Mon, May 17, 2021
A A A
Welcome mteam
RSS

Sovereign Wealth Funds Briefing - Archive | December, 2011

Fitch affirms Bahrain’s Mumtalakat Holding Co ‘BBB’

Posted on 15 December 2011 by VRS  |  Email |Print

Fitch Ratings has affirmed Bahrain Mumtalakat Holding Company’s (Mumtalakat) Long-term Issuer Default Rating (IDR) and senior unsecured rating at ‘BBB’. Fitch also affirmed Mumtalakat’s Short-Term IDR at ‘F3′. The Outlook on the Long-Term IDR is Stable. Mumtalakat’s USD750m 5% notes, due 30 June 2015, have been also affirmed at ‘BBB’.
The agency continues to apply its parent and subsidiary rating linkage methodology in rating Mumtalakat as it believes that a strong relationship exists between the company and the Kingdom of Bahrain (’BBB’/Stable/’F3′), reflecting the strong relationship between the two………………………………………..Full Article: Source

China Investment in US

Posted on 15 December 2011 by VRS  |  Email |Print

China Investment Corp., the nation’s sovereign wealth fund, already invests a portion of the reserves in financial instruments including equities. CIC managed $409.6 billion at the end of 2010, making it the world’s fifth-largest national fund, according to Sovereign Wealth Fund Institute.
China’s foreign exchange reserves, the world’s largest, were $3.2 trillion at the end of September. The nation invests in international bonds such as U.S. Treasuries and sovereign debt from European Union members………………………………………..Full Article: Source

India: Sovereign fund mooted for buying mineral assets abroad

Posted on 14 December 2011 by VRS  |  Email |Print

A. VellayanThe Fertilizer Association of India (FAI) has asked the government to create a $20-billion Sovereign Wealth Fund to acquire mineral assets abroad. “We have asked the government to form a sovereign wealth fund to acquire fertilizer assets abroad in the wake of rising global prices and shortage of fertilizers on the domestic front,” FAI said, quoting Chairman A. Vellayan.
When contacted, FAI Director General Satish Chander said, “Global suppliers, especially in the case of potash, have formed cartels and have been increasing fertilizer prices. This is leading to a rise in input costs and the domestic firms are left with no option but to share the burden with the farmer,” he added………………………………………..Full Article: Source

China may launch new US$300-bln forex investment arm

Posted on 14 December 2011 by VRS  |  Email |Print

China, the largest holder of foreign exchanges in the world, is likely to set up a US$300 billion investment entity to manage its abundant foreign exchange reserves, said the sources familiar with the matter.
The new investment institution will launch two overseas investment funds, of which one will focus on the U.S. market and the other on the European market. The new investment arm may be based in Shanghai, added the sources………………………………………..Full Article: Source

Israel: Sovereign investment fund would protect against war

Posted on 14 December 2011 by VRS  |  Email |Print

Israel must establish a sovereign-wealth investment fund from future offshore natural- gas revenues to protect against catastrophic risks like war, economic crisis or natural disaster, a report published this week by the Milken Institute concluded.
A secondary goal of such a fund would be to build up revenues to cover pension obligations, health care or other assets affecting Israel’s human capital, it said. Recent discoveries of underwater gas fields – led by the Leviathan and Tamar fields, which between them contain an estimated 700 billion cubic meters of natural gas – are expected to turn Israel into a natural-gas exporter in the coming years………………………………………..Full Article: Source

Abu Dhabi sovereign fund buys Thames Water stake

Posted on 14 December 2011 by VRS  |  Email |Print

Abu Dhabi Investment Authority, the sovereign wealth fund of the Abu Dhabi government, has acquired a minority stake in the holding company that controls Thames Water from a consortium led by Macquarie Group, Macquarie said in a statement.
ADIA, through its Infinity Investments unit bought the 9.9 percent stake in Kemble Water Holdings Limited for an undisclosed sum from Macquarie European Infrastructure Fund, another Macquarie-managed fund and a third party investor, the statement added………………………………………..Full Article: Source

Adia takes 9.9pct stake in Thames Water

Posted on 14 December 2011 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA), the emirate’s sovereign wealth fund, has bought a 9.9 percent stake in Thames Water from a consortium led by Australian bank Macquarie.
The acquisition was made by Infinity Investments, a wholly-owned subsidiary of ADIA Macquarie said in a statement on its website on Tuesday. The company declined to reveal the value of the sale of the stake in Kemble Water, the parent company of Thames Water………………………………………..Full Article: Source

