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Sovereign Wealth Funds Briefing - Archive | May, 2013

Qatar buys into Milan skyscraper project

Posted on 21 May 2013 by VRS  |  Email |Print

Qatar’s sovereign wealth fund has bought a 40-percent stake in a new 290,000-square metre skyscraper project near the centre of Milan with a commercial value of 2.0 billion euros ($2.6 billion), the companies said on Friday.
The project has already involved the construction of the skyscraper headquarters of Italy’s biggest bank UniCredit by Argentine architect Cesar Pelli. “Porta Nuova is one of the most prestigious urban renovation projects in Europe,” real estate giant Hines Italia and Qatar Holding said in a statement…………………………………Full Article: Source

GIC cautious about seeking higher returns as yields remain low

Posted on 21 May 2013 by VRS  |  Email |Print

Government of Singapore Investment Corp., which manages more than $100 bilion of assets, said it’s more “cautious” about seeking higher returns on its assets as yields remain low.
The average annual return on bond yields will be about 1.9 percent over the next decade, while equities may offer a 1.6 percent median real return a year during that period, said Lim Chow Kiat, chief investment officer of the fund, citing different portfolio models…………………………………Full Article: Source

Just Dial raises $38M from anchor investors including Temasek, half of the IPO subscribed on day 1

Posted on 21 May 2013 by VRS  |  Email |Print

Just Dial Ltd, which runs the India-specific local business listings site Justdial.com, has raised Rs 208.66 crore or approximately $38 million from anchor investors, including Singapore sovereign wealth fund Temasek and asset management major Fidelity.
The Mumbai-based firm, which opened its IPO on Monday, said in a filing to exchanges that it sold 3.94 million shares to 15 anchor investors at Rs 530 per share. Just Dial said it expects to raise Rs 936.8 crore through its issue, which closes on May 22…………………………………Full Article: Source

Wealth fund head to become chairman of

Posted on 21 May 2013 by VRS  |  Email |Print

Jin Liqun, chairman of the supervisory board of China Investment Corp - the country’s sovereign wealth fund - will step down on Friday to assume the position of chairman of China International Capital Corp on Monday, Jin told China Daily on Thursday.
He is expected to succeed 64-year-old Li Jiange, who has been CICC’s chairman since 2008. Analysts said that Jin’s decision to join CICC, the country’s first joint venture investment bank and a leader in the financial services sector, may require the 64-year-old finance professional to come up with new strategies to boost the bank’s performance…………………………………Full Article: Source

SOFAZ says still interested in real estate abroad

Posted on 21 May 2013 by VRS  |  Email |Print

The state oil fund SOFAZ — an entity that accumulates and manages Azerbaijan’s oil and gas revenues — has announced that it is still interested in property acquisitions in prime business districts of major cities around the world.
The company said that under short-term plans it plans to purchase commercial real estate in Asia. “SOFAZ has its own strategy on the purchase of real estate and related requirements. If the commercial property meets the strategy and all requirements of the fund, then SOFAZ is ready to purchase it,” the fund told Trend news agency…………………………………Full Article: Source

Real estate overtakes commodities as top sovereign fund asset

Posted on 17 May 2013 by VRS  |  Email |Print

Real estate topped the list of sovereign wealth funds’ investments last year, overtaking commodities and financial services, according to Institutional Investor’s Sovereign Wealth Center.
Properties made up 26 percent of investments by these funds last year, up from 14 percent in 2011, according to the center’s report on investment trends by the funds released today. That’s followed by financial services and commodities, each accounting for 23 percent, down from about 30 percent a year earlier, it said………………………………………..Full Article: Source

