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Sovereign Wealth Funds Briefing 15.Nov 2013

Posted on 15 November 2013 by VRS |  Email |Print

Wednesday’s announcement that Russia and South Korea would work together on an economic project in North Korea slightly overshadowed another significant announcement linked to Putin’s Seoul visit: a new cross-border investment fund between Korea Investment Corporation and its Russian sovereign wealth fund counterpart, the Russian Direct Investment Corporation.
The fund will start out at $500m, with commitments of $250m apiece, but is expected to reach $1bn in time. It also gives an illustration of how the two sovereign wealth funds are evolving………………………………………..Full Article: Source

Posted on 15 November 2013 by VRS |  Email |Print

An energy company fully owned by Singapore’s state-linked investment firm Temasek Holdings on Thursday said it will pay US$1.3 billion to buy a 20 percent stake in three gas blocks in Tanzania.
Pavilion Energy, which was formed in April, will buy the stake from London-listed Ophir Energy, it said in a statement. “The natural gas developments in Tanzania hold tremendous potential — not just for Pavilion Energy but for Singapore and Asia,” said Pavilion chairman Hassan Marican………………………………………..Full Article: Source

Posted on 15 November 2013 by VRS |  Email |Print

Britain’s Ophir Energy agreed a $1.3 billion sale of a stake in Tanzanian gas fields, bringing in a unit of Singapore’s Temasek Holdings to help fund a development project in the latest Asian investment in East Africa’s gas sector.
Ophir, whose shares soared 16 percent after the announcement of the long-awaited deal, said last month a sale process was under way with Indian state-run gas company GAIL in the running as a potential buyer………………………………………..Full Article: Source

Posted on 15 November 2013 by VRS |  Email |Print

Temasek Holdings Pte exited holdings of U.S.-based firms including Facebook Inc., Monsanto Co., and Air Products & Chemicals Inc., as Singapore’s state-owned investment firm pared its holdings of U.S. stocks.
Temasek, directly or through its units, sold its 4.3 million A shares of social-networking company Facebook, worth $107 million as of the end of the second quarter, according to a regulatory filing today with the U.S. Securities and Exchange Commission. Temasek also sold 1.42 million shares of seed maker Monsanto and its 1.25 million shares of industrial gas producer Air Products, valued at $140.5 million and $114.9 million………………………………………..Full Article: Source

Posted on 15 November 2013 by VRS |  Email |Print

GIC Pte, Singapore’s sovereign wealth fund, is part of a group that is buying the headquarters of Time Warner Inc. in New York City, according to one person with direct knowledge of the transaction.
Located at Columbus Circle in Manhattan, the property is a 2.8 million-square-foot twin-tower development that includes offices, restaurants, and the Mandarin Oriental hotel, according to the Time Warner Center website. The building adjacent to Central Park was opened in 2004 and attracts more than 16 million visitors a year. GIC declined to comment on the transaction in an emailed statement………………………………………..Full Article: Source

Posted on 15 November 2013 by VRS |  Email |Print

Global Logistic Properties Ltd. (GLP), China’s biggest modern warehouse operator, plans to start a $3 billion fund that will invest in properties in the country as e-commerce grows and retail chains expand.
GLP, part-owned by Singapore’s sovereign wealth fund, GIC Pte, will partner with six institutional investors, including state and pension funds, to invest in China over the next three years, the company said in a statement to the Singapore stock exchange today. GLP will retain a 56 percent stake in the China fund, according to the statement………………………………………..Full Article: Source

Posted on 15 November 2013 by VRS |  Email |Print

Khazanah Nasional Bhd, Malaysia’s state investment firm, said its insurance arm has completed the $252 million (RM809 million) purchase of a 90% stake in Turkish insurer Acibadem Saglik ve Hayat Sigorta.
Avicennia Capital Sdn Bhd bought the stake in the Istanbul-based health and life insurer from Mehmet Ali Aydinlar and family and Dubai-based private equity firm The Abraaj Group, according to Khazanah in a statement. Aydinlar will keep the remaining stake in Acibadem Sigorta, Khazanah said………………………………………..Full Article: Source

