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Banks haven’t money enough again to buy SOFAZ-offered entire currency

Posted on 05 August 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank obtained shortage of banks’ money for purchase of currency offered by the State Oil Fund. SOFAZ reports that the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ suggested $50 million, but the overall demand from the 28 banks was sufficient only for purchase of $49.4 million,” SOFAZ said. At the previous auction it was sold $49.1 million to 29 banks with the order for sale of $50 million………………………………………..Full Article: Source

Goldman Employees to Pull $350 Million From Och-Ziff Fund

Posted on 04 August 2016 by VRS  |  Email |Print

Goldman Sachs Group Inc.’s retirement plan is pulling cash from one of the investment bank’s most famous alumni, liquidating a hedge fund run by Daniel Och’s Och-Ziff Capital Management Group. The U.S. has been investigating whether Och-Ziff paid bribes in exchange for an investment from Libya’s sovereign wealth fund and to participate in other deals in Africa.
Clients pulled $3.1 billion from Och-Ziff’s funds in the 12 months through June, and an additional $3 billion through Aug. 1, reducing assets to $39.1 billion………………………………………..Full Article: Source

Shareholders thwart Kazakh state oil group’s plan

Posted on 04 August 2016 by VRS  |  Email |Print

Kazakhstan’s state oil company has been defeated in its attempt to tighten control over its London-listed subsidiary after investors led by China’s sovereign wealth fund voted against the deal. The voting figures imply that China Investment Corporation, which is KMG EP’s largest minority shareholder with a stake of about 11 per cent, voted against the deal.
The role of the sovereign wealth fund, which rarely plays the role of activist investor, underscores Beijing’s growing sway in central Asia’s energy industry as it steps up investment in the region on the back of its One Belt One Road initiative. Chinese companies own close to a quarter of Kazakhstan’s oil production………………………………………..Full Article: Source

Singapore State Investment Fund Chaired By Its Prime Minister Reports Multi-Billion Dip In Profits

Posted on 03 August 2016 by VRS  |  Email |Print

Government Investment Corporation of Singapore (GIC) which is chaired by its prime minister Lee Hsien Loong reported “a dip in its 20-year annualised real rate of return to 4 per cent” in its 2016 annual report. GIC reported a dip in its 20-year annualised real rate of return to 4 per cent from the previous year’s rate of 4.9% for the financial year ended March 31, Singapore news daily The Straits Times reports on 28 July.
According to Singaporean finance and politics news blog, statestimesreview.com, that 0.9% translates to an estimated loss of at least US$20 billion (over RM81 billion) although the report points out that the real estimate could be as high as US$50 billion to cause a 0.9% drop in 20-year annual rate of return based on a US$135 billion 20 years ago………………………………………..Full Article: Source

Russia’s Reserve Fund edges down to $38.18 bln by Aug. 1

Posted on 03 August 2016 by VRS  |  Email |Print

Russia’s Reserve Fund shrank slightly over July in dollar terms and was worth $38.18 billion as of the start of August, the finance ministry said on Tuesday. The fund was worth $38.22 billion at the start of July.
Earlier in the year the ministry had sold assets from the fund to finance the budget deficit. Deputy Finance Minister Maxim Oreshkin has said Russia may resume such sales in August. The finance ministry said on Tuesday the National Wealth Fund, the country’s other sovereign fund, was worth $72.21 billion as of Aug. 1, versus $72.76 billion a month earlier………………………………………..Full Article: Source

Azerbaijani banks buy over $49M from State Oil Fund

Posted on 03 August 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $49.1 million to 29 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said Aug. 2. SOFAZ offered $50 million at the auction, but the banks’ demand was $49.1 million.
SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million………………………………………..Full Article: Source

Bank short of money to buy SOFAZ-offered entire currency

Posted on 03 August 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank obtained shortage of banks’ money for purchase of currency offered by the Sate Oil Fund. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ suggested $50 million, but the overall demand from the 29 banks was sufficient only for purchase of $49.1 million,” SOFAZ said. At the previous auction it was sold $50 million to 28 banks………………………………………..Full Article: Source

