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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

CBN seeks compulsory contribution to SWF

Posted on 15 May 2014 by VRS  |  Email |Print

As the country continues to bask in the euphoria of the proclaimed economic growth, the Central Bank of Nigeria (CBN) has suggested that contributions into the Sovereign Wealth Fund (SWF) should be made mandatory to all stakeholders.
The Acting Governor of the CBN, Dr. Sarah Alade made the submission the submission in Abuja when she appeared before the National Conference Committee on Economy, Trade and Investment. She said if “contributions into the Sovereign Wealth Fund is made mandatory, the economy would function at the optimal level.”……………………………………….Full Article: Source

Olam International 3Q Net Profit S$396.1 Mln Vs. S$108.5 Mln

Posted on 15 May 2014 by VRS  |  Email |Print

Olam International Ltd.’s third-quarter net profit more than doubled year over year on exceptional gains including a revaluation of stevia-sweetener producer PureCircle Ltd., Olam said Thursday. Temasek Holdings Pte. Ltd is the arge shareholder of the commodity trader.
Net profit for the three months ended March 31 was 396.1 million Singapore dollars (US$316.8 million) compared with 108.5 million Singapore dollars, Olam said in a statement to the Singapore Exchange. Revenue rose 2.5% to 4.84 billion Singapore dollars, it said………………………………………..Full Article: Source

Citycon to Raise EUR 400 Million in New Capital CPPIB to Become a Strategic Shareholder in Citycon

Posted on 14 May 2014 by VRS  |  Email |Print

Gazit-Globe, one of the world’s leading multi-national real estate companies focused on the acquisition, development and redevelopment of supermarket-anchored shopping centers in major urban markets, announced today that its Finnish subsidiary, Citycon Oyj (CTY), is raising approximately EUR 400 million in new capital.
Approximately 77.9 million shares (for an aggregate amount of approximately EUR 206 million at a price of EUR 2.65 per share) will be issued in the form of a directed share issuance to the CPP Investment Board European Holdings S.àr.l (CPPIBEH), a wholly owned subsidiary of the Canada Pension Plan Investment Board, the strategic investor that joint ventured with CTY in December 2012 to acquire Kista Galleria in Stockholm, Sweden………………………………………..Full Article: Source

Singapore fund GIC sells GPT stake for $505m

Posted on 13 May 2014 by VRS  |  Email |Print

The Government Investment Corporation of Singapore has sold its 8 per cent stake in GPT Group for $505 million in a deal that is likely to reap the sovereign wealth fund a windfall of up to $400m. GIC first bought its 12 per cent interest in 2008 for as little as 60c a share, and its selldown last night will take the value of block trades in the Australian listed real estate sector to at least $1 billion in the past year as investors ride the wave of improving market conditions.
Investment bank UBS has managed the selldown, which was under way last night with the shares offered at $3.81, a 2.7 per cent discount to yesterday’s closing price of $3.90………………………………………..Full Article: Source

Dubai fund ICD’s financial results disclosed as it readies bond sale

Posted on 09 May 2014 by VRS  |  Email |Print

Investment Corporation of Dubai’s revenue rose 18 percent in the first half of 2013, the fund said in financial results made available before its debut bond offering.
The fund, which holds stakes in some of the emirate’s top companies, had revenue of 91.2 billion dirhams ($24.8 billion) for the six months ending June 30, 2013, compared with 77.3 billion dirhams in the same period in 2012, according to a prospectus for the bond sale obtained by Reuters………………………………………..Full Article: Source

Emirates Group brings Dh1bn gain for Investment Corporation of Dubai

Posted on 09 May 2014 by VRS  |  Email |Print

Investment Corporation of Dubai (ICD) has netted a Dh1 billion windfall from Emirates Group after its profits grew by almost a third. The dividend is similar to the one paid in the previous financial year, Emirates Group said.
Dubai’s main carrier, Emirates Airline, reported a 43 per cent increase in profit as it added more passengers and fuel prices fell. Emirates is part of ICD, one of the big three government-related holding companies in the emirate. ICD generated revenue of US$43.8bn in 2012……………………………………….Full Article: Source

Asia-Pacific funds to hit $14 trln by 2018, yielding $66 bln in fees - consultant

