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Sovereign Wealth Funds Briefing - Archive | January, 2014

National Pensions Reserve Fund to sell EUR800mln of equity fund interests to US specialist

Posted on 24 January 2014 by VRS  |  Email |Print

The National Pensions Reserve Fund yesterday announced that following a competitive sales process it had agreed to sell approximately €800 million of global private equity fund interests to Lexington Partners, a US-based private equity specialist.
The private equity fund interests comprised “investments in and commitments to 24 separate private equity funds”, the NPRF said. The commercial terms of the sale were not disclosed and the transaction is expected to be completed in the coming months………………………………………..Full Article: Source

FSI: Umberto della Sala named “industry expert”

Posted on 24 January 2014 by VRS  |  Email |Print

The Italian Strategic Fund announced in a statement that Umberto della Sala, a chemical engineer, is joined by FSI with the role of “Business Expert”. The FSI team is strengthened, therefore, with the inclusion of a professional with solid skills in the industry.
Umberto della Sala has indeed matured over thirty years experience in the industrial sector in Foster Wheeler, a British company listed on NASDAQ and one of the world’s leading in the design and construction of industrial plants, of which he served - since 2007 - the ‘position of President and Chief Operating Officer at the global level.(Translated)……………………………………….Full Article: Source

Libyan Investment Authority sues Goldman Sachs in London

Posted on 23 January 2014 by VRS  |  Email |Print

The Libyan Investment Authority, the north African nation’s sovereign wealth fund, sued Goldman Sachs Group Inc. in the U.K. over investments worth more than $1 billion.
“Goldman Sachs abused the relationship of trust and confidence with the then newly-formed LIA, being the sovereign wealth fund of the Libyan people,” a spokesman for the fund, who declined to give his name in line with company policy, said. The fund suffered “significant losses.”…………………………….Full Article: Source

Zimbabwe gives official seal to sovereign fund

Posted on 23 January 2014 by VRS  |  Email |Print

Zimbabwe on Tuesday officially tabled its Sovereign Wealth Fund (SWF) which will use the proceeds of royalties from gold, platinum, nickel and diamonds and invest them in “gold bullion, stockpiles of precious stones”, as well as other “foreign assets”.
Zimbabwe’s Chamber of Mines said about 75% of the country’s gold miners will collapse if the royalties are not reviewed. Platinum producers in Zimbabwe have submitted plans to set-up a refinery to avoid a further 15% levy on raw platinum exports. Mining industry sources and executives said on Tuesday that they were still pressing the government to review the royalties downwards……………………………..Full Article: Source

Zimbabwe to invest sovereign fund in minerals

Posted on 23 January 2014 by VRS  |  Email |Print

A bill outlining the full development of Zimbabwe’s sovereign wealth fund was tabled in parliament on Tuesday. The fund will now be invested in gold bullion and stockpiles of precious stones.
Mining companies in the country will contribute to the fund through royalties on gold, diamonds, nickel, platinum, coal and coal methane gas. Analysts said the fund was a workable idea although they raised concern regarding the increased focus on mining to boost government revenue and economic projects……………………………..Full Article: Source

Tanzania seeks shares in uranium, nickel mines; Plans SWF

Posted on 23 January 2014 by VRS  |  Email |Print

Tanzania is holding talks with foreign companies planning uranium and nickel production in the country to ensure the government receives stakes under a 2010 law requiring it to take shares in strategic mines, its president Jakaya Kikwete said.
Kikwete also said the government plans to pass legislation this year to create a sovereign wealth fund to manage future revenues from gas production……………………………..Full Article: Source

Tanzania: Special gas fund in pipeline

Posted on 23 January 2014 by VRS  |  Email |Print

A sovereign wealth fund in which all revenue from natural gas will be deposited in a bid to safeguard the interests of future generations is in the pipeline.
A bill to establish the fund will be tabled in Parliament in October, President Jakaya Kikwete said while opening the two-day consultative meeting between religious leaders and the Ministry of Energy and Minerals in Dar es Salaam on Tuesday…………………………….Full Article: Source