China’s top sovereign wealth fund quadruples in total assets in 8 years

Posted on 02 August 2016 by VRS  |  Email |Print

A report says China’s investment fund industry will continue expanding. The total assets of the top sovereign wealth fund in China have quadrupled in eight years since its founding, according to the 2015 annual report released by the China Investment Corporation.
The CIC’s total assets had grown to over $810 billion during the 8-year period, from $200 billion of registered capital in 2007. The company’s spokewoman Liu Fangyu says they have ramped up investment in assets that generate stable returns, and will further expand investment in this sector in this year………………………………………..Full Article: Source

China Communications Construction Company denies 1MDB claim

Posted on 01 August 2016 by VRS  |  Email |Print

China Communications Construction Company, the new owner of Australian engineering group John Holland, has denied involvement in an alleged plot to cover up a multi-billion-dollar corruption scandal at Malaysian sovereign wealth fund 1MDB by inflating a railway contract.
The allegations were published last week by London-based Sarawak Report, which was subsequently repeated by Asian media outlets. Then-treasurer Joe Hockey allowed CCCC to buy John Holland from Leighton Holdings for $853m in April last year, even though the World Bank has banned the Chinese giant from work on its projects until next year due to “fraudulent prac­tices”………………………………………..Full Article: Source

Kazakh state oil company deal facing defeat

Posted on 01 August 2016 by VRS  |  Email |Print

Kazakhstan’s state oil company looks increasingly likely to be defeated in its attempt to tighten control over its London-listed subsidiary, after investors voiced their concerns about the motives behind the deal.
A crucial role in the vote will be played by China Investment Corporation, the largest minority shareholder with an 11 per cent stake, or a third of the free float. The Chinese sovereign wealth fund, which bought its stake in 2009 at a price of just over $20 per GDR, has privately voiced its dissatisfaction with elements of NC KMG’s proposal, according to several people briefed on the conversations………………………………………..Full Article: Source

HKMA warns of risks ahead after US Fed keeps interest rates unchanged

Posted on 29 July 2016 by VRS  |  Email |Print

The Hong Kong Monetary Authority on Thursday warned the public to be aware of risks arising from market uncertainties after the US Federal Reserve decided not to raise interest rates in its meeting overnight.
“The US Federal Reserve did not give any indication on when it would increase the interest rate again. We believe this is because the US economy and international financial markets remain full of uncertainties,” the local central bank spokesman said in a statement……………………………………….Full Article: Source

1MDB: The inside story of the world’s biggest financial scandal

Posted on 29 July 2016 by VRS  |  Email |Print

On 22 June 2015, Xavier Justo, a 48-year-old retired Swiss banker, walked towards the front door of his brand new boutique hotel on Koh Samui, a tropical Thai island. He had spent the past three years building the luxurious white-stone complex of chalets and apartments overlooking the shimmering sea and was almost ready to open for business. All he needed was a licence.
Justo had arrived in Thailand four years earlier, having fled the drab world of finance in London. In 2011, he and his girlfriend Laura toured the country on a motorbike and, two years later, they got married on a secluded beach………………………………………..Full Article: Source

Investcorp Sells 20% Stake to Abu Dhabi-Based Fund Mubadala

Posted on 29 July 2016 by VRS  |  Email |Print

Mubadala will immediately acquire a 9.9% stake with a further 10.01% to follow after obtaining regulatory approvals. Bahraini investment manager Investcorp on Thursday said it had agreed to sell a 20% stake to Mubadala Development Co., a sovereign-wealth fund tasked with diversifying Abu Dhabi’s economy.
Under the terms of the transaction, Mubadala will immediately acquire a 9.9% stake in Investcorp and another 10.01% stake after obtaining regulatory approvals. No financial details were disclosed………………………………………..Full Article: Source

