Tue, Jul 29, 2014
A A A
Welcome sandeep.kottawar@wns.com
RSS

Sovereign Wealth Funds Briefing - Category | Financials more

Oman Fund Held Talks With Bulgaria About Corpbank Rescue

Posted on 26 June 2014 by VRS  |  Email |Print

Oman’s sovereign wealth fund held talks with the Bulgarian government and central bank on Tuesday about recapitalising Corporate Commercial Bank (Corpbank), Oman’s honorary consul in Sofia told Reuters on Wednesday.
Bulgaria plans to nationalise the bank, which suffered a run on deposits last week and was subsequently taken over by the central bank, if talks with shareholders including Oman fail. That prospect looked the most likely outcome after Prime Minister Plamen Oresharski said on Tuesday that shareholders were “unlikely” to rescue the country’s fourth-largest lender………………………………………..Full Article: Source

Nigeria: NSIA Rakes in N1.2 Billion By Investing 20 Percent of SWF

Posted on 26 June 2014 by VRS  |  Email |Print

As a result of its investment strategies, the Nigerian Sovereign Investment Authority (NSIA) has revealed that it earned N1.2 billion as at the end of the first quarter of 2014 by investing only 20 per cent of the Sovereign Wealth Fund (SWF).
The agency stated that its first quarter 2014 performance was wholly in line with its projections. The Managing Director, NSIA, Mr. Uche Orji, who revealed this while briefing the media in Lagos also said that the agency’s audited net profit for the period stood at N1.2 billion. He pointed out that with the changing interest rate landscape in key global markets, the NSIA would be adjusting its asset allocation strategies to take advantage of inherent benefits………………………………………..Full Article: Source

Sovereign Wealth Fund Records Modest Q1 Outing

Posted on 26 June 2014 by VRS  |  Email |Print

Buoyed by its humble performance at the end of its first full year of operation, the management of the Nigerian Sovereign Investment Authority (NSIA) at the weekend announced a net profit of N1.2 billion for its operations in the first quarter of 2014, which is more than double the N525 million reported for the whole of last year.
The NSIA, which started out with seed funding of $1 billion from the federal and state governments, reported the 2013 profit on the back of a total investment income of N1.466 billion………………………………………..Full Article: Source

NSIA Rakes in N1.2bn by Investing 20% of SWF

Posted on 25 June 2014 by VRS  |  Email |Print

As a result of its investment strategies, the Nigerian Sovereign Investment Authority (NSIA) has revealed that it earned N1.2 billion as at the end of the first quarter of 2014 by investing only 20 per cent of the Sovereign Wealth Fund (SWF). The agency stated that its first quarter 2014 performance was wholly in line with its projections.
The Managing Director, NSIA, Mr. Uche Orji, who revealed this while briefing the media in Lagos also said that the agency’s audited net profit for the period stood at N1.2 billion. He pointed out that with the changing interest rate landscape in key global markets, the NSIA would be adjusting its asset allocation strategies to take advantage of inherent benefits………………………………………..Full Article: Source

Heritage Fund earns $852 million more than expected in 2013

Posted on 25 June 2014 by VRS  |  Email |Print

The Alberta Heritage Savings Trust Fund earned $2.1 billion in interest in 2013-14, with a record 16-per-cent return on investment. The heritage fund is Alberta’s long-term savings account. It currently holds roughly $17.5 billion. Established in 1976, it was originally meant to save non-renewable resource revenue for future generations.
In recent years, the government has transferred most of the interest to general revenues to be spent. In total, interest from the fund has contributed roughly $36.5 billion to pay Alberta’s annual expenses. Over the next three years, however, the money taken out of the fund will be gradually reduced to zero………………………………………..Full Article: Source

Alberta heritage fund earned $2.1B in 2013-14

Posted on 25 June 2014 by VRS  |  Email |Print

The Alberta government says its nest egg earned $2.1 billion in the last fiscal year — a 16 per cent rate of return. The value of the Heritage Savings Trust Fund now sits at $17.5 billion.
Most of the money earned is being moved into general revenue to pay for government programs. Just under $200 million is being kept in the fund, as required by law, to protect against inflation………………………………………..Full Article: Source

