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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

Where is RM5.5 billion of 1MDB funds being invested, DAP asks

Posted on 13 January 2015 by VRS  |  Email |Print

Controversial sovereign fund 1Malaysia Development Berhad (1MDB) must reveal where an additional US$1.56 billion (RM5.55 billion) of loan fund is being invested, DAP lawmaker Tony Pua said.
He said according to the company’s financial report for the first quarter of last year, US$1.56 billion had been placed in various investment portfolios in the “custody of a licensed financial institution with good credit ratings as rated by international credit rating agencies”. ……………………………………….Full Article: Source

Canary Wharf owner rejects Qatari takeover bid again

Posted on 13 January 2015 by VRS  |  Email |Print

Hostile 350p-a-share offer worth £2.6bn from QIA and Brookfield turned down. The owners of Canary Wharf have formally rejected a £2.6bn takeover bid from a Qatari sovereign wealth fund. Songbird Estates, the property company behind east London’s financial district, issued a firm rebuttal on Monday of a 350p-a-share offer from the Qatari investment Authority (QIA) and Brookfield Property Partners, a Canadian investment firm, both of whom are already major shareholders.
The bid, the second the consortium has made, didn’t reflect “the full value of the business, its unique operating platform and its prospects”, Songbird said. It urged other shareholders not to take accept the offer. Shares in the company rose just 1% to 326p following the stock exchange announcement………………………………………..Full Article: Source

NBIM to fund research on sustainability in gold, copper mining

Posted on 13 January 2015 by VRS  |  Email |Print

Norges Bank Investment Management (NBIM) is to fund a US university’s work on sustainability in the mining sector, with the resulting work meant to assist the sector in assessing financial risk. NBIM, the manager in charge of Norway’s NOK6trn (€699bn) Government Pension Fund Global, said the work by Columbia University in New York would be funded by a three-year grant.
It added that the project would study how a range of factors related to sustainability would influence the profitability of the mining industry………………………………………..Full Article: Source

Ardian spent more than $10.8 bln on secondaries last year

Posted on 09 January 2015 by VRS  |  Email |Print

Ardian, the fund of funds and secondary firm that spun out of French insurance giant AXA in 2013, deployed more than $10.8 billion in 2014 on secondary deals, potentially representing up to one-third of total secondary deal volume.
Ardian’s other deals in 2014 included the purchase of 40 LP stakes from a sovereign wealth fund, with a total value of $2.38 billion, that closed in September. The sovereign fund is likely the Abu Dhabi Investment Authority (ADIA), according to sources and a posting in The Gazette, a public records publication in Britain. The notice in The Gazette revealed at least one of the funds in the transaction – ADIA sold its interest in Carlyle Europe Partners III to Ardian. The ADIA sale was run by Cogent Partners………………………………………..Full Article: Source

Ata Insurance insured new residence of SOFAZ

Posted on 08 January 2015 by VRS  |  Email |Print

Ata Insurance OJSC won the tender held by the State Oil Fund of Azerbaijan (SOFAZ). According to the Company, Ata Insurance OJSC has been officially annouced the winner of the open tender on insurance of the SOFAZ new administrative building. The tender with participation of large insurance companies of Azerbaijan was held on the following lots: compulsory insurance of the administrative building, compulsory insurance of civil responcibility and voluntary insurance of SOFAZ property.
The new administrative building of SOFAZ opened on December 29, 2014 is located at Heydar Aliyev avenue. The height of 24-storey building is 140 meters; its interior design includes elements of ten carpet schools of Azerbaijan. All premises are fit with the most advanced equipment………………………………………..Full Article: Source

1MDB Says It’s ‘Responsible’ Borrower Amid Debt Concerns

Posted on 07 January 2015 by VRS  |  Email |Print

1Malaysia Development Bhd., the country’s state investment company, defended its credentials as a borrower after a newspaper reported it failed to repay a loan of more than $500 million last month.
“As far as the banking sector and the credit sector is concerned, we are responsible borrowers” and the company has never defaulted, Arul Kanda, who was named president of 1MDB yesterday, said in an interview. “We need to manage the use of our cash in the most efficient way for the company.”……………………………………….Full Article: Source