Kazakhstan said to buy Karachaganak stake with Eni, BG-led loan

Posted on 14 December 2011 by VRS  |  Email |Print

Kazakhstan plans to gain 10 percent of a BG Group Plc and Eni SpA-led venture developing the nation’s second-biggest producing oilfield using a loan from the partners, said two people with knowledge of the matter.
Kazakh tax authorities withdrew back tax claims after an agreement on the stake was reached this month, Deputy Oil Minister Lyazzat Kiinov said Dec. 7. The foreign partners, led by BG and Eni, may be paid as much as $1.1 billion, Timur Kulibayev, head of the Samruk-Kazyna state wealth fund, said in October. KazMunaiGaz is controlled by Samruk-Kazyna………………………………………..Full Article: Source

Khazanah gets “regular proposals”

Posted on 14 December 2011 by VRS  |  Email |Print

Proton Holdings Bhd’s major shareholder Khazanah Nasional Bhd receives regular proposals, enquires and expressions of interest about its various investments and companies, the national car company told the local bourse.
Proton said it had enquired with Khazanah, which owns a 42.7% stake in the former, on news reports on Monday about DRB-HICOM Bhd buying into the national car company………………………………………..Full Article: Source

Proton queries Khazanah about possible takeover by DRB-HICOM

Posted on 14 December 2011 by VRS  |  Email |Print

Proton Holdings Bhd said its major shareholder, Khazanah Nasional Bhd, received regular proposals, enquiries and expressions of interest about its various investments and companies.
In a filing with Bursa Malaysia yesterday, Proton said it had asked Khazanah, which owns a 42.7% stake in the former, about news reports on Monday which said DRB-HICOM Bhd was buying into the national car manufacturer………………………………………..Full Article: Source

Khazanah leaves door open on Proton

Posted on 14 December 2011 by VRS  |  Email |Print

Khazanah Nasional Bhd is leaving the door open on its intention for Proton Holdings Bhd, despite reports that claimed a deal had been struck with DRB-HICOM Bhd.
“Khazanah has informed that, in its normal course of business, it regularly receives proposals, enquiries and expressions of interest in relation to its various investments and companies where it has interest in, including Proton,” the national carmaker told the stock exchange………………………………………..Full Article: Source

Australia: Has the mining boom given us “too much luck”? Hardly

Posted on 14 December 2011 by VRS  |  Email |Print

If Paul Cleary is to be believed in his recently published book, Too Much Luck: The Mining Boom and Australia’s Future, the resources boom is the worst thing that ever happened to Australia. Cleary tries hard to find support for a sovereign wealth fund among the documents even though they mostly relate to experience in overseas economies that have little in common with Australia. He is forced to concede the Treasury’s “curious bias against sovereign wealth funds”.
He neglects to mention comments in a speech by then-Treasury Secretary Ken Henry to Australian Business Economists on May 18, 2010 arguing against a SWF. These comments are far more compelling than the Treasury working papers Cleary cites………………………………………..Full Article: Source

Questions loom for Libya’s sovereign wealth investments

Posted on 13 December 2011 by VRS  |  Email |Print

Sven BehrendtAs Libya’s liberators come to terms with how to rebuild the country, three paths are emerging for the riches held in its sovereign wealth fund, according to a new report from international political consulting firm GeoEconomica GmbH.
The fund is the first sovereign wealth investment vehicle to be targeted by international sanctions and as governments begin to thaw frozen Libyan assets, the question becomes what’s next for the nearly $56 billion that was invested under the Gadhafi regime………………………………………..Full Article: Source

Kazakhstan at 20

Posted on 13 December 2011 by VRS  |  Email |Print

Kazakhstan has a sovereign wealth fund and shares in strategic state enterprises are now managed more transparently and some are internationally traded. Additionally, all government enterprises are under the supervision of Samruk-Kazyna, a national development and investment agency.
Kazakhstan participates in the Extractive Industry Transparency Initiative. Prosecution of government officials for corruption has increased, although, as the Kazakh government itself admits, a lot more needs to be done………………………………………..Full Article: Source

