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Saudi Sovereign Wealth Fund to Invest in Alabbar-Led Company

Posted on 29 November 2016 by VRS  |  Email |Print

Saudi Arabia’s sovereign-wealth fund said Monday that it will acquire a 50% stake in an investment company led by Emirati businessman Mohamed Alabbar. The deal comes after Adeptio AD Investments SPC Ltd. last month completed the purchase of a majority stake in Kuwait’s Americana, one of the Middle East’s largest operators of fast-food chains including KFC, TGI Friday’s Inc. and Pizza Hut.
The Public Investment Fund said the transaction is part of a plan to “increase investment in non-oil sectors and build a portfolio that has greater geographical and asset class diversification.”……………………………………….Full Article: Source

Moroccan Sovereign Fund Seeks Investors to Tackle Climate Change

Posted on 24 November 2016 by VRS  |  Email |Print

As millions took to the streets throughout North Africa during the Arab Spring of 2011, the Kingdom of Morocco, untouched but not unshaken, devised a plan to revamp the country’s infrastructure and promote tourism.
That year the government launched the $1.8 billion Moroccan Fund for Tourism Development. It also asked for help from a who’s who of Gulf sovereign wealth funds - the Kuwait Investment Authority, Abu Dhabi’s International Petroleum Investment Co., Saudi Arabia’s Public Investment Fund, and the Qatar Investment Authority - with combined assets estimated to top $1 trillion…………………………………Full Article: Source

Morocco’s sovereign wealth fund and World Bank launch Green Africa Fund

Posted on 18 November 2016 by VRS  |  Email |Print

The World Bank Group and Ithmar Capital, a Moroccan Sovereign Investment Fund, signed on Wednesday in Marrakech a memorandum of understanding relating to the establishment of a Green Growth Infrastructure Facility for Africa (GGIF Africa), the first pan-African fund dedicated to green investment in the continent.
GGIF will be structured as private capital fund and its objective is to attract private investors with interest in Morocco or Africa who are looking for responsible and green investment opportunities……………………………………..Full Article: Source

Abu Dhabi fund Mubadala may invest in Russian vegoil, rice firms

Posted on 15 November 2016 by VRS  |  Email |Print

Abu Dhabi state investmentvehicle Mubadala Development Co may invest in avegetable oil producer and a rice producer in Russia, a Russianstate-backed fund said, in a rare Gulf investment into thecountry’s commodities sector.
Russia’s agriculture and food production sector has beengrowing due to Moscow’s decision to ban most Western foodimports in 2014 in retaliation for sanctions over Ukraine, whichare keeping many Western investors away from Russian assets…………………………………….Full Article: Source

New Zealand Wealth Fund Focused on Climate Change Resilience

Posted on 09 November 2016 by VRS  |  Email |Print

New Zealand’s sovereign wealth fund plans to protect its portfolio from climate change risks by cutting fossil fuel exposure and seeking greener investments, its chief executive said. The NZ$31 billion ($22.71 billion) fund, established to support New Zealand’s retirees, is hosting an annual meeting for some of the world’s biggest sovereign funds in Auckland on Nov 8-11.
Climate change policy risks are expected to figure high on the agenda of the meeting, which will be attended by International Forum of Sovereign Wealth Funds (IFSWF) members such as China’s CIC, Singapore’s GIC and the Gulf’s Abu Dhabi Investment Authority…………………………………….Full Article: Source

New Zealand wealth fund focused on climate change resilience

Posted on 08 November 2016 by VRS  |  Email |Print

New Zealand’s sovereign wealth fund plans to protect its portfolio from climate change risks by cutting fossil fuel exposure and seeking greener investments, its chief executive said. The NZ$31 billion ($22.71 billion) fund, established to support New Zealand’s retirees, is hosting an annual meeting for some of the world’s biggest sovereign funds in Auckland on Nov 8-11.
Climate change policy risks are expected to figure high on the agenda of the meeting, which will be attended by International Forum of Sovereign Wealth Funds (IFSWF) members such as China’s CIC, Singapore’s GIC and the Gulf’s Abu Dhabi Investment Authority………………………………………Full Article: Source

