Opalesque Sovereign Wealth Funds Briefing http://www.opalesque.com/SWF_Briefing Fri, 27 Feb 2015 01:26:55 +0000 http://wordpress.org/?v=2.5.1 en Malaysia sovereign fund plans $279 mln “social impact” sukuk http://www.opalesque.com/SWF_Briefing/?p=16999 http://www.opalesque.com/SWF_Briefing/?p=16999#comments Fri, 27 Feb 2015 01:26:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16999 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16999>Article Link</a> Malaysia’s $40 billion sovereign wealth fund Khazanah Nasional plans to issue a sukuk worth up to one billion ringgit ($279.17 million) to help fund schools, its managing director said on Thursday. (more…)

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PAC wants AG to audit 1MDB immediately http://www.opalesque.com/SWF_Briefing/?p=16998 http://www.opalesque.com/SWF_Briefing/?p=16998#comments Fri, 27 Feb 2015 01:26:34 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16998 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16998>Article Link</a> The Public Accounts Committee (PAC) wants the Auditor General’s Department to immediately carry out an audit of the government-owned 1MDB’s deals before it calls up the company. (more…)

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Temasek talks up board action after StanChart shake-up http://www.opalesque.com/SWF_Briefing/?p=16997 http://www.opalesque.com/SWF_Briefing/?p=16997#comments Fri, 27 Feb 2015 01:26:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16997 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16997>Article Link</a> Singaporean sovereign fund Temasek underlined the importance of boardroom renewal in a strong statement delivered in response to the radical shake-up at Standard Chartered Bank, which was announced yesterday. (more…)

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Standard Chartered Overhaul Gets Temasek Stamp of Approval http://www.opalesque.com/SWF_Briefing/?p=16996 http://www.opalesque.com/SWF_Briefing/?p=16996#comments Fri, 27 Feb 2015 01:26:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16996 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16996>Article Link</a> Temasek Holdings Pte. Ltd., the Singapore state investment company, which is the biggest shareholder of Standard Chartered PLC, said Thursday it welcomed Bill Winters as the new chief executive of the emerging markets bank. Mr. Winters, a former co-chief executive of the investment bank at J.P. Morgan Chase, was named as the group chief executive of Standard Chartered, replacing Peter Sands. (more…)

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Singapore Temasek says welcomes StanChart new CEO http://www.opalesque.com/SWF_Briefing/?p=16995 http://www.opalesque.com/SWF_Briefing/?p=16995#comments Fri, 27 Feb 2015 01:25:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16995 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16995>Article Link</a> Singapore state investor Temasek Holdings has welcomed the appointment of Bill Winters as Standard Chartered’s new chief executive. “We take this opportunity to welcome Bill Winters as the next CEO of Standard Chartered, to build on and grow its excellent franchise,” Temasek said in a statement. (more…)

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Super Fund confirms Portugal bank legal case http://www.opalesque.com/SWF_Briefing/?p=16994 http://www.opalesque.com/SWF_Briefing/?p=16994#comments Fri, 27 Feb 2015 01:25:22 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16994 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16994>Article Link</a> The New Zealand Superannuation Fund has confirmed this morning that it has filed debt recovery proceedings in the English courts against the Portugese bank Novo Banco. It added that Oak Finance investors “would also shortly be filing public law proceedings in Portugal against the Bank of Portugal, challenging the validity of the Bank’s decision purporting to retransfer the Oak Finance loan, with retroactive effect, from Novo Banco to Banco Espirito Santo.” (more…)

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Angola’s Sovereign Wealth Fund Targets Mine, Timber Investments http://www.opalesque.com/SWF_Briefing/?p=16993 http://www.opalesque.com/SWF_Briefing/?p=16993#comments Fri, 27 Feb 2015 01:24:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16993 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16993>Article Link</a> Angola’s $5 billion sovereign wealth fund is seeking investments in mining, timber, health and agriculture as it seeks to diversify its asset base and increase returns. “A large portion of the portfolio is invested in international securities,” Jose Filomeno dos Santos, the fund’s chairman, said in an interview with Bloomberg Television in Cape Town on Thursday. (more…)

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Sub-Saharan Africa’s sovereign wealth funds struggle in era of low oil http://www.opalesque.com/SWF_Briefing/?p=16992 http://www.opalesque.com/SWF_Briefing/?p=16992#comments Thu, 26 Feb 2015 01:01:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16992 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16992>Article Link</a> For several years, now, Sub-Saharan Africa’s largest oil producing states have been working to create sovereign wealth funds (SWFs). But as oil prices and production decline, such funds may not be able to deliver the benefits they once promised. Since 2007 Angola, Ghana, Nigeria and Mauritania have joined Equatorial Guinea and Gabon in the club of oil-producing countries with SWFs. Currently, four of sub-Saharan Africa’s five largest oil producers maintain some sort of SWF. (more…)

