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Sovereign Wealth Funds Briefing 27.Aug 2013

Posted on 27 August 2013 by VRS |  Email |Print

The Future Fund will oppose a preliminary discovery application lodged by AustralianSuper, denying any liability for the damages incurred by Australia’s largest super fund during its acquisition of a shareholding in Perth Airport Development group.
In February the $60 billion AustralianSuper threatened legal action against the $85 billion sovereign wealth fund. The Future Fund is alleged to have breached a shareholders’ agreement in its $2 billion purchase of a stake in Perth airport from Australian Infrastructure Fund (AIX). AustralianSuper is seeking damages — thought to be in the region of $100 million………………………………………..Full Article: Source

Posted on 27 August 2013 by VRS |  Email |Print

Khazanah Nasional Bhd has proposed to issue RM10bil multi-currency Islamic securities programme via Danga Capital Bhd, which is a trust-owned special purpose vehicle. RAM Rating Services Bhd had on Monday reaffirmed the AAA rating of Danga Capital debt notes. It said the long-term rating has a stable outlook.
Danga, a trust-owned special purpose vehicle, had been incorporated for the sole purpose of facilitating the issuance of the Islamic securities programme (ISP)………………………………………..Full Article: Source

Posted on 27 August 2013 by VRS |  Email |Print

Norway’s $750 billion sovereign wealth fund can once again invest in Africa Israel Investments and its subsidiary, construction firm Danya Cebus, the Norwegian finance ministry said. The firms were excluded from the fund, the world’s largest, in 2010 on the recommendation of its ethics council as they were involved in the building of Israeli settlements in the West Bank.
A recent review revealed the firms and their subsidiaries were no longer involved in the construction of settlements in the West Bank and they had no plans for such activities in future, the finance ministry said in a statement……………………………………….Full Article: Source

Posted on 27 August 2013 by VRS |  Email |Print

Financial transactions involving sovereign funds, such as treasury bonds, won’t be subject to the new Financial Transaction Tax (FTT) - the so-called Tobin tax - which goes into effect on October 16, the Italian economy ministry announced on Monday.
”Entities and organizations invested in by pension funds” will also be exempt from tariffs on equity and derivatives transactions, but ethical or socially responsible funds will not, the ministry clarified. Companies that buy shares in their controlled entities, or buy back their own stock to eliminate shares, also won’t pay the new tax destined to hit both counterparties in most equities transactions………………………………………..Full Article: Source

Posted on 27 August 2013 by VRS |  Email |Print

Mubadala Petroleum, in concert with KrisEnergy Limited, has recently announced the approval of an oil well development off the coast of Thailand near the Pattani and Malay Basins.
According to a press release issued by Mubadala Petroleum, production will begin in the first half of 2015, with peak rates of 10,000 barrels of oil a day expected a few months after. The development will also include a minimum facility wellhead platform, a wellhead processing platform, and crude oil will be exported by way of a floating storage and offloading vessel………………………………………..Full Article: Source

Posted on 27 August 2013 by VRS |  Email |Print

With a trust fund fueled by severance taxes from the oil industry, North Dakota has saved nearly $1.5 billion in just 20 months. While some West Virginia lawmakers hope to start a similar fund using taxes from the Marcellus shale industry, others are still skeptical of the revenues the state can expect.
North Dakota’s tax department collected nearly $3.5 billion from the state’s oil and natural gas production alone between 2011 and 2013. In those same two years, West Virginia collected about $875 million in severance taxes, which includes all of the state’s extraction industries………………………………………..Full Article: Source

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