Is China’s CIC going to mirror Yale Endowment? New management may be the key

Posted on 23 January 2014 by VRS  |  Email |Print

A changing of the guard at the top of the China Investment Corporation, the $575 billion Chinese sovereign wealth fund, may take it closer to resembling its newfound role model: Yale Endowment.
Today, word reached the Chinese press that Gao Xiqing, the president of CIC and also one of its founders, is to step down into retirement, to be replaced by the chief investment officer he recruited in 2011, Li Keping. This is the second major change at the top of CIC in less than a year, after Ding Xuedong became chairman in July……………………………..Full Article: Source

Change at CIC: As you were

Posted on 23 January 2014 by VRS  |  Email |Print

The retirement of Gao Xiqing as president of the China Investment Corporation, China’s sovereign wealth fund, has fund managers wondering what the change of leadership will mean for asset allocation and the fund’s use of external managers.
Gao, one of the CIC’s founders, and instrumental in many of its most well-known (and sometimes ill-fated) deals, is to be replaced by Li Keping, who is the chief investment officer. This is the second change in top leadership positions at CIC in less than a year, with Ding Xuedong becoming chairman of CIC in July 2013……………………………..Full Article: Source

Where in the world will China invest its billions?

Posted on 23 January 2014 by VRS  |  Email |Print

Ding Xuedong is Chairman of the China Investment Corporation, China’s largest sovereign wealth fund with $600 billion under management. China Investment Corporation must give full consideration to the interests of all parties and uphold a mutually beneficial business model.
Currently, more than half of our capital is invested in developed economies, but we have also raised the share of capital allocation toward emerging economies and other developing countries……………………………..Full Article: Source

China’s top sovereign fund names new chief

Posted on 23 January 2014 by VRS  |  Email |Print

One of the world’s largest sovereign wealth funds, China Investment Corp, has appointed a new managing director as it aims to stabilise its volatile investment returns. The fund’s former managing director, Gao Xiqing, retired from the fund that he had led since 2007 after reaching China’s official pension age of 60.
Li Keping, who has been the deputy director of the fund for the past two years, will become the managing director and vice-chairman……………………………..Full Article: Source

Khazanah’s eventful 2013 year

Posted on 23 January 2014 by VRS  |  Email |Print

Malaysia’s sovereign wealth fund, reported a net asset value of RM 103.5 billion (US$ 31.2 billion) as of December 31, 2013. The new value includes a 19.1% increase during 2013, said the fund in a statement. It also represents a threefold increase in net asset value since 2004.

This past year, the sovereign fund soundly bested regional indices including MSCI Asia Ex-Japan, which returned 10.8% last year. A statement made by Khazanah credits the following companies with its impressive growth since 2004: “Telekom Malaysia Berhad and Axiata Group Berhad (RM21.3 billion), UEM Group Berhad (RM15.8 billion), Tenaga Nasional Berhad (“TNB”) with RM12.8 billion, CIMB Group Berhad (RM11.6 billion), and the healthcare sector with a contribution of RM8.6 billion.”…………………………….Full Article: Source

World’s largest sovereign fund seeks better returns

Posted on 23 January 2014 by VRS  |  Email |Print

In May 2012, the world’s biggest sovereign wealth fund joined US investors BlackRock and Waddell & Reed to buy a $1.6 billion (R17bn) stake in motor racing’s Formula One. The people who had worked on the deal for months were looking forward to celebrating their hard work.
Then they got an e-mail from their boss. Under no circumstances were they to be seen drinking champagne in the VIP tribune at the Monaco Grand Prix. “We have high expectations in terms of ethical standards, also for ourselves,” said Yngve Slyngstad, the head of the Government Pension Fund Global, which invests $163 000 of oil and gas wealth for each man, woman and child in Norway……………………………..Full Article: Source

