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Sovereign Wealth Funds Briefing - Archive | November, 2012

Norway Fund pays Credit Suisse $1 bln for office

Posted on 30 November 2012 by VRS  |  Email |Print

Credit Suisse Group AG (CSGN) sold an office complex in Zurich to Norway’s $660 billion sovereign- wealth fund for 1 billion Swiss francs ($1.08 billion) as the Swiss lender tries to boost its capital.
Norges Bank Investment Management acted as the buyer on behalf of the Norway Government Pension Fund Global, the Zurich- based bank said in a statement today. The Uetlihof office complex is about 3 kilometers (1.9 miles) southwest of Zurich’s center, according to Credit Suisse………………………………………..Full Article: Source

Norwegian oil fund’s first foray into Swiss real estate market

Posted on 30 November 2012 by VRS  |  Email |Print

Norway’s $660 billion oil fund purchased its first property in Switzerland and hopes to conclude its first U.S. real estate deal next year as its ramps up investment, it said on Thursday.
The sovereign wealth fund, the world’s biggest, bought the Uetlihof office complex in Zurich for 1 billion Swiss francs ($1.07 billion) from Credit Suisse and also agreed on a 25-year lease with the building’s former owner………………………………………..Full Article: Source

Samruk-Kazyna deputy chairman: Cost of KazTransOil shares to increase by 10 pct

Posted on 30 November 2012 by VRS  |  Email |Print

According to preliminary data, after receipt of applications for purchase of KazTransOil’s shares within the “People’s IPO” program is completed within the first month cost of shares may rise by 10 percent. Deputy Chairman of the Samruk-Kazyna National Welfare Fund, Kuandyk Bishimbayev made this statement at a press conference in Astana on Thursday. He believes that it is the minimum threshold in price increase, and a 10-percent increase is a good result.
“Therefore, we recommend to buy a great amount of shares in order to receive a substantial profit,” Bishimbayev said………………………………………..Full Article: Source

Samruk-Energy planning $680 mln Eurobond placement

Posted on 30 November 2012 by VRS  |  Email |Print

Kazakhstan’s JSC Samruk-Energy plans to place $680 million in Eurobonds, according to the prospectus, which is in Interfax’s possession. Established in 2007, Samruk-Energy is part of the sovereign wealth fund Samruk-Kazyna. Its activities include producing, distributing and selling electricity and heat, as well as producing steam coal.
The lion’s share of these Eurobonds will be placed on the Irish Stock Exchange (ISE), and at least 20% will be placed on the Kazakhstan Stock Exchange (KASE)………………………………………..Full Article: Source

Indonesia expects to sign economic partnership agreement with Scandinavian nations

Posted on 30 November 2012 by VRS  |  Email |Print

Indonesia expects to conclude negotiations next year on a comprehensive economic partnership agreement (CEPA) with Denmark, Norway, Finland and Sweden grouped in the European Free Trade Association (EFTA), the Jakarta Post reports.
Norway’s Sovereign Wealth Fund, totaling $654 billion, is the largest in the world and owns 1 percent of global equity markets. Recently, it changed its rules to invest in countries according to the level of their gross domestic product (GDP)………………………………………..Full Article: Source

Abu Dhabi’s IPIC to raise $2.9 bln in bonds

Posted on 30 November 2012 by VRS  |  Email |Print

Abu Dhabi’s International Petroleum Investment Co. (IPIC) plans to raise about $2.9 billion in bonds. IPIC is seeking to attract fixed income investors so that it can leverage and finance more energy investments and projects. IPIC continues to invest and buy into refinery, liquefied natural gas developments, and other assets in the hydrocarbon value chain.
IPIC plans to sell $750 million in 3-year bonds and 2-part 1.65 billion in euro-denominated ($2.4 billion) debt maturing in 5.5 years and 10.5 years. The IPIC is owned by the Emirate of Abu Dhabi. Since 2012, the government of Abu Dhabi has made six equity contributions to IPIC totaling US$ 3.5 billion, the latest in 2008. To date, IPIC has not paid any dividends to the government………………………………………..Full Article: Source