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Samruk-Kazyna limits forex transactions of its subsidiaries http://www.opalesque.com/SWF_Briefing/?p=16991 http://www.opalesque.com/SWF_Briefing/?p=16991#comments Thu, 26 Feb 2015 01:00:40 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16991 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16991>Article Link</a> Samruk-Kazyna National Wealth Fund of Kazakhstan has instructed its subsidiaries to abstain from making unnecessary foreign currency transactions, Tengrinews reports citing the head of the Fund Umirzak Shukeyev as saying at the press-briefing in the Central Communication Service’s headquarters on February 20. (more…)

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Australian sovereign wealth funds executive joins Hedge Fund Standards Board http://www.opalesque.com/SWF_Briefing/?p=16990 http://www.opalesque.com/SWF_Briefing/?p=16990#comments Thu, 26 Feb 2015 01:00:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16990 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16990>Article Link</a> David George, Head of Debt & Alternatives at the Future Fund, Australia’s sovereign wealth fund, has joined the board of the Hedge Fund Standards Board (HFSB). This appointment emphasises the important role of sovereign wealth funds in promoting better practices in the hedge fund industry, particularly in Asia Pacific. (more…)

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1MDB: Malaysia’s Banking System and Sovereign Rating at Stake http://www.opalesque.com/SWF_Briefing/?p=16989 http://www.opalesque.com/SWF_Briefing/?p=16989#comments Thu, 26 Feb 2015 01:00:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16989 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16989>Article Link</a> The Malaysian ringgit declined by about 12 per cent against the US Dollar between September last year and February 10 this year. On February 18, when 1MDB announced its plan to break up its assets and wind down, the ringgit rose 0.2 per cent. The reason for the positive response was because the move will subsequently reduce its US$11.6 billion (RM42 billion) debt. (more…)

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Russian Direct Investment Fund Consortium to Acquire Shares in Vladivostok International Airport http://www.opalesque.com/SWF_Briefing/?p=16988 http://www.opalesque.com/SWF_Briefing/?p=16988#comments Thu, 26 Feb 2015 00:59:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16988 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16988>Article Link</a> The consortium comprising the Russian Direct Investment Fund (RDIF), a $10 billion fund established to make equity investments into Russian economy, Changi Airports International (CAI), a wholly-owned subsidiary of the world’s leading airport operator Changi Airport Group, and Basic Element, one of Russia’s diversified industrial groups, has been announced as the winner of the tender to acquire shares in Vladivostok International Airport in Russia’s Far East. Each member will hold an equal share in the consortium. (more…)

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Qatar’s Hassad Food eyes Brazilian sugar, poultry assets http://www.opalesque.com/SWF_Briefing/?p=16987 http://www.opalesque.com/SWF_Briefing/?p=16987#comments Thu, 26 Feb 2015 00:59:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16987 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16987>Article Link</a> Hassad Food, the agricultural arm of Qatar’s sovereign wealth fund, said it was looking at possible purchases of Brazilian sugar and poultry assets as structural problems in those industries in the South American country created opportunities. (more…)

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Sovereign Wealth Fund Direct Infrastructure Investments, 2003-2014 http://www.opalesque.com/SWF_Briefing/?p=16986 http://www.opalesque.com/SWF_Briefing/?p=16986#comments Thu, 26 Feb 2015 00:59:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16986 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16986>Article Link</a> Sovereign wealth funds surpassed US$ 7 trillion in assets before the end of 2014. These institutional investors typically have unique liabilities compared to public pensions. Many of the large sovereign wealth funds, funds with over US$ 30 billion in assets, seek long-term investments. When it comes to infrastructure, sovereign wealth funds pursue accommodating investment regimes, low political risk, assurances from government and opportunities to earn stable financial returns. (more…)

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Iran to spend up to $4.8 billion from sovereign fund on oil development http://www.opalesque.com/SWF_Briefing/?p=16985 http://www.opalesque.com/SWF_Briefing/?p=16985#comments Wed, 25 Feb 2015 01:07:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16985 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16985>Article Link</a> Iran will withdraw up to $4.8 billion from its sovereign wealth fund to spend on developing its oil and gas fields next fiscal year under a proposal approved by parliament on Tuesday. The decision to dip into the National Development Fund underlines the heavy financial pressure which Iran faces from low oil prices and international economic sanctions over its disputed nuclear program. (more…)

