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Norway’s wealth fund voted against Fiat-Chrysler merger

Posted on 08 August 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund was the single largest shareholder to vote against Italian carmaker Fiat’s merger with its U.S. unit Chrysler, according to minutes of the Aug. 1 shareholder meeting.
Norges Bank, which registered for the shareholder meeting with a 2.15 percent stake, declined to say on Thursday why it voted against the tie-up or whether it would exercise its right as a dissenting investor to sell its shares in Fiat………………………………………..Full Article: Source

Australian sovereign wealth fund reports assets of AUD101bn+

Posted on 07 August 2014 by VRS  |  Email |Print

The Future Fund reports that in the 2013/2014 financial year investment returns added AUD12bn to its value. Original contributions to the fund from government valued at AUD60.5bn have generated investment returns of over $40bn and overall, the value of the sovereign wealth fund has increased to AUD101bn.
Over seven, five, three and one year periods to the end of June this year the fund has either met or exceeded its return objective: Since its creation in May 2006 the Fund has achieved a return of 7.1% per annum, just shy of its target of 7.2%. “These returns show the value of long-term and patient investing. In the Fund’s early days, in a challenging investment climate, the returns were below the target range, but disciplined adherence to clear objectives have delivered good results over the medium-term. The Fund is now focused on performance through to 2020 and beyond,” notes Peter Costello, chairman of the sovereign wealth fund………………………………………..Full Article: Source

Sovereign Wealth Fund Direct Transactions Highest YTD Since 2008

Posted on 07 August 2014 by VRS  |  Email |Print

Direct deals and transactions by global sovereign wealth funds touched US$ 50.02 billion in the first half of 2014. This is a 23.1% increase in transactions comparing it to the first half of 2013 (US$ 40.64 billion). The highest first half on record of direct sovereign wealth fund transactions was the first half of 2008 (US$ 51.05 billion), a significant portion of that amount was attributable to the bank bailouts.
Singapore is the lead acquiring nation for sovereign wealth fund direct transactions with US$ 21.21 billion for the first half of 2014. This is followed by the United Arab Emirates and China. In 2014, Temasek Holdings opened a New York office………………………………………..Full Article: Source

Saudi funds abroad cross SR385 billion

Posted on 06 August 2014 by VRS  |  Email |Print

Financial assets belonging to independent Saudi organizations, including the Saudi Arabian Monetary Agency (SAMA) and Public Investment Fund (PIF), in foreign countries amounted to SR385.3 billion, comprising 63 percent of their total assets.
“These organizations have invested SR335.1 billion, or 55 percent of their total assets in foreign stock markets and bonds,” said an analytical report, adding that they deposited SR50.2 billion, or eight percent of their funds, in foreign banks………………………………………..Full Article: Source

Value of Australia’s Future Fund Exceeds $100 Billion for the First Time

Posted on 05 August 2014 by VRS  |  Email |Print

Australia’s Future Fund has reached $101 billion on Monday, exceeding the $100 billion mark at the end of June after its investment returns for the 2013-14 financial year yielded $12 billion. Former Treasurer Peter Costello established the fund in 2006. Since then and despite the global financial crisis in 2008, the fund enjoyed an average nominal annual growth rate of 7.1 per cent, just slightly lower than its 7.2 per cent target.
Costello, the chairman of the fund, said that during the fund’s early days when the investment climate was challenging, resulting in returns yielding lower than the company’s target range. However, he pointed out that disciplined adherence to clear objectives resulted in good growth rates over the long term………………………………………..Full Article: Source

Future Fund facing super shortfall

Posted on 05 August 2014 by VRS  |  Email |Print

A lack of budget surplus contributions to the Future Fund could see it come up short in meeting federal public service superannuation liabilities, The Australian reports. Yesterday the Future Fund announced returns in fiscal 2014 that far exceeded the target rate, but the government’s super liabilities for 2020 – when the Fund is due to start paying out – are on track for $200 billion, well above the current $101bn size of the Fund.
Future Fund chairman Peter Costello said the fund had no control over future liabilities, but more funds from the government would be welcomed. “We have had six years of no contributions and if you are asking me whether it would have been nice to have had some contributions, yes, of course it would be nice to have some contributions,’’ Mr Costello told The ­Australian………………………………………..Full Article: Source

