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Sovereign Wealth Funds Briefing 18.Mar 2014

Posted on 18 March 2014 by VRS |  Email |Print

Sovereign wealth funds have been much slower to pursue merger and acquisition deals so far this year after a bumper 2013, according to Thomson Reuters data.
Sovereign wealth funds (SWFs), which invest windfall revenues from oil and other exports for future generations, sealed $155 million of M&A deals in publicly listed markets up to March 10, less than a tenth of the value for the same year-ago period………………………………………..Full Article: Source

Posted on 18 March 2014 by VRS |  Email |Print

Middle East sovereign wealth funds completed seven major direct property deals worth a total of US$5.6 billion last year – and more big ticket purchases are expected over the coming months. The deals involved commercial, retail and hotel properties.
According to the property broker JLL, the Kuwait Investment Authority sealed the largest middle Eastern sovereign wealth fund deal last year when St Martins, the property division of the Kuwait government, agreed to buy the 13-acre More London office and restaurant complex near London Bridge in London for $2.7bn………………………………………..Full Article: Source

Posted on 18 March 2014 by VRS |  Email |Print

American Express Co. (AXP) agreed to sell a 50 percent stake in its business-travel division for $900 million to partners that include Qatar’s sovereign-wealth fund.
AmEx will create a joint venture with an investor group led by Certares International Bank LLC and Qatar Holding LLC, AmEx and the Qatari fund said today in separate statements. The business will use the American Express brand and be headed by Bill Glenn, the New York-based firm’s president of global commercial services, AmEx said. The consumer travel operation isn’t part of the deal………………………………………..Full Article: Source

Posted on 18 March 2014 by VRS |  Email |Print

Qatar’s sovereign wealth fund has stepped up its hunt for US assets by investing alongside BlackRock, Macquarie Capital and Certares in American Express’ global business travel unit.
The investors led by Certares – a New York-based boutique founded by Greg O’Hara, the former chief investment officer of JPMorgan’s Special Investors Group – spent $900m for a 50 per cent stake in the joint venture which will continue to operate under the Amex brand, the company said on Monday………………………………………..Full Article: Source

Posted on 18 March 2014 by VRS |  Email |Print

Following last week’s meeting of the Federation Allocation Accounts Committee (FAAC), the Excess Crude Account (ECA) has increased by $1.34 billion. This is as the Consumer Price Index (CPI) which measures inflation, in February moderated to 7.7 per cent year-on-year from 8.0 per cent the previous month.
According to the National Bureau of Statistics (NBS), the moderation in year-on-year rates in February was as a result of higher year-on-year changes exhibited in February 2013. The federal ministry of finance made this known yesterday in a statement by the special adviser to Mrs Okonjo-Iweala, Paul Nwabuikwu………………………………………..Full Article: Source

Posted on 18 March 2014 by VRS |  Email |Print

Sovereign wealth fund 1Malaysia Development Bhd. secured a tariff rate of 40 sen to 46 sen a kilowatt-hour for a planned 50-megawatt solar farm in Kedah, the Star reported.
The deal was set as a result of negotiations between 1MDB and the government, the newspaper reported online today, citing people it didn’t identify. 1MDB didn’t immediately respond to an e-mail and phone call requesting comment………………………………………..Full Article: Source

Posted on 18 March 2014 by VRS |  Email |Print

A unit of Singapore’s state-owned investment company offered to take over Olam International Ltd. in a deal that values one of the world’s top three coffee and rice traders at S$5.3 billion ($4.2 billion), reports Bloomberg.
The bid by Temasek Holdings Pte’s unit reflects growing interest in agricultural assets as rising global populations and emerging middle classes boost food demand. Breedens Investments Pte is offering S$2.23 cash per share, a 12 percent premium to Olam’s closing price of S$1.995 before the bid………………………………………..Full Article: Source

Posted on 18 March 2014 by VRS |  Email |Print

Temasek Holdings Pte unit’s offer to take over Olam International Ltd. (OLAM) shows Singapore’s investment firm is more active compared with other state-owned investors, according to the Sovereign Investment Lab.
Breedens Investments Pte on March 14 said it proposed to purchase Olam in a deal that values one of the world’s top three coffee and rice traders at S$5.3 billion ($4.2 billion). Breedens is offering S$2.23 cash per share, a 12 percent premium to Olam’s closing price of S$1.995 before the bid………………………………………..Full Article: Source

Posted on 18 March 2014 by VRS |  Email |Print

The offer by Temasek Holdings’s unit to take over Olam International is credit negative for the Singapore investment firm, Bloomberg news agency reported Moody’s Investors Service as saying.
The acquisition, which values one of the world’s top three coffee and rice traders at S$5.3 billion, will put pressure on Temasek’s “portfolio liquidity”, said Moody’s, which rates the investment firm at Aaa. Olam’s 2 per cent dividend yield in 2013 is also lower than Temasek’s return of about 3 per cent, it said………………………………………..Full Article: Source

Posted on 18 March 2014 by VRS |  Email |Print

Norway is examining new ways to calculate returns generated by the world’s biggest sovereign wealth fund in a move that could affect how much oil revenue the government uses in its budgets.
The Finance Ministry has ordered Statistics Norway to find out how different deflators, which adjust returns for inflation, will affect returns. The government is due next month release a white paper assessing the fund’s strategy and performance………………………………………..Full Article: Source

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