Fri, Sep 30, 2016
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Sovereign Wealth Funds Briefing 30.Sep 2016

Posted on 30 September 2016 by VRS |  Email |Print

Singapore’s sovereign wealth fund GIC and student accommodation developer GSA have bought a £700m portfolio of student halls – the largest deal in the sector this year. The pair acquired the portfolio from funds managed by Oaktree Capital Management, along with a new operating platform, The Student Housing Company, which is the brand the halls will be run under.
Overseas funds have become more active in the student sector in recent years, as the buildings move from being considered an alternative asset to being more mainstream………………………………………Full Article: Source

Posted on 30 September 2016 by VRS |  Email |Print

After nearly four hours in an extraordinary general meeting and scheme meeting which were chock-full of incidents — a technical glitch hitting the voting system, shareholders jeering and a disgruntled investor berating the chief executive — an overwhelming majority of SMRT shareholders supported the privatisation offer by parent firm Temasek Holdings on Thursday (Sept 29).
A total of 84.8 per cent of SMRT’s minority shareholders, or 3,747 of them, voted in favour of the buyout offer from Temasek. Only 670 shareholders voted against the bid. The thumbs-up came after 98.8 per cent voted to approve the assets sale to the Land Transport Authority (LTA) as part of the transition to the new rail financing framework (NRFF)………………………………………Full Article: Source

Posted on 30 September 2016 by VRS |  Email |Print

SMRT Corp shareholders have given the thumbs-up to the privatisation offer by Temasek Holdings. This was the second meeting of the day, coming after a vote to sell off SMRT’s train and other rail assets to the Government as part of the New Rail Financing Framework deal struck in July. That vote also went through with an overwhelming majority.
The voting in the first meeting was delayed due to a computer glitch in the electronic voting system and a longer-than-expected meeting that saw some frustrated shareholders walk out………………………………………Full Article: Source

Posted on 30 September 2016 by VRS |  Email |Print

The following is issued on behalf of the Hong Kong Monetary Authority: The Chief Executive of the Hong Kong Monetary Authority, Mr Norman Chan, was in Frankfurt on September 28 (Frankfurt time) to promote Hong Kong’s role in capitalising the rising China opportunities.
The seminar led by Mr Chan on “China opportunities: The Trends of RMB Internationalisation and Belt and Road Strategy” attracted an audience of over 200 attendees from German authorities, financial institutions and corporates. In his speech delivered at the seminar, Mr Chan said, “As Mainland corporates continue to venture into overseas markets, China’s outward investments have been on a steady rise in recent years………………………………………Full Article: Source

Posted on 30 September 2016 by VRS |  Email |Print

DAP’s Taiping MP Nga Kor Ming today submitted a motion to Parliament, seeking the tabling of the auditor-general’s report on 1MDB, which is still classified under the Official Secrets Act.
“My motion is so the auditor-general’s report on the 1MDB scandal is tabled and debated in Parliament, so we can find out if the RM28 billion public funds were stolen or not. “The Malaysian government became global laughing stock when it used the OSA to hide the report,” he said in a statement………………………………………Full Article: Source

Posted on 30 September 2016 by VRS |  Email |Print

A group comprising Kuwait Investment Authority and private equity firm CVC Capital Partners is among final bidders for Sithe Global Power LLC’s stake in a Philippine power plant that could fetch at least US$500 million, people with knowledge of the matter said.
A consortium of Singapore’s sovereign wealth fund GIC Pte, Malaysian power company Malakoff Corp Bhd and an infrastructure investment fund managed by Macquarie Group Ltd also made a binding offer, said the people, who asked not to be identified as the process is private. Aboitiz Power Corp, based in the Philippines, is vying for the Blackstone Group LP-backed company’s asset as well, the people said………………………………………Full Article: Source