Posted on 09 May 2014 by VRS  |  Email |Print

Assets managed by money managers in the Asia-Pacific region will surge 40 percent to $14 trillion by 2018, generating fees worth $66 billion, consultant Casey, Quirk & Associates LLC said in a study released Thursday.
Sovereign wealth funds and government entities, on the other hand, will prove harder clients to target as they move to manage assets internally, the consultant said………………………………………..Full Article: Source

Investment Corporation of Dubai reveals first financial results

Posted on 08 May 2014 by VRS  |  Email |Print

Dubai’s state holding company has for the first time revealed financial results, as the Gulf emirate seeks to tempt investors back to its reviving economy.
The Investment Corporation of Dubai (ICD), owner of many of Dubai’s corporate jewels, such as the Emirates airline, the airport duty-free business and Emaar, a property developer, unveiled the detailed numbers as part of a move to raise about $750m in its first Islamic bond issue………………………………………..Full Article: Source

Temasek Holdings will not raise offer for Olam International

Posted on 06 May 2014 by VRS  |  Email |Print

Temasek Holdings said on Monday there will be no further raises to their offer for commodities firm Olam International. Its offer stands at $2.23 per share, a premium of 11.8 per cent over the last traded price before the announcement.
It is also offering US$850.37 for every US$1,000 principal amount of convertible bonds, and 64.6 Singapore cents for each warrant. Temasek added it reserved the right to revise terms if a competing offer for Olam is announced, or if any other competitive situation in relation to Olam arises………………………………………..Full Article: Source

Citi wins Norway fund business from JPMorgan

Posted on 05 May 2014 by VRS  |  Email |Print

Citigroup has been chosen to safeguard the securities of the world’s biggest sovereign wealth fund after wooing away one of the largest custodian mandates from its rival JPMorgan. The transfer of the Norwegian oil fund’s $865bn portfolio to its US competitor is a setback for JPMorgan, which is one of the top three competitors in the rapidly growing custodian business.
The award of a seven-year contract, set to be announced this week, comes as both US banks have been integrating their securities holding businesses more closely with their investment banks as a way to reduce costs and cross-sell products………………………………………..Full Article: Source

Norway SWF returns 1.7 per cent in Q1 2014

Posted on 05 May 2014 by VRS  |  Email |Print

The Sovereign Wealth Fund returned ‘a moderate’ NOK 78bn (1.7%) in the first quarter of 2014, according to a statement. Fixed-income investments returned 2 per cent and equity investments 1.5 per cent, say Norges Bank Investment Management.
The return on these investments was just 0.01 per cent higher than the return on benchmark indices, whilst investments in real estate returned 2 per cent. “All asset classes contributed positively to the result, and there were only minor differences between them. The return was boosted by lower interest rates in the fund’s main markets,” said NBIM managing director Yngve Slyngstad………………………………………..Full Article: Source

Bahrain wealth fund about to see spectacular growth

Posted on 05 May 2014 by VRS  |  Email |Print

Bahrain’s national holding company and sovereign wealth fund has weathered several years of losses and is about to see spectacular growth, the charismatic Chief Executive Officer Mahmoud Hashim Al Kooheji told Gulf News. He says that Mumtalakat’s major loss maker Gulf Air is being turned round, Alba remains on track with substantial profit, and the whole group is benefiting from the discipline of Mumtalakat’s insistence on good governance and transparency.
Al Kooheji backs his infectious optimism with hard numbers, and says that despite Mumtalakat’s assets dropping from just over 5 billion Bahraini dinars (Dh48.71 billion) in 2012 to just over 4 billion dinars in 2010, he expects them to double to 8 billion dinars in 2019………………………………………..Full Article: Source

Assets of Iran’s National Development Fund reach $60 bln

Posted on 05 May 2014 by VRS  |  Email |Print

Assets of the National Development Fund (NDF) of Iran amount to $60 billion, the deputy director general of the fund has announced. “The NDF’s reserves were around $54 billion when president Hassan Rouhani took the office last August, and since then the figure has reached $60 billion, deputy director general of the NDF,” Qasem Hosseini told Trend on May 2.
Hosseini went on to say that the fund isn’t facing any problems, and the situation is desirable. The NDF is Iran’s sovereign wealth fund. It was founded in 2011 to replace Oil Stabilization Fund………………………………………..Full Article: Source

