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Sovereign Wealth Funds Briefing - Archive | November, 2013

Abu Dhabi’s Mubadala to service Rolls Royce Trent XWB engines

Posted on 20 November 2013 by VRS  |  Email |Print

Britain’s Rolls-Royce Plc has entered into a strategic agreement with Abu Dhabi’s Mubadala Aerospace that will allow the government-owned company to service the manufacturer’s Trent XWB engines.
Abu Dhabi’s Mubadala, owned by the emirate’s sovereign wealth fund, aims to be among the world’s top three manufacturers of composite and metal parts for aeroplanes by 2020. Mubadala will become an approved provider of Trent engine maintenance, repair and overhaul, Rolls-Royce’s first such designation in the Middle East, according to a statement from the British firm on Tuesday………………………………….Full Article: Source

$1 bln for Africa promised by Kuwait Fund

Posted on 20 November 2013 by VRS  |  Email |Print

Kuwait has announced it will give USD1 billion to African countries in the next five years, as dozens of heads of state meet in the country today (November 19) for the third Arab-African summit. His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah said his country’s commitment to forging genuine partnership between Arab countries and Africa.
His Highness said: “I directed officials of the Fund [the Kuwait Fund for Arab Economic Development] to extend soft loans to African countries in the amount of USD 1 billion over the next five years, not to mention investments by a number of Kuwaiti corporations in various sectors.”…………………………………Full Article: Source

China wealth fund to splash $300mln on three-tower complex

Posted on 18 November 2013 by VRS  |  Email |Print

China’s sovereign wealth fund, the $US500 billion ($535bn) Chinese Investment Corporation, is poised to enter Australia’s direct property market by buying into Sydney’s three-tower Centennial Plaza complex in Elizabeth Street in a near $300 million play.
The deal is one of about $900m worth of moves for Sydney towers by international groups that are expected to close shortly………………………………………..Full Article: Source

Temasek pares U.S. stocks with Facebook, Monsanto exits

Posted on 18 November 2013 by VRS  |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment firm, exited Facebook Inc. (FB), Monsanto (MON) Co. and Air Products & Chemicals Inc. (APD) in the third quarter as it pared U.S. stock holdings.
Temasek, directly or through its units, sold 4.3 million A shares of social-networking company Facebook, valued at $107 million in the second quarter ended June 30, according to a filing yesterday with the U.S. Securities and Exchange Commission. Temasek sold 1.42 million shares of seed maker Monsanto and 1.25 million shares of industrial gas producer Air Products………………………………………..Full Article: Source

Kenya economy to grow By 5.6 pct this year - Treasury

Posted on 18 November 2013 by VRS  |  Email |Print

The proposed sovereign wealth fund for Kenya should have an initial start-up capital of Sh10 billion, the presidential taskforce on parastatals has recommended. The fund will be funded mainly from capital increases from privatisation proceeds and surplus foreign exchange reserves as well as dividends from public enterprises. A key funding source for the fund will be expected returns from oil, gas and minerals.
According to the report, the purpose of the the fund is to r oll out local renewable energy schemes, fund restoration and rehabilitation of excavated areas and support government savings from mineral revenues to ensure sustainable and stable future incomes………………………………………..Full Article: Source

Reps to probe appointment of foreign firms to manage NSWF

Posted on 18 November 2013 by VRS  |  Email |Print

The House of Representatives has mandated its committees on Commerce and Justice to investigate the appointment of foreign institutions to manage the Nigerian Sovereign Wealth Fund (NSWF) to ascertain the risks involved.
Adopting the resolution of a motion moved by House Minority Leader, Hon Femi Gbajabiamila (ACN, Lagos) yesterday, the House noted that the federal government appointed three foreign financial institutions, namely UBS, Goldman Sachs and Credit Swiss, to manage the NSWF and expressed concern that the move “amounts to entrusting Nigeria’s savings, wealth, economic sovereignty and security in the hands of foreigners”………………………………………..Full Article: Source