Norway’s oil fund eyes riskier bets

Posted on 22 January 2014 by VRS  |  Email |Print

In May 2012 the world’s largest sovereign wealth fund joined U.S. investors BlackRock and Waddell & Reed to buy a $1.6 billion stake in motor racing’s Formula One. The people who had worked on the deal for months were looking forward to celebrating their hard work.
Then they got an email from their boss. Under no circumstances were they to be seen drinking champagne in the VIP tribune at the Monaco Grand Prix. “We have high expectations in terms of ethical standards, also for ourselves,” says Yngve Slyngstad, the head of the fund, which invests $163,000 of oil and gas wealth for each man, woman and child in Norway……………………………..Full Article: Source

RDIF and EBRD invest over USD100mln in Cotton Way

Posted on 22 January 2014 by VRS  |  Email |Print

The Russian Direct Investment Fund (RDIF) and the European Bank for Reconstruction and Development (EBRD) announce a joint investment in Cotton Way, Russia’s leading commercial laundry and textile management company.
RDIF and EBRD will together invest up to 3.6 billion rubles [c$109m], with each party contributing fifty percent. The funds will be used by Cotton Way to continue to invest in industry leading facilities by constructing high efficiency laundry factories in key regions of Russia to further strengthen its market position and diversify its customer base……………………………..Full Article: Source

Zimbabwe’s SWF: A quarter of not much

Posted on 22 January 2014 by VRS  |  Email |Print

Zimbabwe’s proposed sovereign wealth fund – gazetted in Harare last week – is unlikely to have a material impact on private investment. But, if well-managed, it could do wonders for the country’s bloated public sector. A draft parliamentary bill proposes that a maximum of 25 per cent of mining royalties should be paid into the fund to be managed by the Reserve Bank of Zimbabwe.
The SWF will “support fiscal or macroeconomic stabilization” and the achievement of the government’s long-term development objectives……………………………..Full Article: Source

Nigeria plans to boost capital of sovereign wealth fund

Posted on 22 January 2014 by VRS  |  Email |Print

Nigerian Finance Minister Ngozi Okonjo-Iweala said the federal government wants to increase the capital of its $1 billion sovereign wealth fund this year even as state governors protest allocations before 2015 elections.
“We want to look at what we can do however small to ensure a steady streaming of income into the sovereign wealth fund,” Okonjo-Iweala, 59, said in an interview Sunday in the commercial capital, Lagos, declining to comment on the possible amount. “This is a very political year, so how we do it and what we do, we need to watch and see what the best moment is.”…………………………….Full Article: Source

Mumtalakat empowers Bahraini Youth through its support of the AIESEC

Posted on 22 January 2014 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, announced its support of the Ajyal Entrepreneurship and Leadership Programme.
The five week programme is geared towards training high school and university students aged between 15 and 24 years old, and developing their entrepreneurial and leadership skills……………………………..Full Article: Source

KIC in dilemma over BoA stocks

Posted on 22 January 2014 by VRS  |  Email |Print

Korea Investment Corp. (KIC) CEO Ahn Hong-chul is facing a dilemma in his bid to sell the state-run firm’s shares in Bank of America (BoA) because the sale will result in losses worth more than 1 trillion won.
There are voices of opposition to the sale because of the enormity of the losses that it will generate but some experts are calling for the sale to be deferred until the value of the stocks rebounds, instead of just abandoning the sale altogether……………………………..Full Article: Source

China sovereign fund CIC names new vice chairman - sources

Posted on 22 January 2014 by VRS  |  Email |Print

China’s $575 billion sovereign wealth fund, China Investment Corp (CIC), has appointed a new vice chairman and president as the incumbent is due for retirement, two sources with knowledge of the matter said.
Li Keping, CIC’s chief investment officer, will replace Gao Xiqing as the fund’s vice chairman and president, said the sources, who declined to be named because they are not authorised to speak to the media……………………………..Full Article: Source

