Tue, Jul 5, 2022
A A A
Welcome mteam
RSS

Sovereign Wealth Funds Briefing - Archive | February, 2015

A citizen’s income and wealth fund for the UK: Lessons from Alaska

Posted on 11 February 2015 by VRS  |  Email |Print

If the UK wants to establish a citizen’s, as opposed to a sovereign wealth fund, then the lesson is that citizens are more likely to monitor and care about the performance of that fund if they are individual, direct beneficiaries of its performance.
Equally, a basic income attached to individuals as a right of citizenship is more likely to be realised and entrenched if it is bundled up with a permanent funding source, and so is quarantined from the vicissitudes of annual budget rounds and spending decisions………………………………………..Full Article: Source

East Timor’s Gusmao makes way for younger generation

Posted on 11 February 2015 by VRS  |  Email |Print

Oil and gas currently fund around 90 percent of the annual government revenue and also account for around 80 percent of GDP and 93 percent of exports. With the proceeds from gas extraction the government has established a sovereign wealth fund, hoping to ensure a more diversified economy and more widely distributed economic growth.
While East Timor’s sovereign wealth fund will likely provide a temporary buffer for the loss of oil and gas revenues, the size of the fund is still moderate, with an estimated 16.6 billion USD in assets, according to experts………………………………………..Full Article: Source

UAE aims for energy diversification, bets SWF

Posted on 11 February 2015 by VRS  |  Email |Print

General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces,said: “With the leadership of Khalifa, we established the Abu Dhabi Investment Authority (ADIA) in the ’70s, which today is considered the second-biggest sovereign investment fund in the world.
“We have also started working on establishing a plant for clean nuclear energy; 25 per cent of the country’s needs will be dependent on this clean nuclear energy once we build the first nuclear plant in 2017.” He acknowledged Ahmad Khalifa Al Suwaidi and Mohammad Habroush for their role in the founding of ADIA. Shaikh Mohammad said the country has also started advancing in the manufacturing industry. “Srata Manufacturing in Abu Dhabi manufactures parts of Boeing and Airbus planes. If that is not impressive enough, 83 per cent of the workforce are women,” he added………………………………………..Full Article: Source

Temasek unit invests in local construction firm

Posted on 11 February 2015 by VRS  |  Email |Print

A unit of Temasek Holdings has invested an undisclosed amount in local construction firm Deluge Fire Protection to allow it to expand further overseas, said the Straits Times, citing an executive of the firm.
The capital injection by Heliconia, which focuses on helping local small and medium-sized enterprises, will underpin the firm’s expansion into Indonesia and the Philippines amid rapid urbanisation across the region, it said………………………………………..Full Article: Source

LaSalle, CIC Buy Meguro Gajoen Complex in Tokyo for ¥140 Billion

Posted on 10 February 2015 by VRS  |  Email |Print

U.S.-based LaSalle Investment Management Inc. and sovereign-wealth fund China Investment Corp. have teamed up to buy the Meguro Gajoen commercial property complex in Tokyo for around ¥140 billion ($1.2 billion), according to a person familiar with the transaction, the latest sign of renewed strength in the city’s property market.
The purchase was made in late January by a joint venture with a sovereign-wealth fund, LaSalle Investment Management said in a statement Monday, without naming CIC or the price tag. A spokeswoman for LaSalle in Japan declined to comment on the identity of the sovereign-wealth fund or the acquisition cost. CIC didn’t respond to a request for comment………………………………………..Full Article: Source

Enough with the lies – how involved is Jho Low with 1MDB?

Posted on 10 February 2015 by VRS  |  Email |Print

DAP National Publicity Secretary Tony Pua has accused 1Malaysia Development Berhad (1MDB) and Jho Low of hiding the truth from Malaysians regarding the latter’s apparent non-involvement in the government’s sovereign wealth fund. Quoting an expose by the New York Times and more shocking revelations by the Sarawak Report that showed otherwise, the MP for Petaling Jaya Utara said, “it is now clear that both Jho Low and 1MDB have at best, been economical with the truth. At worst, they are lying through their teeth to Malaysians.
In the NYT expose, three people who had regular dealings with 1MDB said Low was “regularly consulted”, something Pua pointed out, that Low himself had admitted to when he agreed he was consulted from “time to time and without receiving compensation”………………………………………..Full Article: Source

