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Sovereign Wealth Funds Briefing 16.Oct 2012

Posted on 16 October 2012 by VRS |  Email |Print

Qatar’s sovereign wealth fund is “seriously looking” at a potential investment in the commodities trading unit of Morgan Stanley , the country’s Prime Minister said on Monday.
People familiar with the matter told the Wall Street Journal earlier this month that Morgan Stanley was is in talks to sell a piece of its commodities-trading business to a sovereign wealth fund from Qatar, a move that could help it avoid being hit by new proprietary trading rules while still retaining a piece of the lucrative business………………………………………..Full Article: Source

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Posted on 16 October 2012 by VRS |  Email |Print

Qatar, whose sovereign-wealth fund is the second-largest shareholder in mining giant Xstrata PLC, is taking a favorable view of the company’s planned merger with Glencore International, further increasing the chances the much-delayed deal will go through.
“We are looking in favor of doing something between the two companies,” Hamad Bin Jassim Bin Jabor Al Thani, the Gulf state’s prime minister, told reporters in Doha on Monday. “We are hopeful. This is under a lot of consideration and focus,” he said. The deal can be blocked if 16.5% of Xstrata shareholders vote against it. Qatar Holding has a stake of more than 12% in Xstrata………………………………………..Full Article: Source

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Posted on 16 October 2012 by VRS |  Email |Print

The Azerbaijani government is to keep the Oil Fund (SOFAZ) as the main source of filling the state budget in 2013 - SOFAZ will provide 59.3% of budgetary revenues. The Bill on State Budget 2013 says that next year the state budget expects to receive revenue of AZN 19.15 bn (34.2% of GDP) and carry out expenditures for AZN 19.8 bn (35.3%). The budget deficit is expected to reach 656 million (1.1% of GDP).
The SOFAZ will transfer AZN 11.35 bn to the state budget, the Ministry of Taxes AZN 6.4 bn (AZN 2.279 bn on profit tax, AZN 1.776 bn on VAT and AZN 783 million on income tax), the State Customs Committee AZN 1.38 bn………………………………………..Full Article: Source

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Posted on 16 October 2012 by VRS |  Email |Print

Norway’s bulging sovereign wealth fund, more popularly known as the “oil fund,” announced more purchases in the international real estate market last week. After spending around NOK 6 billion (USD 1 billion) in Germany, the fund still has its sights set on the US next year.
The fund paid NOK 5.8 billion (EUR 784 million) for 50-percent stakes in two retail and office buildings in Germany, one on the prestigious boulevard Kurfürstendamm in Berlin and one in downtown Frankfurt. Norges Bank Investment Management (NBIM), which manages the fund officialy known as Norwegian Government Pension Fund Global, bought the buildings in partnership with AXA France Insurance Companies from the Royal Bank of Scotland………………………………………..Full Article: Source

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Posted on 16 October 2012 by VRS |  Email |Print

The taxpayer-owned Future Fund invested more than $37 million in tobacco company stocks at the same time as the government was finalising the world’s first plain-packaging laws for tobacco products.
The fund’s stake in global tobacco companies has risen by almost 50 per cent in recent years to $210 million at the end of June, angering health groups. Until now, the fund has not said if it has been actively buying more stock, or if the shares have risen in value. Tobacco company shares have performed strongly recently………………………………………..Full Article: Source

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Posted on 16 October 2012 by VRS |  Email |Print

Leading health groups are calling on the Future Fund to divest itself of tobacco company shares, amid revelations it invested tens of millions of dollars in the sector as the Government was introducing plain packaging laws for cigarettes.
Information provided to a Senate committee shows the fund invested $37.8 million in tobacco shares between December 2010 and February 2012 to top up its existing holdings. The extra investment contributed to a more than 50 per cent increase in the value of its tobacco shareholdings, taking the total to around $210 million as at June 30………………………………………..Full Article: Source

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Posted on 16 October 2012 by VRS |  Email |Print

The Australian Greens say the Future Fund is hiding behind “sham” practices to justify its investment in the shares of tobacco companies. Greens senator Richard Di Natale said it was appalling that the fund, which was set up to cover federal public service superannuation liabilities, was investing money in a toxic product.
“The Future Fund hides behind vague principals such as ‘engagement’ in order to reassure the community that it encourages good corporate behaviour,” the senator said in a statement issued Tuesday………………………………………..Full Article: Source

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Posted on 16 October 2012 by VRS |  Email |Print

The Nigeria’s Sovereign Wealth Fund, whose management board was inaugurated last week, will target and invest in projects that will impact on the economy and the life of every Nigerians, sources close to the Fund told Daily Trust at the weekend.
Activities on the Fund, which currently has $1 billion as seed capital will formally commence at the end of this month. The Fund is at the moment trying to get an office to operate from, one of the sources said………………………………………..Full Article: Source

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