Opalesque Sovereign Wealth Funds Briefing http://www.opalesque.com/SWF_Briefing Fri, 30 Jan 2015 03:39:02 +0000 http://wordpress.org/?v=2.5.1 en Canary Wharf Group directors to pocket £23m from Qatari-led takeover http://www.opalesque.com/SWF_Briefing/?p=16827 http://www.opalesque.com/SWF_Briefing/?p=16827#comments Fri, 30 Jan 2015 03:39:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16827 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16827>Article Link</a> Directors of Canary Wharf Group are in line for a £23m windfall following the £2.6bn Qatari-led takeover of the property firm’s parent. Sir George Iacobescu, the head of Canary Wharf Group, will get the biggest share, £3.8m, from the sale of his Songbird shares to the Qatari Investment Authority and Canadian firm Brookfield Properties. (more…)

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Dubai fund signs deal to acquire Korean builder http://www.opalesque.com/SWF_Briefing/?p=16826 http://www.opalesque.com/SWF_Briefing/?p=16826#comments Fri, 30 Jan 2015 03:38:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16826 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16826>Article Link</a> Ending years of efforts to find a new owner, Ssangyong Engineering & Construction signed an acquisition deal with the Investment Corporation of Dubai on Thursday. “The company’s credibility is expected to increase significantly as one of the world’s sovereign wealth funds will become the largest shareholder of the construction firm,” said Ssangyong, Korea’s 19th-largest building firm by construction capacity. (more…)

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India revives sovereign fund for overseas fertilisers http://www.opalesque.com/SWF_Briefing/?p=16825 http://www.opalesque.com/SWF_Briefing/?p=16825#comments Fri, 30 Jan 2015 03:38:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16825 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16825>Article Link</a> With India’s foreign exchange reserves touching an all-time high of $322-billion, the country’s Department of Fertilisers has revived a three-year-old proposal to create a sovereign fund for the acquisition of mineral assets overseas. (more…)

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Ananda Krishnan to lend 1MDB up to RM2 billion to settle debts http://www.opalesque.com/SWF_Briefing/?p=16824 http://www.opalesque.com/SWF_Briefing/?p=16824#comments Fri, 30 Jan 2015 03:37:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16824 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16824>Article Link</a> Businessman T. Ananda Krishnan (AK) is understood to have firmed up an agreement to loan beleaguered 1Malaysia Development Bhd (1MDB) as much as RM2 billion to help the strategic investment fund settle a debt obligation to Malayan Banking Bhd (Maybank) and RHB Bank Bhd due at the end of this month, sources say. (more…)

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Where is 1MBD’s RM7bil in Cayman Islands? http://www.opalesque.com/SWF_Briefing/?p=16823 http://www.opalesque.com/SWF_Briefing/?p=16823#comments Fri, 30 Jan 2015 03:37:26 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16823 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16823>Article Link</a> 1Malaysia Development Berhad’s (1MDB) future looks really bleak. If, as according to this report, that it has to sell its stake in order to pay its debt every month, then eventually it will have nothing left when all its properties are sold. (more…)

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Khazanah raises RM1.62 billion from placement of 2% stake in Tenaga http://www.opalesque.com/SWF_Briefing/?p=16822 http://www.opalesque.com/SWF_Briefing/?p=16822#comments Fri, 30 Jan 2015 03:37:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16822 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16822>Article Link</a> CIMB Investment Bank Bhd and Credit Suisse (Singapore) Ltd, as joint bookrunners, have today successfully completed a placement of 112 million existing shares, representing a 2% stake in Tenaga Nasional Bhd. (more…)

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2014 state budget’s revenues hit 18 bln manats http://www.opalesque.com/SWF_Briefing/?p=16821 http://www.opalesque.com/SWF_Briefing/?p=16821#comments Fri, 30 Jan 2015 03:36:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16821 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16821>Article Link</a> According to operative data, revenues of Azerbaijan’s state budget amounted to 18.4 billion manats, while expenditures-to over 18.699 billion manats in 2014, Finance Ministry said on January 28. The country’s state oil fund SOFAZ transferred 9.3 billion manats to the state budget as well. (more…)