Mubadala raises stakes in Piaggio Aero

Posted on 18 November 2013 by VRS  |  Email |Print

After making a €190 million cash infusion, Tata Ltd., the British arm of the Indian Tata Group, and Abu Dhabi-based Mubadala Development became the main shareholders of Piaggio Aero Industries, while Piero Ferrari remains as a minority stakeholder. Before the transaction, Tata and Mubadala each owned a one-third share in the company.
As a result of the “subscription,” Tata now holds 44.5 percent of the Italian aircraft manufacturer, with Mubadala owning 41 percent and Ferrari 2 percent. The HDI hedge fund, which did not subscribe to the capital increase, still retains 12.5 percent of the company………………………………………..Full Article: Source

Credit Suisse, Qatar Investment Authority co-host Istanbul Forum

Posted on 18 November 2013 by VRS  |  Email |Print

Credit Suisse and Qatar Investment Authority (QIA) co-hosted the fourth annual Emerging Markets Leadership Forum on 5-6 November in Istanbul. The Forum brought together 92 business executives, policy makers, and politicians from 23 countries.
His Excellency Mehmet Şimşek, Minister of Finance of the Republic of Turkey, spoke to the Forum about Turkey’s successful macroeconomic performance. His Excellency Ahmad Al-Sayed, Minister of State of Qatar and CEO of the Qatar Investment Authority, and Brady W. Dougan, CEO of Credit Suisse, both also addressed the attendants as co-hosts of the Forum………………………………………..Full Article: Source

SWFs should rope in independent experts for risk, assets allocation

Posted on 18 November 2013 by VRS  |  Email |Print

Sovereign wealth funds (SWFs), which have increasingly assumed key roles in their domestic economies and global financial markets, should provide for real delegation to an independent operational manager within overall limits on risk and/or asset allocation, according to an International Monetary Fund (IMF) working paper.
“The assets under management by SWFs have grown rapidly over the last few years, driven by balance of payment surpluses and commodity prices,” IMF said in the paper. Upper-end estimates indicate total SWF assets of around $5tn. This figure may double count some sovereign assets, by including central bank assets that are already captured in official reserves, the paper said………………………………………..Full Article: Source

Russia-Korea SWF tie up: Win-win?

Posted on 15 November 2013 by VRS  |  Email |Print

Wednesday’s announcement that Russia and South Korea would work together on an economic project in North Korea slightly overshadowed another significant announcement linked to Putin’s Seoul visit: a new cross-border investment fund between Korea Investment Corporation and its Russian sovereign wealth fund counterpart, the Russian Direct Investment Corporation.
The fund will start out at $500m, with commitments of $250m apiece, but is expected to reach $1bn in time. It also gives an illustration of how the two sovereign wealth funds are evolving………………………………………..Full Article: Source

Singapore’s Temasek buys stake in Tanzania gas venture

Posted on 15 November 2013 by VRS  |  Email |Print

An energy company fully owned by Singapore’s state-linked investment firm Temasek Holdings on Thursday said it will pay US$1.3 billion to buy a 20 percent stake in three gas blocks in Tanzania.
Pavilion Energy, which was formed in April, will buy the stake from London-listed Ophir Energy, it said in a statement. “The natural gas developments in Tanzania hold tremendous potential — not just for Pavilion Energy but for Singapore and Asia,” said Pavilion chairman Hassan Marican………………………………………..Full Article: Source

Ophir in $1.3 bln deal with Temasek unit for Tanzania gas

Posted on 15 November 2013 by VRS  |  Email |Print

Britain’s Ophir Energy agreed a $1.3 billion sale of a stake in Tanzanian gas fields, bringing in a unit of Singapore’s Temasek Holdings to help fund a development project in the latest Asian investment in East Africa’s gas sector.
Ophir, whose shares soared 16 percent after the announcement of the long-awaited deal, said last month a sale process was under way with Indian state-run gas company GAIL in the running as a potential buyer………………………………………..Full Article: Source

