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Sovereign Wealth Funds Briefing - Archive | September, 2015

Azerbaijan’s state oil fund buys landmark retail property in Tokyo

Posted on 30 September 2015 by VRS  |  Email |Print

Azerbaijan’s state oil fund Sofaz has made its first real estate investment in Japan, buying retail property Kirarito Ginza in Tokyo for 52.3 billion yen with Mitsubishi UFJ Trust and Banking Corp, it said on Wednesday. The fund said it bought the property from Elliott Advisors Asia and Orix Corp.
The US$37 billion Sofaz sovereign wealth oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue. It uses income from investments to pay for social spending and infrastructure projects. “We are delighted to have made our first foray into the Japanese real estate market. Our investment rationale for this asset is based on its capital preservation capacity,” said Shahmar Movsumov, the fund’s executive director, adding it saw potential to enhance the property’s return over the medium to long term………………………………………..Full Article: Source

Glencore shares collapse leaves wealth funds with big losses

Posted on 30 September 2015 by VRS  |  Email |Print

The further collapse of Glencore’s share price this week has spooked world markets as the prospect of a deeper commodities depression looms, while leaving its sovereign wealth fund investors with deep losses.
Glencore was heavily backed by Aabar Investments, a unit of the International Petroleum Investment Company (Ipic), when it floated its shares on the London Stock Exchange in 2011. Aabar at the time was a “cornerstone” investor, taking a US$1 billion stake when the company was initially valued at about $60bn, which made it Glencore’s largest investor apart from company executives………………………………………..Full Article: Source

Saudi Arabia SWF Collapsing Bad for Markets

Posted on 30 September 2015 by VRS  |  Email |Print

A sovereign wealth fund is a marvellous thing. You happen to govern a country that is blessed with natural resources. You are foresighted enough to realise that you probably shouldn’t blow the entire windfall at once. So you set up a big savings pot – your sovereign wealth fund (SWF for short).
And over the last decade or so, amid the commodities boom, you’ve watched the cash pile up. A lot of cash. In fact, I’ve lost track of the number of times that I’ve seen SWFs described as a ‘wall of money’, just waiting to flood global asset markets………………………………………..Full Article: Source

Oil exporters withdraw billions of dollars from equity funds, raising volatility

Posted on 30 September 2015 by VRS  |  Email |Print

Saudi Arabia, for instance, has withdrawn tens of billions from global fund managers as it aims to cover its widening budget deficit, to finance the war in Yemen and to reduce its exposure to volatile global equity markets. Fund managers estimate that the Saudi Arabian Monetary Agency (SAMA) – the kingdom’s central bank - has withdrawn between $US50 billion ($71.5 billion) and $US70 billion over the past six months.
This is backed up by official figures that show that since the third quarter of 2014, SAMA’s reserves held in foreign securities have dropped by $US71 billion, accounting for the huge bulk of the $US72.8 billion drop in its foreign currency reserves………………………………………..Full Article: Source

Market upheaval forcing many sovereign-wealth funds to adapt

Posted on 30 September 2015 by VRS  |  Email |Print

As representatives of dozens of the world’s sovereign-wealth funds gather at Milan’s posh Hotel Principe di Savoia this week for their annual conference, they will have more than networking on their minds. The ending of a commodities bull market and the uncertainty created by China’s economic slowdown have prompted the massive funds to reassess a fast-changing global landscape.
Assets managed by sovereign-wealth funds grew more than 20% annually between 2011 and 2014, in large part because of higher oil prices. But with oil falling lately—and, perhaps, poised to fall further—experts say the funds will be forced not only to review their investments but also take on greater risk to sustain yields………………………………………..Full Article: Source