Singapore’s Sovereign-Wealth Fund Sees Lower Returns Ahead

Posted on 28 July 2016 by VRS  |  Email |Print

Singapore’s over $300 billion sovereign-wealth fund sees no end in sight for the era of low returns as anemic interest rates and sluggish growth weighed on one of the world’s biggest state funds.
“These difficult investment conditions can stretch for the next 10 years,” said Lim Chow Kiat, GIC Pte. Ltd.’s chief investment officer. The sovereign-wealth fund, charged with managing the country’s foreign-exchange reserves, said in its annual report that it earned a 3.7% annualized nominal rate of return over the past five years through the end of March. That compares with a 6.5% return for the five years through the end of March 2015………………………………………..Full Article: Source

Singapore wealth fund’s performance falls to three-year low

Posted on 28 July 2016 by VRS  |  Email |Print

Low interest rates, high asset valuation and political instability were expected to bring down returns for the foreseeable future, Singapore’s GIC said on Thursday as the sovereign wealth fund’s performance fell to a three-year low.
The investment group’s rolling annualised 20-year rate of return fell to 4 per cent for the year ending March 31, GIC said in its annual results. It recorded 4.9 per cent last year, the strongest results in a decade. The group does not publish single-year results and uses the 20-year annualised rate as its benchmark for performance………………………………………..Full Article: Source

HKMA adds to mortgage talk

Posted on 28 July 2016 by VRS  |  Email |Print

Amid intensifying competition between banks for mortgage business and reports of the Hong Kong Monetary Authority informing banks verbally that they must restrict rebates on such loans immediately, the HKMA had come out to say it is not setting any new caps.
A spokesperson from the authority said it is already a requirement that if a bank offers a cash rebate or cash- equivalent incentive that exceeds 1 percent of the amount of the mortgage loan then the bank should treat the sum as part of the mortgage loan when calculating the loan-to-value ratio………………………………………..Full Article: Source

Azeri banks buy $50M from State Oil Fund at auction

Posted on 27 July 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 27 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said July 26.
SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million. As of July 1, 2016, SOFAZ’s assets increased by 4.6 percent and amounted to $35.1 billion as compared to $33.57 billion in early 2016………………………………………..Full Article: Source

Shearman & Sterling bank account linked to stolen Malaysian $1bn

Posted on 26 July 2016 by VRS  |  Email |Print

Shearman & Sterling has become unwittingly caught up in the middle of the largest ever asset seizure by the US Department of Justice’s anti-corruption unit. Funds transferred to the law firm’s bank account are alleged to have financed the “luxurious lifestyles” of several businessmen associated with the 1Malaysia Development Berhad (1MDB) sovereign wealth fund.
In civil filings to the United States District Court in Los Angeles, Shearman & Sterling is purported to have held millions of dollars in stolen funds in an Interest on Lawyer Account (IOLA) in the US………………………………………..Full Article: Source

Is 1MDB Malaysia’s defining moment?

Posted on 26 July 2016 by VRS  |  Email |Print

The US government has accused Malaysian Prime Minister Najib Abdul Razak of having received hundreds of millions of US dollars into his personal banking accounts from money stolen from 1MDB. Najib has not refuted the allegation.
The US government has also accused officials and associates of 1MDB of having stolen more than US$3.5 billion from 1MDB, to which Najib has also failed to deny. What is most devastating to the prime minister personally is that among the millions of such stolen money in his banking accounts is the famous US$681 million which he claimed to be a donation from the Saudi royal family………………………………………..Full Article: Source

CIC’s 2015 returns upset by volatile market environment

Posted on 26 July 2016 by VRS  |  Email |Print

The China Investment Corporation (CIC) saw its returns plunging into the red last year amid the dismal global economic environment. In 2015, the net annual return of its overseas investments succumbed to a loss of 2.96%, against a net gain of 5.47% in 2014.
The CIC’s latest annual report states that global stocks, commodity prices and non-US dollar currencies tumbled, introducing significant risks and challenges to its global investments. Due to volatility in international financial markets and foreign-exchange losses triggered by an appreciating US dollar, the CIC’s overseas investments generated a dollar-denominated net return of -2.96% in 2015, and a net cumulative annualised return of 4.58% since its inception in 2007………………………………………..Full Article: Source