Malaysia Sovereign Wealth-Fund Seeks Debt

Posted on 02 May 2014 by VRS  |  Email |Print

1Malaysia Development Bhd, the Malaysian state fund that came under fire for bonds it arranged through Goldman Sachs a couple of years ago, is back in the market to raise funds.
Also known as 1MDB, the company requested fresh proposals for financing from bankers, according to people familiar with the matter, to refinance a 6.17 billion ringgit ($1.89 billion) syndicated bridge that must be paid by May 22. 1MDB’s financing also is urgent because of the delay in its initial public offering—of US$1.5 billion—to later this year, which could have raised funds that go toward paying off debt………………………………………..Full Article: Source

Norway’s US$860bln oil fund sharply raises Mexico, Brazil govt debt holding

Posted on 02 May 2014 by VRS  |  Email |Print

Norway’s US$860 billion sovereign wealth fund sharply cut its government bond holdings in the United States and Germany while increasing its stake in Mexican and Brazilian debt, it said on Wednesday. The fund, one of the world’s biggest investors, also said it returned 1.7 per cent in the first quarter, compared with 4.66 per cent in the fourth quarter of last year.
“All asset classes contributed positively to the result and there were only minor differences between them,” Chief executive Yngve Slyngstad said in a statement. “The return was boosted by lower interest rates in the fund’s main markets.” The fund increased its bond holdings to 37.7 per cent of its portfolio from 37.3 per cent three months earlier and cut its equity holdings to 61.1 per cent of the fund from 61.7 per cent………………………………………..Full Article: Source

Norwegian sovereign wealth fund gains 1.7% in first quarter

Posted on 02 May 2014 by VRS  |  Email |Print

Norway’s Government Pension Fund Global said on Wednesday that its portfolio gained a mere 1.7% in the first quarter, the lowest return for the world’s largest sovereign wealth fund since the second quarter of last year.
The so-called “oil fund” saw its equities holdings, which account for almost two-thirds of its 5.1 trillion kroner (€618.6bn) in assets under management, appreciate by 1.5% in the three months to March 31, while fixed income investments delivered returns of 2%………………………………………..Full Article: Source

Qatari fund to pay $1.6bln for acquisition of Heritage Oil

Posted on 02 May 2014 by VRS  |  Email |Print

British oil company Heritage Oil agreed a 924 million pound ($1.6 billion) takeover offer from a fund owned by the former chief executive of Qatar’s sovereign wealth fund. Heritage, whose main oil production is in Nigeria, said on Wednesday it was recommending a 320 pence per share cash offer, which represented a 25 percent premium to its closing price the day before the approach was announced.
Its suitor, Al Mirqab Capital, is the private investment vehicle of Qatar’s Sheikh Hamad Bin Jassim Bin Jabor Al Thani and his family. Sheikh Hamad, who was chief executive of the Qatar Investment Authority until last year, is regarded as the driving force behind the emergence of the Gulf Arab state’s sovereign wealth fund as one of the world’s most sought-after investors, scooping up stakes in bluechip companies, luxury brands and prime real estate………………………………………..Full Article: Source

Future Fund and super returns on par

Posted on 29 April 2014 by VRS  |  Email |Print

The Future Fund has achieved rolling 3 year returns of about 9.5% pa, putting the de facto sovereign wealth fund on par with workplace super funds when the Future Fund’s tax-free and member-free status is taken into account. The $98 billion Future Fund has just released its March 2014 portfolio update and advised that so far this financial year it has earned 9.8% and that it is opening up a big gap over CPI+4.5% performance benchmark.
Preliminary super fund performance results from Rainmaker’s March 2014 SelectingSuper survey shows super fund workplace default investment options to be returning 8.4% pa, indicating the Future Fund’s is on par with these leading institutional investors after allowing for tax and fee differences………………………………………..Full Article: Source

Norway oil fund reassessing risk on significant Russian holdings

Posted on 28 April 2014 by VRS  |  Email |Print

Norway’s $850 billion sovereign wealth fund, the world’s biggest, is reviewing risk in Russia, where it has “significant” holdings, Chief Executive Officer Yngve Slyngstad said.
“We observe that there’s a different risk profile,” Slyngstad told reporters in Oslo yesterday, after testifying to lawmakers on the fund’s investment strategy. “We are at any given time also considering conditions that have dimensions of geopolitics and geopolitical risk.”……………………………………….Full Article: Source

