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Sovereign Wealth Funds Briefing 14.Mar 2014

Posted on 14 March 2014 by VRS |  Email |Print

Norway Prime Minister Erna Solberg plans to increase the Scandinavian nation’s $840 billion oil fund’s exposure to renewable energy, reflecting a continuing shift toward using its vast wealth to combat climate change.
Norway, possessing the largest sovereign-wealth fund in the world, currently devotes a fraction of its assets to green investments. Ms. Solberg told reporters Thursday “we will expand the mandate” in effort to more acutely combat global warming, but didn’t specify how much more money will be devoted to renewable energy………………………………………..Full Article: Source

Posted on 14 March 2014 by VRS |  Email |Print

The government of Norway will mandate the country’s sovereign wealth fund, the largest in the world, to invest in renewable energy, Prime Minister Erna Solberg announced in Oslo “We are thrilled that Norway is stepping forward to lead on renewable energy,” says Nina Jensen, CEO of WWF-Norway. “If done at scale, this will have global impact and redefine how we use money consistent with commitments to limit climate change.
“We have long advocated that the fund invest up to 5% in infrastructure for renewable energy. This will require a change in the guidelines for the fund, similar to the mandate to investing in property that was granted in 2010………………………………………..Full Article: Source

Posted on 14 March 2014 by VRS |  Email |Print

Norway Prime Minister Erna Solberg has confirmed plans to increase the exposure of its $920 billion sovereign wealth fund – the world’s largest – to renewable energy, part of its stated plans to use its vast wealth to combat climate change.
Norway currently invests only a fraction of its sovereign wealth fund (built up from mostly oil revenues) to green investment. Solberg says this will be expanded, but she will not say how much until April 4. The government has already appointed independent experts to evaluate whether the fund should exit its coal, oil, and gas investments, which currently make up around 10 per cent of its value………………………………………..Full Article: Source

Posted on 14 March 2014 by VRS |  Email |Print

Norway’s sovereign wealth fund is examining the operations of oil firm Total in Western Sahara, a disputed region of North Africa with a history of human rights abuses, to ascertain whether its activities there are unethical.
The $850bn fund, which invests Norway’s revenues from oil and gas for future generations, invests only in firms it considers ethical, and has blacklisted 63 firms, including makers of nuclear arms, antipersonnel landmines, cluster bombs and tobacco………………………………………..Full Article: Source

Posted on 14 March 2014 by VRS |  Email |Print

The 2014 budget of the State Oil Fund of Azerbaijan (SOFAZ) will be revised, due to the formation of a closed joint stock company for effective management of the Shah Deniz projects and gas deliveries to Europe, SOFAZ CEO, Shahmar Movsumov told journalists on March 12.
In February, Azerbaijani President Ilham Aliyev signed a decree on establishment of a closed joint-stock company for effective management of the projects within the second phase of the Shah Deniz gas and condensate field’s development, expansion of the South Caucasus Pipeline, Trans Anatolian Gas Pipeline (TANAP) and Trans Adriatic Pipeline (TAP)………………………………………..Full Article: Source

Posted on 14 March 2014 by VRS |  Email |Print

Azerbaijan raised $1.25bn in its first international bond sale on March 10, and investors from the U.S. purchased 47 percent of Azerbaijan’s sovereign Eurobonds. The news was announced by Azerbaijani Finance Ministry on March 12.
The strong sovereign balance sheet, with sovereign assets held in Azerbaijan’s state oil fund SOFAZ, reached 49 percent of GDP at the end of 2013, the report said. The 2014 budget calls for a reduction in reliance on oil revenues in the form of transfers from SOFAZ………………………………………..Full Article: Source

Posted on 14 March 2014 by VRS |  Email |Print

The Qatar Investment Authority (QIA) has a ‘high priority’ to make further investments in the United States, US Secretary of Commerce Penny Pritzker said. She was addressing a special edition of the Distinguished Speaker Series organised by the American Chamber of Commerce in Qatar (AmCham Qatar) in partnership with the National US-Arab Chamber of Commerce (NUSACC). The high ranking US official said that her country offered a great opportunity for investors from all over the world, including Qatar.
Pritzker talked about her meeting with QIA officials and said she encouraged Qatar’s business leaders to take a closer look at the US for foreign direct investment………………………………………..Full Article: Source

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Crown Prince of Brunei Darussalam and Senior Minister in the Prime Minister’s Office Al-Haji Al-Muhtadee Billah visited here on Wednesday Kuwait Investment Authority (KIA) headquarters.
He was received by the Minister of Finance Anas Khaled Al-Saleh, Chief Executive Officer, Managing Director Bader Mohammad Al-Saad, Assistant Under-Secretary for Foreign Investment Office at the Ministry of Commerce and Trade Sheikh Mishaal Al-Jaber Al-Ahmad Al-Sabah, besides senior officials at the Ministry and at KIA………………………………………..Full Article: Source

Posted on 14 March 2014 by VRS |  Email |Print

A Temasek Holdings Pte unit offered to buy Olam International Ltd. in a bid that values the commodity trader at S$5.3 billion ($4.2 billion), about 16 months after it helped stave off an attack by short-seller Carson Block.
Breedens Investments Pte is offering S$2.23 cash per share, the Singapore-based company said today in a statement, a 12 percent premium to Olam’s last closing price of S$1.995. It is also making an offer for Olam’s outstanding bonds and warrants………………………………………..Full Article: Source

Posted on 14 March 2014 by VRS |  Email |Print

A unit of Singapore investment firm Temasek Holdings is making an offer to buy all the shares owned by minority shareholders in agri-commodities trader Olam International. It will pay $2.23 a share in cash, valuing the company at about $5.3 billion based on the number of outstanding shares.
Breedens Investments, an indirect wholly-owned subsidiary of Temasek, is also offering to buy all the outstanding convertible bonds and warrants issued by Olam, it said on Friday………………………………………..Full Article: Source

Posted on 14 March 2014 by VRS |  Email |Print

Despite headwinds of a presidential election, higher inflation, and the possibility of deep budget cuts and increased taxes, institutional investors like sovereign wealth funds and pensions are betting on Brazil’s long-term economic viability.For Latin America, sovereign funds are not terrified by short-term volatility.
Pensions and sovereign wealth funds center on consumer-oriented companies, counting on middle class expansion. According to World Bank data, in 2005, the poverty headcount ratio in Brazil was 30.8%. In 2009, the ratio lowered to 21.4%. Attractive sectors for public pensions and sovereign funds in Brazil run from, infrastructure, real estate, telecommunications and consumer goods like food………………………………………..Full Article: Source

Posted on 14 March 2014 by VRS |  Email |Print

France’s Carrefour SA could raise as much as 5 billion reais ($2.1 billion) from the sale of a stake in its Brazilian unit, with potential bidders including Brazilian tycoon Abilio Diniz and a sovereign wealth fund, a person with direct knowledge of the situation said on Thursday.
Another potential bidder is a sovereign wealth fund that the source would not name. While the structure of the deal is still under discussion, it could include the sale of a stake in Atacadão, Carrefour’s cash-and-carry wholesale unit, a second source said………………………………………..Full Article: Source

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