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Sovereign Wealth Funds Briefing 28.Aug 2014

Posted on 28 August 2014 by VRS |  Email |Print

GIC has invested US$104 million (S$130 million) in KKBOX, a provider of music streaming services in Asia, the two companies said in a joint statement on Wednesday. KKBOX, which was established in 2004 by a group of Taiwanese software programmers, will use the funds to expand overseas and improve its technology and service, said the company’s co-founder and chief executive Chris Lin.
GIC said it has “confidence in the long-term growth potential of KKBOX given its unique music streaming service and strong franchise in its home markets”. “With the rising demand of consumer technology in the region, there will be exciting opportunities for the company as it embarks on its expansion,” the sovereign wealth fund and KKBOX said in the statement………………………………………..Full Article: Source

Posted on 28 August 2014 by VRS |  Email |Print

Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) Shahmar Movsumov met a delegation of the UN Working Group on business and human rights. During the meeting, Movsumov spoke about management of the fund`s resources, its investing activities and projects financed by SOFAZ.
The SOFAZ Executive Director also highlighted the Fund`s activities, as well as issues related to the implementation of the Extractive Industries Transparency Initiative………………………………………..Full Article: Source

Posted on 28 August 2014 by VRS |  Email |Print

The annual Permanent Fund dividend that will be distributed to qualifying Alaskans in a little more than a month is projected to be worth $1,930.49, give or take $100, according to an analysis by Alaska Dispatch News.
At that amount, the check would more than double last year’s $900, a boost that comes because the distribution is based on fund revenues over five years. The dismal year of 2009, when the fund’s overall value declined as the nation was mired in recession, drops out of the equation………………………………………..Full Article: Source

Posted on 28 August 2014 by VRS |  Email |Print

State asset manager Khazanah Nasional Bhd has approved the comprehensive restructuring plan for the loss-making Malaysia Airlines that will see up to 6,000 jobs disappear, say sources. The plan will be discussed by the Cabinet, a day after the Khazanah board had a meeting chaired by the sovereign wealth fund’s chairman Prime Minister Datuk Seri Najib Razak.
“The plan has been approved, now its up to the Cabinet,” a source said. The centrepiece of the plan will include shaving off thousands of jobs, as well as putting in place opportunities for re-training and placing out staff members, and drawing up retrenchment packages in the loss-making flag carrier………………………………………..Full Article: Source

Posted on 28 August 2014 by VRS |  Email |Print

Malaysia Airlines (MAS) is reported to be considering axing up to 5,000 staff as part of its restructuring under sovereign wealth fund, Khazanah Nasional. This would amount to around a quarter of the carrier’s staff. The carrier is widely considered to be overstaffed, and was struggling well before the twin tragedies of this year.
Loss making routes, including flights to China and Frankfurt, are also reported to be in the firing line, and the airline is also said to be reviewing its fleet plans………………………………………..Full Article: Source

Posted on 28 August 2014 by VRS |  Email |Print

A total of 12 shipments of LNG gas have already left PNG shores, raking in almost US$600 million (K1.5 billion) in revenue for all the partners, including the government. Prime Minister Peter O’Neill told Parliament Wednesday,that the country has started the early export of LNG gas and to date 12 shipments have taken place with an estimated US$50 million per shipment.
He said the government is expected to receive an estimated US$30 billion revenue over the next 20 years, which is substantial revenue. He said the project is managed by ExxonMobil and all revenue from the gas export are parked in a trust account that is managed by ExxonMobil and not the PNG government………………………………………..Full Article: Source

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