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Sovereign Wealth Funds Briefing 29.Jan 2014

Posted on 29 January 2014 by VRS |  Email |Print

Norway’s $817 billion sovereign wealth fund, the world’s largest, has halved its exposure to coal producers, with most of its remaining interest in the sector in Chinese companies, its chief executive said on Tuesday.
Oslo has been at diplomatic loggerheads with China since the award of its Nobel Peace Prize to human rights activist Liu Xiaobo in 2010. Norway’s parliament is studying a proposal to ban the fund from coal, which has the backing of a majority of parties, but not that of the minority government………………………………………..Full Article: Source

Posted on 29 January 2014 by VRS |  Email |Print

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-December, 2013 reached 13,600.5 million manats, while budget expenditures constituted 12,302.7 million manats.
Revenue of 13,119.9 mln. manats was received from implementation of oil and gas agreements, including 13,108.0 mln. manats from the sale of profit oil and gas, 1.8 mln. manats as acreage fees, 8.1 mln. manats as transit payments, 1.9 mln. manats as bonus payments and 0.1 mln. manats from the sale of assets received from foreign companies………………………………………..Full Article: Source

Posted on 29 January 2014 by VRS |  Email |Print

The assets of Azerbaijani state oil fund SOFAZ has increased by 5.1 percent as of January 1, 2014, compared to the same period of 2013 and stood at over $ 35.877 billion. SOFAZ said the budget revenues of the fund exceeded 13.6 billion manats while the budget expenditures amounted to over 12.3 billion manats in January-December 2013.
Some 13.12 billion manats of the budget revenue was received from the implementation of oil and gas agreements in the reported period………………………………………..Full Article: Source

Posted on 29 January 2014 by VRS |  Email |Print

In 2013 the State Oil Fund of Azerbaijan (SOFAZ) allocated 3.02% of its expenditures for the construction of “STAR” Oil Refinery Complex in Turkey. According to the Fund, its allocations for this complex constructed by the SOCAR (the State Oil Company of Azerbaijan) made up AZN 372.6 million last year.
Budget revenues of the Oil Fund in 2013 reached AZN 13,600.5 million, while budget expenditures constituted AZN 12,302.7 million. As a result, the SOFAZ budget was executed with the surplus of AZN 1,297.8 million Over the last year the assets of the Oil Fund grew from $34129.4 million up to $35877.5 million………………………………………..Full Article: Source

Posted on 29 January 2014 by VRS |  Email |Print

Singapore sovereign wealth fund GIC Pte Ltd and Macquarie Capital have formed a joint venture which has bought a majority stake in Iglu, an Australian student accommodation provider with a property portfolio worth about $132 million.
The deal is the largest of its kind in the Australian student accommodation sector, GIC said in a statement, without disclosing the investment value. Macquarie Capital is a unit of Macquarie Group Ltd………………………………………..Full Article: Source

Posted on 29 January 2014 by VRS |  Email |Print

The Government of Singapore Investment Corporation Pte Ltd (now known as GIC Private Limited), one of Singapore’s sovereign wealth funds, bought millions of shares in Schering-Plough Corporation common stock through both self-managed and externally managed accounts. Schering-Plough was a U.S. pharmaceutical company, until its merger with Merck on November 3, 2009.
The GIC is being represented by NY-based law firm Kirby McInerney LLP. The GIC is suing Schering-Plough and Merck, alleging the Schering stock purchases were at artificially inflated prices as a result of the pharmaceutical’s misconduct………………………………………..Full Article: Source

Posted on 29 January 2014 by VRS |  Email |Print

China will learn from Singapore’s Temasek Holdings Pte Ltd, using the government investment corporation as a model for the reform of asset management, sources at the State-owned Assets Supervision and Administration Commission told the China Securities Journal.
Starting this year, SASAC will establish three types of State-owned asset management entities: industrial investment corporations, investment holding companies and asset operating companies. “Some local governments are also proposing to set up State-owned asset operating companies and industrial investment companies,” the anonymous sources said………………………………………..Full Article: Source

Posted on 29 January 2014 by VRS |  Email |Print

The UK is seemingly standing on the brink of a transformative phase in its infrastructure development. Currently the country is wrestling with a number of divisive issues, particularly around the future of its transport and energy networks.
China Investment Corporation has also been particularly active in the UK; the company acquired a stake in each of Heathrow airport and Thames Water in recent years………………………………………..Full Article: Source

Posted on 29 January 2014 by VRS |  Email |Print

The invisible man behind China’s $3.8 trillion foreign-cash hoard is disappearing. Zhu Changhong, a former star bond trader in the U.S. who was recruited by Chinese officials about four years ago from investment firm Pimco to manage the country’s foreign-exchange reserves, resigned unexpectedly, officials said Tuesday. The move comes as China grapples with boosting returns at a time of turbulence in global markets.
China’s State Administration of Foreign Exchange, the division of the central bank that manages the foreign currency the bank buys to control the value of the yuan, said the 44-year-old Mr. Zhu is set to wrap up his mission at the agency at the end of the month………………………………………..Full Article: Source

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