Temasek’s Olam offer turns unconditional, deadline extended to May 23

Posted on 25 April 2014 by VRS  |  Email |Print

Investment firm Temasek Holdings’ offer that values Olam International at S$5.3 billion has turned unconditional and the deadline for acceptances has been extended by two weeks to May 23, according to a regulatory filing by the commodities giant on Thursday.
Temasek’s unit, Breedens Investments, offered earlier this month to buy all the outstanding shares in Olam that it and its concert parties did not already own at S$2.23 per share, representing an 11.8 per cent premium to the last traded price………………………………………..Full Article: Source

Formula One backlash haunts Norway wealth fund as hearing starts

Posted on 24 April 2014 by VRS  |  Email |Print

Norway’s $850 billion sovereign wealth fund needs to prepare its arguments to persuade lawmakers it can handle an expansion into private equity after an investment in Formula One backfired.
Yngve Slyngstad, the fund’s chief executive officer, and central bank Governor Oeystein Olsen, who oversees the fund, have been summoned to testify tomorrow at a Finance Committee hearing at the Oslo parliament………………………………………..Full Article: Source

Transurban group to pay $7.05bln for Qld Motorways

Posted on 24 April 2014 by VRS  |  Email |Print

Transurban, Australian Super and a unit of Abu Dhabi’s sovereign wealth Tawreed Investments are the new owners of Queensland Motorways after agreeing to pay $7.05 billion for the 70-kilometre network of roads in the Brisbane area, according to an email statement sent to Data Room.
The Transurban-led group beat out another bidding group led by Melbourne-based infrastructure investors Hastings, Spanish infrastructure operator and investor Abertis, the Kuwait Investment Authority and Dutch pension fund APG after the two groups were asked to submit their best and final offers for Queensland Motorways at 5 pm this afternoon, Data Room reporting has discovered………………………………………..Full Article: Source

FG, states, LGs share N1.912tn in first quarter

Posted on 23 April 2014 by VRS  |  Email |Print

In his opinion, the Emerging Markets Strategist, Standard Bank Plc, Samir Gadio said the oil revenue, which is continuously monetised and shared among the three tiers of governments, prevents any tangible accumulation of the forex reserves as well as the Excess Crude Account (ECA).
Gadio added: “Clearly, this model is not sustainable. Nigeria is already a distinct laggard in terms of fiscal savings-to-GDP ratio compared to oil producing peers and will most likely be unable to withstand an external shock should oil prices fall in the future.”He stressed the need to make the Sovereign Wealth Fund very effective, adding that there is need for increased fiscal accountability………………………………………..Full Article: Source

1MDB net profit up 74pct to RM778mln

Posted on 22 April 2014 by VRS  |  Email |Print

1Malaysia Development Bhd, the government’s sovereign wealth fund, saw its net profit surge 74% to RM778.24 million for the year ended March 31, 2013 from RM44.72 million a year before.
Revenue in the same 12-month period grew four times to RM2.59 billion from RM633.2 million previously. However, its liabilities, basically its debts or obligations, ballooned more than five times to RM42.3 billion from RM8.4 billion as at the end of the financial year March 31, 2012………………………………………..Full Article: Source

Global fund assets to top $100 trillion on real estate boom, PwC says

Posted on 22 April 2014 by VRS  |  Email |Print

Global fund assets are projected to grow by 60% to $101.7 trillion by 2020, fuelled by the shift toward individual retirement plans, a surge in high-net-worth individuals in emerging markets and growth in sovereign wealth fund (SWF) assets, PwC says.
Rapid urbanisation and demographic changes, especially within emerging markets, will lead to substantial growth in the real estate investment industry over the next six years. This will prompt institutional investors to raise allocations in real estate more than in other asset classes, according to Real Estate 2020: Building the future, a report from PwC………………………………………..Full Article: Source