Luye Pharma, Owners Seek Up to $764 Million From Hong Kong IPO

Posted on 24 June 2014 by VRS  |  Email |Print

Luye Pharma Group Ltd., a Chinese drugmaker backed by Singapore’s sovereign wealth fund, and existing owners are seeking to raise as much as $764 million from a Hong Kong initial public offering.
The company and its investors are selling 999.6 million shares at HK$5.38 to HK$5.92 each, according to terms for the deal obtained by Bloomberg News. The shareholders include GIC Pte as well as Chinese private equity firms CDH Investments Fund Management Co. and Citic Private Equity Funds Management Co., the terms show………………………………………..Full Article: Source

Nigeria: Sovereign Wealth Fund yields N1.2bn profit in Q1

Posted on 23 June 2014 by VRS  |  Email |Print

The Nigeria Sovereign Investment Authority has announced a profit of N1.2bn from its investment of the Sovereign Wealth Fund for the first quarter of this year, up from the N525m made in the 15-month period ended December 31, 2013.
In what may be considered a justification of the decision of the Federal Government to set up the SWF to save some portion of the money realised from the sale of crude oil, the NSIA also expressed optimism that it would match if not surpass the first quarter profit margin when the result of the second quarter audit was ready………………………………………..Full Article: Source

China’s CIC Vows to Improve Management After Irregularities Uncovered

Posted on 20 June 2014 by VRS  |  Email |Print

China Investment Corp., the nation’s sovereign-wealth fund, said Thursday that it plans to improve the management of its overseas investments after it was publicly criticized by the government’s auditing agency for a string of irregularities that led to unspecified losses.
China’s National Audit Office said Wednesday that CIC was found to have management shortcomings that resulted in overseas losses on six projects between 2008 and 2012. The extent of the losses wasn’t given. The auditing agency blamed the losses at CIC on dereliction of duty by management, insufficient due diligence and poor post-investment management……………………………………….Full Article: Source

Audits hit home at CIC

Posted on 20 June 2014 by VRS  |  Email |Print

China Investment Corp, the nation’s US$575 billion (HK$4.48 billion) sovereign wealth fund, said it is improving how it manages overseas investments after state auditors said mismanagement led to losses. The fund has drafted plans to rectify issues identified by the National Audit Office, analyzed the causes, and is amending related mechanisms and procedures, Beijing-based CIC said.
CIC will also strengthen due diligence for overseas deals and enhance post-investment management, and standardize the selection of external managers. An audit last year found dereliction of duty by managers and inadequate due diligence and management in 12 investments made abroad between 2008 and 2013, leading to losses………………………………………..Full Article: Source

$5b-plus irregularities at China fund, banks

Posted on 20 June 2014 by VRS  |  Email |Print

Irregularities amounting to more than $5 billion have been found at China’s sovereign wealth fund and two large state-owned banks, according to the state auditor, offering a glimpse into the opaque management of government-controlled firms.
China Investment Corporation (CIC), Bank of China and Agricultural Development Bank of China violated regulations in areas including asset selling, loan issuance and fraudulent invoicing, according to the National Audit Office (NAO). “The audit found CIC breached rules on overseas investment and risk control, domestic subsidiaries operation and financial management,” the NAO said in a statement………………………………………..Full Article: Source

Closer Look: Audit of CIC Shows Its Corporate Governance Must Be Enhanced

Posted on 20 June 2014 by VRS  |  Email |Print

China Investment Corp. (CIC), the country’s US$ 575 billion sovereign wealth fund, has been blamed by the state auditor for flaws in its management of both domestic and overseas investment projects, leading to losses. On June 18, the National Audit Office issued a report on CIC’s operations in 2012. It criticized CIC for a series of irregularities in investment assessments, subsidiary operations, and personnel and financial management.
Internal and external supervision are crucial for a sovereign wealth fund like CIC. The auditor’s report rings the alarm and should prompt the sovereign wealth fund to reexamine itself. However, assessing the investment performance of a sovereign wealth fund is not straightforward………………………………………..Full Article: Source