Norwegian sovereign wealth fund investing $4bln in India

Posted on 17 May 2013 by VRS  |  Email |Print

Norway’s sovereign wealth fund, Government Pension Fund Global, is investing $4 billion (Dh14.7 billion) in India and is focused in the areas of oil and gas, shipping and hydropower, Norway’s envoy to India has said.
Norwegian Ambassador Eivind S. Homme said the Government Pension Fund has a capital of $720 billion and is into petroleum. “The Pension Fund is actually a petroleum fund. It is investing $4 billion in India. The officials were in India last week,” Homme told IANS on the sidelines of an event to celebrate Norway’s Constitution Day Wednesday evening at the embassy premises………………………………………..Full Article: Source

What Norway did with its oil and we didn’t

Posted on 17 May 2013 by VRS  |  Email |Print

In 1990, the precursor of the Government Pension Fund – Global (GPFG), a sovereign wealth fund, was established for surplus oil revenues. Today the GPFG is worth more than $700-billion.
While there’s no question that Norway has done well from its oil and gas, unlike many resource-based nations, Norway has invested its petro dollars in such a way as to create and sustain other industries where it is also globally competitive………………………………………..Full Article: Source

Qatar buys 40pct stake in Milan’s Porta Nuova business district

Posted on 17 May 2013 by VRS  |  Email |Print

Qatar Holding LLC, a unit of the Persian Gulf emirate’s sovereign-wealth fund, agreed to buy a 40 percent stake in Milan’s newly built Porta Nuova business district to expand its Italian real estate holdings.
Qatar Holding signed a strategic partnership with Hines Italia SGR, the project’s developer, and agreed to purchase the stake through a subscription of newly issued shares, the companies said in an e-mailed statement today. While the purchase price wasn’t disclosed, they said the project is valued at about 2 billion euros ($2.6 billion)………………………………………..Full Article: Source

ADIA appoints new infrastructure division head

Posted on 17 May 2013 by VRS  |  Email |Print

One of the world’s biggest sovereign wealth funds, the Abu Dhabi Investment Authority announced the appointment of John McCarthy as global division head of infrastructure.
In a statement, ADIA said that McCarthy would be joining the sovereign wealth fund from Deutsche Bank where he was managing director for the bank’s infrastructure, a position he held since 2005. In his new role, he would be overseeing the fund’s existing portfolio as well as originate new transactions for the ADIA………………………………………..Full Article: Source

Nigeria: Three tiers of govt share N722bln in April, as excess crude account rises to N5.27bln

Posted on 17 May 2013 by VRS  |  Email |Print

Nigeria’s Federation Accounts Allocation Committee (FAAC) on Wednesday night shared N721.51 billion among the three tiers of government for April while N89.74 billion was added into the Excess Crude Account. The April allocation decreased by N9.628 billion or 1.3 per cent against the N731.133 billion shared in March.
A breakdown of the distributions showed that N531.332 billion was shared from statutory sources, N54.571 billion and N92.436 billion were allocated to the governments from Value Added Tax (VAT) and the augmentation sources. The augmentation was due to shortfall in projected revenues for the month………………………………………..Full Article: Source

Trinidad & Tobago among top 10 in resource governance

Posted on 17 May 2013 by VRS  |  Email |Print

According to Revenue Watch’s Resource Governance Index, Trinidad and Tobago ranks 10th out of the 58 countries surveyed, scoring relatively high for publishing timely, regular reports on oil and gas production, prices and exports as well as sound Heritage and Stabilisation Fund governance.
The index report also credits Trinidad and Tobago for the quality and frequency of oversight and auditing of resource revenue, which is open to both parliamentary and public scrutiny. However, despite these strong points, the country has several areas for improvement including institutional reform to stem corruption, bolster the rule of law and improve budgetary transparency……………………………………….Full Article: Source

Australia’s Future Fund investment wizardry

Posted on 16 May 2013 by VRS  |  Email |Print

Founded just seven years ago, Australia’s Future Fund has quickly become one of the world’s most innovative sovereign wealth funds. Led by CIO David Neal and a team of more than 40 investment experts, the Future Fund’s total-portfolio approach to managing money resembles that of a multistrategy hedge fund or a sophisticated endowment.
Determined to make full use of the freedom he’d been given, Neal set out to design an innovative investment strategy. Having observed a range of structural pitfalls among mature pension funds - namely, a tendency to overengineer their portfolios and become rigid in their asset allocations - he aimed to find a smarter way of running long-term money……………………………………Full Article: Source

