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Sovereign Wealth Funds Briefing - Archive | June, 2013

Norwegian savings invested in the world’s climate crisis

Posted on 28 June 2013 by VRS  |  Email |Print

The world’s largest sovereign wealth fund - the Norwegian Government Pension Fund Global (GPFG) - is invested in 147 of the world’s 200 companies holding the largest reserves in coal, oil and gas. The fund’s share of those reserves is equivalent to 108 times Norway’s annual greenhouse gas emissions, according to a new analysis from WWF.
The fund is currently invested in more fossil fuels than can ever be burned if we are to avoid catastrophic climate change. The London-based think tank, the Carbon Tracker Initiative, recently released a report listing the 200 companies in the world with the largest fossil fuel reserves. WWF has analyzed Norway’s investments in this list of companies through the GPFG………………………………………..Full Article: Source

Singapore’s Temasek seeks deals in U.S. and Europe

Posted on 28 June 2013 by VRS  |  Email |Print

Singapore’s giant state investment company, Temasek Holdings Pte. Ltd., is looking to bulk up its portfolio in the U.S. and Europe, seeing opportunities in those regions despite persistent uncertainty over the health of their economies.
In a wide-ranging interview with The Wall Street Journal at the company’s headquarters, Boon Sim, head of Temasek’s markets group and president for the Americas, outlined the investment view of the firm, which has a $155 billion portfolio. “We are more bullish than most people” on the U.S. and Europe, he said………………………………………..Full Article: Source

Temasek plans new offices in U.S., Europe

Posted on 28 June 2013 by VRS  |  Email |Print

The U.S. office will be probably on the East Coast, Chia Song Hwee told the newspaper. The office in Europe will be in “the center of activities,” the newspaper reported Chia as saying, without elaborating. Stephen Forshaw, a Singapore-based spokesman for Temasek, confirmed the remarks in the report.
The share of Temasek’s investments in Europe and North America increased to 11 percent of its portfolio as of March 2012 from 8 percent in the previous year, according to its latest annual review, published in July. Temasek paid 1 billion euros ($1.3 billion) for a 5.04 percent stake in Repsol SA (REP), the Spanish oil company said in March. It agreed to buy a 4.6 percent stake in German chemical maker Evonik Industries AG (EVK), a person familiar with the matter said the same month………………………………………..Full Article: Source

Gonski urges Australia to look long-term

Posted on 28 June 2013 by VRS  |  Email |Print

The Australian financial services industry is too focused on short-term results and must find ways to focus on and promote long-term success for investors, according to David Gonski. The chair of the Future Fund board of guardians said the investment community, and Australian business more generally, suffers from shortsightedness.
“Australia suffers in all its sectors from a short term perspective. The Future Fund, the financial services sector and indeed, business more broadly, must find a way to keep the focus away from an unhealthy focus on monthly or quarterly numbers,” Gonski said………………………………………..Full Article: Source

Qatar’s Al Baker rejects Heathrow fees plan

Posted on 28 June 2013 by VRS  |  Email |Print

Qatar Holding, the sovereign wealth fund that owns the second largest stake in London Heathrow Airport’s parent company, has raised objections to a plan by the British aviation regulator to impose a real-terms cut in the fees it charges airlines.
The proposal, made by the Civil Aviation Authority (CAA) in April, demands that Heathrow increase its take-off and landing fees by an amount lower than inflation for the five years between 2014 and 2019. The move is designed to curb the airport’s “substantial market power”, the CAA said………………………………………..Full Article: Source

Mubadala, Farglory break ground on $1bln plaza

Posted on 28 June 2013 by VRS  |  Email |Print

Mubadala Real Estate & Infrastructure (MREI), a business unit of Mubadala Development Company, and TOP Taiwanese property developer Farglory Group have broken ground on the $1 billion Maryah Plaza, a four-tower luxury waterfront complex in Abu Dhabi.
Located on Al Maryah Island, the four towers of the plaza will be developed in phases and, when complete in 2020, will have a combined GFA (gross floor area) of 153,000 sq m. This marks the first development which has commenced on the Island by a foreign direct investor………………………………………..Full Article: Source