I met Najib over 1MDB, says Khairuddin

Posted on 07 January 2015 by VRS  |  Email |Print

Batu Kawan Umno vice-chairman Khairuddin Abu Hassan had a private meeting with Prime Minister Najib Abdul Razak over the 1MDB issue a week before the latter left for the United States for his recent meeting with President Barack Obama.
Khairuddin disclosed this today after giving a statement at the Bukit Aman police station. He said he told the Prime Minister to explain to the public what was going on with 1MDB and that he might withdraw his police report about the sovereign fund if Najib’s public statement satisfied him………………………………………..Full Article: Source

1MDB responsible borrower and never defaulted, says new chief

Posted on 07 January 2015 by VRS  |  Email |Print

Just a day after being appointed president and group executive director of 1Malaysia Development Berhad (1MDB), Arul Kanda Kandasamy has had to come out in defence of the strategic investor over its inability to service its debts. “As far as the banking sector and the credit sector is concerned, we are responsible borrowers and the company has never defaulted,” Arul Kanda Kandasamy told Bloomberg today.
“We need to manage the use of our cash in the most efficient way for the company,” he added. Though not directly addressing a report by The Edge Financial Daily today, Arul seemed to downplay on the concerns highlighted in the report over 1MDB’s failure to repay a loan of about RM2 billion last month………………………………………..Full Article: Source

1MDB’s failure to settle debt seen driving down ringgit, says economist

Posted on 07 January 2015 by VRS  |  Email |Print

1Malaysia Development Bhd’s (1MDB) failure to settle an RM2 billion loan to local lenders has been a factor behind the extended drop in the ringgit against the dollar, an economist said. The Edge Financial Daily, quoting sources, reported today that the sovereign fund had missed its December 31, 2014, deadline for settlement of the loan, and had received an extension up to January 30, 2015, to settle the outstanding payment.
The RM2 billion amount was part of an RM5.5 billion debt taken through its subsidiary Powertek Investment Holdings Sdn Bhd in May 2014 to refinance an RM6.17 billion bridging loan taken in 2012 to part finance the purchase of power assets………………………………………..Full Article: Source

Application period open for 2015 Permanent Fund Dividends

Posted on 07 January 2015 by VRS  |  Email |Print

Shortly before 3 p.m. Monday, the fourth day of Permanent Fund Dividend application season, a counter on the state website that handles applications noted that 65,305 Alaskans had applied for the yearly check. The website reported traffic was hampering its speeds.
Yes, it’s that time again to fill out the forms and gather up your documents. Last year’s check was $1,884. Pick.Click.Give., the state program that helps connect dividend recipients with charitable organizations that could use a donation, says predictions for the 2015 dividend are looking good………………………………………..Full Article: Source

Bahrain’s Mumtalakat signs $500m loan deal

Posted on 07 January 2015 by VRS  |  Email |Print

Bahrain’s sovereign fund Mumtalakat Holding Co announced on Tuesday the signing of a $500 million credit facility with a total of six banks. The loan has been structured as a five-year facility and will be used to refinance existing debt.
The participating banks were named as BNP Paribas, Deutsche Bank Luxembourg, Standard Chartered Bank, the Bank of Tokyo-Mitsubishi, Arab Banking Corporation and National Bank of Bahrain. BNP Paribas also acted as coordinating Bank, documentation and facility agent for the loan………………………………………..Full Article: Source

Azerbaijan Government: the state budget doesn’t depend on current oil revenue

Posted on 07 January 2015 by VRS  |  Email |Print

The government of Azerbaijan is sure that state budget is stable against drastic fall in the world oil prices. According to a source close to the government, Azerbaijan’s state budget doesn’t depend on current revenues.
“The budget of Azerbaijan is based on revenues accumulated by the State Oil Fund (SOFAZ) during previous years. The law on state budget has been approved and adopted and the funds for transfer to the state budget have already been secured at SOFAZ accounts. Their disbursement schedule depends only on us. As a result, even in case of giant reduction in current tax payments from SOCAR (it’s very unlikely, as the basis of its tax payment is associated with the local market) or other payers, the state budget will not be impacted”, - the source said………………………………………..Full Article: Source

