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Sovereign Wealth Funds Briefing 31.Jul 2015

Posted on 31 July 2015 by VRS |  Email |Print

After a number of stalled attempts Papua New Guinea’s parliament has finally passed a law to establish a Sovereign Wealth Fund. The long-stated aim of the Fund is to manage the revenue generated by liquified natural gas and other resource projects and put it towards economic and social development.
Reporter Wesley Manuai says the legislation shows the fund will be split into two parts, a stabilisation fund and a savings fund………………………………………..Full Article: Source

Posted on 31 July 2015 by VRS |  Email |Print

The Papua New Guinea government has failed to pass its major agenda, the Sovereign Wealth Fund bill due to differences in legal opinion between the parliament speaker and government coalition partner, the National Alliance Party.Yesterday’s parliament sitting was marked by confusion over whether one of the National Alliance MPs who has been referred to a leadership tribunal is currently suspended as an MP.
Going on legal advice from his office, the speaker Theo Zurenuoc refused to recognise Bogia MP John Hickey and his right to participate in the vote on the Fund. Pending clarification of his status, Mr Hickey left the chamber, and the government narrowly failed to pass the bill………………………………………..Full Article: Source

Posted on 31 July 2015 by VRS |  Email |Print

Sovereign wealth fund China Investment Corp, which started its overseas direct investment operations on Monday through CIC Capital Corp, will be among the select group of financial institutions that will participate in the key projects associated with the Belt and Road Initiative.
A report from Caixin.com said that CIC Capital, which was established on January 20, might have got a $100 billion capital infusion from the Ministry of Finance through a bond issue. Neither the sovereign wealth fund manager nor the Ministry of Finance provided further information on Wednesday………………………………………..Full Article: Source

Posted on 31 July 2015 by VRS |  Email |Print

Singapore sovereign wealth fund GIC is finding fresh opportunities to invest in the volatile China market amid restrictions imposed by the regulator on investors who own large stakes in Chinese companies. “It did open up some opportunities for people like us which take a longer-term view and we don’t have such kinds of liquidity constraints. That is a clear positive,” Lim Chow Kiat, group chief investment officer, said.
Lim said that in view of the restrictions, some investors were selling shares in which they had minority stakes due to redemption pressure, allowing long-term investors to step in………………………………………..Full Article: Source

Posted on 31 July 2015 by VRS |  Email |Print

Singapore sovereign fund Government of Singapore Investment Corp (GIC), the second largest public shareholder until now, has completely exited financial services firm Edelweiss Financial Services by selling its 9% stake in tranches to its promoter Rashesh Shah and foreign institutional investors Fidelity International and Nomura.
The move has come at a time when many foreign investors are raising their stake in India’s financial services companies. The Singapore fund, which stayed invested in Edelweiss for more than seven years, sold its 4.5% stake in 2014 in two tranches, and sold the remaining stake on July 24………………………………………..Full Article: Source

Posted on 31 July 2015 by VRS |  Email |Print

Singapore’s GIC, one of the most active sovereign wealth funds in India, raised its exposure to Asia (outside Japan), making the continent its second-biggest geographical bet behind Americas last year, it said in its annual report.
In the previous year ended March 31, 2014, GIC had bet on European recovery with Europe being the sole region where it had hiked its exposure. The Americas region, including the United States (34 per cent), Latin America (4 per cent) and others (4 per cent), accounted for 42 per cent of its portfolio in the year to March 2014, against 44 per cent in FY13………………………………………..Full Article: Source

Posted on 31 July 2015 by VRS |  Email |Print

Singapore’s sovereign wealth fund, one of the world’s biggest, has warned that it expects lower returns over the next five to 10 years because global economic growth and earnings don’t look promising. GIC said ultra-low interest rates had inflated asset prices in developed markets. It said opportunities remained in developed and emerging markets, although it cut its exposure to Europe in the fiscal year to March 2015.
“The fall in interest rates to historic lows in most advanced economies has caused prices of a broad range of asset classes to rise,” said Lim Chow Kiat, GIC’s group president and chief investment officer in the fund’s annual report for the fiscal year that ended in March………………………………………..Full Article: Source

Posted on 31 July 2015 by VRS |  Email |Print

Bahrain’s sovereign wealth fund plans to create a new subsidiary to invest in the aviation sector and hold assets such as beleaguered national airline Gulf Air. The proposed company, Falcon Holding, would aim to consolidate key aviation assets and implement government plans to increase activity in what it views as a lucrative sector.
Mumtalakat will continue to be the 100% owner of existing aviation assets – Gulf Air, Bahrain Airport Company and Gulf Aviation Academy – and provide “strategic guidance and support”, its chief executive Mahmood Al Kooheji told Gulf Daily News………………………………………..Full Article: Source

Posted on 31 July 2015 by VRS |  Email |Print

Libya is complicated. With two rival governments, controlling rival armies that themselves contain competing factions, it’s hardly surprising that control of one of Libya’s biggest assets, its $67-billion sovereign wealth fund, is also contested. To some extent, the battle for control of the Libyan Investment Authority (LIA) mirrors the divisions within Libya itself, while the seemingly random bag of assets that it owns could be a metaphor for the chaos afflicting so many aspects of Libyan society.
Attempting to bring some structure and direction to the fund is the Chairman of the Board of Directors at the LIA’s Tripoli headquarters, AbdulMagid Breish (pictured); also claiming to chair the company is Malta-based Hassan Bouhadi — more on this power struggle later………………………………………..Full Article: Source

Posted on 31 July 2015 by VRS |  Email |Print

Kazakhstan’s Samruk-Kazyna National Welfare Fund has said it will hand-over 10% of its ordinary shares in NC KazMunaiGas JSC to the National Bank of Kazakhstan, according to Kazinform. As per the relevant government decision, the Sovereign Wealth Fund must transfer 10% of the common shares in KazMunaiGas to the country’s central bank at a cost determined by an independent appraiser.
Samruk has specified it will will divest 58,420,748 tenge worth (1.00 USD = 187.480 KZT – ed.) of the ordinary shares, which account for 10% of the total, plus one common share. The value should be no less than 750,000,000,000 tenge in value, its official statement says……………………………………….Full Article: Source

Posted on 31 July 2015 by VRS |  Email |Print

A test train has been launched via the Baku-Tbilisi-Kars (BTK) railway on the territory of Turkey, Turkish President Recep Tayyip Erdogan said at the Chinese-Turkish business forum in Beijing, TRT Haber TV channel reported July 30.
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) finances the project in accordance with the Azerbaijani president’s decree ‘On the implementation of the Baku-Tbilisi-Kars project activities’ dated February 21, 2007. President Erdogan also stressed the importance of the BTK project in the field of cargo transportation. Earlier it was reported that the railway construction project is planned to be implemented in 2015………………………………………..Full Article: Source

Posted on 31 July 2015 by VRS |  Email |Print

Chile posted a fiscal deficit of 0.3 percent of estimated gross domestic product in the first half of 2015, the government’s budget office reported on Thursday, due to weak copper revenue. The deficit was the equivalent of $792 million. Chile is the world No.1 copper producer and has suffered as prices languish at multiyear lows due to worries over demand in key buyer China.
Meanwhile, the country’s rainy day sovereign wealth fund fell in value to just under $14 billion by the end of June, compared to $14.7 billion at the end of last year. The fiscal deficit in the second quarter was 0.4 percent after a slim 0.1 percent surplus in the first three months of the year, the budget office said………………………………………..Full Article: Source

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