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Sovereign Wealth Funds Briefing 10.Sep 2013

Posted on 10 September 2013 by VRS |  Email |Print

Norway’s sovereign-wealth fund agreed to buy a 45 percent stake in a Manhattan office building from Boston Properties Inc. for $684 million, expanding its real estate holdings in the world’s largest economy.
Boston Properties, the biggest U.S. office real estate investment trust, will keep a 55 percent stake in the Times Square Tower and manage the building on behalf of the joint venture, the Oslo-based fund said in a statement on its website………………………………………..Full Article: Source

Posted on 10 September 2013 by VRS |  Email |Print

Real estate investment trust Boston Properties Inc.agreed Monday to sell a 45 percent ownership interest in its 47-story Times Square Tower to a Norwegian Sovereign Wealth fund in an all-cash deal valued at $684 million. The deal includes 45 percent ground leasehold interest and related tax credits. The property is unencumbered by debt. The deal is expected to close within the next 90 days.
The Norwegian Government Pension Fund Global entered into a joint venture agreement with Boston Properties to buy the ownership interest in an office property in New York. The fund is managed by Norges Bank, which is Norway’s central bank and also manages Norway’s foreign exchange reserves………………………………………..Full Article: Source

Posted on 10 September 2013 by VRS |  Email |Print

Norway, like many super-rich nations, earns its wealth through selling oil, and is the third largest exporter on the planet. Oil in Norway comes primarily from the Barents Sea to the north and the North Sea to the South. Rather than spending frivolously on the unexpected wealth (unlike many a Gulf nation) or manipulate the oil markets, the Norwegian government kept their prices in line with the market, and placed the money in a sovereign wealth fund.
Norway’s Government Pension Fund, which holds nearly 2% of all of Europe’s stocks, is currently valued at $750 billion………………………………………..Full Article: Source

Posted on 10 September 2013 by VRS |  Email |Print

A new report, written by Professor David Mackay, chief scientific advisor to the Department of Energy and Climate Change, and Dr Timothy Stone, Senior advisor to the Secretary of State, has intricately accessed how the greenhouse gas emissions that would be released from developing shale gas in the UK, would affect the country’s emission targets.
Ed Davey, the Energy and Climate Change Secretary, explained that the report conclude that with the right safeguards, the level of greenhouse gases emitted during shale gas production would be relatively low, and would have a far lower carbon footprint than coal of imported liquefied natural gas (LNG)………………………………………..Full Article: Source

Posted on 10 September 2013 by VRS |  Email |Print

Russia’s Finance Ministry has suggested financing new projects from the National Wealth Fund following returns from the fund’s earlier investments into anti-crisis instruments, Finance Minister Anton Siluanov told reporters Monday.
In June, President Vladimir Putin ordered the government to consider investing the National Wealth Fund, originally designed to secure the country’s pension system, into the modernization of the Baikal-Amur Mainline (BAM) and the Trans-Siberian Railway (Transsib), among other infrastructure projects………………………………………..Full Article: Source

Posted on 10 September 2013 by VRS |  Email |Print

The government will press ahead with plans to channel 450 billion rubles ($13.5 billion), or 40 percent of the National Welfare Fund, to large infrastructure projects starting from next year, but it is reluctant to allocate more, Finance Minister Anton Siluanov said Monday.
The Finance Ministry, which oversees the fund’s spending, is being bombarded with proposals to finance various investment projects, Siluanov said. “But we have always supported the idea that there should be a limited number of them — there are three” projects, the minister said, Interfax reported………………………………………..Full Article: Source

Posted on 10 September 2013 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) will keep on purchasing physical gold and delivering it to Baku for storage in 2014.
Shahmar Movsumov, the Executive Director of SOFAZ, informs that in 2014 the Fund will most likely keep on buying the gold in planned volumes (up to 5% of Fund assets). “At the present moment we conduct gold purchasing transactions on a weekly basis”, - Movsumov said………………………………………..Full Article: Source

Posted on 10 September 2013 by VRS |  Email |Print

Chinese banks are interested in funding projects worth more than EUR 3 billion in Romania, according to Romania’s Department for Infrastructure Projects and Foreign Investments (DPIIS). DPIIS said the investments could either be channeled through Chinese companies developing projects in Romania or by participating in the privatization of Romanian companies.
Minister-delegate for Infrastructure Projects and Foreign Investments Dan Sova met representatives from the China Investment Corporation (CIC), China Development Bank and China Exim Bank in Beijing last week. The release noted the CIC’s interest in the privatization of Romanian state companies, 11 of which are currently undergoing privatization………………………………………..Full Article: Source

Posted on 10 September 2013 by VRS |  Email |Print

Leading the charge are private companies, with the sovereign wealth fund the China Investment Corporation not far behind, using part of the government’s huge foreign exchange reserves. It recently acquired a 10 percent stake in London’s Heathrow Airport for 450 million pounds (534 million euros).
Beijing has encouraged Chinese companies to “go international” with the result that foreign investment have risen from the equivalent of 52 billion euros in 2010 to 66.5 billion last year………………………………………..Full Article: Source

Posted on 10 September 2013 by VRS |  Email |Print

Mozambique’s Ministry of Mineral Resources is skeptical about the establishment of a Sovereign Wealth Fund, at least in the short term, and believes there are more pressing uses for the money obtained from the country’s vast reserves of natural gas.
The Mozambican Tax Authority (AT) has mentioned a Sovereign Wealth Fund as one possible destination for the large sums of money raised from capital gains tax on transactions involving the country’s mineral resources. For example, the sale of shares in the Rovuma Basin Area Four, where much of the recent gas discoveries have been made, netted the Mozambican government 400 million US dollars in capital gains tax………………………………………..Full Article: Source

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