Opalesque Sovereign Wealth Funds Briefing » Fund Management/Administration http://www.opalesque.com/SWF_Briefing Fri, 27 Feb 2015 01:26:55 +0000 http://wordpress.org/?v=2.5.1 en 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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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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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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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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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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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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ADIA Said to Oppose L&R in Bidding for Former UniCredit Milan HQ http://www.opalesque.com/SWF_Briefing/?p=16938 http://www.opalesque.com/SWF_Briefing/?p=16938#comments Tue, 17 Feb 2015 01:48:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16938 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16938>Article Link</a> Abu Dhabi Investment Authority, the world’s second-biggest sovereign wealth fund, and London & Regional Properties Ltd. have bid for the former headquarters of UniCredit SpA in Milan, according to two people familiar with the matter. (more…)

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Prosperity Fund part of wise resource management http://www.opalesque.com/SWF_Briefing/?p=16915 http://www.opalesque.com/SWF_Briefing/?p=16915#comments Fri, 13 Feb 2015 00:53:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16915 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16915>Article Link</a> In 2013, Premier Christy Clark announced an intention to create the B.C. Prosperity Fund using liquefied-natural-gas revenues. Since then, we’ve heard little about it. But as budget season comes around again, we might finally get some details. After all, last year’s budget said that the Prosperity Fund wouldn’t move forward until the LNG tax was finalized, and that happened last fall. This makes now a good time to renew the discussion about a sovereign wealth fund in B.C. (more…)

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Bud Smith: B.C. Prosperity Fund is no golden ticket http://www.opalesque.com/SWF_Briefing/?p=16899 http://www.opalesque.com/SWF_Briefing/?p=16899#comments Wed, 11 Feb 2015 01:24:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16899 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16899>Article Link</a> Lst year’s budget said that the Prosperity Fund wouldn’t move forward until the LNG tax was finalized, and that happened last fall. This makes now a good time to renew the discussion about a sovereign wealth fund in B.C. First off, let’s revisit what a sovereign wealth fund is and why resource-dependent regions use them. When it was first announced, the B.C. Prosperity Fund was pitched as a way for B.C. to pay off its debt, reduce taxes, and pay for social services. (more…)

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Enough with the lies – how involved is Jho Low with 1MDB? http://www.opalesque.com/SWF_Briefing/?p=16893 http://www.opalesque.com/SWF_Briefing/?p=16893#comments Tue, 10 Feb 2015 02:40:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16893 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16893>Article Link</a> DAP National Publicity Secretary Tony Pua has accused 1Malaysia Development Berhad (1MDB) and Jho Low of hiding the truth from Malaysians regarding the latter’s apparent non-involvement in the government’s sovereign wealth fund. Quoting an expose by the New York Times and more shocking revelations by the Sarawak Report that showed otherwise, the MP for Petaling Jaya Utara said, “it is now clear that both Jho Low and 1MDB have at best, been economical with the truth. At worst, they are lying through their teeth to Malaysians. (more…)

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Norway oil fund reveals divestments and resolution rejections http://www.opalesque.com/SWF_Briefing/?p=16871 http://www.opalesque.com/SWF_Briefing/?p=16871#comments Fri, 06 Feb 2015 01:01:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16871 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16871>Article Link</a> Norway’s $860bn oil fund laid out its growing clout as a responsible investor as it revealed that it had divested itself from more than 100 companies in the past three years and voted against tens of thousands of resolutions at annual meetings. (more…)

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Raub MP: 1MDB has lied to Malaysians http://www.opalesque.com/SWF_Briefing/?p=16851 http://www.opalesque.com/SWF_Briefing/?p=16851#comments Wed, 04 Feb 2015 00:59:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16851 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16851>Article Link</a> Raub MP Ariff Sabri Abdul Aziz declares in his latest blog posting that 1MDB has lied to Malaysians. “It is not a responsible borrower anymore,” he says. Referring to the company’s recent announcement that it has redeemed funds parked in the Cayman Islands and a subsequent news report that tycoon Ananda Krishnan is lending it RM2 billion, he points out that the two developments, taken together, are puzzling. (more…)