Kremlin backtracks on selling off assets

Posted on 28 June 2013 by VRS  |  Email |Print

The Russian government is dramatically scaling back its program of privatizing state-controlled companies, closing the door on what had been touted as a bold move to reduce the government’s role in the economy.
Alexei Ulyukayev, who took over as economy minister on Monday, said the bulk of the sales will be pushed back until at least 2016. He also proposed that the government’s National Welfare Fund, a sovereign-wealth fund earmarked to finance future pension payments, be allowed to buy shares from state-owned companies, effectively keeping them under government control………………………………………..Full Article: Source

Angola: Keeping Angola’s sovereign wealth fund in the family

Posted on 27 June 2013 by VRS  |  Email |Print

Angola’s Sovereign Wealth Fund has been struggling for credibility since its high-profile launch in October last year. For seven months, the Fundo Soberano de Angola (FSDEA) appeared to talk big but do little. However, after rather embarrassingly missing its own self-imposed deadline to publish its investment policy by the end of the first quarter of 2013, the FSDEA has finally - three months later - given us a glimpse of how it plans to use its pot of US$5billion.
In a statement delivered last Friday afternoon - possibly the worst time to break news in Africa, especially something financial - the FSDEA said the Angolan Government had approved its investment policy. It was also announced that Jose Filomeno de Sousa dos Santos, the eldest son of Angola’s long-serving President, Jose Eduardo dos Santos, would be the fund’s chairman………………………………………..Full Article: Source

Qatar Investment Authority met with Serbian officials in Belgrade

Posted on 27 June 2013 by VRS  |  Email |Print

Serbia’s Minister of Finance and Economy Mladjan Dinkic talked on Wednesday with officials of the Qatar Investment Authority about prospects for investing into Serbia, the ministry announced. Qatar’s delegation, which was headed by Sheikh Faisal Saud al-Thani, showed interest in projects in the fields of agriculture, food production, energy, mining and infrastructure.
Dinkic informed Qatar’s delegation about Serbia’s strategic plans for economic growth and presented concrete proposals and investment opportunities. The officials agreed that businessmen of the two countries should step up contacts, which would contribute to bolstering trade between Serbia and Qatar, the release reads………………………………………..Full Article: Source

Former Qatari PM drove bold, maverick foreign policy

Posted on 27 June 2013 by VRS  |  Email |Print

The manager of Qatar’s rise to global prominence, former Prime Minister Sheikh Hamad bin Jassim al-Thani, used charm, tenacity and economic clout to broker peace and topple dictators overseas and build an investment nest-egg for future generations at home.
There was no immediate word on whether he would retain his job as vice chairman of the Qatar Investment Authority (QIA), a sovereign wealth fund with assets believed to be $100-200 billion, although Qatar watchers expect him to keep that job………………………………………..Full Article: Source

Mumtalakat Holding appoints a new Board of Directors for GAA

Posted on 27 June 2013 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Company announced today the appointing of Gulf Aviation Academy’s new board of directors. The new board of directors of GAA will be chaired by Captain Ishaq Rashid Al Kooheji and comprises the following membership: Mr. Ahmed Abdulrahman Al-Ali, Mr. Hadi Al Alawi, Mr. Ahmed Al-Na’ama, and Mrs. Khulood Al-Qattan.
Welcoming the appointing of the new board, Mumtalakat’s CEO, Mr. Mahmoud Hashim Al-Kooheji, said: “We’re delighted to welcome the new board members and we look forward to the positive contribution that they will be adding to GAA’s business. The new board’s wealth of experience makes them well-placed to continue with GAA’s vision in becoming the future of high quality professional aviation training academy in Bahrain and the MENA region”. (Press Release)

Russian govt invest RUB 450 bln from Sovereign

Posted on 27 June 2013 by VRS  |  Email |Print

Vladimir Putin President of Russia said that the Russian government will invest up to RUB 450 billion in infrastructure projects from its sovereign wealth fund together with private capital. Putin said that up to half the money to be invested in the projects will come from the National Welfare Fund, Russia’s USD 87 billion sovereign wealth fund made up of windfall oil export revenues.
He said that “Key conditions will be an assessment by private business that the projects are viable and effective, and co-financed from their side.” Mr Putin said that the infrastructure projects should eventually return the money invested………………………………………..Full Article: Source