Chinese sovereign wealth fund mismanaged investments

Posted on 19 June 2014 by VRS  |  Email |Print

China Investment Corp failed to conduct adequate due diligence on overseas investments which led to losses, the mainland’s auditor finds. The mainland’s US$575 billion sovereign wealth fund mismanaged some of its overseas investments between 2008 and last year that led to losses, the National Audit Office said yesterday without specifying the size of the loss.
It said some employees of China Investment Corp (CIC) did not conduct adequate due diligence before investing in 12 overseas projects in the past six years. And they subsequently also failed to track the performance of those investments, it said………………………………….Full Article: Source

Auditor blames CIC

Posted on 19 June 2014 by VRS  |  Email |Print

Mismanagement at China Investment Corp, the nation’s US$575 billion sovereign wealth fund, led to overseas investment losses that could widen, according to the National Audit Office.
A dereliction of duty by managers and inadequate due diligence and post- investment management were identified in 12 investments made abroad by the fund between 2008 and 2013, according to results of an audit conducted last year. Six of the deals were unprofitable, four of them had unrealized losses, and two may potentially lose money. The report released yesterday did not name the investments or disclose their size………………………………….Full Article: Source

China Audit Found Irregularities at Wealth Fund, Two State Banks

Posted on 19 June 2014 by VRS  |  Email |Print

China’s government auditing agency said Wednesday that last year it found financial irregularities at two big state banks and the nation’s sovereign-wealth fund and that all three need to tighten their management.
The National Audit Office said it had uncovered management failures related to investments at China Investment Corp., the country’s sovereign-wealth fund, as well as irregular lending at Bank of China Ltd and Agricultural Development Bank of China.The auditor said that CIC and the state banks had largely addressed the problems as of May………………………………….Full Article: Source

Caltex and Goodman attract close scrutiny for block trades

Posted on 19 June 2014 by VRS  |  Email |Print

The largest shareholders of oil refiner Caltex and property developer Goodman Group are under close scrutiny for potential block trades worth a collective $3.8 billion after Shell’s $6.1bn exit from Woodside Petroleum this week.
Should sovereign wealth fund China Investment Corporation and energy giant Chevron exit Goodman Group and Caltex, they will follow Royal Dutch Shell’s selldown of its 19 per cent stake in Woodside Petroleum on Tuesday, $3.2bn of which was subject to a block trade………………………………….Full Article: Source

Batista seeks Mubadala refinancing after Óleo success, sources say

Posted on 19 June 2014 by VRS  |  Email |Print

The successful restructuring of bankrupt oil producer Óleo e Gás Participações SA will allow Brazilian tycoon Eike Batista to move forward with plans to cut his own debt, three sources with direct knowledge of the situation said.
Batista and his EBX holding company have been in talks to renegotiate about $2 billion owed to Abu Dhabi sovereign wealth fund Mubadala Development Co PJSC, the sources said. Batista may offer assets, including stakes in firms he either controls or has a stake in, to speed up the process, they said………………………………….Full Article: Source

Nigeria: ECA rises to N3.73bn as govts share N648.349bn in May

Posted on 19 June 2014 by VRS  |  Email |Print

Federal Government announced N3.73 billion as the balance in the Excess Crude Account saying that the amount rose from N3.6 billion in April to the level in May. Addressing newsmen in Abuja, the Accountant General of the Federation, Mr Jonah Otunla, also revealed N648.349 billion was the total allocation shared by the three ters of government.
The amount represented N582.934 billion Statutory Allocation and N65.415 billion realised from the Value Added Tax (VAT), making the total distributable revenue for the month to be N648.349 billion which when compared to last month, is N49.177 billion higher, adding that the total allocation to SURE-P as ususaI, is N35.55 billion………………………………….Full Article: Source

ECA rises to N3.73bn as govts share N648.349bn in May

Posted on 18 June 2014 by VRS  |  Email |Print

Federal Government announced N3.73 billion as the balance in the Excess Crude Account saying that the amount rose from N3.6 billion in April to the level in May. Addressing newsmen in Abuja, the Accountant General of the Federation, Mr Jonah Otunla, also revealed N648.349 billion was the total allocation shared by the three ters of government.
The amount represented N582.934 billion Statutory Allocation and N65.415 billion realised from the Value Added Tax (VAT), making the total distributable revenue for the month to be N648.349 billion which when compared to last month, is N49.177 billion higher, adding that the total allocation to SURE-P as ususaI, is N35.55 billion………………………………………..Full Article: Source