Temasek eyes Crompton Greaves’ fan biz

Posted on 10 February 2015 by VRS  |  Email |Print

Singapore state fund Temasek Holdings is a frontrunner to buy a $200-million stake in the about to be demerged consumer products business of India-based Crompton Greaves, which is controlled by billionaire Gautam Thapar, a media report said, quoting ‘multiple sources directly familiar with the matter’.
According to the Times of India, the Singapore fund has entered into exclusive negotiations with Crompton Greaves’ promoter, to acquire around 20 per cent stake in the company, ahead of rivals such as General Atlantic Partners and Bain Capital………………………………………..Full Article: Source

Oil To Account For Only 5% Of UAE’s GDP By 2021- Deputy PM

Posted on 10 February 2015 by VRS  |  Email |Print

The contribution of oil revenues to the UAE’s GDP is set to drop from around 30 per cent at present to only five per cent by 2021, the country’s deputy PM said on Monday. Speaking at the Government Summit in Dubai, Sheikh Saif bin Zayed, who is also the UAE’s Interior minister, said that the current drop in oil prices was a “challenge, but not a crisis.”
Sheikh Saif stressed that the country was diversifying into sectors such as investment – through institutions such as sovereign wealth fund ADIA, and into developing its human resources. “While oil is considered the wealth of a country, our true wealth lies in investing in the mind, investing in the education of our children,” he said………………………………………..Full Article: Source

Qatar’s Hassad Food buys stake in Oman poultry project

Posted on 10 February 2015 by VRS  |  Email |Print

Hassad Food Co, the agricultural investment arm of Qatar’s sovereign wealth fund, on Monday announced it has acquired a significant minority equity interest in Oman-based A’Saffa.
A’Saffa Foods, formerly A’Saffa Poultry Farms, was established in 2001 and is the largest integrated poultry project in Oman, Hassad said in a statement. Over a 40 sq km farm area in Thumrit, southern Oman, the project produces fresh and frozen poultry meat products………………………………………..Full Article: Source

The State Oil Fund of Azerbaijan announced growth of its assets by 3.42% in 2014 in spite of AZN 1.612 bn loss

Posted on 10 February 2015 by VRS  |  Email |Print

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) announced growth of its assets by 3.42% in 2014. According to the Fund, last year SOFAZ assets grew from $35.877 bn up to $37.104 bn. Budget revenues of SOFAZ for 2014 reached AZN 12.731 bn, while budget expenditures constituted AZN 10.117 bn. In other words, SOFAZ budget was executed with surplus of AZN 2.613 bn.
According to the Fund, revenue of AZN 12.343 bn was received from implementation of oil and gas agreements, including AZN 12.319 bn from the sale of profit oil and gas, AZN 1.7 million as acreage fees, AZN 8.9 million as transit payments, AZN 13.3 million as bonus payments and AZN 0.1 million from the sale of assets received from foreign companies. The revenues from managing assets of the Fund for 2014 amounted to AZN 387.2 million………………………………………..Full Article: Source

SOFAZ assets jump

Posted on 10 February 2015 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ which is in charge of accumulating and managing the country’s oil and gas revenues, announced about the increase in its assets. The fund reported that its assets increased by 3.42 percent as of January 1, 2015, compared to $35.877 billion in early 2014 and exceeded $37.104.
SOFAZ revenues totaled 12.731 million manats while budget expenditures constituted 10.117, 2 billion manats. Revenue of 12.343, 8 billion manats was received from the implementation of oil and gas agreements, including 12.319, 8 billion manats from the sale of profit oil and gas, 8.9 million manats as transit payments, 13.3 million manats as bonus payments………………………………………..Full Article: Source

Norway’s Pension Fund Discloses Divestment Practices

Posted on 10 February 2015 by VRS  |  Email |Print

Norway’s Government Pension Fund Global revealed those companies it divested from in 2014, judging “there to be high levels of uncertainty about the sustainability” of these companies’ business models. Yngve Slyngstad, CEO of Norges Bank Investment Management, the Norwegian bank which manages the country’s Government Pension Fund Global, commented on its decisions in a press release announcing a report investigating responsible investment in 2014:
“Our aim with this report is to provide a full overview of the many different areas we are working on and so increase transparency on the management of the fund. We recognise that there is still much to be done, and that we will encounter a number of challenges in the years ahead. Our role is to think long-term and protect value for future generations.”……………………………………….Full Article: Source