Depleting Excess Crude Account Causing Nigeria’s Economic Woes – Obasanjo

Posted on 06 January 2015 by VRS  |  Email |Print

A former Nigerian President, Mr Olusegun Obasanjo, has blamed the present economic woes facing the nation on the depletion of the Excess Crude Account and the external reserves. Mr Obasanjo made the assertion on Monday at a meeting with women leaders from the south-west states held at his hilltop residence in Abeokuta, the Ogun State capital.
The women from Oyo, Ogun, Ekiti, Lagos, Osun and Ondo States had met with the former leader to express their displeasure over what they termed the parlous state of the Nigerian economy and some knotty issues in the polity. Insecurity in the north-east, corruption, girl child education and effective representation of women topped the talks………………………………………..Full Article: Source

Excess Crude Account: Obasanjo Questions Use Of $35bn

Posted on 06 January 2015 by VRS  |  Email |Print

Former president, Chief Olusegun Obasanjo, has again hit out at President Goodluck Jonathan, saying if his administration desires to bring change to the country, then it must start with itself at the top.
Obasanjo, who made this statement yesterday when he received the leadership of women in the South West, led by the Iyalode of Yorubaland, Mrs Alaba Lawson, at his hilltop residence in Abeokuta, also noted that under the present administration, funds in the external reserves and excess crude accounts had been depleted from the $35 billion that his administration left behind after his tenure. The former president has consistently scored Jonathan’s administration low, especially in the fight against corruption and impunity………………………………………..Full Article: Source

Bahraini fund Mumtalakat signs deal for $500m loan

Posted on 05 January 2015 by VRS  |  Email |Print

Bahraini sovereign fund Mumtalakat has signed a $500 million, five-year loan with a group of banks, sources aware of the matter said on Sunday, with the cash to be used for general business purposes and to refinance existing debt.
The loan is being provided by the same banks which arranged a sukuk issue by the fund in November: Bank of Tokyo-Mitsubishi , BNP Paribas, Deutsche Bank and Standard Chartered, as well as local institutions Arab Banking and National Bank of Bahrain. Signed just before the end of 2014, the loan is structured as a revolving credit facility………………………………………Full Article: Source

Top 10 Largest Sovereign Wealth Fund Direct Deals for 2014

Posted on 02 January 2015 by VRS  |  Email |Print

Asian and Gulf-based sovereign wealth funds are the biggest SWF spenders when it comes to private direct deals in 2014. Other notable public institutional investors who rank near the top, based on transaction value, include Caisse de dépôt et placement du Québec(CDPQ) and Canada Pension Plan Investment Board (CPPIB). The crown, however, goes to Singapore’s Temasek Holdings for participating in the largest direct sovereign wealth fund transaction in 2014. The Singaporean sovereign fund invested US$ 5.7 billion for a 25% stake in A.S. Watson.
The health and beauty retailer is owned by Hutchinson Whampoa Limited. Other major direct transactions include Singapore’s GIC investment in Chicago-based IndCor Properties, picking up a 45% stake from funds affiliated with Blackstone Real Estate Partners VI & VII. 4 out of the top 10 direct transactions had a real estate component to them. For 2014, over US$ 5 billion has been spent on direct United Kingdom real estate properties from sovereign wealth funds………………………………………..Full Article: Source

Russia May Burn Wealth Funds in 3 Years Without Cuts

Posted on 02 January 2015 by VRS  |  Email |Print

Russia, poised to enter a recession, will burn through its rainy-day funds in three years if the government doesn’t change the budget structure, according to Finance Minister Anton Siluanov With oil prices at $60 a barrel, Russia’s economy may contract about 4 percent next year and have a budget deficit of more than 3 percent of output, Siluanov told reporters in Moscow today. The ministry will use these estimates and an exchange rate of 51 rubles per dollar to review the 2015 budget.
Russia is facing its first recession since 2009, and the contraction may last for two years, according to economists in a Bloomberg survey. Oil, its biggest export earner, is trading near a five-year low, compounding the effect of sanctions imposed by the U.S. and its allies over President Vladimir Putin’s annexation of Crimea in March. The deterioration puts Russia at risk of a downgrade to below investment grade, Standard & Poor’s said this week………………………………………..Full Article: Source