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SOFAZ to invest $500 million in yuan http://www.opalesque.com/SWF_Briefing/?p=16820 http://www.opalesque.com/SWF_Briefing/?p=16820#comments Thu, 29 Jan 2015 01:14:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16820 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16820>Article Link</a> The State Oil Fund of Azerbaijan (SOFAZ) is planning to invest $500 million in Chinese yuan assets. SOFAZ also is looking to diversify its assets within real estate markets in Asia, the U.S.-Azerbaijan Chamber of Commerce said Monday. “We’ll continue to look at South Korea for properties,” SOFAZ Executive Director Shahmar Movsumov said. (more…)

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Qatari sovereign wealth fund buys Canary Wharf for $4bn http://www.opalesque.com/SWF_Briefing/?p=16819 http://www.opalesque.com/SWF_Briefing/?p=16819#comments Thu, 29 Jan 2015 01:14:17 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16819 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16819>Article Link</a> A joint venture between Qatar’s sovereign wealth fund and Canadian developer Brookfield Property Partners is poised to take control of Canary Wharf for $4bn after the three largest shareholders in the present owner, Songbird Estates, accepted the deal. (more…)

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Canary Wharf Owner’s Largest Shareholders Back Acquisition Bid http://www.opalesque.com/SWF_Briefing/?p=16818 http://www.opalesque.com/SWF_Briefing/?p=16818#comments Thu, 29 Jan 2015 01:14:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16818 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16818>Article Link</a> The owner of the Canary Wharf office and retail development said on Wednesday that its largest shareholders had voiced support for a hostile bid for the company by Qatar’s sovereign wealth fund and Brookfield Property Partners. (more…)

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Singapore’s GIC bets heavily on Indian realty http://www.opalesque.com/SWF_Briefing/?p=16817 http://www.opalesque.com/SWF_Briefing/?p=16817#comments Thu, 29 Jan 2015 01:13:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16817 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16817>Article Link</a> Singapore’s sovereign wealth fund GIC, has bet highly on Indian real estate in the recent months. GIC, which manages assets worth $100 billion globally, has invested or committed Rs 2,500 crore in the many deals it has done in the past six months. GIC is ahead of Blackstone, another prolific global investor in Indian real estate, which has reportedly done deals worth about Rs 1,500 crore in six months. (more…)

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Singapore’s GIC in talks to invest in Vatika Realty Projects http://www.opalesque.com/SWF_Briefing/?p=16816 http://www.opalesque.com/SWF_Briefing/?p=16816#comments Thu, 29 Jan 2015 01:13:30 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16816 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16816>Article Link</a> Singapore’s sovereign wealth fund GIC is in talks with Gurgaon-based realty developer Vatika Group to form an exclusive alliance to invest in residential and commercial properties in north India. GIC is looking to infuse around $150 million in this platform in addition to its recent investments in two residential projects of Vatika Group in Gurgaon, said two persons familiar with the development. (more…)

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Malaysia’s Khazanah selling Tenaga stake worth up to $454 mln-term sheet http://www.opalesque.com/SWF_Briefing/?p=16815 http://www.opalesque.com/SWF_Briefing/?p=16815#comments Thu, 29 Jan 2015 01:13:10 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16815 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16815>Article Link</a> Malaysian state investor Khazanah Nasional Bhd is selling 112 million shares worth up to $454 million in Malaysia’s largest power group Tenaga Nasional Bhd, according to a term sheet seen by Reuters on Wednesday. (more…)

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Bank Negara urged to act on 1MDB funds in Cayman Islands http://www.opalesque.com/SWF_Briefing/?p=16814 http://www.opalesque.com/SWF_Briefing/?p=16814#comments Thu, 29 Jan 2015 01:12:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16814 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16814>Article Link</a> Pandan MP Rafizi Ramli urged Bank Negara Governor Zeti Akhtar Aziz, in a statement on Wednesday, to invoke the Anti Money Laundering Act and ensure that a reported RM7 billion kept in the Cayman Islands by 1Malaysia Development Berhad (1MDB) had indeed returned to Malaysia as claimed by the sovereign wealth fund and entered the local financial system. (more…)

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NZ Super Fund returns 13.89pct in 2014 http://www.opalesque.com/SWF_Briefing/?p=16813 http://www.opalesque.com/SWF_Briefing/?p=16813#comments Thu, 29 Jan 2015 01:12:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16813 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16813>Article Link</a> The New Zealand Superannuation Fund returned 13.89 percent during 2014, ending the year worth $27.54 billion, but it’s warning of lower returns in the future. The sovereign wealth fund was set up to help fund universal superannuation for future generations but the Government suspended annual capital contributions in July 2009 in order to pay down debt. (more…)