Rod Oram: The climate change shift

Posted on 24 October 2016 by VRS  |  Email |Print

Two reports released on Wednesday, outline New Zealand’s opportunities and risks in two crucial areas of the global transformation to a low carbon economy. The NZ Superannuation Fund described how it would apply climate change assessments to its entire investment strategy; and the Parliamentary Commissioner for the Environment detailed our issues with agricultural greenhouse gases.
NZ Super was in the group of such funds that commissioned analysis on climate risks and opportunities last year from Mercer, the global investment advisor. This week, the Super Fund described its four-part approach, which it said was “a significant and fundamental shift” in its strategy………………………………………Full Article: Source

NZ Super Fund to implement climate change strategy

Posted on 20 October 2016 by VRS  |  Email |Print

The Guardians of New Zealand Superannuation (the Guardians) have announced that the New Zealand Superannuation Fund (NZ Super Fund) – a sovereign wealth fund (SWF) worth NZ$30 billion (US$21.6 billion) in AUM – is to feature climate change strategy as a main focus of its portfolio.
Adrian Orr, the fund’s CEO, comments that the strategy represents a significant and fundamental shift for the NZ Super Fund. “Climate change was a material investment issue in terms of risk for long-term investors. In the coming years, the global energy system will transition away from fossil fuels, and some assets we invest in today may become uneconomic, made obsolete or face a dwindling market,” he says……………………………………Full Article: Source

NZ Super fund to cut fossil fuels, makes “fundamental shift” to prepare for climate change

Posted on 20 October 2016 by VRS  |  Email |Print

New Zealand’s sovereign wealth fund is promising to reduce its investments in fossil fuels and target clean energy in a bid to prepare for climate change. On Wednesday the New Zealand Superannuation Fund confirmed it was pledging cut the carbon footprint of its $30 billion portfolio, including selling down “high risk” investments.
While the move comes with no set targets and will not prevent the fund from investing in any particular sector, chief executive Adrian Orr said it would lead to some parts of its portfolio being sold……………………………………Full Article: Source

NZ Super to announce new climate focused investment standards

Posted on 19 October 2016 by VRS  |  Email |Print

New Zealand’s $30 billion sovereign wealth fund is to announce new environmental investment rules, as part of a push towards sustainable investment. On Wednesday the New Zealand Superannuation Fund will announce rules designed to make its investment portfolio resilient to climate change.
While it is understood the new rules would not explicitly rule out investment in fossil fuels or mining, the fund, established to help cover New Zealand’s rising pension costs, is expected to set “hurdle rates” for investments which are not considered sustainable…………………………………….Full Article: Source

Where in the 1MDB scandal is Falcon Bank?

Posted on 17 October 2016 by VRS  |  Email |Print

One after another, Swiss prosecutors are putting banks under scrutiny over the 1MDB scandal. On Wednesday Oct 12, the Swiss attorney-general’s office (OAG) announced that it was initiating criminal proceedings against Falcon, after doing the same with BSI on May 23.
The Singaporeans had also acted, with the Monetary Authority of Singapore (MAS) ordering Falcon to close its Singapore unit and pay a S$4.3 million (US$3.11 million) fine. In this instalment of KiniGuide, we take a look at Falcon and how it got into so much trouble……………………………………..Full Article: Source

Should Leonardo DiCaprio resign from UN climate change post?

Posted on 17 October 2016 by VRS  |  Email |Print

Leonardo DiCaprio at UN: A lawsuit claims that the actor’s environmental protection charity, the Leonardo DiCaprio Foundation, is one of the businesses to receive donations allegedly embezzled from the 1MDB fund.
A Swiss rainforest charity has called for actor Leonardo DiCaprio to renounce his position as UN Messenger for Peace for climate change due to alleged connections to a multi-billion dollar Malaysian corruption scandal……………………………………..Full Article: Source

KIC sues Volkswagen over emission scandal on behalf of S.Korea govt

Posted on 05 October 2016 by VRS  |  Email |Print

Korea Investment Corporation (KIC), South Korea’s sovereign wealth fund, has lodged a lawsuit against Volkswagen on behalf of the South Korean government and the Bank of Korea over the German carmaker’ emissions cheating scandal, in its first legal action against a foreign company to seek damages, government sources said on Oct. 3.
The South Korean government, as a shareholder of the carmaker, estimates to recover 15 billion won to 40 billion won ($14 million to $36 million) in compensation for the loss in the share price………………………………………Full Article: Source

