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Sovereign Wealth Funds Briefing - Archive | April, 2012

China wealth fund may raise Russia investment

Posted on 30 April 2012 by VRS  |  Email |Print

Lou JiweiChina Investment Corp. is willing to increase its investment in Russia, and the China-Russia Investment Fund will start operation in the second quarter with an initial capital of $1 billion, the state-run Xinhua News Agency reported Sunday, citing the head of the country’s sovereign wealth fund.
“CIC’s investment in Russia is less than that in Europe and the U.S., and we are willing to increase our investment in Russia,” China Investment Corp. Chairman Lou Jiwei was quoted as saying………………………………………..Full Article: Source

Russia, China to announce progress on fund during Li visit

Posted on 30 April 2012 by VRS  |  Email |Print

Li KeqiangRussia and China will announce progress on a joint investment fund during a visit by the man expected to be China’s next premier, while their leaders hinted on Friday at differences behind a show of amity and common ground on global issues.
Chinese Vice Premier Li Keqiang, who is on track to succeed Premier Wen Jiabao this autumn, met Russian President-elect Vladimir Putin and outgoing President Dmitry Medvedev during a trip that will also take him to Hungary and Belgium………………………………………..Full Article: Source

Government considering ‘Strategic Energy Fund’ for India

Posted on 30 April 2012 by VRS  |  Email |Print

After studying major sovereign wealth funds (SWFs) in different countries, the government is planning to create a ‘Strategic Energy Fund’, Parliament was informed.
“The Planning Commission had prepared a proposal for creation of a ‘Strategic Energy Fund’ for India, after a study of major SWFs based in different counties,” Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha………………………………………..Full Article: Source

Energy fund plan ready

Posted on 30 April 2012 by VRS  |  Email |Print

The Planning Commission has prepared a proposal for the creation of a Strategic Energy Fund (SMFs) after studying major sovereign wealth funds in different countries.
“In their proposal, the Planning Commission has inter-alia examined objectives of these SMFs,” Minister of State for Finance Namo Narain Meena said……………………………………….Full Article: Source

Khazanah plans S$7bln project in Singapore

Posted on 30 April 2012 by VRS  |  Email |Print

Khazanah Nasional Bhd is launching a prestigious project, estimated to be worth over S$7 billion (RM17.19 billion), at Marina South in Singapore by the end of this year or early 2013.
The yet-to-be-named mixed-use integrated project will be developed by M+S Pte Ltd (MSPL),which is 60 per cent-owned by Khazanah, the government’s investment arm, and 40 per cent by Singapore’s investment arm Temasek Holdings (Private) Ltd………………………………………..Full Article: Source

Middle East funds may underpin bid by NBNK for Lloyds assets

Posted on 30 April 2012 by VRS  |  Email |Print

Sovereign wealth funds from the Middle East are understood to have held talks about investing in NBNK, the cash shell set up by former Lloyd’s of London chairman Lord Levene and ex-Bank of England executive director Sir David Walker to create a British high street bank.
Funds from Abu Dhabi and Qatar – which between them hold investments in household names including Harrods and EMI – have been approached to become “cornerstone” investors to boost Aim-quoted NBNK’s bid for assets being sold by Lloyds Banking Group………………………………………..Full Article: Source

Excess Crude Account, SWF: S-South govs challenge FG

Posted on 30 April 2012 by VRS  |  Email |Print

Governors of the South-South geo-political zone challenged the Federal Government to explain the legitimacy of the Excess Crude Account, ECA, being kept by it since the regime of former President Olusegun Obasanjo and the Sovereign Wealth Fund, SWF, lately proposed by President Goodluck Jonathan, saying both were unconstitutional and they (governors) would not succumb to pressure and intimidation to back the illegal policies.
Chairman of the Nigerian Governors Forum, NGF, and governor of Rivers State, Rt. Hon. Rotimi Amaechi, who adumbrated the position of South-South Governors on the matter at the just ended 2nd South-South Economic Summit in Asaba, said………………………………………..Full Article: Source