Temasek pares bet on U.S. stocks with Facebook to Monsanto exits

Posted on 15 November 2013 by VRS  |  Email |Print

Temasek Holdings Pte exited holdings of U.S.-based firms including Facebook Inc., Monsanto Co., and Air Products & Chemicals Inc., as Singapore’s state-owned investment firm pared its holdings of U.S. stocks.
Temasek, directly or through its units, sold its 4.3 million A shares of social-networking company Facebook, worth $107 million as of the end of the second quarter, according to a regulatory filing today with the U.S. Securities and Exchange Commission. Temasek also sold 1.42 million shares of seed maker Monsanto and its 1.25 million shares of industrial gas producer Air Products, valued at $140.5 million and $114.9 million………………………………………..Full Article: Source

Singapore-based GIC said to invest in Time Warner Center

Posted on 15 November 2013 by VRS  |  Email |Print

GIC Pte, Singapore’s sovereign wealth fund, is part of a group that is buying the headquarters of Time Warner Inc. in New York City, according to one person with direct knowledge of the transaction.
Located at Columbus Circle in Manhattan, the property is a 2.8 million-square-foot twin-tower development that includes offices, restaurants, and the Mandarin Oriental hotel, according to the Time Warner Center website. The building adjacent to Central Park was opened in 2004 and attracts more than 16 million visitors a year. GIC declined to comment on the transaction in an emailed statement………………………………………..Full Article: Source

Global Logistics to start world’s largest China warehouse fund

Posted on 15 November 2013 by VRS  |  Email |Print

Global Logistic Properties Ltd. (GLP), China’s biggest modern warehouse operator, plans to start a $3 billion fund that will invest in properties in the country as e-commerce grows and retail chains expand.
GLP, part-owned by Singapore’s sovereign wealth fund, GIC Pte, will partner with six institutional investors, including state and pension funds, to invest in China over the next three years, the company said in a statement to the Singapore stock exchange today. GLP will retain a 56 percent stake in the China fund, according to the statement………………………………………..Full Article: Source

Malaysia’s Khazanah completes $252 mln stake buy in Turkey insurer

Posted on 15 November 2013 by VRS  |  Email |Print

Khazanah Nasional Bhd, Malaysia’s state investment firm, said its insurance arm has completed the $252 million (RM809 million) purchase of a 90% stake in Turkish insurer Acibadem Saglik ve Hayat Sigorta.
Avicennia Capital Sdn Bhd bought the stake in the Istanbul-based health and life insurer from Mehmet Ali Aydinlar and family and Dubai-based private equity firm The Abraaj Group, according to Khazanah in a statement. Aydinlar will keep the remaining stake in Acibadem Sigorta, Khazanah said………………………………………..Full Article: Source

Super fund directors chastised on conflicts

Posted on 15 November 2013 by VRS  |  Email |Print

Superannuation fund directors must be more diligent in disclosing their potential or actual conflicts of interest, the prudential regulator has warned. Speaking at the Association of Superannuation Funds of Australia (ASFA) conference in Perth yesterday, APRA member Helen Rowell highlighted the interrelationships between board members and external service providers.
“Increasingly, there are linkages between trustee directors and funds and the providers of services such as administration, advice and investments,” she said………………………………………..Full Article: Source

President’s son dips into sovereign fund for ‘trophy’ Savile Row office

Posted on 15 November 2013 by VRS  |  Email |Print

The son of Angolan President José Eduardo dos Santos is again at the centre of controversy following reports that the Angolan Sovereign Wealth Fund he effectively controls has invested R3-billion in a “trophy” property in London’s Mayfair district.
Africa Confidential reported that the fund, chaired by the president’s son José Filomeno, had spent £220-million on an office complex in the exclusive Savile Row. The fund was officially set up by Dos Santos in October last year using Angola’s oil revenues, with the stated purpose of investing in the country’s infrastructure and accumulating savings for future generations……………………………………….Full Article: Source