Qatari fund raises concern over Heathrow levy plan

Posted on 26 June 2013 by VRS  |  Email |Print

Qatar’s sovereign wealth fund, the second largest shareholder in Heathrow, has raised concern over a plan by UK aviation regulators to impose a real terms cut in the charges that the airport can secure from airlines for using its runways.
Akbar Al Baker, who sits on Heathrow’s board as a representative of the Qatar Investment Authority, which has a 20 per cent stake in the British airport’s parent company, took issue with the proposal by the UK Civil Aviation Authority………………………………………..Full Article: Source

Lombard: Regime change coming at Qatar Investment Authority

Posted on 26 June 2013 by VRS  |  Email |Print

The abdication of the emir of Qatar in favour of his son prompts gossip among corporate financiers that regime change may be afoot within the Qatar Investment Authority, sovereign wealth fund of the gas-rich Gulf state. A rejig of buyside contacts at any big investor has potential to reshuffle the sellside hierarchy too.
Much depends on how Hamad bin Jassim fits into the new power structure. “HBJ” as he is familiarly known to western financiers (though presumably not to his face) is stepping down as prime minister. If he ceases to lead the QIA too, other important jobs could be reassigned, such as the managing directorship of direct investment arm Qatar Holding, currently held by Ahmad al-Sayed………………………………………..Full Article: Source

Nigeria’s SWF to develop infrastructure platform with AFC

Posted on 26 June 2013 by VRS  |  Email |Print

Developing infrastructure in sub-Saharan Africa is a capital intensive, intricate undertaking requiring investors with a technical capacity. Large pools of assets that are long-term oriented like sovereign funds and pensions can play a role in financing infrastructure. The Africa Finance Corporation (AFC), a multilateral institution, and the Nigeria Sovereign Investment Authority (NSIA) signed a Memorandum of Understanding (MoU) that details strategic collaboration on building an infrastructure investment platform.
To jumpstart critical infrastructure investment in Nigeria, both entities plan to support the financing, development and operational aspects of future infrastructure projects……………………………………….Full Article: Source

President’s son lands strategic appointment

Posted on 26 June 2013 by VRS  |  Email |Print

Presidential son José Filomeno de Sousa dos Santos will chair Angola’s strategic $5 billion sovereign wealth fund. The appointment of President Jose Eduardo dos Santos’ son to a plum public job has been heavily criticised by opposition parties, who fear it is a move to place him at pole opposition in Angola’s political succession.
Last Friday, the President appointed his son José Filomeno dos Santos to head the strategic $5 billion Angolan investment sovereign fund, created in October 2012………………………………………..Full Article: Source

Volatility delays investment from Nigeria sovereign wealth fund

Posted on 26 June 2013 by VRS  |  Email |Print

Nigeria’s new $1bn sovereign wealth fund has delayed making its initial investments due to the volatility in global markets. In a first for Nigeria, the fund was launched in October to safeguard oil revenues for future generations and provide a buffer against external shocks.
Though modest in global terms, it is the third biggest sovereign wealth fund in sub-Saharan Africa, after the $6.9bn Botswana and $5bn Angola funds. High quality global journalism requires investment. The Nigeria Sovereign Investment Authority, which is in charge of the new fund, announced in May it would starting start investing this month. But Uche Orji, the managing director, said on Tuesday he was holding back in case of further corrections in the global share and bond markets………………………………………..Full Article: Source

Altius Associates partner to depart for KIA

Posted on 26 June 2013 by VRS  |  Email |Print

A long-serving partner at Altius Associates is leaving the private equity gatekeeper for a new role with the Kuwait Investment Authority, according to two people familiar with the matter.
Charles Magnay will depart Altius in September to join the Kuwait Investment Office, the London branch of the Middle Eastern sovereign wealth fund, one of the people said. Mr. Magnay and the KIA did not respond to requests for comment in time for publication………………………………………..Full Article: Source