US easing a worry but gold profits help, CIC chief says

Posted on 29 November 2012 by VRS  |  Email |Print

America’s indebtedness and repeated monetary easing is a matter of grave concern but gold offers a glimmer of hope in these times, according to China Investment Corp (CIC) president Gao Xiqing.
Gao, who runs China’s US$482 billion sovereign wealth fund, said he is “not quite convinced” about the US economic system, which he said makes the government print money to satisfy the needs of certain interest groups………………………………………..Full Article: Source

Temasek Holding’s realty arm eyes Shapoorji Pallonji’s IT park

Posted on 29 November 2012 by VRS  |  Email |Print

Global investment house Xander Group and Mapletree, the real estate unit of Temasek Holdings, are in the fray to acquire Indian construction major Shapoorji Pallonji’s business park SP Infocity, in Chennai, valued at Rs 450 crore.
The Information Technology (IT) park is 27-lakh-sqft development, and the deal on the table comprises of 8-lakh sq ft of tenanted office space leased to clients like HSBC, Amazon, Saksoft, Hapag Lloyd, Lister Technologies, and Neeyamo. Private equity groups like Blackstone, Baring and GIC of Singapore have stepped up its interest in India’s office buildings, especially assets in the outsourcing hubs of southern India, as a stable route to participate in the domestic real estate play………………………………………..Full Article: Source

Libyan SWF team plans to visit France to study refinery project

Posted on 29 November 2012 by VRS  |  Email |Print

Libya’s sovereign wealth fund is to send a team to France next week to examine the prospects of investing in the troubled Petroplus oil refinery, the fund’s president said on Wednesday. “A team will travel next week to study the industrial data of the refinery and draw up a report, on the basis of which we will take a decision,” Mohsen Derigia said.
The mission comes after the Libyan Investment Authority denied on Monday that it wanted to invest in the Petroplus refinery in northwestern France………………………………………..Full Article: Source

Libya still in race to buy stricken French refinery

Posted on 29 November 2012 by VRS  |  Email |Print

Libya has not withdrawn its bid to buy France’s troubled Petit-Couronne oil refinery, the French government and the Libyan sovereign fund said on Wednesday, dispelling contradictory comments on the bid by the authorities in Paris.
French Foreign Minister Laurent Fabius said on France Inter radio early on Wednesday that Libya was no longer interested in buying the refinery owned by insolvent Swiss refiner Petroplus………………………………………..Full Article: Source

Qatar-backed investment firm in advanced talks to acquire AsiaInfo

Posted on 29 November 2012 by VRS  |  Email |Print

Citic Capital Holdings, controlled by the sovereign wealth funds of Qatar and China, is close to acquiring the Chinese software services provider AsiaInfo-Linkage Inc. (ASIA), Bloomberg has reported, citing two sources.
Citic Capital is in advanced talks to buy Beijing-based AsiaInfo for about $900m, said the sources. AsiaInfo sells telecoms software to China’s biggest wireless carriers. Citic Capital sold a 22% stake in itself to Qatar Holding in August, giving the fund additional capital for making overseas acquisitions………………………………………..Full Article: Source

AsiaInfo jumps as Citic said to be in talks over buyout

Posted on 29 November 2012 by VRS  |  Email |Print

AsiaInfo-Linkage Inc. (ASIA) rose to an eight-week high in New York on prospects Citic Capital Holdings Ltd., controlled by the sovereign wealth funds of Qatar and China, is close to acquiring the Chinese software services provider.
The shares gained 3.3 percent to $11.34 by 10:55 a.m. in New York on trading volumes 24 percent above the daily average over the past three months. AsiaInfo is poised for its highest close since Oct. 1. Citic Capital sold a 22 percent stake in itself to Qatar Holding LLC in August, giving the fund additional capital for making overseas acquisitions. China Investment Corp. owns 31.1 percent of the company, which oversees more than $4.4 billion………………………………………..Full Article: Source