Gulf institutional funds favor Japan, Asia, shun Europe

Posted on 09 February 2015 by VRS  |  Email |Print

Gulf institutional investors are putting their money into Asian equities, in particular Japanese stocks, but are shunning European shares after years of underperformance, the Middle East head of Pictet Asset Management said. Many of these Middle Eastern entities, including some of the world’s largest sovereign wealth funds, have traditionally been regarded as significant investors into European developed markets.
Qatar for example, through Qatar Investment Authority and its subsidiaries, has in recent years embarked on an aggressive expansion spree which has seen it buy up stakes in major companies such as Volkswagen and Siemens, as well as real estate and infrastructure on the continent………………………………………..Full Article: Source

Farvel coal, says Norway SWF

Posted on 09 February 2015 by VRS  |  Email |Print

Thirty two coal mining companies were eliminated by the world’s richest sovereign wealth fund from its portfolio in 2014. The Government Pension Fund Global (GPFG) in its first report, revealed that 114 companies were taken off its portfolio. The fund which is worth $850 billion (£556 billion) and founded on the nation’s oil and gas wealth indicated that the reasons for the elimination were purely due to the adverse climatic and environmental conditions created due to the operations of these companies.
A study revealed that only a small quantity of the fossil fuel can be burned when temperatures are kept below two degrees Celsius. Governor and President of the Bank of England and the World Bank, Mark Carney Jim Yong Kim together with others raised concerns to investors that a lot of the assets of fossil fuel can lose their value due to climatic changes………………………………………..Full Article: Source

Norwegian oil fund writes to companies over low-carbon transition

Posted on 09 February 2015 by VRS  |  Email |Print

Norway’s sovereign wealth fund has written to energy companies, asking them to outline their plans to deal with the transition to a low-carbon economy. In a letter to the Ministry of Finance accompanying its inaugural responsible investment (RI) report, Norges Bank Investment Management (NBIM) noted a recent decision not to use the Government Pension Fund Global as a tool for enacting climate policy by mandating a blanket divestment of fossil fuel holdings.
NBIM contrasted the blanket exclusion of one or more sectors with its ability to monitor companies actively and potentially not invest in them, noting that sector-wide bans would directly conflict with the “basic premise” of its approach to management………………………………………..Full Article: Source

Libya fund tries to unmask ‘Person B’ in SocGen bribery case

Posted on 09 February 2015 by VRS  |  Email |Print

Five people with links to an alleged bribery plot involving Societe Generale and Libya’s $60bn sovereign wealth fund were allowed to have their names kept secret in a London lawsuit. The Libyan Investment Authority is suing SocGen for at least $1.5bn, saying the French lender paid kickbacks to a family friend of then-Libyan ruler Muammar Gaddafi to win investment deals. Societe Generale and the Gadaffi associate, Walid Giahmi, have both denied wrongdoing.
In a London court hearing on Friday, Giahmi’s lawyer Paul Girolami asked a judge to include five individuals in a “confidentiality club,” meaning their names won’t be revealed to anyone other than legal advisers because of safety fears. Giahmi is concerned about “brutal violence” and kidnappings in the country, LIA lawyer Roger Masefield told the court………………………………………..Full Article: Source

Singapore’s GIC buys over $1 billion stake in Nielsen

Posted on 09 February 2015 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC has bought a 5 per cent stake in Nielsen NV, a leading provider of TV audience ratings data, for an undisclosed amount, according to a regulatory filing.
A report in the Wall Street Journal (WSJ) said the deal is valued at over US$800 million (S$1.1 billion). GIC Private Ltd disclosed its holding of common stock in Nielsen, which has a market value of $16.7 billion, in a US Securities and Exchange Commission filing dated Feb 4………………………………………..Full Article: Source

Temasek tells S&P: S’pore is not debt-ridden Greece

Posted on 09 February 2015 by VRS  |  Email |Print

A plan by ratings agency Standard & Poor’s to overhaul the way it rates investment holding companies has drawn a strongly worded response from Temasek Holdings.The Singapore investment firm noted that the “confusing” proposal lumps Singapore together with countries such as Jamaica and even Greece, which is battling a debt crisis.
Temasek has issued bonds targeted at professional investors. It has previously said that it is also looking at offering retail bonds.Temasek spokesman Stephen Forshaw said a company should be rated based on its underlying credit quality, according to business and financial factors………………………………………..Full Article: Source

GIC buys 5% stake in TV ratings firm Nielsen in S$1.1b deal

Posted on 06 February 2015 by VRS  |  Email |Print

GIC has snapped up a 5 per cent stake in Nielsen, a leading provider of TV audience ratings data, the Singapore sovereign wealth fund said in a United States regulatory filing late on Wednesday, in a deal estimated at more than US$800 million (S$1.1 billion).
GIC said in the filing with the US Securities and Exchange Commission that it had bought 18.7 million shares in New York-listed Nielsen, giving it slightly more than 5 per cent of the firm, which has a market capitalisation of US$16.7 billion. GIC spokesperson confirmed the investment, but declined to disclose further details, including the price paid for the shares………………………………………..Full Article: Source

