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China’s NSSF returns 11.43%

Posted on 03 February 2015 by VRS  |  Email |Print

The National Social Security Fund (NSSF), China’s supplementary pension fund, realised a return of 11.43% on investment in 2014, boosting its total AUM to more than 1.5 trillion RMB (US$240 billion), according to a report from Securities Daily. This beat the returns of 6.2% and 7% achieved in 2013 and 2012, respectively. China’s CPI inflation rate lingered somewhere between 1.4% and 2.5% in 2014.
“The NSSF has displayed an inflation-beating [average] return of 8.5% per annum since its inception in 2000. Over the previous seven to eight years, our equities investments have not only managed to deliver better than market performance, but they also outperformed the fund’s fixed income return,” Wang Zhongmin, the fund’s vice chairman, said during a conference in Beijing………………………………………..Full Article: Source

Sharp rise for Uganda NSSF profit

Posted on 02 February 2015 by VRS  |  Email |Print

The National Social Security Fund (NSSF) has recorded a 23% increase in operating profit for half year ending December 31, 2014 when compared to the same period in the last fiscal year.
The Fund reports better returns on its investments and better cost management. Profit before interest for the six months increased to Ushs202 billion up from Ushs156 billion during the same period last Financial Year. Over the same period, NSSF’s total assets grew from Ushs3.9 trillion to Ushs4.9 trillion………………………………………..Full Article: Source

Bidders line up for $5bn port contest

Posted on 02 February 2015 by VRS  |  Email |Print

Global Infrastructure Partners has teamed up with Queensland Investment Corporation and ­Borealis in the contest to buy the Port of Melbourne, which could sell for as much as $5 billion. The consortium, advised by Credit Suisse and Gresham, will compete with other parties for Australia’s busiest container and cargo port, being sold by advisers Morgan Stanley and Flagstaff.
Other bidders known to be ­preparing to compete in the sales process are IFM, advised by JPMorgan, and Hastings Funds Management together with Wren House, which are advised by Royal Bank of Canada and UBS. Wren House is the infrastructure arm of sovereign wealth fund Kuwait ­Investment Authority………………………………………..Full Article: Source

Chinese money flows into UK

Posted on 02 February 2015 by VRS  |  Email |Print

Chinese companies are increasingly investing in the United Kingdom’s infrastructure sector, with the potential to invest 105 billion pounds ($170 billion) in the energy, property and transport sectors by 2025. In the years following the outbreak of the global financial crisis, Chinese companies and sovereign wealth funds have invested in UK infrastructure projects as financial investors.
In 2012, China Investment Corp, the country’s sovereign wealth fund, bought an 8.68 per cent stake in Thames Water Utilities Ltd and a 10 per cent stake in Heathrow Airport Holdings. In 2011, Cheung Kong Infrastructure Holdings purchased the UK utility company Northumbrian Water for 2.4 billion pounds. ……………………………………….Full Article: Source

1MDB is turning into a serial borrower

Posted on 02 February 2015 by VRS  |  Email |Print

Petaling Jaya Utara MP Tony Pua, look at it this way. The PM (as chairman of the sovereign fund) is caught between a rock and a hard place. If the loan is not repaid, those banks that lend the money to 1MDB (1Malaysia Development Berhad) would be in trouble in respect of their capital ratio adequacy caused by the non-performing loan (NPL) and BNM (Bank Negara Malaysia) would be forced to take action.
This is turn might cause a severe stress on the financial and banking system which the central bank can ill-afford at the present time………………………………………..Full Article: Source

Disgraceful for M’sia that Najib’s 1MDB has to ‘beg’ RM2 bil from Ananda to repay overdue loan

Posted on 02 February 2015 by VRS  |  Email |Print

It is a complete embarrassment for the Malaysian Government that 1Malaysia Development Bhd (1MDB) had to stoop to begging a loan from billionaire Ananda Krishnan to repay an overdue RM2 billion debt.
Yesterday, it was reported by both Reuters and The Edge Financial Daily that businessman Tan Sri Ananda Krishnan is understood to have firmed up an agreement to loan beleaguered 1Malaysia Development Bhd (1MDB) as much as RM2 billion to help the strategic investment fund settle a debt obligation to Malayan Banking Bhd (Maybank) and RHB Bank Bhd due at the end of this month. ……………………………………….Full Article: Source

What does AK want in return?