Abu Dhabi’s Mubadala In Talks To Cut Debt Owed by Eike Batista

Posted on 17 June 2014 by VRS  |  Email |Print

The biggest investor in Brazilian businessman Eike Batista’s holding company is still struggling to reduce its exposure to the troubled industrial group. Mubadala Development Co., Abu Dhabi’s sovereign-wealth fund, on Monday confirmed that it continues to negotiate ways to reduce debt that it is owed by the Brazilian businessman, a process that started last year.
“Discussions are continuing,” Brian Lott, the executive director of Group Communications at Mubadala, said in a telephone interview. “Mubadala continues to look for strategic assets and opportunities that align with our portfolio,” he added without providing further details………………………………………..Full Article: Source

Oil fund may profit from Thai prawn slavery

Posted on 13 June 2014 by VRS  |  Email |Print

Norway’s oil fund may be forced to divest its 250m kroner stake in the Thai food company CP Foods, after the UK’s Guardian newspaper reported that the company sources prawns from ships that employ slave labour.
According to Norway’s Aftenposten newspaper, the Government Pension Fund of Norway, as the oil fund is known, holds a 0.54 percent stake in the company, making it one of the largest international shareholders………………………………………..Full Article: Source

Fondo Italiano di Investimento makes first exit with Eco Eridania sale

Posted on 12 June 2014 by VRS  |  Email |Print

Italian sovereign wealth fund Fondo Italiano di Investimento has sealed its first divestment by selling its stake in waste management business Eco Eridania to fellow backers including Xenon Private Equity.
FII picked up a minority stake in the business for €10m in 2011, with Xenon coming on-board through a €14.3m financing alongside FSI in November 2012. Eco Eridania was launched in 1988 as an environmental services and consultancy company, and has since altered its business to specialise in disposing of animal and vegetable waste and hazardous materials from hospitals………………………………………..Full Article: Source

SOFAZ earned huge money from Shah Deniz, ACG projects

Posted on 11 June 2014 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ has gained about $1.853 billion from 2007 to June 1, 2014 by implementing the development project of the giant Shah Deniz gas condensate field in the Caspian Sea. SOFAZ earned some $256 million as part of the Shah Deniz project from January 1 to June 1, SOFAZ told Trend Agency.
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

Khazanah registers higher pre-tax profit of RM3.1 billion for 2013

Posted on 11 June 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd registered a higher pre-tax profit of RM3.1 billion for the financial year ended December 31, 2013 from RM2.1 billion recorded in the 2012 financial year. In a statement, Khazanah Nasional said total revenue for the 2013 financial year amounted to RM7.6 billion which comprised dividend income of RM6.6 billion.
The government’s strategic investment fund today released the “Khazanah Report 2013″ and “GLC Transformation Programme Progress Review 2014″ at the Invest Malaysia 2014 conference………………………………………..Full Article: Source

Mubadala Development Co beefs up Tabreed stake

Posted on 11 June 2014 by VRS  |  Email |Print

Mubadala Development Company has taken a greater slice of National Central Cooling Company (Tabreed) after converting bonds into equity. The Abu Dhabi state investment fund has turned AED 134mn ($36.5mn) worth of bonds into close to 80 million new shares.
Tabreed’s outstanding number of shares now stands at 738.5 million following the exercise, according to a statement to the Dubai Financial Market. The conversion price is AED 1.6856 per share, which was the agreed upon price at the time of the issuance of the bonds. Mubadala is currently the biggest shareholder in Tabreed with a 14.3% stake………………………………………..Full Article: Source