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Samruk-Kazyna Fund development plan approved http://www.opalesque.com/SWF_Briefing/?p=16845 http://www.opalesque.com/SWF_Briefing/?p=16845#comments Tue, 03 Feb 2015 00:39:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16845 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16845>Article Link</a> The Board of Directors of the Samruk-Kazyna Kazakh National Welfare Fund reviewed the results for 2014 and outlined plans for the next five years at the next meeting, chaired by Prime Minister Karim Massimov. (more…)

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ICD takes controlling stake in ailing South Korean construction company http://www.opalesque.com/SWF_Briefing/?p=16838 http://www.opalesque.com/SWF_Briefing/?p=16838#comments Mon, 02 Feb 2015 03:18:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16838 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16838>Article Link</a> Investment Corporation of Dubai (ICD) has acquired a controlling stake in the troubled South Korean construction firm Ssangyong Engineering & Construction, according to media reports. (more…)

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1MDB is turning into a serial borrower http://www.opalesque.com/SWF_Briefing/?p=16830 http://www.opalesque.com/SWF_Briefing/?p=16830#comments Mon, 02 Feb 2015 03:16:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16830 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16830>Article Link</a> Petaling Jaya Utara MP Tony Pua, look at it this way. The PM (as chairman of the sovereign fund) is caught between a rock and a hard place. If the loan is not repaid, those banks that lend the money to 1MDB (1Malaysia Development Berhad) would be in trouble in respect of their capital ratio adequacy caused by the non-performing loan (NPL) and BNM (Bank Negara Malaysia) would be forced to take action. (more…)

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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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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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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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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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Investment managers doing right by New Mexico http://www.opalesque.com/SWF_Briefing/?p=16765 http://www.opalesque.com/SWF_Briefing/?p=16765#comments Wed, 21 Jan 2015 00:57:40 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16765 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16765>Article Link</a> It is what New Mexico has that is entirely its own, which is why the money from these revenue flows are called sovereign wealth funds. Worldwide, there are some 50 sovereign wealth funds, led by Norway with $893 billion in assets and followed closely by Abu Dhabi, Saudi Arabia, Kuwait and China. In the United States, there are eight states that have sovereign funds, led by Alaska with $52 billion and Texas at $30 billion. (more…)

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How Is it That Norway Is Rich and We Are Not? http://www.opalesque.com/SWF_Briefing/?p=16754 http://www.opalesque.com/SWF_Briefing/?p=16754#comments Tue, 20 Jan 2015 01:08:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16754 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16754>Article Link</a> Norway - A small nation of about five million people nestled in the northwest corner of Europe. Either in this year or next, Norway’s sovereign wealth fund will crest a trillion dollars. Eighteen years ago the sovereign wealth fund sat at a mere $200 million. (more…)

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Norway Sticks to Budget Plan Despite Oil Slump http://www.opalesque.com/SWF_Briefing/?p=16750 http://www.opalesque.com/SWF_Briefing/?p=16750#comments Mon, 19 Jan 2015 01:36:29 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16750 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16750>Article Link</a> The finance minister of Norway, Western Europe’s biggest oil producer, said on Friday that she would sanction extra fiscal stimulus if the economic outlook were to worsen further but for now her budget plan for 2015 still holds despite the rapid drop in crude prices. (more…)

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Alaska’s fiscal perfect storm http://www.opalesque.com/SWF_Briefing/?p=16745 http://www.opalesque.com/SWF_Briefing/?p=16745#comments Mon, 19 Jan 2015 01:35:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16745 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16745>Article Link</a> Alaska depends on oil tax revenue from development on state lands to fund much of state government. Oil prices are volatile, and Alaska’s economy has ridden out ups and downs. With no state income or sales tax and no commitment to tap the $52 billion Permanent Fund, oil dictates most everything in Alaska. (more…)