Mid Europa raises €810m for fourth fund

Posted on 05 August 2014 by VRS  |  Email |Print

Mid Europa Partners, the largest private equity group in central and eastern Europe, has raised €810m for its fourth fund – half the amount it raised before the financial crisis – as investors take a cautious view on the region amid mounting tensions between Russia and the west.
The arrangement, dictated by a handful of Asian and Middle Eastern sovereign wealth funds that have taken large positions in the new fund, means Mid Europa will have up to €1.5bn in total to spend on acquisitions across countries including Poland, the Czech Republic and Slovakia. It does not invest in Ukraine………………………………………..Full Article: Source

AEDC Says Permanent Fund Dividend May Rise This Year

Posted on 05 August 2014 by VRS  |  Email |Print

Forecasting suggests that this year’s Permanent Fund Dividend is expected to rise significantly. KDLG’s Chase Cavanaugh has more on the market analysis. The Anchorage Economic Development Corporation predicts that the declining dividends in the Alaska Permanent Fund are expected to reverse this year.
Established in 1976, the Permanent Fund sets aside oil revenues in a dedicated place for future generations. Part of this program is an annual dividend paid to Alaska residents, last year’s totaling $900 per individual. Bill Popp is AEDC’s CEO, and he says this year’s dividend will increase significantly………………………………………..Full Article: Source

GIC reports steady returns

Posted on 04 August 2014 by VRS  |  Email |Print

Singapore investment fund GIC posted brighter returns on the nation’s nest egg as the world economy kept growing and financial markets stayed robust. ver five years to March 31 this year, GIC’s assets across the globe returned 12.4 per cent in US dollar terms - well above the 2.6 per cent for the five years to March 31 last year.
The big jump came as worldwide markets kept rebounding strongly from the lows of the 2008-2009 global financial crisis. “Its five-year returns improved significantly because the 2008 bear market has been flushed out,” said APS Asset Management founder and chief investment officer Wong Kok Hoi, who used to work at GIC………………………………………..Full Article: Source

Abu Dhabi-backed Carlyle see Q2 earnings double

Posted on 04 August 2014 by VRS  |  Email |Print

Carlyle Group, the US private equity firm in which Abu Dhabi’s Mubadala Development Company owns a 7.5 percent stake, announced its second-quarter earnings doubled from a year earlier as one of its European buyout funds started paying performance fees, highlighting the growth potential of its private equity business in Europe.
While two US buyout funds accounted for more than half of all of Carlyle’s performance fees in the quarter, the Washington, DC-based private equity firm said its third European buyout fund was now also a contributor………………………………………..Full Article: Source

Insecurity: Reps want Jonathan to draw from Excess Crude Account

Posted on 01 August 2014 by VRS  |  Email |Print

Lawmaker in the House of Representatives, Rep Francis Haske Hannaniya (PDP, Adamawa) advised President Goodluck Jonathan not to wait for the National Assembly’s approval on his request to take loan of $1 billion. Instead, he said the president should withdraw from the excess crude account to fight Boko Haram.
The lawmaker who represents Gombi/Hong Federal Constituency of Adamawa state made the call yesterday in Abuja while reacting to the renewed killings by Boko Haram in parts of Adamawa, Yobe, Borno and Kano state………………………………………..Full Article: Source

Size of 2014 PFD checks may double from 2013’s $900

Posted on 31 July 2014 by VRS  |  Email |Print

The Alaska Permanent Fund Corp. predicts the size of the annual dividend check that qualifying Alaskans will receive this year will be considerably more than the $900 checks distributed in 2013, and may approach the all-time record. “I think the punchline is that the dividend is going to be right about doubling from last year,” said Mike Burns, the executive director of APFC.
That could mean a 2014 check of $1,500-$2,000, depending on how the final numbers work out, according to Burns. The largest Permanent Fund payout in history was the $2,069 paid in 2008; the least was the $331 paid in 1984, the third year of Permanent Fund distributions………………………………………..Full Article: Source