Future Fund wants renewables for yield, not green glow

Posted on 03 October 2016 by VRS  |  Email |Print

The Future Fund might have ploughed $400 million into AGL Energy’s renewable energy fund but it isn’t turning green, chairman Peter Costello says. It’s just the fact that the returns on renewable energy are guaranteed by state and federal legislation that make the sector attractive at a time when above inflation returns have rarely been harder to find.
“We are neutral when it comes to electricity. We don’t invest in it because we think one form of electricity is superior to another, we invest in it because of the returns,” Mr Costello tells The Australian Financial Review……………………………………..Full Article: Source

Angolan sovereign fund targets 8 pct return with farm investments

Posted on 20 September 2016 by VRS  |  Email |Print

Angola’s sovereign wealth fund has started investing in local state-owned farms to make them commercially viable for producing and exporting soft commodities, the fund’s chairman Jose Filomeno dos Santos said on Monday.
The fund, known by its Portuguese acronym FSDEA, has recently secured a concession of seven large farms in the country covering some 72,000 hectares, it said in a statement on its first quarter investment update. “We have to add new management to each of the farms, determine which crops will be produced, expand irrigation systems - basically making them as efficient as possible so they can produce competitively and allow us to have products that can compete within Angola and even outside,” dos Santos said……………………………………….Full Article: Source

Blackrock to sue VW over emissions scandal

Posted on 16 September 2016 by VRS  |  Email |Print

Asset manager Blackrock and a group of institutional shareholders are to sue car maker Volkswagen for €2bn (£1.7bn) over its emissions scandal. Investors, including sovereign wealth funds and pension funds, are expected to file a complaint in a court in Braunschweig, Germany, on Friday.
They are to claim that VW failed to disclose its use of software defeat devices on diesel cars in a timely way. VW has faced a flood of legal actions over the scandal. In September 2015 the US Environmental Protection Agency found that many diesel VW cars had a software “defeat device” that could detect emissions testing and change how the car performed to improve the test results………………………………………..Full Article: Source

Why This Trillion-Dollar Wealth Fund Blacklisted Duke Energy Stock

Posted on 14 September 2016 by VRS  |  Email |Print

On a black day for U.S. stocks in general, Duke Energy stock fared worse than most. As stocks all around it tumbled an average of 2.5% Friday, Duke dropped 3.5% — and it could get worse. As reported on Norway’s The Local news site, Norway’s sovereign wealth fund announced last week that it has added Duke Energy stock to a “blacklist” of stocks it will no longer invest in.
Formerly known as the “Government Petroleum Fund,” Norway built up this fund from profits earned selling off the company’s oil production, and uses the fund to purchase investments around the world, as a means of diversifying its economy. At the beginning of this year, Norway’s fund owned $304 million worth of Duke Energy stock, and a further $162 million worth of bonds of both the parent company and its subsidiaries………………………………………..Full Article: Source

Will Norway’s Oil Fund Pull Out Of Company Running Controversial Refugee Camps?

Posted on 13 September 2016 by VRS  |  Email |Print

In the 18th century, a British navigator sailing past Nauru - a tiny island some 1,800 miles northeast of Australia – named it Pleasant Island. Now, in the 21st century, Australia is transferring asylum seekers to a detention camp on what was formerly known as Pleasant Island – now an independent nation with a population of 10,000 people –drawing harsh criticism over alleged abuse of the refugees’ human rights.
Earlier this year, Spanish conglomerate Ferrovial acquired a majority stake in Broadspectrum, the Australian company that runs offshore detention camps at Nauru and on Manus Island in northern Papua New Guinea………………………………………..Full Article: Source