Samruk-Kazyna fund to privatize over 200 state firms

Posted on 17 April 2014 by VRS  |  Email |Print

The Republic of Kazakhstan’s Samruk-Kazyna Sovereign Wealth Fund plans to place over 200 national companies on the market, Daniyar Mukhtarov writes for Trend. The sell-off is being conducted as part of a privatization program, Chairman of the Board at Samruk Kazyna, Umirzak Shukeev said.
Specifically, those companies working in non-core business will be privatized. An example is companies producing solar panels as part of the Kazatomprom national atomic agency………………………………………..Full Article: Source

1MDB net profit up 74pct to RM778mln

Posted on 17 April 2014 by VRS  |  Email |Print

1Malaysia Development Bhd, the government’s sovereign wealth fund, saw its net profit surge 74% to RM778.24 million for the year ended March 31, 2013 from RM44.72 million a year before. Revenue in the same 12-month period grew four times to RM2.59 billion from RM633.2 million previously.
However, its liabilities, basically its debts or obligations, ballooned more than five times to RM42.3 billion from RM8.4 billion as at the end of the financial year March 31, 2012. 1MDB’s balance sheet showed that its non-current liabilities, that could include long-term borrowing, bonds payable and long-term lease obligations, almost quadrupled to RM30.6 billion from RM7.8 billion previously………………………………………..Full Article: Source

Singapore’s Keppel Corp Q1 net profit falls 5 pct

Posted on 17 April 2014 by VRS  |  Email |Print

Singapore’s Keppel Corporation Ltd said on Wednesday its net profit in the first quarter dropped 5 percent on the year to S$339 million ($270.46 million). Singapore’s state investor Temasek Holdings owns a stake of more than 20 percent in Keppel.
Keppel is the world’s top offshore jackup drilling rig producer and has business in property development and infrastructure. The firm booked revenue of nearly S$3 billion for the quarter, up 8.6 percent from a year earlier, it said in a statement………………………………………..Full Article: Source

Excess Crude Account rises to $3.6bln FG, states, LGs share N641.3bln in March

Posted on 17 April 2014 by VRS  |  Email |Print

It emerged Tuesday that the Excess Crude Account (ECA) now stands at about $3.6 billion compared to $3.4 billion in February. The Accountant General of the Federation (AGF), Mr. Jonah Otunla, disclosed this after the monthly meeting of the Federation Account Allocation Committee (FAAC) which also yesterday shared a total distributable revenue amounting to N641.38 billion among the three tiers of government March.
Also, the committee also voted unanimously at its plenary to remove oil subsidy from its books, according to Chairman, Commissioners of Finance Forum, Mr. Timothy Odah. He said their resolution would be communicated to the presidency for immediate action………………………………………..Full Article: Source

$2.7 billion out of Kazakhstan National Oil Fund to stimulate economy in 2014

Posted on 16 April 2014 by VRS  |  Email |Print

$2.7 billion out of the National Oil Fund accumulating windfall oil revenues is to be allocated in 2014 to stimulate the country’s economy growth, Tengrinews.kz reports, citing the country’s Minister of Economic Affairs Yerbolat Dossayev.
“One of the sources to boost the country’s economy growth will be $5.5 billion out of the National Oil Fund to be allocated in 2014 and 2015. $2.7 of the amount will be allocated this year, with $552 million being spent to support small and middle-sized businesses, another $1.3 billion being spent to bolster the country’s banking sector, and $ 828 million to support the Industrial Development Program………………………………………..Full Article: Source

1MDB’s accounts finally submitted

Posted on 16 April 2014 by VRS  |  Email |Print

1Malaysia Development Bhd (1MDB) has submitted its long-awaited accounts for the financial year ended March 31, 2013 on April 9, according to the Companies Commission of Malaysia (SSM). “1MDB has submitted the company’s annual return together with the audited financial statement for the financial year ended March 31, 2013 on April 9, 2014,” SSM said.
“As such, 1MDB has complied with the requirement of section 165(4) Companies Act 1965 (Act 125) which requires company to submit its annual return within one month after the annual general meeting (AGM),” it added………………………………………..Full Article: Source

Kazakhstan: $2.7 bln out of the National Oil Fund to stimulate the economy in 2014

