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Sovereign Wealth Funds Briefing 23.Jul 2014

Posted on 23 July 2014 by VRS |  Email |Print

The central bank yesterday rejected suggestions that it use the nation’s foreign-exchange reserves to establish a sovereign wealth fund, saying the two differ in operations and objectives. Local media reported last week that former minister without portfolio Schive Chi had called for the establishment of a sovereign wealth fund to better manage the nation’s forex reserves, raise their profitability and help narrow the nation’s deficit.
However, the central bank did not agree, issuing a 49-page reference report in response. “There are foreign-exchange reserves to maintain stability in the foreign-exchange market,” the bank said in the report………………………………………..Full Article: Source

Posted on 23 July 2014 by VRS |  Email |Print

The revenues of the State Oil Fund of Azerbaijan amounted to 6,493.6 million AZN and expenses - 5,163.1 million AZN in the first half of 2014, the fund reported.
The revenues from the implementation of oil and gas contracts stood at 6,374.8 million AZN, including the sale of profitable oil and gas - at the level of 6,335.4 million AZN during the reported period. The fund`s income from transit operations amounted to 4.4 million AZN. The fund implemented bonus payments in the amount of 13.3 million AZN in January-June. The contributions from payments acreage payment amounted to 1.7 million AZN in the first half of the year………………………………………..Full Article: Source

Posted on 23 July 2014 by VRS |  Email |Print

Kazkommertsbank, Kazakhstan’s largest lender, plans to spend 37.6 billion tenge ($205 million) on buying back part of a stake acquired by sovereign wealth fund Samruk-Kazyna at the height of the financial crisis.
Kazkommertsbank offered to buy a maximum of 79.2 million of ordinary shares from minority stakeholders for 475.3667 tenge apiece, the Almaty-based lender said by e-mail today. Samruk-Kazyna invested 36 billion tenge in 2009 for 165.7 million shares, or a 21 percent stake………………………………………..Full Article: Source

Posted on 23 July 2014 by VRS |  Email |Print

Norges Bank Investment Management (NBIM), which manages Norway’s sovereign wealth fund, is in talks to buy two office buildings in the US for $915m (€677m), according to sources. The properties in Boston and San Francisco are being bought in joint ventures with US insurer MetLife and TIAA-CREF, respectively.
The Boston property – the 1m sqft One Beacon Street building – is expected to be sold for around $565m by Allianz Real Estate and Beacon Capital Partners, which bought the asset for its closed-end Strategic Partners IV fund in 2006………………………………………..Full Article: Source

Posted on 23 July 2014 by VRS |  Email |Print

IL&FS Transportation Networks Ltd, a subsidiary of IL&FS that develops and manages toll roads, has received the board approval to raise up to Rs 1,000 crore ($165.9 million) through further issue of equity shares of the company, the company said in a stock market disclosure. It is backed by StanChart IL&FS Asia Infrastructure Growth Fund, Bessemer Venture Partners and Norwegian sovereign wealth fund Government Pension Fund Global.
Its private equity investors include Standard Chartered IL&FS Asia Infrastructure Growth Fund and Bessemer Venture Partners. The firm also counts Norwegian sovereign wealth fund Government Pension Fund Global as a shareholder………………………………………..Full Article: Source

Posted on 23 July 2014 by VRS |  Email |Print

Malaysian Airline System Bhd., reeling from its second disaster in four months, is likely near the end of its days as a publicly traded company. The company plans to present a revival plan to its state-run parent Khazanah Nasional Bhd. this week, people familiar with the matter said Monday, asking not to be identified because the talks are private. The options range from Khazanah taking Malaysian Air private to bankruptcy, according to one of the people, with both routes involving a delisting.
Even a month before the latest disaster, Khazanah was estimating that the unprofitable airline only had enough funds to last it about a year………………………………………..Full Article: Source

Posted on 23 July 2014 by VRS |  Email |Print

In many parts of the world, Sovereign Wealth Fund (SWF) has become an effective tool to transform the economic landscape and development aspirations of countries, especially those endowed with enormous oil wealth or other commodities. However, in their quest to attain Eldorado, some have succeeded, while a good number have burnt their fingers.
While some countries such as the Gulf States have employed the instrumentality of their sovereign wealth funds to develop their economies, Saudi Arabia and some others remain undeveloped poverty-stricken nations, in spite of their oil wealth. The rulers in these countries, instead of developing their economies prefer to bail out Western countries and buy U.S treasure bonds………………………………………..Full Article: Source

Posted on 23 July 2014 by VRS |  Email |Print

A curious stock exchange filing suggesting that Qatar Holding had trimmed its stake in Glencore drew attention to the FTSE 100 commodities giant. The sovereign wealth fund is the biggest shareholder in Glencore and played a key role in its takeover of Xstrata in 2012 when, as the bid target’s second-largest investor, it initially opposed the blockbuster deal.
On Tuesday, Qatar Holding was in focus once again as traders picked up on a filing that, on first read, caused some confusion about its Glencore stake………………………………………..Full Article: Source

Posted on 23 July 2014 by VRS |  Email |Print

From Harrods to Louis Vuitton, a number of iconic brands owned or part-owned by Qatar have recently come out in force against the increasing spread of fake goods. Qatar Holding bought Harrods, the Knightsbridge London store, in 2010 for a reported £1.5bn ($2.4bn) from Egyptian businessman Mohamed Al Fayed and has spent around £250m upgrading the legendary retailer.
LVMH was formed by the 1987 merger of fashion house Louis Vuitton with champagne and liquor maker Moët Hennessy. Sovereign wealth fund Qatar Holding holds a 1.03 percent interest in the company, which was valued at around €699m last year………………………………………..Full Article: Source

Posted on 23 July 2014 by VRS |  Email |Print

The APFC has awarded four active Non-U.S. developed markets stock mandates at the conclusion of a several-month search. The mandates are for $100 million each, with a target date of July 25. Selective rebalancing within the Permanent Fund’s stock portfolio will provide the funds for the new mandates, and no managers will be terminated.
Staff recommended the search based on the strong core nature of the portfolio, citing a need for additional Non-U.S. managers to increase the diversification of the Fund’s holdings………………………………………..Full Article: Source

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