Russia’s VTB Bank gets $1.8 bln aid from National Welfare Fund

Posted on 02 January 2015 by VRS  |  Email |Print

VTB Bank, Russia’s second largest lender by assets, has received the first aid tranche of 100 billion rubles ($1.8 billion) from the National Welfare Fund, the bank said in a statement on Tuesday. VTB will use the funds placed into a subordinated deposit to finance sustainable infrastructure projects on the list approved by the Russian government, the bank said in a statement.
“As a result, the bank’s capital adequacy ratio under Russian Accounting Standards will exceed 12%,” the statement said. VTB Bank is expected to receive the second installment of 150 billion rubles ($2.6 billion) from the National Welfare Fund by the end of the first quarter of 2015, the statement said………………………………………..Full Article: Source

SOFAZ planning to decrease expenditures

Posted on 02 January 2015 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ is working out a mechanism for decreasing its expenditures. This measure is taken to ensure the sustainability of the fund’s development in the coming years, SOFAZ Head Shahmar Movsumov told Trend Agency. He noted the global decrease in oil prices will negatively affect the revenues of SOFAZ. In this regard, SOFAZ is working out various scenarios to balance its revenues.
The decrease in oil prices is continuing acorss the globe. Currently, the price per a barrel of oil (depending on the grade of oil) is approximately $60 in the world markets, while prior to the continuous decrease, this figure exceeded $110 per barrel………………………………………..Full Article: Source

Assets of the State Oil Fund of Azerbaijan (SOFAZ) estimated at the level of $37 bn

Posted on 02 January 2015 by VRS  |  Email |Print

According to SOFAZ, over 15 years SOFAZ has become an internationally recognized organization. Establishment of SOFAZ is a successful result of the national oil strategy laid by National leader Heydar Aliyev. As a part of the National Oil Strategy, the State Oil Fund was established by the Decree of Heydar Aliyev in 1999, with the aim of efficient management of the accumulated oil and gas revenues, and assignment of these assets to the development of advanced areas and implementation projects of social-economic importance.
Since its establishment, the State Oil Fund has carried out significant measures to achieve the defined goals, which were successfully implemented. The volume of SOFAZ assets amounted to USD 270 mln. at the time of establishment and it has exceeded USD 37 bln. as of December 29, 2014………………………………………..Full Article: Source

Qatar’s sovereign wealth fund gets backing from another shareholder for £2.6bn takeover bid for Canary Wharf

Posted on 02 January 2015 by VRS  |  Email |Print

Qatar’s sovereign wealth fund has backing from another shareholder for its £2.6billion takeover bid to control Canary Wharf, and revealed it will keep the developer’s management. Qatar Investment Authority and bidding partner Brookfield Property Partners published a final offer document yesterday and said US fund manager Franklin Mutual Advisers backs a 350p a share offer.
Investors holding about 32 per cent of Canary Wharf-owner Songbird Estates are now backing the bid. Songbird is to respond to shareholders in the next 14 days………………………………………..Full Article: Source

Oman opts for fiscal deficit in budget

Posted on 02 January 2015 by VRS  |  Email |Print

The country had outstanding sovereign debt equivalent to 8 per cent of GDP last year, according to the IMF, which predicts net indebtedness will grow to 10 per cent of GDP by 2017 – before the impact of falling oil prices is taken into account. In December, S&P cut its outlook for Oman’s credit rating from stable to negative. The country has a credit rating of A – below Saudi Arabia’s AA– rating, and the UAE’s AA rating.
Oman’s reserves will partly insulate the country from oil price shocks. Oman’s largest sovereign wealth funds, the State General Reserve Fund and the Oman Investment Fund, hold reserves of about $19bn, according to the Sovereign Wealth Fund Institute – equivalent to 21 per cent of Oman’s GDP………………………………………..Full Article: Source

Alaska Permanent Fund application period begins with New Year

Posted on 02 January 2015 by VRS  |  Email |Print

With the new year, eligible Alaskans can begin signing up for the 2015 Permanent Fund Dividend. The application period begins on New Year’s Day and continues through March 31. People can sign up online or pick up forms at designated distribution centers.
Eligible Alaska residents received checks of nearly $1,900 in October when the 2014 dividend was distributed. The money comes from investment profits from the state’s oil wealth savings account. To qualify for a dividend, new residents must live in Alaska for a full calendar year………………………………………..Full Article: Source