We must rebuild excess crude account –Okonjo-Iweala

Posted on 30 April 2012 by VRS  |  Email |Print

Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okojo-Iweala has disclosed Federal Government’s resolve to rebuild Nigeria’s depleting Excess Crude Account (ECA) which recently went down to $3.6 billion.
The minister, who spoke in Asaba, Delta State on the third day of the Second South-South Economic Summit, said the country needs a strong buffer against external shocks and one area of providing this is to grow the Excess Crude Account and the Sovereign Wealth Fund (SWF). Said Okojo-Iweaka: “We need to save and we need buffer to safeguard our economy.”……………………………………….Full Article: Source

Mubadala healthcare signs MoU with Dubai Health Authority

Posted on 30 April 2012 by VRS  |  Email |Print

Mubadala Healthcare (a business unit of Mubadala Development Company PJSC) and Dubai Health Authority (DHA) have signed a Memorandum of Understanding (MoU) to discuss several key collaboration areas that will facilitate knowledge-sharing, partnership initiatives and improved access to care for patients in Dubai.
The MoU was signed at the premises of Dubai Health Authority by Dr. Mohammed Salim Al Olama, CEO of Hospital Services at DHA, and Mr. Suhail Mahmood Al Ansari, Executive Director, Mubadala Healthcare………………………………………..Full Article: Source

Russia: State fund draws Middle Eastern partner into power producer

Posted on 30 April 2012 by VRS  |  Email |Print

The state-backed Russian Direct Investment Fund has attracted a Middle East private equity firm to co-invest in a blocking stake in power producer Enel OGK-5, with the deal slated to be closed by the end of next week, the fund’s chief executive Kirill Dmitriyev said Friday.
With a significant portion of funds coming from AGC Equity Partners — a global private equity firm with investors in the Middle East, the transaction is considered one of the biggest investments in Russia by a company from that region, he said in a telephone interview………………………………………..Full Article: Source

New head appointed to Kazakh Temirbank

Posted on 30 April 2012 by VRS  |  Email |Print

The Board of Directors of Kazakh Temirbank appointed Murat Baysynov to the post of the Chairman of the Board, the Bank reported on Friday. Earlier Baysynov served as the Chairman of the Temirbank’s Council.
The main shareholder of the Bank is Kazakh Sovereign Wealth Fund Samruk-Kazyna………………………………………..Full Article: Source

Australia: Howard ‘missed opportunity’ on wealth fund

Posted on 27 April 2012 by VRS  |  Email |Print

A new report argues the federal Budget should already be in surplus by at least $15 billion at this stage of the economic cycle, and blames Treasury and the Howard Government for not saving more by setting up a sovereign wealth fund.

Canberra-based economic consultant Macroeconomics said the windfall gains from the mining boom prior to the global financial crisis (GFC) should have been quarantined in some sort of sovereign wealth fund………………………………………..Full Article: Source

Question marks hang over Qatar buying in Xstrata

Posted on 27 April 2012 by VRS  |  Email |Print

Qatar’s 7 percent stake in Xstrata, makes it not only the miner’s largest investor after Glencore, but also a potential kingmaker in the two companies’ merger and an unknown quantity for its future that investors are desperate to read.

The reclusive sovereign wealth fund has been steadily buying Xstrata shares, spending some $2.7 billion to lift its holding from below 3 percent at the start of February, when the tie-up with commodities trader Glencore was announced………………………………………..Full Article: Source

Libyan wealth fund to appeal against asset seizure in Italy

Posted on 27 April 2012 by VRS  |  Email |Print

Libya’s sovereign fund said on Thursday it would appeal to recover around 1.1 billion euros of assets, including stakes in top Italian companies, that were seized in Italy last month at the request of the International Criminal Court.
Italian financial police had seized the assets saying they belonged to members of the Gaddafi family, but the Libyan Investment Authority (LIA) said that was not true. “These assets belong to LIA, which in turn is controlled by the governemnt of Libya on behalf of the Libyan people,” the chairman of the fund’s management committee, Mohsen Derregia, said in a statement………………………………………..Full Article: Source

