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Sovereign Wealth Funds Briefing 21.Mar 2014

Posted on 21 March 2014 by VRS |  Email |Print

Papua New Guinea appears to have dropped plans to create a sovereign wealth fund to finance its purchase of a stake in gas company Oil Search after Australia backed the fund with aid money. Revenue from the PNG liquefied natural gas project, which was supposed to flow into the wealth fund, will now be pledged as collateral for the $1.3 billion purchase of a 10.1 per cent holding in Oil Search.
The two countries inked a 2009 agreement saying PNG would provide advice to Australia about the objectives of the sovereign wealth fund and Australia would offer assistance on how to establish a fund………………………………………..Full Article: Source

Posted on 21 March 2014 by VRS |  Email |Print

The first is that PNG has effectively given up on its sovereign wealth fund. Millions of Australian dollars have been spent on advising the PNG government on setting up a SWF. It was once seen as so important that it was the subject of a separate agreement between the two countries.
A SWF was legislated back in 2012, but proper procedures were not followed so it is not binding. The entire point of the SWF was to receive and manage the proceeds from the massive liquefied natural gas project that will come on line this year………………………………………..Full Article: Source

Posted on 21 March 2014 by VRS |  Email |Print

The largest public palm oil producer in the world might still be keen to dip its finger in the Olam pie. Sime Darby has approached Temasek Holdings for a place in the consortium that made an offer for the shares of Olam International that it does not yet own, sources said.
The group had been holding internal discussions to make an offer for Olam shares prior to Temasek’s surprise announcement last Friday, they said………………………………………..Full Article: Source

Posted on 21 March 2014 by VRS |  Email |Print

Norway’s parliament rejected a proposal to ban the nation’s $850 billion sovereign wealth fund from investing in coal companies. “I’m disappointed but it’s been a big move to put this issue on the agenda,” Torstein Tvedt Solberg, one of the Labor Party lawmaker’s behind the proposal, said in an interview in Oslo. The party will revise its proposal and may submit it again after April, he said.
Built on Norway’s oil and gas income, the fund takes into account ethical rules on human rights, some weapons production, the environment and tobacco when deciding on investments………………………………………..Full Article: Source

Posted on 21 March 2014 by VRS |  Email |Print

Last week wasn’t a great one for companies in the extractive industries. In South Africa, a wage strike by the Association of Mineworkers and Construction Union (AMCU) against the world’s top three platinum producers — Amplats, Lonmin and Impala Platinum – entered its eighth week, with no end in sight.
In Norway, the Ethics Council of the state’s Sovereign Wealth Fund (SWF or the Fund) released its 2013 Annual Report and announced that it was examining the operations of French oil giant Total, in the disputed Western Sahara, to determine whether its activities there are unethical and warrant exclusion of Total by the Fund………………………………………..Full Article: Source

Posted on 21 March 2014 by VRS |  Email |Print

Norway needs an immediate shift in how it allocates its oil wealth to avoid an economic slump as a fading oil industry and high costs threaten growth, Prime Minister Erna Solberg said.
“We need to take steps today to avoid a hard landing,” she said today in the text of a speech at the University of Oslo. “The government will prioritize the use of oil wealth as was the original intention: investments that strengthen the growth potential of the Norwegian economy.”……………………………………….Full Article: Source

Posted on 21 March 2014 by VRS |  Email |Print

Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, on Thursday announced that Dr. Sultan Ahmed Al Jaber has been appointed chairman of the board of Masdar, Abu Dhabi’s renewable energy company, and Dr Ahmad Belhoul will be CEO of the company.
“Masdar has become a globally recognised renewable energy and clean-technology leader with investments and partnerships in Abu Dhabi and internationally,” said Khaldoon Khalifa Al Mubarak, Group CEO and Managing Director of Mubadala………………………………………..Full Article: Source

Posted on 21 March 2014 by VRS |  Email |Print

Since it was restating its financials anyway after the SEC made it consolidate some CLOs, Och-Ziff Capital Management thought it might mention that the SEC (and Justice Dept.) is also interested in some bribery that may or may not have gone on before the Libyan dictator’s end.
Och-Ziff began receiving subpoenas from the Securities and Exchange Commission and requests for information from the Justice Department in 2011, the filing said. The hedge-fund operator said the investigation “concerns an investment by a foreign sovereign wealth fund in some of the Och-Ziff funds in 2007 and investments by some of the funds, both directly and indirectly, in a number of companies in Africa.”……………………………………….Full Article: Source

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