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Sovereign Wealth Funds Briefing 16.Nov 2012

Posted on 16 November 2012 by VRS |  Email |Print

The chairmen of China’s sovereign wealth fund, largest energy company, fourth-biggest bank and top airplane maker were given higher positions in a ruling Communist Party undergoing a once-a-decade leadership change.
China Investment Corp.’s Lou Jiwei, 61, served in the People’s Liberation Army, was deputy governor of the southwestern province of Guizhou and was a deputy finance minister before joining CIC, which oversees about $482 billion in assets………………………………………..Full Article: Source

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Posted on 16 November 2012 by VRS |  Email |Print

Qatar Holding LLC, Xstrata (XTA) Plc’s second-largest shareholder, will vote for a $31 billion bid for the mining company by Glencore International Plc, boosting the likelihood the year’s biggest takeover will succeed.
The investment arm of the Qatar Investment Authority “continues to see merit in a combination of the two companies and is satisfied with the terms of the proposed merger,” it said today in a regulatory statement………………………………………..Full Article: Source

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Posted on 16 November 2012 by VRS |  Email |Print

Qatar’s sovereign wealth fund said on Thursday that it will vote in favour of commodities giant Glencore’s bid to merge with Swiss mining group Xstrata, giving a major boost to the deal. Qatar Holdings, which is the second largest shareholder in Xstrata with 12.0 percent of its equity, had been holding out for 3.25 Glencore shares for one Xstrata share, but it said it now accepted the 3.05 final offer.
“QH continues to see merit in a combination of the two companies and is satisfied with the terms of the proposed merger, having secured the improved exchange ratio of 3.05 new Glencore shares for every one existing Xstrata share,” the fund said in statement………………………………………..Full Article: Source

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Posted on 16 November 2012 by VRS |  Email |Print

The United States (US) has demanded from the Federal Government, explanations on how it has been managing the Excess Crude Account and the country’s finances. A statement from the Office of the Accountant-General of the Federation said Mr Douglas P. Climan of the American Embassy made the demands when he called on the Accountant-General of the Federation, Mr Jonah Otunla, in his office at Treasury House, Abuja.
The diplomat was said to have told the AGF that he came to the Treasury House to understand the budgeting and the operation of Federation Account. Mr Climan said he would also like to know how ECA withdrawals were made and how the unspent balance of capital was managed………………………………………..Full Article: Source

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Posted on 16 November 2012 by VRS |  Email |Print

Accruals to the Excess Crude Account has risen to about $9.5bn as at the end of October as N172.5bn was transferred to the account at the Federation Accounts Allocation Committee (FAAC), meeting held in Abuja, Tuesday.
Disclosing this to journalists at the end of the meeting which ended at about 11 pm, the Minister of State for Finance, Dr. Yerima Ngama, said increase in the ECA was due to higher revenues of government in the month under review………………………………………..Full Article: Source

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Posted on 16 November 2012 by VRS |  Email |Print

On Wednesday, Samruk-Kazyna National Welfare Fund summoned all the directors of national companies at one table. The Fund’s management and chief executives discussed how to improve corporate governance and make the holding not just operational but also strategic.
From now, the Fund’s functions as a shareholder and its representative in the Board of Directors will be clearly delineated. The boards of directors will no longer be informal bodies that make decisions, which are already pre-prepared by its manager and approved by the Fund………………………………………..Full Article: Source

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Posted on 16 November 2012 by VRS |  Email |Print

Azerbaijan’s State Oil Fund, known as Sofaz, will place rubles on deposit at VTB Group (VTBR) and other Russian banks to diversify reserves, the Trend news service reported, citing Shahmar Movsumov, Sofaz’s executive director.
Talks with VTB Bank are drawing to a close, Movsumov told reporters today in Baku, the Azeri capital, Trend said………………………………………..Full Article: Source

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Posted on 16 November 2012 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) is negotiating with Russia’s VTB Bank within the ruble portfolio expansion, SOFAZ head Shahmar Movsumov told media today. “At present, the negotiations with VTB Bank are under completion,” Movsumov said.
According to the new investment strategy, the State Oil Fund of the Azerbaijani Republic began investing in assets denominated in Russian rubles on October 19, 2012. At present, SOFAZ’s investment portfolio includes only short-term deposit in the Russian “Gazprombank” to the amount of 3 billion rubles ($ 100 million)………………………………………..Full Article: Source

