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Sovereign Wealth Funds Briefing 16.Dec 2013

Posted on 16 December 2013 by VRS |  Email |Print

Africa may not be home to the world’s largest sovereign wealth funds (SWFs) – those are in the Middle East and Asia – but the continent is becoming an important place for bankers, as several countries create funds to save commodities revenues.
Over the past two years, oil producers Nigeria, Ghana and Angola have established sovereign funds, managing $1bn, $100m and $5bn respectively, opening a new chapter for Africa. Other countries are likely to follow over the next decade, according to Mthuli Ncube, chief economist at the African Development Bank………………………………………..Full Article: Source

Posted on 16 December 2013 by VRS |  Email |Print

Norway’s $800 billion sovereign wealth fund has purhcased a 47.5 percent stake in One Financial Center, a 46-story office tower with 1.3 million rentable square feet in Boston, joining MetLife in the property, it said on Friday.
The fund, commonly known as the oil fund, purcahsed its stake from an affiliate of Beacon Capital Strategic Partners V, L.P. for a net price of $238 million, it said in a statement. MetLife, which will manage the property, meanwhile purchased 2.5 percent, bringing its total holding to 52.5 percen, the oil fund added………………………………………..Full Article: Source

Posted on 16 December 2013 by VRS |  Email |Print

MetLife Inc. (MET), the largest U.S. life insurer, joined Norway’s $810 billion sovereign wealth fund in a venture to invest in U.S. office properties.
The initial investment with Norges Bank Investment Management was in One Financial Center, a 46-story building in Boston, the New York-based insurer said today in a statement distributed by Business Wire………………………………………..Full Article: Source

Posted on 16 December 2013 by VRS |  Email |Print

Norway may next year decide that its $800 billion sovereign wealth fund, the world’s biggest, should boycott companies that produce coal, the government’s leading party said.
The opposition Labor Party, Norway’s biggest, last month proposed a ban on investments in stocks and bonds issued by those companies in a bid to promote cleaner energy. That proposal could gather a majority in parliament and be included in the oil fund’s investment strategy, according to Nikolai Astrup, energy and environment spokesman for the Conservative Party, which heads the new government………………………………………..Full Article: Source

Posted on 16 December 2013 by VRS |  Email |Print

Italy’s sovereign wealth fund is close to bowing out of the race to buy a stake in Versace as a trio of international private equity firms battle to invest in one of the world’s best-known fashion houses.
Sky News understands that Fondo Strategico Italiano (FSI) is expected to miss out on the shortlist to acquire 20% of family-owned Versace in a deal likely to value the company at about £900m. Blackstone and CCMP Capital, two New York-based firms, and Investcorp of Bahrain were informed on Friday that they were being considered as Versace’s new investment partner………………………………………..Full Article: Source

Posted on 16 December 2013 by VRS |  Email |Print

Kazakh Sovereign Wealth Fund Samruk- Kazyna reached an agreement with Kazakh investor Bulat Utemuratov on the sale of its shares in Temirbank and part of its shares in Alliance Bank.
Samruk- Kazyna will sell 79.88 percent of the ordinary shares in Temirbank and 16 percent of the common and preferred shares in Alliance Bank, according to the agreement. Meanwhile, Samruk-Kazyna will remain the main shareholder of Alliance Bank with 51 percent of the common and preferred shares following the transaction………………………………………..Full Article: Source

Posted on 16 December 2013 by VRS |  Email |Print

Kazakh billionaire Bulat Utemuratov has finalized the deal to purchase Alliance Bank and TemirBank from Samruk-Kazyna Sovereign Wealth Fund, Tengrinews reports.
Earlier this year, President Nazarbayev instructed Samruk-Kazyna to sell its share in Alliance Bank and Temirbank. At about the same time Chairman of Alliance Bank Maksat Kabashev said that the cost of Alliance Bank and Temirbank could range from $500 million to $1 billion. However, the price paid by Utemuratov to purchase these banks has not been unveiled yet………………………………………..Full Article: Source

Posted on 16 December 2013 by VRS |  Email |Print

Temasek Holdings has on Monday redeemed S$500 million zero coupon guaranteed exchangeable bonds due 2013. They were redeemed through its wholly-owned subsidiary, Temasek Financial (III) Private Limited (TFin-III).
L&F HK was a zero coupon exchangeable bond issued by TFin-III at par in December 2011, with a maturity date of Dec 14, 2013………………………………………..Full Article: Source

Posted on 16 December 2013 by VRS |  Email |Print

The protracted battle between the upper and lower legislative houses of the National Assembly has frustrated the presentation of the 2014 budget, even as the NASS goes on recess, Thursday.
The Chairman, Senate Committee on Rules and Business, Senator Ita Enang says if President Goodluck Jonathan decides to submit the 2014 national budget without a resolution on the 2014-2016 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), it may raise “legal issues”………………………………………..Full Article: Source

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