Posted on 15 November 2013 by VRS |  Email |Print

Superannuation fund directors must be more diligent in disclosing their potential or actual conflicts of interest, the prudential regulator has warned. Speaking at the Association of Superannuation Funds of Australia (ASFA) conference in Perth yesterday, APRA member Helen Rowell highlighted the interrelationships between board members and external service providers.
“Increasingly, there are linkages between trustee directors and funds and the providers of services such as administration, advice and investments,” she said………………………………………..Full Article: Source

Posted on 15 November 2013 by VRS |  Email |Print

The son of Angolan President José Eduardo dos Santos is again at the centre of controversy following reports that the Angolan Sovereign Wealth Fund he effectively controls has invested R3-billion in a “trophy” property in London’s Mayfair district.
Africa Confidential reported that the fund, chaired by the president’s son José Filomeno, had spent £220-million on an office complex in the exclusive Savile Row. The fund was officially set up by Dos Santos in October last year using Angola’s oil revenues, with the stated purpose of investing in the country’s infrastructure and accumulating savings for future generations……………………………………….Full Article: Source

Posted on 15 November 2013 by VRS |  Email |Print

The House of Representatives has mandated its Committee on Commerce and Justice to carry out proper investigations, research and if possible public hearing to determine the risk , if any, that may arise from the appointment of foreign institutions to manage Nigerian Sovereign Wealth.
This decision follows the adoption of the prayer of a motion titled: “Contracting the management of the Nation’s Sovereign Wealth to foreign professionals and inherent conflict of interests,” brought before the House by the Minority Leader of the House, Hon. Femi Gbajabiamila ( APC, Lagos)………………………………………..Full Article: Source

Posted on 15 November 2013 by VRS |  Email |Print

Following the withdrawal of one billion dollars for October allocation augmentation , the Excess Crude Account has dropped to three billion dollars. Minister of State for Finance, Dr Yerima Lawan Ngama, speaking after the Federation Accounts Allocation Committee (FAAC) meeting, in Abuja, Thursday, said that October revenue was short of the budgetary allocation of N465.057 billion.
“In the month of October 2013, the total mineral revenue that accrued to the federation account is 443.052 billion. This is a little short of N465.057 billion that is in the budget for the month of October 2013 hence we have a negative variance of N22.005 billion” he said………………………………………..Full Article: Source

Posted on 15 November 2013 by VRS |  Email |Print

Following complaints by the Federal Government that the nation’s crude account is full of discrepancies, a veteran licensed customs agent, Mr. Olusegun Ologbese, has said the supervision of the crude oil account fund should be handed to the Nigeria Customs Service (NCS).
Ologbese, who is also the managing director and CEO of Ogbese Marine Services Limited said his call was based on the fact that the Nigerian National Petroleum Corporation (NNPC) has not been able to tell Nigerians how much it generates from crude oil over the years………………………………………..Full Article: Source

Posted on 15 November 2013 by VRS |  Email |Print

Former University of Saskatchewan president Peter MacKinnon has released his report to Premier Brad Wall on a proposed Saskatchewan Futures Fund. The report provides a framework for the government to create a fund to permanently save a portion of the province’s non-renewable resource revenues to invest and grow for future generations.
MacKinnon was appointed by Wall in October of 2012 as part of the Saskatchewan Plan for Growth to examine and report on the efforts government could take to safeguard one-time non-renewable resource revenues………………………………………..Full Article: Source

Posted on 15 November 2013 by VRS |  Email |Print

Norway, as the owner of an $800 billion sovereign wealth fund – the world’s largest – has made great efforts over the years to be an ethical investor. But it’s not always been easy.
The most recent reminder came last week when politicians in Norway called for the Government Pension Fund, which is based on excess petroleum revenues, to pull out of coal company investments abroad – a conundrum given that the country itself produces coal via a Norwegian state-owned company up in the northern territory of Svalbard………………………………………..Full Article: Source

Posted on 15 November 2013 by VRS |  Email |Print

A Sovereign Wealth Fund would seem an urgent necessity in the circumstances of this economy presently and for assuring its more secure prospects of development in years and generations to come.
A Sovereign Wealth Fund, as the name suggests is a Fund deliberately established by the State (i.e. the sovereign authority) into which mainly financial resources realised in given economic activities are lodged for purposes of raising investment income for the country’s overall benefit. The sources of the funds should be explicitly defined and likewise the uses for which the fund investment income is put. I return to this issue shortly………………………………………..Full Article: Source

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