Reps to investigate managers of Nigerian Sovereign wealth

Posted on 15 November 2013 by VRS  |  Email |Print

The House of Representatives has mandated its Committee on Commerce and Justice to carry out proper investigations, research and if possible public hearing to determine the risk , if any, that may arise from the appointment of foreign institutions to manage Nigerian Sovereign Wealth.
This decision follows the adoption of the prayer of a motion titled: “Contracting the management of the Nation’s Sovereign Wealth to foreign professionals and inherent conflict of interests,” brought before the House by the Minority Leader of the House, Hon. Femi Gbajabiamila ( APC, Lagos)………………………………………..Full Article: Source

Excess crude account drops to $3bln; $1bln withdrawn for Oct allocation augmentation

Posted on 15 November 2013 by VRS  |  Email |Print

Following the withdrawal of one billion dollars for October allocation augmentation , the Excess Crude Account has dropped to three billion dollars. Minister of State for Finance, Dr Yerima Lawan Ngama, speaking after the Federation Accounts Allocation Committee (FAAC) meeting, in Abuja, Thursday, said that October revenue was short of the budgetary allocation of N465.057 billion.
“In the month of October 2013, the total mineral revenue that accrued to the federation account is 443.052 billion. This is a little short of N465.057 billion that is in the budget for the month of October 2013 hence we have a negative variance of N22.005 billion” he said………………………………………..Full Article: Source

Agent wants customs to supervise Crude Oil Account

Posted on 15 November 2013 by VRS  |  Email |Print

Following complaints by the Federal Government that the nation’s crude account is full of discrepancies, a veteran licensed customs agent, Mr. Olusegun Ologbese, has said the supervision of the crude oil account fund should be handed to the Nigeria Customs Service (NCS).
Ologbese, who is also the managing director and CEO of Ogbese Marine Services Limited said his call was based on the fact that the Nigerian National Petroleum Corporation (NNPC) has not been able to tell Nigerians how much it generates from crude oil over the years………………………………………..Full Article: Source

Futures fund report tabled

Posted on 15 November 2013 by VRS  |  Email |Print

Former University of Saskatchewan president Peter MacKinnon has released his report to Premier Brad Wall on a proposed Saskatchewan Futures Fund. The report provides a framework for the government to create a fund to permanently save a portion of the province’s non-renewable resource revenues to invest and grow for future generations.
MacKinnon was appointed by Wall in October of 2012 as part of the Saskatchewan Plan for Growth to examine and report on the efforts government could take to safeguard one-time non-renewable resource revenues………………………………………..Full Article: Source

Norway weighs going green with its $800 bln pension fund

Posted on 15 November 2013 by VRS  |  Email |Print

Norway, as the owner of an $800 billion sovereign wealth fund – the world’s largest – has made great efforts over the years to be an ethical investor. But it’s not always been easy.
The most recent reminder came last week when politicians in Norway called for the Government Pension Fund, which is based on excess petroleum revenues, to pull out of coal company investments abroad – a conundrum given that the country itself produces coal via a Norwegian state-owned company up in the northern territory of Svalbard………………………………………..Full Article: Source

To be sovereign in wealth, deed

Posted on 15 November 2013 by VRS  |  Email |Print

A Sovereign Wealth Fund would seem an urgent necessity in the circumstances of this economy presently and for assuring its more secure prospects of development in years and generations to come.
A Sovereign Wealth Fund, as the name suggests is a Fund deliberately established by the State (i.e. the sovereign authority) into which mainly financial resources realised in given economic activities are lodged for purposes of raising investment income for the country’s overall benefit. The sources of the funds should be explicitly defined and likewise the uses for which the fund investment income is put. I return to this issue shortly………………………………………..Full Article: Source

