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Sovereign Wealth Funds Briefing 27.Sep 2013

Posted on 27 September 2013 by VRS |  Email |Print

The head of Norway’s sovereign wealth fund, the world’s biggest, said the bond market will offer scant returns as the investor looks to expand into other asset classes to safeguard the nation’s wealth.
“Returns in the bond markets are low and look to remain so for a good while ahead,” Yngve Slyngstad, chief executive officer of the $780 billion Government Pension Fund Global, said today in a speech in Bergen published on the central bank’s website. “The safest investment alternative gives today a return after inflation close to zero.”……………………………………….Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

Debt-laden European nations, the United States, and resource-rich developing countries could all learn from Norway’s tight-fisted spending habits and oil wealth management, the Scandinavian nation’s outgoing prime minister Jens Stoltenberg said on Wednesday.
Stoltenberg said Norway’s sovereign wealth fund - a now $700 billion fund with investments in bonds, more than 7,000 companies, and some real estate - was the main reason Norway sidestepped the “curse of oil” that has plagued many other resource-rich nations particularly in the developing world………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

Currently, Ola Mestad is the chair of the Council on Ethics for Norway’s Government Pension Global (GPFG) and a professor of law at the University of Oslo. It has been reported that Ola Mestad is not as enthusiastic about the efficacy of Norway’ sovereign wealth fund in recent days, specifically its responsible investment criteria.
The ethics council has a list of companies to be excluded from the sovereign wealth fund’s investment universe. Some of the companies on the exclusion list include Fortune 500 companies like Lockheed Martin Corporation, Northrop Grumman Corporation, Wal-Mart Stores and Boeing Co. In addition, a number of excluded companies have substantial public funds as investors such as Rio Tinto Plc and Potash Corporation of Saskatchewan………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

Azerbaijan’s State Oil Fund plans to increase its gold holdings by a third next year as the largest crude producer in the former Soviet Union after Russia and Kazakhstan seeks to diversify its reserves.
The fund, known as Sofaz, will buy 10 metric tons of bullion in 2014 after reaching its previous target of 30 tons by the end of this year, Executive Director Shahmar Movsumov told reporters today in Baku, the Azeri capital………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has unveiled its plans on investment in tangible assets - physical gold and real estate. SOFAZ executive director Shahmar Movsumov says that since the beginning of 2013 the Fund has bought 26 tons of gold and more than half of this amount has already been delivered to the country.
“This year we are going to buy 30 tons of gold and another 10 tons at current prices next year,” Movsumov said. As a result, for 2013-14 the Fund will purchase 40 tons of gold………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

While calculating its budget for 2014, the State Oil Fund of Azerbaijan (SOFAZ) will use oil prices of $100 per barrel as a basis, while a few weeks ago, the fund was using the marker of $90, SOFAZ executive director Shahmar Movsumov told journalists on Thursday.
“The outlook for oil prices has changed,” he said. “Accordingly, SOFAZ’s budget for next year will be drawn up on the basis of $100 per barrel.” SOFAZ’s budget for 2013 was also formed on the basis of $100………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

The report within the Extractive Industries Transparency Initiative (EITI) on 2013 will be prepared in accordance with the new EITI standards, the head of Azerbaijani State Oil Fund Shahmar Movsumov told journalists on Wednesday.
According to him, in accordance to the new standards, now the report within EITI will not reflect the total volume of transactions within extractive industry, but the contributions of each company which is the member of this initiative………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

State Oil Fund of Azerbaijan (SOFAZ) will start financing of TANAP project before the end of this year. According to Shahmar Movsumov, the Executive Director of SOFAZ, this year the Fund has already started financing SOCAR projects – oil refinery in Turkey (Star) and construction of the VI-generation floating semi-submersible drilling rig (SDR).
“In the nearest future the Fund will start financing of the new petrochemical complex SOCAR OGPC. The preparation works for the TANAP project financing are in their closing stage. The financing of this project will also be started before the end of this year”, - Movsumov said………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

Mubadala Development Co., an Abu Dhabi sovereign wealth fund, said the remainder of a $2 billion loan made to Eike Batista’s EBX Group Co. will be repaid over four years as he seeks to prevent his companies from collapse.
The unnamed “third party” will repay “progressively” until June 30 2017, according to the wealth fund’s first half report published today. A Mubadala official, who asked not to be identified, confirmed that the information in the financial statement related to Mubadala’s investment in EBX………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