The World’s Biggest Oil-Dependent Wealth Fund Goes Full Libtard

Posted on 09 September 2016 by VRS  |  Email |Print

Norway’s massive wealth fund said Wednesday it is divesting from one of the largest U.S. utilities over concerns it is not doing enough to reduce pollution. The country’s oil-dependent $900 billion sovereign wealth fund said it can no longer hold assets in Duke Energy, or its subsidiaries, primarily because of the utility’s supposedly poor track record handling coal ash left over from burned coal mixed with water.
U.S. courts ordered Duke to seal the ash basins at its North Carolina facilities in June. It notified the Norway fund’s Council on Ethics that the court order could not be fully put in place for another decade, maybe longer. The Council on Ethics did not respond well to the timeline………………………………………..Full Article: Source

Norway’s Sovereign-Wealth Fund to No Longer Invest in Duke Energy

Posted on 08 September 2016 by VRS  |  Email |Print

Norway’s sovereign-wealth fund, the world’s largest, said it would no longer invest in Duke Energy Corp. over the Charlotte, N.C.-based utility’s environmental record, a rare move against a specific company to penalize conduct.
Norway has made similar judgments to divest from global giants like Wal-Mart Stores Inc. over human-rights allegations and Rio Tinto PLC over accusations of environmental damage. The fund manages more than $900 billion, amassed from the country’s oil wealth, and enforces a set of ethical standards for its investments………………………………………..Full Article: Source

Pollution woes prompt SWF to dump Duke Energy

Posted on 08 September 2016 by VRS  |  Email |Print

One of the world’s largest investment funds is dumping its shares in Duke Energy Corp. because it sees too much risk in what it called the largest U.S. electric company’s history of environmental damage, the fund’s managers announced Wednesday.
The arm of Norway’s central bank that manages the pension fund created by the Scandinavian country’s oil wealth said it has decided to bar investments in Charlotte, North Carolina-based Duke Energy. The fund has previously decided against investments in mining and coal-based energy companies, and makers of land mines, nuclear weapons and tobacco. The company said it was disappointed but not surprised by the decision………………………………………..Full Article: Source

Temasek reorganises its philanthropic organisations to better serve community

Posted on 07 September 2016 by VRS  |  Email |Print

Investment company Temasek announced on Tuesday (Sept 6) the launch of its new philanthropic platform, to better serve the evolving needs of the community. “The new platform aims to enhance overall effectiveness by optimising resources in the delivery of programmes to beneficiaries, and to increase collaboration to achieve better outcomes,” said Temasek in a statement.
The platform includes six foundations - instead of eight non-profit philanthropic organisations previously - managing several endowment funds; Temasek Trust which provides financial oversight and governance over the foundations; and a new entity called Temasek Foundation Management Services to drive collaboration among and provide support services for all the foundations………………………………………..Full Article: Source

Old Mutual, SWF to invest in Nigerian real estate, agriculture

Posted on 15 August 2016 by VRS  |  Email |Print

Anglo-South African financial services firm Old Mutual and Nigeria’s sovereign wealth fund on Friday signed agreements to set up two funds to invest in real estate and agriculture in Africa’s most populous nation. Old Mutual and Nigeria Sovereign Investment Authority (NSIA) said they would jointly raise a $500 million fund to invest in real estate and another $200 million to spend on agriculture projects in Nigeria.
The West African nation is in the middle of its worst crisis in decades as a slump in oil revenues hammers public finances and the naira. Gross domestic product shrank in the first quarter and the central bank governor has said a recession is likely………………………………………..Full Article: Source

Khazanah eyes SunEdison’s solar assets

Posted on 05 August 2016 by VRS  |  Email |Print

Hinduja Group, the industrial conglomerate controlled by four billionaire brothers, and Malaysian sovereign fund Khazanah Nasional Bhd are among parties vying for SunEdison Inc’s Indian solar assets, people familiar with the matter said.
The Indian projects have also drawn interest from Mumbai- based Tata Power Co., domestic clean power developer Greenko Energies Pvt. and Singapore’s Sembcorp Industries Ltd, according to the people. A deal could value the operations at about US$700mil including debt, the people said, asking not to be identified because the information is private………………………………………..Full Article: Source