GIC said to invest in NYC’s Time Warner headquarters

Posted on 14 November 2013 by VRS  |  Email |Print

GIC Pte, Singapore’s sovereign wealth fund, is part of a group that’s buying the headquarters of Time Warner Inc. in New York City, according to a person with direct knowledge of the transaction.
The person asked not to be named because the deal is private. Located at Columbus Circle in Manhattan, the property is a 2.8 million-square-foot (260,000-square-meter) twin-tower development that includes offices, restaurants and the Mandarin Oriental hotel, according to the Time Warner Center website. The building adjacent to Central Park was opened in 2004 and attracts more than 16 million visitors a year………………………………………..Full Article: Source

Abu Dhabi and Singapore wealth funds invest in trophy Manhattan property

Posted on 14 November 2013 by VRS  |  Email |Print

Abu Dhabi and Singapore’s sovereign wealth funds will join developer Related Companies to acquire the Manhattan headquarters of media group Time Warner, the latest large property deal to be struck by foreign investors in New York.
Time Warner is selling its trophy 1.1m square foot offices at its namesake complex at Columbus Circle for $1.3bn as it seeks to move to a new skyscraper planned on the city’s far west side……………………………………….Full Article: Source

Russia, S. Korea to launch US$500 mln joint investment platform

Posted on 14 November 2013 by VRS  |  Email |Print

A Russian investment corporation said Wednesday that it will launch a US$500 million “joint investment platform” with South Korea’s sovereign wealth fund in a move to facilitate trade and investment cooperation between the two countries.
The deal was reached between the Russian Direct Investment Fund (RDIF) and the Korea Investment Corporation (KIC). It was announced in time for the summit talks between South Korean President Park Geun-hye and Russian President Vladimir Putin in Seoul………………………………………..Full Article: Source

Norway weighs going green with its $800 bln pension fund

Posted on 14 November 2013 by VRS  |  Email |Print

Norway, as the owner of an $800 billion sovereign wealth fund – the world’s largest – has made great efforts over the years to be an ethical investor. But it’s not always been easy.
The most recent reminder came last week when politicians in Norway called for the Government Pension Fund, which is based on excess petroleum revenues, to pull out of coal company investments abroad – a conundrum given that the country itself produces coal via a Norwegian state-owned company up in the northern territory of Svalbard………………………………………..Full Article: Source

Nigeria: Reps probe use of foreign managers for sovereign fund

Posted on 14 November 2013 by VRS  |  Email |Print

The House of Representatives in Nigeria has launched a probe into the appointment of foreign portfolio managers for the nation’s Sovereign Wealth Fund. The probe is to look at the possible risks the country faces with the appointments of foreign financial institutions – UBS and Goldman Sachs – to manage the fund.
Femi Gbajabiamila, who is the house minority leader, argued that “allowing foreign financial institutions to manage the fund amounts to putting Nigeria’s economic sovereignty and security in foreign hands”………………………………………..Full Article: Source

Angola: Govt names Deloitte to audit sovereign wealth fund

Posted on 14 November 2013 by VRS  |  Email |Print

The Angolan government appointed Deloitte consulting company as the independent auditor of the Angola Sovereign Wealth Fund (FSDEA), aimed to ensure the highest level of transparency in all areas that the wealth fund operates.
“The nomination of independent auditors represents an important landmark in the development of the fund and it reinforces its responsibility in face of state and civil society. Through the construction of solid foundations, FSDEA shall fully play its role in the socioeconomic development of the country”, reads the note from the wealth fund that reached Angop on Tuesday………………………………………..Full Article: Source

Angola fund head denies plan to succeed president

Posted on 14 November 2013 by VRS  |  Email |Print

The new head of Angola’s $5 billion sovereign wealth fund (FSDEA) said on Tuesday his appointment by his father, President Jose Eduardo dos Santos, was not part of a campaign to groom him for the presidency.
Jose Filomeno dos Santos, who was appointed to head the fund’s board in June, said he had long been in the financial sector, dismissing speculation that his 71-year-old father might try to forge a dynasty in Africa’s second biggest oil producer………………………………………..Full Article: Source