PotashCorp “not impacted” by Norway’s ban from fund

Posted on 13 December 2011 by VRS  |  Email |Print

Leading Canadian fertiliser producer PotashCorp told IM it believes action taken by Norway to ban it from its government pension fund over ethical concerns “is more political rather than ethical”.
The Saskatchewan-based company added that it believed the ban will not have an impact on PotashCorp. Norway’s state pension fund, one of the biggest sovereign wealth funds in the world, announced last week that it had excluded investment in US chemicals firm FMC Corp and in PotashCorp over………………………………………..Full Article: Source

Profit outweighs ethics for Norwegian ministry: NBC

Posted on 13 December 2011 by VRS  |  Email |Print

The Norwegian Ministry of Finance has rejected the Council of Ethics’ recommendation to exclude PetroChina from the Norwegian Pension Fund’s portfolio due to human rights abuses in Burma, according to a statement by the Norwegian Burma Committee (NBC).
The ministry puts more weight on profit instead of ethics in this case, the statement said. NBC has for several years called on the Council of Ethics to consider companies in the controversial Shwe gas project which includes construction of two parallel pipelines for oil and gas from the west coast of Burma to Yunnan Province in China………………………………………..Full Article: Source

Qatar Holding buys Miasteczko Orange

Posted on 13 December 2011 by VRS  |  Email |Print

Developer Bouygues Immobilier Polska has signed a contract to sell its under-construction Miasteczko Orange office complex in Warsaw to Qatar Holding, the sovereign wealth enterprise of the Qatar Investment Authority.
The cost of the transaction has not been revealed. The built-to-suit class-A office project, which is located on Al. Jerozolimskie in the capital’s Ochota district, is Qatar Holding’s first investment in Poland. It will house the headquarters of Telekomunikacja Polska (TP)………………………………………..Full Article: Source

How creation of sovereign investment fund can help ensure Israel’s economic future

Posted on 13 December 2011 by VRS  |  Email |Print

In a new report, “Structuring Israel’s Sovereign Investment Fund: Financing the Nation’s Future,” the Milken Institute explores the policies necessary to turn a temporary resource boom into a lasting national advantage.
“Israel has a unique opportunity to transform a sudden and temporary bounty of natural resource wealth from its offshore natural gas discoveries into an intergenerational endowment — an investment fund that will strengthen national economic security by insuring against risks of natural, geopolitical, or economic catastrophes while investing in Israel’s most important resource — its human capital,” said Glenn Yago, one of the report’s authors and Senior Director of the Milken Institute Israel Center. “Our report is a roadmap for policy makers on how they can most effectively accomplish this, as well as the pitfalls for them to watch out for.” (Press Release)

GDF Suez to expand in emerging markets

Posted on 13 December 2011 by VRS  |  Email |Print

French utility GDF Suez has said it plans to devote one-third of capital expenditure to fast-growing emerging economies in the next five years in a move to cut its reliance on Europe.
GDF Suez and China Investment Corp (CIC) has signed 3 billion euros of deals in October as part of the French group’s expansion strategy in Asia, giving the sovereign wealth fund a big chunk of the French utility’s gas and oil production assets. The deals provide GDF Suez with cash to expand and help China advance its policy of buying up oil and gas assets abroad………………………………………..Full Article: Source

China’s CIC has about 60pct of assets in U.S., Jin says

Posted on 12 December 2011 by VRS  |  Email |Print

Jin LiqunChina Investment Corp., the nation’s sovereign wealth fund, has about 60 percent of its assets in the U.S., which has many investment opportunities and a good legal system, Jin Liqun said.
Jin, chairman of CIC’s supervisory board, said that much of the rest of the fund’s assets are in Europe, other nations in Asia and Canada, with investments in resources, real estate and “open-market transactions.”……………………………………….Full Article: Source

China Central Bank to create $300 bln investment fund

Posted on 12 December 2011 by VRS  |  Email |Print

Zhou XiaochuanChina’s central bank plans to create a new vehicle to manage investment funds worth a total of $300 billion (191 billion pounds) to improve returns on the world’s largest stockpile of foreign exchange reserves. The fund will operate alongside the State Administration of Foreign Exchange (SAFE), and separately from China’s sovereign wealth fund; China Investment Corp (CIC).
The vehicle, which was planned well before the start of Europe’s debt crisis and is aimed at improving returns on China’s foreign exchange reserves, would operate two funds, one targeting investments in the United States and the other focused on Europe, said the source, who asked not to be named because of the sensitivity of the matter………………………………………..Full Article: Source