Flipkart Gets $1 Billion From Investors Led by Tiger

Posted on 30 July 2014 by VRS  |  Email |Print

Flipkart.com, India’s biggest online retailer, raised $1 billion as investors, including Tiger Global Management LLC and South Africa’s Naspers Ltd. (NPN), increased their stakes.
Singapore sovereign wealth fund GIC Pte and Russian billionaire Yuri Milner’s DST Global, also made investments, Flipkart said in a statement today. The e-commerce company said it has 22 million registered users and handles 5 million shipments a month………………………………………..Full Article: Source

With a $1 billion funding round wrapped up, what next for Flipkart?

Posted on 30 July 2014 by VRS  |  Email |Print

Shopping website Flipkart said it has received $1 billion in funding from Singapore’s sovereign wealth fund, GIC, and existing investors Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina. This is the biggest round of funding into any Indian startup. The investment was co-led by existing investors Tiger Global Management and Naspers.
This is one of the largest investments raised in a single round globally. Taxi rental startup Uber raised $1.2 billion earlier this year. Facebook had raised $1 billion in 2011………………………………………..Full Article: Source

Aberdeen’s assets drop as client withdraws £4bn

Posted on 29 July 2014 by VRS  |  Email |Print

Aberdeen Asset Management’s assets dropped in the second quarter of 2014, following a substantial withdrawal by a major client. In the three months to the end of June, the Asian Sovereign Wealth Fund withdrew £4bn from Asia Pacific and global equities mandates.
The withdrawal took total net outflows from Aberdeen’s assets in the period to £5.5bn, with money flowing out of equity, fixed income and Aberdeen Solutions products………………………………………..Full Article: Source

Temasek Fully Exits From New China Life Insurance

Posted on 29 July 2014 by VRS  |  Email |Print

Singapore’s sovereign wealth fund Temasek Holdings exited its entire stake in New China Life Insurance (NCI) last week for a total of proceeds of US$276 million, according to media reports.
It sold 78 million shares at HK$27.45 per share, representing a 5.5% discount to the Hong Kong-listed firm’s closing price last Friday at HK$29.05. Goldman Sachs and UBS AG managed the selldown………………………………………..Full Article: Source

SOFAZ allocates over $300 million for construction of new drilling rig in Azerbaijan

Posted on 28 July 2014 by VRS  |  Email |Print

As of June 30, 2014, over 236.44 million AZN was allocated for the construction of new generation floating drilling rig from the State Oil Fund of Azerbaijan (SOFAZ), according to the official website of the fund.
The report notes that the cost of the construction project of new generation floating drilling rig in Azerbaijan amounts to $1.116 billion. SOFAZ owns 90 percent share in “Azerbaijan Rigs” LLC, created for the construction of a new platform. The remaining 10 percent of shares in the company is owned by the State Oil Company of Azerbaijan (SOCAR)………………………………………..Full Article: Source

Temasek exits New China Life with $276 mln share selldown

Posted on 28 July 2014 by VRS  |  Email |Print

Singapore state investor Temasek Holdings said on Friday it had sold all of its remaining shares in New China Life Insurance (NCI), on the back of a 27 percent rally in the stock over the past year.
Temasek sold 78 million shares in NCI, China’s third-largest life insurer at HK$27.45 each raising $2.14 billion ($276 million), after offering the stock in a HK$27.30 to HK$27.85 per share indicative range, a source familiar with the deal told Reuters………………………………………..Full Article: Source

Dubai builder Arabtec posts major cash deficit for second quarter

Posted on 28 July 2014 by VRS  |  Email |Print

Arabtec is likely to need a capital injection or new debt financing after its second-quarter earnings figures showed a significant worsening of its cash position, analysts said.
Aabar, which owns 18.94 per cent of Arabtec, is the company’s second-largest shareholder. Aabar is owned by International Petroleum Investment Corporation, an Abu Dhabi sovereign wealth fund that manages $65.3bn in assets, according to the Sovereign Wealth Fund Institute………………………………………..Full Article: Source