China’s top sovereign wealth fund quadruples in total assets in 8 years

Posted on 25 July 2016 by VRS  |  Email |Print

A report says China’s investment fund industry will continue expanding. The total assets of the top sovereign wealth fund in China have quadrupled in eight years since its founding, according to the 2015 annual report released by the China Investment Corporation.
The CIC’s total assets had grown to over $810 billion during the 8-year period, from $200 billion of registered capital in 2007. The company’s spokewoman Liu Fangyu says they have ramped up investment in assets that generate stable returns, and will further expand investment in this sector in this year………………………………………..Full Article: Source

China’s sovereign wealth fund books negative return

Posted on 25 July 2016 by VRS  |  Email |Print

China’s sovereign-wealth fund reported a nearly 3 per cent drop in returns for 2015, citing the sluggish global recovery and volatile financial markets as reasons that led to a challenging year.
China Investment had a negative 2.96 per cent return on its investment overseas, according to a statement on its website Friday. That reversed a 5.47 per cent return in 2014. Since its inception in September 2007, the fund has had an annualised return rate of 4.58 per cent, CIC said………………………………………..Full Article: Source

China sovereign wealth fund CIC profit drops 17%

Posted on 25 July 2016 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corp (CIC) reported a 17 per cent decline in net profit last year, its lowest profit since 2011, hit by negative returns on overseas investments and huge foreign exchange losses, it said on Friday.
Net profit was US$73.9 billion in 2015, down from US$89.1 billion a year earlier, the fund said in the annual report posted on its website. CIC’s return on overseas investments declined to a negative 2.96 per cent last year, compared with a positive 5.47 per cent return in 2014………………………………………..Full Article: Source

China sovereign fund CIC records first loss on overseas investments in 4 years

Posted on 25 July 2016 by VRS  |  Email |Print

China’s $813.8 billion sovereign wealth fund posted its first loss on overseas investments in four years last year as commodity prices sunk, while stock and bond returns were damped by negative interest rates and a strong U.S. dollar.
China Investment Corp. had a loss of 2.96 percent in the year ended December, compared with a 5.47 percent gain a year earlier, according to the Beijing-based company’s 2015 annual report released Friday. Net income at the fund, which holds government stakes in China’s biggest banks, fell 17 percent to $73.9 billion, the report showed………………………………………..Full Article: Source

Abu Dhabi Investment Authority’s real rate of return stays steady

Posted on 25 July 2016 by VRS  |  Email |Print

Despite volatile conditions that saw equity markets end 2015 little changed from where they began, the Abu Dhabi Investment Authority, or Adia, recorded a creditable performance from an overall portfolio perspective, the world’s leading sovereign wealth fund said.
In its 2015 annual review, Adia said its 20-year annualised rates of return fell to 6.5 per cent in 2015 from 7.4 per cent the year before. The fund’s 30-year rate of return slipped to 7.5 per cent from 8.4 per cent. “This was primarily as a result of strong returns from the mid-1980s and 1990s falling out of the rolling averages over the periods in question.”……………………………………….Full Article: Source

White House calls for Malaysian transparency in wake of fund scandal

Posted on 22 July 2016 by VRS  |  Email |Print

The White House urged Malaysia on Thursday to demonstrate good governance and a transparent business climate, a day after U.S. prosecutors sued to try and seize $1 billion in assets they said were bought with money stolen from a state development fund.
The civil lawsuits present a potentially thorny issue for the two countries that have grown closer during the administration of President Barack Obama, who has visited the southeast Asian nation twice in the last two years. The lawsuits will likely affect relations, but they did not come as a surprise, said a U.S. congressional aide. “It has been a concern of a lot of people for a long time. Corruption in Malaysia is a huge problem,” the aide said………………………………………..Full Article: Source

