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Sovereign Wealth Funds Briefing 28.Aug 2015

Posted on 28 August 2015 by VRS |  Email |Print

Norway’s sovereign wealth fund, the world’s biggest, lost more than 5 percent on its investments in the past month, the head of the $840 billion fund said. The revelation follows the biggest selloff in Chinese stocks in two decades. The most recent developments suggest China’s transition to a more consumer-driven economy is proving difficult, Chief Executive Officer Yngve Slyngstad said Wednesday in the Staavi and Valebrokk podcast for newspaper VG.
“We can’t put everything away safely into the bank — we need to invest in risk,” Slyngstad said in the podcast. “We invest in bonds, we invest in stocks and we invest in real estate, in the world economy.”……………………………………….Full Article: Source

Posted on 28 August 2015 by VRS |  Email |Print

Norway’s $830 billion sovereign wealth fund has shrunk by more than five percent in the past month in a global stock market rout led by uncertainty over the health of China’s economy, the fund’s chief executive said. He said 2015 so far had been “rather special” with currency swings and falls in commodity prices including oil. “Now there’s a lot happening in China, and that has big consequences for the whole world economy,” he said.
He defended the fund’s strategy of investing about 60 percent in equities, 35 in fixed income and five percent in real estate, saying the fund had to accept some risks and could not simply put its cash in a bank………………………………………..Full Article: Source

Posted on 28 August 2015 by VRS |  Email |Print

Nordea Asset Management, which oversees about $320 billion, is creating a new fund to target ethical assets globally as appetite for sustainable investments rises. Nordea Asset Management, one of the biggest investors in the Nordic region, is by no means alone in carving out ethical return goals.
Norway’s $840 billion sovereign wealth fund, the world’s largest, has long shunned firms identified by an ethics council as employing dubious practices. This month, the wealth fund targeted palm oil producers, and excluded Daewoo International Corp. and Posco from its investments………………………………………..Full Article: Source

Posted on 28 August 2015 by VRS |  Email |Print

The Russian government has refused the state rail operator’s request for $1.83bn in funding next year, casting doubt on ambitious rail infrastructure plans. Russian Railways had asked for $1.83bn in 2016 from the federal budget and from Russia’s $75bn oil-revenue-fuelled sovereign wealth fund, the National Wealth Fund, to maintain its financial stability, saying it would otherwise need to raise tariffs by 17.7%.
But the government refused, saying it should look to cut costs instead. Last year Russian Railways, thought to be Russia’s single largest employer, launched a major programme of track refurbishment, with plans to upgrade transport corridors from Asia into Europe along the Trans-Siberian and the Baikal-Amur rail lines………………………………………..Full Article: Source

Posted on 28 August 2015 by VRS |  Email |Print

Temasek Holdings has teamed up with South Korean private equity firm MBK Partners to bid for the South Korean arm of British supermarket operator Tesco, two people familiar with the deal said. Asia-focused MBK has already entered the race for the business, valued at about US$6 billion (S$8.4 billion). It is vying against United States private equity giant Carlyle Group and a rival consortium comprising Affinity Equity Partners and KKR.
The sources said Temasek’s entry marks a rare instance where the Singapore investment giant is bidding against Singapore sovereign wealth fund GIC, which has partnered Carlyle. Temasek’s latest interest in the consumer sector comes more than a year after it bought almost a quarter of health and beauty products retailer AS Watson, backed by Hong Kong tycoon Li Ka-shing, for about US$5.7 billion in its single biggest investment………………………………………..Full Article: Source

Posted on 28 August 2015 by VRS |  Email |Print

Singapore state investor Temasek Holdings (Private) Ltd has partnered Asia-focused private equity firm MBK Partners to bid for the South Korea arm of British supermarket operator Tesco PLC, two people familiar with the matter told Reuters. MBK has already entered the race for the business, valued at $6 billion. It is vying against Carlyle Group LP and a consortium comprising Affinity Equity Partners and KKR & Co.
Temasek’s latest interest in a consumer-sector deal comes more than a year after it bought almost a quarter of health and beauty retailer A.S. Watson, backed by Hong Kong tycoon Li Ka-shing, for about $5.7 billion in its single biggest investment………………………………………..Full Article: Source

Posted on 28 August 2015 by VRS |  Email |Print

Japanese trading house Mitsubishi will buy a stake of at least 10 percent in agri-trader Olam International in a deal worth $500 million or more, people familiar with the matter said. Reuters earlier reported that the Singapore-based firm was set to announce a strategic partnership with a Japanese peer, after Olam, majority-controlled by state investor Temasek Holdings, halted trading of its stock on Thursday.
One of the sources said Mitsubishi had done extensive due diligence and had also looked at other strategic investments before choosing Olam. The people declined to be identified as discussions were private………………………………………..Full Article: Source

Posted on 28 August 2015 by VRS |  Email |Print

Japan’s Mitsubishi Corporation has bought a 20 per cent stake in global-agri business Olam through two transactions as the companies launch a strategic partnership. Singapore’s sovereign wealth fund Temasek Holding retains a majority stakeholding of 51.4 per cent in Olam. While it has sold no shares, its position has been diluted from 58.4 per cent by the issuance of the new shares.
Singapore-listed Olam sold 332.73m new shares — the equivalent of 12 per cent of the enlarged issue — to Mitsubishi for S$915m, the company said in a statement, David Sheppard writes in London………………………………………..Full Article: Source

Posted on 28 August 2015 by VRS |  Email |Print

DLF, India’s largest real estate developer, is close to selling a majority stake in a residential project in New Delhi to Singapore’s sovereign wealth fund GIC, two people aware of the deal said. The transaction may be valued at Rs 1,500 crore- Rs 2,000 crore.
The 25-acre project in the Moti Nagar area of west Delhi, to be called DLF Capital Greens 6, has secured all approvals and is likely to be launched in the next few months. The builder did not find many takers when it assessed demand for the project through local brokers some months ago, one of the persons said. “DLF may be looking at commencing construction and selling only when the market improves,” the person said, asking not to be identified………………………………………..Full Article: Source

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