Thomson Reuters publication.
The fund is looking to sell the stake at 14.30 ringgit-14.56 ringgit (S$4.76-S$4.84) per share, according to the termsheet. Tenaga’s shares closed at 14.56 ringgit on the Kuala Lumpur stock exchange on Thursday………………………………………..Full Article: Source

Potash mining firm inks investment pact with Oman wealth fund

Posted on 08 September 2016 by VRS  |  Email |Print

Australian-based mineral exploration and development company Elemental Minerals Ltd has announced that it has signed a strategic investment agreement with the State General Reserve Fund (SGRF), the Sultanate’s sovereign wealth fund, that will help finance the development of a major potash project in the Republic of Congo.
The Perth-headquartered firm announced in a statement that the SGRF is one of three globally significant strategic investors that have made a cumulative $50 million equity injection against the allocation of shares in the company………………………………………..Full Article: Source

Mubadala chief signals more oil deals as Ipic merger advances

Posted on 08 September 2016 by VRS  |  Email |Print

Mubadala Development Company, the Abu Dhabi sovereign wealth fund merging with International Petroleum Investment Co (Ipic), said potential energy deals are more attractive after the slump in oil prices drove down asset prices.
“For someone who takes a long-term view, it’s an attractive time to invest in the industry,” the Mubadala chief executive Khaldoon Mubarak said. “We as Mubadala are players in this industry. We will continue to invest in this industry, particularly in such a time where we find valuations at a low and attractive range.”……………………………………….Full Article: Source

Abu Dhabi’s Mubadala CEO doesn’t rule out more M&A

Posted on 07 September 2016 by VRS  |  Email |Print

The chief executive of Abu Dhabi state fund Mubadala said he did not rule out more mergers and acquisitions in the emirate after the planned merger of his institution with another of Abu Dhabi’s sovereign funds. “From a personal point of view, there is no doubt,” Khaldoon Khalifa al-Mubarak said, when asked about the possibility of more merger activity in the emirate.
“When the benefits of a merger are clear, it is in the interests of owners. We are in a competitive world and size matters, and the more competitive capability we form would be in the interest of concerned companies,” he added………………………………………..Full Article: Source

Temasek’s SMRT offer price deemed reasonable

Posted on 07 September 2016 by VRS  |  Email |Print

Temasek Holdings’ $1.68-a-share offer to take SMRT Corp private is “fair and reasonable”, according to the independent financial adviser Rothschild. It has recommended that shareholders either vote in favour of the scheme at a meeting on Sept 29 or sell their shares in the open market if they are able to obtain a higher price.
SMRT’s independent directors agreed with the findings and “unanimously” recommended that shareholders vote in favour of the buyout………………………………………..Full Article: Source

CIC sets its sights on major global role

Posted on 06 September 2016 by VRS  |  Email |Print

China Investment Corporation is expected to become the world’s largest sovereign wealth fund in two years with assets totaling $1 trillion under management by that time. “We have laid solid foundations in the past nine years, and we will stick to our original aim of becoming a world leading and respectable sovereign wealth fund,” Ding Xuedong, chairman and CEO of China Investment Corporation, said.
China Investment Corporation had assets totaling more than $810 billion under management by the end of 2015, and its annualized growth rate of State-owned capital reached 15.3 percent since CIC’s inception, according to CIC’s financial report of 2015. “CIC’s assets under management will exceed $1 trillion in two years based on this growth,” said Ding………………………………………..Full Article: Source

Saudi SWF plans stake in big industrial zone-source

Posted on 06 September 2016 by VRS  |  Email |Print

Saudi Arabia’s top sovereign wealth fund is negotiating to buy a stake in one of the kingdom’s most ambitious real estate projects as Riyadh restructures the economy to cope with low oil prices, a source familiar with the plan said.
The Public Investment Fund aims to invest in King Abdullah Economic City (KAEC) on the Red Sea coast near Jeddah, the source said. That would inject capital into the business zone, now being developed by Emaar the Economic City (EEC), a Saudi consortium affiliated with Dubai’s Emaar Properties Group , developer of the Burj Khalifa, the world’s tallest building………………………………………..Full Article: Source