Malaysian State Fund Tied up in Money Laundering Scandal

Posted on 22 July 2016 by VRS  |  Email |Print

A spokesman for Malaysian premier stated that 1MDB has been the subject of multiple inquiries in Malaysia and “the attorney general found that no crime was committed.” US prosecutors are trying to seize more than $1 billion in assets they said were tied to money stolen from the Malaysian state fund, overseen by the prime minister and used to finance The Wolf of Wall Street film, and to buy property and works of art.
Civil lawsuits filed in federal court on Wednesday did not name Malaysian premier Najib Razak, referring instead to “Malaysian Official 1.” Some of the allegations against this official are the same as those in a Malaysian investigation over a $681 million transfer to his personal bank account………………………………………..Full Article: Source

US$731m siphoned from 1MDB to ‘Malaysian Official 1′ account, says DOJ

Posted on 22 July 2016 by VRS  |  Email |Print

US$731 million was allegedly siphoned from Malaysia’s sovereign wealth fund 1MDB into a bank account owned by the unnamed ‘Malaysian Official 1′, according to the lawsuit filed by the US Department of Justice (DOJ) yesterday.
DOJ did not name ‘Malaysian Official 1’ but described the individual as a “high-ranking official in the Malaysian government who also held a position of authority with 1MDB.” Upon its formation, Malaysian Official 1 assumed a position of authority with 1MDB, said DOJ………………………………………..Full Article: Source

US says $1bn siphoned from 1MDB fund to finance gambling debts, private jet

Posted on 22 July 2016 by VRS  |  Email |Print

The plot behind the 1Malaysia Development Berhad (1MDB) state fund scandal has thickened with the intervention of the United States government. Gambling debts in Las Vegas, a private jet, and funding for Oscar-nominated movie ‘The Wolf of Wall Street’ are among the opulent expenses allegedly bankrolled by the Malaysian sovereign wealth fund in a scandal involving billions of dollars of taxpayers’ money.
Amid colossal allegations of transborder graft and money laundering, the U.S. Department of Justice is looking to seize more than $1 billion in assets that federal officials say were misappropriated from the 1Malaysia Development Berhad (1MDB) wealth fund………………………………………..Full Article: Source

Singapore Seizures Ensnare Three Big Banks in Sovereign Fund Scandal

Posted on 22 July 2016 by VRS  |  Email |Print

The scandal surrounding Malaysia’s sovereign wealth fund 1MDB has roped in three major banks, with Singapore’s investigations alleging failures and weaknesses at DBS Bank (DBSDY), Standard Chartered (SCBFF) and UBS (UBS) . That comes right after the largest-ever forfeiture complaint by the kleptocracy unit of the U.S. Justice Department, which has filed to seize more than $1 billion in assets in the United States.
Singapore has seized S$240 million ($177 million) in suspicious bank accounts in the city, its forces said in a statement issued on Wednesday. Half of the money belongs to the Malaysian businessman Low Taek Jho — a socialite known as Jho Low — and his family………………………………………..Full Article: Source

Temasek-backed Godrej Agrovet weighs IPO

Posted on 22 July 2016 by VRS  |  Email |Print

Adi Godrej is considering an IPO of his group’s animal-feed unit as business thrives in the biggest milk-drinking country in the world. Billionaire Adi Godrej is considering an initial public offering (IPO) of his group’s animal-feed unit, the largest producer in India, as business thrives in the biggest milk-drinking country in the world.
An IPO of the unit, which is partly owned by Singapore’s Temasek Holdings Pte, would be the first such deal for the 119-year old conglomerate — whose businesses range from locks to soaps, appliances and real estate — since 2010. It would also come as rising stock prices increase the number of initial share sales in the world’s fastest-growing major economy………………………………………..Full Article: Source