Malaysia’s Khazanah to sell Proton stake to DRB

Posted on 12 December 2011 by VRS  |  Email |Print

Malaysia’s state investment arm Khazanah Nasional will sell its 42.7 percent stake in national car maker Proton Holdings Bhd to autos-to-property conglomerate DRB-Hicom, the Star newspaper reported on Monday quoting Proton adviser Mahathir Mohamad.
The paper cited ex-Malaysian prime minister Mahathir as saying Khazanah wanted to sell its stake as it would not be investing more in Proton which needed funds for research and development of new products such as hybrid cars………………………………………..Full Article: Source

Qatar Holding to tap Indonesia with $1bln fund

Posted on 12 December 2011 by VRS  |  Email |Print

Qatar Holding, a subsidiary of the gas-rich Gulf state’s sovereign wealth fund, has set up a $1bn fund to target investment opportunities in Indonesia. The fund, to be named QH Indonesia, will be based in Jakarta “will identify and evaluate investment opportunities in Indonesia specifically,” the company said.
The $1bn fund will mainly target commodities and natural resources, it added………………………………………..Full Article: Source

Nigeria: Governors give fresh conditions to back Wealth Fund

Posted on 12 December 2011 by VRS  |  Email |Print

Governors will make a new request at today’s National Economic Council (NEC) – voluntary participation in the Sovereign Wealth Fund (SWF). Besides, they are mounting pressure on the Presidency to concede 30 per cent equity to them in the distribution companies of the Power Holding Company of Nigeria (PHCN).
President Goodluck Jonathan has got legal advice from the Attorney-General of the Federation, Mohammed Bello Adoke (SAN), to go ahead with the implementation of the Fund, which the states opposed, saying it is illegal………………………………………..Full Article: Source

Zimbabwe: Govt divided over SWF

Posted on 12 December 2011 by VRS  |  Email |Print

A tug of war has erupted in the porous inclusive government with ministers pulling in different directions over the management of a proposed Sovereign Wealth Fund (SWF). The divisions were exposed by Deputy Prime Minister Arthur Mutambara in his address to a Mining Sector Stakeholders Briefing held in Harare last week.
Currently, Youth Development, Indigenisation and Empowerment Minister, Saviour Kasukuwere has been at the forefront of establishing a US$5 billion SWF to warehouse shares in various entities acquired by government under the country’s hostile empowerment law. Kasukuwere had hoped to house the SWF under his ministry………………………………………..Full Article: Source

SWF strategies: Liabilities and limits

Posted on 12 December 2011 by VRS  |  Email |Print

Pinning down the nature of each fund is no easy task. Sovereign wealth funds (SWFs) continue to attract worldwide attention, not just for their size, but also because they are one of the most conspicuous platforms for the exercise of the growing institutional wealth of the emerging markets of Asia and the Middle East..………………………………………Full Article: Source

PNG’s sovereign wealth fund bill referred to parliament

Posted on 12 December 2011 by VRS  |  Email |Print

Papua New Guinea’s Sovereign Wealth Fund Bill before parliament introduced by the Prime Minister Peter O’Neill has been referred to the permanent parliamentary committee on legislation. O’Neill was absent yesterday and left it to the leader of government business Moses Maladina to introduce it.
A point of order was raised by the opposition but the Speaker ruled that the leader of government business could take charge. The proposed legislation was then referred to the permanent parliamentary committee on legislation………………………………………..Full Article: Source

Russia scraps tax for UAE sovereign wealth funds

Posted on 09 December 2011 by VRS  |  Email |Print

Investment organisations and sovereign wealth funds from the United Arab Emirates will be exempt from taxation in Russia under an agreement signed on Wednesday, the Gulf oil producer’s finance ministry said.
The agreement between the UAE and Russia also supports trade and economic ties by addressing outstanding investment disputes and providing for the confidential transfer of data, the ministry said without elaborating………………………………………..Full Article: Source