Temasek divests New China Life stake in block

Posted on 25 July 2014 by VRS  |  Email |Print

Singapore’s Temasek Holdings sold its stake in New China Life, China’s third largest insurer, on Thursday after launching a 78 million share block trade after the market close.
Joint leads Goldman Sachs and UBS marketed the deal at HK$27.30 to HK$27.85 per share before pricing towards the bottom of the range at HK$27.45. This represented a 5.5% discount to the stock’s HK$29.05 close. About 100 accounts placed orders in the $276 million deal but allocations were skewed towards a couple of large anchor accounts, which the leads had built the deal around………………………………………..Full Article: Source

Norway Fund’s Top Russia Holding Include VTB, GAZ Auto

Posted on 25 July 2014 by VRS  |  Email |Print

Norway’s $890 billion sovereign wealth fund, the world’s biggest, has said it’s reassessing its investments in Russia as the European Union considers expanding sanctions against the country.
The fund will make “the necessary adjustments” if its holdings were to be affected by sanctions against Russia that Norway backs, Runar Malkenes, a Finance Ministry spokesman, said this week. Below is a list of the fund’s 20 biggest stakes in Russian companies, ranked by percent of ownership, as of Dec. 31, according to data from the wealth fund’s website………………………………………..Full Article: Source

Norway’s State-Run Investment Fund May Sell $8B Of Russian Assets

Posted on 25 July 2014 by VRS  |  Email |Print

Norway, whose government-managed investment fund is worth more than $900 billion, is considering selling its Russian-based investments, totaling as much as $8 billion, as the European Union mulls new sanctions against Russia following the downing of Malaysia Airlines Flight MH17 last week.
Bloomberg News reported on Thursday that Norway, which is not an EU member country said it’s prepared to make the changes and quoted Runar Malkenes, a Finance Ministry spokesman, saying “If the oil fund’s investments become affected by economic sanctions against Russia that Norway supports,” the fund “will need to make the necessary adjustments to accommodate the new situation.”……………………………………….Full Article: Source

Philippines should divert reserves to form a SWF, says BSP’s Medalla

Posted on 24 July 2014 by VRS  |  Email |Print

The increasing level of political and economic stability in the Philippines means the country’s central bank should move a portion of its reserves into a sovereign wealth fund (SWF) based on a pension-fund model, according to Felipe Medalla, member of the monetary board of the Central Bank of the Philippines (BSP).
The BSP has reserves of $80 billion, equivalent to about one third of the country’s GDP. These assets are managed on a conservative basis, primarily invested in highly rated sovereign paper. Medalla said that in addition to looking to invest in higher yielding assets, the central bank should consider moving a portion of its assets into a SWF……………………………………….Full Article: Source

Assets of Azerbaijani State Oil Fund exceed $37 billion

Posted on 23 July 2014 by VRS  |  Email |Print

The revenues of the State Oil Fund of Azerbaijan amounted to 6,493.6 million AZN and expenses - 5,163.1 million AZN in the first half of 2014, the fund reported.
The revenues from the implementation of oil and gas contracts stood at 6,374.8 million AZN, including the sale of profitable oil and gas - at the level of 6,335.4 million AZN during the reported period. The fund`s income from transit operations amounted to 4.4 million AZN. The fund implemented bonus payments in the amount of 13.3 million AZN in January-June. The contributions from payments acreage payment amounted to 1.7 million AZN in the first half of the year………………………………………..Full Article: Source

Kazkommertsbank Plans $205 Million Buyback From State

Posted on 23 July 2014 by VRS  |  Email |Print

Kazkommertsbank, Kazakhstan’s largest lender, plans to spend 37.6 billion tenge ($205 million) on buying back part of a stake acquired by sovereign wealth fund Samruk-Kazyna at the height of the financial crisis.
Kazkommertsbank offered to buy a maximum of 79.2 million of ordinary shares from minority stakeholders for 475.3667 tenge apiece, the Almaty-based lender said by e-mail today. Samruk-Kazyna invested 36 billion tenge in 2009 for 165.7 million shares, or a 21 percent stake………………………………………..Full Article: Source

