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Sovereign Wealth Funds Briefing 14.Dec 2012

Posted on 14 December 2012 by VRS |  Email |Print

Australia should look at a sovereign wealth fund to profit from the revenues of its China-fuelled mining boom, the Paris-based Organisation for Economic Cooperation and Development (OECD)club of rich nations said , describing the robust economy’s outlook as positive. The country dodged recession during the financial crisis due to its mining-powered economy, but slowing commodity prices have started to hurt growth while a high Aussie dollar has hit manufacturing and other industries.
“The authorities should consider creating a stabilisation fund to accumulate mining-related revenues when they are unusually high to insulate budget and spending, thereby reducing the risk of pro-cyclical fiscal policy,” it said………………………………………..Full Article: Source

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Posted on 14 December 2012 by VRS |  Email |Print

UK property developer Canary Wharf Group Plc and Qatari Diar Real Estate Investment Co, the property investment arm of Qatar’s sovereign wealth fund, have announced plans to the ‘Braeburn Estates’ project, consisting of offices, up to 790 homes and a number of shops at the Shell Centre site on London’s South Bank, capitalising on surging prices and rising rents in the UK capital, Bloomberg reported on 13 December 2012.
Canary Wharf, which controls the financial district of the same name, and Qatari Diar will spend more than £1 billion including the cost of the land between Waterloo Station and Hungerford Bridge purchased last year, to redevelop the area on the south bank of the River Thames………………………………………..Full Article: Source

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Posted on 14 December 2012 by VRS |  Email |Print

Eike Batista’s net worth is $6.8 billion less than previously estimated because new details on his deal to sell a stake in his EBX Group Co. imply a lower value for his Brazilian commodities empire, according to the Bloomberg Billionaires Index. After making repeated vows to become the richest person on the planet, Batista’s $12.7 billion fortune places him 73rd in the world, according to the ranking. He was 36th on Dec. 12.
Batista, under terms of the sale of 5.63 percent of EBX to Abu Dhabi’s Mubadala Development Co. for $2 billion in March, agreed to cede an unspecified additional stake in his holding company in 2019 if he fails to deliver a 5 percent annual return on the sovereign-wealth fund’s investment, according to a person with knowledge of the deal………………………………………..Full Article: Source

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Posted on 14 December 2012 by VRS |  Email |Print

Perng Fai-nan, governor of the Central Bank of China (CBC), confirmed for the first time that due to the need of deployment, a certain sovereign wealth fund from the Middle East has invested in Taiwan’s stock market recently.
Legislator Lai Shih-pao pointed out that the Middle East sovereign fund coming to Taiwan recently is that of Abu Dhabi, the largest sovereign fund in the world, boasting a scale in excess of US$800 billion………………………………………..Full Article: Source

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Posted on 14 December 2012 by VRS |  Email |Print

Abu Dhabi businessmen are “looking at” opportunities in the Philippines, particularly the government’s public-private partnership projects, a Trade official said Thursday. “They are seriously looking at the Philippines and they are interested in PPP projects as well as tourism and hotel facilities,” Trade Undersecretary Cristino Panlilio said.
The Abu Dhabi Investment Authority, which manages the emirate’s sovereign wealth funds, led a mission to the Philippines a few days ago. “In their visit here, they liked what they saw,” said Panlilio. ADIA invests in all the international markets, including equities, fixed income and treasury, infrastructure, real estate, private equity and hedge funds………………………………………..Full Article: Source

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Posted on 14 December 2012 by VRS |  Email |Print

Accordion to Jonah Otunla, ECA has fared very well in the Excess Crude Account, we targeted US$10 billion at the end of the year and I am happy to tell you that we have 9.66 billion dollars in the account i.e. about 97 per cent of target.
The accountant-general also commented on the recent demand by the 36 state governors for the withdrawal of US$1billion dollars from the oil savings account………………………………………..Full Article: Source

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Posted on 14 December 2012 by VRS |  Email |Print

The China Investment Corporation (ICI), one of the world’s largest sovereign wealth funds, is set to become a powerful landowner in British Columbia if a $100 million deal with Island Timberlands, the second-largest owner of private forests in the province, goes through.
The Ancient Forest Alliance (AFA) is concerned that closure of the deal, especially in light of Canada’s pending ratification of the Foreign Investment Protection and Promotion Agreement (FIPA), could have negative consequences for protection of BC’s treasured old-growth forests, forestry jobs, and the rights of First Nations, according to an AFA press release………………………………………..Full Article: Source

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Posted on 14 December 2012 by VRS |  Email |Print

State-owned sovereign fund Khazanah Nasional Bhd has sold 60 million shares worth RM406.8 million in Tenaga Nasional Bhd (TNB) via a private placement exercise. The sale, seen as part of the sovereign fund’s divestment in government-linked companies, was managed by placement agents – CIMB Group Holdings Bhd and Deutsche Bank.
The shares sold represented 1.1% of TNB’s paid-up capital. Transacted at RM6.78 per share, the price represents a discount of 2% of TNB’s closing price on Tuesday. The shares closed three sen higher at RM6.95………………………………………..Full Article: Source

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Posted on 14 December 2012 by VRS |  Email |Print

Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) met with USA delegation headed by Texas Comptroller of Public Accounts, Susan Combs on December 13, 2012.
Mr. Movsumov briefed the guests on the Fund’s activity, management of its assets, Sovereign Wealth Funds, major projects financed by the Fund. He talked about SOFAZ’s leading role in implementation of the Extractive Industries Transparency Initiative (EITI)………………………………………..Full Article: Source

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