Reported CIC reshuffle raises questions

Posted on 22 January 2014 by VRS  |  Email |Print

A fresh reshuffle is reportedly underway at China’s s sovereign wealth fund CIC, with general manager Gao Xiqing retiring and chief investment officer Li Keping succeeding him, according to media. At 60, Gao’s retirement would not be a surprise, but his exit could raise questions over possible changes in CIC’s investment direction and reliance on external managers, notes Shanghai-based consultancy Z-Ben Advisors.
Reports of the switch follow the appointment of Ding Xuedong as the fund’s chairman in July last year,as reported. Still, Li himself is 58 years old and has a long history of working with Gao, dating back to their days at the National Council for Social Security Fund (NCSSF). This, Z-Ben suggests, may point to a continuation rather than a change of strategy……………………………..Full Article: Source

New CIC president credited with shrewd overseas investments

Posted on 22 January 2014 by VRS  |  Email |Print

The country’s sovereign wealth fund, China Investment Corp. (CIC), has replaced its retiring president and vice chairman, Gao Xiqing, with vice president Li Keping, who has a reputation for wise overseas investments.
The Communist Party’s Organization Department announced the personnel change on January 20. Analysts say the appointment was expected.Li, 57, joined the CIC in July 2011 as a vice president. He also held the posts of executive director and chief investment officer. Before that he worked with the National Council for Social Security Fund in charge of overseas investment. Li started working there in 2001……………………………..Full Article: Source

Where in the world will China invest its billions?

Posted on 22 January 2014 by VRS  |  Email |Print

While moving toward multi-polarity, the world is also moving toward a three-dimensional architecture. In terms of the GDP, trade and investment, in the past 20 years, the GDP share of G7 countries in the world dropped from 67% to 47% and that of emerging economies rose from 10% to 24%.
When we look at the global export, the former saw their share decrease from around 50% to 35% and the latter increased from 10% to 20%. Main emerging economies have grown from technology and capital importers to exporters and their share of global FDI soared from 4% in 2005 to 13% in 2012……………………………..Full Article: Source

China Investment Corporation ready for joint companies with Belarus

Posted on 22 January 2014 by VRS  |  Email |Print

China Investment Corporation (CIC) is ready to partake in setting up joint companies with Belarus, Belarusian Premier Mikhail Myasnikovich said in an interview to the Chinese newspaper China Daily in Beijing on 21 January, BelTA has learnt.
The Belarusian head of government met with the Chairman of the CIC Board of Directors on 21 January. Mikhail Myasnikovich presented Belarus’ economic potential. “Our economy is open, and we are extremely interested in intensifying investment activities,” he noted. The PM talked about the areas which can be of interest for the Chinese company. One of them is woodworking. In turn, CIC provided its concept and key principles of the company’s investment activity……………………………..Full Article: Source

Singapore investment group GIC ties up US$1.3bln Time Warner deal

Posted on 22 January 2014 by VRS  |  Email |Print

GIC and partners to lease 102,000 square metres of New York office space as economic data from United States suggests upward trend. Singapore’s GIC is partnering a group of investors to buy US$1.3 billion worth of Manhattan office space from Time Warner, as the sovereign wealth fund steps up its purchases of real estate where it sees increasing value.
GIC, which has signalled its investments are driven by opportunity rather than geography, has been buying up real estate in developed markets as property prices recover from lows hit during the 2008-9 financial crisis……………………………..Full Article: Source

Malaysia’s Khazanah takes cautious stance on investment to guard record assets

Posted on 22 January 2014 by VRS  |  Email |Print

Malaysian state investor Khazanah Nasional Bhd said political change in key emerging markets means it will have to approach investment more cautiously than last year, when its portfolio of assets reached a record $41 billion.
The sovereign wealth fund, which owns stakes in mobile services provider Axiata Group Bhd and property firm UEM Sunrise Bhd, has been increasing activity abroad to reduce the risk of being heavily invested at home……………………………..Full Article: Source