East Africa grapples with Gaddafi investment legacy

Posted on 27 April 2012 by VRS  |  Email |Print

Through the Libyan Africa Investment Portfolio, a subsidiary of the Libyan Investment Authority sovereign investment fund established in 2006, Gaddafi poured money into black Africa, including investing $375 million in Uganda alone.
After the uprising against Gaddafi’s regime began in February 2011, East African countries froze Libyan assets, in accordance with a United Nations resolution………………………………………..Full Article: Source

India: Fertiliser ministry proposes $1 bn fund to acquire overseas assets‎

Posted on 27 April 2012 by VRS  |  Email |Print

Amid depleting resources and rising global prices of soil nutrients, the Fertiliser Ministry has proposed a $1-billion Sovereign Wealth Fund to acquire such assets abroad.

“We have proposed to the Finance Ministry about creating a SWF of $1 billion for acquiring of fertiliser mineral assets in foreign countries,” a source in the Fertiliser Ministry said. The broad modalities about the nature of operation of the fund still need to be discussed, the source added………………………………………..Full Article: Source

CIC eying stake in BG Australia LNG project

Posted on 27 April 2012 by VRS  |  Email |Print

BG Group Plc has held talks with China Investment Corp on the sale of an equity stake in the British gas producer’s Australian LNG facilities, sources familiar with the matter told Reuters, a deal that could be worth $2 billion.

BG and CIC started discussions about two months ago, one of the sources said, although it was not clear whether the $410 billion sovereign wealth fund’s interest was still active……………………………………….Full Article: Source

BlackRock said to plan Asia investment fund with CIC‎

Posted on 27 April 2012 by VRS  |  Email |Print

BlackRock Inc, the world’s biggest asset manager, and China Investment Corp (CIC), the nation’s sovereign wealth fund, will jointly launch an investment fund likely to be worth several billion US dollars, a report said.
The fund is still in the planning stages, the report said, without saying where it would be investing. One purpose of the fund would be to invest in China itself, the report said, citing Hu Bing, a senior official at CIC. The report also quoted unidentified sources as saying the fund’s main focus would be to invest in companies outside China with technologies or resources that the world’s second-largest economy needs………………………………………..Full Article: Source

DBS chairman defends $6.2 billion of new shares to Temasek

Posted on 26 April 2012 by VRS  |  Email |Print

DBS Group Holdings chairman Peter Seah on Wednesday defended the bank’s contentious decision to issue $6.2 billion worth of new shares to Temasek Holdings.

The shares are being used to buy a 67 per cent stake in Indonesia’s Bank Danamon from Temasek - raising concerns among some DBS shareholders that the value of their own shares will be diluted………………………………………..Full Article: Source

BlackRock said to plan Asia investment fund with CIC

Posted on 26 April 2012 by VRS  |  Email |Print

BlackRock Inc., the world’s largest money manager, plans to start a fund with China Investment Corp., according to a person familiar with the matter. CIC, the nation’s sovereign-wealth fund, and BlackRock will initially provide capital for the investments, which would be in Chinese companies and businesses that sell products in China, said the person, who asked not to be identified because the details aren’t public.
The joint venture will be managed by Liu Erh-fei, who will leave his position as chairman of Bank of America Corp.’s brokerage operations in China, the person said………………………………………..Full Article: Source

Qatar Investment Authority has $30 bln to invest in 2012

Posted on 26 April 2012 by VRS  |  Email |Print

Qatar Investment Authority, the Gulf Arab country’s sovereign wealth fund, has $30 billion to invest this year, board member Hussain Al Abdulla said. “We don’t have any geographic allocation or asset allocation or currency allocation,” he said. “We are very much opportunistic.”