Qatar fund targets natural resources in Indonesia

Posted on 09 December 2011 by VRS  |  Email |Print

Qatar’s main government investment fund says that it is setting up a subsidiary in Indonesia targeting raw materials in the world’s largest Muslim nation. Qatar Holding said in a Thursday statement that the subsidiary, QH Indonesia, will initially have $1 billion to invest.
It says the Jakarta-based division will mainly focus on investments in Indonesian commodities and natural resources, but will also consider other sectors………………………………………..Full Article: Source

Fund sets up $1bln Indonesia subsidiary

Posted on 09 December 2011 by VRS  |  Email |Print

Qatar’s sovereign wealth fund said yesterday it had established a $1bn subsidiary in Indonesia to invest mainly in the country’s commodities and natural resources sector as part of a strategy to broaden its global investment portfolio.
Based in Jakarta, QH Indonesia, a unit of Qatar Holding, the investment arm of the state’s sovereign wealth fund, will “identify and evaluate investment opportunities in Indonesia,” it said in a statement………………………………………..Full Article: Source

Papua New Guinea: Sovereign wealth fund to have independent board

Posted on 09 December 2011 by VRS  |  Email |Print

The Sovereign Wealth Fund (SWF) will have an independent SWF Board that will comprise of seven members, all independent except for one, an ex-officio member — the Secretary for the Department of Treasury.
Anthony Yauieb said the SWF is owned by the independent state of Papua New Guinea for the benefit of the people of PNG. “The PNG SWF will have a single governance framework for the Government to manage a Stabilisation Fund and a Development Fund,” Mr Yauieb said………………………………………..Full Article: Source

PNG’s sovereign wealth fund to be managed in country

Posted on 09 December 2011 by VRS  |  Email |Print

The Sovereign Wealth Fund (SWF) will be onshore managed, offshore invested and onshore spent. Department of Treasury Deputy Secretary, Economic and Financial Policy, Andrew Yauieb said yesterday at the 2012 National Budget Press lock up that the SWF will be fully integrated in budget and fiscal framework and in line with international best practice; there will be governance, transparency, disclosure, accountability and asset management rules.
Mr Yauieb said within the SWF Integrated Governance, on-shore managed, it has the Stabilisation Fund and the Development Fund………………………………………..Full Article: Source

SWF and prudent management of resources

Posted on 09 December 2011 by VRS  |  Email |Print

According to the Minister of Finance and Coordinator of the Nigerian Economy, “saving for the future, investment in strategic infrastructure and building a buffer against shocks such as the current global financial crisis which have damaged many economies across the world” are the core objectives.
In short, the fund would be utilized in generating wealth. It was further pointed out that some countries like Saudi Arabia, Kuwait, US, Russia, Brazil, Australia, Libya and a lot more that have set up similar funds some years back are reaping their investments bountifully now………………………………………..Full Article: Source

Temasek raises USD388 mln through exchangeable bonds

Posted on 09 December 2011 by VRS  |  Email |Print

Singapore’s Temasek Holdings on December 8 raised SGD500 million (USD388 million) from the sale of two-year zero coupon bonds that are exchangeable into shares of Hong Kong-listed supply chain manager Li and Fung.
This is the second exchangeable bonds that Temasek has priced in the past two months. In mid-October, the investment firm of the Singapore government raised SGD800 million through bonds that are exchangeable into Standard Chartered Bank shares………………………………………..Full Article: Source

Temasek sets terms for $388mln EB

Posted on 09 December 2011 by VRS  |  Email |Print

Triple A rated Singapore state-owned investment holding company Temasek Holdings raised S$500m (US$388m) from an issue of two-year zero-coupon EBs exchangeable into shares of Hong Kong-listed consumer product sourcing company Li & Fung.
The conversion price was set at HK$23.80, a 40.165% premium to the December 7 closing, and in the middle of the 37%–43% premium guidance. The EBs were issued at par without an investor put option. Credit Suisse was sole bookrunner. There is a S$100m greenshoe that can be used within 30 days of the settlement date………………………………………..Full Article: Source

Oil fund won’t exclude PetroChina

Posted on 09 December 2011 by VRS  |  Email |Print

The Norwegian government is ignoring a recommendation from a state ethics council that it ban investments by Norway’s oil fund in the Chinese oil company PetroChina. Meanwhile, a Chinese shipbuilding company is making inroads on Norway’s west coast.
The ethics council, which reviews investments made by Norway’s huge sovereign wealth fund, had recommended that PetroChina be blacklisted because of an “unacceptable risk” that the company was contributing to ongoing and future human rights violations. The violations were tied to construction of oil and gas pipelines in Burma………………………………………..Full Article: Source

