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Sovereign Wealth Funds Briefing 05.Nov 2013

Posted on 05 November 2013 by VRS |  Email |Print

Temasek Holdings (Private) Limited said on Tuesday that it has appointed Mr Cheng Wai Keung as its Deputy Chairman with effect from November 4, 2013. Mr Cheng is the Chairman and Managing Director of Wing Tai Holdings Limited which has interests in property, hospitality and retail sectors in the region.
“A non-executive Director on the Temasek Board since 15 September 2011, and also a member of the Temasek Board’s Executive Committee, Mr Cheng is an accomplished and respected business leader in Asia, with extensive business experience across various sectors,” Temasek said………………………………………..Full Article: Source

Posted on 05 November 2013 by VRS |  Email |Print

The Sovereign Wealth Fund of Kazakhstan, Samruk-Kazyna, has engaged CTPartners in a strategic talent acquisition initiative to manage a number of senior leadership searches. These include HR management, risk management, financial control and change management (in the fund) as well as business development roles.
Samruk-Kazyna is a Sovereign Wealth Fund incorporated as a joint stock company in Kazakhstan. The Fund owns, either in whole or in part, most of the country’s key companies including the national rail system, Air Astana (a joint venture with BAE Systems) as well as both the long distance electricity network operator KEGOC and one of the main energy generators, Samruk-Energo………………………………………..Full Article: Source

Posted on 05 November 2013 by VRS |  Email |Print

Revenues in the 2014 budget of State Oil Fund of Azerbaijan will make AZN 11.624 bln ($14.819 bln), expenditures – AZN 11.626 bln ($14.821 bln), said the SOFAZ Executive Director Shahmar Movsumov at the joint meeting of committees of Milli Majlis.
According to him, AZN 300 mln is offered to be spent to solution of social problems of refugees and IDPs. AZN 132 mln is planned to be allocated to implementation of Baku-Tbilisi-Kars railway project………………………………………..Full Article: Source

Posted on 05 November 2013 by VRS |  Email |Print

French hotel group Accor SA (AC.FR) Monday said it agreed to sell its 19.4% stake in Australian hotel owner Tourism Asset Holdings Ltd., or TAHL, to Abu Dhabi’s sovereign fund as part of its strategy to sell real-estate assets to become a hotel brand operator.
Abu Dhabi Investment Authority will pay 66 million Australian dollars (US$62.6 million) and assume debts worth A$76 million, the French company said. TAHL owns 31 hotels in Australia, all operated by Accor under its different brands — Ibis, Mercure, Novotel and Pullman. The contracts with Accor will be maintained after the cession………………………………………..Full Article: Source

Posted on 05 November 2013 by VRS |  Email |Print

The Federal Government and the Senate yesterday disagreed over the whereabout of $1.03 billion Excess Crude Fund. The disagreement followed the disclosure by the Minister of Finance, and Coordinating Minister for the Economy, Mrs. Ngozi Okonjo-Iweala that the balance in the Excess Crude Account amounted to $4.3 billion.
She did not however disclose the total accrual to the account. She spoke at a Joint Senate Committee of Finance and Appropriation meeting on the 2013 budget and the Federal Government revenue-generating agencies………………………………………..Full Article: Source

Posted on 05 November 2013 by VRS |  Email |Print

The world’s largest producer of Indian sandalwood has received $49 million from a sovereign wealth fund in the Middle East to plant nearly 600 hectares of sandalwood in the Northern Territory.
Tropical Forestry Services (TFS) says the investment includes $10 million to purchase some of its more mature plantations in Western Australia’s Kimberley region. TFS’ general manager of communications, Quentin Megson, says the Middle East investor will see returns from its new plantation near Katherine in about 15 years………………………………………..Full Article: Source

Posted on 05 November 2013 by VRS |  Email |Print

Chong-Suk Choi has effectively resigned on October 22, 2013, as President and Chief Executive Officer of the Korea Investment Corporation (KIC). He became CEO of the KIC on July 19, 2011. Mr. Chong-Suk Choi was appointed for a 3-year term. He resigned for personal reasons.
A search is underway to fill the position of President and CEO of the Korea Investment Corporation. During the executive search, Dong-Ik Lee, the current Chief Investment Officer, will serve as interim President………………………………………..Full Article: Source

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