Norway To Drill For Oil To Fund Its Green Spending

Posted on 03 August 2016 by VRS  |  Email |Print

Norwegian government officials announced Monday they intend to fight global warming by spending money derived from oil and gas drilling on green projects. The country is pouring lucrative subsidies into the electric car market from its oil and gas funded $890 billion sovereign wealth fund, and which they plan to use to become carbon neutral by 2030, ban gasoline-fueled cars and spend billions helping poor countries go green.
Norway has already made about $178,000 off of the country’s oil and gas deposits per Norwegian. “We know there is a paradox,” Vidar Helgesen, Norway’s climate and energy minister, admitted in a press release.”We have been living well from oil and gas. But there is no country in the world that has done more to undermine the oil and gas industry than Norway.”……………………………………….Full Article: Source

Future Fund invests in solar and wind power plants

Posted on 02 August 2016 by VRS  |  Email |Print

The Future Fund has invested in the development of large scale solar and wind power plants in Australia through its fund manager QIC. It is the $117.4 billion sovereign wealth fund’s first investment in its QIC infrastructure mandate, after nearly four years.
“The Future Fund have been very patient through those four years as we tried to find deals to put into that mandate. We’ve worked very, very closely with them so it’s wonderful to finally be able to put some money into the ground for the Future Fund,” Damien Frawley, chief executive of QIC, said………………………………………..Full Article: Source

Investment funds increase interest in Europe’s offshore wind farms-study

Posted on 28 July 2016 by VRS  |  Email |Print

Norway’s $863 billion sovereign wealth fund, the world’s biggest, for instance said in April it had sold shares in 52 coal-dependent companies as part of a policy to fight climate change.
Denmark’s PKA pension fund was the largest institutional investor in European offshore wind in the first half of the year, accounting for just over 11 percent of all investments in connected offshore wind capacity. Other institutional investors included infrastructure fund Global Infrastructure Partners and Denmark’s industrial workers’ pension fund Industriens Pension………………………………………..Full Article: Source

Australia’s AGL and state-owned funds establish renewables fund

Posted on 27 July 2016 by VRS  |  Email |Print

Australia’s second-largest energy retailer AGL Energy Ltd said on Wednesday it had set up the nation’s largest renewable energy fund, worth A$2-3 billion, with Australia’s sovereign wealth fund and a Queensland government-owned fund.
The Powering Australian Renewables Fund (PARF) plans to develop 1000MW of renewable energy and will acquire two existing AGL solar plants, which together produce 155MW, AGL said in a statement………………………………………..Full Article: Source

Pua: 1MDB ’social welfare’ paid with taxpayers debt

Posted on 26 July 2016 by VRS  |  Email |Print

Prime Minister Najib Abdul Razak’s claim that 1MDB had contributed immensely to social welfare is a “farce” as it is funded by debt that is borne by taxpayers, Petaling Jaya Utara MP Tony Pua says. Najib yesterday praised 1MDB Foundation for donating RM10.4 million to sponsor 1,100 pilgrims to perform the Haj this year.
In fact, Pua said, 1MDB Foundation was set up to to mask the billions in losses that have resulted in an international anti-money laundering action. He said 1MDB has not seen a sen of profit since it was set up six years ago, and is using the “social welfare” programmes as a “public relations exercise”………………………………………..Full Article: Source

Big funds push back against activist investor settlements

Posted on 19 July 2016 by VRS  |  Email |Print

After years of support for companies that hand board seats to activists to avoid a bruising public fight, some of the world’s largest institutional investors are pushing back.
BlackRock Inc , the world’s largest asset manager, and Norges Bank Investment Management, Norway’s $872 billion sovereign wealth fund are among the major funds resisting, encouraging companies to consult them before responding to an activist………………………………………..Full Article: Source

Norwegian Government Pension Fund excludes 10 SEA-companies

Posted on 14 July 2016 by VRS  |  Email |Print

The Norwegian central bank (Norges Bank) has, as the first in the world, excluded 52 companies from its Government Pension Fund based on the companies inexpedient use of coal in their business activities. Philippine Aboitiz Power (AP) and 7 Chinese and 2 Hong Kong companies was hit by the exclusion.
The decision to exclude companies that doesn’t live up to the ethical guidelines determined by the Council on Ethics for the Government Pension Fund. 120 companies are right now listed for reasons as corruption, violations on human rights, production of tobacco, nuclear weapons etc………………………………………..Full Article: Source