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SOFAZ draft budget decided to be submitted to Azerbaijani President http://www.opalesque.com/SWF_Briefing/?p=16730 http://www.opalesque.com/SWF_Briefing/?p=16730#comments Thu, 15 Jan 2015 01:32:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16730 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16730>Article Link</a> SOFAZ Supervisory Board holds its following meeting A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on January 8, 2015. The meeting chaired by Mr. Artur Rasi-zadeh, Prime Minister of Azerbaijan and Chairman of the Supervisory Board discussed the SOFAZ draft budget for 2015. (more…)

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Malaysia’s Khazanah Got Aboard The Alibaba Gravy Train http://www.opalesque.com/SWF_Briefing/?p=16721 http://www.opalesque.com/SWF_Briefing/?p=16721#comments Thu, 15 Jan 2015 01:30:01 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16721 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16721>Article Link</a> Khazanah, the Malay word for treasure, is also the name of Malaysia’s sovereign wealth fund. Like many major Asian investors, Kazanah saw value ahead of Alibaba’s IPO and invested $400 million in the burgeoning Chinese ecommerce giant back in 2012 and 2013. (more…)

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Super fund execs and trustees split on sponsorships http://www.opalesque.com/SWF_Briefing/?p=16694 http://www.opalesque.com/SWF_Briefing/?p=16694#comments Mon, 12 Jan 2015 03:28:40 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16694 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16694>Article Link</a> Despite new research suggesting that few superannuation fund members want to see their funds investing in sporting sponsorships, research conducted by Money Management’s sister publication, Super Review, suggests fund executives and trustees are split on whether members should even be asked their views. (more…)

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Why stress that 1MDB new boss is Muslim? http://www.opalesque.com/SWF_Briefing/?p=16690 http://www.opalesque.com/SWF_Briefing/?p=16690#comments Fri, 09 Jan 2015 03:24:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16690 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16690>Article Link</a> 1MDB new boss Arul Kanda Kandasamy is indeed a Muslim but so what? Ahmad Zahid Hamidi is also Muslim, while Idris Jala is a non-Muslim who was recruited for a very important task in Malaysia Airlines (MAS) once. (more…)

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Did 1MDB mislead auditors over Cayman funds, asks DAP http://www.opalesque.com/SWF_Briefing/?p=16689 http://www.opalesque.com/SWF_Briefing/?p=16689#comments Fri, 09 Jan 2015 03:24:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16689 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16689>Article Link</a> Sovereign fund 1Malaysia Development Bhd (1MDB) is in for questioning again, over US$1.23 billion of its funds in the Cayman Islands which have not yet been repatriated despite a directive to do so. (more…)

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Herculean task for new boss to revive 1MDB http://www.opalesque.com/SWF_Briefing/?p=16684 http://www.opalesque.com/SWF_Briefing/?p=16684#comments Thu, 08 Jan 2015 03:05:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16684 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16684>Article Link</a> First, 1Malaysia Development Berhad (1MDB) shouldn’t have been set up in the first place, as there are already too many of such government investment funds in this country. Second, 1MDB has gone in the opposite direction of its professed mission - not momentarily but consistently throughout its existence. This indicates that the motivating force of 1MDB is beyond the reach of its CEO, who has been changed frequently. (more…)

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China Investment Corp. Public-Equity Head Zheng Said to Leave http://www.opalesque.com/SWF_Briefing/?p=16678 http://www.opalesque.com/SWF_Briefing/?p=16678#comments Wed, 07 Jan 2015 01:21:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16678 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16678>Article Link</a> Zheng Kongdong, head of a China Investment Corp. department that specializes in publicly traded stocks, has left the nation’s $653 billion sovereign wealth fund, said three people with knowledge of the matter. (more…)

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Malaysian state investor 1MDB hires new chief as $3 bln IPO looms http://www.opalesque.com/SWF_Briefing/?p=16675 http://www.opalesque.com/SWF_Briefing/?p=16675#comments Wed, 07 Jan 2015 01:20:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16675 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16675>Article Link</a> Debt-ridden state fund 1 Malaysia Development Bhd (1MDB) said on Monday that it had hired an Abu Dhabi-based Malaysian investment banker as its new President and group executive director, who will embark on a review of the firm’s business. (more…)