IL&FS Transportation Networks to raise up to $166M via QIP, convertible bonds

Posted on 23 July 2014 by VRS  |  Email |Print

IL&FS Transportation Networks Ltd, a subsidiary of IL&FS that develops and manages toll roads, has received the board approval to raise up to Rs 1,000 crore ($165.9 million) through further issue of equity shares of the company, the company said in a stock market disclosure. It is backed by StanChart IL&FS Asia Infrastructure Growth Fund, Bessemer Venture Partners and Norwegian sovereign wealth fund Government Pension Fund Global.
Its private equity investors include Standard Chartered IL&FS Asia Infrastructure Growth Fund and Bessemer Venture Partners. The firm also counts Norwegian sovereign wealth fund Government Pension Fund Global as a shareholder………………………………………..Full Article: Source

Malaysian Airlines faces bankruptcy or going private

Posted on 23 July 2014 by VRS  |  Email |Print

Malaysian Airline System Bhd., reeling from its second disaster in four months, is likely near the end of its days as a publicly traded company. The company plans to present a revival plan to its state-run parent Khazanah Nasional Bhd. this week, people familiar with the matter said Monday, asking not to be identified because the talks are private. The options range from Khazanah taking Malaysian Air private to bankruptcy, according to one of the people, with both routes involving a delisting.
Even a month before the latest disaster, Khazanah was estimating that the unprofitable airline only had enough funds to last it about a year………………………………………..Full Article: Source

Qatar’s stake in Glencore in focus

Posted on 23 July 2014 by VRS  |  Email |Print

A curious stock exchange filing suggesting that Qatar Holding had trimmed its stake in Glencore drew attention to the FTSE 100 commodities giant. The sovereign wealth fund is the biggest shareholder in Glencore and played a key role in its takeover of Xstrata in 2012 when, as the bid target’s second-largest investor, it initially opposed the blockbuster deal.
On Tuesday, Qatar Holding was in focus once again as traders picked up on a filing that, on first read, caused some confusion about its Glencore stake………………………………………..Full Article: Source

Azerbaijan’s Oil Fund compensates investment losses from Ukrainian crisis

Posted on 22 July 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has overcome the negative effects of the crisis around Ukraine. SOFAZ reports that in the 1st quarter the Fund had investment losses on shares of Russian companies, relating to the events around the Ukraine and in the 2nd quarter the Fund received revenue of AZN 118.8 million from asset management.
As a result, SOFAZ revenues for the first half of 2014 amounted to AZN 6.49 bn and expenditures AZN 5.16 bn, i.e. the budget was implemented with an actual surplus of AZN 1.3 bn………………………………………..Full Article: Source

SOFAZ transfers 4 883.8 mln manats in January-June 2014

Posted on 22 July 2014 by VRS  |  Email |Print

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2014 reached 6 493.6 mln. manats, while budget expenditures constituted 5 163.1 mln. manats.
Revenue of 6 374.8 mln. manats was received from the implementation of oil and gas agreements, including 6 355.4 mln. manats from the sale of profit oil and gas, 4.4 mln. manats as transit payments, 13.3 mln. manats as bonus payments and 1.7 mln. manats as acreage fees.The revenues from managing assets of the Fund for January-June 2014 amounted to 118.8 mln. manats………………………………………..Full Article: Source

Azerbaijan Oil Fund’s assets exceed $37.6 bn and gold assets – 30.1 tons

Posted on 22 July 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) announces about growth of its assets by 4.86% in the first half of 2014. According to the SOFAZ, its assets as of July 1, 2014 has grown by 4.86% compared to the beginning of 2014 ($35.877 bn) and stood at $37.6 bn.
“Starting from 2012 the Oil Fund has begun purchase of gold and the amount of gold as of July 1, 2014 was 30 tons 175 kg (970 146 ounces),” the SOFAZ informed………………………………………..Full Article: Source