Norwegian fund drops Aboitiz due to coal use

Posted on 12 July 2016 by VRS  |  Email |Print

The Norwegian central bank, Norges Bank, has dropped 52 companies including Aboitiz Power from its Government Pension Fund Global (GPFG) because of the companies’ business activities in coal. The list includes 22 firms from the United States;seven each from China and India; three from Japan; two each from Chile, Canada, Hong Kong and Australia; and one each from the United Kingdom, South Africa, Poland and Greece.
“Norges Bank has decided to exclude 52 companies from the Government Pension Fund Global after an assessment of the new product-based coal criterion. The exclusions follow a first round of analysis by Norges Bank Investment Management. Further exclusions will follow in 2016,” a statement from the bank said………………………………………..Full Article: Source

Bill English: Super Fund, ACC investment in fast food not up to us

Posted on 07 July 2016 by VRS  |  Email |Print

The Finance Minister has ruled out interfering in the investment decisions of the Super Fund and ACC. It has been revealed the agencies are putting around $260 million of taxpayers’ money into Coca-Cola, Pepsi, McDonalds and other fast food companies.
“The New Zealand Super Fund I think would have among the toughest ethical investment guidelines of any sovereign wealth fund - they need to because they’re government-owned.”……………………………………….Full Article: Source

Sahrawi Commission Hails Norway Divestment

Posted on 04 July 2016 by VRS  |  Email |Print

The Western Sahara Petroleum and Minerals Commission welcomes the decision of Norway’s Sovereign Wealth Fund to withdraw its investments in companies Cairn Energy of the UK and Kosmos Energy of the US for their involvement in the looting the wealth of through illegal and unethical investment operations in the occupied part of Western Sahara.
According to a news release of the Commission, “Western Sahara Petroleum and Minerals Commission honors the moral and courageous position that the Sovereign Wealth Fund of Norway taken to halt investment in the occupied territories of Western Sahara in accordance with international law and in line with the ethical standards of the Sovereign Wealth Fund of Norway………………………………………..Full Article: Source

Norway oil fund drops investment in Cairn and Kosmos

Posted on 29 June 2016 by VRS  |  Email |Print

Norway’s $835bn oil fund has excluded Cairn Energy of the UK and Kosmos Energy of the US from its portfolio over their continuing investment in oil exploration off the coast of Western Sahara.
The world’s largest sovereign wealth fund was one of the biggest investors in Cairn with a 2.85 per cent stake at the end of last year. It had a smaller 0.8 per cent stake in Kosmos, which is based in Dallas and has exploration licences in several African countries………………………………………..Full Article: Source

Norwegian sovereign fund divests companies over Western Sahara

Posted on 29 June 2016 by VRS  |  Email |Print

The Norwegian sovereign wealth fund has divested two companies due to their involvement with oil extraction in Western Sahara. Norges Bank Investment Management (NBIM), responsible for the Government Pension Fund Global, said it heeded a recommendation by the Council of Ethics to sell its stakes in Cairn Energy and Kosmos Energy, worth a combined NOK475m (€49.6m) at the end of 2015.
Referring to the Council’s recommendation, NBIM cited the risk of “particularly serious violations of fundamental ethical norms”, the reason given in the past when the NOK7.1trn fund sold its stakes in companies active in Western Sahara………………………………………..Full Article: Source

Abu Dhabi’s Masdar in talks for $800 mln loan to fund solar project

Posted on 29 June 2016 by VRS  |  Email |Print

A consortium led by Abu Dhabi’s Masdar is aiming to raise an $800 million loan to help fund the building of the 800-megawatt (MW) third phase of Dubai’s solar park, the company’s chief executive said.
The consortium is in talks with banks including National Bank of Abu Dhabi, First Gulf Bank and Union National Bank to provide project finance, said Mohamed al-Ramahi, chief executive of green energy firm Masdar, wholly owned by Abu Dhabi investment fund Mubadala………………………………………..Full Article: Source