Khazanah says all K7 firms must graduate by July 2015

Posted on 22 January 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd wants all the seven government-linked companies (GLCs) under its stable (collectively called K7) to be highperforming entities with several of these companies emerging as regional champions by July 2015, in line with the aim of the GLC Transformation Programme.
“All K7 companies must graduate by July 2015,” MD Tan Sri Azman Mokhtar said. Azman said with the exception of Malaysian Airline System Bhd (MAS), which has given an average of -15.6% per annum (pa) for total shareholders return (TSR), the other companies have given good TSR with the lowest being Axiata Bhd at 6.8% pa and the highest being UEMSunrise Bhd at 37.1%……………………………..Full Article: Source

Does the United States need a sovereign wealth fund?

Posted on 21 January 2014 by VRS  |  Email |Print

Sovereign wealth funds are large investment companies owned by governments that manage an array of financial assets, from stocks and bonds, to income from natural resources and real estate. In order of holdings, the Monitor Group’s Sovereign Wealth Fund Assets Under Management Table shows that Norway, China, United Arab Emirates, Singapore, and Kuwait have the largest sovereign wealth funds.
Establishing a U.S. sovereign wealth fund to do the purchasing of long-term and risky assets would give the Fed room to maneuver in monetary policy, and restrict its job to steering the economy rather than making controversial portfolio investment decisions. And a U.S. sovereign wealth fund could stand as a bulwark against wild swings in financial markets………………………………………..Full Article: Source

Khazanah’s asset portfolio surges to record with KLCI’s rally

Posted on 21 January 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd., Malaysia’s state investment company, said the value of its holdings climbed to a record last year as local share prices surged. The net asset value of Khazanah’s investments rose 19 percent to 103.5 billion ringgit ($31 billion) at the end of 2013 from 86.9 billion ringgit a year earlier, the Kuala Lumpur-based fund said.
It outperformed an 11 percent gain in the benchmark FTSE Bursa Malaysia KLCI Index, which closed at a record on Dec. 30………………………………………..Full Article: Source

Malaysia’s Khazanah takes cautious stance on investment to guard record assets

Posted on 21 January 2014 by VRS  |  Email |Print

Malaysian state investor Khazanah Nasional Bhd said political change in key emerging markets means it will have to approach investment more cautiously than last year, when its portfolio of assets reached a record US$40.6 billion (RM134.9 billion).
The sovereign wealth fund, which owns stakes in mobile services provider Axiata Group Bhd and property firm UEM Sunrise Bhd, has been increasing activity abroad to reduce the risk of being heavily invested at home. But elections or leadership change in Turkey, India and Indonesia, as well as their uncertain economic outlook and weakening currencies, make for a cautious outlook for 2014, the fund said at its annual review on Monday………………………………………..Full Article: Source

Malaysian sovereign wealth fund gains 19pct

Posted on 21 January 2014 by VRS  |  Email |Print

Khazanah Nasional Berhad, Malaysia’s sovereign wealth fund, said Monday its net asset value rose 19.1% to 103.5 billion ringgit ($31 billion) in 2013. “We are starting this year from a position of relative strength and hopefully our portfolio can handle any storms,” said Azman Mokhtar, managing director for the Kuala Lumpur-based fund.
Last year “was eventful with highlights including better operating performance across practically all investee companies and deepening of the regional presence of various companies.”……………………………………….Full Article: Source