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Norway sovereign fund bulks up on real estate http://www.opalesque.com/SWF_Briefing/?p=16984 http://www.opalesque.com/SWF_Briefing/?p=16984#comments Wed, 25 Feb 2015 01:06:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16984 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16984>Article Link</a> Norway’s state-run investment fund is becoming one of the world’s biggest landlords at a time when other big commercial property owners are sounding alarms about high prices. The $874 billion Government Pension Fund of Norway, the world’s largest sovereign-wealth fund, last year purchased $7.6 billion worth of property globally, more than any other sovereign fund, according to data from real-estate tracker Real Capital Analytics. (more…)

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Sovereign Wealth Fund Investments Hold Steady Amid Oil Shock http://www.opalesque.com/SWF_Briefing/?p=16983 http://www.opalesque.com/SWF_Briefing/?p=16983#comments Wed, 25 Feb 2015 01:06:47 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16983 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16983>Article Link</a> Tired of having its economy whipsawed by big swings in oil prices, Norway in 1996 pened a rainy-day fund to save oil earnings for future generations and cushion the government’s budget from volatility in crude prices. Today the Government Pension Fund Global, as its called, is the world’s largest sovereign wealth fund, with $870 billion in assets. (more…)

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Poelzer: Saskatchewan needs a resource wealth fund http://www.opalesque.com/SWF_Briefing/?p=16982 http://www.opalesque.com/SWF_Briefing/?p=16982#comments Wed, 25 Feb 2015 01:06:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16982 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16982>Article Link</a> To say the rapid drop in oil prices has sent shock waves across the global economy might be the understatement of 2015. Only a few months ago, Canada was touting its aspirations and capacity to become an energy superpower. Today, the federal government and oil-producing provinces that include Saskatchewan and Alberta are urgently dealing with unanticipated budget shortfalls. (more…)

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Temasek participates in Chinese edu site’s $100m Series D round http://www.opalesque.com/SWF_Briefing/?p=16981 http://www.opalesque.com/SWF_Briefing/?p=16981#comments Wed, 25 Feb 2015 01:05:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16981 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16981>Article Link</a> Chinese K-12 online learning and teaching platform – 17zuoye.com has raised $100 million in a Series D round of funding that was led by H Capital, the company told local media. (more…)

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Can LNG continue to fuel Papua New Guinea’s economic growth? http://www.opalesque.com/SWF_Briefing/?p=16980 http://www.opalesque.com/SWF_Briefing/?p=16980#comments Wed, 25 Feb 2015 01:05:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16980 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16980>Article Link</a> Although in the future, the stabilisation component of the planned sovereign wealth fund should reduce the short-term budgetary impact of a volatile energy market, this will only work as long as the fund is run transparently and in accordance with the Santiago Principles (as opposed to the furtive accountability of many of PNG’s state-owned enterprises). (more…)

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Sovereign Wealth Fund Direct Infrastructure Investments, 2013-2014 http://www.opalesque.com/SWF_Briefing/?p=16979 http://www.opalesque.com/SWF_Briefing/?p=16979#comments Wed, 25 Feb 2015 01:05:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16979 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16979>Article Link</a> Sovereign wealth funds surpassed US$ 7 trillion in assets before the end of 2014. These institutional investors typically have unique liabilities compared to public pensions. Many of the large sovereign wealth funds, funds with over US$ 30 billion in assets, seek long-term investments. When it comes to infrastructure, sovereign wealth funds pursue accommodating investment regimes, low political risk, assurances from government and opportunities to earn stable financial returns. (more…)

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Sovereign Wealth Funds Investing at Home – Opportunity Fraught with Risk http://www.opalesque.com/SWF_Briefing/?p=16978 http://www.opalesque.com/SWF_Briefing/?p=16978#comments Tue, 24 Feb 2015 01:24:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16978 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16978>Article Link</a> Following the recent discoveries of large oil and gas deposits in East Africa, a number of countries in the region are in the process of establishing, or are discussing the creation of, sovereign wealth funds (SWFs) as a means to stabilise the effect of volatile currency inflows and to save for future generations. (more…)

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Sovereign Wealth and Pension Money Flow Into Energy Funds http://www.opalesque.com/SWF_Briefing/?p=16977 http://www.opalesque.com/SWF_Briefing/?p=16977#comments Tue, 24 Feb 2015 01:24:34 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16977 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16977>Article Link</a> Private equity firms are still raising institutional investor capital to target investments in the U.S. energy sector. The Blackstone Group had total commitments of US$ 4.5 billion for its second energy fund, Blackstone Energy Partners II. Some large pensions invested in the fund include: New Jersey Division of Investment and Teacher Retirement System of Texas (TRS). (more…)