1MDB says repatriating funds from Caymans will expose cash to market fluctuation

Posted on 23 December 2014 by VRS  |  Email |Print

Under fire over its billion ringgit funds parked at the Cayman Islands, 1Malaysia Development Berhad (1MDB) said repatriating it back to Malaysia would have exposed the money to fluctuations on the foreign exchange market.
This follows the decline of ringgit by 6.5% in the past nine months to RM3.48 against the US dollar. In a statement tonight, its board of directors chairman Tan Sri Lodin Wok Kamaruddin said to maintain a strong liquidity position with a truly diversified global portfolio, the funds were invested in a 1MDB subsidiary that was registered in the Cayman Islands………………………………………..Full Article: Source

Fitch Revises Outlook on Mumtalakat to Negative

Posted on 23 December 2014 by VRS  |  Email |Print

Fitch Ratings has revised the Outlook on Bahrain Mumtalakat Holding Co’s (Mumtalakat) Long-term Issuer Default Rating (IDR) to Negative from Stable and affirmed the IDR and senior unsecured rating at ‘BBB’ . Fitch has also affirmed Mumtalakat’s Short-term IDR at ‘F3′.
The rating action also affects Mumtalakat’s USD750m 5% notes, due 30 June 2015, MYR300m notes due 2017,Sukuk certificates issued under Mumtalakat Sukuk Holding Company, and the EMTN programme of the issuer. The revision of the Outlook follows the rating action on Bahrain’s sovereign ratings (see ‘Fitch Revises Bahrain’s Outlook to Negative; Affirms at ‘BBB’ dated 19 December 2014. In line with Fitch’s “Parent and Subsidiary Rating Linkage” methodology, Mumtalakat’s ratings are aligned with the Kingdom of Bahrain’s (BBB/Negative/F3), reflecting their strong relationship………………………………………..Full Article: Source

Azerbaijani State Oil Fund announces volume of revenues from Shah Deniz project

Posted on 22 December 2014 by VRS  |  Email |Print

As of December 1, 2014, the revenues of the State Oil Fund of Azerbaijan from the implementation of the Shah Deniz oil and gas condensate field project in the Azerbaijani sector of the Caspian Sea amounted to about $2.088 billion since 2007, the SOFAZ told Trend.
Shah Deniz’s reserves are estimated at 1.2 trillion cubic meters of gas. A contract was signed on June 4, 1996 to develop the Shah Deniz offshore field. SOFAZ received $491 million within the Shah Deniz project from January 1 to December 1, 2014, SOFAZ reported………………………………………..Full Article: Source

CVC, Singapore’s GIC to cut stake in HKBN listing

Posted on 22 December 2014 by VRS  |  Email |Print

HKBN Ltd, the second-largest broadband Internet provider in Hong Kong, filed late on Friday for an initial public offering, with shareholders including private equity firm CVC Capital Partners Ltd set to cut their stakes as part of the deal.
Singapore’s sovereign wealth fund GIC Pte Ltd, AlpInvest Partners, a unit of Carlyle Group LP, HKBN Chief Executive William Yeung and a company holding the stakes of several HKBN employees will also sell part of their stakes, the filing showed without giving a detailed breakdown………………………………………..Full Article: Source

Nigeria: $1bn not missing from ECA account – minister

Posted on 19 December 2014 by VRS  |  Email |Print

Nigeria’s Minister of Finance, Dr Ngozi Okonjo-Iweala, has said that no money is missing from the Excess Crude Account (ECA).Okonjo-Iweala said in Abuja on Wednesday while presenting the proposed 2015 budget that the report that $1 billion was missing from the account was not true.
“Today I had seen a headline that said that there is one billion dollars missing in the Excess Crude Account. I just want to use this occasion to correct that and say that there is absolutely no money missing and I do not know where that notion came from. “One billion dollars from the ECA has been used to pay oil marketers and we published this on 2 December, showing that we put N154.6 billion to pay oil marketers………………………………………..Full Article: Source

$1 bn excess crude money “missing” as FAAC meeting ends in confusion

Posted on 18 December 2014 by VRS  |  Email |Print

The Federation Accounts Allocation Committee, FAAC, meeting for November ended in confusion Tuesday as representatives of Nigeria’s 36 states and the Federal Capital Territory accused the federal government of not accounting for about $1billion(N168 billion) of excess crude oil money.
The Chairman of State Commissioners of Finance, Timothy Odaah, told reporters after the meeting which ended Tuesday night, that no state knew how the $1 billion difference reported in the Excess Crude Account balance, between October and November, came about………………………………………Full Article: Source

Russian oil major Rosneft to get aid from Welfare Fund for at least 2 projects — CEO

Posted on 17 December 2014 by VRS  |  Email |Print

The Russian government will support at least two out of oil major Rosneft’s seven projects for financing from the National Welfare Fund, Rosneft CEO Igor Sechin said on Tuesday.
“We have submitted the list of projects to the government and we know that a number of the projects will be supported,” Sechin said. Rosneft will not give up the proejcts that will be financed from the National Welfare Fund, he added…………………………………..Full Article: Source

1MDB In RM42 Billon Debt - Is Malaysia On The Verge Of Financial Turmoil?

