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Sovereign Wealth Funds Briefing 11.Jul 2013

Posted on 11 July 2013 by VRS |  Email |Print

Kenya will form a state-owned company that will hold stakes in mines and establish a sovereign wealth fund to manage revenue from the industry, Mining Secretary Najib Balala said.
The government is repealing a law that required at least 35 percent domestic ownership, reducing it to 10 percent that will be held by the government, Balala said in an interview on July 9 in the capital, Nairobi. The new legislation, creating what will be known as the National Mining Corp., is expected to be enacted by November, he said………………………………………..Full Article: Source

Posted on 11 July 2013 by VRS |  Email |Print

Russia’s $10bn state-backed fund has appointed the new head of Qatar’s sovereign wealth fund to its international advisory board, in a move signalling a possible co-operation between the two investors.
Ahmad Mohamed Al-Sayed, the 37-year-old lawyer who earlier this month was named chief executive of the Qatar Investment Authority, is joining Khaldoon Khalifa Al Mubarak, chief executive of Mubadala Development Company, the Abu Dhabi state fund, as well as Gao Xiqing, president of the China Investment Corporation on the board, the fund said in a statement on Wednesday………………………………………..Full Article: Source

Posted on 11 July 2013 by VRS |  Email |Print

Brazil’s EBX Group successfully concluded on Wednesday a debt refinancing deal with Abu Dhabi’s sovereign wealth fund in a major step toward shoring up billionaire Eike Batista’s conglomerate, EBX said.
A source with direct knowledge of the EBX-Mubadala accord told Reuters last week that the agreement will cut EBX’s debt with the Abu Dhabi fund, Mubadala Development Co, by more than 25 percent to between $1.6 billion and $1.7 billion. The debt was valued at $2.3 billion recently, the source said………………………………………..Full Article: Source

Posted on 11 July 2013 by VRS |  Email |Print

Abu Dhabi’s Mubadala Development Company has lowered its exposure to Brazilian tycoon Eike Batista, who has been plunged into financial crisis amid production problems at his flagship oil company.
On Wednesday, Mr. Batista’s EBX group said it has repaid some of the $2 billion investment made by Mubadala, the Abu Dhabi state investment fund, announced in March 2012. It has also revised the terms of the remaining loans, providing some relief for the businessman, who is battling to fend off creditors amid a loss of credibility in the group………………………………………..Full Article: Source

Posted on 11 July 2013 by VRS |  Email |Print

The former chief treasurer at Norges Bank Investment Management, which manages Norway’s sovereign wealth fund, has re-emerged at Bank of America Merrill Lynch. Jessica Irschick joined Merrill Lynch International as a managing director in June, according to the UK’s Financial Services Register.
Merrill Lynch International offers European investment banking and broking services, according to its most recent accounts on Companies House………………………………………..Full Article: Source

Posted on 11 July 2013 by VRS |  Email |Print

While much of the Western world, Japan, and even China are wallowing under crushing debt burdens, the tiny city-state of Singapore is sitting on various national sovereign wealth funds and investments that could total some 1 trillion dollars or more in assets.
Now one of Singapore’s sovereign wealth funds, Temasek Holdings, is looking to add European and North American assets to their 160 billion sovereign wealth fund………………………………………..Full Article: Source

Posted on 11 July 2013 by VRS |  Email |Print

Energy security is important to the island country of Singapore. Singapore is determined to become a regional liquefied natural gas (LNG) hub. Already, Singapore is one of the world’s biggest centers for bunkering (fueling of marine vessels).
Singapore’s Energy Market Authority formed the Singapore LNG Corporation to assist in building and operating Singapore’s first LNG terminal on Jurong Island. In May 2013, Singapore LNG Corporation received its initial contract cargo of LNG from BG Group Plc. Back in 2008, BG Group agreed to export LNG to the Energy Market Authority for up to 20 years………………………………………..Full Article: Source

Posted on 11 July 2013 by VRS |  Email |Print

By most accounts, Singapore investment firm Temasek Holdings, which turns 40 next year, has just enjoyed a bumper year. Buoyed by a strong showing on equity markets, the value of its portfolio rose to a record high of $215 billion as at March 31, it reported last Thursday. This was an 8.6 per cent jump over last year’s $198 billion.
Total shareholder return - a measure of how hard investment funds have worked - was 8.86 per cent, nearly double the 4.6 per cent pace of the previous year.The net profit for the entire stable of Temasek’s companies also stood at an impressive $11 billion, unchanged from a year earlier………………………………………..Full Article: Source

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