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Sovereign Wealth Funds Briefing 20.Nov 2013

Posted on 20 November 2013 by VRS |  Email |Print

Norway’s government backed down from pre-election talk it might restructure the nation’s $800 billion sovereign wealth fund as it instead defends the investor’s existing mandate.
“We aim at a predictable and stable investment strategy for the fund,” Siv Jensen, finance minister and leader of the junior partner in Norway’s ruling coalition of Conservative and Progress parties, said today in an interview in her office in Oslo. Asked whether the fund may yet be split, Jensen said “the government has no plans to do that. There will be no changes in the investment profile of the fund.”…………………………………Full Article: Source

Posted on 20 November 2013 by VRS |  Email |Print

Kazakhstan’s sovereign wealth fund Samruk-Kazyna said it’s scrapping a planned acquisition of three pension funds controlled by commercial lenders after Halyk Bank halted talks on buying the government’s shares in BTA Bank.
“Taking into account that the sale of BTA Bank to Halyk won’t happen, Samruk-Kazyna doesn’t plan to purchase stakes in pension funds, including Halyk’s unit,” the Astana-based wealth fund said…………………………………Full Article: Source

Posted on 20 November 2013 by VRS |  Email |Print

GIC Pte, Singapore’s sovereign wealth fund, and Ascendas Pte plan to invest as much as S$600 million ($483 million) in Indian real estate to meet rising demand for commercial property.
The companies set up the Ascendas India Growth Programme with a target size of S$600 million with GIC being the principal investor, they said in a joint e-mailed statement today. The fund will invest in business space in Bangalore, Chennai, New Delhi and surrounding areas, Hyderabad, Mumbai and Pune, according to the statement………………………………….Full Article: Source

Posted on 20 November 2013 by VRS |  Email |Print

Last week Temasek, one of Singapore’s two sovereign wealth funds, made a $1.3 billion investment in a liquified natural gas block in Tanzania. The deal illustrates a number of trends about the way that investments, particularly by state entities, are going to look in years ahead.
Temasek bought the 20% stake in three East African LNG blocks from the UK’s Ophir Energy. There are two angles to the deal that are striking: one, where it is, and two, the type of energy it is pursuing………………………………….Full Article: Source

Posted on 20 November 2013 by VRS |  Email |Print

Angola’s sovereign wealth fund has strongly denied spending R3-billion on a “trophy” office block in London’s exclusive Mayfair district, saying the property was purchased under a separate Central Bank of Angola mandate at open auction in August last year.
Mail & Guardian investigative wing AmaBhungane last week reported on allegations appearing in the journal Africa Confidential that the $5-billion fund, chaired by Filomeno dos Santos, the son of Angola’s President José Eduardo dos Santos, had bought a 9 750 square metre office block at 23 Savile Row in London, United Kingdom………………………………….Full Article: Source

Posted on 20 November 2013 by VRS |  Email |Print

Zimbabwean President Robert Mugabe is considering raising finance through measures ranging from establishing a sovereign wealth fund to borrowing money from the so-called BRICS nations to revive Zimbabwe’s economy.
A document titled the Zimbabwe Agenda for a Sustainable Socio-Economic Transformation, or Zim Asset, also details plans including the sale of bonds, securitisation of remittances, re-engagement with international finance institutions and the creation of special economic zones………………………………….Full Article: Source

Posted on 20 November 2013 by VRS |  Email |Print

The Federal Government on Monday denied the allegation by Rivers State Governor, Mr. Rotimi Amaechi, that$5billion was missing from the Excess Crude Account. Amaechi, had while speaking at the Nigerian Governors’ Forum retreat held in Sokoto on Saturday, said there was $9billion in the account in January , but that the amount had depleted without any explanation.
He had said, “The Excess Crude Account in January was $9bn. That account belongs to federal, states and local governments. Today, it is $4bn. We don’t know who took the $5bn.”…………………………………Full Article: Source

Posted on 20 November 2013 by VRS |  Email |Print

The Federal Governmemt has denied media reports that N500 billion is missing from SURE-P funds, clarifying that N500 billion that was shared to states and local governments is the amount that is wrongly described as missing.
In a statement signed by the Special Adviser to Minister of Finance, Mr Paul Nwabuikp the minister explained that “the total expected funds for SURE-P from subsidy savings for the Federal, state and local governments is N816 billion from February 2012 to December 2013,” adding that “SURE-P started in February 2012.”…………………………………Full Article: Source

Posted on 20 November 2013 by VRS |  Email |Print

Britain’s Rolls-Royce Plc has entered into a strategic agreement with Abu Dhabi’s Mubadala Aerospace that will allow the government-owned company to service the manufacturer’s Trent XWB engines.
Abu Dhabi’s Mubadala, owned by the emirate’s sovereign wealth fund, aims to be among the world’s top three manufacturers of composite and metal parts for aeroplanes by 2020. Mubadala will become an approved provider of Trent engine maintenance, repair and overhaul, Rolls-Royce’s first such designation in the Middle East, according to a statement from the British firm on Tuesday………………………………….Full Article: Source

Posted on 20 November 2013 by VRS |  Email |Print

Kuwait has announced it will give USD1 billion to African countries in the next five years, as dozens of heads of state meet in the country today (November 19) for the third Arab-African summit. His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah said his country’s commitment to forging genuine partnership between Arab countries and Africa.
His Highness said: “I directed officials of the Fund [the Kuwait Fund for Arab Economic Development] to extend soft loans to African countries in the amount of USD 1 billion over the next five years, not to mention investments by a number of Kuwaiti corporations in various sectors.”…………………………………Full Article: Source

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