Qatar, holder of the world’s third-largest natural gas reserves, is seeking to diversify its economy by investing in companies, industrial projects and real estate abroad. The Qatar Investment Authority, or QIA, has “much more” than $100 billion of assets, Al Abdulla said……………………………………….Full Article: Source

Moody’s upgrades Azerbaijan to investment grade

Posted on 26 April 2012 by VRS  |  Email |Print

Moody’s Investors Service raised Azerbaijan`s foreign sovereign credit rating by one notch to an investment grade Baa3 last week, citing a combination of rapid foreign reserve accumulation and improvement in the non-oil sector of its economy.
High oil prices have helped the government accumulate considerable foreign assets in both SOFAR, the country`s sovereign wealth fund, and the reserves of the CBA [Central Bank of Azerbaijan], which amounted to around USD40 billion at the end of 2011 [75 percent of GDP], Moody`s said in a statement………………………………………..Full Article: Source

India mulls $10 bln for fund on energy

Posted on 25 April 2012 by VRS  |  Email |Print

Saumitra ChaudhuryIndia’s government is considering the formation of a strategic energy fund to help secure supplies of raw materials such as coal and crude oil to sustain the nation’s economic expansion.

Such a fund likely would begin with $10 billion and would be India’s first attempt at a government-backed investment vehicle—a model that has been used for years by other emerging-market nations including China and Singapore………………………………………..Full Article: Source

China sovereign-wealth fund to get $50 bln

Posted on 25 April 2012 by VRS  |  Email |Print

China’s sovereign-wealth fund, China Investment Corp. (CIC), has received an additional $50 billion in funding from the central government, according to a report Tuesday in the Financial Times. The increase was disclosed in Beijing by CIC officials attending a forum, according to the report.
The funding is a portion of the $100 billion-$200 billion sought by the CIC and likely represents an effort by the central government to release new funds slowly over time to better gauge the fund’s performance. CIC was founded in 2007 with $200 billion proceeds from a government bond issued by the Ministry of Finance that was then used to purchase foreign-exchange reserves from the People’s Bank of China………………………………………..Full Article: Source

Khazanah handed QFII quota in record time

Posted on 25 April 2012 by VRS  |  Email |Print

The Malaysian sovereign wealth fund waits just a month for its $250 million QFII quota. It is one of five foreign institutions to get a new batch of allowances totalling $700 million.
China’s foreign exchange regulator has granted a QFII quota to Malaysian sovereign wealth fund Khazanah Nasional just a month after it was awarded its licence in a batch of new approvals totalling $700 million………………………………………..Full Article: Source

TPG to raise $1.5 bln of $4 bln Asia fund By June

Posted on 25 April 2012 by VRS  |  Email |Print

U.S. private equity firm TPG Capital is set to complete a $1.5 billion first close on its $4 billion-targeted sixth pan-Asian fund as soon as June, according to people familiar with the situation. The new vehicle will follow its $4.25 billion fifth fund, launched in 2008.

TPG’s latest deal in China involved working alongside sovereign-wealth fund Government of Singapore Investment Corp., when they jointly bought CNY750 million ($119 million) in convertible bonds in Chinese sportswear maker Li Ning Co., Dow Jones Newswires reported in January. The bonds, if converted, would give TPG a 7.6% stake in Li Ning and would give the Singapore fund a 7.9% stake. TPG also would get two board seats………………………………………..Full Article: Source

Godrej Prop-GIC call talks off to invest in BKC project

Posted on 25 April 2012 by VRS  |  Email |Print

Godrej Properties and the government of Singapore (GIC) have called off talks to invest in Godrej and Jet’s much publicized Bandra Kurla Complex project.
Godrej Properties has always been looking for project financing for this particular project, which is in partnership with Jet Airways . Two contours of transaction are being discussed with GIC. One is that they would sell stake in the project to raise about Rs 500 crore and the other is that they could sell the entire building to GIC. This move would fetch them a higher value of about Rs 1,500 crore………………………………………..Full Article: Source

Abu Dhabi’s wealth fund said to hire Axa Private Equity’s Florin

Posted on 25 April 2012 by VRS  |  Email |Print

Christophe Florin, chief operating officer of Axa Private Equity, has left to join the Abu Dhabi Investment Authority, according to three people with knowledge of the matter.
Florin, who was also a member of the executive board of French insurer Axa SA (CS)’s private-equity unit, will head ADIA’s emerging markets private-equity team, said the people, who declined to be identified because the appointment has yet to be announced. He’ll be based in Abu Dhabi, they said………………………………………..Full Article: Source