Macquarie in box seat for CIC deal

Posted on 21 January 2014 by VRS  |  Email |Print

A block trade by the China Investment Corporation of its $800 million stake in the industrial property developer Goodman Group could be imminent, according to talk in the market, with some speculating that the investment banks are likely to be vying for an advisory role to the sovereign wealth fund on the deal.
A likely frontrunner to secure the advisory role would be Macquarie Group, which has previously worked on major deals for Goodman, should a block trade proceed. According to a note by JPMorgan’s sales team, investors are betting CIC’s trade of its 9.8 per cent interest in the business is a high probability……………………………………….Full Article: Source

CIC, Ireland NPRF to establish USD100mln tech fund

Posted on 21 January 2014 by VRS  |  Email |Print

China Investment Corporation (CIC) and Ireland’s National Pensions Reserve Fund (NPRF) will set up a USD 100 million 50-50 technology fund.
The fund will invest in Ireland-funded companies with strategic interest in China and China-funded companies with strategic interest in Ireland. The fund will be co-operated by WestSummit Capital and Irish Atlantic Bridge………………………………………..Full Article: Source

Babycare portal First-Cry gets fund from Temasek arm

Posted on 21 January 2014 by VRS  |  Email |Print

Online baby care portal First-Cry.com has received funding of Rs 92 crore in what is the largest investment in an ecommerce company selling just one category of products. The equity investment was led by Vertex Venture Management, a subsidiary of Singapore’s staterun investment company Temasek Holdings.
Existing investors in the company IDG Ventures India and Saif Partners also participated in this third round of funding. FirstCry, which is owned by Brainbees Solutions and based in Pune, will use the money to double its network of brickand-mortar stores and hire more people for its online retail and mobile commerce services………………………………………..Full Article: Source

Nigeria plans to boost capital of sovereign wealth fund

Posted on 21 January 2014 by VRS  |  Email |Print

Nigerian Finance Minister Ngozi Okonjo-Iweala said the federal government wants to increase the capital of its $1 billion sovereign wealth fund this year even as state governors protest allocations before 2015 elections.
“We want to look at what we can do however small to ensure a steady streaming of income into the sovereign wealth fund,” Okonjo-Iweala, 59, said in an interview yesterday in the commercial capital, Lagos, declining to comment on the possible amount………………………………………..Full Article: Source

Alaska needs new revenue

Posted on 21 January 2014 by VRS  |  Email |Print

A newly released analysis says options like large cuts in capital budgets, imposing state sales or income taxes, or cutting Permanent Fund dividends may not eliminate future deficits.
In its overview of Gov. Sean Parnell’s budget plan, the Legislative Finance Division says current spending levels are unsustainable without additional revenue, and simply restraining spending growth is insufficient………………………………………..Full Article: Source

GIC buys $1.3 bln NY office space

Posted on 20 January 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC is buying more than one-third of the space in New York’s Time Warner Centre with two partners for US$1.3 billion (S$1.65 billion). The 1.1 million sq ft of office space in the twin tower development, located in Colombus Circle, is being bought from United States media giant Time Warner, which will lease it back until early 2019.
Time Warner is moving its operations to Hudson Yards, in another part of New York, it said in a Thursday statement. About 5,000 employees, including those from its HBO, Turner Broadcasting, and Warner Bros businesses, will occupy the new office in Hudson Yards at the end of 2018………………………………………..Full Article: Source

Temasek might invest in Intas

Posted on 20 January 2014 by VRS  |  Email |Print

Intas Pharmaceuticals is in discussion with private equity (PE) investors for another round of funding, after drawing back for a second time from floating an initial public offering (IPO).
According to sources, Temasek Holdings, the Singapore government-owned sovereign fund, is in discussion to invest $150-180 million (Rs 920-1,100 crore) for acquiring a significant minority stake. The Ahmedabad-based pharma company is expected to use the money for expansion and a partial exit for the existing PE investor, ChrysCapital, which has about 16 per cent………………………………………..Full Article: Source