Khazanah Nasional completes $252mln stake buy in Turkey’s Acibadem Sigorta

Posted on 14 November 2013 by VRS  |  Email |Print

Khazanah Nasional Bhd., the investment arm of the Malaysian government, said Wednesday its insurance holding company has completed the $252 million stake acquisition in Turkish insurer Acıbadem Sağlık ve Hayat Sigorta A.Ş.
Avicennia Capital Sdn. Bhd. acquired a 90% stake in Acibadem Sigorta from Mehmet Ali Aydinlar and family and Dubai-based private-equity firm, The Abraaj Group. Mr. Aydinlar will continue to hold a 10% stake in Acibadem Sigorta, Khazanah said in a statement………………………………………..Full Article: Source

CIC may spend $1bln for London Office Park

Posted on 14 November 2013 by VRS  |  Email |Print

China Investment Corporation is laying the groundwork for acquisition of 32-acre Chiswick Park, one of London’s largest office developments.
The Financial Times says it would be the highest value real estate purchase made by Beijing’s investment arm in Europe. CIC is reportedly in exclusive negotiations with Blackstone to purchase the property in west London. The Times say the deal could close toward the end of November………………………………………..Full Article: Source

Australia: Laguna Bay acquires Olam’s almond groves

Posted on 14 November 2013 by VRS  |  Email |Print

Laguna Bay Pastoral Company has sealed a deal with Singaporean-listed commodity trader Olam International – backed by sovereign wealth fund Temasek Holdings – to purchase and lease back 12,000 hectares of almond groves in Victoria for more than $200 million.
Olam bought the groves in 2009 from the failed managed investment scheme company, Timbercorp, for $128 million cash, in what was regarded then as a fire sale. Laguna Bay Pastoral’s joint chief executive Tim McGavin confirmed the deal, which was released to the Singapore Exchange on Wednesday night, The Australian Financial Review reports………………………………………..Full Article: Source

London’s mayor sees more Kuwait investment in developments

Posted on 13 November 2013 by VRS  |  Email |Print

Kuwait is interested in investing in London real estate projects after focusing on completed properties for several years, Boris Johnson, the city’s mayor, said after meeting with members of the Kuwait Investment Authority.
“The KIA wants to move forward with fresh developments that I think they had moved away from over the last few years, and that’s going to be good news for London,” Johnson, 49, said today in Kuwait City………………………………………..Full Article: Source

Angola wealth fund head denies plan to succeed president, his father

Posted on 13 November 2013 by VRS  |  Email |Print

The new head of Angola’s $5 billion sovereign wealth fund (FSDEA) said on Tuesday his appointment by his father, President Jose Eduardo dos Santos, was not part of a campaign to groom him for the presidency.
Jose Filomeno dos Santos, who was appointed to head the fund’s board in June, said he had long been in the financial sector, dismissing speculation that his 71-year-old father might try to forge a dynasty in Africa’s second biggest oil producer………………………………………..Full Article: Source

Mubadala and Tata increase equity in Piaggio Aero

Posted on 13 November 2013 by VRS  |  Email |Print

Mubadala and Tata are injecting an additional €190 million ($253 million) into Italian airframer Piaggio Aero, increasing their combined stakes to 85.5%. The move comes as the Genoa-based company switches its focus increasingly towards the special missions market and away from the flat-lining business aircraft sector.
Earlier this year Piaggio Aero unveiled an unmanned intelligence, surveillance and reconnaissance version of its flagship P180 Avanti II twin-pusher called the P.1HH HammerHead………………………………………..Full Article: Source