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Kazakhstan’s sovereign wealth fund to optimize its costs http://www.opalesque.com/SWF_Briefing/?p=16976 http://www.opalesque.com/SWF_Briefing/?p=16976#comments Tue, 24 Feb 2015 01:24:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16976 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16976>Article Link</a> Kazakhstan’s Sovereign Wealth Fund Samruk-Kazyna in 2014 commissioned 13 projects worth US $2.9 billion and created more than 5.6 thousand temporary and 1.2 thousand permanent jobs, the Fund’s CEO Umirzak Shukeyev said last Friday while reporting on measures to implement the head of state’s instructions and Nurly Zhol program, and on the Fund’s financial results for the past year. (more…)

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Samruk Kazyna Eyeing Credit Amid Falling Oil http://www.opalesque.com/SWF_Briefing/?p=16975 http://www.opalesque.com/SWF_Briefing/?p=16975#comments Tue, 24 Feb 2015 01:24:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16975 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16975>Article Link</a> Samruk-Kazyna, the sovereign wealth fund of the Republic of Kazakhstan issued a statement Friday saying it could borrow up to $2.5 billion this year, either locally or abroad, to ease the debt it holds on its oil assets, which have been hit by the crude prices’ slump, Raushan Nurshayeva, Mariya Gordeyeva and Dmitry Solovyov write for Reuters.. (more…)

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SOFAZ assets rose to $ 37.42 bln in 2014 http://www.opalesque.com/SWF_Briefing/?p=16974 http://www.opalesque.com/SWF_Briefing/?p=16974#comments Tue, 24 Feb 2015 01:23:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16974 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16974>Article Link</a> For current year estimated decline 3 billion in the wake value crude (Il Sole 24 Ore Thomson Financial) - Baku, Feb. 23 - Sofaz, the Sovereign Fund of Azerbaijan closes 2014 with assets worth a total of 37.42 billion dollars , up from 3.42 billion on an annual basis. During 2014, revenues primarily from royalties until amounted to 15.729 billion dollars. (more…)

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Manat öldu: Devaluation in favour of Oil Fund http://www.opalesque.com/SWF_Briefing/?p=16973 http://www.opalesque.com/SWF_Briefing/?p=16973#comments Tue, 24 Feb 2015 01:23:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16973 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16973>Article Link</a> Devaluation of manat on February 21 has identified the only player who won as a result of the Central Bank’s decision: the State Oil Fund of Azerbaijan (SOFAZ). In spite of foreign estimates manat devaluation didn’t cause total panic in Baku. In general, people treated this situation from philosophical point of view and even tried to joke. Thus, for example, today a man and his wife exchanged the following words while admiring fresh frosty air in the morning: “Nə “клёво”? Manat öldu” (What’s good in it? Manat has died). (more…)

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Projected earnings of Temasek Holdings to be part of Govt’s Net Investment Returns Framework http://www.opalesque.com/SWF_Briefing/?p=16972 http://www.opalesque.com/SWF_Briefing/?p=16972#comments Tue, 24 Feb 2015 01:23:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16972 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16972>Article Link</a> With government spending set to increase, Finance Minister Tharman Shanmugaratnam said that it is necessary to take steps to strengthen future revenues, with the first step being to include the projected earnings of Temasek Holdings in the Net Investment Returns (NIR) framework. Under this framework, the Government is allowed to spend up to 50 per cent of the expected long-term real returns on net assets managed by the investment entities of Monetary Authority of Singapore and GIC. (more…)

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Temasek to contribute more to govt coffers http://www.opalesque.com/SWF_Briefing/?p=16971 http://www.opalesque.com/SWF_Briefing/?p=16971#comments Tue, 24 Feb 2015 01:23:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16971 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16971>Article Link</a> In a surprise move, Temasek Holdings from 2017 will be contributing more to the government’s coffers as it gets included in the Net Investment Returns (NIR) framework. It has been contributing about S$2 billion of dividends on average in the last five years. Singapore will include the total expected returns from Temasek Holdings in its NIR framework, said Tharman Shanmugaratnam, Deputy Prime Minister and Finance Minister, on Monday. (more…)

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GIC among shareholders in HKBN IPO that could raise S$1b http://www.opalesque.com/SWF_Briefing/?p=16970 http://www.opalesque.com/SWF_Briefing/?p=16970#comments Tue, 24 Feb 2015 01:22:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16970 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16970>Article Link</a> HKBN, Hong Kong’s second-largest broadband Internet provider, will launch its initial public offering today, with shareholders including GIC looking to raise up to HK$5.8 billion (S$1 billion), Thomson Reuters’ IFR reported. At the top of its indicative range, the IPO would be the second-largest in the Asia-Pacific region this year, after the US$1.13 billion (S$1.5 billion) raised by Jasmine International’s Internet infrastructure fund in Bangkok earlier this month. (more…)