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BNY Mellon Faces SEC Probe over SWF Interns http://www.opalesque.com/SWF_Briefing/?p=16812 http://www.opalesque.com/SWF_Briefing/?p=16812#comments Thu, 29 Jan 2015 01:12:22 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16812 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16812>Article Link</a> The Securities and Exchange Commission (SEC) has recommended disciplinary action against one of the world’s largest custodian banks and asset managers for alleged violations of the US Foreign Corrupt Practices Act. (more…)

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BNY Mellon may face bribery charges over sovereign wealth funds http://www.opalesque.com/SWF_Briefing/?p=16811 http://www.opalesque.com/SWF_Briefing/?p=16811#comments Wed, 28 Jan 2015 01:25:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16811 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16811>Article Link</a> Bank of New York Mellon Corp has disclosed in a filing that U.S. regulators are considering charging it with violating U.S. foreign bribery laws after an investigation into internships it gave to relatives of sovereign wealth fund officials. (more…)

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Norwegian oil fund offloads firms over environmental, human rights records http://www.opalesque.com/SWF_Briefing/?p=16810 http://www.opalesque.com/SWF_Briefing/?p=16810#comments Wed, 28 Jan 2015 01:25:35 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16810 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16810>Article Link</a> Norway’s NOK6.7trn (€764bn) sovereign wealth fund has divested from three firms after concerns were raised over their environmental, ethical and human rights records. The fund’s Council of Ethics revealed in its 2014 annual report that Tahoe Resources, Innophos Holdings and Noble Group had been recommended for exclusion from the Government Pension Fund Global’s investment universe. (more…)

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China’s Foreign Currency Reserves And Its Sovereign Wealth Fund – Analysis http://www.opalesque.com/SWF_Briefing/?p=16809 http://www.opalesque.com/SWF_Briefing/?p=16809#comments Wed, 28 Jan 2015 01:25:22 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16809 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16809>Article Link</a> In September 2007, after a decade of structural reform of the banking sector, the Chinese government accepted the Ministry of Finance’s proposal to establish a new sovereign wealth fund, China Investment Corporation (CIC), to diversify these vast foreign reserve holdings ($1.4 trillion in September 2007; $4 trillion as of June 2014) in investments which would potentially yield a much higher income than that guaranteed by U.S. Treasury bonds. (more…)

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Auckland property deal with Singapore’s GIC gets OK http://www.opalesque.com/SWF_Briefing/?p=16808 http://www.opalesque.com/SWF_Briefing/?p=16808#comments Wed, 28 Jan 2015 01:25:09 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16808 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16808>Article Link</a> A Singaporean sovereign wealth fund has been given permission to buy a 49 per cent stake in a $313 million portfolio of Auckland Viaduct properties. The Overseas Investment Office has agreed to let Singapore-based GIC invest in a joint venture with Goodman Property Trust. (more…)

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GIC, MPIC buying 12 hospitals http://www.opalesque.com/SWF_Briefing/?p=16807 http://www.opalesque.com/SWF_Briefing/?p=16807#comments Wed, 28 Jan 2015 01:24:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16807 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16807>Article Link</a> Metro Pacific Investments Corp. plans to acquire 12 hospitals this year, which will bring its current network of medical facilities to 20. MPIC, together with GIC, Singapore’s sovereign wealth fund through its private equity arm, announced last year they were looking at opportunities in the healthcare industry in the Asean region while plans were also underway for domestic expansion. (more…)

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1MDB Said to Seek Loan Extension Before $3 Billion Energy IPO http://www.opalesque.com/SWF_Briefing/?p=16806 http://www.opalesque.com/SWF_Briefing/?p=16806#comments Wed, 28 Jan 2015 01:24:40 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16806 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16806>Article Link</a> 1Malaysia Development Bhd. is planning to seek another one-month extension on a 2 billion ringgit ($554 million) loan to give it more time to sell a stake in its energy unit, two people familiar with the matter said. (more…)