China invests in Irish technology firms

Posted on 20 January 2014 by VRS  |  Email |Print

China has agreed to help fund Ireland’s fast-growing technology firms as the former Celtic Tiger strives to find new sources of financing to kick-start its economic recovery as it emerges from its debt crisis.
Irish Finance Minister Michael Noonan said Friday the sovereign-wealth funds of China and Ireland together will provide $100 million for the purchase of stakes in Irish technology companies, adding that he hoped this would be the first of several such joint-initiatives by the two countries………………………………………..Full Article: Source

CITIC Capital sets up multi-strategy hedge fund

Posted on 20 January 2014 by VRS  |  Email |Print

CITIC Capital Holdings Limited, which is backed by CITIC Group Corp and China sovereign wealth fund CIC said on Friday it has established a multi-strategy hedge fund, CCTrack Solutions. The fund will target institutional investors in North America, Europe and Asia, CITIC Capital said.
CITIC Capital has over $4.3 billion in capital under management. It is owned by China Investment Corporation, China’s sovereign wealth fund; CITIC Group, the largest Chinese conglomerate, through its CITIC International Financial Holdings Ltd and CITIC Pacific Ltd subsidiaries and Qatar Holding LLC……………………………………….Full Article: Source

Ireland and China set up new US$100mln tech investment fund

Posted on 20 January 2014 by VRS  |  Email |Print

China and Ireland have set up a new technology investment fund to support relevant companies of both countries to carry out R&D activities, the Chinese embassy confirmed on Saturday. On Friday, Ireland’s National Pensions Reserve Fund (NPRF) announced the establishment of the investment fund with a Chinese sovereign wealth fund.
In a statement, the NPRF said the fund, called the China Ireland Technology Growth Capital Fund, will be capitalized at US$100 million with equal commitments from the NPRF and China Investment Corporation (CIC)………………………………………..Full Article: Source

Israel approves the creation of a sovereign wealth fund

Posted on 20 January 2014 by VRS  |  Email |Print

The creation of a sovereign wealth fund in Israel was approved on Wednesday by the Knesset Science and Technology Committee. The bill included an additional detail stipulating that the special committee in charge with managing the fund’s budget will be led by the Knesset House Committee Chairman.
The creation of the sovereign wealth fund is essential to prevent the eventual negative repercussions of a substantial inflow of revenues from the sale of natural gas to export markets. The phenomenon is commonly known as ‘Dutch Disease’ and is one of the negative effects of an energy boom. The increase of wealth could cause a strengthening of the local currency - the Shekel - to the detriment of other industries that could lose in competitiveness………………………………………..Full Article: Source

Azerbaijani SOFAZ announces investment plans for construction of drilling rig

Posted on 20 January 2014 by VRS  |  Email |Print

In 2014 the State Oil Fund of Azerbaijan (SOFAZ) plans to invest $327.2 million in the project for the construction in Azerbaijan of a new generation floating drilling rig, SOFAZ told Trend on Jan.16.
According to SOFAZ, in 2013 the fund allocated $215.6 million for the project. In total, in 2013 the Oil Fund planned to allocate 380.57 million manat for the construction of a new floating drilling rig………………………………………..Full Article: Source

Georgia: PF to construct Combined Cycle Thermal Power Plant in Gardabani

Posted on 20 January 2014 by VRS  |  Email |Print

The Partnership Fund (PF), a state-owned shareholding company in cooperation with its daughter company, Georgian Oil and Gas Corporation (GOGC) launched the construction of a 230 MW Combined Cycle Thermal Power Plant in Gardabani, Kvemo Kartli region on January 17. The goal of the project, according to the PF’s management, is to generate additional electricity and strengthen the country’s energy security.
“It will be the most viable reserve for the country which will bolster our country’s energy security. In terms of creating a new source of energy generation in the country, this project is a step forward,” Irakli Kovzanadze, Executive Director of the Partnership Fund says. As he explained, the implementation of such a large-scale project is the first of its kind in the history of Georgia………………………………………..Full Article: Source