Oil sovereign wealth funds key to green energy growth

Posted on 25 April 2012 by VRS  |  Email |Print

Oil revenues held in sovereign wealth funds (SWFs) based could become key to states’ efforts to diversify into alternative energy sectors, according to the report published this week by the Geneva-based non-governmental organization World Economic Forum (WEF).
The report said SWFs – in addition to their role as stabilization funds to counteract the high volatility of resource prices and longer-term uncertainty – could decrease states’ dependence on traditional energy resources by investing in renewables………………………………………..Full Article: Source

Middle East investors goes cold on deal to buy part of RBS

Posted on 25 April 2012 by VRS  |  Email |Print

Middle East investors are believed to have pulled back from negotiations to buy part of Royal Bank of Scotland, in a setback to the Government’s bid to return money to taxpayers.

Treasury officials have been working behind the scenes to reach a deal which could see a sizeable chunk of the state-backed bank hived off to sovereign wealth funds. But well-informed sources close to the talks last night indicated that investors have gone cold on the deal………………………………………..Full Article: Source

India may get own version of sovereign wealth fund

Posted on 24 April 2012 by VRS  |  Email |Print

Pranab MukherjeeThe government plans to use disinvestment proceeds to set up its own version of a sovereign wealth fund (SWF) that will team up with state-run companies for acquiring overseas raw material and energy assets.

A senior government official said about one-third of the proceeds from sale of government equity would be channelised into this fund, and it could also leverage its equity to raise debt, thereby increasing the corpus………………………………………..Full Article: Source

Alaska Permanent Fund nets 1.9pct return over 9 months

Posted on 24 April 2012 by VRS  |  Email |Print

Michael BurnsAlaska Permanent Fund Corp., Juneau, returned 1.9% for the nine months ended March 31, boosted by a return of 6.9% in the last three months, according to a news release for the sovereign wealth fund. The fund ended March with $41.5 billion, the highest month-end closing value in its history.

The U.S. equity portfolio had the best returns for the quarter and the first nine months of its fiscal year, both ended March 31, at 13.3% and 6.4%, respectively. International equities and global equities returned 11.9% and 11.5%, respectively, for the quarter, but are -7.2% and 0.6%, respectively, for the fiscal year………………………………………..Full Article: Source

Khazanah to sell stakes in theme parks, eventually

Posted on 24 April 2012 by VRS  |  Email |Print

Themed Attractions & Resort Sdn Bhd (TAR), a unit of Khazanah Nasional Bhd, will divest some or all of its investments in theme parks in the Klang Valley and Johor, says its chief.TAR, which was given an initial RM2.3 billion until 2015 to develop parks and attractions, has a majority stake in KidZania and will also wholly-own five other soon-to-open attractions in Johor.

TAR chief executive officer Tunku Ahmad Burhanuddin said Khazanah would eventually dispose of its stakes in the projects………………………………………..Full Article: Source

Obi: No overnor is against sovereign wealth fund

Posted on 24 April 2012 by VRS  |  Email |Print

Anambra State Governor, Mr. Peter Obi, has said no state governor is against the establishment of the Sovereign Wealth Fund (SWF). Obi who stated this weekend at the Spring Meetings of the IMF/World Bank in Washington DC, United States, was reacting to the notion that state governors were against the SWF.

Obi said there could be differences on how the savings should take place, but that did not mean that any governor was against the saving for the SWF. “If as private individuals all of us saved money in case of the rainy day, that a nation likewise is compelled to save,” he added………………………………………..Full Article: Source

Dwindling national wealth: Leaders’ profligacy must stop

Posted on 24 April 2012 by VRS  |  Email |Print

In a manner consistent with the profligacy of government, Nigeria’s excess crude account has been experiencing rapid depletion despite elevated crude oil prices which currently hovers around $120 per barrel.

The excess crude account – the differentials between the Federal Government’s budget benchmark and the price of crude oil in the international market – contained about $22 billion in 2007, but despite a period of high oil prices, the account has been drained, with only $3.6 billion left as of today………………………………………..Full Article: Source

Kazakhstan’s BTA halts payment on recovery note debt

Posted on 24 April 2012 by VRS  |  Email |Print

Kazakhstan’s BTA Bank, majority owned by the country’s sovereign wealth fund, on Monday said it was suspending payment on recovery notes with a reference value of $5.2 billion after defaulting on a $2 billion dollar bond earlier this year.

