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Sovereign Wealth Funds Briefing 02.Sep 2013

Posted on 02 September 2013 by VRS |  Email |Print

The Government Pension Fund Global, or GPFG, is where surplus monies generated by Norway’s petroleum income are deposited. It is the largest sovereign wealth fund in the world, according to the Sovereign Wealth Fund Institute. Despite GPFG’s name, however, it derives its contributions not from individual taxes on the 5 million people living in the country but from revenue produced by the nation’s oil-and gas assets, many of them in the North Sea.
GPFG has more than doubled in value since December 2007, according to data collected by Norway and the Organization for Economic Cooperation and Development. Together, GPFG and its sibling Government Pension Fund Norway, or GPFN, have been described as holding about 1 percent of global equities and as the largest stock owner in Europe, with about 1.78 percent of its markets………………………………………..Full Article: Source

Posted on 02 September 2013 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has already invested about 70 million manats in the construction of a new generation floating drilling rig in Azerbaijan, SOFAZ head Shahmar Movsumov told Trend on Friday. A part of the financing of the new projects will be carried out by SOFAZ.
Alongside with the new drilling rig the new projects include the construction of Trans Anatolian Gas Pipeline (TANAP), construction of new oil refinery of the State Oil Company of Azerbaijan (SOCAR) in Turkey, creation of new oil and gas refining and oil and chemical products producing complex in Azerbaijan, as well as the project of development of the broadband internet in the country………………………………………..Full Article: Source

Posted on 02 September 2013 by VRS |  Email |Print

lham Aliyev, The President of Azerbaijan, approved the budget implementation of the State Oil Fund of Azerbaijan (SOFAZ) with surplus of AZN 3.1 billion (AZN 3,100,464.300). In accordance with the order of the President, SOFAZ profits for the last year were approved at the level of AZN 13.674 billion (AZN 13,674,070.100) and the spending – at the level of AZN 10.573 (AZN 10,573,605.800). The State Oil Fund has implemented the profit section of its budget by 99.7% and the spending section – by 98.4%.
The revenue from hydrocarbons sale makes the basic part of its profit – AZN 13.117 billion (AZN 13,117,354.600). The revenue from SOFAZ assets administration is estimated to be at the level of AZN 543.992 million (AZN 543,992.100)………………………………………..Full Article: Source

Posted on 02 September 2013 by VRS |  Email |Print

The Singaporean sovereign wealth fund Temasek planted its flag in London in dramatic style, paying the highest rents in six years for a new European headquarters in St James’s.
The investment giant, which has S$215bn (£108bn) in assets under management including a stake in Asia-facing bank Standard Chartered, set up a new European company in June and appointed UBS’s former chief financial officer, John Cryan, as its president………………………………………..Full Article: Source

Posted on 02 September 2013 by VRS |  Email |Print

Singaporean sovereign wealth fund Temasek today planted its flag in London in dramatic style, paying the highest rents in six years for a new European headquarters in St James’s.
The investment giant, which has S$215 billion (£108 billion) in assets under management including a stake in Asia-facing bank Standard Chartered, set up a new European company in June and appointed former UBS chief financial officer John Cryan as its president………………………………………..Full Article: Source

Posted on 02 September 2013 by VRS |  Email |Print

The Singapore sovereign wealth fund is reported to be buying half of the Broadgate office estate in the City of London for £1.7bn in what is set to be the largest single property deal in UK real-estate history.
The seller is Blackstone, the US private equity group, which bought its stake in the 15-building City complex for £1.07bn in September 2009. British Land (BLND), the real-estate investment trust that pieced Broadgate together in the 1990s slump, controversially offloaded its 50 per cent stake to reduce its debt load at what turned out to be the trough of the property crash………………………………………..Full Article: Source

Posted on 02 September 2013 by VRS |  Email |Print

An arm of China’s sovereign-wealth fund has raised its stake in the nation’s banks, buying around $340 million of shares in the four major lenders in the first half of the year, likely seeking to bolster the equity market as the economy slows and worries linger over the health of the country’s financial system.
The biggest investment by Central Huijin Investment Ltd. was in Industrial & Commercial Bank of China —the biggest lender by assets—buying 721 million yuan ($118 million) of shares and raising its stake to 35.50% from 35.46%, according to data provider WIND Info………………………………………..Full Article: Source

Posted on 02 September 2013 by VRS |  Email |Print

The Bank of Thailand is once again giving thought to starting a sovereign wealth fund to handle its large foreign reserves. A Sovereign Wealth Fund Institute article from October, 2011, noted that the country would not be pursuing the development of a sovereign wealth fund with its then US$ 180 billion in reserves.
New studies, however, are being conducted by the bank in order to gauge the wisdom of establishing such a fund. According to a document from the Bank of Thailand, as of August 16th, foreign reserve holdings are valued at US$ 172 billion, with liabilities of US$ 123 billion………………………………………..Full Article: Source

Posted on 02 September 2013 by VRS |  Email |Print

The Deputy Governor of the Central Bank of Libya announced the Libyan Investment Authority has made a profit of $2-2.25 billion in the first half of 2013. It was established as a sovereign fund aimed to develop excess revenues from oil sales. In 2010, the LIA valued it’s own investment portfolio at $64 billion.
It is also believed profits of around $10 billion is often “missed” due to poor management since it was founded in 2006. The Deputy Governor said Libya needs a sovereign fund at around $250 billion to ensure the country is not totally dependent on oil revenue. Libya currently relies on oil for 98% of its income………………………………………..Full Article: Source

Posted on 02 September 2013 by VRS |  Email |Print

Bahrain Mumtalakat Holding Company, the investment arm of the Kingdom of Bahrain, today announced an agreement for a $250 million revolving credit facility. The revolving credit facility is with a group of local and regional banks with whom Mumtalakat enjoys a strong relationship, namely National Bank of Bahrain (NBB), as Mandated Lead Arranger and Facility Agent; Gulf International Bank (GIB), as Mandated Lead Arranger and Structuring Bank; along with Co-Arrangers, BBK, Arab Bank and Mashreq Bank.
Commenting on the financing, Mr. Mahmood Al Kooheji, CEO of Mumtalakat stated, “We are very pleased with this transaction which is a testament to Mumtalakat’s financial strength and demonstrates Mumtalakat’s close relationship with both local and regional banks………………………………………..Full Article: Source

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