More woe for Norwegian pension funds

Posted on 20 January 2014 by VRS  |  Email |Print

Norway’s Government Pension Fund lost NOK 29.6bn (€2.95bn) in 2008, a massive drop attributed to the equities, according to figures from Folketrygdfondet. The asset manager is a state-owned company, and is solely responsible for the domestic pension fund which invests only in Nordic countries. It has confirmed in its annual report for 2008 that the scheme had dropped by NOK 25.2bn, from NOK 113bn in 2007, to NOK 87.8bn at the end of 2008.
The pension fund returned -25.1 per cent overall, with positive returns coming from fixed income in Norway (8.48 per cent yield) and in other Nordic countries (23.49 per cent). The fund has a target allocation of 60 per cent in equities, and in 2008 44.5 per cent of the fund was invested in Norwegian equities, returning -49.2 per cent………………………………………..Full Article: Source

Irish SWF to unveil investment of EUR70mln by Chinese SWF

Posted on 17 January 2014 by VRS  |  Email |Print

The National Pensions Reserve Fund (NPRF) is expected to today unveil a significant investment by the China Investment Corporation (CIC) in a new technology fund here. The investment is expected to be about €70 million.
The Minister for Finance, Michael Noonan, and the Minister for Foreign Affairs, Eamonn Gilmore, will attend a launch for the fund in Dublin this morning………………………………………..Full Article: Source

South Korean fund weighs Bank of America stake sale

Posted on 17 January 2014 by VRS  |  Email |Print

Korea Investment Corp (KIC) will decide whether to sell its around $1 billion stake in Bank of America within a month, after watching its value fall by half since 2008, Korean media reported on Thursday.
The sovereign fund, which manages some $66 billion in assets, held 0.69 percent of the U.S. bank as of September 2013 through its $2 billion investment in Merrill Lynch in 2008, before Merrill Lynch merged with BoA………………………………………..Full Article: Source

Qatari fund negotiating purchase of Pokrovsky Hills

Posted on 17 January 2014 by VRS  |  Email |Print

Qatari sovereign investment fund QIA is negotiating to buy Moscow residential community Pokrovsky Hills from a subsidiary of Goldman Sachs, a news report said Thursday. Discussions between QIA and Whitehall, Goldman’s real estate investment fund, are currently in the advanced stage, even though no final deal has been concluded, Vedomosti reported.
Two sources close to both sides of the talks have confirmed the information. Spokespeople for Goldman Sachs, real estate consultancy Cushman & Wakefield — which handles rentals at Pokrovsky Hills on behalf of the investment bank — and the property management firm Hines have declined to comment. QIA did not respond to an inquiry concerning the pending deal………………………………………..Full Article: Source

Qatar Holding deal maker Fakhroo leaves for govt-linked role -sources

Posted on 17 January 2014 by VRS  |  Email |Print

A key mergers and acquisitions executive at Qatar Holding, instrumental in some of the fund’s most high-profile deals in recent years, has left the firm for a government-related role, banking and industry sources said. Qatar Holding is the direct investment arm of Qatar Investment Authority (QIA).
Aziz Aluthman Fakhroo, a Qatari national and a director at the fund’s mergers and acquisitions team, left late last year as part of changes at one of the world’s most active sovereign wealth funds, the sources said, speaking on condition of anonymity………………………………………..Full Article: Source

Time Warner sells New York office space to Abu Dhabi Investment Authority

Posted on 17 January 2014 by VRS  |  Email |Print

Time Warner has sold $1.3 billion of commercial real estate to Related Companies – an entity owned by the Abu Dhabi Investment Authority and GIC – in a sell and lease back arrangement. Time Warner will continue to lease 1.1 million square feet of office space in the Time Warner Center until 2019.
The prestigious address in Columbus Circle, Manhattan, New York will no longer play host to the company’s headquarters, which will move to Hudson Yards………………………………………..Full Article: Source

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January 2014
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