The Recovery notes were issued to some creditors during an earlier debt restructuring in 2009 and were supposed to pay out whenever BTA managed a certain level of asset recovery………………………………………..Full Article: Source

Sovereign Wealth Fund Institute establishes the Institute Council of Investors

Posted on 24 April 2012 by VRS  |  Email |Print

A delegation of global governmental executives involved in investing have come together to join the Institute Council of Investors. Types of council members include: sovereign wealth funds, public pension funds, central banks, government investment authorities and other governmental entities. Initial members include some of the most senior names in the public investor industry.

The Institute Council of Investors is a neutral body of members that represent participants in the global governmental investor community. The general purpose of the council is to serve its council members engaged in the global governmental investor community through the sponsorship of interactive forums designed for the purpose of education, research initiatives and member interaction. (Press Release)

Sovereign funds urged to invest in developing nations

Posted on 23 April 2012 by VRS  |  Email |Print

Francois KanimbaUN and African officials on Sunday urged sovereign wealth funds (SWF) worth an estimated $5 trillion to invest in developing countries, even as they seek the right climate and demand steps against corruption.
Speaking at a debate as part of the World Investment Forum, officials from the UN Conference on Trade and Development (UNCTAD) and several African nations complained the level of investment inflows to the continent was too low………………………………………..Full Article: Source

SWFs must invest in 48 least developed countries

Posted on 23 April 2012 by VRS  |  Email |Print

Over four dozen poor and least developed countries (LDCs) offer significant opportunities to Sovereign Wealth Funds (SWFs) for investments in infrastructure, agriculture and farm processing sectors.
Sovereign wealth funds, including those managed by the governments of major oilexporting developing countries and by emerging economic powers such as China, have in total nearly $5 trillion in assets and it has been growing at a rate of 10 percent a year. Only a small percentage of that total, currently about $110 billion, was used as foreign direct investment………………………………………..Full Article: Source

Qatar fund bullish on emerging economies

Posted on 23 April 2012 by VRS  |  Email |Print

Qatar Holding, a unit of the country’s sovereign wealth fund, is bullish on emerging economies, its chief executive told reporters on Sunday.
‘We are very optimistic on Brazil and other emerging economies,’ Ahmad al-Sayed said on the sidelines of a conference………………………………………..Full Article: Source

Qatar Investment Authority has $30bln to spend this year in asset hunt

Posted on 23 April 2012 by VRS  |  Email |Print

Underlining the deep pockets and vast wealth of the tiny Arab Gulf state, a senior executive at the Qatar Investment Authority said the sovereign wealth fund has over $30 billion to spend on assets across the world this year, even though the global economy remains in a fragile state.
Qatar, one of the world’s richest countries, is using its huge wealth from oil and gas exports to buy trophy assets all over the globe that include London luxury store Harrods and the former U.S. embassy building in the U.K. capital………………………………………..Full Article: Source

Qatar sovereign fund exceeds $100 bln: top official

Posted on 23 April 2012 by VRS  |  Email |Print

The assets under management by the sovereign wealth fund (SWF) of gas-rich Qatar have far exceeded $100 billion, Qatar Investment Authority board member executive Hussein al-Abdulla said Sunday.
Asked if the assets of the fund have reached $100 billion, Abdulla told reporters they were “much more” but declined to provide a specific figure. Speaking on the sidelines of the World Investment Forum in the Qatari capital Doha, Abdulla said the fund “will have $30 billion more to invest in 2012.”……………………………………….Full Article: Source

Qatar fund boosts stake in Total

Posted on 23 April 2012 by VRS  |  Email |Print

Qatar Holding, a unit of the Gulf nation’s sovereign wealth fund, has increased its stake in French oil group Total to 3 per cent and is undecided on buying more shares, Qatar Holding’s chief executive said on Sunday.
‘This is good for both sides - it is good to be in Total. They have a huge investment in Qatar,’ Ahmad al-Sayed told reporters on the sideslines of a conference………………………………………..Full Article: Source