Posted on 02 February 2015 by VRS  |  Email |Print

The Treasury must come clean and make public all the terms behind Ananda Krishnan’s RM2bn rescue of the government investment company 1Malaysia Development Bhd, the DAP’s publicity secretary Tony Pua, said.
He said it was “a complete embarrassment” for the government that 1MDB “had to stoop to begging a loan” from billionaire Ananda Krishnan to repay 1MDB’s overdue RM2 billion debt to Malayan Banking and RHB Bank. Ananda Krishnan (AK) sold his power-generatIng group Tanjung Energy to 1MDB, which paid him through a two-part loan totalling RM5.5bn, the Edge has previously reported. It said there were no problems with the first part, a RM3.5bn 10-year loan. ……………………………………….Full Article: Source

Canary Wharf Group directors to pocket £23m from Qatari-led takeover

Posted on 30 January 2015 by VRS  |  Email |Print

Directors of Canary Wharf Group are in line for a £23m windfall following the £2.6bn Qatari-led takeover of the property firm’s parent. Sir George Iacobescu, the head of Canary Wharf Group, will get the biggest share, £3.8m, from the sale of his Songbird shares to the Qatari Investment Authority and Canadian firm Brookfield Properties.
In 2013, Iacobescu was awarded more shares that have not been released yet and would be worth a further £2.3m, taking his potential total windfall to £6.1m. A Romanian engineer who escaped Nicolae Ceauşescu’s communist regime in the 1970s, Iacobescu has been involved in the construction of the Docklands financial district in east London from its beginnings in the late 1980s……………………………………….Full Article: Source

Ananda Krishnan to lend 1MDB up to RM2 billion to settle debts

Posted on 30 January 2015 by VRS  |  Email |Print

Businessman T. Ananda Krishnan (AK) is understood to have firmed up an agreement to loan beleaguered 1Malaysia Development Bhd (1MDB) as much as RM2 billion to help the strategic investment fund settle a debt obligation to Malayan Banking Bhd (Maybank) and RHB Bank Bhd due at the end of this month, sources say.
It is understood that the loan, however, is merely an interim measure. “It (the loan) is more for 1MDB to clear this obstacle – the two banks – than anything else. The two (AK and 1MDB) are still looking at how to resolve the issue,” the source said……………………………………….Full Article: Source

Where is 1MBD’s RM7bil in Cayman Islands?

Posted on 30 January 2015 by VRS  |  Email |Print

1Malaysia Development Berhad’s (1MDB) future looks really bleak. If, as according to this report, that it has to sell its stake in order to pay its debt every month, then eventually it will have nothing left when all its properties are sold.
Secondly, it seems like a desperate measure of a person who is about to go bankrupt, when it (1MDB) sells its property (Edra Global Energy Bhd) back to the same person, T Ananda Krishnan, who sold the property to them two years ago……………………………………….Full Article: Source

Khazanah raises RM1.62 billion from placement of 2% stake in Tenaga

Posted on 30 January 2015 by VRS  |  Email |Print

CIMB Investment Bank Bhd and Credit Suisse (Singapore) Ltd, as joint bookrunners, have today successfully completed a placement of 112 million existing shares, representing a 2% stake in Tenaga Nasional Bhd.
The shares were placed out at RM14.50 each, and raised gross proceeds of RM1.62 billion for Khazanah Nasional Bhd. The placement price represents a 2% discount to the closing market price on Jan 28, 2015, of RM14.80 per share……………………………………….Full Article: Source

2014 state budget’s revenues hit 18 bln manats

Posted on 30 January 2015 by VRS  |  Email |Print

According to operative data, revenues of Azerbaijan’s state budget amounted to 18.4 billion manats, while expenditures-to over 18.699 billion manats in 2014, Finance Ministry said on January 28. The country’s state oil fund SOFAZ transferred 9.3 billion manats to the state budget as well.
Some 24 percent or 4.5 billion manats of expenditures were used for spending of social means, which is 9.9 percent or 403.9 million manats more compared to 2013……………………………………….Full Article: Source