Sovereign funds take a liking to Indian IPOs

Posted on 22 July 2016 by VRS  |  Email |Print

Primary markets are emerging as a new route to raise exposure to Indian equities for sovereign wealth funds (SWFs). Prominent SWFs such as Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority (KIA), Government Pension Fund Global (GPFG) of Norway and Monetary Authority of Singapore (MAS) invested in about 30% of the initial public offerings (IPOs) in the past 18 months. Narayana Hrudayalaya, InterGlobe Aviation, Parag Milk, VRL Logistics and Alkem Labs were some of the prominent investment targets.
In Parag Milk Foods IPO of May 2016, SWFs of Abu Dhabi and Norway cumulatively subscribed to 8% of the total book and nearly 18% of the total anchor book………………………………………..Full Article: Source

U.S. Sues To Recover Funds Allegedly Stolen From Malaysian Government Fund

Posted on 21 July 2016 by VRS  |  Email |Print

The U.S. Department of Justice has filed civil complaints seeking to recover a billion dollars’ worth of art, real estate and other assets bought with money allegedly stolen from a Malaysian sovereign wealth fund.
U.S. officials say a total of $3.5 billion, raised through bond offerings made by the investment fund 1MDB between 2009 and 2015, was laundered through a series of sham transactions and shell corporations by “high level officials” of the fund and their associates. The U.S. is seeking to reclaim only about $1 billion right now, because that’s how much officials have been able to trace through the system………………………………………..Full Article: Source

US moves to seize $1bn in Malaysia assets

Posted on 21 July 2016 by VRS  |  Email |Print

Van Gogh paintings, Beverly Hills properties and the rights to profits from the hit movie The Wolf of Wall Street were among $1bn in assets US prosecutors moved to seize on Wednesday as part of a sprawling anti-money laundering investigation into Malaysia’s sovereign wealth fund.
In one of the largest seizures in US history, federal law enforcement agents also appeared to link Najib Razak, Malaysia’s prime minister, to a web of corrupt officials receiving stolen funds………………………………………..Full Article: Source

US goes after more than $1B taken from Malaysian fund

Posted on 21 July 2016 by VRS  |  Email |Print

The United States moved Wednesday to recover more than $1 billion that federal officials say was stolen from a Malaysian economic development fund and that was used for high-end real estate, fancy artwork and production of the Hollywood film, “The Wolf of Wall Street.”
The diverted funds paid for luxury properties in New York and California, a $35 million private jet and expensive paintings by Vincent Van Gogh and Claude Monet, according to federal government complaints that demand the recovery and forfeiture of the ill-gotten assets………………………………………..Full Article: Source

Corrupt officials used Malaysia state fund 1MDB as private bank account

Posted on 21 July 2016 by VRS  |  Email |Print

US Attorney-General Loretta Lynch said on Wednesday (July 20) that a number of corrupt officials had treated Malaysia state fund 1Malaysia Development Berhad (1MDB) as their private bank account.
She was delivering prepared remarks to announce a new legal action to seize more than US$1 billion (S$1.36 billion) in assets including luxury real estate and a jet allegedly bought with money pilfered from the 1MDB state investment fund………………………………………..Full Article: Source

Goldman Sachs under spotlight in Malaysian fund scandal

Posted on 21 July 2016 by VRS  |  Email |Print

Goldman Sachs’ work with Malaysian sovereign wealth fund 1MDB is under the spotlight over U.S. government allegations that billions of dollars were diverted for the personal use of officials in the southeast Asian country.
The Wall Street bank helped 1MDB raise $6.5 billion in three bond sales in 2012 and 2013 to invest in energy projects and real estate to boost the Malaysian economy. Instead, more than $2.5 billion raised from those bonds was misappropriated by high-level 1MDB officials, their relatives and associates, U.S. Department of Justice civil lawsuits filed in court on Wednesday said………………………………………..Full Article: Source