SOFAZ earns over $100 bln over 13 years

Posted on 06 June 2014 by VRS  |  Email |Print

Azerbaijan’s State Oil Fund (SOFAZ) has earned more than $100 billion ($1 = 0.78390 AZN) in the period of 2001-2013. This was said in fund’s last report released on June 4.
About 64 percent, or $64.23 billion of SOFAZ revenue earned in the past 13 years were allocated for investment, while the remaining 36 percent ($35.88 billion) were deposited in the saving account of the fund. Meanwhile, the volume of fund’s income amounted to $17.33 billion in 2013, which is slightly lower than 2012 ($17.41 million)………………………………………..Full Article: Source

Oil Fund of Azerbaijan lags behind economic growth for the first time in history

Posted on 05 June 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) is growing more slowly than the country’s economy for the first time in history. According to the SOFAZ 2013 annual report, last year the Fund’s assets increased from $34.13 bn up to $35.88 bn or by 5.12%, while the economic growth in Azerbaijan reached 5.8%. For comparison, in 2012 the Fund’s assets increased by 14.53%.
The visible lagging from the economic growth rate has already led to reduction of the Fund’s role. Last year its assets ratio to Azerbaijan’s GDP reduced from 48.9% to 48.8% of GDP………………………………………..Full Article: Source

Long-term assets of SOFAZ exceed $1,5 bln in 2013

Posted on 05 June 2014 by VRS  |  Email |Print

Assets of Azerbaijani State Oil Fund (SOFAZ) amounted to about 28,31 billion manat in 2013, compared to over 26,89 billion manat in 2012, the company’s official report said on June 4.
According to the report, some 27,09 billion manat from the overall assets accounted for current assets, while about 1,22 billion - for long-term assets. As stated in the report, SOFAZ received 13,6 billion manat (against the approved 11,48 billion manat in the fund’s budget)………………………………………..Full Article: Source

Bahrain’s Mumtalakat Ends Losing Streak, CEO Says Profits To Stay

Posted on 05 June 2014 by VRS  |  Email |Print

Bahrain’s Mumtalakat will remain profitable from now on, its chief executive told Reuters on Wednesday, as the sovereign fund ended five straight years of losses in 2013 due to improved performance at Gulf Air and lower impairments.
The fund, fully owned by the Bahraini state but run on a commercial basis, made a net profit of KD82.7 million ($219 million) in 2013 compared with a net loss of KD181.7 million in the previous year, a statement said………………………………………..Full Article: Source

Watsons sells 25% stake to Singapore’s Temasek

Posted on 04 June 2014 by VRS  |  Email |Print

Hong Kong business tycoon Li Ka-shing has sold a nearly 25% stake in Hutchison Whampoa’s Watsons to Temasek Holdings of Singapore for HK$44 billion (US$5.5 billion) after speculation arose that the beauty retailer was planning to go public this year.
The Watsons deal for a 24.95% stake was equivalent to the current market valuation of HK$176.4 billion (US$22.8 billion), which was lower than the market expectation, however, the Watsons spinoff may result in a higher-value public listing………………………………………..Full Article: Source

Abu Dhabi set for windfall from $3.35bn RAC listing

Posted on 03 June 2014 by VRS  |  Email |Print

Abu Dhabi’s Mubadala Development Company could be set for a multi-million dollar windfall as rumours gather pace that British breakdown firm RAC is about launch a listing which could double its value to around $3.35bn.
RAC was bought by US-based private equity firm Carlyle Group for £1bn ($1.67bn) in 2011 and it was reported by the Express newspaper that the firm was currently in the process of hiring investment banks ahead of a forthcoming listing………………………………………..Full Article: Source

Sovereign funds of Russia and Azerbaijan begin co-financing

Posted on 03 June 2014 by VRS  |  Email |Print

Russia is ready to increase investments in the Azerbaijani economy. Today in Baku Economic Development Minister Alexei Ulyukayev has stated that Russia is going to invest in Azerbaijan in such projects as wagon-production, oil production and oil transportation equipment, creation of logistics centers.
“From the Azerbaijani side investments are planned in the logistics sector, in particular, in the logistics center in Yekaterinburg. We’ve already discussed the use of the opportunities of sovereign funds, in particular the State Oil Fund of Azerbaijan (SOFAZ) and the National Welfare Fund of Russia, Azerbaijan Investment Company and the Russian Direct Investment Fund for co-investing in mutually beneficial projects, opening in Azerbaijan,” the Russian minister said………………………………………..Full Article: Source