Watchdog raises fears over wealth funds

Posted on 16 May 2013 by VRS  |  Email |Print

Sovereign wealth funds from resource-rich countries controlling more than $500bn of assets operate with no disclosure, limiting their accountability and increasing the risk of corruption, a leading transparency watchdog has said.
The Revenue Watch Institute, a New York-based group backed by charitable foundations and rich-country governments, published research on Wednesday showing that eight large funds, including the investment authorities of Qatar, Kuwait and Libya, disclosed no details at all about their assets, transactions or investments……………………………………Full Article: Source

Adia continues hiring spree with ex-Deutsche infrastructure chief

Posted on 16 May 2013 by VRS  |  Email |Print

The Abu Dhabi Investment Authority has hired the former global head of Deutsche Bank’s Rreef Infrastructure platform to spearhead its investments in the asset class, following a number of high profile appointments by the Middle Eastern sovereign wealth fund in the last year.
John McCarthy, who quit as managing director and global head of RReef Infrastructure at Deutsche Bank in February, has joined Adia as global head of infrastructure with immediate effect, according to a statement from the sovereign wealth fund……………………………………Full Article: Source

The Nigerian governors’ chess game

Posted on 16 May 2013 by VRS  |  Email |Print

In the case of Nigeria, SWF is derived from Excess Crude Account (ECA) of the country that is owned by the Federal Government, the states and local governments. It was established by Ngozi Okonjo-Iweala, Minister of Finance and Coordinating Minister of the Economy.
Nigerian governors under the leadership of Amaechi were believed to have incurred the wrath of the Presidency by the manner of their opposition to SWF. They resisted it claiming, among other things, that that states should be allowed access to the funds as well, rather than having the Federal Government alone to have access to it. According to the governors, it was illegal and contrary to the country’s Appropriation Act of 2011 and the 1999 Constitution of the country……………………………………Full Article: Source

Severn Trent rejects takeover approach by Kuwait-led group

Posted on 16 May 2013 by VRS  |  Email |Print

Severn Trent Plc (SVT), the U.K.’s second-largest publicly traded water company, rejected a takeover approach from Kuwait’s sovereign wealth fund and a Canadian infrastructure investor.
The proposal “completely fails to recognize the existing and potential value of Severn Trent,” the company said in a statement. Severn Trent, which supplies water to 7.7 million people, has a market value of 5 billion pounds ($7.6 billion)……………………………………Full Article: Source

Severn Trent bid leads utilities higher

Posted on 16 May 2013 by VRS  |  Email |Print

Severn Trent (SVT) has rejected an initial offer for its shares following a meeting with the consortium including a Kuwaiti sovereign wealth fund and Canadian pension fund as it “completely fails” to recognise the value of the water utility.
The deal only serves to highlight once more the attractiveness to overseas investors of UK utility companies, with their inflation-linked revenue streams and record low costs of debt on large national infrastructure asset bases……………………………………Full Article: Source

State could tap Alabama Trust Fund again in bond issue for National Guard armories

Posted on 16 May 2013 by VRS  |  Email |Print

A proposed constitutional amendment to issue up to $50 million in bonds to be repaid from the Alabama Trust Fund could pass the Legislature on the final day of the session Monday.
The proposal would be the latest of several moves since the economic downturn to take money from the ATF, although it would be on a smaller scale than others. The money would go to the Armory Commission of Alabama for plans, construction and maintenance of Alabama National Guard armories……………………………………Full Article: Source