Oman Fund Working To Rescue Bulgaria’s Corpbank

Posted on 22 July 2014 by VRS  |  Email |Print

The Omani sovereign wealth fund is potentially a key player in Bulgaria’s banking crisis because it owns 30 per cent of Corpbank, which it bought in 2009. Bulgarian Finance Minister Petar Chobanov spoke to the head of Oman’s State General Reserve Fund (SGRF) last week about the prospect of it helping out after a planned state bailout of the bank ran into opposition in Bulgaria’s parliament.
“The Bulgarians have agreed to work with the shareholders to provide a feasible working plan within a time frame of three months, as a substitute for the nationalisation option,” the source said, declining to be named under briefing rules………………………………………..Full Article: Source

Oman SWF mulling Bulgarian bank rescue

Posted on 21 July 2014 by VRS  |  Email |Print

Bulgarian finance ministry officials held talks on Friday with Oman’s sovereign wealth fund on the chances of recapitalising the fourth-largest Bulgarian bank, CCB, which is on the brink of collapse.
Finance Minister Petar Chobanov and the head of Oman’s fund Abdul Salam Al-Murshidi confirmed in a phone call “their readiness to find a working solution for the bank,” Chobanov’s office said in a statement. The Omani fund owns 30 percent of the Corporate Commercial Bank, which was shut on June 20 after media reports of alleged fraud sparked a three-day run on the bank………………………………………..Full Article: Source

Oman fund working to rescue Bulgaria’s Corpbank-source

Posted on 21 July 2014 by VRS  |  Email |Print

An Omani sovereign wealth fund and other shareholders in Bulgaria’s Corporate Commercial Bank are seeking to stabilise the troubled lender and hope a feasible plan will be put together within three months, a fund source told Reuters on Sunday.
Bulgarian Finance Minister Petar Chobanov spoke to the head of Oman’s State General Reserve Fund (SGRF) last week about the prospect of it helping out after a planned state bailout of the bank ran into opposition in Bulgaria’s parliament………………………………………..Full Article: Source

Bulgaria speaks to shareholder Oman about Corpbank rescue

Posted on 21 July 2014 by VRS  |  Email |Print

Bulgaria’s finance minister spoke to the head of Oman’s sovereign wealth fund on Friday about help for Corporate Commercial Bank and said the government now hoped to engineer a private rescue rather than a state bailout of the failing bank.
Corpbank, was forced into the control of Bulgaria’s central bank in June after depositors unnerved by reports of shady deals by the bank’s main owner withdrew more than a fifth of its total deposits. A subsequent audit showed activities at the bank “incompatible with the law and good banking practices” according to the central bank………………………………………..Full Article: Source

Government Fund With Majority Malaysia Airlines Stake Considers Taking It Private

Posted on 21 July 2014 by VRS  |  Email |Print

The government fund that owns a majority stake in Malaysia Airlines is increasingly leaning toward taking the company private, after the carrier lost a second plane in five months, according to people familiar with the matter.
Khazanah Nasional Bhd., Malaysia’s state investment fund and holder of a 69% stake in flag-carrier operator Malaysian Airline System Bhd., had already been considering a purchase of the rest of the company, along with other restructuring proposals, even before a full flight from Amsterdam to Kuala Lumpur crashed in Ukraine on Thursday………………………………………..Full Article: Source

SOFAZ earns enormous profit from ACG, Shah Deniz projects

Posted on 18 July 2014 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ has gained over $102.8 billion from 2001 to July 1, 2014 by implementing the project of developing the giant Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.
The fund earned around $7.78 billion from ACG project from January 1 to July 1, SOFAZ told Trend Agency on July 16. The ACG block of fields has been active since 1997. Production started from the Chirag part of the field. It was followed successfully by Azeri Project; Central Azeri production in February 2005, West Azeri in December 2005, and East Azeri in October 2006………………………………………..Full Article: Source

Singapore says no plan to manage pension money separately

Posted on 18 July 2014 by VRS  |  Email |Print

Singapore’s government has clarified that there are no imminent plans for contributions to its Central Provident Fund (CPF) retirement scheme to be managed as a separate investment entity within the city state’s sovereign wealth fund (SWF).
As things currently stand, pensions money contributed to the CPF is invested in Special Singapore Government Securities (SSGS); debt instruments whose proceeds are managed by the Government Investment Corporation (GIC) and Monetary Authority of Singapore (MAS). As a result, retirement contributions are pooled with other government surpluses and managed collectively by the GIC, rather than as a separate pension fund………………………………………..Full Article: Source

Will 1MDB go bust without asset revaluations?

