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Sovereign Wealth Funds Briefing 26.Sep 2013

Posted on 26 September 2013 by VRS |  Email |Print

Citigroup Inc has gone to court to block a new effort by Abu Dhabi Investment Authority to pursue an arbitration over a $7.5 billion investment the sovereign wealth fund made in the bank amid the subprime mortgage meltdown in 2007.
In a complaint unsealed Tuesday in U.S. District Court in New York, Citigroup said that by filing a claim last month, ADIA had made an “assault” on a federal court ruling in March that upheld the bank’s win in an earlier international arbitration………………………………………..Full Article: Source

Posted on 26 September 2013 by VRS |  Email |Print

As President Goodluck Jonathan this week sounded the closing bell on Wall Street, Abuja has witnessed its own symbolic break of day; an overwhelming degree of conjecture fills our national discourse; indeed an outpouring of guesswork has arisen as to our economy’s future, more specifically due to recent debates on the role and practical purpose of the $1 billion USD Nigerian Sovereign Wealth Fund (SWF).
Historically, Nigeria’s aims for federal and state-by-state savings and investment prudence have often been quashed via notorious financial misappropriation and malpractice. In light of this, today’s Sovereign Wealth Fund, overseen by the Nigerian Sovereign Investment Authority (NSIA), offers to us a unique opportunity………………………………………..Full Article: Source

Posted on 26 September 2013 by VRS |  Email |Print

Nigeria’s fledgling sovereign wealth fund on Monday completed investment allocations for the 20 percent of the $1 billion it is setting aside to guard against commodity price shocks, its chief executive said. Nigeria, Africa’s top oil producer and most populous nation, established the Sovereign Investment Authority (SIA) in 2011 in an effort to manage resources that economists say have often been squandered in the past.
“The key to sovereign wealth funds is in the consistent contribution going forward,” Uche Orji, the SIA’s chief executive officer, said on the sidelines of the Africa Investor conference in New York………………………………………..Full Article: Source

Posted on 26 September 2013 by VRS |  Email |Print

Pavilion Energy, established by Singapore’s sovereign wealth fund Temasek earlier this year, will start trading LNG in the fourth quarter of this year, CEO Seah Moon Ming said at an industry event Wednesday.
“Pavilion LNG is aiming to begin regional trading of LNG within the next three months,” Seah said at a conference in Singapore, adding that Singapore has the right conditions to eventually become the first LNG trading hub in the region………………………………………..Full Article: Source

Posted on 26 September 2013 by VRS |  Email |Print

Temasek Holdings’ newly set-up liquified natural gas (LNG) unit Pavilion Energy plans to begin regional trading of LNG within the next three months.
Pavilion Energy chief executive Seah Moon Ming added at a conference on Wednesday that his company, which started operations just this month, is looking at regional and global partnerships and investments as it taps into the highly-promising LNG market………………………………………..Full Article: Source

Posted on 26 September 2013 by VRS |  Email |Print

The billionaire owner of the Brooklyn Nets basketball team, Mikhail Prokhorov, and two Asian groups are among potential bidders for stakes in Russian fertiliser group Uralkali as the group’s oligarch shareholder prepares to sell out amid a spat with neighbouring Belarus.
A person close to Uralkali said an Asian sovereign wealth fund and an Asian industrial group had each expressed interest in buying a 10 per cent to 15 per cent stake in Uralkali, the world’s biggest potash producer. China’s sovereign wealth fund CIC took a 12.5 per cent stake in the group this week………………………………………..Full Article: Source

Posted on 26 September 2013 by VRS |  Email |Print

Chengdong Investment Corporation, a unit of mainland sovereign wealth fund China Investment Corporation (CIC), has converted its Uralkali bonds into a total of 12.5% ordinary shares, becoming the Russian potash producer’s second largest shareholder, Uralkali says in a statement. The bonds were purchased in November last year from Wadge Holdings which is beneficially owned by Uralkali’s major shareholders Kerimov, Galchev and Skurov.
Upon the completion of the transaction, Suleyman Kerimov Foundation remains the largest single shareholder of Uralkali with a 21.75% stake, Galchev the third with 7% shares and Skurov the fourth with 4.8% shares. The remaining 53.95% shares are free floated………………………………………..Full Article: Source

Posted on 26 September 2013 by VRS |  Email |Print

A senior manager with the federal government’s Future Fund is taking over as chief executive of a group which advises superannuation funds on responsible investment. Gordon Hagart will lead the Australian Council of Superannuation Investors (ACSI), four years after he was appointed as the head of environmental, social and governance risk management at the $89 billion Future Fund.
He replaces ACSI’s inaugural chief executive Ann Byrne, a former head of UniSuper, who is retiring at the end of October. Mr Hagart previously helped develop the UN Principles for Responsible Investment, to which many Australian ‘all profit to member’ superannuation funds are signatories………………………………………..Full Article: Source

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