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Sovereign Wealth Funds Briefing 12.Dec 2013

Posted on 12 December 2013 by VRS |  Email |Print

Calls to set up a sovereign wealth fund to accompany Australia’s resources boom have been labelled “naive, even pathetic” by former treasury secretary Ken Henry. The idea of establishing such a fund, containing a slice of the government’s income from commodity sales to be invested in financial assets, has been flagged during a national debate on capitalising on the mining boom.
Henry said that, unlike Australia, Norway charged a significant price for its natural resources. Norway with its gas and oil reserves has a sovereign wealth fund, the Government Pension Fund Global, which is the world’s largest………………………………………..Full Article: Source

Posted on 12 December 2013 by VRS |  Email |Print

Larsen and Toubro Ltd (L&T), India’s biggest engineering company, is in talks with investors to raise capital for a unit that builds roads, ports and other infrastructure to conserve cash.
The company is considering raising money from investors including sovereign and infrastructure funds by March for unit L&T Infrastructure Development Projects Ltd, chief financial officer R. Shankar Raman said in an interview in Mumbai, declining to elaborate. L&T said last month it’s considering the sale of some of L&T IDPL’s assets, including an initial public offering (IPO) and listing in Singapore of some road projects………………………………………..Full Article: Source

Posted on 12 December 2013 by VRS |  Email |Print

A global NGO chaired by former Liberal Party leader Dr John Hewson is threatening to name and shame super funds that fail to ‘walk the talk’ on climate risk transparency. Dr Hewson said many large super funds are failing to demonstrate the transparency they demand of the companies they invest in.
“A lot of those bigger funds … weren’t prepared to apply the same standards of transparency to themselves in publicly accounting for the way they manage climate risk and why they are so heavily exposed to carbon-exposed industries,” he said………………………………………..Full Article: Source

Posted on 12 December 2013 by VRS |  Email |Print

Kirill Dmitriev is on a one-man mission to change Russia’s image in the eyes of world investors. The 38-year-old graduate of Harvard and Stanford runs Russia’s newest sovereign wealth fund—the $10 billion Russian Direct Investment Fund.
Unlike most sovereign wealth funds, which invest outside their country of origin (including two other Russian wealth funds that control more than $80 billion in assets) the fund that Dmitriev manages directs money back into Russia—co-investing in the country with the sovereign wealth funds of China, Abu Dhabi, Korea, Italy, France and Japan………………………………………..Full Article: Source

Posted on 12 December 2013 by VRS |  Email |Print

Norway’s Ministry of Finance is being urged to withdraw its investments from oil and gas company Repsol because of its operations in a region in the Peruvian Amazon inhabited by indigenous people who have no direct contact with outsiders.
The recommendation was made to the Ministry by the Council on Ethics within Norway’s ‘Government Pension Fund Global’ (GPFG) whose stated aim is to investigate if investment in certain companies meets the GPFG’s ethical guidelines……………………………………….Full Article: Source

Posted on 12 December 2013 by VRS |  Email |Print

Mubadala Development Company’s aerospace unit will start building its maintenance, repair and overhauling, or MRO, facility in Al Ain next month.
The Advanced, Military, Maintenance and Overhauling Centre, or Ammroc, a joint venture with aircraft maker Lockheed Martin, Sikorsky Corporation and Mubadala Aerospace, will hit ground to construct its facility at the Nibras Al Ain Aerospace Park………………………………………..Full Article: Source

Posted on 12 December 2013 by VRS |  Email |Print

General Growth Properties major shareholder Abu Dhabi Investment Authority bought 2,568,934 shares of General Growth Properties stock on the open market in a transaction dated Monday, December 9th. The stock was purchased at an average cost of $21.17 per share, with a total value of $54,384,332.78.
The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC………………………………………..Full Article: Source

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