Posted on 17 December 2014 by VRS  |  Email |Print

For the more political-aware and savvy people of Malaysia, the name Datuk Seri Khairuddin Abu Hassan would probably ring a bell. He was propelled into the limelight when he published the controversial book “50 Dalil Kenapa Anwar Ibrahim Tidak Boleh Jadi PM” that was used against Anwar and eventually contributed to the former Deputy Prime Minister’s sacking from the government in 1998.
Last Friday, the Batu Kawan Umno division deputy chief managed to make the headlines once again when he lodged a police report against 1Malaysia Development Bhd (1MDB). Khairuddin, who said he was acting for the sake of public interest, called for ‘detailled and comprehensive’ investigation, and urged the authorities to interrogate 1MDB’s directors as well as representatives of any company that might be implicated in its scandals…………………………………..Full Article: Source

Dominique Senequier: A French financier’s burden

Posted on 15 December 2014 by VRS  |  Email |Print

On a mild autumn day about three months ago, the head of China’s main sovereign wealth fund visited an office on Place Vendôme in Paris, just across from the Ritz Hotel. Accompanied by his staff — but with no attendant fanfare — Ding Xuedong, chairman of China Investment Corporation, had come to pay his respects to Dominique Senequier.
The meeting, captured by a photograph now sitting on the marble mantelpiece of Ms Senequier’s 18th-century wood-panelled office, is testament to the international clout of the French private equity fund manager………………………………………..Full Article: Source

BTK project to contribute to diversification of Azerbaijan’s economy – ambassador

Posted on 15 December 2014 by VRS  |  Email |Print

Baku-Tbilisi-Kars railway project will make contribution to the diversification of Azerbaijan’s economy and allow to turn it to a regional center, Turkey’s Ambassador to Azerbaijan, Ismail Alper Coskun told reporters. He said there can be delays for economic and technical reasons in the process of implementation of such major projects.
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) finances the project in accordance with the Azerbaijani president’s decree ‘On the implementation of the Baku-Tbilisi-Kars project activities’ dated February 21, 2007………………………………………..Full Article: Source

Bahrain fund sells McLaren shares to Dennis

Posted on 15 December 2014 by VRS  |  Email |Print

Bahrain’s sovereign wealth fund Mumtalakat has agreed to sell some of its stake in McLaren to the Formula One team’s overall head Ron Dennis, who is set to become the majority shareholder.
A McLaren spokesman said on Friday that share purchase agreements (SPAs) were signed last August between Mumtalakat, fellow shareholders TAG Holdings and Dennis. “When executed, the SPAs will trigger the passing of a number of shares, from Mumtalakat and TAG, to Ron Dennis,” he added………………………………………..Full Article: Source

Alberta caught in a fiscal bind

Posted on 15 December 2014 by VRS  |  Email |Print

However, when it comes to oversight of the bounty afforded by natural resource revenues, Alberta has not been as persistent as other jurisdictions when it comes to investing natural resource rents in sovereign wealth funds. An adequately managed fund would have resulted in a substantial sum that could yield earnings to help stabilize the province’s finances during downturns. Indeed, Alberta has squandered decades of natural resource revenues by not adequately investing them.
Although Alberta established the Alberta Heritage Savings Trust Fund (AHSTF) in 1976, there were no inflows to the fund for the period 1988 to 2005 and substantial outflows of income earned were made to the Alberta government’s general operating fund and capital expenditures………………………………………..Full Article: Source

Qatar and the QIA: When the SWF Is Also a Family Office

Posted on 11 December 2014 by VRS  |  Email |Print

In recent days, two important pieces of information about the Qatar Investment Authority, the emirate’s sovereign wealth fund, emerged into public consciousness.
First, the emir has replaced the chief executive of the SWF, Ahmad Al-Sayed, with a royal family member, Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani. The state-run news agency announced as much on December 3d. Second, the QIA has gotten behind the makers of the ride-sharing app, Uber………………………………………..Full Article: Source