Temasek Offers S$1.2 Billion to Buy Out SMRT 16 Years After IPO

Posted on 21 July 2016 by VRS  |  Email |Print

Singapore state investment firm Temasek Holdings Pte offered S$1.2 billion ($880 million) to buy out SMRT Corp., 16 years after the company became the first Asian subway operator outside of Japan to list shares.
The S$1.68 a share proposal, an 8.7 percent premium from the last traded price, values the rail operator at S$2.6 billion. The price is fair and final, Temasek President Chia Song Hwee said in Singapore Wednesday after the buyout, first reported by Bloomberg News this week, was made public………………………………………..Full Article: Source

India Drinks so Much Milk Temasek-Backed Feedmaker Weighs IPO

Posted on 21 July 2016 by VRS  |  Email |Print

Billionaire Adi Godrej is considering an initial public offering of his group’s animal-feed unit, the largest producer in India, as business thrives in the biggest milk-drinking country in the world. Godrej Agrovet Ltd. may be listed in the future, group Chairman Godrej said in a recent interview in Mumbai, without providing details on the timing or valuations.
An IPO of the unit, which is partly owned by Singapore’s Temasek Holdings Pte, would be the first such deal for the 119-year old conglomerate — whose businesses range from locks to soaps, appliances and real estate — since 2010. It would also come as rising stock prices increase the number of initial share sales in the world’s fastest-growing major economy………………………………………..Full Article: Source

Norway’s sovereign wealth fund has made a killing from Pokémon Go

Posted on 21 July 2016 by VRS  |  Email |Print

Norwegian’s should be happy about the arrival of Pokémon Go - not only because they seem to be the most active players of the game in the Nordics. The Norwegian sovereign wealth fund, the largest of its kind in the world, has made big bucks from the Pokémon Go hype.
Even with Nintendo stock declining 12% today, at the time of writing, after having doubled since the release of the augmented reality mobile game, the sovereign wealth fund has made Norwegian’s over $100 million, reports E24………………………………………..Full Article: Source

Aberdeen’s unfrozen property fund sells London asset to Norges Bank

Posted on 20 July 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund has acquired a prime London asset, capitalising on liquidity pressures facing open-ended property funds in the UK. Aberdeen Asset Management has sold a 59,000sqft retail and office building on Oxford Street from a fund that was recently closed to redemptions.
Norges Bank Real Estate Investment Management paid £124m (€149m) for 355-361 Oxford Street, known as Sedley Place, in London’s West End………………………………………..Full Article: Source

Azeri banks buy $50M from State Oil Fund at auction

Posted on 20 July 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 29 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said July 19. As of July 1, 2016, SOFAZ’s assets increased by 4.6 percent and amounted to $35.1 billion as compared to $33.57 billion in early 2016.
SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016………………………………………..Full Article: Source

Azeri state oil fund’s assets up 4.6 pct in H1 to $35.1 bln by July 1

Posted on 19 July 2016 by VRS  |  Email |Print

The assets of Azeri state oil fund SOFAZ grew by 4.6 percent to $35.1 billion in the first six months of this year, the fund said on Monday. SOFAZ holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue. It uses income from investments to pay for social spending and infrastructure projects.
SOFAZ revenues reached 3.99 billion manats ($2.6 billion) in the first half of 2016, while its expenditures totalled 2.26 billion manats, the fund said in a statement. SOFAZ assets dropped by 9.5 percent year-on-year in 2015 to $33.57 billion………………………………………..Full Article: Source

SOFAZ’s revenues hit 4B manats in Q2 2016

Posted on 19 July 2016 by VRS  |  Email |Print

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2016 reached 3,991.0 million manat, while budget expenditures constituted 2,256.7 million manat, said a statement from SOFAZ July 18.
Revenue of 3,689.5 million manat was received from implementation of oil and gas agreements, including 3,680.6 million manat from the sale of profit oil and gas, 0.1 million manat as bonus payments and 8.8 million manat as transit payments………………………………………..Full Article: Source