UAE SWF assets to increase to Dh3.57trn

Posted on 02 June 2014 by VRS  |  Email |Print

The UAE sovereign wealth fund assets are expected to reach $975 billion (Dh3.578trn) this year, making up 43 per cent the total SWF assets held by the GCC countries.
According to global trade credit insurance company Euler Hermes, the Gulf Cooperation Council (GCC) countries’ sovereign wealth fund assets are forecast to reach $2.25 trillion (Dh8.25trn) in 2014. The UAE is followed by Saudi Arabia with SWF assets totalling $680 billion (Dh2.49 trillion), followed by Kuwait, Qatar, Oman and Bahrain…………………………………..Full Article: Source

Kazakh Wealth Fund Calls Alliance Bank Creditors to Save Lender

Posted on 02 June 2014 by VRS  |  Email |Print

Kazakhstan’s sovereign wealth fund urged creditors of Alliance Bank to support its proposed debt restructuring, saying the lender may otherwise face bankruptcy at the hands of regulators.
Alliance Bank, seeking to overhaul its debt for a second time since 2010, is “in a critical financial situation,” Yelena Bakhmutova, a deputy chief executive officer at sovereign wealth fund Samruk-Kazyna, said today by phone from the Kazakh capital Astana. “We are not ready to save Alliance Bank alone,” she said…………………………………..Full Article: Source

Oman-India fund to raise $350 million

Posted on 02 June 2014 by VRS  |  Email |Print

The Oman-India Joint Investment Fund (OIJIF) plans to raise around $350 million for a new fund that will invest in a number of sectors, including single-brand retail, specialty chemicals, pharmaceuticals and industrials, according to a report in India’s leading financial daily Livemint.
OIJIF, a equal joint venture between State Bank of India (SBI) and the State General Reserve Fund (SGRF), a sovereign wealth fund of the Sultanate of Oman, will start raising the money later this year, the paper said. Established in 2010, OIJIF was launched with a corpus of $100 million. The fund has made five investments since 2011. Its current investments include National Commodity and Derivatives Exchange Ltd, ING Vysya Bank Ltd and Solar Explosives Ltd…………………………………..Full Article: Source

Oman-India fund to raise $350 million

Posted on 30 May 2014 by VRS  |  Email |Print

The Oman India Joint Investment Fund (OIJIF) will be raising about $350 million for a new fund, two people close to the development said. OIJIF, a equal joint venture between State Bank of India (SBI) and State General Reserve Fund (SGRF), will start raising money from December. SGRF is Oman’s sovereign wealth fund.
Some of the other sovereign funds investing in India include Government of Singapore Investment Corp. (GIC), Singapore’s Temasek Holdings (Pvt.) Ltd, Abu Dhabi’s Mubadala Development Co. and the Abu Dhabi Investment Council………………………………………..Full Article: Source

Kazakh Alliance Bank debt restructuring talks break down

Posted on 30 May 2014 by VRS  |  Email |Print

Talks with creditors of Kazakhstan’s wealth fund-controlled Alliance Bank have broken down without agreement, the bank’s chief executive said on Thursday. “Negotiations have broken down, no agreement was reached,” Timur Isatayev said.
Alliance is 51 percent owned by local sovereign wealth fund Samruk-Kazyna, which has reduced its stake in recent weeks………………………………………..Full Article: Source

GIC to Sell Florida Golf Course Bought From Paulson Group

Posted on 29 May 2014 by VRS  |  Email |Print

Singapore’s GIC Pte is planning to sell the Great White Course, a 130-acre golf property adjacent to Trump National Doral Miami that may fetch $200 million as real estate prices surge in southern Florida.
The sovereign wealth fund hired CBRE Group Inc. to market the course, which it bought in February 2013 as part of its $1.5 billion acquisition of bankrupt resorts owned by a group led by hedge fund Paulson & Co. The land has permits for residential, office and retail development, according to CBRE Vice Chairman Robert Given and Senior Vice President Gerard Yetming……………………………………….Full Article: Source