BNPP IP sees record SWF interest in emerging debt

Posted on 08 December 2011 by VRS  |  Email |Print

Sergio Trigo PazSovereign wealth funds of emerging economies are showing an unprecedented level of interest in emerging market bonds as part of a deepening institutional commitment to the asset class, says BNP Paribas Investment Partners.
“What we are seeing is a record amount of RFPs (requests for proposals) for emerging debt (mandates) from sovereign wealth funds. These are sovereign wealth funds from top-notch emerging markets. We are not seeing developed world sovereign wealth funds,” Sergio Trigo Paz, chief investment officer for global emerging fixed income at BNP Paribas Investment Partners, told the Reuters 2012 Investment Outlook Summit on Wednesday………………………………………..Full Article: Source

US state SWFs in spotlight

Posted on 08 December 2011 by VRS  |  Email |Print

The rise of sovereign wealth funds signals a shift in the balance of economic and financial power in the world, with fast-rising powers creating sovereign wealth funds to invest vast sums of relatively new-found wealth.
Discussions and analyses of sovereign wealth thus tend to focus on international relations and politics. But many SWFs have existed for decades, and some of these older SWFs are owned by US states………………………………………..Full Article: Source

PNG: SWF, managed onshore

Posted on 08 December 2011 by VRS  |  Email |Print

The Sovereign Wealth Fund (SWF) will be onshore managed, offshore invested and onshore spent. Department of Treasury Deputy Secretary, Economic and Financial Policy, Andrew Yauieb said that the SWF will be fully integrated in budget and fiscal framework and in line with international best practice; there will be governance, transparency, disclosure, accountability and asset management rules.
Yauieb said within the SWF Integrated Governance, on-shore managed, it has the Stabilisation Fund and the Development Fund………………………………………..Full Article: Source

Temasek plans S$600 mln bonds exchangeable for Li & Fung

Posted on 08 December 2011 by VRS  |  Email |Print

Singapore state investor Temasek Holdings is looking to raise up to S$600 million ($468 million) from the sale of zero coupon bonds exchangeable into shares of Hong Kong trading company Li & Fung Ltd, IFR reported on Wednesday.
Temasek, which holds a 3 percent stake in Li & Fung according to its last annual report, declined comment………………………………………..Full Article: Source

Temasek to sell Li & Fung bonds

Posted on 08 December 2011 by VRS  |  Email |Print

Temasek Holdings Pte is selling as much as S$600 million ($467 million) of bonds exchangeable into shares of Li & Fung Ltd. (494), the Singapore state-owned investment company’s second equity-linked debt sale in two months.
Temasek, rated AAA by Standard & Poor’s, sold S$500 million of the zero-coupon bonds maturing in 2013, according to a Singapore stock exchange filing today. The bonds are exchangeable into Li & Fung stock at a 40 percent premium to yesterday’s closing price. Credit Suisse Group AG (CSGN), the sale’s arranger, has the option of offering a further S$100 million within 30 days of settlement, according to the filing………………………………………..Full Article: Source

Temasek issues second exchangeable bond in two months

Posted on 08 December 2011 by VRS  |  Email |Print

Singapore investment company sells S$500 million of two-year bonds exchangeable into Hong Kong-listed Li & Fung and once again investors jump at the chance to buy a triple-A rated credit.
The deal came less than two months after the Singapore investment company sold S$800 million worth of exchangeable bonds (EB) into Standard Chartered and was clearly designed to take advantage of the strong demand for that first transaction………………………………………..Full Article: Source

SOFAZ to start applying new investment tools since 2012

Posted on 08 December 2011 by VRS  |  Email |Print

State Oil Fund of Azerbaijan (SOFAZ) has determined itself with starting period of new investment tools application. SOFAZ’s Executive Director Shahmar Movsumov stated that approval of the Fund’s new investment policy is expected after Head of the State endorses SOFAZ’s budget for 2012.
“We will pass it in our Supervisory Board and then submit for approval to the country President. Starting from next year we will start applying new investment tools,”- Sh. Movsumov said………………………………………..Full Article: Source