Tax arrears to budget of Azerbaijan relating to state-run companies grow rapidly

Posted on 26 June 2013 by VRS  |  Email |Print

The national budget group has sounded the alarm - the public sector continues increasing tax debts to the state budget of Azerbaijan. According to the group, in 2012 the tax debts of state-owned companies to the state budget reached AZN 1.2 bn or 44.6% of total debt, while the debt of the private sector accounted for only AZN 1.16 bn (41.6%). In 2011, these figures were 39.7% and 55.9%, respectively.
Also, the group points to the risks associated with the transfers from the State Oil Fund (SOFAZ), the size of which from 2009 to 2012 inclusive, has doubled. “In 2009 the Fund’s transfers formed 60.1% of budget revenues and in 2012 already 72.4%. At that, the ratio of transfers to GDP increased from 14.2% in 2009 up to 18.4% of GDP in 2012,” the group said………………………………………..Full Article: Source

Temasek to up stake in South Korea’s Celltrion by $130 mln

Posted on 25 June 2013 by VRS  |  Email |Print

South Korea’s Celltrion Inc said on Monday that Temasek, its key shareholder and Singapore’s sovereign wealth fund, has agreed to increase its stake in the biotech firm with an investment of about $130 million, as it awaits European approval of a key drug.
The deal comes after founder and Chief Executive Seo Jung-jin said in April that he would seek a buyer among multinational drugmakers for his controlling interest in the firm, once Remsima, a generic version of Merck & Co’s arthritis drug Remicade, is approved for sale in the European Union………………………………………..Full Article: Source

Temasek warns over liquidity shortfall

Posted on 25 June 2013 by VRS  |  Email |Print

Singapore’s wealth fund, Temasek, says the withdrawal of liquidity by central banks in the developed world – and the likelihood of higher interest rates – now represent “the key risk” for investors.
Rohit Sipahimalani, co-head of investments at the Singapore wealth fund, which has S$198bn ($155bn) under management, said the policies being pursued by the central banks would further slow growth in emerging markets, and potentially raise the prospect of social unrest………………………………………..Full Article: Source

Kazakhstan SWF, Spain discuss trade-economic cooperation

Posted on 25 June 2013 by VRS  |  Email |Print

Managing Director of Kazakh Sovereign Wealth Fund Samruk-Kazyna Joint-stock company Nurjan Baidauletov met with Spanish Minister of Transport, Infrastructure and Communications Ana Maria Pastor within her official visit to Kazakhstan, Samruk-Kazyna said.
Baidauletov is also a co-chairman of the Kazakh-Spainish Business Council. “They discussed the development of Kazakh-Spanish trade and economic cooperation and the implementation of current joint projects in the field of transport and communications,” a statement said………………………………………..Full Article: Source

Nigeria: The seeds of impunity

Posted on 25 June 2013 by VRS  |  Email |Print

The newspapers last week, were full of plaints by a senior minister (at the centre). The main charge? Apparently, successive attempts by the central government to set up a “rainy day fund” have been up-ended by the state governors. Worse, these same dastardly types were responsible for the rapid draw-down of the balance previously salted away in the Excess Crude Account (ECA) and the piffling sums we eventually managed to start up the Sovereign Wealth Fund (SWF) with.
This, of course, is a woeful turn of events. Every one of us, at least in our private capacity, is reconciled to the incongruity of eating all that we kill. Something, however little, is required to be kept away, in the event that our best laid plans for tomorrow go awry. Hunger, maybe, but not immediately………………………………………..Full Article: Source

General Electric to contribute 15pct equity in NSIA projects

Posted on 25 June 2013 by VRS  |  Email |Print

Nigeria Sovereign Investment Authority (NSIA) – managers of the Sovereign Wealth Fund (SWF) – has disclosed that infrastructure and technology multinational, General Electric (GE) will contribute 15 percent in equity in its investment projects.
The CEO of NSIA, Mr Uche Orji disclosed this following a Memorandum of Understanding (MoU) signed by both parties at the WheatBaker Hotel, Ikoyi, Lagos. The Nigeria Sovereign Investment Authority was set up by the country’s National Assembly approved “NSIA Act” in 2011 to promote fiscal stability, build a savings base for future generations and enhance the development of Nigeria’s infrastructure………………………………………..Full Article: Source

