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Sovereign Wealth Funds Briefing 18.Oct 2013

Posted on 18 October 2013 by VRS |  Email |Print

Malaysian state investor Khazanah Nasional Bhd said on Friday it has issued S$600 million ($482.14 million) in Singapore dollar-denominated Islamic bonds, or sukuk, that can be exchanged for shares in IHH Healthcare Bhd.
The issuance, which can be exchanged into IHH shares at a premium of 10 to 17 percent over the reference share price of 4.19 ringgit ($1.33), as Khazanah diversifies on its fund-raising strategy………………………………………..Full Article: Source

Posted on 18 October 2013 by VRS |  Email |Print

The New Zealand Superannuation fund had a record 2013 financial year, returning nearly 26%, or $4 billion. Over the 10 years it’s existed the Fund has built up to now be worth $23 billion.
It follows a contrarian investment strategy, whereby it invests in an asset which it believes is well below fair value, but with a long-term view to see that value materialise. Superannuation Fund chief executive Adrian Orr says it’s that investment strategy that has really worked for it………………………………………..Full Article: Source

Posted on 18 October 2013 by VRS |  Email |Print

The announcement that Chinese companies can take a stake in British nuclear plants was hardly a surprise: George Osborne had already told reporters that the UK welcomed Chinese investment in all its infrastructure – citing the sovereign wealth fund CIC’s existing investment in Thames Water and Heathrow.
China has massively increased investment in Europe in recent years. One study this spring, by private equity firm A Capital, found that Chinese state-owned companies invested more than $12.6bn (£7.8bn) in the continent last year: a year-on-year increase of about 20%. Cash-strapped European countries have proved relatively welcoming………………………………………..Full Article: Source

Posted on 18 October 2013 by VRS |  Email |Print

A global rating agency Fitch Ratings has assigned Kazakhstan’s Joint Stock Company Sovereign Wealth Fund Samruk-Kazyna a Long-Term foreign currency rating of ‘BBB+’, Long-Term local currency rating of ‘A-’, National Long-Term rating of ‘AAA(kaz)’ and Short-term foreign currency rating of ‘F2′. The Outlooks on the Long-Term ratings are Stable, agency reported on Thursday.
Fitch has also assigned a Long-Term local currency rating of ‘A-’ and a National Long-Term Rating of ‘AAA(kaz)’ to the Fund’s 23 senior unsecured domestic bond issues with total value of KZT1,090bn………………………………………..Full Article:

Posted on 18 October 2013 by VRS |  Email |Print

Norway has blacklisted two Malaysian timber companies after an investigation brought to light the environmental havoc they have wreaked on Borneo’s tropical forests. On Saturday, the Norwegian Government Pension Fund Global (GPFG) — the world’s largest sovereign wealth fund — announced it has sold stakes in WTK Holdings Berhad and Ta Ann Holdings Berhad, Malaysian companies with extensive logging operations and timber plantations.
The decision is based on recommendations from the fund’s Council on Ethics, which conducted an investigation that found “unacceptable risk” of large-scale forest destruction, non-compliance with environmental laws, and poor forest management practices………………………………………..Full Article: Source

Posted on 18 October 2013 by VRS |  Email |Print

According to John Swinney, the answer is Yes – and an independent Scotland will have one in 2017. But the right time for it may well have passed, says Gavin McCrone.
In her article in this newspaper on Monday, Lesley Riddoch referred to “the McCrone Oil Report cover-up of the 1970s” and in the summer Rory Bremer, in his special programme about Scottish politics, referred to the “suppression of the McCrone Report”. I’ve begun to think it’s time I explained myself………………………………………..Full Article: Source

Posted on 18 October 2013 by VRS |  Email |Print

Although average crude oil prices in 2012 were at “historically high levels,” for the second time in its history, government contributions to the Heritage and Stabilisation Fund, T&T’s sovereign wealth fund, have plummeted. Contributions to the Heritage and Stabilisation Fund have been falling steadily, since it recovered from a US$0 contribution in 2009. It fell from US$477.3 million in 2010, to US$451 million in 2011, to US$207 million in 2012, and now to US$42 million in 2013.
Opening the budget debate in the Senate on September 20, two days after it was approved in the Lower House, Minister of Finance and the Economy Larry Howai confirmed the second lowest contribution in the fund’s history when he said: “The net asset value of the Heritage and Stabilisation Fund stood at approximately US$5 billion at the end of fiscal 2013 [Desk thumping] while transfers to the fund over the period amounted to US$42 million.”……………………………………….Full Article: Source

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