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Qatari Diar secures Sinai, Egypt project approval http://www.opalesque.com/SWF_Briefing/?p=16805 http://www.opalesque.com/SWF_Briefing/?p=16805#comments Wed, 28 Jan 2015 01:24:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16805 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16805>Article Link</a> Qatari Diar, the property arm of the Gulf state’s sovereign wealth fund, is said to have received approvals for its exclusive North and South Sinai project in Egypt. According to a report carried by Daily New Egypt, the country’s Tourism Development Authority has received the approvals required by the Egyptian Ministry of Defence for Qatari Diar to start on the new development. (more…)

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Moody’s: Abu Dhabi’s assets buffer oil price drop http://www.opalesque.com/SWF_Briefing/?p=16804 http://www.opalesque.com/SWF_Briefing/?p=16804#comments Wed, 28 Jan 2015 01:24:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16804 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16804>Article Link</a> According to Moody’s while the drop in oil prices will likely cause Abu Dhabi’s (Aa2 stable) economic growth to slow in 2015 and put an end to four consecutive years of double-digit fiscal surpluses, the emirate’s sizeable stock of foreign assets will help cushion the impact of lower oil revenues in the coming years. (more…)

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Mega-funds start to beat retreat from emerging markets http://www.opalesque.com/SWF_Briefing/?p=16803 http://www.opalesque.com/SWF_Briefing/?p=16803#comments Wed, 28 Jan 2015 01:23:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16803 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16803>Article Link</a> Big pension, insurance and sovereign funds that kept faith with emerging markets during the massive selloffs of 2013 and 2014 may be starting to waver, potentially depriving the sector of a key source of support. while sovereign funds withdrew cash from emerging assets in three of the past five quarters, eVestment said pension funds, possibly under pressure to meet the needs of ageing populations, had maintained inflows. (more…)

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InMobi in talks with Abu Dhabi Investment Authority, Qatar Investment Authority http://www.opalesque.com/SWF_Briefing/?p=16801 http://www.opalesque.com/SWF_Briefing/?p=16801#comments Tue, 27 Jan 2015 03:56:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16801 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16801>Article Link</a> Mobile advertising network InMobi has entered into discussions with several marquee investors including some of the world’s biggest sovereign wealth funds and internet firms, to raise its next significant round of funding. Abu Dhabi Investment Authority (ADIA) and Qatar Investment Authority (QIA) are believed to be among the multiple, blue-chip state-owned funds that have expressed a strong interest in investing in the Bengaluru-based company. (more…)

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After week-long silence, Pua calls 1MDB chief’s bluff over dialogue proposal http://www.opalesque.com/SWF_Briefing/?p=16800 http://www.opalesque.com/SWF_Briefing/?p=16800#comments Tue, 27 Jan 2015 03:56:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16800 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16800>Article Link</a> DAP MP Tony Pua asked if Arul Kanda Kandasamy no longer felt the need to subject 1 Malaysia Development Bhd (1MDB) to public scrutiny, noting the chief executive has remained silent since his offer to hold a dialogue more than a week ago. (more…)

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How China SWF views the state of the global economy http://www.opalesque.com/SWF_Briefing/?p=16799 http://www.opalesque.com/SWF_Briefing/?p=16799#comments Tue, 27 Jan 2015 03:56:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16799 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16799>Article Link</a> China isn’t the only one facing a “new normal”, according to the head of China’s sovereign wealth fund, who tips a period of weak growth, divergence and instability for the global economy. (more…)

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SOFAZ to invest $500 mln in yuan assets in 2015 http://www.opalesque.com/SWF_Briefing/?p=16798 http://www.opalesque.com/SWF_Briefing/?p=16798#comments Tue, 27 Jan 2015 03:55:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16798 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16798>Article Link</a> Azerbaijan’s state oil fund SOFAZ will invest $500 million in yuan assets in 2015. Meanwhile, it will continue to pursue real estate across Asian markets to diversify its portfolio. “At the end of last year, we approved a quota to invest in the renminbi. We are completing all the necessary paperworks and this year will start investing the whole amount” of $500 million,” the fund’s Executive Director Shahmar Movsumov said in his recent interview, referring to the Chinese Yuan. (more…)

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Shahmar Movsumov: “Low oil price means decline of SOFAZ assets by $3 bln” http://www.opalesque.com/SWF_Briefing/?p=16797 http://www.opalesque.com/SWF_Briefing/?p=16797#comments Tue, 27 Jan 2015 03:55:22 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16797 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16797>Article Link</a> Low oil price means decline of SOFAZ assets by $3 bln, Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov said. According to him, eh raw material prices will probably be stabilized in the second half of 2015: “It’s clear that no one expects rebound of these prices as in 2009-2010, however it will exceed the current level”. (more…)