Posted on 18 July 2014 by VRS  |  Email |Print

The Finance Ministry must explain whether 1Malaysia Development Bhd (1MDB) may go bankrupt or even insolvent if they continue to rely on an Asset Revaluation Gain of RM2.7 billion to record a profit of RM778 million and ignores the rise in total debts to RM42.3 billion that nearly matches its total assets of RM44.7 billion.
When 1MDB finally submitted its much-delayed accounts for financial year 2013 ended March 31to the Companies Commission of Malaysia, after having changed auditors, 1MDB revealed once againthat it cannot make money without creatively manufacturing a paper profit from land revaluation………………………………………..Full Article: Source

ECA rises to $4.5bn as FG, States, LGs share N755.9bn in June

Posted on 18 July 2014 by VRS  |  Email |Print

The Federation Accounts Allocation Committee (FAAC) yesterday shared a total distributable revenue amounting to about N755.95 billion among the three tiers of government for June as it emerged that the money, Excess Crude Account (ECA) kept to provide succour in rainy days had increased from about $3.6 billion to about $4.5 billion.
In the previous month, to total revenue collection in the month under review was significantly helped by the Company Income Tax (CIT), Petroleum Profit Tax (PPT)-particularly, the upward review of estimates by some companies………………………………………..Full Article: Source

Qatar Bank Masraf Gives JV Sale Details After Bourse Suspension

Posted on 17 July 2014 by VRS  |  Email |Print

Qatari lender Masraf Al Rayan offered more detail into the sale of its stake in a real estate joint venture to a state fund on Tuesday, after the country’s stock exchange suspended the bank’s shares for a lack of clarity on the deal.
Masraf Al Rayan, which has the largest MSCI weighting of any Qatari stock, said on Sunday it was selling its 50 per cent stake in Seef Lusail Real Estate Development Co to the real estate arm of the Gulf state’s sovereign wealth fund………………………………………..Full Article: Source

ECA swells to $4.05b

Posted on 16 July 2014 by VRS  |  Email |Print

The balance in the Excess Crude Account (ECA) has increased to $4.05 billion, following the approval by the Federation Account Allocation Committee (FAAC) for the transfer of N50.35 billion into the ECA.
At the end of the FACC meeting for the distribution of June 2013 allocation to the three tiers of government, members of the committee, especially those from the states, kicked against the retention of fuel subsidy. They described the retention of fuel subsidy as a fraud against the country………………………………………..Full Article: Source

Calpers, Calstrs Report 18% Gain on Investment for Year Ended June 30

Posted on 15 July 2014 by VRS  |  Email |Print

The nation’s two biggest pension funds reported investment gains of at least 18% for the fiscal year ending June 30, bolstering their coffers even as they continue to battle persistent shortfalls.
The two California funds, California Public Employees’ Retirement System and the California State Teachers’ Retirement System, benefited from a stock-market surge as their investments in domestic and international equities notched returns of nearly 25%—higher than internal goals set by both funds. ……………………………………….Full Article: Source

GIC Said to Have Backed Out of Lone Star’s Tokyo Property Sale

Posted on 14 July 2014 by VRS  |  Email |Print

GIC Pte, Singapore’s sovereign wealth fund, backed out of buying a Tokyo property from Lone Star Funds, according to people familiar with the transaction. GIC, which had entered exclusive negotiations with the U.S. fund, withdrew from pursuing Meguro Gajoen, an office and banquet hall complex in Tokyo, because of a dispute between two other parties involving land included in the sale, the people said, asking not to be identified because the information is private.
Both GIC and Hudson Japan K.K., a local unit of Lone Star, declined to comment. GIC’s withdrawal comes after Dallas-based Lone Star renewed efforts earlier this year to sell the property by including the land in the offer amid rising interest from investors in Japan’s property market………………………………………..Full Article: Source