Moody’s Sees Capital Controls Back on Azeri Agenda as Woes Mount

Posted on 06 September 2016 by VRS  |  Email |Print

The sovereign wealth fund known as Sofaz offers only $50 million in auctions held twice a week, which hasn’t been enough to supply banks. The government’s options are to continue to draw down dollars from Sofaz and the central bank or to allow the manat to weaken, according to Samir Aliyev, an analyst at the Center for Support to Economic Initiatives, a Baku-based research group.
“If the panic on the market remains after the referendum, I think the government will go for the second option,”he said………………………………………..Full Article: Source

Saudi state fund plans stake in big industrial zone

Posted on 05 September 2016 by VRS  |  Email |Print

Saudi Arabia’s top sovereign wealth fund is negotiating to buy a stake in one of the kingdom’s most ambitious real estate projects as Riyadh restructures the economy to cope with low oil prices, a source familiar with the plan said.
The Public Investment Fund aims to invest in King Abdullah Economic City (KAEC) on the Red Sea coast near Jeddah, the source said. hat would inject capital into the business zone, now being developed by Emaar the Economic City (EEC), a Saudi consortium affiliated with Dubai’s Emaar Properties Group, developer of the Burj Khalifa, the world’s tallest building………………………………………..Full Article: Source

Qatari sovereign wealth fund takes a slice of the Big Apple

Posted on 02 September 2016 by VRS  |  Email |Print

Qatar Investment Authority (QIA), the Middle Eastern country’s sovereign wealth fund, bought almost 10pc of Empire State Building owner Empire State Realty Trust as it boosts investments in North America and the Asia Pacific region.
The fund acquired 29.6 million newly issued Class A common shares at $21 each and will have a 9.9pc economic and voting interest in the real estate investment trust. The acquisition translates into a new $622m investment in Empire State Realty, the company said in a statement………………………………………..Full Article: Source

SOFAZ not interested in shares of Saudi Aramco

Posted on 01 September 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ is not planning to participate in the purchase of shares of Saudi Aramco, the state-owned oil company of the Kingdom of Saudi Arabia, which is formally known as one of the largest oil producers, Trend reported.
The government of Saudi Arabia is planning to hold an IPO (Initial Public Offering) of Aramco’s shares in 2018 and attract some $100 billion by means of the sale of 5 percent of its shares. The Saudi government engaged JPMorgan and ex-banker of Citigroup Michael Klein for the implementation of IPO………………………………………..Full Article: Source

Same old same old, Salleh says of Muhyiddin’s 1MDB remarks

Posted on 01 September 2016 by VRS  |  Email |Print

Muhyiddin Yassin wants to create the perception that the RM2.6 billion controversy is still an outstanding issue to divert issues plaguing the Opposition, Salleh Said Keruak said.
In a blog post yesterday, Salleh who claimed the Opposition was in a mess and losing ground, wondered when the former deputy prime minister was going to accept the fact that the 1Malaysia Development Berhad (1MDB) saga and donation from the Middle East have been explained more than once and that the matter was now closed. “They insist that the Prime Minister replies to the allegations against him but then when he does, they ignore these responses and act as if nothing has been replied………………………………………..Full Article: Source

Tackle 1MDB affair urgently, Catholic bishops say

Posted on 01 September 2016 by VRS  |  Email |Print

Malaysia’s Catholic bishops believe that critical issues affecting the country, such as the 1Malaysia Development Bhd (1MDB) affair, need to be resolved urgently. In its National Day message, the Catholic Bishops Conference of Malaysia admitted that while the country has advanced in many sectors, there are also issues that need to be addressed.
“These include the controversial National Security Council (NSC) Act, which is perceived as being contrary to democratic norms, the volatile financial situation with a high cost of living aggravated by excessive levies, retrenchment of workers, corruption and wastages and, particularly, the 1MDB affair………………………………………..Full Article: Source

These are the stocks the world’s biggest sovereign wealth is putting its faith in

Posted on 01 September 2016 by VRS  |  Email |Print

The sovereign wealth fund of Norway, officially known as the Government Pension Fund of Norway, is the largest in the world, worth more than £657 billion ($861.9 billion).
The fund is split, like any well-managed portfolio, between equities, bonds, property, and numerous other asset classes, with stocks making up the biggest proportion of the fund - 59.6%. Earlier in August, the fund released its second quarter report detailing the performance of all its holdings and how it did overall………………………………………..Full Article: Source