Malaysia’s Khazanah selling Tenaga stake worth up to $454 mln-term sheet

Posted on 29 January 2015 by VRS  |  Email |Print

Malaysian state investor Khazanah Nasional Bhd is selling 112 million shares worth up to $454 million in Malaysia’s largest power group Tenaga Nasional Bhd, according to a term sheet seen by Reuters on Wednesday.
The shares are being priced at between 14.40 and 14.60 ringgit per share, according to the sheet, which is equivalent to a discount of about 1.35 to 2.7 percent to the closing price of Tenaga’s shares on Wednesday………………………………………..Full Article: Source

NZ Super Fund returns 13.89pct in 2014

Posted on 29 January 2015 by VRS  |  Email |Print

The New Zealand Superannuation Fund returned 13.89 percent during 2014, ending the year worth $27.54 billion, but it’s warning of lower returns in the future. The sovereign wealth fund was set up to help fund universal superannuation for future generations but the Government suspended annual capital contributions in July 2009 in order to pay down debt.
The Guardians of the Fund calculate that if government contributions had continued as set out in the legislation the fund would now be worth $43.4b. As at December 31, 2014, capital contributions not made totalled around $11.68b. They are forecast to re-start in 2020/21………………………………………..Full Article: Source

1MDB Said to Seek Loan Extension Before $3 Billion Energy IPO

Posted on 28 January 2015 by VRS  |  Email |Print

1Malaysia Development Bhd. is planning to seek another one-month extension on a 2 billion ringgit ($554 million) loan to give it more time to sell a stake in its energy unit, two people familiar with the matter said.
The state-owned investment company needs more time to repay the debt as it’s still in discussions with billionaire T. Ananda Krishnan, Malaysia’s second-richest person, said the people who asked not to be named as the process is private………………………………………..Full Article: Source

Moody’s: Abu Dhabi’s assets buffer oil price drop

Posted on 28 January 2015 by VRS  |  Email |Print

According to Moody’s while the drop in oil prices will likely cause Abu Dhabi’s (Aa2 stable) economic growth to slow in 2015 and put an end to four consecutive years of double-digit fiscal surpluses, the emirate’s sizeable stock of foreign assets will help cushion the impact of lower oil revenues in the coming years.
The emirate also has a sizeable stock of offshore assets in its off-budget investment vehicles, including in the Abu Dhabi Investment Authority (ADIA), Abu Dhabi Investment Council, International Petroleum Investment Company (IPIC) and Mubadala. These exceed the total liabilities of Abu Dhabi government-related institutions and other emirate governments, according to Moody’s………………………………………..Full Article: Source

Shahmar Movsumov: “Low oil price means decline of SOFAZ assets by $3 bln”

Posted on 27 January 2015 by VRS  |  Email |Print

Low oil price means decline of SOFAZ assets by $3 bln, Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov said. According to him, eh raw material prices will probably be stabilized in the second half of 2015: “It’s clear that no one expects rebound of these prices as in 2009-2010, however it will exceed the current level”.
Though economic development weakened due to oil price decline, Azerbaijan could keep its exchange rate: “GDP growth made 2.8% in 2014 in connection with decline of oil production over 2%, while it was 5.8% in 2013. Central Bank spent $1.13 bln from its financial resources to keep exchange rate of manat stable in December”……………………………………….Full Article: Source

Lone Star checks into Jurys Inn with £680m deal

Posted on 27 January 2015 by VRS  |  Email |Print

Jurys Inn became the latest target for Lone Star on Monday when the US distressed-debt investor swooped on the Irish and British hotel chain, ending years of debt restructuring at the company that was saddled with leverage at the height of the property boom. In 2008, Quinlan Private sold a 50 per cent stake to the Oman Investment Fund, one of the fund’s first investments, but along with other Irish property groups, Jurys Inn’s debts quickly soured during the downturn.
Think of a Gulf sovereign wealth fund with a penchant for investing in Britain. The names of Kuwait or Qatar will probably be first to the lips of many City dealmakers, writes Joseph Cotterill. The Sultanate of Oman keeps to a lower profile. Yet the region’s largest non-Opec oil producer has not one but two internationally active SWFs, each with investments beyond the Gulf norm………………………………………..Full Article: Source