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Malaysia’s teetering state investment fund plagued by scandal http://www.opalesque.com/SWF_Briefing/?p=16969 http://www.opalesque.com/SWF_Briefing/?p=16969#comments Tue, 24 Feb 2015 01:22:40 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16969 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16969>Article Link</a> By meeting a repayment deadline for the first time in months, Malaysia’s troubled sovereign wealth fund, 1Malaysia Development Berhad, seems to have staved off a debt crisis that threatened the country’s entire banking system. Reports in Kuala Lumpur say Malaysian billionaire Ananda Krishnan came up with the $693 million that the fund, known as 1MDB, was due to repay by February 18 to the country’s largest bank, Malayan Banking Bhd, and a smaller financial house, RHB Capital Bhd. (more…)

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1MDB chief: PetroSaudi deal made RM1.78b in profits http://www.opalesque.com/SWF_Briefing/?p=16968 http://www.opalesque.com/SWF_Briefing/?p=16968#comments Tue, 24 Feb 2015 01:22:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16968 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16968>Article Link</a> Troubled sovereign fund 1Malaysia Development Bhd (1MDB) claimed that a joint venture (JV) with a Saudi Arabian company six years ago, which critics claimed was shady, had earned it a profit of US$488 million (RM1.78 billion). (more…)

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Show Proof Of 1MDB’s US$488m Profit Whereabouts, DAP Insists http://www.opalesque.com/SWF_Briefing/?p=16967 http://www.opalesque.com/SWF_Briefing/?p=16967#comments Tue, 24 Feb 2015 01:22:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16967 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16967>Article Link</a> DAP’s National Publicity Secretary Tony Pua today demanded the country’s 1Malaysia Development Board (IMDB) president Arul Kanda Kandasamy show proof of the whereabouts of a purported US$488 million profit from its joint venture with PetroSaudi International. (more…)

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Howai: No HSF deposits this year http://www.opalesque.com/SWF_Briefing/?p=16966 http://www.opalesque.com/SWF_Briefing/?p=16966#comments Tue, 24 Feb 2015 01:21:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16966 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16966>Article Link</a> There will be no deposits to the Heritage and Stabilisation Fund (HSF) for this year. This has been confirmed by Finance Minister Larry Howai who told Guardian Media Limited who explained that because the price of oil has fallen below the price identified in the national budget, “there will be no room to make any deposits this year.” (more…)

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Kazakh state wealth fund considers up to $2.5 bln borrowing in 2015 http://www.opalesque.com/SWF_Briefing/?p=16965 http://www.opalesque.com/SWF_Briefing/?p=16965#comments Mon, 23 Feb 2015 01:44:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16965 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16965>Article Link</a> Kazakhstan’s sovereign wealth fund Samruk-Kazyna is considering borrowing up to $2.5 billion this year abroad or domestically, depending on market conditions, fund chief Umirzak Shukeyev said on Friday. “We will probably need to borrow $2 billion or up to $2.5 billion this year,” Shukeyev told a news briefing. “We are now thinking where to borrow. It will all depend on conditions.” (more…)

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Kazakh Fund Says FX Sales Alone Won’t Shore Up Tenge http://www.opalesque.com/SWF_Briefing/?p=16964 http://www.opalesque.com/SWF_Briefing/?p=16964#comments Mon, 23 Feb 2015 01:44:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16964 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16964>Article Link</a> Kazakhstan’s sovereign wealth fund, which controls oil producer KazMunaiGaz and the nation’s rail monopoly, said selling its companies’ foreign-currency earnings alone won’t stave off pressure on the tenge to decline. (more…)

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PNG wealth fund bill passes first reading http://www.opalesque.com/SWF_Briefing/?p=16963 http://www.opalesque.com/SWF_Briefing/?p=16963#comments Mon, 23 Feb 2015 01:44:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16963 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16963>Article Link</a> The Prime Minister Peter O’Neill introduced the bill, reportedly designed to safeguard the nation’s wealth generated from its petroleum and mineral resources.The Post Courier reports that Parliament voted 82-0 for the bill on its first reading - it is expected to become law by April after a third reading. (more…)