Hillwood, sovereign wealth fund team up for $1bln venture

Posted on 13 November 2013 by VRS  |  Email |Print

A major sovereign wealth fund and Ross Perot Jr.’s Dallas-based Hillwood Investments announced Tuesday the initial closing of their new fund to invest in $1 billion of industrial real estate. The real estate targeted for investment will primarily be large warehouses in North America. Hillwood will acquire, develop and form joint ventures with other developers.
“The new fund provides the investment flexibility to target the highest risk-adjusted returns available across the industrial warehouse asset class, without being restricted by a narrow investment target,” said Perot, chairman of Hillwood, in a written statement………………………………………..Full Article: Source

Singapore fund acquire DBS stake in BPI

Posted on 13 November 2013 by VRS  |  Email |Print

DBS Group Holdings Ltd., Singapore’s largest lender, has sold its remaining stake in Bank of the Philippine Islands (BPI), the Philippines’ third-largest bank by assets. Ayala Corporation and Singapore’s sovereign wealth fund GIC Pte bought DBS’ 9.9% stake in BPI for P29.6 billion, Ayala told the Philippine Stock Exchange on Tuesday, November 12.
DBS is exiting the bank after 14 years to “focus on its core markets,” including Singapore, Hong Kong, China, Taiwan, India and Indonesia………………………………………..Full Article: Source

Singapore’s GIC, Ayala buy DBS’ stake in BPI

Posted on 13 November 2013 by VRS  |  Email |Print

Ayala Corp. and a Singapore’s sovereign wealth fund have bought out DBS Bank Ltd.’s remaining stake in Bank of the Philippine Islands (BPI). Ayala, together with GIC Private Ltd., paid P29.6 billion for an Ayala DBS Holdings, Inc. stake equivalent to a 9.9% indirect interest in BPI. Ayala increased its ownership of the bank to 48.3%, while GIC took 5.6%.
“DBS has been a strategic investor in BPI since 1999. This divestment is in line with DBS’ focus on its core markets,” DBS chief executive Piyush Gupta was quoted in the statement as saying………………………………………..Full Article: Source

Sask. gov’t considering Futures Fund

Posted on 13 November 2013 by VRS  |  Email |Print

It’s no secret resources such as oil, potash and uranium are making significant money for Saskatchewan. Now, it may be time to invest.
“We’re very grateful for the natrual resource strength of our economy, but for the most part, they are non-renewable.” Premier Brad Wall said. “Once we sell them, they’re gone.”……………………………………….Full Article: Source

SOFAZ to allocate almost AZN 2 on different projects in 2014

Posted on 13 November 2013 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) is to allocate AZN 1.955bn for implementation of different projects and programs in 2014. According to 1news.az, the statement came from Minister of Finance of the country Samir Sharifov speaking at the plenary session of Milli Majlis of Azerbaijan, 1news.az reports.
He said that of these funds, AZN 1.301bn will be used for implementation of oil projects involving the State Oil Company of Azerbaijan………………………………………..Full Article: Source

Why SWFs are changing their views on alternative assets

Posted on 13 November 2013 by VRS  |  Email |Print

You would call them the smartest guys in the room, had Enron not ruined the term for at least a generation. The big US endowment funds, those of Yale University and Harvard University in particular, are considered the benchmarks for patient, smart, long-term investment, reflecting the brainpower of the institutions they fund.
A look at the world’s sovereign wealth funds shows that they are so far keeping the faith with private equity, but are showing a clearer delineation between different types of alternative assets, with infrastructure very much in favour, and hedge funds very much not………………………………………..Full Article: Source

The politics of sovereign wealth

Posted on 13 November 2013 by VRS  |  Email |Print

It is a question that has long been asked in America, particularly after the handling of firms after the 2008 crisis, and most pressingly after 2010’s Citizen’s United Supreme Court ruling: are corporations people? The answer, for innumerable reasons, seems to me to be a resounding no. But that is beside the point, for I believe there is another question that soon must be debated around the world, particularly with the growth of state-owned investment vehicles known as sovereign wealth funds. Corporations are certainly not people – but can states be corporations?
A cash-laden Kuwait created the first national sovereign wealth fund (SWF) in 1953. Kuwait was awash with money from their oil productions, and, seeking to invest rather hold unprofitable bills and bonds, founded the Kuwait Investment Authority. Today, the fund holds assets valued at $386 billion………………………………………..Full Article: Source