30 biggest sovereign wealth funds in the world

Posted on 16 May 2013 by VRS  |  Email |Print

Sovereign wealth fund is a state-owned investment fund comprising of financial assets such as stocks, bonds, property, precious metals and other financial instruments that are invested globally.
Some countries have created SWFs to diversify their revenue streams.The amount of money in these SWF is substantial. Let’s take a look at some of the biggest sovereign wealth funds in the world……………………………………Full Article: Source

Wealth funds join charge into property assets

Posted on 15 May 2013 by VRS  |  Email |Print

In the last days of 2012, executives from Norway’s oil-rich government fund gathered in their Oslo headquarters to thrash out the details of a €2.4bn deal that would a year earlier have been an unlikely call for even the most sagacious property market observer.
The world’s largest sovereign wealth fund was about to sanction its most lavish spending spree on property – buying warehouses………………………………………..Full Article: Source

Severn Trent rejects takeover approach from KIA and Canada’s Borealis

Posted on 15 May 2013 by VRS  |  Email |Print

Severn Trent has rejected an approach from a consortium of Canadian and Kuwaiti investors, saying the £5.3bn proposal is too low. The FTSE 100 company, which supplies water to more than 4.2m households, met with Canada’s Borealis, the Kuwait Investment Office and the Universities Superannuation Scheme yesterday, causing Severn Trent’s shares to jump 14pc.
“At that meeting, a conditional proposal was tabled by the Consortium at only a modest premium to the share price before the announcement of May 14. The board of Severn Trent has reviewed the proposal with its advisers and concluded that it completely fails to recognise the existing and potential value of Severn Trent,” the company said………………………………………..Full Article: Source

Kuwait-led group in takeover approach for U.K. water utility

Posted on 15 May 2013 by VRS  |  Email |Print

Kuwait’s sovereign wealth fund and a Canadian infrastructure investor are discussing a bid for Severn Trent Plc (SVT), the U.K.’s second-largest publicly traded water company that’s valued at almost 5 billion pounds ($7.6 billion).
The Kuwait Investment Office, Borealis Infrastructure Management Inc. and Britain’s Universities Superannuation Scheme approached the utility regarding a possible takeover, Coventry, U.K.-based Severn Trent said today in a statement………………………………………..Full Article: Source

Here is a portfolio model that works

Posted on 15 May 2013 by VRS  |  Email |Print

The Norwegian Government Pension Fund Global (GPFG) is the largest sovereign wealth fund in the world and individuals could learn a great deal from it.
After discovering its first oilfield in 1969, Norway has created this Fund that received its first sum of money of about $300m in 1996. Now (May 13, 2013), it has a value of more than $750b (NOK 4,313b). The strategy and the philosophy underlying the asset allocation could be used by any individual investor with a portfolio of merely $ 50,000………………………………………..Full Article: Source

Palestinian Investment Fund needs reform

Posted on 15 May 2013 by VRS  |  Email |Print

The Palestinian Investment Fund (PIF) is a sovereign fund for the Palestinian Authority (PA) intended to manage PA investments inside and outside Palestine. The PIF was established in 2003 to satisfy the international community’s request that then President Yasser Arafat promote transparency and declare the PA’s properties and investments.
At the time, it was interpreted as an attempt by donor countries to reduce Arafat’s powers, restrict his control over public money and constrain his freedom in spending funds from outside the budget. Arafat was accused of running non-registered investments to spend on military matters and misallocating some aid from donor countries intended for refugee camps in the diaspora, especially in Lebanon………………………………………..Full Article: Source

Serbian April foreign-exchange reserves fall on debt repayment

Posted on 15 May 2013 by VRS  |  Email |Print

Serbia’s foreign-exchange reserves fell 5.84 percent in April from the previous month as the government repaid half of its outstanding debt to the London Club of commercial lenders.
The reserves contracted to 11.15 billion euros ($14.46 billion) from 11.84 billion euros, Belgrade-based Narodna Banka Srbije said in an e-mailed statement today. Outflows included the repayment of 305.4 million euros to the London Club of bank lenders and 72 million to other creditors, while banks withdrew 274.3 million euros from their mandatory reserve accounts………………………………………..Full Article: Source