Norway Readies for Election Budget Battle as Oil Cash Tempts

Posted on 31 August 2016 by VRS  |  Email |Print

As an election nears in Norway, let the oil money fight begin. The government of western Europe’s biggest oil producer is on Tuesday starting its final round of talks to set next year’s budget, which will be presented on Oct. 6.
Prime Minister Erna Solberg will need to navigate conflicting demands of keeping up support for an economy that has been hammered by the plunge in crude and calls for trimming the record use of the nation’s oil wealth that’s threatening to erode its sovereign wealth fund………………………………………Full Article: Source

Norway’s Sovereign Wealth Fund Hampered by Outflows (Video)

Posted on 31 August 2016 by VRS  |  Email |Print

Norway’s government is withdrawing funds from the nation’s $890 billion sovereign wealth fund as it faces lower prices on crude oil and low-to-negative interest rates. Bloomberg’s Jonas Bergman examines how this may hamper the fund’s ability to manage more risk. He speaks on “Bloomberg Markets.……………………………………..Full Article: Source

Malaysian newspapers suspended over 1MDB reports can claim damages, court rules

Posted on 31 August 2016 by VRS  |  Email |Print

Malaysia’s Home Minister and the ministry’s secretary-general have been ordered to pay damages to the publisher of two local publications that were suspended last year following its series of reports about the 1Malaysia Development Berhad (1MDB) scandal.
According to The Star, the Court of Appeal ruled that the publisher – The Edge Communications Sdn Bhd – is entitled to claim for damages, after upholding the previous decision of a lower court. “We have reached our unanimous decision. We think that the respondent (the publisher) has passed the threshold under the law to claim for damages,” Justice Mohd Zawawi Salleh, who was chairing a three-man panel, was quoted saying when dismissing the ministry’s case………………………………………Full Article: Source

Singapore Sovereign-Wealth Fund to Buy Stake in Top Vietnamese Bank

Posted on 30 August 2016 by VRS  |  Email |Print

Singapore sovereign-wealth fund GIC Pte. Ltd. will acquire a 7.73% stake in Vietcombank, Vietnam’s largest bank by market capitalization, the latest in a series of bids by foreign companies for a slice of one of Asia’s hottest frontier markets.
The deal is in part the result of Vietnam’s increasing openness to outside investment as it looks to liberalize a bloated state sector and streamline regulations. GIC will purchase 305.81 million shares in Vietcombank though a private placement. The joint statement didn’t provide financial details about the stake sale, but people familiar with the process said the deal value was likely to be around $400 million………………………………………..Full Article: Source

India, Britain may create joint sub-fund under NIIF: Jaitley

Posted on 30 August 2016 by VRS  |  Email |Print

Finance Minister Arun Jaitley here on Monday said that India and Britain are exploring the possibility of creating a joint sub-fund under the National Investment and Infrastructure Fund (NIIF).
“Officials from both India and UK are jointly exploring creation of an India-UK sub-fund under the NIIF umbrella. We look forward to implementation of this task expeditiously and positively in near future,” Jaitley said during his meeting with visiting British Secretary of State for International Trade Liam Fox………………………………………..Full Article: Source

Norway’s $890 billion sovereign wealth fund outflows are affecting risk strategy

Posted on 30 August 2016 by VRS  |  Email |Print

Norway’s $890 billion sovereign wealth fund is acknowledging that rising withdrawals by the government could hamper its quest to manage more risk and generate greater returns as it takes on more and more negative yielding securities.
The net outflows are “relevant for how we think about the risk-bearing capacity of the fund,” Egil Matsen, the deputy governor at Norway’s central bank who’s in charge of oversight of the fund, said in an interview Friday while attending a central banking conference in Jackson Hole, Wyoming………………………………………..Full Article: Source

Turkey’s Sovereign Wealth Fund to ease financing for megaprojects

Posted on 29 August 2016 by VRS  |  Email |Print

Turkey’s Sovereign Wealth Fund (SWF) will aim to eliminate financing issues for megaprojects, often the biggest obstacle a project can face. It is also expected to turn domestic firms into global players in the fields of defense, aviation and software.
Following the publication of the government’s decision to create a SWF in the official gazette, the Prime Ministry-led Turkish Wealth Sovereign Fund Management Inc. was established with an estimated capital of TL 50 million ($16.93 million)………………………………………..Full Article: Source

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