HH Amir sponsors Kuwait Investment Office’s Diamond Jubilee celebration

Posted on 29 November 2012 by VRS  |  Email |Print

Under the aegis of His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, a ceremony was held here on Wednesday to celebrate the Kuwait Investment Office’s (KIO) Diamond Jubilee.
HH the Amir was warmly welcomed to the ceremony site by Dr. Nayef Falah Mubarak Al Hajraf, Minister of Finance, Acting Minister of Education and Minister of Higher Education……………………………………….Full Article: Source

Citic Capital said in advanced talks to acquire AsiaInfo-Linkage

Posted on 28 November 2012 by VRS  |  Email |Print

Citic Capital Holdings Ltd., controlled by the sovereign wealth funds of Qatar and China, is in advanced talks to buy Chinese software services provider AsiaInfo-Linkage Inc. (ASIA) for about $900 million, two people with knowledge of the matter said.
Citic Capital sold a 22 percent stake in itself to Qatar Holding LLC in August, giving the fund additional capital for making overseas acquisitions. China Investment Corp. owns 31.1 percent of the company, which oversees more than $4.4 billion……………………………………….Full Article: Source

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Qatar SWF gains $2.7bln from Barclays accord

Posted on 28 November 2012 by VRS  |  Email |Print

Qatar’s sovereign wealth fund sold the last of the warrants it owns in Barclays, notching up a gain of more than £1.7 billion ($2.7bn) from the fundraising deal it struck with the bank four years ago.
The warrants, which convert into shares, were sold to Deutsche Bank AG and Goldman Sachs Group. The banks sold up to 303 million Barclays shares, worth £740m, at 244 pence apiece, a four per cent discount to Friday’s closing share price and at the bottom of an indicated range of 244-248 pence………………………………………..Full Article: Source

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Kuwaiti fund focused on prime property

Posted on 28 November 2012 by VRS  |  Email |Print

Middle East sovereign wealth funds and pension funds will continue to shun all but prime European assets – and the demands they make on fund managers are increasing – according to a director of Wafra Capital Partners, the fund management subsidiary of the Kuwaiti pension fund.
Head of European operations Rachid Ouaïch told the Association of the Luxembourg Fund Industry conference that Middle East institutional investor appetite was “easy to summarise”. “Prime, prime, prime – that’s all they’re looking for in Europe right now.”……………………………………….Full Article: Source

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Libyan rescue of French refinery not ruled out

Posted on 28 November 2012 by VRS  |  Email |Print

Libya is still in the race to save France’s Petit-Couronne refinery from liquidation, trade unions said late on Tuesday, as the embattled workers press the French government to help bidders or requisition the plant.
France’s Industry Minister said earlier this month he had received a non-binding letter of interest from Libya’s sovereign wealth fund to buy the refinery of insolvent Swiss refiner Petroplus. But French media said this week the Libyan Investment Authority had withdrawn its bid to take over the refinery, the oldest in France, citing a report from Libya’s LANA news agency………………………………………..Full Article: Source

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Azerbaijan buys Australian government bonds

Posted on 28 November 2012 by VRS  |  Email |Print

Azerbaijan, the Caspian nation best known for its caviar and petroleum, is buying Australian government bonds, joining a growing list of sovereign investors acquiring debt Down Under in a trend that has seen the Aussie dollar labelled a potential safe-haven currency by the International Monetary Fund.
The former Soviet republic’s $33bn sovereign-wealth fund - the State Oil Fund of the Republic of Azerbaijan, or Sofaz - said it quietly started buying Australian bonds in July, at a time when market data show the Aussie dollar gained 3.4% in value over the month………………………………………..Full Article: Source

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Olam launches defence against Muddy Waters allegations