Abu Dhabi prepares Daimler exit

Posted on 20 April 2012 by VRS  |  Email |Print

Daimler’s largest investor, the oil-rich emirate of Abu Dhabi’s sovereign wealth fund Aabar, is preparing to gradually sell its 9 percent stake in the German automotive group, two people familiar with the situation told Reuters on Thursday.
The move could heighten pressure on Daimler CEO Dieter Zetsche, who has repeatedly fought off investor calls to sell the company’s trucks business to concentrate on its underperforming flagship, the luxury car brand Mercedes-Benz………………………………………..Full Article: Source

Aabar Investments to exit from Daimler

Posted on 20 April 2012 by VRS  |  Email |Print

The Abu Dhabi sovereign-wealth fund Aabar Investments PJS intends to sell its stake in German car maker Daimler AG, manager magazin reports in the advance release of a report to be published Friday.
At present, the parties are negotiating the exit of the emirate’s sovereign investment fund’s holdings in Daimler AG, the Formula One cooperation, and the Tesla electric car maker, the magazine reports, citing persons close to the industry………………………………………..Full Article: Source

No more Abu Daimler

Posted on 20 April 2012 by VRS  |  Email |Print

The Emir of Abu Dhabi is tired of the car business. Germany’s Spiegel Magazin heard that Abu Dhabi’s sovereign wealth fund Aabar wants to sell all stock in Daimler. Aabar also wants out of Daimler’s Formula 1 team and the joint investment in Tesla.
Both Daimler and the funds have no comment on the matter. However, both the Wall Street Journal and Reuters received confirmation from their sources………………………………………..Full Article: Source

Daimler has no knowledge Aabar Investments to exit company

Posted on 20 April 2012 by VRS  |  Email |Print

German car maker Daimler AG said Thursday the company has no knowledge that Abu Dhabi sovereign-wealth fund Aabar Investments PJS has any intention to exit the company.
“It’s unknown to us that Aabar is aiming to reduce its stake, there has been no discussion on this,” a spokesman told Dow Jones Newswires………………………………………..Full Article: Source

Qatari wealth fund adds 5pct Tiffany stake

Posted on 20 April 2012 by VRS  |  Email |Print

Qatar’s sovereign wealth fund owns a 5.2% stake in Tiffany & Co. (TIF), the Financial Times reported. The Qatar Investment Authority acquired its position last year and reported it this year in a Securities and Exchange Commission filing, the FT said.
The QIA owns Harrods and has purchased stakes in companies including Volkswagen AG. The FT characterized the Tiffany investment as the fund’s first big investment in a U.S. public company………………………………………..Full Article: Source

Moody’s upgrades Azerbaijan to investment grade

Posted on 20 April 2012 by VRS  |  Email |Print

Moody’s Investors Service raised Azerbaijan’s foreign sovereign credit rating by one notch to an investment grade Baa3 on T hursday, citing a combination of rapid foreign reserve accumulation and improvement in the non-oil sector of its economy.
“High oil prices have helped the government accumulate considerable foreign assets in both SOFAZ, the country’s sovereign wealth fund, and the reserves of the CBA, which amounted to around USD40 billion at the end of 2011 (75 percent of GDP),” Moody’s said in a statement………………………………………..Full Article: Source

Azerbaijan State Oil Fund’s assets rose up to $32.359 bln

Posted on 20 April 2012 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has announced the growth of its assets by 8.6% in the 1st quarter of 2012. According to the Fund, over the 1st quarter SOFAZ assets in the base currency rose from $29.8 bn up to $32.359 bn. For Jan-Mar 2012 Fund’s revenues amounted to AZN 3.586 bn and expenditures AZN 1.919 bn.
Revenues were received due to oil and gas contracts (AZN 3.35 bn), including AZN 3.349 bn from sale of profit oil and gas, AZN 1.3 million from transit fees, AZN 1.6 million from payment of bonuses, AZN 100,000 from sale of the assets transferred by foreign companies. ……………………………………….Full Article: Source

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