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Russian Sovereign Wealth Funds: 2015 Drawdowns http://www.opalesque.com/SWF_Briefing/?p=16962 http://www.opalesque.com/SWF_Briefing/?p=16962#comments Mon, 23 Feb 2015 01:44:11 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16962 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16962>Article Link</a> Back at the end of January, Russia’s sovereign wealth funds amounted to USD160 billion, with the government primarily taking a historically set approach (from 2003 onwards) of arms-length interactions with the funds’ management. This relative non-interference marked 2014 and is now set to be changed, with the government looking at using SWFs to provide some support for the investment that has been falling in the 2013-2014 period and is likely to fall even further this year. (more…)

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Jonathan Still The Best Man To rule Nigeria – Ex-Gov Obi http://www.opalesque.com/SWF_Briefing/?p=16961 http://www.opalesque.com/SWF_Briefing/?p=16961#comments Mon, 23 Feb 2015 01:43:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16961 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16961>Article Link</a> Nigerians have been urged to give another four years to President Goodluck Jonathan because he is head and shoulder above his All Progressives Congress, (APC) rival, Major General Muhammadu Buhari. Former Anambra State Governor, Peter Obi, who is also the Deputy Chairman of the Jonathan/ Sambo Campaign Organisation, made the appeal. (more…)

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Gulf invests $3bn in UK property in 2014 http://www.opalesque.com/SWF_Briefing/?p=16960 http://www.opalesque.com/SWF_Briefing/?p=16960#comments Mon, 23 Feb 2015 01:43:40 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16960 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16960>Article Link</a> Gulf states directly invested $3 billion in UK property in 2014, according to new statistics. As yet unpublished research by CBRE shows that the Gulf accounted for 10 percent of the total $26 billion of direct capital flows into the UK real estate market – predominantly in London – last year. (more…)

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Abu Dhabi fund buys hotel in Miami Beach for $230 million http://www.opalesque.com/SWF_Briefing/?p=16959 http://www.opalesque.com/SWF_Briefing/?p=16959#comments Mon, 23 Feb 2015 01:43:29 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16959 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16959>Article Link</a> An investment group from the United Arab Emirates bought the newly-opened Miami Beach Edition hotel for $230 million. Hotel company Marriott International had developed the beach property, which opened in December and $1,000-per-night rates. It sold the 294-room hotel to companies owned by the Abu Dhabi Investment Authority, according to The Miami Herald newspaper. (more…)

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Where is Christy Clark’s plan now to save some revenue from B.C.’s rich resources? http://www.opalesque.com/SWF_Briefing/?p=16958 http://www.opalesque.com/SWF_Briefing/?p=16958#comments Mon, 23 Feb 2015 01:43:10 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16958 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16958>Article Link</a> In the run-up to the 2013 election, Premier Christy Clark was dreaming big about sky-high LNG revenues, and a soon-to-be established Prosperity Fund to share today’s revenue from the non-renewable resource with tomorrow’s citizens. Does this mean the idea of some kind of sovereign wealth fund is, like much of Clark’s projected revenue stream, dead in the water? (more…)

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Abu Dhabi to buy New York Edition hotel http://www.opalesque.com/SWF_Briefing/?p=16957 http://www.opalesque.com/SWF_Briefing/?p=16957#comments Fri, 20 Feb 2015 00:51:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16957 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16957>Article Link</a> The Abu Dhabi Investment Authority, the sovereign wealth fund of the oil-rich emirate, is buying the upcoming Edition hotel at Madison Square Park, seller Marriott International announced. Marriott and hotelier Ian Schrager launched the Edition brand in 2008. The property, located at 5 Madison Avenue, is expected to wrap up construction by the end of the first quarter. An Edition in Times Square is also in the cards for 2017. (more…)

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Marriott sells Miami Beach Edition hotel for $230M http://www.opalesque.com/SWF_Briefing/?p=16956 http://www.opalesque.com/SWF_Briefing/?p=16956#comments Fri, 20 Feb 2015 00:51:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16956 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16956>Article Link</a> Marriott International has sold the Miami Beach Edition hotel for $230 million to the Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund owned by Emirate of Abu Dhabi. The Maryland-based company announced Thursday that the property at 2901 Collins Avenue in Miami Beach is one of three Edition properties being sold to ADIA. The first was the London Edition sold in January 2014 and Marriott expects to sell the third Edition hotel, New York Edition, in the first quarter of 2015. (more…)

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New Zealand Fund to Sue Over Loss on Espírito Santo Loan http://www.opalesque.com/SWF_Briefing/?p=16955 http://www.opalesque.com/SWF_Briefing/?p=16955#comments Fri, 20 Feb 2015 00:51:26 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16955 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16955>Article Link</a> Fallout from Banco Espírito Santo SA’s August collapse hit New Zealand on Thursday, as the country’s state retirement fund said it lost $150 million and is suing Portugal’s central bank over an investment linked to the Portuguese lender. The New Zealand Superannuation Fund in July invested $150 million in notes issued by Oak Finance Luxembourg SA, a vehicle arranged by Goldman Sachs Group Inc. to make an $835 million loan to Banco Espírito Santo. (more…)