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Kazakhstan’s foreign exchange reserves hit $28.9 bln http://www.opalesque.com/SWF_Briefing/?p=16796 http://www.opalesque.com/SWF_Briefing/?p=16796#comments Tue, 27 Jan 2015 03:54:57 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16796 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16796>Article Link</a> Currently, Kazakhstan’s foreign exchange reserves exceed $28.9 billion, Head of the National Bank Kairat Kelimbetov said. “People say that the country’s gold reserves have reduced. But I want to emphasize once again that the reserves hit $24 billion in December 2014 amounting $28.9 billion in January 2015. As you can see, there is now a surplus of foreign exchange reserves,” he noted. (more…)

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Shale gas wealth fund could bankroll environmental improvements http://www.opalesque.com/SWF_Briefing/?p=16795 http://www.opalesque.com/SWF_Briefing/?p=16795#comments Tue, 27 Jan 2015 03:54:40 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16795 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16795>Article Link</a> A fracking wealth fund could be used to invest in new forests, wildlife reserves and improvements in air quality, the government’s Natural Capital Committee (NCC) will say today. The committee’s latest report looks at potential ways of funding a 25-year plan to preserve the essential ‘natural capital’ services that forests, rivers, minerals and seas provide to the economy and halting the “long-term decline” of England’s natural environment. (more…)

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Lone Star checks into Jurys Inn with £680m deal http://www.opalesque.com/SWF_Briefing/?p=16794 http://www.opalesque.com/SWF_Briefing/?p=16794#comments Tue, 27 Jan 2015 03:54:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16794 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16794>Article Link</a> Jurys Inn became the latest target for Lone Star on Monday when the US distressed-debt investor swooped on the Irish and British hotel chain, ending years of debt restructuring at the company that was saddled with leverage at the height of the property boom. In 2008, Quinlan Private sold a 50 per cent stake to the Oman Investment Fund, one of the fund’s first investments, but along with other Irish property groups, Jurys Inn’s debts quickly soured during the downturn. (more…)

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Goldman Sachs profit on disputed LIA trades back in focus http://www.opalesque.com/SWF_Briefing/?p=16793 http://www.opalesque.com/SWF_Briefing/?p=16793#comments Tue, 27 Jan 2015 03:54:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16793 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16793>Article Link</a> Goldman Sachs is estimated to have made $82m profit on nine disputed trades which are at the heart of a $1bn lawsuit brought against it by the Libyan Investment Authority — rather than the $350m which has been previously claimed, according to people familiar with the case. (more…)

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Rosy outlook for regional M&A, SWF active http://www.opalesque.com/SWF_Briefing/?p=16792 http://www.opalesque.com/SWF_Briefing/?p=16792#comments Tue, 27 Jan 2015 03:53:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16792 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16792>Article Link</a> Regional mergers and acquisitions (M&A) activity is forecast to remain as buoyant this year as 2014 despite the oil price drop as governments continue to spend, corporates focus on growth and international investor interest in the energy-rich region rises, M&A advisors say. (more…)

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Azeri Oil Fund to Invest $500 Million in Yuan, Keep Ruble Assets http://www.opalesque.com/SWF_Briefing/?p=16791 http://www.opalesque.com/SWF_Briefing/?p=16791#comments Mon, 26 Jan 2015 03:26:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16791 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16791>Article Link</a> Azerbaijan’s State Oil Fund, known as Sofaz, will invest $500 million in yuan assets this year and continue to pursue real estate across Asian markets to diversify its portfolio, the fund’s executive director said. (more…)

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LPFA, Greater Manchester launch GBP500m real assets fund http://www.opalesque.com/SWF_Briefing/?p=16790 http://www.opalesque.com/SWF_Briefing/?p=16790#comments Mon, 26 Jan 2015 03:26:34 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16790 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16790>Article Link</a> Pension funds in London and Manchester have joined forces for a £500 million ($757 million) infrastructure fund that could expand to rival the multibillion-dollar sovereign-wealth funds that are regular buyers of large U.K. development projects such as railroads and airports. “If you want a good crop you have to plant a few seeds. You can’t just plant one,”Kieran Quinn, chairman of the Manchester pension fund said. “We are creating something that can come close to or equal a sovereign-wealth fund.” (more…)