Singapore State Fund Eyes Misys Software Deal

Posted on 06 February 2015 by VRS  |  Email |Print

A powerful Singaporean state fund is plotting a takeover bid for Misys, one of the UK’s biggest software companies. Sky News understands that Temasek Holdings is among a number of potential acquirers examining offers for Misys, which was a member of the FTSE-250 index before it was taken private in 2012.
Misys specialises in the sale of software to banks, and counts 47 of the world’s biggest lenders among its customer base, according to the company’s website. The UK-based business endured a troubled period before its sale nearly three years ago to Vista Equity Partners, a private equity firm which focuses on acquiring software companies, in a deal worth more than £800m………………………………………..Full Article: Source

Temasek says Singapore not Greece in S&P critique

Posted on 06 February 2015 by VRS  |  Email |Print

Singapore’s Temasek Holdings has told Standard & Poor’s in 29 pages why it shouldn’t mess with the state-owned investor’s AAA rating. Temasek, which managed S$223 billion (US$165 billion) of assets as of last March, said the rating firm’s proposed new rules for grading investment holding companies lump Singapore with riskier nations such as Greece and Jamaica, according to a Feb 2 response to the changes.
S&P’s new criteria take into account the firms’ lack of direct ownership of assets, the challenges they face when selling in illiquid markets and volatility of assets they hold………………………………………..Full Article: Source

Jain Housing Raises Funds From Singapore’s GIC

Posted on 06 February 2015 by VRS  |  Email |Print

Chennai based Jain Housing and Construction has raised R220 Cr from Singapore government’s investment arm, GIC Private Limited. The investment was made by subscribing to NCD’s issued by the company carrying a coupon of 15.25% pa with a tenor of 48 months.
GIC has subscribed to NCD’s worth R220 Cr and the balance would be subscribed later. The company has successfully executed around 150 residential projects aggregating close to 7.0 Mn.sq.ft and has a total of 6.9 msf of residential projects under construction (Crisil Rating)………………………………………..Full Article: Source

Australia’s Future Fund surges; aims to reduce risk

Posted on 06 February 2015 by VRS  |  Email |Print

Australian sovereign wealth fund, the Future Fund, said a dramatic fall in the local currency helped it return 13 percent in calendar 2014, as it moves to de-risk its portfolio to offset volatile commodity and equity markets. The fund set up in 2006 to cover public servant pensions, grew by nearly A$13 billion ($10 billion) to A$109 billion by Dec. 31, partly by boosting cash to 12.8 percent of its portfolio from 9 percent a year earlier.
The fund reduced its investments in equities over the year due to increased market volatility, said managing director David Neal. Developed global equities were cut to 20.9 percent of the portfolio from 24.5 percent a year earlier, and Australian equities to 8.8 percent from 10.1 percent………………………………………..Full Article: Source

Future Fund assets swell to $109 billion

Posted on 06 February 2015 by VRS  |  Email |Print

Australia’s Future Fund assets have swelled to $109 billion after investments in private equity and infrastructure and a shift into US dollars, and away from the Australian dollar, helped it generate a 13.2 per cent return in 2014. But as interest rates fall and central banks hit their limits the fund’s investment team is warning of lower returns and rising economic and investment risks as it moved more than $5 billion of assets into cash.
Stephen Gilmore, the head of risk and investment strategy warned that the investment environment was becoming more challenging as risks are rising when falling interest rates are reducing returns……………………………………….Full Article: Source

China operationalises USD 40 billion to Silk Road fund

Posted on 06 February 2015 by VRS  |  Email |Print

China has appointed top officials to manage a USD 40 billion fund to finance its most ambitious global plan - the Silk Roads and Maritime Silk Road - to build major infrastructure projects aimed to enhance its strategic influence and blunt the US’ big push into Asia-Pacific.
China Investment Corp, the country’s sovereign wealth fund, will hold 15 per cent stake in the Silk Road Fund. Two other State-owned financial institutions - the Export-Import Bank of China and China Development Bank Capital Co - will hold the rest of the stake, the daily said………………………………………..Full Article: Source