Norway’s sovereign wealth fund files complaint against VW over emissions scandal

Posted on 28 June 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund has filed a complain against Volkswagen as part of a joint legal action following the carmaker’s emissions scandal.
The world’s largest wealth fund said the complaint was filed to the Braunschweig District Court in Germany and is part of the lawsuit filed by law firm Quinn Emanuel on behalf of institutional funds in connection with the scandal. The fund is Volkswagen’s largest shareholder without a seat on its advisory board………………………………………..Full Article: Source

Norwegian pension fund dumps Petrobras over corruption

Posted on 24 June 2016 by VRS  |  Email |Print

Norway’s largest pension fund has blacklisted Petrobras over concerns that the state-controlled oil company at the centre of a Brazilian bribery scandal is prone to further corruption problems beyond its home market.
KLP, which oversees NKr553bn ($67bn) of assets, said it would no longer invest in Petrobras due to the “unacceptable risk” of future problems at the company. KLP is the first large investor to publicly blacklist Petrobras since a vast bribery scandal emerged at the company in 2014, costing it at least R$6.2bn ($1.7bn) in corruption-related losses………………………………………..Full Article: Source

Kuwaitis (KIA) Want Out of French State Owned Nuclear Group Areva

Posted on 16 June 2016 by VRS  |  Email |Print

Reuters (13 June 2016) citing “La Lettre de l’Expansion” reported that the Kuwait Investment Authority (KIA) wants to sell its stake in French State owned nuclear group Areva. Reportedly, KIA said that they invested in Areva “based on incorrect company accounts“.
According to Reuters, KIA paid 600 million euros ($676 million) for their 4.82% stake in 2010, but the value of Areva shares has declined by 90% due to years of losses by Areva. The French state (taxpayer) will bail-out Areva with 5 billion euros. The nuclear reactor part of Areva will be taken over by French State owned EDF in either late 2016 or early 2017………………………………………..Full Article: Source

Greenko raises $230 million from ADIA, GIC

Posted on 09 June 2016 by VRS  |  Email |Print

Greenko Energy Holdings, one of India’s leading renewable energy firms, has secured $230 million in total new funds from an entity owned by the Abu Dhabi Investment Authority (ADIA) and an affiliate of Singapore sovereign wealth fund GIC.
ADIA will invest $150 million, Greenko said in a statement. It also disclosed for the first time that GIC agreed to invest $80 million in the business in March. The funds will contribute to the continued growth of Greenko’s business through the development of new renewable energy projects, it said, including expansion of existing wind farms………………………………………..Full Article: Source

12 Swedish big shots have been blacklisted by Norway SWF

Posted on 09 June 2016 by VRS  |  Email |Print

The enormous Norwegian sovereign wealth fund have blacklisted twelve Swedes. In essence, this means that the fund opposes them as members of the board of the companies the fund owns shares in. According to the Swedish daily Dagens Industri, the fund has in 2016 voted against twelve Swedes as members of the board.
The fund, commonly referred to as The Oil Fund, manages the wealth produced by the Norwegian oil. It is absolutely huge: On average, the fund owns approximately 1.3 percent of the world’s listed companies. Over 700 billion dollars are managed by the fund, and its Swedish investments amount to approximately 15 billion dollars………………………………………..Full Article: Source

Pressure on Norway fund to divest from coal

Posted on 24 May 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund may be forced to step up divestments of coal companies and could face a wider ban on investments in other fossil fuels.
A majority of parties in Norway’s parliament want to tighten guidelines that prevent the $850bn fund from owning companies that base more than 30% of their activities or revenues on thermal coal, according to a group of legislators including opposition Labor, Norway’s biggest party. Adjustments could come as soon as next year, said Torstein Tvedt Solberg, who represents Labor on the finance committee………………………………………..Full Article: Source

World’s Biggest Wealth Fund Faces Wider Ban on Coal Investments

Posted on 23 May 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund may be forced to step up divestments of coal companies and could face a wider ban on investments in other fossil fuels such as oil sands.
A majority of parties in Norway’s parliament want to tighten guidelines that prevent the $850 billion fund from owning companies that base more than 30 percent of their activities or revenues on thermal coal, according to a group lawmakers including opposition Labor, Norway’s biggest party. Adjustments could come as soon as next year, said Torstein Tvedt Solberg, who represents Labor on the Finance Committee………………………………………..Full Article: Source