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Malaysia’s 1MDB Says May Sell Land Assets, Equity in Projects http://www.opalesque.com/SWF_Briefing/?p=16954 http://www.opalesque.com/SWF_Briefing/?p=16954#comments Fri, 20 Feb 2015 00:51:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16954 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16954>Article Link</a> Malaysia’s 1MDB said it may sell assets and its real estate projects will sell land development rights and could enter into profit-sharing joint ventures, as the state fund seeks to cut down on its massive debt burden. Announcing the completion of a strategic review that begun last month, the fund also said it will meet maturing debt by refinancing from “best available sources” or repay it through the sale of land development rights. (more…)

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1MDB belongs to the people, says veteran journalist http://www.opalesque.com/SWF_Briefing/?p=16953 http://www.opalesque.com/SWF_Briefing/?p=16953#comments Fri, 20 Feb 2015 00:51:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16953 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16953>Article Link</a> 1MDB belongs to the people, said veteran journalist Datuk A Kadir Jasin, who argued that the troubled sovereign wealth fund cannot hide behind a technicality to justify its secret business dealings. (more…)

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Five charts that explain the world’s wealth distribution http://www.opalesque.com/SWF_Briefing/?p=16952 http://www.opalesque.com/SWF_Briefing/?p=16952#comments Thu, 19 Feb 2015 01:24:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16952 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16952>Article Link</a> Sovereign wealth funds have been important participants in financial markets over the past decade but as the charts below show, the fortunes of most sovereign wealth funds are tied to oil. For instance, the biggest sovereign wealth fund, Norway’s Government Pension Fund Global (formerly the Government Petroleum Fund) derives its funding from profits generated by the country’s petroleum sector. Most other large sovereign wealth funds are also financed by oil profits. (more…)

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ICT Ministry, SOFAZ postpone financing of Fiber to Home project http://www.opalesque.com/SWF_Briefing/?p=16951 http://www.opalesque.com/SWF_Briefing/?p=16951#comments Thu, 19 Feb 2015 01:24:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16951 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16951>Article Link</a> Ministry of Communications and High-Tech and the State Oil Fund of Azerbaijan (SOFAZ) postponed the financing of Fiber to Home project (”Optics in house”), providing for maintenance of broadband Internet throughout the country. (more…)

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Azerbaijan starts talks with world’s leader banks on funding fiber to home program http://www.opalesque.com/SWF_Briefing/?p=16950 http://www.opalesque.com/SWF_Briefing/?p=16950#comments Thu, 19 Feb 2015 01:24:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16950 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16950>Article Link</a> The Ministry of Communications & High Technologies of Azerbaijan (RYTN) is trying to save the national program of fiber-optic network development - fiber to home. At a meeting in the Caspian-European Club (CEIBC) Communications Minister Ali Abbasov has stated that negotiations with international banks about financing for the program realization have been launched. (more…)

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1MDB-PetroSaudi deal includes repaying US$700 million debt http://www.opalesque.com/SWF_Briefing/?p=16949 http://www.opalesque.com/SWF_Briefing/?p=16949#comments Thu, 19 Feb 2015 01:23:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16949 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16949>Article Link</a> Online news portal Sarawak Report has published a 26-page document, revealing sovereign fund 1Malaysia Development Berhad (1MDB) had paid US$1 billion of public funds into a shady venture with Petrosaudi International, despite its lack of a tangible track record. (more…)

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Mumtalakat given highest rating for transparency http://www.opalesque.com/SWF_Briefing/?p=16948 http://www.opalesque.com/SWF_Briefing/?p=16948#comments Thu, 19 Feb 2015 01:23:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16948 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16948>Article Link</a> Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, was ranked among the world’s most transparent sovereign wealth funds as it was rated ten out of ten in the 2015 Linaburg-Maduell Transparency Index. The rankings represent an upgrade from the previous year’s score of 9/10, reflecting the ongoing commitment of Mumtalakat’s Board of Directors led by H.E. Shaikh Khaled bin Abdulla Al Khalifa, Deputy Prime Minister and Chairman of the Board and the company’s management team to transparency. Mumtalakat was one of only 11 funds in the world to be awarded full marks for transparency, out of a total of 52 funds surveyed. (more…)

