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Sovereign Wealth Funds Briefing 25.Aug 2014

Posted on 25 August 2014 by VRS |  Email |Print

Norway’s wealth fund, the world’s biggest, is diving into Japanese sovereign bonds, even as Japan’s government retirement fund prepares to cut holdings. The Oslo-based Government Pension Fund Global increased Japanese sovereign allocations 15 percent to 160.8 billion kroner ($26 billion) in June from the end of 2013, its biggest debt holding after U.S. Treasuries, the investor said.
Japan’s Government Pension Investment Fund, the world’s largest pool of retirement money, has signaled it will put more of its $1.23 trillion into domestic and overseas equities………………………………………..Full Article: Source

Posted on 25 August 2014 by VRS |  Email |Print

Irish technology start-up FieldAware has secured a multi-million cash injection from the Chinese government. The China Investment Corporation, a sovereign wealth fund with $200bn in reserves, has snapped up a large stake in the Trinity College spin-off.
It is the first time the Chinese government has invested in an Irish technology company. Two more similar deals are due to be announced in the coming weeks. Unlike their US and British counterparts, Chinese investors have funded relatively little of Ireland’s booming tech start-up scene - but this may mark the beginning of a new relationship between the two countries………………………………………..Full Article: Source

Posted on 25 August 2014 by VRS |  Email |Print

The President of the Legislative Assembly says that before a fund is created other options should be considered, as the first may be too risky.The President of the Legislative Assembly, Ho Iat Seng, said that if the government of Macau decides to create a sovereign wealth fund it must act very carefully, as times are very unstable for investment.
“I’m always concerned about the return rates of sovereign funds. These days, the return rates are low. I believe that if it is decided to create a sovereign fund it will require us to be very prudent”, Mr. Ho Iat Seng said during a meeting with journalists for the annual report of the legislative year. He also recalled his experience, back in 2007, when he was involved in the decision to create the China Investment Corporation, a sovereign wealth fund that manages part of the People’s Republic of China’s foreign exchange reserves………………………………………..Full Article: Source

Posted on 25 August 2014 by VRS |  Email |Print

Apex public sector enterprises body SCOPE today suggested setting up a sovereign wealth fund to manage investments in state-owned units. “Globally, many countries have created sovereign wealth fund or sovereign holding structure for their state-owned enterprises for improving governance and deliverability.
“Therefore, there is need for structural change which could be arrived at by wide deliberations between academicians, researchers, professional and government and people at large. This would help in improving corporate governance practices and far better professionalization,” Standing Conference of Public Enterprises (SCOPE) Director General U D Choubey said in a statement………………………………………..Full Article: Source

Posted on 25 August 2014 by VRS |  Email |Print

A Member of Parliament (MP) today appeals to Malaysia Airlines’ (MAS) workers especially its employees unions to give their full cooperation to Khazanah Nasional Bhd to ensure the takeover of MAS by Khazanah can proceed smoothly. Anuar Manap, MP of Sekijang, said it was critical for all interested parties in an effort to revive MAS to be in consensus, united and think of one objective – what is the best method to save MAS which is a symbol of national pride.
“The full support is not only demanded of the rakyat, but definitely from those in MAS itself. Through the restructuring process by Khazanah, I am confident MAS will get out of the financial turmoil it is facing now via a rejuvenation process that is truly effective,” he told Bernama………………………………………..Full Article: Source

Posted on 25 August 2014 by VRS |  Email |Print

French bank has opted against getting $1.5bn bribery case stemming from Gaddafi days thrown out. Societe Generale has opted to allow a bribery case brought by Libya’s sovereign wealth fund to go to court, having previously indicated that it would attempt to have the case thrown out.
The French bank is accused by the Libyan Investment Authority (LIA), which is believed to control about $60bn (£36bn) of the country’s wealth, of paying some $58m in bribes to key officials in the Gaddafi regime and at the top of the fund to smooth over trades that lost the LIA hundreds of millions, in the years before Muammar Gaddafi was overthrown in 2011………………………………………..Full Article: Source

Posted on 25 August 2014 by VRS |  Email |Print

Société Générale has decided against filing a summary judgment application in the UK High Court over its earlier plea to have a bribery-linked lawsuit filed against it by Libya’s sovereign wealth fund to be dismissed.
The Libyan Investment Authority, which apparently oversees assets worth almost $60bn, has charged SocGen with paying about $58m in bribes to influential members of the erstwhile Gaddafi regime - including senior LIA executives - to smooth over transactions that cost the state-backed fund hundreds of millions of dollars………………………………………..Full Article: Source

Posted on 25 August 2014 by VRS |  Email |Print

The credit rating agency Standard and Poor’s has made the right move in retaining Kuwait’s ratings, namely AA for the long-term and A-1 for short-term with a stable outlook. The assumptions were made on some significant data available with S&P.
The S&P report suggests that Kuwait enjoys a sizable net asset position, compromising 2.7 times the GDP. Undoubtedly, this is something extraordinary in today’s world where maintaining such positions are an exception. This fact is supported by the latest Sovereign Wealth Institute data, placing Kuwait’s sovereign wealth fund at $410 billion. Certainly, this fund is a major contributor to investment income, which amounted to about $16 billion in 2013………………………………………..Full Article: Source

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