Green sovereign wealth

Posted on 15 May 2013 by admin  |  Email |Print

At the end of 2011, sovereign-wealth funds’ assets under management amounted to $3 trillion, following 237 direct investments worth $81 billion that year. Some experts even estimate SWFs’ assets to be worth $6 trillion. This means that SWFs, the avatars of state capitalism, are now twice as rich as the world’s hedge funds, the totems of liberal capitalism’s excesses.
The growing might of SWFs is causing concern - and, in some cases, inciting virulent criticism - particularly in host OECD countries, where many fear the redistribution of financial, economic, and political power to emerging countries that have very different political regimes from their own. In fact, of the seven SWFs that control more than two-thirds of all SWFs’ assets, three are from Asia (one from China and two from Singapore) and three are from the Middle East (Abu Dhabi, Kuwait, and Qatar)………………………………………..Full Article: Source

East Timor’s oil fund totals US$13 bln in 1st quarter

Posted on 15 May 2013 by VRS  |  Email |Print

East Timor’s Oil Fund grew by US$1.2 billion in the first quarter of the year to US$13 billion at the end of March, said the East Timor Central Bank in Dili Monday.
According to the bank’s statement, gross monies paid into the Fund from royalties and taxes totalled US$946 million, and no funds were transferred to the State’s general account in the period………………………………………..Full Article: Source

Superannuation Fund blacklists mining firms

Posted on 14 May 2013 by VRS  |  Email |Print

The New Zealand Superannuation Fund has sold its stakes in Barrick Gold and one of its subsidiaries over human rights and environmental concerns, and has blacklisted the firms.
The sovereign wealth fund said the global miner’s operations in Papua New Guinea and Tanzania conflicted with the standards contained in the UN Global Compact, and recent efforts by the company to change its ways appeared to have little chance of succeeding………………………………………..Full Article: Source

China Investment Corp picks new leader

Posted on 14 May 2013 by VRS  |  Email |Print

A new leader has been chosen for the China Investment Corporation (CIC), nearly two months after former chairman Lou Jiwei departed to be the nation’s finance minister, according to the South China Morning Post.
Tu Guangshao, the executive vice-mayor of Shanghai, is expected to be named as chairman of China’s $500 billion sovereign wealth fund in the near future. The 54-year-old is a member of the Communist Party of China’s standing committee, according to his biography on the Shanghai mayor’s office website………………………………………..Full Article: Source

Changes tipped as CIC names new chairman

Posted on 14 May 2013 by VRS  |  Email |Print

Tu Guangshao will be nominated as the chairman of China Investment Corporation (CIC), China’s $410 billion sovereign wealth fund, according to local media reports.
The appointment, which a Shanghai-based source says has been confirmed, comes two months after former CIC chairman Lou Jiwei became minister of finance, and follows a reshuffle of senior financial figures as part of the transition to the new Communist party leadership under president Xi Jinping………………………………………..Full Article: Source

Citic Capital, Temasek to buy Chinese software firm Asiainfo for $900 mln

Posted on 14 May 2013 by VRS  |  Email |Print

A consortium led by China’s Citic Capital and Singapore’s sovereign wealth fund Temasek Holdings today agreed to buy US-listed Chinese telecom software firm Asiainfo-Linkage Inc for about $900 million.
The consortium that includes Asiainfo-Linkage founder Edward Tian has offered to pay $12 per share, a premium of 2.8 per cent to the company’s closing price of $11.68 on 10 May………………………………………..Full Article: Source

Qatar postpones float of GBP7.8bln investment firm

Posted on 14 May 2013 by VRS  |  Email |Print

A planned flotation of Doha Global Investment Company, a £7.8 billion Qatari firm backed by assets from the Gulf state’s sovereign wealth fund, has been postponed pending necessary approvals, a senior official revealed.
Qatar unveiled plans to create the investment company in February, saying its sovereign fund arm, Qatar Holding, will transfer about £2bn worth of assets into the new firm, with a similar amount raised in an initial public offering (IPO) on the Qatar Exchange………………………………………..Full Article: Source