Temasek Holdings set for deal to buy out SMRT: Sources

Posted on 19 July 2016 by VRS  |  Email |Print

Singapore state investor Temasek Holdings is set to announce a deal this week to buy out the remaining nearly 46 per cent of SMRT Corp that it doesn’t already own, two sources with knowledge of the matter said.
The deal caps a turbulent period for Singapore’s main rail operator. SMRT has come under heavy criticism in recent years after a series of train breakdowns led to public outcry in a country long known for an efficient and reliable public infrastructure………………………………………..Full Article: Source

Azerbaijan’s SOFAZ makes almost $120B from largest oil project

Posted on 18 July 2016 by VRS  |  Email |Print

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project for development of the Azeri-Chirag-Gunashli (ACG) block of fields totaled $119.314 billion from early 2001 to July 1, 2016, SOFAZ told Trend.
SOFAZ said its revenues from the project totaled $2.305 billion in H1 2016; out of this, $504 million accounted for June. A contract for development of ACG block of oil and gas fields was signed in 1994. The proven oil reserves of the block near one billion tons………………………………………..Full Article: Source

Temasek Holdings Leads Financing for PureLiFi in Tech Expansion

Posted on 15 July 2016 by VRS  |  Email |Print

Singapore’s state-owned investment firm Temasek Holdings Pte is the lead investor in the latest round of financing by Edinburgh-based telecommunications company pureLiFi as it expands its technology holdings.
The Series-B round brought pureLiFi’s total financing to more than $10 million, it said in an e-mailed statement. The funding will support the development of the firm’s technology that uses light-emitted diodes to provide wireless communication systems with the potential to be faster than current WiFi technology, according to the statement. Aedan Lai, a spokesman for Temasek, confirmed the investment and declined to comment further………………………………………..Full Article: Source

UBS ‘flagged shady 1MDB transactions’ to MAS

Posted on 15 July 2016 by VRS  |  Email |Print

UBS Group flagged suspicious transactions linked to 1Malaysia Development Berhad (1MDB) to the Monetary Authority of Singapore (MAS), prompting an investigation of the accounts involved, a person familiar with the matter said. The transactions were not immediately recognised by UBS as suspicious, said the person, who asked not to be identified because the matter is private.
At least US$1.24 billion (S$1.66 billion) was transferred in 2014 from the account of a 1MDB subsidiary held at BSI in Lugano, Switzerland, to a UBS account in Singapore held by what appeared to be a unit of an Abu Dhabi firm, investigative blog Sarawak Report said on July 11. A UBS spokesman declined to comment on the 1MDB transfers………………………………………..Full Article: Source

Azerbaijan’s Central Bank, State Oil Fund sell $100M to local banks at auction

Posted on 15 July 2016 by VRS  |  Email |Print

Azerbaijan’s State Oil Fund (SOFAZ) and Central Bank (CBA) each sold $50 million to 24 banks through an auction, SOFAZ said July 14. SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016.
SOFAZ was established in 1999 with assets of $271 million. As of April 1, 2016, SOFAZ’s assets increased by 2 percent and amounted to $34.25 billion as compared to $33.57 billion in early 2016………………………………………..Full Article: Source

UBS said to have flagged suspicious 1MDB transactions to MAS

Posted on 14 July 2016 by VRS  |  Email |Print

UBS Group flagged suspicious transactions linked to 1Malaysia Development Bhd (1MDB) to the Monetary Authority of Singapore (MAS), prompting an investigation of the accounts involved, a person familiar with the matter said.
The transactions were not immediately recognised by UBS as suspicious, said the person, who asked not to be identified because the matter is private. At least US$1.24 billion (S$1.67 billion) was transferred in 2014 from the account of a 1MDB subsidiary held at BSI SA in Lugano, Switzerland, to a UBS account in Singapore held by what appeared to be a unit of an Abu Dhabi company, UK-based investigative blog Sarawak Report said on July 11………………………………………..Full Article: Source

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