Norway Oil Fund Divests Risky Assets

Posted on 06 February 2015 by VRS  |  Email |Print

Norway’s sovereign-wealth fund on Thursday said it divested itself from 49 risky assets in 2014 due to uncertainty about the sustainability of their business models. The world’s biggest fund, which has been built on the country’s oil and gas revenues, said it divested from companies that could be exposed to new climate and environmental regulations. The companies were predominantly in coal and gold mining.
“We have gradually increased the scope of risk-based divestments, both geographically and thematically,” said the fund’s Chief Executive Yngve Slyngstad. “In total, we have divested from 114 companies in the past three years.”……………………………………….Full Article: Source

Norway’s sovereign wealth fund steps up pressure for ethical behaviour

Posted on 06 February 2015 by VRS  |  Email |Print

Norway’s $860 billion sovereign wealth fund, the world’s biggest, will put extra pressure on companies to behave more responsibly on social and environmental matters, its chief executive said on Thursday, targeting coal users in particular.
The fund has been accused of having too large exposure to coal by both environmental groups and some Norwegian politicians calling for the fund to revamp its portfolio. Yngve Slyngstad told Reuters on Thursday after a presentation of the fund’s first annual report on responsible investments that it is systematically divesting companies delivering coal to power generation companies, but that it is still exposed to those using coal for steel production………………………………………..Full Article: Source

Norway oil fund reveals divestments and resolution rejections

Posted on 06 February 2015 by VRS  |  Email |Print

Norway’s $860bn oil fund laid out its growing clout as a responsible investor as it revealed that it had divested itself from more than 100 companies in the past three years and voted against tens of thousands of resolutions at annual meetings.
Yngve Slyngstad, chief executive of what is the world’s biggest sovereign wealth fund, said it had divested from 49 companies last year — predominantly in coal and gold mining — as it worried about the sustainability of their business models. Since 2012, it has sold out of 114 companies………………………………………..Full Article: Source

World’s biggest sovereign wealth fund dumps dozens of coal companies

Posted on 06 February 2015 by VRS  |  Email |Print

The world’s richest sovereign wealth fund removed 40 coal mining companies from its portfolio in 2014, citing the risk they face from regulatory action on climate change. Norway’s Government Pension Fund Global (GPFG), worth $850bn (£556bn) and founded on the nation’s oil and gas wealth, revealed a total of 114 companies had been dumped on environmental and climate grounds in its first report on responsible investing, released on Thursday.
The companies divested also include tar sands producers, cement makers and gold miners. As part of a fast-growing campaign, over $50bn in fossil fuel company stocks have been divested by 180 organisations on the basis that their business models are incompatible with the pledge by the world’s governments to tackle global warming. But the GPFG is the highest profile institution to divest to date………………………………………..Full Article: Source

Russia’s ‘anti-crisis’ fund has little to spare

Posted on 06 February 2015 by VRS  |  Email |Print

As Russia grapples with plunging oil prices and Western sanctions, attention is focusing on a $74 billion National Wealth Fund used to help the country weather crises. The NWF was used heavily in 2009 to fund emergency measures for banks and companies during the economic downturn, and it has been tapped in recent months to help firms cope with sanctions imposed over the Ukraine conflict - leading some to dub it an “anti-crisis fund”.
Last week, Russia announced a $35 billion “anti-crisis” spending plan to help the economy. But conflicting government statements have sown confusion about how exactly Moscow will finance the new measures as the country heads for recession and companies struggle to refinance their debts………………………………………..Full Article: Source

Abu Dhabi Considers Investment in Deutsche Bank Site

Posted on 06 February 2015 by VRS  |  Email |Print

Abu Dhabi Investment Authority, the world’s second-biggest sovereign wealth fund, may invest in a Frankfurt property development set to cost more than 1 billion euros ($1.1 billion).
ADIA, which owns stakes in construction projects in London and Lucerne, Switzerland, is examining the site known as the Deutsche Bank Triangle, said Ralf Klann, a manager in ADIA’s real estate and infrastructure department. The site, which once contained the headquarters for Germany’s largest bank, spans 20,000 square meters (215,000 square feet)………………………………………..Full Article: Source

Offer for Canary Wharf Owner Has Enough Support to Proceed

Posted on 06 February 2015 by VRS  |  Email |Print

Qatar’s sovereign wealth fund and Brookfield Property Partners said on Thursday that they had received enough support from investors to move ahead with their $3.9 billion offer for the owner of the Canary Wharf office and retail development.
Investors holding more than 94 percent of the outstanding shares of Songbird Estates have agreed to accept the offer, including a 28.6 percent stake held by the wealth fund, the Qatar Investment Authority. Songbird Estates is the controlling owner of Canary Wharf Group, which operates the complex in the east of London………………………………………..Full Article: Source