Posted on 28 November 2012 by VRS  |  Email |Print

Singapore commodities firm Olam International Ltd, , part owned by Singapore state investor Temasek Holdings Pte Ltd, launched a vigorous defence on Wednesday against short-seller Muddy Waters’ attacks on its accounting practices and acquisitions, emphasising it is not at risk of insolvency.
Olam said in a 45-page report it has enough liquidity to pursue its current business and future investments. The rebuttal focused on major issues raised by Muddy Waters in its own report: Olam’s solvency, accounting-related assertions, business model, acquisitions and capital spending………………………………………..Full Article: Source

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Azerbaijan’s wealth fund latest to buy Australian government bonds

Posted on 27 November 2012 by VRS  |  Email |Print

Azerbaijan, the Caspian nation best known for its caviar and petroleum, is buying Australian government bonds, joining a growing list of sovereign investors acquiring debt Down Under in a trend that has seen the Aussie dollar labelled a potential safe-haven currency by the International Monetary Fund.
The former Soviet republic’s $US33 billion ($31.5 billion) sovereign-wealth fund—the State Oil Fund of the Republic of Azerbaijan, or Sofaz—said it quietly started buying Australian bonds in July at a time when market data show the Aussie dollar gained 3.4 per cent in value over the month………………………………………..Full Article: Source

Future Fund seals stake in Melbourne Airport

Posted on 27 November 2012 by VRS  |  Email |Print

The Future Fund has wrapped up a $2 billion deal for a range of concrete assets, including a stake in Melbourne airport. The sovereign wealth fund, which was set up in 2006 to fund the retirement benefits of thousands of public servants, has announced a deal to buy Australian Infrastructure Fund’s entire asset portfolio.
The assets include a 12.4 per cent holding in Melbourne airport, increasing the Future Fund’s stake in the Tullamarine assets to more than 29 per cent………………………………………..Full Article: Source

Straumann investor sells a 10pct stake to Singapore fund

Posted on 27 November 2012 by VRS  |  Email |Print

Straumann Holding AG (STMN)’s vice chairman sold a 10 percent stake in the dental-implant manufacturer to Government of Singapore Investment Corp. to meet other financial commitments, making the fund its second-largest shareholder.
The sale reduces Thomas Straumann’s stake to 17 percent and increases the Singaporean sovereign-wealth fund’s holding to 14 percent, the Basel, Switzerland-based company said in a statement today. Mark Hill, a spokesman for Straumann Holding, declined to comment on the price the stake was sold at or the specific reason the vice chairman needed the money………………………………………..Full Article: Source

CIC slams US regulation, accuses SEC of blackmail

Posted on 27 November 2012 by VRS  |  Email |Print

Jin Liqun, the man at the helm of China’s $410 billion sovereign wealth fund China Investment Corporation (CIC), has emerged as a standard bearer for libertarian free-market principles.
In a delicious twist of irony, yesterday he slammed the US government and regulators for imposing useless, destructive and counter-productive regulations on the financial world. These new regulations, he believes, are the biggest threat to global growth………………………………………..Full Article: Source

Libya SWF denies interest in Petroplus oil refinery

Posted on 27 November 2012 by VRS  |  Email |Print

Libya’s sovereign wealth fund on Monday denied it wants to invest in the troubled Petroplus oil refinery in northwestern France, the official news agency LANA reported. The Libyan Investment Authority “denies reports on certain media and circulating on the Internet that it plans to buy a refinery in France,” it said, quoting a statement from the LIA.
It said the reports were incorrect and that “the media did not take the trouble to verify them,” adding that the LIA had not even carried out any such feasibility project for such an investment………………………………………..Full Article: Source

ADIA’s infrastructure head Koski resigns

Posted on 27 November 2012 by VRS  |  Email |Print

The Abu Dhabi Investment Authority (ADIA), one of the world’s biggest sovereign wealth funds, confirmed yesterday that the global head of its infrastructure investments group had left the fund for personal reasons.
Chris Koski joined ADIA in 2007 from the Canadian Pension Plan Investment Board to set up its infrastructure team, and became the go-to person for bankers and funds pitching infrastructure-related investments to the Abu Dhabi fund, sources familiar with the matter said………………………………………..Full Article: Source