Posted on 15 April 2014 by VRS  |  Email |Print

$2.7 billion out of the National Oil Fund accumulating windfall oil revenues is to be allocated in 2014 to stimulate the country’s economy growth, Tengrinews.kz reports, citing the country’s Minister of Economic Affairs Yerbolat Dossayev.
“One of the sources to boost the country’s economy growth will be $5.5 billion out of the National Oil Fund to be allocated in 2014 and 2015. $2.7 of the amount will be allocated this year, with $552 million being spent to support small and middle-sized businesses, another $1.3 billion being spent to bolster the country’s banking sector, and $ 828 million to support the Industrial Development Program………………………………………..Full Article: Source

Qatar Investment Authority again reduces ABC H-shares

Posted on 15 April 2014 by VRS  |  Email |Print

Biggest sovereign wealth fund from Middle East Qatar Investment Authority once again reduced shares in Agricultural Bank Of China Limited.
Information from the Hong Kong bourse said that Qatar Investment Authority sold off 50 million H-shares in ABC through affiliated Qatar Holding for HKD 3.47 per share or HKD 173.5 million in total, diluting stake from 21.07% to 20.91%………………………………………..Full Article: Source

SOFAZ 2014 expenditures reduced up to AZN 760 mln

Posted on 14 April 2014 by VRS  |  Email |Print

President Ilham Aliyev has issued a decree on amendments to the decree “On 2014 budget of State oil Fund of Azerbaijan”. APA-Economics reports that the amendment is related to task to the State Oil Company of Azerbaijan on establishment of closed joint-stock company (OJSC), of which authorized capital makes AZN 100 mln and 51%-equity belongs to state, 49% - to SOCAR, under the President’s order on “several measures regarding other projects on Shah Deniz-2 and establishment of Southern Gas Corridor” dated to February 25, 2014, and task to the State Oil Fund of Azerbaijan on providing the financing of OJSC’s shares belonging to the state.……………………………………….Full Article: Source

Taxpayers’ AIB stake worth up to EUR11bln – Noonan

Posted on 14 April 2014 by VRS  |  Email |Print

State-owned AIB could be worth between “€10bn and €11bn”, according to Finance Minister Michael Noonan. This is the first time that the Government has revealed what its stake in AIB could be worth.
In February, it emerged that a Gulf sovereign wealth fund had made a €500m offer to buy a stake in AIB. The “tentative” approach had been made in September by an unnamed “sovereign wealth fund”. The approach was rebuffed at an early stage………………………………………..Full Article: Source

Bill would let landlords garnish Permanent Fund dividends

Posted on 11 April 2014 by VRS  |  Email |Print

Landlords would be entitled to garnish the Permanent Fund dividends of renters under a bill approved by a House committee. House Bill 282 updates the Alaska Landlord and Tenant Act for the first time in decades.
The House Judiciary moved the bill Wednesday to the full House. It would have to be passed by both the House and Senate before the legislative session ends April 20 to become law. Among other things, the bill allows landlords to garnish the PFDs of tenants to cover repairs that cost more than the renter’s security deposit………………………………………..Full Article: Source

NewQuest, GIC partially exited stake of IKang in its $153mln IPO

Posted on 10 April 2014 by VRS  |  Email |Print

Beijing-based private medical services provider iKang Guobin Healthcare Group has raised $153 million by offering 10.9 million shares at $14 per share on the NASDAQ. NewQuest Capital Partners and Singapore’s GIC Private Ltd. has partially exited from iKang.
At the same time, Best Investment Corporation, a subsidiary of China’s sovereign wealth fund China Investment Corporation, is to pay $40 million for a stake of about 4.6% of iKang at $13.00 per share, according to a previous filing. Last April, GIC Private and Goldman Sachs jointly committed $100 million to iKang. Goldman Sachs is not selling in the IPO, but its stake will be diluted from 13% to 10.8%………………………………………..Full Article: Source

Norway to examine return on $850bln wealth fund before restructuring

Posted on 10 April 2014 by VRS  |  Email |Print

Norway will wait to see whether property investments by its $850bn (€616bn) sovereign wealth fund pay off before considering new asset classes including infrastructure and private equity. “Whether we do it next year or the year after, that hasn’t been decided,” Paal Bjoernestad, state secretary in charge of the fund at the Finance Ministry, said. “We will come back to it – it’s not off the table.”
Prime Minister Erna Solberg’s Conservative-led government, in power since October, has backed away from pre-election talk of restructuring the fund and is now signaling any changes to the world’s largest sovereign investor are likely to be slow………………………………………..Full Article: Source