Canary Wharf, Qatar win backing for London Shell Centre Project

Posted on 14 May 2013 by VRS  |  Email |Print

Canary Wharf Group Plc and Qatar’s sovereign-wealth fund won planners’ support to build 877 homes and about 76,000 square meters (820,000 square feet) of offices at the site of Royal Dutch Shell Plc’s London headquarters on the banks of the River Thames.
Planning officials recommended that Lambeth Borough Council approve the project by Braeburn Estates Ltd., a joint venture between the Qatari Diar Real Estate Investment Co. unit of the sovereign-wealth fund and Canary Wharf, the developer that controls the financial district of the same name, according to a filing published on the council’s website………………………………………..Full Article: Source

SWFs building up to go it alone

Posted on 14 May 2013 by VRS  |  Email |Print

Some of the world’s largest sovereign wealth funds (SWFs) are adding staff and bolstering internal infrastructure to boost their direct investing power, a report this month has claimed.
Middle Eastern SWFs have been bringing in internal investment and operational staff “to increase their capacity to evaluate direct investment and co-investment opportunities,” a report by consultants and auditors KPMG said. The authors added that the economic environment over the past couple of years had helped these gargantuan investors: “Ironically the fact that these people are available is for some part down to the global financial crisis.”……………………………………….Full Article: Source

Sovereign wealth funds in commodity-rich fragile states

Posted on 14 May 2013 by VRS  |  Email |Print

Developed and developing countries alike have established sovereign wealth funds (SWFs) to manage surplus state income. These funds have great potential to help fragile states manage high revenue inflows from lucrative natural resources and protect their economies from volatility and unsustainable investments.
But governments of fragile states that have recently established an SWF or are considering creating one should proceed with caution: to be successful, SWFs must be well managed, subscribe to international standards, make wise investments, and adhere to strict regulatory frameworks. Not all fragile states are capable of doing those things………………………………………..Full Article: Source

Shanghai vice-mayor set for China Investment Corp

Posted on 13 May 2013 by VRS  |  Email |Print

Tu Guangshao is expected to be named as chairman of the US$500 billion sovereign wealth fund China Investment Corp. Beijing is expected to announce appointments to key financial positions in the near future as the new leadership prepares to take bolder steps towards financial reforms.
Tu Guangshao, executive vice-mayor of Shanghai, will be named chairman of the mainland’s US$500 billion sovereign wealth fund, China Investment Corp, more than two months after Lou Jiwei left the post to become finance minister, sources said……………………………………Full Article: Source

Sovereign wealth funds in GCC focus more on local investments

Posted on 13 May 2013 by VRS  |  Email |Print

While they continue to reduce dependence on energy resources, GCC countries are increasingly spending locally and redirecting a greater portion of foreign investments back into the region. According to a report by KPMG specialists released on Thursday, the shift is due to the debt problems afflicting the European Union and the Arab Spring, among other factors.
Invesco’s Middle East Asset Management study for 2012 suggests that the value of assets allocated to sovereign wealth funds (SWFs) invested locally have increased by 10 per cent from 2011. Although GCC economies’ revenues increased by nearly 30 per cent and as the West are looking to tap into state-owned funds in the region, assets allocated to SWFs that invest abroad have declined by 1 per cent……………………………………Full Article: Source