Qatar Holding sells Barclays’ warrants worth $1.24 bln

Posted on 27 November 2012 by VRS  |  Email |Print

Qatar Holding, the investment arm of the country’s sovereign wealth fund Qatar Investment Authority, yesterday said it had sold its remaining warrants in Barclays Plc valued at about £771 million ($1.24 billion), but continues to remain the the London-based bank’s biggest shareholder.
Doha-based Qatar Holding, which came to the rescue of Barclays during the 2007-2009 global recession, said it had sold its remaining holding of 379 million of Barclays warrants………………………………………..Full Article: Source

Sovereign wealth funds stick with brand name hedge funds

Posted on 27 November 2012 by VRS  |  Email |Print

Sovereign Wealth Funds (SWFs) are some of the largest investors in both public and private markets, but their inner workings are largely kept out of the public sphere. Sometimes, however, a few moves are publicized – specifically, when foreign personnel become part of the staff. This was the case for Scott Kalb, the first foreign investment professional to become CIO and Deputy CEO of the Korean Sovereign Wealth Fund. He recently spoke about the move and how SWFs approach alternative investments in an interview with Matthias Knab for Opalesque TV.
Kalb explains that when it comes to alternatives, SWFs are investing as a limited partner (LP) in a limited partner/general partner structure (GP) which requires more discipline and due diligence than investing in public markets. “It usually takes three to six months to select a manager, so it is a long process. You have to make sure that you get to see them on the ground and you have to do a thorough evaluation,” he says………………………………………..Full Article: Source

Qatar disposes of Barclays warrants, holds 6.7pct stake steady

Posted on 26 November 2012 by VRS  |  Email |Print

Qatar Holding LLC plans to sell Barclays Plc (BARC) shares valued at about 771 million pounds ($1.24 billion) as the sovereign wealth fund disposes of its remaining warrants in the U.K. bank.
Deutsche Bank AG (DBK) and Goldman Sachs Group Inc. (GS) are coordinating a placement of about 303.3 million shares, offered to institutional investors for 244 pence to 248 pence apiece, according to a term sheet obtained by Bloomberg News. Qatar Holding, based in Doha, said in a separate statement yesterday that it has monetized 379 million units of Barclays warrants………………………………………..Full Article: Source

Sovereign wealth fund: Out of court settlement deal Impossible

Posted on 26 November 2012 by VRS  |  Email |Print

After months of intense horse-trading between the Federal Government and governors of the 36 states of the federation on the possibility of reaching a consensus over plans by the Federal Government to transfer $1 billion from the Excess Crude Account to a new account to be known as the “Sovereign Wealth Fund,” the parties, yesterday, told the Supreme Court that the out-of-court settlement option failed to yield any dividend.
The governors had in a suit they filed before the apex court on October 23, 2011, sought an order declaring the planned creation of the “Sovereign Wealth Fund”, as illegal and unconstitutional………………………………………..Full Article: Source

Australia pension fund buys infrastructure assets

Posted on 26 November 2012 by VRS  |  Email |Print

Australia’s Future Fund has agreed a binding deal to pay two billion Australian dollars (US$2.08 billion) for the assets of Australian Infrastructure Fund, which owns stakes in airports across the country.
The A$80 billion quasi sovereign wealth fund has been gradually increasing its exposure to infrastructure, which now accounts for around 6.0% of its portfolio. The fund was set up by the government six years ago to pay for civil servant pensions………………………………………..Full Article: Source

The Future Fund’s domestic take-off

Posted on 26 November 2012 by VRS  |  Email |Print

Three months after it signalled its desire to acquire the assets within the Australian Infrastructure Fund, the Future Fund is now within sight of a completed deal and a major expansion of its tangible assets investment strategy.
The Future Fund announced that it has entered a binding agreement with the Hastings Funds Management-managed Australian Infrastructure Fund to acquire its underlying portfolio for an overall cost of $2 billion………………………………………..Full Article: Source