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I met Najib over 1MDB, says Khairuddin http://www.opalesque.com/SWF_Briefing/?p=16673 http://www.opalesque.com/SWF_Briefing/?p=16673#comments Wed, 07 Jan 2015 01:20:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16673 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16673>Article Link</a> Batu Kawan Umno vice-chairman Khairuddin Abu Hassan had a private meeting with Prime Minister Najib Abdul Razak over the 1MDB issue a week before the latter left for the United States for his recent meeting with President Barack Obama. (more…)

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1MDB’s failure to settle debt seen driving down ringgit, says economist http://www.opalesque.com/SWF_Briefing/?p=16671 http://www.opalesque.com/SWF_Briefing/?p=16671#comments Wed, 07 Jan 2015 01:19:46 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16671 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16671>Article Link</a> 1Malaysia Development Bhd’s (1MDB) failure to settle an RM2 billion loan to local lenders has been a factor behind the extended drop in the ringgit against the dollar, an economist said. The Edge Financial Daily, quoting sources, reported today that the sovereign fund had missed its December 31, 2014, deadline for settlement of the loan, and had received an extension up to January 30, 2015, to settle the outstanding payment. (more…)

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1MDB CEO’s ‘sacking’ tip of the proverbial iceberg http://www.opalesque.com/SWF_Briefing/?p=16664 http://www.opalesque.com/SWF_Briefing/?p=16664#comments Tue, 06 Jan 2015 03:36:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16664 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16664>Article Link</a> The sudden resignation of the 1Malaysia Development Berhad (1MDB) CEO, Mohd Hazem Abdul Rahman, and the appointment of Abu Dhabi-based Malaysian banker Arul Kanda Kandasamy as executive president and executive director proves that all is not well with the sovereign wealth fund behind the steely façade presented by both the company as well as Prime Minister Najib Abdul Razak, according to Petaling Jaya Utara MP Tony Pua in a statement. (more…)

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Depleting Excess Crude Account Causing Nigeria’s Economic Woes – Obasanjo http://www.opalesque.com/SWF_Briefing/?p=16662 http://www.opalesque.com/SWF_Briefing/?p=16662#comments Tue, 06 Jan 2015 03:36:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16662 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16662>Article Link</a> A former Nigerian President, Mr Olusegun Obasanjo, has blamed the present economic woes facing the nation on the depletion of the Excess Crude Account and the external reserves. Mr Obasanjo made the assertion on Monday at a meeting with women leaders from the south-west states held at his hilltop residence in Abeokuta, the Ogun State capital. (more…)

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HK Monetary Authority continues conservative policy http://www.opalesque.com/SWF_Briefing/?p=16655 http://www.opalesque.com/SWF_Briefing/?p=16655#comments Mon, 05 Jan 2015 03:35:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16655 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16655>Article Link</a> The Monetary Authority is sticking to its cautious approach in investing for the fiscal reserve, as evidenced by the return rate of 1.19 per cent recorded at the end of September. The Monetary Authority of Macau says that the local inflation rate as a benchmark for gauging the returns on the city’s fiscal reserve investment is not “suitable”, as the reserve is more a “stabilisation fund” than a sovereign wealth fund that has a longer investment period and a bigger risk appetite. (more…)

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SOFAZ planning to decrease expenditures http://www.opalesque.com/SWF_Briefing/?p=16648 http://www.opalesque.com/SWF_Briefing/?p=16648#comments Fri, 02 Jan 2015 04:10:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16648 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16648>Article Link</a> Azerbaijan’s state oil fund SOFAZ is working out a mechanism for decreasing its expenditures. This measure is taken to ensure the sustainability of the fund’s development in the coming years, SOFAZ Head Shahmar Movsumov told Trend Agency. He noted the global decrease in oil prices will negatively affect the revenues of SOFAZ. In this regard, SOFAZ is working out various scenarios to balance its revenues. (more…)