Saudi Kingdom can gain more from strong sovereign wealth fund

Posted on 13 May 2013 by VRS  |  Email |Print

The Kingdom can reduce its dependence on oil revenues by creating a strong sovereign wealth fund (SWF), according to some experts. Although economic conditions in Saudi Arabia like money supply, foreign exchange reserves, external debt and domestic economic development are positive factors to create a sovereign wealth fund (SWF), Saudi Arabia still lags behind in this area, one of them said.
Experts acknowledged that Saudi Arabia doesn’t prefer sovereign wealth funds like some GCC states that moved toward setting up SWFs as a main source of the economy. Fahad Al-Turki, head of research department, Jadwa Investments, said it was unfair to compare the SWF of the Kingdom with that of the other GCC states, especially when Saudi Arabian Monetary Agency (SAMA) manages Saudi sovereign wealth……………………………………Full Article: Source

Mumtalakat in new push to bolster transparency

Posted on 13 May 2013 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Company, the investment arm of the kingdom, hosted a dinner for former heads of states and governments attending the 31st annual plenary meeting of the InterAction Council in the kingdom. “This initiative is a continuity of the legal and regulatory reforms to create a free, open and transparent environment that will enable business in Bahrain to grow,” said Mumtalakat chief executive Mahmood Al Kooheji.
“The InterAction Council has brought together government leaders, national decision-makers, international organisation heads and influential individuals from around the world since 1983, providing a tremendous platform to address global issues,” he said……………………………………Full Article: Source

Qatar postpones listing of $12bln investment company

Posted on 13 May 2013 by VRS  |  Email |Print

A planned stock market listing for Doha Global Investment Co, a $12 billion Qatari investment company backed by assets from the Gulf state’s sovereign wealth fund, has been postponed, a senior bourse official said on Sunday. Qatar unveiled plans to create the investment company in February and said that sovereign fund Qatar Holding will transfer $3 billion of assets into the Doha Global, with a similar amount raised in an initial public offering (IPO) on the Qatar Exchange.
The IPO has been postponed “until all requirements and approvals from the concerned authorities are obtained”, Hussein Ali al-Abdullah, acting chairman of both Qatar Holding and the bourse, said in a statement……………………………………Full Article: Source

Dubai eyes $500mln distressed property fund

Posted on 13 May 2013 by VRS  |  Email |Print

Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, and Canada’s Brookfield Asset Management expect to secure the $500m in financing needed to launch a real estate fund to help recapitalise stalled or semi-complete projects in Dubai by the end of 2013.
“Right now we are dealing with the licence at the DIFC [Dubai International Financial Centre]… If you mean launch as in active marketing and legally able to do it, we will hit that point right before Ramadan,” Douglas Kirkman, CEO of ICD-Brookfield Management Limited and manager of the ICD-Brookfield Dubai Real Estate Fund, said……………………………………Full Article: Source

Nigeria: Crashing oil prices might wipe out Nigeria’s Excess Crude Account balances, IMF warns

Posted on 13 May 2013 by VRS  |  Email |Print

Despite a projection that Nigeria’s external reserves might rise to an average of between $80 and $85 billion in the next four years, the International Monetary Fund (IMF) has warned against the negative impact of the declining oil price in recent times, saying the country’s Excess Crude Account could be depleted under a year. The IMF’s Senior Resident Representative in Nigeria, Scott Rogers, gave the warning while presenting highlights of the Staff Report on the 2012 Article IV Consultation, to be published soon by the Fund.
According to Mr. Rogers, a decline in international oil prices to $97 per barrel (annual average) would begin to erode the ECA balances, while a fall to $80-85 is capable out wiping out ECA balances within a year; pointing out that with lower oil revenue and expenditure restraint by government, “fiscal deficits are projected to re-emerge.”…………………………………..Full Article: Source

Malaysia sovereign wealth fund backs $1.37bln China Galaxy IPO

Posted on 13 May 2013 by VRS  |  Email |Print

Malaysian sovereign wealth investor Khazanah Nasional Berhad is among six cornerstone investors planning to back China Galaxy Securities’ $1.37bn Hong Kong IPO.
Khazanah plans to commit up to $100m to the IPO after it as priced at between HK$4.99 and HK$6.77 per share. Another $260m is expected to be committed by former Khazanah portfolio company AIA, China Life Insurance, China General Technology, China Cinda Asset Management and Sino Life……………………………………Full Article: Source