Azeri Oil Fund to Invest $500 Million in Yuan, Keep Ruble Assets

Posted on 26 January 2015 by VRS  |  Email |Print

Azerbaijan’s State Oil Fund, known as Sofaz, will invest $500 million in yuan assets this year and continue to pursue real estate across Asian markets to diversify its portfolio, the fund’s executive director said.
“At the end of last year, we approved a quota to invest in the renminbi,” Shahmar Movsumov said in an interview in Davos, Switzerland, referring to the Chinese currency also known as the yuan. “We’re completing all the necessary paperwork and this year will start investing the whole amount” of $500 million………………………………………..Full Article: Source

Russians party on in Davos as vodka flows, Ukraine in havoc

Posted on 26 January 2015 by VRS  |  Email |Print

VTB Bank isn’t letting a bad year get in the way of a good party. Executives at the state-controlled Russian bank, which has cut hundreds of employees following U.S. and European Union sanctions, are betting a little jazz and vodka with the world’s elite will dull the pain.
Kirill Dmitriev, the CEO of Russia’s main sovereign-wealth fund, plans to be fully involved with the week’s events. Dmitriev’s Russian Direct Investment Fund is one of the sponsors of a dinner for sovereign-wealth funds. The executive plans to give a speech and use the event to build relationships with “funds from Asia, the Middle East, and Latin America.”……………………………………….Full Article: Source

Russia faces $40bn battle to stave off banking crisis

Posted on 26 January 2015 by VRS  |  Email |Print

Russia may have to spend more than $40bn this year to avert a banking crisis, as the growing likelihood of a sharp recession threatens to pile extra costs on a sector suffering from Western sanctions over Ukraine and a plunge in the rouble.
Russian banks are seeing a deterioration in their loan quality, a rise in their risk management costs and increase in their cost of funding, and banking executives and analysts predict things are going to get worse. This represents a major challenge to President Vladimir Putin, who took power 15 years ago in the ashes of a crisis that wiped out the financial system, and whose popularity partly rests on his reputation for restoring stability………………………………………..Full Article: Source

Mumtalakat won’t sell assets to plug shortfall

Posted on 26 January 2015 by VRS  |  Email |Print

Bahraini sovereign fund Mumtalakat will not sell any assets or change its investment strategy in response to a likely oil price-driven shortfall in the state budget, it said. The fund holds stakes in Bahraini companies including Alba, Gulf Air and Batelco.
Mumtalakat is fully state-owned, but unlike a sovereign wealth fund it receives no surplus cash from the government, investing money generated from its own returns. State inflows to sovereign funds are in doubt this year across the Gulf region………………………………………..Full Article: Source

Samruk-Kazyna cuts spendings by $1.83 bln in 2015

Posted on 23 January 2015 by VRS  |  Email |Print

Samruk-Kazyna will reduce its spending by 337 billion tenge ($1.83 billion) in 2015, Tengrinews reports citing the press service of the company. The National Welfare Fund Samruk-Kazyna, is a sovereign wealth fund and joint stock company in Kazakhstan which owns, either in whole or in part, many important companies in the country, including the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana airlines, and numerous financial groups.
The state is the sole shareholder of the fund. Umirzak Shukeyev is Chief Executive Officer and Chairman of the Management Board of Samruk-Kazyna. Independent directors are Alexander Mirtchev, Sir Richard Harry Evans and Nigel John Stapleton………………………………………..Full Article: Source

Bahraini fund Mumtalakat won’t sell assets to plug any budget shortfall

Posted on 23 January 2015 by VRS  |  Email |Print

Bahraini sovereign fund Mumtalakat will not sell any assets or change its investment strategy in response to a likely oil price-driven shortfall in the state budget, it said on Thursday.
The fund holds stakes in Bahraini companies including Aluminium Bahrain, Gulf Air and Batelco. Mumtalakat is fully state-owned, but unlike a sovereign wealth fund it receives no surplus cash from the government, investing money generated from its own returns………………………………………..Full Article: Source

GPT taps market to fund buyback of note

Posted on 23 January 2015 by VRS  |  Email |Print

GPT Group’s decision to tap the market for $375 million to pay for its buyback of a note held by its former white knight investor has been welcomed, but has also raised questions about GPT’s next step.
The proceeds will be used to redeem a $250m perpetual note issued to Singaporean sovereign wealth fund GIC in 2008 that carries a 10 per cent coupon………………………………………..Full Article: Source