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President Ilham Aliyev inaugurates new SOFAZ building http://www.opalesque.com/SWF_Briefing/?p=16646 http://www.opalesque.com/SWF_Briefing/?p=16646#comments Fri, 02 Jan 2015 04:10:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16646 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16646>Article Link</a> Azerbaijani President Ilham Aliyev and his spouse Mehriban Aliyeva have today attended the opening of new administrative building of the State Oil Fund of Azerbaijan. APA reports that head of state has cut the ribbon symbolizing the opening of the building. (more…)

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1MDB Chairman Addresses Allegations Against The Fund http://www.opalesque.com/SWF_Briefing/?p=16637 http://www.opalesque.com/SWF_Briefing/?p=16637#comments Fri, 02 Jan 2015 04:08:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16637 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16637>Article Link</a> As the chairman of the Board of Directors of 1MDB, I have viewed with surprise recent statements, both in the media and by certain individuals, suggesting that the company has failed to respond to various questions that have been directed at it over the past months. (more…)

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For the record… a statement from 1MDB – Lodin Wok Kamaruddin http://www.opalesque.com/SWF_Briefing/?p=16630 http://www.opalesque.com/SWF_Briefing/?p=16630#comments Tue, 23 Dec 2014 00:42:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16630 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16630>Article Link</a> As the chairman of the Board of Directors of 1MDB, I have viewed with surprise recent statements, both in the media and by certain individuals, suggesting that the company has failed to respond to various questions that have been directed at it over the past months. (more…)

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Despite probe, Najib must answer questions on 1MDB, says DAP leader http://www.opalesque.com/SWF_Briefing/?p=16582 http://www.opalesque.com/SWF_Briefing/?p=16582#comments Mon, 15 Dec 2014 03:30:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16582 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16582>Article Link</a> Prime Minister Datuk Seri Najib Razak cannot turn his back on 1Malaysia Development Berhad (1MDB) just because police have begun their investigations into the alleged improprieties in the management of the sovereign wealth fund, said Lim Kit Siang. (more…)

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Malaysia’s investment fund disaster http://www.opalesque.com/SWF_Briefing/?p=16552 http://www.opalesque.com/SWF_Briefing/?p=16552#comments Thu, 11 Dec 2014 01:35:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16552 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16552>Article Link</a> In 2008, a boisterous young man by the name of Jho Low Taek, a Penang-born Wharton grad with a taste for Cristal champagne and Broadway blondes, approached Malaysia’s Terengganu state government with a proposal to use the state’s authority to sell RM10 billion (US$2.87 billion) in bonds to start a state-backed investment fund. (more…)

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Analysts back Khazanah appointment of Mueller to revive Malaysia Airlines http://www.opalesque.com/SWF_Briefing/?p=16539 http://www.opalesque.com/SWF_Briefing/?p=16539#comments Tue, 09 Dec 2014 01:09:32 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16539 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16539>Article Link</a> Analysts have backed Khazanah Nasional Bhd’s decision to appoint Christoph Mueller to revive Malaysia Airlines Bhd despite the move drawing flak from politicians. They said that Mueller’s track record in reviving an airline was paramount in the decision to hire him. (more…)

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Malaysia Airline sees new leadership appointments by state fund http://www.opalesque.com/SWF_Briefing/?p=16531 http://www.opalesque.com/SWF_Briefing/?p=16531#comments Mon, 08 Dec 2014 04:16:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16531 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16531>Article Link</a> Malaysian Airline System Bhd (MAS), which is due to be taken private after being hit by two separate air disasters this year, on Friday sees new leadership appointments for the new company that will replace it. (more…)