Australia’s $85 Billion Sovereign Fund Cuts Stocks to Add Cash

Posted on 05 February 2015 by VRS  |  Email |Print

Australia’s Future Fund, the country’s sovereign wealth manager, moved more of its A$109.2 billion ($85 billion) into cash and pared equity holdings in anticipation of continued volatility in global markets.
The Melbourne-based fund lowered its allocation to global stocks to 30.3 percent as of Dec. 31, down 2.8 percentage points from a year earlier, according to an e-mailed statement today. Cash holdings rose 3.8 percentage points to 12.8 percent. Private equity and property allocations also increased, while the fund reduced investments in debt and Australian shares. The Future Fund posted a 13.2 percent return in 2014………………………………………..Full Article: Source

1MDB’s debt burden sparks fears of fallout for Malaysian economy

Posted on 05 February 2015 by VRS  |  Email |Print

When Ananda Krishnan, Malaysia’s second-richest man, sold a collection of power plants to a little-known fund called 1MDB in 2009, few outside Southeast Asia’s third-largest economy paid any attention. But reports that the 76-year-old tycoon, whose fortune is estimated by Forbes at $9.8bn, is close to getting his hands back on some of those assets have catapulted the now heavily indebted state-run 1MDB - or 1Malaysia Development Berhad - into the spotlight.
Set up six years ago, 1MDB has no less a figure than the country’s prime minister, Najib Razak, chairing its advisory board, while Goldman Sachs, the Wall Street bank, has twice arranged multibillion-dollar debt issues for it……………………………………….Full Article: Source

GIC of Singapore invests in Jain Housing

Posted on 05 February 2015 by VRS  |  Email |Print

Jain Housing and Constructions has raised Rs240 crore through debt from Singapore’s sovereign wealth fund GIC Pte Ltd. The company has issued 2,200 non-convertible debentures of Rs10 lakh each to GIC. The issue price was Rs9.89 lakh, at a coupon rate of 15.25 per cent a year. These debentures, redeemable within the next 48 months from the date of allotment, have also been listed on the BSE, said Sandeep Mehta, MD, Jain Housing.
The amount was raised to fund three of its proposed premium residential projects – Jains Inseli Park with 808 apartments, Jains Pebble Brook I with 620 apartments and Jains Pebble Brook II with 356 apartments – on the city’s IT corridor Old Mahabalipuram Road………………………………………..Full Article: Source

Temasek Leads Series D Round In Data Analytics Company Manthan System; IDG Ventures, DFJ Exit

Posted on 05 February 2015 by VRS  |  Email |Print

Singapores’s sovereign wealth fund, Teamsek has led an investment round worth R370 Cr in big data analytics firm, Manthan Systems, buying out existing investors IDG Ventures and DFJ eVentures. Other existing investor Norwest Ventures also participated in this fourth round.
Fidelity has partially exited with this investment. The valuation of the current round is not ascertained, however reports previously pegged the latest round’s valuation to be around R5000 Cr. Manthan’s will use the investment to accelerate its focus on consumerization of technology, boost the SaaS adoption of its product portfolio, for product development and to expand its marketing footprint globally………………………………………..Full Article: Source

Gulf countries to invest in Egypt sovereign fund

Posted on 05 February 2015 by VRS  |  Email |Print

Saudi Arabia, the United Arab Emirates and Kuwait are considering investing in a multibillion-dollar “sovereign fund” to finance projects in Egypt, according to a senior government official in Cairo. Al-Youm al-Sabei, an Egyptian newspaper, reported on Wednesday that the Gulf countries would invest $10bn in the fund ahead of a high-profile international investment conference in Sharm el-Sheikh next month.
The official, who would not confirm the sums involved, said the “sovereign fund . . . would invest in renewable energy, infrastructure projects and job creation schemes” in Egypt. He added: “It will also fund projects in health and education. There is a lot of attention to the social dimension of the economic reform process”………………………………………..Full Article: Source

FG denies operating excess crude account, dare States to provide proof

Posted on 05 February 2015 by VRS  |  Email |Print

The Federal Government on Tuesday at the Supreme Court denied operating Excess Crude Account (ECA). It therefore challenged the 36 states challenging the legality of the alleged account to prove otherwise. The case came up on Tuesday after several failed attempts for an out-of-court settlement between the warring parties. Federating states are also challenging the transfer of $1 billion from the account to the Sovereign Wealth Fund (SWF).
The court, presided by the Chief Justice of Nigeria, Mahmoud Mohammed, adjourned proceedings to March 19, 2015 after the court could not locate some of the processes filed by counsel to the 36 states of the federation, Yusuf Alli………………………………………..Full Article: Source