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Saudi Arabia’s oil pain could become local SMSFs’ gain http://www.opalesque.com/SWF_Briefing/?p=16947 http://www.opalesque.com/SWF_Briefing/?p=16947#comments Thu, 19 Feb 2015 01:23:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16947 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16947>Article Link</a> The drive to have self-managed funds and local communities become major funders of future infrastructure projects is gathering momentum. At the same time, there is a real chance that low oil prices will change the global infrastructure game. David Murray, the chairman of the Financial System Inquiry, along with many others, is watching closely developments in Saudi Arabia where the sovereign wealth fund has been a major investor in global infrastructure projects. (more…)

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Permanent Fund gains 3.2 percent in most recent quarter http://www.opalesque.com/SWF_Briefing/?p=16946 http://www.opalesque.com/SWF_Briefing/?p=16946#comments Thu, 19 Feb 2015 01:22:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16946 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16946>Article Link</a> The Alaska Permanent Fund returned 3.2 percent in the most recent quarter of fiscal 2015, bringing the year-to-date return to 1.9 percent. (more…)

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Alaska Permanent gains 3.2% in quarter, surpassing benchmark by 110 basis points http://www.opalesque.com/SWF_Briefing/?p=16945 http://www.opalesque.com/SWF_Briefing/?p=16945#comments Wed, 18 Feb 2015 01:07:14 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16945 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16945>Article Link</a> Alaska Permanent Fund Corp., Juneau, returned 3.2% for the quarter ended Dec. 31 and 1.9% fiscal-year-to-date, said a news release from the $52.8 billion sovereign wealth fund. The permanent fund’s strategic risk benchmark returned 2.1% and 0.5%, respectively, during the same periods. The permanent fund’s fiscal year ends June 30. (more…)

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How will the oil crash affect Norway? http://www.opalesque.com/SWF_Briefing/?p=16944 http://www.opalesque.com/SWF_Briefing/?p=16944#comments Wed, 18 Feb 2015 01:06:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16944 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16944>Article Link</a> Most of the surplus is due to the trade balance rather than the income earned from the assets held abroad by Norway’s sovereign wealth fund. The fund produces a large cash flow in absolute terms, but those receipts are far smaller than the export earnings from oil and gas. At the current oil price of about 400 krone per barrel, the government no longer runs a budget surplus and can’t add to the sovereign fund’s holdings: “measured as a share of GDP, the GPFG may have already reached the peak.” (more…)

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Singapore’s Temasek Celebrates 40 Years of Development http://www.opalesque.com/SWF_Briefing/?p=16943 http://www.opalesque.com/SWF_Briefing/?p=16943#comments Wed, 18 Feb 2015 01:06:16 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16943 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16943>Article Link</a> This year marks the 40th anniversary of Temasek, one of Singapore’s two sovereign wealth funds (SWFs), along with the Government Investment Corporation (GIC). Set up in 1974 as part of the newly independent city-state’s nation- building effort, Temasek has evolved from a sleepy holding company shepherding an initial portfolio of 35 inherited government-linked companies (GLCs) to a long-term, return-seeking investor with both wealth-management and development mandates. (more…)

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Temasek-controlled NOL sells $1.2b APL http://www.opalesque.com/SWF_Briefing/?p=16942 http://www.opalesque.com/SWF_Briefing/?p=16942#comments Wed, 18 Feb 2015 01:05:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16942 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16942>Article Link</a> Neptune Orient Lines Ltd. is selling its profitable logistics business to a Japanese logistics-service provider for $1.2 billion, as the Singaporean firm narrows its focus on its struggling container-shipping business. (more…)

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Khazanah signs up luxury hotel firm http://www.opalesque.com/SWF_Briefing/?p=16941 http://www.opalesque.com/SWF_Briefing/?p=16941#comments Wed, 18 Feb 2015 01:05:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16941 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16941>Article Link</a> Khazanah Nasional Bhd unit Destination Resorts and Hotels Sdn Bhd (DRH) is set to venture into another luxury hotel development here, tying up with Thailand-based Minor Hotel Group. The two parties inked an agreement last week to set up the first Anantara luxury resort in Malaysia, at a location yet to be decided. (more…)

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Azerbaijan’s Devaluation in Disguise http://www.opalesque.com/SWF_Briefing/?p=16940 http://www.opalesque.com/SWF_Briefing/?p=16940#comments Wed, 18 Feb 2015 01:05:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16940 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16940>Article Link</a> Though Azerbaijan is not as tied to the Russian economy, it still is facing difficulties driven by the drop in oil prices. Government finances are based on a $90 a barrel price of oil while currently it is a fraction of that. Thus one of the moves is to tap the $37 billion oil fund – State Oil Fund of the Azerbaijani Republic (SOFAZ). (more…)

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