Growth assets pay off for Super Fund

Posted on 26 November 2012 by VRS  |  Email |Print

The New Zealand Superannuation Fund has chalked up a bumper month of gains, with its exposure to growth assets delivering higher returns as global share markets rallied in the second half of the year.
The fund, known colloquially as the Cullen Fund after former Finance Minister Michael Cullen, delivered a total return of 14 per cent in the 12-months ending October 31 excluding foreign currency hedging. Over a three-year period, assets under management returned 11.8 per cent, while over five years it delivered a gain of 2.4 per cent………………………………………..Full Article: Source

BlackRock eyes infrastructure debt market

Posted on 26 November 2012 by VRS  |  Email |Print

BlackRock is to launch its first foray into the global infrastructure debt market. Investors say the entry into the market by BlackRock, the giant fund manager with $3.67tn under management, will encourage other asset managers, pension funds and even sovereign wealth funds to invest in infrastructure.
The Kuwait Investment Authority, the world’s oldest sovereign wealth fund and one of the biggest globally, has signalled that it will invest in this market. But it wants to see big groups, such as BlackRock, and pension funds launch operations first………………………………………..Full Article: Source

Nigeria: SWF: Settlement suffers setback

Posted on 23 November 2012 by VRS  |  Email |Print

The out of court settlement between the 36 states of the federation and the Federal Government over the battle on the Sovereign Wealth Fund (SWF) has again suffered a set back. The parties were expected to report to the Supreme Court on Thursday, but could not do so because no agreement had been reached.
The Federal Government, through its counsel, Chief Wole Olanipekun told the court that they were yet to agree to the terms of settlement. He, therefore, prayed the court for an adjournment so as to enable them reach a formidable settlement………………………………………..Full Article: Source

Excess Crude Account: States ask supreme court to hear case

Posted on 23 November 2012 by VRS  |  Email |Print

States Thursday told the Supreme Court that they have lost confidence in the ability of the Federal Government to reach an amicable settlement with them on the dispute over illegal spending of the funds in the Excess Crude Account and other revenues which ought to be shared among the three tiers of government.
They are therefore calling on the Supreme Court to proceed with definite hearing of the case. Chief Adegboyega Awomolo, SAN who represented the states told the court that his clients wanted the case decided on the merit since the parties had not been able to come up with am amicable settlement………………………………………..Full Article: Source

FG, states talks on Excess Crude Account fail

Posted on 23 November 2012 by VRS  |  Email |Print

The Federal Government and the 36 state governments have again failed to reach an out-of-court settlement in the Excess Crude Account suit. The latest episode was the 13th failed attempt to settle the dispute since the suit was filed in 2008.
This emerged on Thursday when the two parties appeared before a seven-member panel of justices of the Supreme Court to present the report on the proposed out-of-court settlement. At the last hearing in the matter on September 25, the apex court had granted an adjournment at the instance of the Federal Government to enable the two sides to settle the matter out of court………………………………………..Full Article: Source

Nigeria: Sovereign wealth fund - One right step for Nigeria

Posted on 23 November 2012 by VRS  |  Email |Print

Angola has just established a Sovereign Wealth Fund (SWF) shortly after Nigeria’s $1billion SWF. Goddy Egene writes that Angola’s move shows that Nigeria took the right decision in the first place. President Goodluck Jonathan’s signing of the Nigeria Sovereign Investment Authority (NSIA) bill into law in 2011 marked a positive step towards the establishment of the Sovereign Wealth Fund (SWF) in Nigeria.
A SWF has proven to be a veritable form of investment for the future, especially for countries that depend largely on commodities and raw materials such as oil and other mineral resources as their main source of revenue like Nigeria………………………………………..Full Article: Source

India: LIC as sovereign wealth fund?

