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Sovereign Wealth Funds Briefing 24.Oct 2012

Posted on 24 October 2012 by VRS |  Email |Print

A proposal by Israel’s Finance Ministry to create a sovereign wealth fund similar to Norway’s to safeguard billions of dollars in windfall natural gas revenue received initial approval from a government panel.
The proposal was approved by the ministerial legislative committee but still needs to be passed in parliament, the ministry said on Tuesday. The discovery of some of the world’s largest offshore gas fields has given Israel decades of energy independence and paved the way for it to become a natural gas exporter………………………………………..Full Article: Source

Posted on 24 October 2012 by VRS |  Email |Print

The Ministry of Finance announced Minister of Finance Yuval Steinitz’s bill for a sovereign wealth fund for the government’s take on natural gas profits has been approved by the ministerial legislative committee.
The bill’s approval follows the recommendations of the Sheshinski Committee and the committee set up by Prime Minister Benjamin Netanyahu, Steinitz, and Governor of the Bank of Israel Prof. Stanley Fischer to review the management of the state’s revenues from Israel’s natural resources. National Economics Committee chairman Prof. Eugene Kandel chaired the committee. Its members included the Ministry of Finance’s budget director and accountant general, the deputy attorney general, and Fischer………………………………………..Full Article: Source

Posted on 24 October 2012 by VRS |  Email |Print

Angola’s decision to set up a sovereign wealth fund is positive news, Fitch Ratings says. It reaffirms our view that government policies are reducing the economy’s exposure to movements in the oil price, and laying a foundation for sustainable growth.
This view was reflected in our revision of the Outlook on Angola’s ‘BB-’ rating to Positive from Stable in May. We said that setting up a sovereign wealth fund could contribute to an upgrade if it were coupled with a longer track record of prudent fiscal and monetary policy management………………………………………..Full Article: Source

Posted on 24 October 2012 by VRS |  Email |Print

An Asian partnership led by Singapore’s sovereign wealth fund has agreed to buy a 92 percent stake in 101 California St. in downtown San Francisco for $851 million, or $740 a square foot, according to Real Estate Alert.
The seller was Nippon Life Insurance. The partnership will also buy part of the remaining 8 percent interest held by Hines, which will continue to manage the property, according to the real estate newsletter………………………………………..Full Article: Source

Posted on 24 October 2012 by VRS |  Email |Print

Chinese private equity fund Cathay Fortune has turned hostile on Discovery Metals, the ASX-listed African copper producer, by going directly to shareholders with its $830 million takeover offer after its initial setback. It made a joint bid for Discovery Metals early this month with the Chinese sovereign wealth fund, China-Africa Development Fund. The board of Discovery Metals turned down the overture, saying the offer was inadequate.
The largest shareholder of Cathay Fortune, Yu Yong, said in a statement to the Australian Stock Exchange that the refusal by the board of Discovery Metals to engage with his company left it with no choice but to launch a hostile takeover bid………………………………………..Full Article: Source

Posted on 24 October 2012 by VRS |  Email |Print

A Chinese sovereign wealth fund is set to become a landlord in the UK’s most important office market: the City of London. China Investment Corporation (CIC), the country’s $410bn fund, is in talks to buy Deutsche Bank’s UK headquarters for £250m.
According to people close to the situation, Invesco, the asset manager, will buy the 312,000 sq ft office block on behalf of CIC. Invesco declined to comment………………………………………..Full Article: Source

Posted on 24 October 2012 by VRS |  Email |Print

In what the company calls a “road show” in Scandinavia, Gazprom representatives last week met with key financial players in Norway, Sweden and Denmark. “Gazprom is interested in raising the stakes of long-term investors in the company”, a press release reads. According to Gazprom, the Scandinavian investment funds have “a very high quality”, as well as “a comprehensive understanding of the specifics of Gazprom’s business”.
The Scandinavian tour, which was headed by Deputy Board Leader Andrei Kruglov, included visits to several financial groups in the three countries. However, it is believed that the Bank of Norway and its Government Pension Fund Global was a key target of the trip………………………………………..Full Article: Source

Posted on 24 October 2012 by VRS |  Email |Print

According to the “Investment Policy of the State Oil Fund of the Republic of Azerbaijan” up to 5% of the Fund’s assets can be invested in assets denominated in Turkish Lira and Russian Ruble.
In the framework of the Investment policy first investments were made to the assets denominated in Turkish Lira during the current year and appropriate preparations to start investments in Russian Ruble have been completed. On October 19, 2012 SOFAZ has invested RUB 3 billion (USD 100 million approximately) into the short term deposit at one of the biggest banks in Russia, Gazprombank………………………………………..Full Article: Source

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