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Oil Shock: Excess Crude Funds Not Well Managed, Says Obadan http://www.opalesque.com/SWF_Briefing/?p=16527 http://www.opalesque.com/SWF_Briefing/?p=16527#comments Mon, 08 Dec 2014 04:15:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16527 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16527>Article Link</a> A former Director General of the National Centre for Economic Management and Administration (NCEMA), Prof. Mike Obadan, has accused government across the three tiers of misuse and poor management of the nation’s Excess Crude Account (ECA). According to the professor of Economics at the University of Benin, Benin City, “The imprudent use of the ECA funds even at a period of rising prices, has led to it been depleted to the very precarious level of less than $2.0 billion at the beginning of this month. Thus, it appears that the country has found it difficult to reach a political consensus to rein in fiscal expansion and re-accumulate its reserves.” (more…)

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Al-Sayed’s exit shows Qataris operate on a different plane http://www.opalesque.com/SWF_Briefing/?p=16518 http://www.opalesque.com/SWF_Briefing/?p=16518#comments Fri, 05 Dec 2014 00:53:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16518 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16518>Article Link</a> Ahmad al-Sayed was ousted from the top of the Qatar Investment Authority, the £200 billion sovereign wealth fund that holds large stakes in Barclays and Credit Suisse, owns Harrods, and wanted to purchase Canary Wharf. His successor is Sheikh Abdullah bin Mohammed bin Saud al-Thani, a member of the Qatari royal family. (more…)

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How the World’s Largest SWF Gets the Best from Active Managers http://www.opalesque.com/SWF_Briefing/?p=16479 http://www.opalesque.com/SWF_Briefing/?p=16479#comments Tue, 02 Dec 2014 01:01:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16479 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16479>Article Link</a> Norway’s sovereign wealth fund has proposed a new approach to benchmarks that it claims can boost the benefits of investing with active stockpickers. In a discussion note published on its website, Norges Bank Investment Management (NBIM)—which manages the €689 billion ($860 billion) Norway Government Pension Fund Global—explored in depth its use of bespoke equally-weighted benchmarks. (more…)

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RDIF Funneling More Chinese, Middle Eastern Money Into Russia http://www.opalesque.com/SWF_Briefing/?p=16418 http://www.opalesque.com/SWF_Briefing/?p=16418#comments Fri, 21 Nov 2014 01:22:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16418 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16418>Article Link</a> The $10 billionRussian Direct Investment Fund is funneling more Chinese and Middle Eastern money into Russia’s ailing economy, partly compensating for a decline in Western-led activity in the face of geopolitical tensions. (more…)

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1MDB managed competently http://www.opalesque.com/SWF_Briefing/?p=16399 http://www.opalesque.com/SWF_Briefing/?p=16399#comments Wed, 19 Nov 2014 01:50:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16399 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16399>Article Link</a> Overly leveraged is the oft repeated criticism of detractors of 1Malaysia Development Berhad (1MDB), the nation’s strategic development company. Other accusations include the issue of the company’s lack of transparency, a fair demand on a state-owned investment arm. Once the Terengganu Investment Company, a sovereign wealth fund for the state, it was renamed 1MDB in 2009. (more…)

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Dr. Mahathir:Malaysia can do without 1MDB http://www.opalesque.com/SWF_Briefing/?p=16371 http://www.opalesque.com/SWF_Briefing/?p=16371#comments Thu, 13 Nov 2014 02:55:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16371 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16371>Article Link</a> Tun Dr Mahathir Mohamad said Malaysia does not need a sovereign fund like the 1Malaysia Development Berhad (1MDB), especially if it results in losses for the country. The former prime minister (PM) said Malaysia could do without the 1MDB, which has been criticised for its lack of transparency as well as for racking up big debts to finance its projects. (more…)

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Support letter issued to 1MDB is not ‘explicit government guarantee’, says Ahmad Maslan http://www.opalesque.com/SWF_Briefing/?p=16370 http://www.opalesque.com/SWF_Briefing/?p=16370#comments Thu, 13 Nov 2014 02:54:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16370 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16370>Article Link</a> Deputy Finance Minister Datuk Ahmad Maslan insisted that Putrajaya’s letter of support for 1Malaysia Development Berhad’s (1MDB) fundraising exercise is not an “explicit guarantee”, sidestepping concerns that the federal government will have to foot the sovereign wealth fund’s debt. He stressed that the ministry had only given an explicit guarantee amounting to RM5.8 billion to the sovereign wealth fund. (more…)