SWF: State govs accuse FG of frustrating moves to settle out of court

Posted on 05 February 2015 by VRS  |  Email |Print

The 36 states of the Federation, on Tuesday, told the Supreme Court that the Federal Government has been frustrating every move to settle the disputes on the Sovereign Wealth Fund (SWF) out of court. The court, however, fixed March 19 to hear the suit after all attempts to make the parties settle out court failed.
The panel of Supreme Court justices, headed by the Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed, had earlier insisted that the parties should go and settle out of court, as there was nothing to adjudicate over by the court. “If lawyers and parties are sincere, then go and settle this matter out of court. The matter is straightforward, there is nothing this court will adjudicate upon,” CJN held………………………………………..Full Article: Source

Norway asked to divest from company linked to Malaysian official

Posted on 05 February 2015 by VRS  |  Email |Print

Activists have petitioned the world’s largest sovereign wealth fund to drop its investment in a company they say is linked to large-scale corruption in the Malaysian state of Sarawak.
In a letter published this week, the Switzerland-based Bruno Manser Fund (BMF) and Norway-based FIVAS recommended that Norway’s Government Pension Fund Global sell its $11 million stake in Cahya Mata Sarawak (CMS), a Sarawak-based infrastructure majority-owned by relatives of former Sarawak chief minister and current governor Taib Mahmud. The holdings represent 2 per cent of CMS………………………………………..Full Article: Source

Samruk Kazyna’s Campaign to Celebrate 70th Anniversary of World War II Victory

Posted on 05 February 2015 by VRS  |  Email |Print

The national Samruk Kazyna Sovereign Wealth Fund has allocated about 600 million tenge (US$3.3 million) to implement an action plan and campaign to celebrate the 70th anniversary of the victory in World War II. The programme includes creation of a unified information online platform containing the history of the war, contribution of the Kazakh people to the victory, description of the feats of heroes and information about Kazakh veterans.
Using Internet platform, plans are being considered to hold a charity campaign to raise funds for veterans, whose goals and needs will be identified and agreed with the Organisation of Veterans of Kazakhstan………………………………………..Full Article: Source

Why are SWF’s shy of African investments?

Posted on 04 February 2015 by VRS  |  Email |Print

Sovereign Wealth Funds (SWFs) could easily resolve Africa’s infrastructure funding issues, or go a long way toward doing so. So why are they so hesitant toward investments in Africa and what are the chances for change?
There is no lack in money. SWFs are keen to diversify into real assets with long-term growth prospects – ample opportunities for which exist in many parts of Africa. Indeed, if SWFs – large state owned investment funds – were to steer a mere 1.3 per cent to 1.5 per cent of their total assets into sub-Saharan Africa, they could close the region’s infrastructure deficit over the coming years………………………………………..Full Article: Source

SWF: State govs accuse FG of frustrating moves to settle out of court

Posted on 04 February 2015 by VRS  |  Email |Print

The 36 states of the Federation, on Tuesday, told the Supreme Court that the Federal Government has been frustrating every move to settle the disputes on the Sovereign Wealth Fund (SWF) out of court. The court, however, fixed March 19 to hear the suit after all attempts to make the parties settle out court failed.
The panel of Supreme Court justices, headed by the Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed, had earlier insisted that the parties should go and settle out of court, as there was nothing to adjudicate over by the court. “If lawyers and parties are sincere, then go and settle this matter out of court. The matter is straightforward, there is nothing this court will adjudicate upon,” CJN held………………………………………..Full Article: Source

SWF: Supreme Court Fixes March 19 For Hearing Suit

Posted on 04 February 2015 by VRS  |  Email |Print

The Supreme Court of Nigeria has fixed March ‎19 for hearing of the Sovereign Wealth Fund suit before it to enable the parties – the Federal Government and the 36 State Governors – file all relevant documents.
At the resumed hearing on Tuesday, counsel to the 36 states, Mr Yusuf Ali, accused the Federal Government of frustrating all attempts to settle the matter out of court. The representative of the Federal Government, Ahmed Abdulmalik, told the court that there is no money called excess crude fund in the account of the states………………………………………..Full Article: Source