GPT Group raises $325m as Singapore’s GIC exits

Posted on 22 January 2015 by VRS  |  Email |Print

The GPT Group has raised $325 million from institutional investors after agreeing to buy back a perpetual note held by its one-time “white knight”, Singaporean sovereign wealth fund GIC. The redemption of the note marks GIC’s exit from the company it aided in November 2008 in the depths of the financial crisis.
The investment has produced handsome returns for GIC, with yesterday’s deal on the note alone reaping the fund $75m. It has also received more than $100m in interest payments over the five years. In May last year, GIC sold its 8 per cent stake in GPT that was then valued at more than $500m………………………………………..Full Article: Source

SOFAZ investment portfolio hits 28 bln manats

Posted on 22 January 2015 by VRS  |  Email |Print

The predicted cost of the investment portfolio of Azerbaijan’s state oil fund SOFAZ was set at 28.2 billion manats for 2015. On January 19, Azerbaijani President Ilham Aliyev issued a decree approving the main directions (programs) on use of SOFAZ funds for 2015.
Forecasts for 2014 were set at the level of 27 billion manats, 25.2 billion manats in 2013, and 23 billion manats in 2012. “In 2015, SOFAZ will implement an investment policy, which allows obtaining the maximum yield at a low risk of loss of main capital,” the fund said………………………………………..Full Article: Source

Deficit-ridden budget of the Oil Fund of Azerbaijan approved for 2015

Posted on 22 January 2015 by VRS  |  Email |Print

The budget of the State Oil Fund (SOFAZ) for 2015 has been approved by the decree of Ilham Aliyev, President of Azerbaijan. According to the decree, SOFAZ revenues in 2015 are expected to be at the level of AZN 10,246,611,900, while the expenses are set at the level of AZN 11,813,909,200. In other words, the Fund’s budget will be in deficit for AZN 1,567,297,300.
The Fund’s revenue will be formed mostly by oil and gas PSA income (AZN 9,741,175,600), and by SOFAZ assets management (AZN 494,357,500). Per-acre payments of SOFAZ participants (AZN 1,568,400) and payment for transportation of oil and gas through the territory of the country (AZN 9,410,400) will also contribute to the Fund’s revenue………………………………………..Full Article: Source

No crisis yet for Qatar but fiscal discipline is vital

Posted on 21 January 2015 by VRS  |  Email |Print

As Gulf countries are devising strategies to tackle over the 60% plunge in oil prices year-to-date, Qatar may see budget deficit of $5bn-$10bn in 2015 if crude remains at $50 for the entire year, Amwal has said.
However, the country, which has the second lowest breakeven oil price among GCC countries after Kuwait, can easily manage the deficit with its huge sovereign wealth fund (SWF) assets and fiscal reserves to support its massive capital spending on infrastructure, according to Amwal………………………………………..Full Article: Source

Temasek trims CCB stake

Posted on 20 January 2015 by VRS  |  Email |Print

Temasek Holdings trimmed its stake in China Construction Bank to cash in HK$354 million last Tuesday, the Singapore government’s investment arm said. The sovereign investor sold 54.38 million H shares in China’s second-largest commercial bank at an average price of HK$6.50, reducing its shareholding in CCB to 5.99 percent from 6.02 percent.
As the world’s 10th biggest sovereign wealth fund, it is also an investor in Industrial and Commercial Bank of China and Standard Chartered. ICBC chairman Jiang Jianqing expects profit growth of mainland banks to slow down to a single digit this year, due to last year’s high base number and China’s economy entering the “new normal” stage of slower growth………………………………………..Full Article: Source

SOFAZ names revenues from Shah Deniz, ACG projects

Posted on 20 January 2015 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ has earned $2.12 billion since 2007 by implementing the project of the giant Shah Deniz oil and gas condensate field in the Azerbaijani sector of the Caspian Sea. “SOFAZ received $523 million within the Shah Deniz project in 2014,” the fund told Trend Agency on January 16.
SOFAZ also said it gained $110.15 billion from 2001 to January 1, 2015 by developing the giant Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea. “SOFAZ received $15.118 billion worth of revenues within the ACG project in 2014,” the fund added………………………………………..Full Article: Source