Kazakhstan’s National Fund reaches $77 billion

Posted on 14 July 2014 by VRS  |  Email |Print

The National Fund of Kazakhstan has reached $77 billion, Kazakhstan National Bank Chairman Kairat Kelimbetov said yesterday during his meeting with President Nursultan Nazarbayev, the presidential press service reported.
According to the National Bank, in January-June 2014 Kazakhstan’s total international reserves including the National Bank gold and forex reserves and National Fund assets increased from $95.5 billion to $103 billion………………………………………..Full Article: Source

Kazakhstan announces its international reserves figure

Posted on 11 July 2014 by VRS  |  Email |Print

Aggregated international reserves of Kazakhstan comprising the gold and FX reserves of the Central Bank and assets of the National Oil Fund grew from January 2014 to June 2014 from $95.507 billion to $103.078 billion, according to the Central Bank’s Press Service.
The National Fund of Kazakhstan was created in 2000 as a stabilization fund that accumulates windfall revenues from oil sales and ensures the economy of Kazakhstan will be stable against the price swings of oil. The assets of the National Fund assets are monitored by the National Bank of the Republic of Kazakhstan. Tengrinews.kz reported earlier this year that $2.7 billion out of the National Oil Fund is to be allocated in 2014 to stimulate the country’s economy growth……………………………………….Full Article: Source

Qatar sells $443 mln of LSE shares at 1915p - source

Posted on 11 July 2014 by VRS  |  Email |Print

Sovereign wealth fund Qatar Holding has sold 260.1 million pounds ($442.6 million) worth of shares in London Stock Exchange Group (LSE), a source familiar with the matter said on Thursday, ahead of the LSE’s impending $1.6 billion rights issue.
Qatar sold the shares at 1,915 pence each as part of its portfolio management, the source said, adding that Qatar remained a supportive shareholder of the LSE. The disposal leaves Qatar with a stake of around 10.3 percent in the company………………………………………..Full Article: Source

Why Norwegians are wealthier than Nigerians

Posted on 11 July 2014 by VRS  |  Email |Print

Last month, the Nigeria Sovereign Investment Authority (NSIA), Nigeria’s Sovereign Wealth Fund (SWF) announced that it made capital gains of N1.2 billion ($7.75 million) in the first quarter of 2014 – a return of 0.5 percent on a total capital of $1.55 billion.
If the entire $1.55 billion was shared among an estimated 174.5m Nigerians each of us would get $8.88, according to the Sovereign Wealth Fund Institute. For majority of Nigerians who live on $1.25 a day this is a pittance. In Norway, each of 5.06m Norwegians would get $173,518. Though the Norway Government Pension Plan was set up much earlier than the NSIA (it was established in 1990) it’s size and performance is testimony to how surplus oil wealth can be managed………………………………………..Full Article: Source

Qatar to sell down stake in LSE

Posted on 10 July 2014 by VRS  |  Email |Print

The Qatar Investment Authority is to sell down a third of its stake in the London Stock Exchange Group ahead of the bourse’s $1.6bn rights issue to help purchase Frank Russell, the US index compiler.
The sovereign wealth fund has instructed Bank of America Merrill Lynch and Citigroup to sell a near 5 per cent stake in an accelerated bookbuild, said two people familiar with the situation. The QIA is expected to retain a 10 per cent stake in the LSE, with the deal announced on Thursday morning………………………………………..Full Article: Source

Abu Dhabi Said to Explore $2 Billion Sale of Fund Stakes

Posted on 10 July 2014 by VRS  |  Email |Print

Abu Dhabi Investment Authority, one of the world’s largest sovereign-wealth funds, is said to be considering selling as much as $2 billion in private-equity fund stakes.
ADIA, which invests on behalf of the government of Abu Dhabi, hired Cogent Partners to advise on the sale, two people with knowledge of the deal said. The portfolio consists mostly of positions in buyout funds, said the people, who asked not to be identified because the information is private………………………………………..Full Article: Source

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