Posted on 30 September 2016 by VRS |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA), has announced its plan to attract about $1.6 billion co-investment in the nation’s infrastructure sector. This is even as the managers of the country’s Sovereign Wealth Fund (SWF) announced its plan to start distributing its dividends to shareholders of the fund by next year.
Uche Orji, Managing Director and Chief Executive Officer of NSIA disclosed these yesterday when the Senate Committee on Finance led by its Chairman John Enoh paid an oversight function visit to NSIA, at its headquarters in Abuja. According to Orji, NSIA will use the $400 million they secured as Nigeria Infrastructure Fund to attract $1.6 billion of co-investment into the country………………………………………Full Article: Source

Posted on 30 September 2016 by VRS |  Email |Print

When Wall Street’s most aggressive bank took on the world’s most incendiary client, someone was going to make a killing. Moammar Qaddafi’s Libya was a miserable place for a business trip.In 2008, a few years after renouncing its nuclear and chemical weapons program, the desert nation remained a menacing and ugly place, with cratered highways, awful restaurants with no booze, and Qaddafi’s leathery visage everywhere, staring balefully down from billboards.
The dreary capital, Tripoli, sat at the edge of the Sahara, in the least barren sliver of a country defined in the West by dictatorship, terrorism, and billions of dollars’ worth of oil………………………………………Full Article: Source

Posted on 30 September 2016 by VRS |  Email |Print

Transfers of Azerbaijan’s state oil fund SOFAZ to the state budget is expected at the level of 6.1 billion manats (1.6252 AZN/USD on Sept. 29) in 2017 that is by 1.515 billion manats (19.9 percent) less than in 2016, according to the presentation of the state and consolidated budget projects for 2017 that was made public Sept. 29 by the country’s Finance Ministry.
According to the project, SOFAZ’s revenues are forecasted at the level of 8.37 billion manats in 2017 that is by 4.89 billion manats (2.4 times) more than the forecast for 2016. Expenses of SOFAZ are expected at the level of 6.95 billion manats in 2017 that is by 34.6 percent (3.685 billion manats) less than the forecast for 2016………………………………………Full Article: Source

Posted on 30 September 2016 by VRS |  Email |Print

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) are forecasted to be AZN 8,370,600,000, up AZN 4,889,100,000 or 2.4 times from 2016. According to the Ministry of Finance, of this AZN 7,550,700,000 or 90.2% will be receipts from profit oil and gas sale.
Expenditures will stand at AZN 6,951,300,000, down AZN 3,685,000,000 or 34.6% in comparison with 2016. Of this, AZN 6.1 billion or 87.8% will be transfers to the state budget. AZN 822 million or 11.8% will be spent directed to financing the several infrastructural projects (improvement of social-economic condition of refugees and internally displaced persons……………………………………..Full Article: Source

Posted on 30 September 2016 by VRS |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank increased the currency oversupply during its centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ, putting an order for $100 million, sold $48.9 million to 14 banks,” SOFAZ said. In its turn, the CBA announced the putting the application for $50 million………………………………………Full Article: Source

Posted on 30 September 2016 by VRS |  Email |Print

The amount of this year’s Alaska Permanent Fund Dividend was announced by the Governor on Friday, September 23: every Alaskan will receive $1,022, less than half the amount of last year’s dividend.
Since 1982, the State of Alaska has distributed annual cash dividends to all of its residents, including children, funded from income from the state’s sovereign wealth fund. Because the payment is universal and unconditional, it has often been discussed as a “real world” example of a basic income. Last year, the Permanent Fund Dividend (PFD) reached its peak amount of $2,072………………………………………Full Article: Source

Posted on 30 September 2016 by VRS |  Email |Print

The Och-Ziff Capital Management Group has agreed to pay nearly $200 million in penalties for bribing officials to gain investments from sovereign wealth funds, the US Securities and Exchange Commission (SEC) announced in a press release on Thursday.
“The illicit payments induced the Libyan Investment Authority sovereign wealth fund to invest in Och-Ziff managed funds,” the release explained. Other bribes were paid to secure mining rights and corruptly influence government officials in Libya, Chad, Niger, Guinea and the Democratic Republic of the Congo, the release noted………………………………………Full Article: Source

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