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Russians party on in Davos as vodka flows, Ukraine in havoc http://www.opalesque.com/SWF_Briefing/?p=16789 http://www.opalesque.com/SWF_Briefing/?p=16789#comments Mon, 26 Jan 2015 03:26:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16789 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16789>Article Link</a> VTB Bank isn’t letting a bad year get in the way of a good party. Executives at the state-controlled Russian bank, which has cut hundreds of employees following U.S. and European Union sanctions, are betting a little jazz and vodka with the world’s elite will dull the pain. (more…)

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Russia faces $40bn battle to stave off banking crisis http://www.opalesque.com/SWF_Briefing/?p=16788 http://www.opalesque.com/SWF_Briefing/?p=16788#comments Mon, 26 Jan 2015 03:25:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16788 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16788>Article Link</a> Russia may have to spend more than $40bn this year to avert a banking crisis, as the growing likelihood of a sharp recession threatens to pile extra costs on a sector suffering from Western sanctions over Ukraine and a plunge in the rouble. (more…)

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Pluribus Raises $50M with Temasek as New Investor http://www.opalesque.com/SWF_Briefing/?p=16787 http://www.opalesque.com/SWF_Briefing/?p=16787#comments Mon, 26 Jan 2015 03:25:22 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16787 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16787>Article Link</a> Pluribus Networks, the company that brings together computer, network, storage and virtualization into a single, open and programmable SDN platform, announced today that it has raised US$50 million in a Series D round of funding led by Temasek Holdings, an investment company based in Singapore with a net portfolio value of US$177 billion. (more…)

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Mumtalakat won’t sell assets to plug shortfall http://www.opalesque.com/SWF_Briefing/?p=16786 http://www.opalesque.com/SWF_Briefing/?p=16786#comments Mon, 26 Jan 2015 03:25:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16786 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16786>Article Link</a> Bahraini sovereign fund Mumtalakat will not sell any assets or change its investment strategy in response to a likely oil price-driven shortfall in the state budget, it said. The fund holds stakes in Bahraini companies including Alba, Gulf Air and Batelco. (more…)

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Private equity: The definition of an opaque asset class http://www.opalesque.com/SWF_Briefing/?p=16785 http://www.opalesque.com/SWF_Briefing/?p=16785#comments Mon, 26 Jan 2015 03:24:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16785 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16785>Article Link</a> At a private equity conference years ago, I sat beside a couple of trustees from a small pension fund. Nice men, highly educated and intelligent, and wanting to do their best for their members, but utterly clueless about investments. Going straight to direct investment is not always wise, as the $72bn Korea Investment Corporation found. The sovereign wealth fund said last year it would change its strategy after direct investing produced “disappointingly lower returns” than investing through funds. (more…)

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London and Manchester Create Rival to Sovereign Wealth Funds http://www.opalesque.com/SWF_Briefing/?p=16784 http://www.opalesque.com/SWF_Briefing/?p=16784#comments Fri, 23 Jan 2015 01:13:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16784 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16784>Article Link</a> Pension funds in London and Manchester have joined forces for a £500 million ($757 million) infrastructure fund that could expand to rival the multibillion-dollar sovereign-wealth funds that are regular buyers of large U.K. development projects such as railroads and airports. (more…)

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Samruk-Kazyna cuts spendings by $1.83 bln in 2015 http://www.opalesque.com/SWF_Briefing/?p=16783 http://www.opalesque.com/SWF_Briefing/?p=16783#comments Fri, 23 Jan 2015 01:13:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16783 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16783>Article Link</a> Samruk-Kazyna will reduce its spending by 337 billion tenge ($1.83 billion) in 2015, Tengrinews reports citing the press service of the company. The National Welfare Fund Samruk-Kazyna, is a sovereign wealth fund and joint stock company in Kazakhstan which owns, either in whole or in part, many important companies in the country, including the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana airlines, and numerous financial groups. (more…)

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Russia prepares RUB1.375 trillion anti-crisis plan http://www.opalesque.com/SWF_Briefing/?p=16782 http://www.opalesque.com/SWF_Briefing/?p=16782#comments Fri, 23 Jan 2015 01:13:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16782 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16782>Article Link</a> Russia’s President Vladimir Putin has approved the provisional version of an anti-crisis plan drawn up by the government. According to media reports, the plan involves recapitalisation of banks, provision of state guarantees, support measures for state development bank VEB and diverse sectors, changes to state procurement laws and procurement to facilitate import substitution, support for small business, and tax rebates. (more…)

