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Sovereign Wealth Funds Briefing 12.Sep 2013

Posted on 12 September 2013 by VRS |  Email |Print

Most of Europe is struggling with how to reduce spending, but not Norway. It has invested the income from its oil and gas reserves so wisely that it now has what many consider to be the world’s largest sovereign wealth fund, estimated to be worth $1tr (£0.6tr) by 2020. But is that too big?
They play the long game on the trading floor. When Facebook announced it was going to float on the stock market, the analysts here went to work. They assessed the pros and cons, the likely value of the company, the chance of a big loss, and of a big gain………………………………………..Full Article: Source

Posted on 12 September 2013 by VRS |  Email |Print

Norway’s incoming centre-right government has unveiled plans to overhaul—and even consider breaking up—the country’s $750-billion oil fund. The Conservatives and the populist Progress Party, who are likely to share power after Monday’s poll, are considering splitting it into two or more, possibly competing, funds, according to a report on Reuters.
They may also allow investment into hitherto un-tapped asset classes in an effort to create a more diversified, and in theory profitable, portfolio………………………………………..Full Article: Source

Posted on 12 September 2013 by VRS |  Email |Print

Norway Conservative Party leader Erna Solberg pledged to limit spending of the nation’s $750 billion sovereign wealth fund after a jump in inflation triggered the biggest surge in the krone in two months.
Solberg, who ousted Labor Prime Minister Jens Stoltenberg in elections this week after promising tax cuts, said she’ll probably keep well within a 4 percent spending rule of Norway’s oil fund amid concern Scandinavia’s richest economy is overheating. Her government, which she has yet to form, is likely to keep spending closer to 3 percent, she said………………………………………..Full Article: Source

Posted on 12 September 2013 by VRS |  Email |Print

Abu Dhabi is planning to invest as much as $5bn in Russian infrastructure projects over the next seven years in a move highlighting Russian efforts to attract sovereign wealth money.
The commitment from Abu Dhabi’s department of finance, which is expected to be formalised by the end of the year, is to be announced on Thursday by the Russian Direct Investment Fund, the $10bn state-backed fund set up in 2011 by Vladimir Putin, Russia’s president. The move comes three months after Mubadala, another Abu Dhabi fund, pledged to invest $1bn in Russian businesses alongside the RDIF………………………………………..Full Article: Source

Posted on 12 September 2013 by VRS |  Email |Print

Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, bought Australia’s largest owner of hotels, Tourism Asset Holdings Ltd., gaining ownership of 31 properties in major cities.
A subsidiary of the Abu Dhabi fund has signed a conditional contract to buy the closely held hotel owner, the Sydney-based company said in an e-mailed statement without disclosing a value. The hotels will continue to be operated by Paris-based Accor SA (AC), Tourism Asset Holdings said………………………………………..Full Article: Source

Posted on 12 September 2013 by VRS |  Email |Print

Pavilion Energy, a liquefied natural gas subsidiary of Singapore’s state-owned investment company, is set to move tomorrow to a new office in the country’s business center. The company is relocating to the 26th floor of Marina Bay Financial Center Tower 3 to be closer to the LNG and financial communities in Singapore.
Pavilion Energy plans to hire more staff as its business grows, according to the company. Temasek Holdings Pte, Singapore’s investment company, set up Pavilion Energy in April to tap growing demand for liquefied natural gas in Asia………………………………………..Full Article: Source

Posted on 12 September 2013 by VRS |  Email |Print

Sovereign wealth fund Government of Singapore Investment Corp (GIC) has begun talks with India’s GVK Group to buy a stake in one of its units that owns Australia’s Hancock Coal, the Financial Express newspaper reported on Wednesday, citing two people familiar with the development.
GVK is looking to sell down its stakes in the Alpha coal project and related port and rail assets in Australia to help fund the A$10 billion cost of the projects, its Australian chief told Reuters last month……………………………………….Full Article: Source

Posted on 12 September 2013 by VRS |  Email |Print

Singapore’s GIC Private Limited (GIC) bought more than 5.02% of Energy Development Corporation, a Philippines geothermal public company, through a series of transactions from July through August according to filings. In addition, the utility generates energy through hydro sources.
The Energy Development Corporation is the biggest geothermal energy producer in the Philippines. It used to be a subsidiary of the Philippine National Oil Company until it was privatized and sold to First Philippine Holdings Corporation………………………………………..Full Article: Source

Posted on 12 September 2013 by VRS |  Email |Print

The Mexican government’s recently proposed fiscal reform and the 2014 budget are broadly neutral for its sovereign creditworthiness, according to Fitch. The positive impact from the expansion of the government’s revenue base needs to be counterbalanced by the near-term weakening of the economy and higher-than-expected fiscal deficits in the coming years.
The creation of a Sovereign Wealth Fund and the implementation of a structural fiscal balance rule, including caps on current spending, represent progress on strengthening the institutional framework………………………………………..Full Article: Source

Posted on 12 September 2013 by VRS |  Email |Print

The Government of Azerbaijan has announced its gold portfolio excluding gold of State Oil Fund. According to Samir Sharifov, the Minister of Finances of Azerbaijan, at the present moment the Government has 25414.9 troy ounce of gold (790.5 kg) at its disposal.
“The gold is in the storage of the Central Bank of Azerbaijan”, - Sharifov said………………………………………..Full Article: Source

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