Neiman Marcus to pursue sovereign-fund buyer

Posted on 13 May 2013 by VRS  |  Email |Print

Neiman Marcus Group Inc. is planning overtures to a handful of sovereign-wealth funds about a possible buyout of the luxury retailer, said people familiar with the deliberations.
Dallas-based Neiman plans to contact funds including the Government of Singapore Investment Corp., the Kuwait Investment Authority and the Qatar Investment Authority to gauge interest in buying the century-old department-store chain, the people said. The plans are at an early stage, the people said, and a sale may not materialize……………………………………Full Article: Source

Local governments get windfall from Alabama Trust Fund

Posted on 13 May 2013 by VRS  |  Email |Print

A recalculation of payments from the Alabama Trust Fund has left local governments with extra money to spend. The trust is fueled by royalties paid on sales of offshore oil and natural gas from state lands. A portion of those payments each year goes into the County and Municipal Government Capital Improvement Fund. Local governments receive payments from the fund each April based on population.
The higher payments to local governments are the result of a recalculation of prior payments and will be in place for this year only, said Daria Story, assistant state treasurer. The Alabama state treasurer’s office administers the trust……………………………………Full Article: Source

Temasek fails to back Standard Chartered executive directors

Posted on 10 May 2013 by VRS  |  Email |Print

Standard Chartered’s largest shareholder has failed to back four of the emerging market lender’s directors in a dispute over the boardroom structure of the bank. Singaporean sovereign wealth fund Temasek, which owns an 18pc in Standard Chartered, refused to back the reelection to the bank’s board of four executive directors.
Steve Bertamini, Mike Rees, Viswanathan Shankar and Jaspal Bindra each saw about a fifth of the bank’s shareholders fail to back them, while a further 1pc of investors actively voted against their election at its annual general meeting…………………………………Full Article: Source

Nigeria’s sovereign wealth fund: No deal yet between FG, states

Posted on 10 May 2013 by VRS  |  Email |Print

Nigeria’s Federal Government and state governors on Thursday, at the resumed hearing of the suit filed by the governors against the illegal diversion of funds for the Sovereign Wealth Fund at the Supreme Court, disagreed over the success of the out of court settlement talks.
While the governor berated the Federal Government for its insincerity about the out of court settlement, the Federal Government claimed that progress is being made and that it would be wrong for the governors to claim that the progress made was not appreciable by their assessment………………………………….Full Article: Source

Supreme Court insists on political end to sovereign wealth’s dispute

Posted on 10 May 2013 by VRS  |  Email |Print

Conceding to the Federal Government the last chance to resolve the case on the Sovereign Wealth Fund Account amicably, the Supreme Court in Abuja Thursday held that the dispute was political and would better be resolved out-of-court. The apex court expressed this view while speaking to the Federal Government’s legal team led by Chief Wole Olanipekun (SAN) when the matter came up.
But the panel, presided over by Justice Walter Ononghen who led six other justices, said that the court would have no choice than to proceed with hearing the case should the Federal Government fail to take advantage of the out-of-court settlement option for the last time………………………………….Full Article: Source

Qatar’s sovereign wealth eyeing more trophy assets

Posted on 10 May 2013 by VRS  |  Email |Print

With a steady availability of capital, Qatar’s sovereign wealth fund has been making opportunistic investments around the world, especially in Europe. Qatar Investment Authority (QIA), actively involved in making opportunistic investments, has future aims of acquiring more trophy assets and diversifying its portfolio, a report finds.
According to a report issued this week by KPMG detailing the sovereign wealth fund management trends in countries like UAE, Qatar and Kuwait, QIA’s investment strategy was described as “multi-dimensional” with the sovereign wealth fund boasting significant acquisition of assets in industries like hospitality, real estate, financial services, commodities and retail………………………………….Full Article: Source

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May 2013
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