Kazakhstan’s Kazkommertsbank’s profit falls after BTA buy

Posted on 11 December 2014 by VRS  |  Email |Print

Kazkommertsbank (KKB), Kazakhstan’s largest lender by assets, reported a 10.7 percent fall in nine-month net income after its purchase of a stake in bailed-out BTA Bank left it with more bad loans on its books.
KKB bought a 46.5 percent stake in BTA from the sovereign wealth fund Samruk-Kazyna in the second quarter. Kazakh businessman Kenes Rakishev bought another 46.5 percent stake in BTA from the fund. Samruk-Kazyna had bailed out BTA, the country’s third largest lender, in the global financial crisis………………………………………..Full Article: Source

Brookfield-Qatari bid for Canary Wharf owner gains some support

Posted on 09 December 2014 by VRS  |  Email |Print

Songbird Estates shareholder Madison International Realty plans to accept Qatar Investment Authority’s offer for the British property company, the sovereign wealth fund behind the hostile move said. The offer of 350 pence per share for the owner of London’s Canary Wharf financial district was launched to Songbird shareholders by QIA and U.S. investor Brookfield Property Partners on Thursday.
In a statement on Monday QIA said that Madison had written a letter to Songbird saying it intended to accept the offer before its closing date. Madison holds a total of 18,627,054 Songbird shares, representing approximately 12 per cent of Songbird’s shares in free float and 2.5 per cent of Songbird’s issued ordinary share capital………………………………………..Full Article: Source

Russian State Fund May Step In to Help Big-Box Retailers

Posted on 09 December 2014 by VRS  |  Email |Print

As Russia’s worsening economic situation crimps investment, the state-run Russian Direct Investment Fund (RDIF) is negotiating with major retail chains to finance construction of new stores, the Vedomosti newspaper reported Monday, citing sources close to the negotiations.
Major retail chains like French hypermarket group Auchan require large-scale financing for store expansions, but access to cheap credit has been drying up as the falling price of oil and Western sanctions over Moscow’s role in the Ukraine crisis isolate Russia from global sources of capital and propel the economy toward recession………………………………………..Full Article: Source

Future Fund cuts Australian dollar exposure

Posted on 08 December 2014 by VRS  |  Email |Print

The federal government’s $100 billion Future Fund has cut its exposure to the Australian dollar and positioned itself to profit from the Reserve Bank cutting interest rates as the nation’s largest investors seek shelter from a deteriorating domestic economy.
It has emerged that in the middle of this year the Melbourne-based sovereign wealth fund doubled its exposure to foreign currencies including the US dollar, the euro and the yen. The move marks the Future Fund’s biggest-ever exposure to foreign currencies, taken just before the Australian dollar embarked on its dramatic slide………………………………………..Full Article: Source

Share of Iran’s NDF from oil revenues to decrease by 11%

Posted on 08 December 2014 by VRS  |  Email |Print

Share of Iran’s National Development Fund (NDF) from the country’s oil revenues has been decreased by 11 percent in next year’s(to start on March 21, 2015) budget bill which was submitted to parliament on Dec. 7. Iran will transfer 20 percent of oil and gas revenues to the fund in next fiscal year, according to the budget bill, the country’s Fars news agency reported.
The Islamic Republic allocated 31 percent of oil and gas incomes to the fund in current fiscal year budget.The government has offered that to not implement the annual 3 percent share increase of the NDF from oil incomes in next year which was predicted in the Fifth Five-year Socio Economic Development Plan (2011-2015)………………………………………..Full Article: Source

Canary Wharf owner Songbird rejects Qatar fund and partner’s raised offer

Posted on 08 December 2014 by VRS  |  Email |Print

Songbird Estates, the owner of London’s Canary Wharf financial district, has rejected a raised joint bid from Qatar’s sovereign wealth fund and a North American investor that values the company at 2.6 billion pounds ($4.07 billion).
Songbird said on Friday the 350 pence per share offer by Qatar Investment Authority (QIA) and Brookfield Property Partners made on Thursday “does not reflect the full value of the company, its unique position and future growth potential.”……………………………………….Full Article: Source

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