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Sovereign Wealth Funds Briefing 10.Dec 2013

Posted on 10 December 2013 by VRS |  Email |Print

Norway’s Christian Democrats, a key support party for the minority government, called on the nation’s sovereign wealth fund to steer more of its $810 billion in assets into Africa to reap better returns.
The party wants to set aside 10 billion kroner ($1.6 billion) of the fund’s cash for African purchases as a “starting point” for a debate on how much should be invested there, Knut Arild Hareide, leader of the Christian Democrats, said in a Dec. 6 interview………………………………………..Full Article: Source

Posted on 10 December 2013 by VRS |  Email |Print

Alliance Bank’s dollar bonds fell on Monday as the lender, majority owned by Kazakhstan’s sovereign wealth fund, called its investors to a meeting in London to discuss its finances.
Alliance defaulted on its debt in the aftermath of the 2008 financial crisis. Its dollar bonds fell to record lows earlier this year on fears that the lender was heading towards a second debt restructuring………………………………………..Full Article: Source

Posted on 10 December 2013 by VRS |  Email |Print

Kazakhmys Plc (KAZ), Kazakhstan’s largest copper miner, agreed to sell two power producers to the nation’s sovereign wealth fund for $1.3 billion to protect loan accords.
The transaction will generate net cash proceeds of about $1.25 billion, bolstering Kazakhmys’s finances at it develops the Bozshakol and Aktogay copper mines, it said today in a statement. The sale removes any risk that the company may breach covenants on loans, it said………………………………………..Full Article: Source

Posted on 10 December 2013 by VRS |  Email |Print

Central Huijin Investment Ltd., the sovereign investor that holds stakes in China’s biggest banks, received approval to trade on the interbank bond market, giving the government another way to support the nation’s lenders.
The authorization was granted by the Shanghai office of the People’s Bank of China, according to a statement posted on Chinamoney.com.cn, a website of the China Foreign Exchange Trade System. Huijin owns shares in banks including Industrial & Commerical Bank of China Ltd., the world’s most profitable. Huijin didn’t immediately reply to an e-mail seeking comment………………………………………..Full Article: Source

Posted on 10 December 2013 by VRS |  Email |Print

Investors from Norway to Singapore are bypassing property funds and putting money into London commercial projects with developers, taking more risk in a bid to increase returns as the U.K. market recovers.
Pensions, insurers and sovereign-wealth investors, among the biggest property investors, are teaming up with companies including Great Portland Estates Plc (GPOR) and Land Securities Group Plc (LAND) to develop land in the city’s most desirable areas and buy offices and shopping malls………………………………………..Full Article: Source

Posted on 10 December 2013 by VRS |  Email |Print

Singapore’s sovereign wealth fund GIC Private Ltd pumped equity into Blackstone Group-owned Hilton Worldwide when the company needed to restructure its debt in the credit crunch that ensued after the hotel chain’s 2007 leveraged buyout. Now, GIC is prepared to hold onto a large chunk of Hilton Worldwide shares as the company moves towards an initial public offering.
In contrast to GIC, other providers of emergency relief to Hilton during its debt restructuring will be cashing out of their holdings in the company’s IPO. GIC is poised to be a 5% stakeholder in Hilton when the company lists its shares, in what could be a $2.4 billion IPO that would be the biggest in the U.S. hotel industry………………………………………..Full Article: Source

Posted on 10 December 2013 by VRS |  Email |Print

Dubai sovereign wealth fund acquires hotel on The Palm Atlantis , The Palm has been sold by a subsidiary of the state-owned developer Dubai World to a sovereign wealth fund. In a move that had been tipped for months, the conglomerate’s property subsidiary Istithmar World sold the 44-hectare resort at the top of The Palm Jumeirah to the state-owned sovereign wealth fund Investment Corporation of Dubai .
Brokers involved in the transaction confirmed that the deal to sell the five-star hotel complex had taken place but declined to comment on the price. “This transaction is important for Dubai ,” said one source close to the deal who asked not to be named. Investment Corporation of Dubai (ICD) is used by the emirate’s Government to hold some of its highest profile investments………………………………………..Full Article: Source

Posted on 10 December 2013 by VRS |  Email |Print

The Excess Crude Account, which has dropped to $3.3bn in recent times, may deplete further to $2.5bn as soon as certain payments are made to the oil sector, the Minister of Finance, Dr. Ngozi Okonjo-Iweala, said on Monday.
While speaking on the performance of the economy at a breakfast meeting organised by the Nigerian Economic Summit Group in Lagos on Monday, Okonjo-Iweala argued that the huge drop in the ECA was necessary in order to shore up the economy……………………………………….Full Article: Source

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