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Sovereign Wealth Funds Briefing 31.Jan 2014

Posted on 31 January 2014 by VRS |  Email |Print

Norway’s finance ministry has told its $810-billion oil fund, the world’s biggest sovereign wealth fund, to stop investing in two Israeli firms and one Indian company on ethical grounds.
The ministry instructed the fund for a second time to exclude Africa Israel Investments and its construction subsidiary Danya Cebus from its investments and also said it should not invest in Sesa Sterlite - India’s biggest zinc and aluminium maker. After the decision, 63 firms stand on the exclusion list, including some of the world’s biggest miners, tobacco producers and makers of certain weapons such as cluster bombs……………………………………….Full Article: Source

Posted on 31 January 2014 by VRS |  Email |Print

The world’s biggest sovereign wealth fund in Norway has put two Israeli firms on its blacklist over their contribution to the construction of illegal settlements in the occupied East al-Quds (Jerusalem).
Norway’s Finance Ministry announced the decision on Thursday and named the companies as Africa Israel Investments, an Israeli real estate developer, and its construction subsidiary, Danya Cerbus. The huge sovereign wealth fund deplored the firms for “contributing to serious violation of individual rights through construction of settlements” in the occupied East al-Quds………………………………………..Full Article: Source

Posted on 31 January 2014 by VRS |  Email |Print

The Ministry of Finance has decided to exclude the companies Sesa Sterlite, Africa Israel Investments and Danya Cebus from the Government Pension Fund Global (GPFG).
On the 13th of September 2013, the Ministry of Finance received a recommendation from the Council of Ethics to exclude the company Sesa Sterlite from the GPFG. The recommendation builds on an earlier recommendation to exclude the company Vedanta Resources Ltd. (Vedanta ) and two of its subsidiaries, which operate in India. The Ministry followed the Council’s recommendation to exclude Vedanta and its two subsidiaries in 2007………………………………………..Full Article: Source

Posted on 31 January 2014 by VRS |  Email |Print

Libya’s sovereign wealth fund has taken formal legal action in London against Goldman Sachs over allegations that the investment bank “exploited” the fund’s limited financial experience, forcing it into risky and ultimately lossmaking investments.
The claim, made in legal papers submitted by the Libyan Investment Authority on Thursday, rests on disputed equity derivatives trades amounting to in excess of $1bn………………………………………..Full Article: Source

Posted on 31 January 2014 by VRS |  Email |Print

Abu Dhabi’s sovereign wealth fund (SWF), the Abu Dhabi Investment Authority (ADIA), is the world’s second largest in terms of overall assets, according to a quarterly list published by the Sovereign Wealth Fund Institute.
The ADIA, which has more than 773 billion US dollars in assets, previously occupied the top spot in 2012. It is now followed in third place by Saudi Arabia’s SAMA Foreign Holdings (SAMA) fund, which has some 675.9 billion dollars in assets………………………………………..Full Article: Source

Posted on 31 January 2014 by VRS |  Email |Print

A foreign investor has moved to sever ties with Mongolia’s largest private lender, Golomt Bank, because of its concerns over the lender’s weak corporate governance standards, according to documents and a source familiar with the matter.
The Abu Dhabi Investment Council (ADIC), which lent Golomt $25 million in 2010, is seeking to call in the loan after a turbulent 15 months inside the bank, in which auditors identified serious management failings, according to the source and an external audit report reviewed by Reuters………………………………………..Full Article: Source

Posted on 31 January 2014 by VRS |  Email |Print

Abu Dhabi is part of a group of investors in Norway’s offshore gas pipeline system who have filed lawsuits against the Oslo government over a plan to reduce tariffs for using the network, a move which would dramatically reduce the estimated return on investment.
Companies representing several international investment funds, such as the Abu Dhabi Investment Authority, the Canadian Pension Fund and German insurer Allianz, have spent $5.1 billion in recent years acquiring stakes in Norwegian pipelines, then considered a solid investment bet………………………………………..Full Article: Source

Posted on 31 January 2014 by VRS |  Email |Print

The European industrial and logistics real estate market saw more investment from sovreign wealth funds (SWF) in the Middle East, said a report.
It has attracted more than 14 billion euros ($19.1 billion) of investment in 2013, the highest single year since 2007, up 50 per cent on the previous year, according to the latest research from global property advisor CBRE………………………………………..Full Article: Source

Posted on 31 January 2014 by VRS |  Email |Print

Affirmative Action Group Manicaland chapter has applauded the recently gazetted Sovereign Wealth Fund Bill as a key measure to support the future macro-economic stabilisation programmes by Government, including long-term economic and social development objectives.
Government on January 10 gazetted the Sovereign Wealth Fund Bill which is set to be tabled in Parliament for debate. The Bill seeks to establish a fund to be administered by a board whose objective is to secure investments to support the developmental objectives of the Government………………………………………..Full Article: Source

Posted on 31 January 2014 by VRS |  Email |Print

Finance Minister Patrick Chinamasa tabled the Sovereign Wealth Fund of Zimbabwe Bill in the National Assembly. The Bill seeks to establish a fund administered by a board whose objective is to secure investments for the benefit and enjoyment of future generations.
The Bill was read for the first time and National Assembly speaker, Cde Jacob Mudenda, referred it to the Parliamentary Legal Committee which scrutinises all proposed legislation to ensure it is consistent with the Constitution………………………………………..Full Article: Source

Posted on 31 January 2014 by VRS |  Email |Print

GIC has filed a fraud claim against one of the world’s largest drug companies, claiming it misled the market on two statin drugs, pushing the price of the stocks up as a result. In particular, GIC has accused Merck and subsidiary Merck-Schering-Plough, the makers of cholesterol-lowering drugs Zetia and Vytorin, of failing to tell the market about the “unqualified disaster” results of clinical trials, which found both drugs had no additional benefit to slowing the progression of arteries being clogged up by high cholesterol levels.
The case relates to a 15-month investment period between December 6, 2006 and March 28, 2008, during which GIC bought millions of shares in Merck, according to court documents filed at New Jersey’s district court………………………………………..Full Article: Source

Posted on 31 January 2014 by VRS |  Email |Print

A power plant tender that sovereign wealth fund 1Malaysia Development Bhd (1MDB) is keen to win before a US$2bil (RM6.69bil) initial public offering (IPO) of its power assets has been delayed after bids came in too close to call, Government sources said.
1MDB has begun the process of choosing underwriters for what is likely to be one of South-East Asia’s largest IPOs of the year. It was expected to bundle 15 power plants it bought over a two-year shopping spree in a bid to a capitalise on growing electricity demand in Malaysia, the Middle East and South Asia, financial sources said………………………………………..Full Article: Source

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