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Posted on 16 November 2012 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) will participate in the share capital of the consortium on construction & operation of Trans-Anatolian gas pipeline (TANAP). SOFAZ executive director Shahmar Movsumov says that the issue of Fund’s participation in TANAP joint stock capital is under discussion today and the matter of participation in the credit part of the project is out of question.
“So far amount of SOFAZ participation in the TANAP capital has not been accorded clearly. Only after the consortium is formed the TANAP shareholders will begin consideration of the matter of raising credit resources to cover the rest part of the project financing. At that, SOFAZ also can also cover the missing part of financing raised from international banks, but I think this will not happen. TANAP is efficient and profitable project, and it will not have problems with attraction of credits,” Movsumov said………………………………………..Full Article: Source

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Posted on 16 November 2012 by VRS |  Email |Print

When it comes to saving the world’s dwindling rainforest, Norway has been a leader in guiding the world toward sustainable forest management. The small country pledged $500 million annually toward REDD+ (reducing emissions from deforestation and degradation) in 2007. These efforts, however, have largely been offset by the Norwegian Government Pension Fund-Global, (GPFG), which currently has US $13.7 billion invested in sectors known to be major drivers of deforestation.
Colloquially known as “Norway’s Pension Fund”, the GPFG has ratcheted up its investments in forest-unfriendly endeavors such as oil palm plantations, cattle ranching, and mining over the past year, according to the Rainforest Foundation Norway and Friends of the Earth Norway, which jointly published their findings in “ Beauty and the Beast-Norway’s investments in rainforest protection and rainforest destruction”……………………………………….Full Article: Source

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Posted on 16 November 2012 by VRS |  Email |Print

Fonterra said it had been talking with a large number of institutional investors about its upcoming Fonterra Shareholders Fund offer but that it was impossible to know what their intentions might be until the bookbuild process for the offer was complete.
The cooperative earlier declined to comment on a report out of Beijing that China Investment Corp was seeking a stake in the Fonterra Shareholders Fund. The Wall Street Journal said China Investment Corp was in talks with Fonterra about investing in the fund. The Journal said the Chinese sovereign-wealth fund sought overseas investments tied to China’s growth prospects………………………………………..Full Article: Source

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Posted on 16 November 2012 by VRS |  Email |Print

Asia’s largest logistics provider Global Logistic Properties Ltd (GLP) has tied up with three major investment funds to buy logistic assets in Brazil for 2.9 billion reais ($1.45 billion), expanding its global network into Latin America’s largest economy. Singapore-based GLP, a unit of the island nation’s sovereign wealth fund, manages best-in-class warehouses operating in 36 markets across Asia with leading businesses in China and Japan.
In a statement, GLP said that it will form two joint ventures with Canada Pension Plan Investment Board (CPPIB), China Investment Corporation (CIC) and Government of Singapore Investment Corporation (GIC) to acquire two portfolios of logistics facilities from Brazil’s Prosperitas with GLP’s initial equity investment of $334 million………………………………………..Full Article: Source

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Posted on 16 November 2012 by VRS |  Email |Print

Singapore-listed Global Logistics Properties (GLP) says it will raise S$414.4 million (US$339 million) in gross proceeds by issuing new shares through a private placement. GLP will issue 160 million new shares at S$2.59 to partly fund its acquisition of Brazilian logistic assets.
The company said on Wednesday that it would form joint ventures with the Canada Pension Plan Investment Board, China Investment Corp and Government of Singapore Investment Corp to buy US$1.4 billion of assets in Brazil………………………………………..Full Article: Source

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Posted on 16 November 2012 by VRS |  Email |Print

Fitch Ratings says it does not expect Singapore-listed Global Logistic Properties Limited’s ratings to be affected by the announcement that it will form joint ventures (JV) with Canada Pension Plan Investment Board, China Investment Corporation and Government of Singapore Investment Corporation to acquire properties in Brazil.
As GLP intends to fully fund its initial equity contribution of US$334 million through an equity placement, Fitch believes the impact on GLP’s financial profile and ratings will be limited………………………………………..Full Article: Source

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Posted on 16 November 2012 by VRS |  Email |Print

Since Paulson & Co and the Winthrop Realty Trust missed a debt interest payment, it triggered the auction in the Fall of 2012 for Club PGA West. The only known bidder so far for Club PGA West is GIC RE, the sovereign wealth enterprise of the Government of Singapore Investment Corporation (GIC).
If there is more than one bidder the auction date will start on December 6, 2012. The Government of Singapore Investment Corporation has been a major creditor to a portfolio of luxury properties including Club PGA West………………………………………..Full Article: Source

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