Azerbaijani President approves revenues and expenditures of State Oil Fund budget for 2015

Posted on 20 January 2015 by VRS  |  Email |Print

President Ilham Aliyev has signed a decree on the budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2015.
According to APA-Economics, with the decree, revenues of the budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2015 were approved as AZN 10 246 611,9 thousand, and expenditures as AZN 11 813 909,2 thousand………………………………………..Full Article: Source

Russia approves $2.3 billion funding for Hanhikivi 1

Posted on 20 January 2015 by VRS  |  Email |Print

Russia’s Cabinet of Ministers has approved up to RUB150 billion ($2.3 billion) in funding from the country’s sovereign wealth fund for the Hanhikivi 1 nuclear power plant project in Finland. Russian ministerial approval was granted on 30 December via order number 2795-pc, which was published on 16 January on the government’s official website for legal notices.
According to the document, the National Wealth Fund - as it is known in Russia - will allocate the Hanhikivi 1 project RUB35.5 billion ($549 million) in 2015, RUB51.2 billion ($792 million) in 2016 and RUB41.3 billion ($638 million) in 2017. There were no details of when the remaining RUB22 billion ($339 million) would be allocated………………………………………..Full Article: Source

Norway Sticks to Budget Plan Despite Oil Slump

Posted on 19 January 2015 by VRS  |  Email |Print

The finance minister of Norway, Western Europe’s biggest oil producer, said on Friday that she would sanction extra fiscal stimulus if the economic outlook were to worsen further but for now her budget plan for 2015 still holds despite the rapid drop in crude prices.
The budget for this year included plans to spend more of Norway’s oil money, which it keeps in the world’s largest sovereign-wealth fund, as well as a cut on a tax on wealth. Norway’s main defense against the slump in oil has so far been monetary policy, and a lower oil price was cited by the central bank when it lowered its main interest rate to 1.25% in December, and signaled a 50% chance of another cut within six months………………………………………..Full Article: Source

1MDB IPO: A chance to get it right

Posted on 19 January 2015 by VRS  |  Email |Print

Just when it looked like state-backed 1MDB was finally ready to put its energy assets on the market for Malaysia’s biggest IPO in years, the listing has come up against another delay. That hardly inspires confidence in the sovereign wealth fund. But with a new president in place, there is now a chance to set things straight — not only for the country’s capital markets but also for the sovereign itself.
There has been no end to the controversies surrounding Malaysia’s sovereign wealth fund 1MDB. For a start, it was facing a backlash from local politicians about billions of dollars it had stored in the Cayman Islands………………………………………..Full Article: Source

Nigeria: Excess Crude Account Reduced to $2.45bn

Posted on 19 January 2015 by VRS  |  Email |Print

The Minister of State for Finance, Bashir Yuguda, speaking at the end of the Federation Accounts Allocation Committee, FAAC, in Abuja on Friday announced that the balance in the excess crude account for December 2014 stood at about $2.45 billion.
According to Premium Times, transfer to the account as a result of foreign exchange gain dropped from N1.767 billion to about N665 million. The Accountant General of the Federation, AGF, Jonah Otunla, said in a statement at the end of the meeting that the balance in the account dropped from about $3.11 billion to $2.45 billion in December………………………………………..Full Article: Source

Alaska’s fiscal perfect storm

Posted on 19 January 2015 by VRS  |  Email |Print

Alaska depends on oil tax revenue from development on state lands to fund much of state government. Oil prices are volatile, and Alaska’s economy has ridden out ups and downs. With no state income or sales tax and no commitment to tap the $52 billion Permanent Fund, oil dictates most everything in Alaska.
But the growing value of the Permanent Fund, which has soared about $13 billion in five years, is a glimmer of good news amid Alaska’s economic woes. At the same time, growth in the number of state residents — many of whom collect a Permanent Fund dividend — appears to have leveled off………………………………………..Full Article: Source