Qatar Airways Acquires $1.7bn Stake In British Airways

Posted on 04 February 2015 by VRS  |  Email |Print

Owned by the country’s sovereign wealth fund, Qatar Airways has bought a stake worth about £1.15 billion ($1.7 billion) in the owner of British Airways and Iberia, International Consolidated Airlines Group (IAG), aiming to forge closer links to a group with two major European hubs and strong transatlantic networks.
According a Reuters report, Qatar Airways disclosed a 9.99 per cent holding in IAG on Friday. It already partners the mega airlines owner in the oneworld alliance and has limited code-sharing deals and a freight partnership with British Airways. Buying the stake could deepen the relationship, giving Qatar greater access to destinations served by the IAG’s London and Madrid hubs, particularly transatlantic, with North America well served by British Airways and South and Central America by Iberia………………………………………..Full Article: Source

India courts sovereign funds to finance infra

Posted on 04 February 2015 by VRS  |  Email |Print

The government on Tuesday made a strong bid before 20-odd sovereign wealth funds and pension funds to finance large infrastructure projects, given that they are looking to deploy large amounts of long-term capital and seek high returns in emerging market economies like India.
Sources said a team of ministers and officials led by finance minister Arun Jaitley made the pitch during a closed-door meeting, India Investor Summit, organized by Blackrock and the finance ministry. They added railway minister Suresh Prabhu, for instance, listed out possible investments in nearly half-a-dozen railway PSUs and suggested that they were attractive propositions as they have capacity to raise more resources in terms of debt……………………………………….Full Article: Source

Temasek leads investment round of Rs 370 crore in Manthan Systems, buys out IDG stake

Posted on 04 February 2015 by VRS  |  Email |Print

Singapore’s Temasek Holdings has led an investment round of Rs 370 crore in data mining company Manthan Systems, buying out the stake of IDG Ventures, one of the early venture funds to back the Bengaluru company. Norwest Venture Partners, an existing investor also participated in this round.
“I just liked the personal chemistry with Temasek, I have been around and I have learnt that no arithmetic will work out if chemistry is not right,” said Atul Jalan, founder and chief executive of Manthan. The 44-year old, who has built and sold three earlier ventures, said his company had attracted bids from three investors. “(One of them) bet a box of cigars saying it (bidding) does not happen in India, but in companies like Google and Facebook,” said Jalan who after winning the wager distributed cigars to his team in the US………………………………………..Full Article: Source

Raub MP: 1MDB has lied to Malaysians

Posted on 04 February 2015 by VRS  |  Email |Print

Raub MP Ariff Sabri Abdul Aziz declares in his latest blog posting that 1MDB has lied to Malaysians. “It is not a responsible borrower anymore,” he says. Referring to the company’s recent announcement that it has redeemed funds parked in the Cayman Islands and a subsequent news report that tycoon Ananda Krishnan is lending it RM2 billion, he points out that the two developments, taken together, are puzzling.
“It says it has fully redeemed money from the Cayman Islands. If it did, why must it borrow from Ananda? We don’t know what the terms of the loan were. Did it come with promises that Ananda will be the bigger owner of the soon to be listed energy company?……………………………………….Full Article: Source

Resurgent banking market sees Irish SWF shift to junior debt, equity funding

Posted on 04 February 2015 by VRS  |  Email |Print

A resurgent banking sector has seen the Ireland Strategic Investment Fund (ISIF) reassess its role as debtor to Irish companies, with rising competition from lenders leading the sovereign wealth fund to consider other roles.
Donal Murphy, the €7.1bn fund’s head of infrastructure and credit finance, told IPE the funding gap that existed after the financial crisis was often no longer there, replaced by a “wall of liquidity coming from bank debt back into Ireland”. “There are plenty of scenarios where there is a very competitive bank market with a large number of banks seeking roles on individual transactions and individual deals,” he said………………………………………..Full Article: Source

Russia to spend $7.9 bln from wealth fund on infrastructure projects-minister

Posted on 04 February 2015 by VRS  |  Email |Print

Russia’s economy minister said on Tuesday the government planned to spend 525 billion roubles ($7.9 billion) from the state’s National Wealth Fund to support infrastructure projects including one to produce liquefied natural gas, Yamal LNG.
The money from the fund will not be used for state anti-crisis spending programme, the minister, Alexei Ulyukayev, told reporters after President Vladimir Putin met officials at a residence outside Moscow……………………………………….Full Article: Source

banner
February 2015
M T W T F S S
« Jan   Mar »
 1
2345678
9101112131415
16171819202122
232425262728