SOFAZ revenues from Shah Deniz, ACG projects made public

Posted on 08 April 2014 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ has gained more than $1.7 billion from 2007 to April 1, 2014 by implementing the development project of the giant Shah Deniz gas condensate field in the Caspian Sea. SOFAZ received some $115.6 million as part of the Shah Deniz project from January 1 to April 1, SOFAZ said.
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

Viable SMSF size underestimated

Posted on 08 April 2014 by VRS  |  Email |Print

The size at which a self-managed superannuation fund (SMSF) becomes a viable alternative to regular funds may be considerably higher than the industry currently estimates due to the impact of scale on performance. The industry typically advises that a minimum balance of between $100,000 and $200,000 is the tipping point at which SMSFs costs match those of pooled superannuation funds.
However, Rainmaker analysis of Australian Taxation Office (ATO) performance data suggests that there is a significant scale effect associated with fund returns which means the SMSFs don’t receive a material benefit until they have much higher balances………………………………………..Full Article: Source

Qatar-backed Tiffany & Co reports Q4 loss

Posted on 07 April 2014 by VRS  |  Email |Print

Tiffany & Co., the US luxury jewellery retailer in which the Qatar Investment Authority owns an 8.7 percent stake, reported fourth quarter results that were up on an ongoing basis in spite of the economic environment, but were turned into a loss by an unfavourable arbitration ruling.
The company incurred a net loss for the quarter ended January 31, 2014 (fiscal 2013) of $103.6m, compared to net income of $179.6m in the fourth quarter of fiscal 2012………………………………………..Full Article: Source

Kazakhstan’s state wealth fund plans sell-offs, debt issues

Posted on 04 April 2014 by VRS  |  Email |Print

Kazakhstan’s sovereign wealth fund has drawn up a privatisation programme, planning to sell off state-controlled assets in the oil and gas, nuclear and railway industries worth around $10 billion by 2020.
Companies within Samruk-Kazyna also plan to borrow about $8 billion on domestic and foreign markets in the next two years to help fund their projects, the fund’s Financial Director Nurlan Rakhmetov told Reuters in an interview………………………………….Full Article: Source

Bumi shareholders re-approve CIC debt-for-equity swap

Posted on 04 April 2014 by VRS  |  Email |Print

Shareholders in Indonesia’s troubled PT Bumi Resources voted on Thursday in favour of new terms to settle the firm’s $1.3 billion debt with China’s sovereign wealth fund, CIC, after Indonesia’s financial services authority (OJK) rejected an earlier vote.
The latest vote to approve the debt-for-equity swap with CIC should come as good news for shareholders in the firm that has suffered downgrades from ratings agencies and faces bloated debt loads………………………………….Full Article: Source

Permanent fund donations continue growth

Posted on 04 April 2014 by VRS  |  Email |Print

Alaskans pledged record donations from their permanent fund dividends once again this year, according to an announcement from the PFD fundraising campaign, Pick.Click.Give. The campaign released the pledge results from the PFD filing period between Jan. 1 and March 31 on Tuesday, noting more than $2.7 million in donations from 26,773 Alaskans.
Pick.Click.Give is a statewide campaign that aims to make it easier for Alaska residents to donate to their favorite Alaska nonprofit organizations by giving the money directly from their PFD. Though the filing period has ended, people can still return to their applications online and add a donation through Pick.Click.Give. through Aug. 31………………………………….Full Article: Source

Oil and gas account for $1.7 bln of state’s general fund

Posted on 04 April 2014 by VRS  |  Email |Print

A detailed tax study in New Mexico shows that the oil and gas industry is responsible for more than $1.7 billion in general-fund revenues in fiscal year 2013.Earlier this year, the New Mexico Tax Research Institute released the Fiscal Impacts of Oil and Natural Gas Production in New Mexico, a 325-page study of the state’s oil and gas industry contributions to the general fund.
The study says that the oil and gas industry contributes about 31.5 percent of the total amount in the general fund. Furthermore, the report breaks down information by county. In fiscal year 2013, the state’s general fund was about $5.6 billion, according to the study………………………………….Full Article: Source

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