Qatari emir set to hand power over to son

Posted on 25 June 2013 by VRS  |  Email |Print

The emir of Qatar told his family on Monday he would hand power to his son. The ascent to power of Crown Prince Sheikh Tamim, 33, would provide a stark contrast to other Gulf Arab states whose youthful populations are ruled by kings or princes in their 60s, 70s, 80s and 90s, sometimes with heirs of the same vintage.
Sheikh Hamad bin Jassim has been prime minister since 2007 and has played a central role in positioning Qatar as a regional power broker. He is also vice-chairman of the board of the Qatar Investment Authority (QIA), a position he is expected to retain. QIA has estimated assets of $100 billion to $200 billion………………………………………..Full Article: Source

Russian Direct Investment Fund and Mubadala establish co-investment fund

Posted on 25 June 2013 by VRS  |  Email |Print

The Russian Direct Investment Fund (RDIF) and Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, have announced the launch of a $2 billion co-investment fund to pursue opportunities in Russia.
The definitive agreement was announced at the St Petersburg International Economic Forum 2013 by CEO of RDIF Kirill Dmitriev and CEO of Mubadala Khaldoon Al Mubarak……………………………………….Full Article: Source

Angola’s $5 bln fund to focus on cash investments, hotels

Posted on 24 June 2013 by VRS  |  Email |Print

Angola’s $5 billion sovereign wealth fund will put half of its investments in fixed-income instruments and cash and the rest in alternative ventures including hotels, according to an investment policy.
Jose Filomeno dos Santos, a son of President Jose Eduardo dos Santos, was appointed chairman of the board of directors of the fund known as Fundo Soberano de Angola, or FSDEA, according to a statement posted on its website………………………………………..Full Article: Source

Angola names president’s son to chair $5 bln sovereign wealth fund

Posted on 24 June 2013 by VRS  |  Email |Print

Angola on Friday appointed one of President Jose Eduardo dos Santos’ sons to chair its $5 billion sovereign wealth fund, a move likely to raise further questions about transparency and nepotism in Africa’s second-biggest oil producer.
Angola launched the fund in October to invest in domestic and overseas assets by funnelling oil wealth into infrastructure, hotels and other projects to diversify its economy outside the energy industry. Analysts welcomed the move at the time, saying it could help Angola protect itself from oil price shocks by cutting the state’s dependence on crude revenues, which represent around 45 percent of output………………………………………..Full Article: Source

Reflection on Angola’s sovereign wealth fund investment policy

Posted on 24 June 2013 by VRS  |  Email |Print

Angola’s US$ 5 billion Fundo Soberano de Angola (FSDEA) has released their investment policy. The sovereign fund’s asset allocation mix will support three criteria: preservation of capital, long-term return maximization and infrastructure development.
The fifty percent allocation to cash, fixed income and G-7 stocks is modeled after the first criterion. The other 50% is open-ended with an opportunistic lens including investing domestically in Angolan prospects like the hotel industry. The sovereign fund has endowment-like characteristics to it, as well as a stabilization function……………………………………….Full Article: Source

Putin pledges $14 bln from wealth fund for infrastructure

Posted on 24 June 2013 by VRS  |  Email |Print

The Russian government will invest up to 450 billion rubles ($13.7 billion) in infrastructure projects from its sovereign wealth fund together with private capital, President Vladimir Putin said on Friday, in a move that could give a significant kickstart to the faltering Russian economy.
Up to half the money to be invested in the projects will come from the National Welfare Fund, Russia’s $87 billion sovereign wealth fund made up of windfall oil export revenues, he said. “Key conditions will be an assessment by private business that the projects are viable and effective, and co-financed from their side,” Putin said……………………………………….Full Article: Source

France, Qatar end suburbs dispute with new fund

Posted on 24 June 2013 by VRS  |  Email |Print

France and Qatar launched a mixed Franco-Qatari fund Sunday to invest 300 million euros in small and medium-sized French companies, in a bid to quash concerns raised by a previous Qatari plan to invest specifically in depressed French suburbs.
The fund will be operational from July, said Jean-Pierre Jouyet, the head of French state-owned bank Caisse de Depots, which is co-shareholder of the fund with Qatar’s sovereign fund Qatar Holding LLC………………………………………..Full Article: Source