Temasek may get cheaper financing for Olam: analyst

Posted on 27 May 2014 by VRS  |  Email |Print

Olam International, controlled by a unit of Singapore investment company Temasek Holdings, may be able to cut annual borrowing costs after a change in ownership control, according to Jefferies Group LLC. Spreads on Olam’s 5.75 per cent US dollar-denominated bonds due in 2017 have narrowed 147 basis points since March 14, according to BNP Paribas SA prices.
The cost of financing Olam’s about $7 billion in debt will shrink by about $100 million a year based on the spread narrowing 140 basis points, Abhijit Attavar, a Singapore-based Jefferies analyst, said. Breedens Investments Pte, a unit of Temasek, and its related parties own or control 80 per cent of Singapore-based Olam, they said in a statement on May 23 after a takeover offer closed. Breedens on March 14 had offered $2.23 each for the shares of Olam it didn’t own, valuing one of the world’s top three coffee and rice traders at $5.3 billion………………………………………..Full Article: Source

North Dakota oil tax fund about to top $2 billion

Posted on 23 May 2014 by VRS  |  Email |Print

North Dakota’s oil tax savings account is about to top $2 billion. The Legacy Fund gets 30 percent of the state’s oil tax collections. The money can’t be touched before 2017 and it would still take a two-thirds vote of the Legislature for the state to dip into the fund.
North Dakota voters approved the fund in 2010. It received its first deposit of $34.3 million in September 2011. Monthly deposits have averaged $61 million, and the fund surpassed $1 billion in April 2013. This month’s transfer of $81.7 million will put the account over the $2 billion mark, State Treasurer Kelly Schmidt said………………………………………Full Article: Source

1MDB secures second extension on US$1.9b bridge loan

Posted on 22 May 2014 by VRS  |  Email |Print

State investor 1Malaysia Development Bhd (1MDB) has won a six-month extension on a US$1.9 billion (RM6.1 billion) bridge loan, giving it more time to launch a planned initial public offering (IPO) of its power assets to cut debt, people familiar with the matter said.
The IPO, which aims to raise as much as US$2 billion and is seen as critical to reducing the fund’s debt load, is now expected in the second half of this year, the people said. Bankers had initially said the IPO could come by mid-year, but it has been pushed back due to delays related to a tender to build a coal-fired power plant that it ultimately won, as well as delays in publishing its financial accounts after a change in auditors…………………………………….Full Article: Source

SOFAZ revenues exceed 3 billion manats

Posted on 22 May 2014 by VRS  |  Email |Print

The budget revenues of Azerbaijan’s state oil fund SOFAZ reached 3.005 billion manats in the first three months of 2014. SOFAZ’s budget expenditures amounted to over 2.443 billion manats in the mentioned period.
The revenues were received from the implementation of oil and gas agreements, including over 2.99 billion manats from the sale of profit oil and gas, 2.3 million manats for transit payments, and 13.3 million manats for bonus payments, SOFAZ said on May 20…………………………………….Full Article: Source

Temasek’s StanChart stake dips after it takes dividend in cash

Posted on 21 May 2014 by VRS  |  Email |Print

Singaporean sovereign wealth fund Temasek’s stake in Standard Chartered has dipped to just below 18 percent after it opted to take the bank’s latest dividend in cash, while a majority of other investors took their payouts in shares.
Temasek has been Standard Chartered’s biggest investor since 2006. It said on Tuesday its holding had dipped to 17.75 percent, from 18.06 percent at the end of December. Any change in holding through a percentage point needs to be disclosed…………………………………Full Article: Source

Zimbabwe: Electoral & Wealth Fund Bills & Investment Agreements

Posted on 21 May 2014 by VRS  |  Email |Print

Sovereign Wealth Fund Bill The Order Paper for 20th May lists the Committee Stage of this Bill – the stage during amendments can be made while the Bill is being considered clause by clause.
The Minister of Finance and Economic Development, who is the Minister responsible for the Bill, has given notice that he will propose amendments affecting two of the Bill’s clauses: clause 6 [to reduce the size of the Sovereign Wealth Fund Board from the originally proposed 16 to 7] and clause 30 [to delete the clause entirely, because it provides for something already enacted into law by section 30 of the Finance Act 2014,………………………………..Full Article: Source