Norway’s $800 bln fund should lose independent ethics panel

Posted on 12 November 2013 by VRS  |  Email |Print

The ethics panel that decides which firms Norway’s $800-billion wealth fund should avoid should lose its independence and become part of the central bank, a report said, a shift critics said would undermine the fund’s ethical strategy.
The report by a government-appointed commission also called for more research on the performance of ethical investments, saying a lack of such studies made it difficult to assess how the fund’s stance compared with other strategies………………………………………..Full Article: Source

Strategy Council recommends more focus on responsible investments for Norway SWF

Posted on 12 November 2013 by VRS  |  Email |Print

The Strategy Council for the Government Pension Fund Global, Norway’s sovereign wealth fund, has recommended changes to ensure greater focus on responsible investing by the fund’s manager Norges Bank, as well as greater transparency in its decision making.
The recommendation is contained in the latest report of the Strategy Council, which has reported on 11 November. The Council notes the difficulty of managing some 7,000 holdings in equity and debt of companies, but that it is important to ensure any investment decisions are in line with the consensus of the Norwegian people - who ultimately will judge whether the fund carries legitimacy………………………………………..Full Article: Source

Angola names Deloitte to audit $5 bln sovereign wealth fund

Posted on 12 November 2013 by VRS  |  Email |Print

Angola, the largest crude oil producer in Africa after Nigeria, appointed Deloitte LLP as the independent auditor of its $5 billion sovereign wealth fund to ensure transparency.
The fund, headed by Jose Filomeno dos Santos, the eldest son of President Jose Eduardo Dos Santos, also appointed Artur Carlos Andrade Fortunato to the board of directors to oversee risk management, according to a statement from the fund today………………………………………..Full Article: Source

India rolls out red carpet for Kuwait’s sovereign wealth fund

Posted on 12 November 2013 by VRS  |  Email |Print

With an eye on Kuwait’s $350-billion sovereign wealth fund, India has extended proposals to the West Asian country for investing up to $80 billion in India through debt instruments. India has also offered stakes in some of its petrochemical projects.
In a bilateral meeting between Petroleum Minister M Veerappa Moily and Kuwait Oil Minister Mustafa Al-Shimali on Saturday, India invited Kuwait to invest in India through debt instruments such as government securities and corporate bonds. While the limit for foreign investments through government securities is $30 billion, the maximum investment through corporate bonds is capped at $50 billion………………………………………..Full Article: Source

GIC ups stake in Philippines’ BPI as DBS completes exit

Posted on 12 November 2013 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC and Philippine conglomerate Ayala Corp have bought DBS Group Holdings’ remaining 9.9 percent stake in Bank of the Philippine Islands (BPI), the Singapore fund said on Tuesday.
GIC and Ayala paid 29.6 billion Philippine peso ($680.2 million) for the remaining stake. GIC will gain 5.6 percent of BPI through the transaction while Ayala will raise its stake in the Philippine bank to 48.3 percent from 44.0 percent, the Singapore sovereign fund said……………………………………….Full Article: Source

Temasek-led group buys S$265mln stake in milk powder maker

Posted on 12 November 2013 by VRS  |  Email |Print

A group of investors led by Singapore investment giant Temasek Holdings bought a HK$1.65 billion (S$265 million) stake in Yashili International, sending shares of the milk powder producer soaring yesterday after its parent sold down stock to meet Hong Kong listing requirements.
The deal took place as China Mengniu Dairy was forced to reduce its stake after it failed to buy enough shares of Yashili to force a delisting of the company………………………………………..Full Article: Source

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