SOFAZ reduces 2015 expenditures up to AZN 500 mln

Posted on 16 January 2015 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) will reduce its 2015 expenditures. APA-Economics reports that SOFAZ will reduce its expenditures AZN 491 mln to AZN 11.814 bln. According to budget package for 2015, Fund’s incomes were amounted to AZN 10.246 bln, expenditures – to AZN 12.305 bln. Fund’a budget deficit was forecasted ay AZN 2.1 bln.
Reduction of expenditures caused decline of deficit to AZN 1.6 bln. 88% or AZN 10.388 bln f expenditures will be transferred to the budget. Moreover, AZN 33.3 mln will be spent to management of the Fund. Remaining AZN 1.393 bln is intended for Fund’s projects………………………………………..Full Article: Source

GIC, Ironbridge plan IPO of Australian car-lease firm FleetPartners

Posted on 16 January 2015 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC and Australian private equity firm Ironbridge Capital are planning an initial public offering of FleetPartners Ltd in a deal that would value the car leasing company at about US$615 million, a source said.
The IPO was expected as early as April, the person, who had direct knowledge of the matter, told Reuters on Wednesday. It was not clear yet how much of the company was up for sale but the source said between 50 and 80 per cent is likely to be on the block. He did not want to be named as the transaction was confidential………………………………………..Full Article: Source

Khazanah questions Jentayu’s source of funding (Video)

Posted on 16 January 2015 by VRS  |  Email |Print

Khazanah Nasional’s Managing Director, Tan Sri Azman Mokhtar trashed some of the 34 “business proposals” it received on the restructuring of Malaysia Airline System (MAS),saying some didn’t even have credible sources of funding. He reiterated the sovereign wealth funds stance that there is no intention to break up MAS’ assets and sell them.……………………………………….Full Article: Source

SOFAZ draft budget decided to be submitted to Azerbaijani President

Posted on 15 January 2015 by VRS  |  Email |Print

SOFAZ Supervisory Board holds its following meeting A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on January 8, 2015. The meeting chaired by Mr. Artur Rasi-zadeh, Prime Minister of Azerbaijan and Chairman of the Supervisory Board discussed the SOFAZ draft budget for 2015.
The Board approved the Fund’s 2015 budget revenues at 10 246 611.9 thousand manats, its expenditures at 11 813 909.2 thousand manats and the Fund’s operating expenditures at 33 318.0 thousand manats. The Supervisory Board recommended the Fund’s 2015 draft budget, including the major directions of its investment policy, and its draft annual operating expenditures for the approval by President of the Republic of Azerbaijan………………………………………..Full Article: Source

The Oil Fund of Azerbaijan is not able to finance the national program “fiber to home”

Posted on 15 January 2015 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan Republic (SOFAZ) is not able to finance implementation of the national program for development of fiber-optic network “fiber to home”. According to Elmir Velizadeh, Deputy Minister of Communications and High Technologies, the Ministry is trying to raise funds from other sources including loans to implement this project.
“We will try to implement the project using loan facilities. Previously we expected that the project would be financed by SOFAZ”, - Velizadeh said. Earlier the SOFAZ budget provided for allocation of AZN 100 million for that project but the financing had never been opened………………………………………..Full Article: Source

GIC, Ironbridge plan IPO of Australian car-lease firm FleetPartners-Reuters

Posted on 15 January 2015 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC and Australian private equity firm Ironbridge Capital are planning an initial public offering of FleetPartners Ltd in a deal that would value the car leasing company at about $615 million, a source said.
The IPO was expected as early as April, the person, who had direct knowledge of the matter, told Reuters on Wednesday. It was not clear yet how much of the company was up for sale but the source said between 50 and 80 percent is likely to be on the block. He did not want to be named as the transaction was confidential………………………………………..Full Article: Source

Malaysia’s state investor Khazanah’s portfolio rises to $40.5 bln

Posted on 15 January 2015 by VRS  |  Email |Print

Malaysian state investor Khazanah Nasional said a 7.7 percent rise in its asset value in 2014 leaves it in good shape for what it expects to be a challenging year, as the country faces pressure from a weakening currency and falling oil prices.
The sovereign wealth fund said on Wednesday the value of its portfolio rose to 145.6 billion Malaysian ringgit ($40.5 billion) in 2014, up from 135.1 billion in 2013………………………………………..Full Article: Source