State Oil Fund to have assets of $30bln by year end

Posted on 08 December 2011 by VRS  |  Email |Print

By the end of the year, the assets of the State Oil Fund of Azerbaijan (SOFAZ) will be at least $30bn, its CEO Shahmar Movsumov has said. He noted that the fund has not yet executed all transfers to the state budget envisaged for that year: “After the transfers, the SOFAZ assets will be at least $30bn”.
Movsumov also said that if the oil price next year makes up $80 per barrel, the SOFAZ assets in 2012 will remain changeless at $30bn………………………………………..Full Article: Source

Oil Fund of Azerbaijan succeeded in keeping over half of revenues received in 10 years

Posted on 08 December 2011 by VRS  |  Email |Print

Receipts of State Oil Fund of Azerbaijan (SOFAZ) have risen from $ 500 million up to over $32 bn since 2001. SOFAZ’s Executive director Shahmar Movsumov has stated that less than half of receipts received by the fund have been spent.
“In 2010-11 SOFAZ’s receipts made $63,8 bn. During this period the expenditures made $29,7 bn and the rest is kept in Fund budget and are being managed on transparency principle “,- Sh. Movsumov said………………………………………..Full Article: Source

Norway sells Canada PotashCorp stock over Western Sahara phosphate

Posted on 08 December 2011 by VRS  |  Email |Print

Canada-based fertilizer producer PotashCorp said on Wednesday it is comfortable buying phosphate sourced from the disputed Western Sahara territory after Norway’s finance ministry announced it would exclude the company from investments as a result of ethicals concerns.
Norway’s Ministry of Finance said in a 6 December statement that it has excluded PotashCorp from its investment fund for ethical reasons because the company purchases phosphate from Morocco-based Office Cherifien des Phosphates (OCP), which extracts the rock in Western Sahara………………………………………..Full Article: Source

Abu Dhabi Investment Authority appoints global alternatives chief

Posted on 08 December 2011 by VRS  |  Email |Print

Benjamin C. Weston was named global head of alternative investments at the Abu Dhabi Investment Authority. The position is new, fund spokesman Erik Portanger said. Based in Abu Dhabi, Weston will report to Khalifa Almheiri, executive director of the alternative investments department.
Weston was CEO of Helvetica Wealth Management Partners, which is partially controlled by the state of Qatar and Credit Suisse. Helvetica officials could not be reached for information about Weston’s replacement………………………………………..Full Article: Source

Dubai may use sovereign fund to repay debt

Posted on 07 December 2011 by VRS  |  Email |Print

Dubai, which narrowly averted a bond default in 2009, could use money raised by its sovereign wealth fund to help repay $3.8 billion in bonds owed by state-linked firms which mature next year, a source familiar with the matter said on Tuesday.
The Gulf Arab emirate has clawed its way back from the depths of its debt crisis, helped by an economic revival in trade and tourism and its safe-haven status amid the Arab Spring revolts, but still faces the challenge of big debt repayments………………………………………..Full Article: Source

Norway fund blacklists FMC, Potash over ethics

Posted on 07 December 2011 by VRS  |  Email |Print

Norway’s state pension fund, one of the biggest sovereign wealth funds in the world, has blacklisted investment in US chemicals firm FMC Corporation and Canadian fertiliser maker Potash over ethics concerns, Oslo said Tuesday.
“The companies’ conduct represents particularly serious violations of fundamental ethical norms… The breaches result from the companies’ purchases of phosphate from Western Sahara,” the Norwegian finance ministry said in a statement………………………………………..Full Article: Source

Norway SWF endorses PetroChina investment

Posted on 07 December 2011 by VRS  |  Email |Print

Norway’s sovereign wealth fund has rejected a suggestion from its ethics committee that it quit investment in PetroChina, saying the committee’s cause for concern was related to another company.
The Council on Ethics for the Government Pension Fund Global said in 2010 that there was an unacceptable risk of human rights violations surrounding the construction of oil and gas pipelines in Burma, and that the companies responsible for their construction risked involvement………………………………………..Full Article: Source

banner
banner
banner
banner
December 2011
M T W T F S S
« Nov   Jan »
 1234
567891011
12131415161718
19202122232425
262728293031