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Bahraini fund Mumtalakat won’t sell assets to plug any budget shortfall http://www.opalesque.com/SWF_Briefing/?p=16781 http://www.opalesque.com/SWF_Briefing/?p=16781#comments Fri, 23 Jan 2015 01:13:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16781 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16781>Article Link</a> Bahraini sovereign fund Mumtalakat will not sell any assets or change its investment strategy in response to a likely oil price-driven shortfall in the state budget, it said on Thursday. (more…)

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What Nicolas Maduro Should Learn From Africa http://www.opalesque.com/SWF_Briefing/?p=16780 http://www.opalesque.com/SWF_Briefing/?p=16780#comments Fri, 23 Jan 2015 01:12:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16780 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16780>Article Link</a> For many years Africa has been susceptible to the volatile nature of the commodities markets, resulting in long periods of economic stagnation, accompanied by reductions in social spending and living standards. To counteract these effects, countries like Botswana have created sovereign wealth funds to better manage the revenue from the extractive industries and invest in long-term development. (more…)

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Najib duping Malaysians over 1MDB, says DAP http://www.opalesque.com/SWF_Briefing/?p=16779 http://www.opalesque.com/SWF_Briefing/?p=16779#comments Fri, 23 Jan 2015 01:12:29 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16779 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16779>Article Link</a> DAP today said Prime Minister Datuk Seri Najib Razak was insulting the intelligence of Malaysians with his “incredulous” claims about 1Malaysia Development Berhad (1MDB). Its national publicity chief Tony Pua questioned Najib’s justification that Putrajaya had only committed RM1 million to the controversial sovereign fund. (more…)

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GPT taps market to fund buyback of note http://www.opalesque.com/SWF_Briefing/?p=16778 http://www.opalesque.com/SWF_Briefing/?p=16778#comments Fri, 23 Jan 2015 01:12:11 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16778 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16778>Article Link</a> GPT Group’s decision to tap the market for $375 million to pay for its buyback of a note held by its former white knight investor has been welcomed, but has also raised questions about GPT’s next step. (more…)

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Korean Sovereign Fund to Double Alternative Assets (Video) http://www.opalesque.com/SWF_Briefing/?p=16777 http://www.opalesque.com/SWF_Briefing/?p=16777#comments Thu, 22 Jan 2015 00:27:09 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16777 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16777>Article Link</a> Korea Investment Corp., South Korea’s $85 billion sovereign wealth fund, plans to more than double its allocation to alternative investments by the end of 2015, said Chairman and Chief Executive Hongchul Ahn. (more…)

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GPT Group raises $325m as Singapore’s GIC exits http://www.opalesque.com/SWF_Briefing/?p=16776 http://www.opalesque.com/SWF_Briefing/?p=16776#comments Thu, 22 Jan 2015 00:26:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16776 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16776>Article Link</a> The GPT Group has raised $325 million from institutional investors after agreeing to buy back a perpetual note held by its one-time “white knight”, Singaporean sovereign wealth fund GIC. The redemption of the note marks GIC’s exit from the company it aided in November 2008 in the depths of the financial crisis. (more…)

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Temasek To Acquire SVB India Financial http://www.opalesque.com/SWF_Briefing/?p=16775 http://www.opalesque.com/SWF_Briefing/?p=16775#comments Thu, 22 Jan 2015 00:26:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16775 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16775>Article Link</a> Temasek Holdings, Singapore government’s global investment arm, is acquiring Mumbai-based venture lender SVB India Finance, an arm of Nasdaq-listed SVB Financial Group, for $46.4 million (about Rs 280 crore). The quasi-management buyout will see the venture lender’s existing India team become shareholders in the re-branded entity that is slated to be created post the completion of the deal. (more…)

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Temasek building icons to pay it forward http://www.opalesque.com/SWF_Briefing/?p=16774 http://www.opalesque.com/SWF_Briefing/?p=16774#comments Thu, 22 Jan 2015 00:26:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16774 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16774>Article Link</a> Big-Ticket deals have been the calling card of Temasek Holdings but a shift in strategy could be under way and you only have to go to the zoo to see it. The zoo might not be the most obvious place one can think of to observe the operations of one of the corporate world’s biggest beasts. But, in fact, the investment firm’s latest undertaking illustrates how its game plan is evolving. (more…)