Malaysia’s Khazanah Got Aboard The Alibaba Gravy Train

Posted on 15 January 2015 by VRS  |  Email |Print

Khazanah, the Malay word for treasure, is also the name of Malaysia’s sovereign wealth fund. Like many major Asian investors, Kazanah saw value ahead of Alibaba’s IPO and invested $400 million in the burgeoning Chinese ecommerce giant back in 2012 and 2013.
The wealth fund disclosed on Wednesday it made a profit of more than $1 billion in selling a portion of its Alibaba holdings as it reported its financial performance for 2014. In the the regulatory disclosure, Kazanah also noted it was planning to increase investment in the U.S. tech sector (the fund opened an office in San Francisco in 2013)………………………………………..Full Article: Source

Malaysian sovereign fund repatriates billions from Cayman Islands

Posted on 15 January 2015 by VRS  |  Email |Print

Bowing to pressure, Malaysian sovereign fund 1Malaysia Development Berhad (1MDB) said on Tuesday that it has fully repatriated $2.318 billion invested in a fund in the Cayman Islands under the regulatory supervision of the Cayman Monetary Authority.
1MDB had been severely criticised lately by politicians on all sides and the domestic media for a lack of transparency in its business dealings. The 100 per cent government-owned fund has business interests in energy and real estate, and a board of advisors chaired by Prime Minister Najib Razak……………………………………….Full Article: Source

Russia’s Reserve Fund Grew by 72.9%, National Welfare Fund by 51.3% in 2014

Posted on 14 January 2015 by VRS  |  Email |Print

Russia’s Reserve Fund grew by 72.9 percent to top 4.94 trillion rubles year-on-year, while the National Welfare Fund increased by 51.3 percent to 4.388 trillion rubles in 2014, the Finance Ministry said on Tuesday. “As of January 1, 2015, the amount of the Reserve Fund totaled 4 trillion, 945 billion and 490 million rubles which equals $87.91 billion,” the ministry said in a report.
“The amount of the National Welfare Fund totaled 4 trillion, 388 billion and 90 million rubles which equals $78 billion,” the report said. At the beginning of 2014, the Reserve Fund totaled 2.86 trillion rubles and the National Welfare Fund totaled 2.9 trillion rubles………………………………………..Full Article: Source

1MDB recovers US$2b in the Cayman Islands

Posted on 14 January 2015 by VRS  |  Email |Print

1Malaysia Development Berhad (1MDB) president and group executive director Arul Kandasamy has confirmed in a statement, that the sovereign wealth fund has redeemed in full US$2.318 billion (RM8.24 billion) ploughed by it into a fund registered in the Cayman Islands.
1MDB had previously redeemed US$1.215 billion or 60 per cent, of the investment and has now collected the balance US$1.103 billion. “Following a commitment made by the chairman of the board of directors in a statement dated December 23, 2014, 1MDB can confirm that it has now redeemed in full the US$2.318 billion invested by the company in a Cayman Islands registered fund,” said Arul in the statement………………………………………..Full Article: Source

Australia: SWFs plead to OECD for tax rule exemption

Posted on 14 January 2015 by VRS  |  Email |Print

Australia’s and New Zealand’s largest superannuation funds and sovereign wealth funds, including the $70 billion Queensland Investment Corporation and $26bn New Zealand Superannuation Fund, have urged the Organisation for Economic Co-operation and Development to exclude them from new rules that clamp down on profit shifting and base erosion.
The proposed global tax rule could have profound ramifications on Australia’s and New Zealand’s largest super funds and sovereign wealth funds, with KPMG senior tax partner Steven Economides telling The Australian the proposed rules would be “a disaster” for local super funds………………………………………..Full Article: Source

MongoDB Raises Additional $80 Million, Sovereign Fund Leads Round

Posted on 14 January 2015 by VRS  |  Email |Print

MongoDB Inc., a maker of online database software, raised $80 million in funding as the company seeks to challenge Oracle Corp. and other software makers.
A sovereign wealth fund led the financing, and other investors included Goldman Sachs, Altimeter Capital, NEA, Sequoia and funds managed by T. Rowe Price Associates Inc. The deal values MongoDB at more than its previous valuation of $1.2 billion, according to Chief Executive Officer Dev Ittycheria………………………………………..Full Article: Source

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