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Kazakh leader orders government to open oil fund for projects http://www.opalesque.com/SWF_Briefing/?p=16360 http://www.opalesque.com/SWF_Briefing/?p=16360#comments Wed, 12 Nov 2014 03:31:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16360 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16360>Article Link</a> Kazakhstan’s president ordered his government on Tuesday to allocate $3 billion from the National Fund every year from 2015 to 2017 to bolster growth in an economy hit by falling oil prices and a slowdown in Russia. (more…)

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Mumtalakat Hires Banks For Potential Dollar Sukuk Issue http://www.opalesque.com/SWF_Briefing/?p=16341 http://www.opalesque.com/SWF_Briefing/?p=16341#comments Tue, 11 Nov 2014 03:19:46 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16341 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16341>Article Link</a> Bahraini sovereign fund Mumtalakat (BBB from S&P/Fitch) has hired BNP Paribas, Deutsche Bank, MUFG and StanChart to arrange a series of fixed income investor meetings starting on Thursday, Nov. 13. (more…)

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Khazanah open to proposals for MAS restructuring http://www.opalesque.com/SWF_Briefing/?p=16339 http://www.opalesque.com/SWF_Briefing/?p=16339#comments Tue, 11 Nov 2014 03:19:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16339 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16339>Article Link</a> Khazanah Nasional Bhd is open to receive proposals and ideas from various quarters for the restructuring of Malaysian Airline System Bhd (MAS). Khazanah deputy chairman Tan Sri Nor Mohamed Yakcop said the company was prepared to listen and weigh the ideas or proposals so that the restructuring process could proceed smoothly and successfully to enable MAS to get back to become the national airline that is the pride of the rakyat. (more…)

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1MDB’s actions do not reflect a sovereign wealth fund http://www.opalesque.com/SWF_Briefing/?p=16328 http://www.opalesque.com/SWF_Briefing/?p=16328#comments Mon, 10 Nov 2014 03:12:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16328 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16328>Article Link</a> I suspect that one of the aims of 1MDB was to correct the mistakes of the privately owned Independent Power Producers (IPPs) of the past — specifically the first generation IPPs where the agreements were too generous to the private companies. (more…)

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Rafizi to tell all about 1MDB’s Cayman fund next week http://www.opalesque.com/SWF_Briefing/?p=16327 http://www.opalesque.com/SWF_Briefing/?p=16327#comments Mon, 10 Nov 2014 03:12:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16327 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16327>Article Link</a> PKR secretary-general Rafizi Ramli said he will reveal next week the details of 1Malaysia Development Berhad’s (1MDB) funds in the Cayman Islands. “Besides myself, a team from the National Oversight and Whistleblowers (NOW) will reveal the individuals and companies involved in the hiding of public funds in the Cayman Islands.” (more…)

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Saudi Arabia: Wealth fund urged to tackle oil-price slide http://www.opalesque.com/SWF_Briefing/?p=16302 http://www.opalesque.com/SWF_Briefing/?p=16302#comments Wed, 05 Nov 2014 03:47:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16302 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16302>Article Link</a> The fall of crude oil prices points to the need for Saudi Arabia to have an active sovereign wealth fund, said Prince Alwaleed bin Talal, chairman of Kingdom Holding Co. This will be similar to the sovereign funds in Kuwait, Abu Dhabi and Norway, he said. (more…)

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Penang warns 1MDB of tough road to approval for Air Itam project http://www.opalesque.com/SWF_Briefing/?p=16296 http://www.opalesque.com/SWF_Briefing/?p=16296#comments Wed, 05 Nov 2014 03:45:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16296 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16296>Article Link</a> Penang has warned 1Malaysia Development Bhd (1MDB) that it will be an uphill task to gain planning approvals for its development project on the 234 acres land if it deviates from its promise to build affordable housing there. (more…)

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