Posted on 23 November 2012 by VRS  |  Email |Print

Assuming the government is right about Life Insurance Corporation of India (LIC) to scale up its stake, why isn’t it equally right for the foreign institutional investors (FIIs) to also be allowed similar freedom in their holdings? The current Sebi regulations for FIIs allows them to hold only up to 10 per cent in the listed shares of a company. As a group they are allowed to hold up to 24 per cent in any company.
The limit can be breached up to 49 per cent by a special resolution of the board of directors of the company, provided the sectoral cap for the sector is not breached………………………………………..Full Article: Source

Integration not necessarily a ’sovereign fund’

Posted on 23 November 2012 by VRS  |  Email |Print

The combination of the four major government funds does not necessarily have to be called a “sovereign fund,” said Chang Sheng-ford, Minister of Finance. Chang made the remarks during a hearing at the Legislative Yuan, following criticism for his earlier remarks that the ministry is not ruling out combining the four funds to form Taiwan’s “sovereign fund,” which would be used to invest in a variety of products abroad.
The four funds — the labor pension fund, the labor insurance fund, the civil servants pension fund and the postal fund — are all made up of taxpayers’ money and exist for the purpose of supporting laborers and civil servants after they retire………………………………………..Full Article: Source

Taiwan: A sovereign wealth fund would be a poor policy

Posted on 23 November 2012 by VRS  |  Email |Print

Because of poor monitoring and slack operation of Taiwan’s four major funds — the Labor Insurance Fund, the Labor Pension Fund, the Public Service Pension Fund and the Postal Savings Fund — Minister of Finance Chang Sheng-ford has proposed setting up a new fund, similar to a sovereign wealth fund. This is truly a frightening idea.
The world’s major sovereign wealth funds are mostly based in oil-producing countries or countries that are less democratic, have no need for accountability or lack political transparency, such as China or Singapore………………………………………..Full Article: Source

Khazanah said to place out 8.7pct stake in Malaysia Airports

Posted on 23 November 2012 by VRS  |  Email |Print

Khazanah Nasional Bhd., Malaysia’s state investment company, sold another 8.7 percent stake in Malaysia Airports Holdings Bhd. (MAHB) through a placement, a person familiar with the share sale said.
A total 106 million shares changed hands at 5.50 ringgit today in off-market trades valued at about 583 million ringgit ($191 million), according to data from the Kuala Lumpur stock exchange, which didn’t name the buyers or seller. That’s at the bottom of its marketed range of 5.50 ringgit to 5.60 ringgit, according to a term sheet sent to fund managers. It’s also 1.8 percent below Malaysia Airports’ closing price………………………………………..Full Article: Source

IMF expects grave growth in Azerbaijan Oil Fund’s assets in 2013, despite of its active spending plans

Posted on 23 November 2012 by VRS  |  Email |Print

The IMF staff mission, which visited Baku on 8-20 November, has published an aide-memoire on the results of the mission’s visit. The mission concluded that the assets of the State Oil Fund of Azerbaijan (SOFAZ) in 2012 will reach $35.3 billion and in 2013 increase up to $37.369 billion.
At that, the Fund estimates gross official international reserves of the country at $12.887 billion for 2012 and $14.387 billion for the end of 2013………………………………………..Full Article: Source

A Philippine sovereign wealth fund?

Posted on 22 November 2012 by VRS  |  Email |Print

With record-high gross international reserves (GIR) of $81.9 billion as of end September, analysts opine that the Philippines has become a prime candidate for setting up a sovereign wealth fund (SWF). The Philippines’ sizable foreign exchange reserves, however, puts pressure on the peso to appreciate.
If the peso were to appreciate even more, it could potentially have an adverse effect on key industries like outsourcing and manufacturing, eroding competitiveness against cheaper alternative hubs like India. Some analysts argue that adopting an SWF and investing these funds abroad could help ease pressure on the currency to appreciate………………………………………..Full Article: Source

Azerbaijani State Oil Fund plans to invest in VIP real estate in Moscow

Posted on 22 November 2012 by VRS  |  Email |Print

The Azerbaijani State Oil Fund (SOFAZ) plans to buy property in the center of Moscow, Russian Trade Representative in Azerbaijan Yuri Shchedrin said. “SOFAZ plans to buy VIP-estate in Moscow to implement business activity,” Shchedrin said.
He said that SOFAZ’s recent decision on asset placement in rubles in the Russian financial market testifies to the trusting relations between the parties. He added that SOFAZ will place around $500 million in the Russian financial market in the near future………………………………………..Full Article: Source