SOFAZ gets 2.07% rise in assets

Posted on 21 May 2014 by VRS  |  Email |Print

State Oil Fund of Azerbaijan has made public information on revenues and expenditures for January-March, 2014. SOFAZ told APA-Economics that the budget revenues for the period of January-March, 2014 reached 3,005.0 million manats, while budget expenditures constituted 2,443.3 million manats.
Revenue of 3,006.8 mln. manats was received from the implementation of oil and gas agreements, including 2,991.2 mln. manats from the sale of profit oil and gas, 2.3 mln. manats as transit payments, 13.3 mln. manats as bonus payments…………………………………Full Article: Source

The assets of the State Oil Fund of Azerbaijan exceeded $36.6 bn and gold assets – 30.1 tons

Posted on 21 May 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) announces about growth of its assets by 2.07% in Q1 2014. According to the SOFAZ, over the first quarter its assets have grown from $35.877 bn up to $36.618 bn.
“Starting from the first quarter of 2012 the Oil Fund has begun purchase of gold and the amount of purchased gold as of April 1, 2014 was 30 tons 175 kg (970 146 ounces)”, - the SOFAZ informs. As of April 1, the total investment portfolio of the SOFAZ was estimated at the level of $36.343 bn…………………………………Full Article: Source

Russia-China fund puts $1b into deals

Posted on 20 May 2014 by VRS  |  Email |Print

The Russia-China Investment Fund has sunk about $1 billion into three infrastructure, tourism and logistics deals, and a senior executive told China Daily that investing in agriculture and natural resources sectors will be next on the agenda.
“China is Russia’s largest trading partner and an important partner of RDIF,” Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said on Monday. “With deals in infrastructure, tourism and logistics made, we will pay attention to opportunities in sectors including agriculture and natural resources.”…………………………………….Full Article: Source

UAE’s sovereign wealth funds seen at $975 billion

Posted on 19 May 2014 by VRS  |  Email |Print

The volume of syndicated assets of the UAE sovereign wealth funds (SWF) touched $975 billion by the end of last April. By this, the UAE is the second richest country in the world in terms of the value of assets of sovereign wealth, according to the latest releases by the Washington-based Sovereign Wealth Fund Institute.
Abu Dhabi Investment Authority (ADIA) also maintained its position as the world’s second largest sovereign wealth fund with assets of $773 billion. Across the UAE, the Investment Corporation of Dubai ranked second with assets estimated at $70 billion, followed successively by the International Petroleum Investment Company (IPIC) with $65.3 billion, Mubadala Development Company with $55.5 billion, Emirates Investment Authority with 10 billion and RAK Investment Authority with $1.2 billion…………………………………..Full Article: Source

Wealth Fund Growth Boosts Norway’s Budget as Economy Slows

Posted on 15 May 2014 by VRS  |  Email |Print

Norway’s new government is tapping more oil revenue than previously estimated this year to support a slowing expansion in Scandinavia’s richest nation.
The government will use a record 140.9 billion kroner ($24 billion), of its oil revenue to plug budget deficits, up from 139 billion kroner estimated in November, according to a budget handed out in Oslo today. That’s equal to 2.8 percent of the wealth fund, down from a 2.9 percent estimate in November………………………………………..Full Article: Source

Norway to slightly increase govt spend in revised budget -NTB

Posted on 15 May 2014 by VRS  |  Email |Print

Norway’s revised 2014 budget, to be unveiled later on Wednesday, will increase spending by 1.9 billion crowns ($320 million) compared to a November proposal, news agency NTB reported, citing government documents.
The structural budget deficit is now seen at 2.8 percent of the $860 billion sovereign wealth fund, known as the oil fund, below a November forecast of 2.9 percent, NTB added. The government can spend up to 4 percent of the oil fund each year and even though spending has been rising in nominal terms, it has been on a decline as a percentage of the fund because of its rapid growth………………………………………..Full Article: Source

July 2014
M T W T F S S
« Jun    
 123456
78910111213
14151617181920
21222324252627
28293031