Norway sovereign wealth fund will seek to join class action against Volkswagen

Posted on 17 May 2016 by VRS  |  Email |Print

Norway’s $850 billion sovereign wealth fund will seek to join a class-action lawsuit in Germany against Volkswagen following revelations the carmaker rigged the exhaust systems of 11 million diesel-powered cars worldwide to pass official emissions tests.
Norges Bank Investment Management “intends to join a legal action against Volkswagen arising out of that the company provided incorrect emissions data,” spokeswoman Marthe Skaar said in an e-mailed statement. NBIM manages the assets of Government Pension Fund Global, Oslo, which according to data compiled by Bloomberg owns 1.64% of Volkswagen. NBIM said it’s acting “to safeguard” the sovereign wealth fund’s holdings in the carmaker……………………………………….Full Article: Source

Temasek Raises Health-Care Bets, Adds More ADRs of JD.com

Posted on 17 May 2016 by VRS  |  Email |Print

Temasek Holdings Pte built holdings of U.S. drugmakers and health-care companies in the first quarter as the Singapore investment firm expands bets on industries that will benefit from rising life expectancies and a growing middle class in emerging markets.
The state-owned investor bought American depositary receipts of drugmaker Beigene Ltd. and added to holdings of health-care companies including Gilead Sciences Inc., Illumina Inc. and Regeneron Pharmaceuticals Inc., according to a Monday filing with the U.S. Securities and Exchange Commission………………………………………..Full Article: Source

Norway’s wealth fund to sue Volkswagen over emissions scandal

Posted on 16 May 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, said on Sunday it plans to join the class-action lawsuits filed against Volkswagen AG over the German automaker’s emissions scandal.
“Norges Bank Investment Management intends to join a legal action against Volkswagen arising out of that the company provided incorrect emissions data,” Marthe Skaar, the fund’s spokeswoman, said in a statement emailed to Reuters………………………………………..Full Article: Source

Muslim wealth funds stalk halal food acquisitions

Posted on 05 May 2016 by VRS  |  Email |Print

The most representative case is without a doubt that of the Qatar Investment Authority, Qatar’s sovereign wealth fund, which manages assets worth $304bn. In 2008, the fund spent $1bn on acquiring an investment arm specialising in the agriculture and livestock sector: Hassad Food.
With an investment horizon of 50 to 100 years, the vehicle’s mandate is to make investments in the agrifood sector so as to secure the supply of the country’s halal food in the long term and to obtain juicy returns………………………………………..Full Article: Source

Norway Wealth Fund Turns Up Climate Heat on Exxon, Chevron

Posted on 04 May 2016 by VRS  |  Email |Print

Norway’s $872-billion sovereign wealth fund, the world’s largest, said it would press U.S. oil majors ExxonMobil and Chevron to do more to report on the risks of climate change. The fund said on Tuesday it would vote in favor of shareholder proposals, opposed by both companies’ boards, which would require them to report more fully about the risks and opportunities of a changing climate.
Royal Dutch Shell and BP adopted similar policies last year, following shareholder pressure, it said. Exxon and Chevron both say they are already doing enough to report on climate risks………………………………………..Full Article: Source

Norway’s sovereign wealth fund joins pension funds on climate-risk reporting at Exxon Mobil

Posted on 04 May 2016 by VRS  |  Email |Print

Norway’s Government Pension Fund Global, Oslo, plans to vote in favor of shareholder proposals at Exxon Mobil Corp. sponsored by major pension funds calling for climate-change reporting and proxy access, said a statement posted on the website of Norges Bank Investment Management, which oversees the assets and proxy voting of the 7.08 trillion Norwegian kroner ($877 billion) fund.
The sovereign wealth fund held 35.3 million Exxon Mobil shares, as of Dec. 31, according to NBIM’s 13F filing with the Securities and Exchange Commission. The shares were valued at $3.1 billion in Tuesday’s midday trading of Exxon Mobil at $87.93 a share………………………………………..Full Article: Source

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