SOFAZ assets in Russia to reach $500mln

Posted on 22 November 2012 by VRS  |  Email |Print

The assets of the State Oil Fund of Azerbaijan in Russian economy may reach RUR 15,500,000,000 or $500m. The statement came from trade representative of Russia in Azerbaijan Yuriy Shedrin.
He said today the assets of the State Oil Fund in Russia reach RUR 3bn or $1m. SOFAZ earlier stated the planned investments in different financial institutions of the Russian banks, as well as the property of the European and South-Eastern Asia, in particular, in London, Paris, Rome, Moscow and Istanbul………………………………………..Full Article: Source

Samruk-Kazyna expects net income to rise by 9pct in 2012

Posted on 22 November 2012 by VRS  |  Email |Print

The net income of the companies, part of Samruk-Kazyna Sovereign Wealth Fund, without regarding second-tier banks is planned at 686.7 billion tenge (150.46 /$1) in 2012, said the fund. In 2011, SK net income totaled 629.991 billion tenge. Therefore, a 9% increase is expected this year. EBITDA in 2012 is estimated at 18.2% (17.8% in 2011), ROACE 9.5% (8.9%, respectively).
Samruk-Kazyna National Welfare Fund is a state holding company that owns and manages national companies in different economic sectors including oil and gas, telecommunication, transport industries as well as the national institutes of development………………………………………..Full Article: Source

Cyprus to set up national hydrocarbons fund, Minister says

Posted on 22 November 2012 by VRS  |  Email |Print

Commerce Minister Neoklis Sylikiotis has announced that the government has started the process of establishing a national hydrocarbons fund. Sylikiotis said the fund, to be established by law, will aim at creating conditions of equality and prosperity for the present and future generations of Cyprus.
Part of the fund’s shares will be directed towards the hydrocarbons’ industry, another part will go to the state budget, and a third part will be kept for the benefit of future generations, the Minister noted………………………………………..Full Article: Source

Khazanah divests over 8 pct of MAHB

Posted on 22 November 2012 by VRS  |  Email |Print

Malaysia’s state investor Khazanah Nasional Bhd placed out more than eight percent of Malaysia Airports Holdings Bhd on Wednesday, reducing its stake in the country’s dominant airport operator to almost 41 percent.
According to dealers, the exercise that lasted four hours after market closed at 5pm was broken into two blocks - with an initial block of 85 million shares followed by another 25 million shares………………………………………..Full Article: Source

Olam turns to courts in battle with Muddy Waters

Posted on 22 November 2012 by VRS  |  Email |Print

Singapore commodities trader Olam International Ltd took its battle with short-seller Muddy Waters to a Singapore court on Wednesday as it fought off criticisms of its accounting practices and debt levels that have battered its share and bond prices.
Olam, partly owned by the Singaporean sovereign wealth fund Temasek Holdings, has filed suit against Muddy Waters LLC and its founder Carson Block in the high court of Singapore, alleging libel, slander or malicious falsehoods for statements Block made at a London conference on Monday, a company spokeswoman said. She said Olam was seeking damages but gave no details………………………………………..Full Article: Source

Qatar Investment Fund looks to invest in Saudi Arabia

Posted on 22 November 2012 by VRS  |  Email |Print

The Qatar Investment Fund (QIF) is formulating plans that could allow it to invest in Saudi Arabia, in what would be one of its first non-Qatari allocations. The proposals are subject to shareholder approval at its Extraordinary General Meeting, which has been convened for 14 November 2012.
Although the fund already has a small amount (0.5%) invested in Oman, the majority of the fund is allocated to domestic Qatari investments (96.8%), with the remainder (2.7%) in cash………………………………………..Full Article: Source

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