Halyk Bank may give up on BTA deal

Posted on 24 June 2013 by VRS  |  Email |Print

The deal to purchase BTA by Halyk Bank may take longer than planned. One shouldn’t rule out the possibility of Halyk Bank giving up on the idea of purchasing BTA in case the country’s Government [that owns BTA through Samruk Kazyna Sovereign Wealth Fund] doesn’t offer concessions in terms of price, Tengrinews.kz reports, citing Artyom Ustimenko, analyst with the Agency for ROI Studies as saying.
Earlier tengrinews.kz reported, citing Halyk Bank Chairman of the Board Alexander Pavlov, that purchase of BTA by Halyk Bank and sales of Halyk Bank’s pension fund [to the Government] should be separate deals. Both deals should be closed without any pressure, at a fair price. In any case, these should be monetary deals, rather than a barter deal”………………………………………..Full Article: Source

China sovereign fund buys ETFs as stock market slides

Posted on 24 June 2013 by VRS  |  Email |Print

Central Huijin Investment Ltd, China’s state-owned investment company, said late on Thursday it recently bought exchange-traded funds and will continue to do so.
China’s stock market hit six-month lows on Thursday amid a worsening cash squeeze, worries over economic growth and prospects of the U.S. Federal Reserve slowing the pace of monetary stimulus………………………………………..Full Article: Source

Future Fund boosting EM exposure, expertise - Asset Owners

Posted on 24 June 2013 by VRS  |  Email |Print

Australia’s Future Fund plans to selectively raise its exposure to emerging markets, pointing to the expansion of that universe. It is also looking to make more direct investments into private equity - to the extent that it can, given that it must use external managers to run all its portfolios.

The A$85 billion ($78.1 billion) sovereign wealth fund has thus far concentrated most of its asset allocation in developed markets, but that is changing………………………………………..Full Article: Source

China sovereign fund buys ETFs as stock market slides

Posted on 21 June 2013 by VRS  |  Email |Print

Central Huijin Investment Ltd, China’s state-owned investment company, said late on Thursday it recently bought exchange-traded funds and will continue to do so. China’s stock market hit six-month lows on Thursday amid a worsening cash squeeze, worries over economic growth and prospects of the U.S. Federal Reserve slowing the pace of monetary stimulus.
Huijin, a unit of China’s $500 billion sovereign wealth fund , has already been buying mainland-traded shares in China’s top four banks as well as Everbright Bank and New China Life Insurance………………………………………..Full Article: Source

Russia, UAE set up first joint investment fund

Posted on 21 June 2013 by VRS  |  Email |Print

The Russian Direct Investment Fund (RDIF) and the Mubadala Development Company from the United Arab Emirates will join efforts for the first time to invest in the Russian infrastructure, President Vladimir Putin said.
The RDIF earlier announced the establishment of a joint investment fund with Mubadala with the starting capital of $2 billion. “It is the first significant success of investment cooperation between Russia and the United Arab Emirates, and it is important that the Russian infrastructure is among key investment targets of this fund,” Putin said on Thursday at a business dinner with heads of the world’s leading infrastructure funds………………………………………..Full Article: Source

Russia’s RDIF sets up $2bln investment fund with Abu Dhabi

Posted on 21 June 2013 by VRS  |  Email |Print

Russia’s state-backed private equity fund, the Russian Direct Investment Fund, and Abu Dhabi-based Mubadala Development Company are setting up a $2 billion co-investment fund to invest in projects in Russia, the parties said on Thursday.
Each partner is committing US$ 1 billion to the fund that will target opportunities in Russia. The Russian Direct Investment Fund has been successful attracting Gulf and Chinese sovereign funds to co-invest in unique deals in Russia………………………………………..Full Article: Source

BSTDB ready to raise funds from Azerbaijan’s Oil Fund

Posted on 21 June 2013 by VRS  |  Email |Print

The Black Sea Trade and Development Bank (its annual meeting in Baku will be held on 21-23 June) announced plans to raise funds from the State Oil Fund of Azerbaijan (SOFAZ). BSTDB president Andrey Kondakov has stated that the Bank already held talks with SOFAZ about attracting funds from it.
“However, the SOFAZ investment guidelines have a number of limitations. For example, it cannot transfer finances to organizations with a rating lower than AA, and BSTDB’s rating is still at A, which is not bad, but is not enough to raise money from SOFAZ,” Kondakov said. Earlier Azerbaijan’s Oil Fund invested $350 million in funds formed by the International Finance Corporation (IFC)………………………………………..Full Article: Source