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China’s European Shopping Spree http://www.opalesque.com/SWF_Briefing/?p=16773 http://www.opalesque.com/SWF_Briefing/?p=16773#comments Thu, 22 Jan 2015 00:25:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16773 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16773>Article Link</a> China’s European presence blossomed in 2008 in debt-ridden Greece, where Beijing-owned shipping giant Cosco started building a European hub around the Pirea Harbour, near Athens. Even in Germany, the eurozone’s largest economy, medium-size companies such as manufacturer Putzmeister and electronics firm Medion now have Chinese owners. (more…)

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SOFAZ investment portfolio hits 28 bln manats http://www.opalesque.com/SWF_Briefing/?p=16772 http://www.opalesque.com/SWF_Briefing/?p=16772#comments Thu, 22 Jan 2015 00:25:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16772 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16772>Article Link</a> The predicted cost of the investment portfolio of Azerbaijan’s state oil fund SOFAZ was set at 28.2 billion manats for 2015. On January 19, Azerbaijani President Ilham Aliyev issued a decree approving the main directions (programs) on use of SOFAZ funds for 2015. (more…)

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Investment portfolio of the State Oil Fund of Azerbaijan for 2015 limited to AZN 28.2 bn http://www.opalesque.com/SWF_Briefing/?p=16771 http://www.opalesque.com/SWF_Briefing/?p=16771#comments Thu, 22 Jan 2015 00:25:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16771 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16771>Article Link</a> The major areas (investment program) for the use of the SOFAZ means in 2015 have been approved by the decree on SOFAZ budget issued by Ilham Aliyev, President of Azerbaijan. In accordance with the program, the Fund should pursue the investment policy aimed to get maximum high revenue with minimization of risks from assets loss. (more…)

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Deficit-ridden budget of the Oil Fund of Azerbaijan approved for 2015 http://www.opalesque.com/SWF_Briefing/?p=16770 http://www.opalesque.com/SWF_Briefing/?p=16770#comments Thu, 22 Jan 2015 00:24:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16770 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16770>Article Link</a> The budget of the State Oil Fund (SOFAZ) for 2015 has been approved by the decree of Ilham Aliyev, President of Azerbaijan. According to the decree, SOFAZ revenues in 2015 are expected to be at the level of AZN 10,246,611,900, while the expenses are set at the level of AZN 11,813,909,200. In other words, the Fund’s budget will be in deficit for AZN 1,567,297,300. (more…)

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Telefonica Said to Have Weighed Stake Sale to Qataris http://www.opalesque.com/SWF_Briefing/?p=16769 http://www.opalesque.com/SWF_Briefing/?p=16769#comments Thu, 22 Jan 2015 00:24:35 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16769 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16769>Article Link</a> Telefonica SA (TEF), the Spanish carrier in talks to sell its U.K. mobile-phone business to Hutchison Whampoa Ltd. (13), also considered selling a stake in itself to Qatar’s sovereign-wealth fund to help cut debt, three people with knowledge of the matter said. (more…)

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Oiling the wheels! Goldman Sachs faces lawsuit for allegedly duping Colonel Gadaffi’s officials http://www.opalesque.com/SWF_Briefing/?p=16768 http://www.opalesque.com/SWF_Briefing/?p=16768#comments Thu, 22 Jan 2015 00:24:17 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16768 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16768>Article Link</a> In oil-rich North Africa, the Libyan Investment Authority brings this to mind once again in the form of a claim that global investment bank Goldman Sachs abused the financial illiteracy of Libyan officials during Colonel Gadaffi’s regime in order to attract investment of almost £800 million. (more…)

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Alberta has no reason to panic, at least not yet http://www.opalesque.com/SWF_Briefing/?p=16767 http://www.opalesque.com/SWF_Briefing/?p=16767#comments Thu, 22 Jan 2015 00:24:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16767 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16767>Article Link</a> A dramatic fall in oil prices, predicted to reduce provincial government resource revenues in Alberta by $7 billion — a drop of at least 16 per cent — has generated intense speculation regarding public expenditure cuts, tax changes and, of course, the introduction of a general sales tax. (more…)

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