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Sovereign Wealth Funds Briefing 26.Aug 2014

Posted on 26 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………………………………………..Full Article: Source

Posted on 26 August 2014 by VRS |  Email |Print

Singapore’s sovereign wealth fund is in talks to buy a Tokyo office tower for about 170 billion yen (S$2.04 billion), three people with knowledge of the deal said, in what would be Japan’s biggest property transaction since the financial crisis.
Singapore’s GIC Pte, which already has a large presence in Japan’s property market, outbid the asset management unit of Goldman Sachs Group Inc, which also participated in the final bid for the property, which was put up for sale by Secured Capital, part of Asian private equity firm PAG……………………………………….Full Article: Source

Posted on 26 August 2014 by VRS |  Email |Print

The majority owner of Bulgaria’s troubled Corporate Commercial Bank (Corpbank) said yesterday it was working with Oman’s sovereign wealth fund and other interested investors to restructure the lender. Corpbank’s fate has been in limbo since June, when a run on deposits prompted the central bank to seize control of it and close its operations, sparking the worst banking crisis in the poor Black Sea state since 1990s.
Tsvetan Vassilev’s Bromak owns just over half of Corpbank, the Balkan country’s fourth-largest lender. Oman’s sovereign wealth fund is the second-biggest shareholder with a stake of about 30%. The central bank said on Friday it had asked the two shareholders to unveil plans for the bank’s rescue by the end of August………………………………………..Full Article: Source

Posted on 26 August 2014 by VRS |  Email |Print

Tanzania’s government is forming a special unit to monitor its natural resource revenues from major gas discoveries that promise to lift the country from poverty and free it from dependency on foreign aid in the coming decades.
The east African nation has enough natural gas, more than 50.5 trillion cubic feet discovered so far, to provide energy independence and bring significant export revenues. But Tanzania lacks experience in exploiting oil and gas, so relies on contracts with foreign companies such as Statoil of Norway and ExxonMobile to develop its immense offshore finds………………………………………..Full Article: Source

Posted on 26 August 2014 by VRS |  Email |Print

For while other countries have struck oil and then binged on the revenues, by contrast Norway is continuing to invest its oil and gas money in a giant sovereign wealth fund. The fund, worth about $800bn (£483bn), owns 1% of the entire world’s stocks, and is big enough to make every citizen a millionaire in the country’s currency, the kroner. In effect, it is a giant savings account.
And most Norwegians are seemingly very content with this - according to a 2012 study by New York’s Columbia University Norway is one of the world’s happiest countries. “We had to invest a lot of money before we could spend anything,” says Prof Alexander Cappelen, from the Norway School of Economics, explaining why the country has apparently avoided the pitfalls of vast wealth………………………………………..Full Article: Source

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