SOCAR to draw bank funds for Turkey projects from March 2014

Posted on 21 June 2013 by VRS  |  Email |Print

Azerbaijan’s state energy company SOCAR will proceed in making major investment in the projects in Turkey next spring, SOCAR Vice President Suleyman Gasimov told Trend news agency on June 19.
“Work with export-import banks are in the final stage. We plan to start attracting funds of the banks in March next year. Prior to that, we will use both internal funds and funds of the State Oil Fund of Azerbaijan. Currently, a large amount of money is required. We plan to spend up to $1 billion by the end of 2013,” Gasimov said………………………………………..Full Article: Source

Israel has struck energy gold offshore. Now what?

Posted on 21 June 2013 by VRS  |  Email |Print

Two offshore natural gas discoveries in the Mediterranean have left Israel flush with energy reserves for decades to come, but the country is stalled at an economic crossroads with geopolitical consequences as it considers the best way to use them.
The windfall is expected to be so strong that Israel’s government has set up a sovereign wealth fund to guard against currency appreciation that would hurt exporters. Soon after the announcement, critics protested in Tel Aviv, alleging that the government is allowing critical natural resources to be sold off to fill the pockets of business tycoons, something they say is akin to a “gas heist.”……………………………………….Full Article: Source

NZ Super Fund reveals excluded companies

Posted on 21 June 2013 by VRS  |  Email |Print

The New Zealand Superannuation Fund has excluded seven companies with operations in nuclear bases from its $NZ22 billion ($A18.56 billion) portfolio, while clearing the return for four firms which had previously been excluded for their involvement in cluster munitions.
The Cullen Fund, so-called for its architect former Finance Minister Michael Cullen, will exclude public companies Babcock & Wilcox, Fluor Corp, Huntington Ingalls Industries, Jacobs Engineering Group, Serco Group and URS Corp, having sold its $NZ2.2 million ($A1.86 million) holdings in those firms, it said in a statement………………………………………..Full Article: Source

Indian rupee fall: Govt may ease rules for sovereign wealth funds

Posted on 21 June 2013 by VRS  |  Email |Print

India’s finance ministry, the central bank and market regulators discussed loosening rules for investment by foreign sovereign wealth funds in response to a sharply falling rupee and a wide current account deficit that are hurting the economy. Two senior ministry officials, who declined to be named, said the aim was to attract more capital flows from wealth funds in Middle East countries. Finance Minister P Chidambaram has visited the Middle East in recent months to drum up investment.
“We will again meet and it will take some more time to finalize measures on sovereign funds,” said one official who attended the meeting………………………………………..Full Article: Source

RDIF toddling along with $620mln invested

Posted on 20 June 2013 by VRS  |  Email |Print

Two years after being born during the 2011 St. Petersburg International Economic Forum, Russia’s state owned fund for attracting foreign investment has hammered out five key partnership agreements with both private and government run global peers.
It has put $620 million of its own funds into key projects and convinced partners to cough up another $2 billion. A brainchild of then-President Dmitry Medvedev, the Russia Direct Investment Fund, or RDIF, operates as a subsidiary of Vneshekonombank and has been allocated $10 billion of government money………………………………………..Full Article: Source

RDIF leads consortium in the Russian tire industry

Posted on 20 June 2013 by VRS  |  Email |Print

The Russian Direct Investment Fund (RDIF), Titan International Inc. and One Equity Partners LLC have reached an agreement with Russian tire producer Cordiant to invest in Voltyre-Prom, a Russian agricultural and industrial tire manufacturer. To shed additional detail on the involved entities, Titan International Inc., is one of the world’s largest manufacturers of agricultural and industrial tires that makes them under the Titan and Goodyear brands.
One Equity Partners is a subsidiary of JP Morgan Chase Co that manages private equity investments. This consortium will own a controlling stake in Voltyre-Prom with Titan International as the managing partner. Titan International is keen on growing their tire business in Russia and the Commonwealth of Independent State countries. The company is bullish on Russia’s burgeoning farming and mining industries……………………………………….Full Article: Source