Mubadala, the Abu Dhabi investment fund with a mandate to develop the emirate’s local economy, on Thursday posted a 10.4 percent rise in first-half profit boosted mainly by income from financial investments.
Mubadala, which has stakes in General Electric and private equity firm Carlyle, said profit attributable to equity owners for the first half of the year was 1.1 billion dirhams ($299.5 million), compared with 984.7 million dirhams in the corresponding period last year………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, today reported a total comprehensive income of Dh2.1 billion ($571 million) for the first half of this year.
The figure, which is almost double of Dh1.1 billion achieved in H1 2012, was driven by improvements in the fair value of many of the group’s financial investments and other assets, the company said………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

The largest Abu Dhabi sovereign wealth fund could be about to haul Citigroup back to court with further claims to recover some of the bank’s bailout, after its prior attempts were thwarted in March.
In a document unsealed in a New York court this week, Citigroup said that a claim filed in August by the Abu Dhabi Investment Authority (ADIA) had made an “assault” on a federal court ruling in March, Reuters reported. The March ruling saw ADIA’s claim—and subsequent appeal—to recover $4 billon of the investment it made in the bank during the crisis refused………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

The Nigerian Sovereign Wealth Fund (SWF) In Perspective: 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 27 September 2013 by VRS |  Email |Print

A unit of Temasek Holdings Private Ltd has opened a new bank in Cambodia with local partners in the first investment by the Singapore state investor in the country, the Straits Times reported on Friday.
Cambodia Post Bank, which aims to serve the mass market and small businesses, has a share capital of $38 million. Cambodian firm Canadia Investment Holding has a 50 percent stake, Temasek unit Fullerton Financial Holdings holds 45 percent and Cambodia Post the remaining 5 percent………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

Temasek Holdings looks set for a windfall from its stake in Chinese online retail giant Alibaba, which is said to be planning a mega initial public offering (IPO) in the United States. The Singapore investment firm and three other partners took a stake worth US$1.6 billion in Alibaba in 2011, which valued the company at US$32 billion.
Today, Alibaba is estimated to be worth more than US$75 billion (S$94 billion), which means the value of Temasek’s investment has doubled over two years. Some analysts have even put Alibaba’s value at up to US$120 billion, according to reports by news agency Reuters………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

While parallels have been drawn between China’s inflated housing market and the U.S. housing bubble that triggered the 2007-2008 global financial crisis, the world’s second-largest economy is unlikely to face similar subprime problems, according to former chairman of the board of supervisors of China Investment Corp (CIC) – the country’s sovereign wealth fund.
“You can’t generalize about a housing bubble in China. In tier-one cities there’s strong demand, in second and third-tier cities there may be some bubbles. But as long as we handle it carefully, it’s not the same as the U.S.,” Liqun Jin said……………………………………….Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

Australia has been rife with talk about establishing new sovereign wealth funds. South Australian Premier Jay Weatherill publicized the development of a future fund for South Australia’s state government. Western Australia launched its future fund in 2012.
On the national front, in the past week, Labor party leadership candidate Bill Shorten supported an idea proposed by former Prime Minister John Keating about creating an additional wealth fund, to help with Australian pensioners living past 80 years………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

The Australian Council of Superannuation Investors (ACSI) has appointed senior Future Fund executive Gordon Hagart to replace chief executive Ann Byrne who will retire from the role in October.
Hagart is currently head of environmental, social and governance (ESG) risk management at the $100 billion sovereign wealth fund and previously played a key role in creating the UN Principles of Responsible Investment. He began his career as an investment banking analyst with Greenhill & Co. in London, and also worked as an investment consultant in Zurich………………………………………..Full Article: Source

Posted on 27 September 2013 by VRS |  Email |Print

Jeffrey Jaensubhakij, managing director and president of GIC Asset Management, an arm of Singapore’s more than $100 billion sovereign wealth fund, said Europe will offer “considerable opportunities” as banks there deleverage. Evidence over the past year that eurozone policymakers will do whatever is necessary to maintain the trade bloc should give investors more confidence to pursue those opportunities, he said.
Roslyn Zhang, managing director, fixed-income and absolute-return investments with the $575.2 billion China Investment Corp., Beijing, pointed to hedge funds focused on Europe as a segment that looks especially attractive over the next few years. Explaining the CIC’s approach to its hedge fund portfolio, Ms. Zhang said while the CIC is a long-term investor, that doesn’t mean its allocations are “frozen money.”……………………………………….Full Article: Source

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