Azerbaijan’s Central Bank increases foreign exchange reserves in Q1

Posted on 20 June 2013 by VRS  |  Email |Print

The Central Bank of Azerbaijan (CBA) increased its foreign exchange reserves held in securities by 13.24 percent in January to May 2013 compared to the same period of last year, the CBA’s statistical report released on Tuesday says.
As of late May, some 2.72 billion manat or 21.8 percent of the total foreign exchange reserves held by the Central Bank were placed in securities. According to the report, 9.11 billion manat are held in deposits in the accounts of other central banks, the Bank for International Settlements and the International Monetary Fund……………………………………….Full Article: Source

EQT V and GIC agree to sell Springer Science+Business Media to BC Partners

Posted on 20 June 2013 by VRS  |  Email |Print

EQT V and GIC Special Investments Pte Ltd, the private equity arm of the Government of Singapore Investment Corporation Pte Ltd (GIC), announced that they have agreed to sell Springer Science+Business Media (Springer), a leading global scientific, technical and medical (STM) publisher, to the private equity firm BC Partners Limited (BC Partners) for a total enterprise value of around EUR 3.3 billion including a performance-related component, which allows EQT V to participate further in the promising development of the company.
EQT V and GIC acquired Springer in 2010 and installed a strong industrial board with media and database experts to support the excellent management team around CEO Derk Haank and the company. Since then, the owners have invested EUR 304 million and Springer has improved sales by 6.4% p.a. to EUR 981 million and EBITDA by 12.6% p.a. to EUR 341 million in 2012. (Press Release)

Khazanah, EAPF discuss sustainable investing

Posted on 19 June 2013 by VRS  |  Email |Print

Certain government investors from Europe to Asia are increasingly adopting socially and environmentally responsible practices, it emerged at a conference in Hong Kong last week.
Malaysian state fund Khazanah Nasional and the UK’s Environment Agency Pension Fund (EAPF) discussed their approaches in this sector at the First Global Investor Forum on Climate Change………………………………………..Full Article: Source

GCL-Poly slumps after CIC unit sells some stake

Posted on 19 June 2013 by VRS  |  Email |Print

GCL-Poly Energy Holdings Ltd.dropped the most in 20 months after a unit of China Investment Corp. sold 1.2 billion shares in the largest maker of materials used in solar panels. GCL-Poly dropped as much as 13 percent to HK$1.82, the sharpest fall since Oct. 4, 2011, and was at HK$1.86 as of the noon trading break in Hong Kong. The city’s benchmark Hang Seng Index declined 0.6 percent.
Chengdong Investment Corp., a subsidiary of CIC, sold 1.2 billion shares of GCL-Poly, representing 7.8 percent of the polysilicon maker’s equity capital, at HK$1.87 each, according to a GCL-Poly statement to the Hong Kong stock exchange……………………………………….Full Article: Source

China shares end flat after directionless trading, banks gain

Posted on 19 June 2013 by VRS  |  Email |Print

China’s shares ended flat Tuesday, as gains following the news that the country’s sovereign wealth fund has boosted its investment in some banks were tempered by lingering concerns over the sluggish domestic economic growth.
The benchmark Shanghai Composite Index, which tracks both A and B shares, ended up 3.07 points at 2159.29. The Shenzhen Composite Index rose 0.2%, or 1.77 points to 979.43. Analysts said the Shanghai index is likely to trade between 2100 and 2200 for the rest of the week, due to concerns over the slowing economic activity. Investors are also eyeing comments from U.S. Federal Reserve Chairman Ben Bernanke regarding the U.S. central bank’s plans for its stimulus program as the Fed officials meet later………………………………………..Full Article: Source

Transparency levels the playing field

Posted on 19 June 2013 by VRS  |  Email |Print

Central Huijin Investment Ltd, China’s sovereign wealth fund manager tasked with investing in State-owned enterprises (SOEs), recently announced plans to purchase additional equity stakes in China Everbright Bank and New China Life Insurance Co. The investor also recently bought more shares in the country’s Big Four banks.
These plays have been widely seen as part of broader efforts to boost confidence in domestic financial firms backed by the State. In the past, a lack of corporate transparency meant that retail investors had few choices but to follow along with where big State-backed institutional investors were putting their money - which was usually into the country’s hulking SOEs………………………………………..Full Article: Source

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