Middle East Sovereign Wealth Funds, Reserves Taking a Beating

Posted on 30 September 2015 by VRS  |  Email |Print

Low oil prices may have cost the government of Saudi Arabia more than $70 billion in the past six months. Qatar’s sovereign wealth fund has taken paper losses of up to $12 billion in the third quarter as a result of the Volkswagen scandal, the collapse in the share price of mining and commodity trading firm Glencore and troubles at the Agricultural Bank of China.
While the causes of the huge declines are different, the effects are similar. Saudi Arabia is reported to have repatriated as much as $73 billion from its foreign reserves as the country tries to sustain its economy and pay for its military action in Yemen………………………………………..Full Article: Source

Qatar Wealth Fund Backs Apollo Commercial REIT in U.S. Expansion

Posted on 30 September 2015 by VRS  |  Email |Print

Qatar’s sovereign wealth fund, which plans to invest $35 billion in the U.S. in the next five years, is backing a commercial real estate investment trust run by a subsidiary of Leon Black’s Apollo Global Management LLC.
The Qatar Investment Authority bought 8.82 million common shares of Apollo Commercial Real Estate Finance Inc. on Sept. 18, according to documents filed on Monday with the U.S. Securities and Exchange Commission. The REIT announced on Sept. 21 that it sold these shares at $17 each for a total of $150 million, and that it raised another $198 million from the same unidentified investor through preferred stock sales………………………………………..Full Article: Source

Has The Qatar Investment Authority Really Lost $12 Billion?

Posted on 30 September 2015 by VRS  |  Email |Print

The Financial Times splashed with an article saying that the Qatar sovereign wealth fund, the Qatar Investment Authority, had suffered a $12 billion paper loss in the third quarter of 2015. It’s a big claim. But is it right?
The QIA does not publish accounts, so we don’t truly know either what its total holdings are, or what it owns, or how it is performing. So the FT has reached its conclusion by looking at the performance of assets where QIA’s ownership is publicly known, and has crunched the numbers on Blooomberg compilations of regulatory filings………………………………………..Full Article: Source

Qatar fund loses $6bn in 10 days

Posted on 30 September 2015 by VRS  |  Email |Print

Qatar’s sovereign-wealth fund lost $5.9 billion on paper in 10 days from its stakes in Volkswagen and Glencore. Qatar Investment Authority, the biggest holder of VW’s preferred shares and the third-largest owner of its common shares, lost about $4.8 billion from its holdings of the automaker.
The wealth fund is also the largest investor in the mining company Glencore, a stake that declined by about $1.1 billion in the same period. The loss calculations assume the fund hasn’t added to or reduced its holdings since the latest disclosures. The ownership data are based on Bloomberg compilations from the latest available regulatory filings. Daniela Fleischmann, a spokeswoman for the fund at Finsbury, declined to comment on the holdings………………………………………..Full Article: Source

Qataris count heavy cost of share collapse as VW and Glencore losses wipe off billions

Posted on 30 September 2015 by VRS  |  Email |Print

Despite owning vast swathes of prime London real estate and big stakes in some of the world’s biggest companies, Qatar’s £165billion sovereign wealth fund tries its best to operate below the radar. The notoriously secretive Qatar Investment Authority (QIA) does not publish accounts, meaning it is impossible to gauge exactly what it owns and how its investments are performing.
But it is easy to imagine Sheikh Abdullah bin Mohammed Al Thani – the Qatari royal who doubles up as the QIA’s chief executive – baulking at recent headlines about the staggering losses his fund has incurred in recent weeks………………………………………..Full Article: Source

Kuwait Investment Authority eyes $2bn Irish mall

Posted on 30 September 2015 by VRS  |  Email |Print

Kuwait Investment Authority (KIA) is among the final three bidders for an Irish property portfolio valued at an estimated $1.8bn. Project Jewel, a loan portfolio that includes debt secured on Dundrum Town Centre, a 12 ha shopping centre in Dublin, among others, is controlled by Ireland’s National Asset Management Agency (NAMA), the government body that took over the country’s distressed real estate assets during the downturn.
The final bidders for the portfolio have all come from overseas, with KIA lodging a joint bid with US investor Hines. The two other bids have come from US firm Colony Capital and a joint bid by Germany’s Allianz Real Estate and UK property investment giant Hammerson, according to the Irish Independent newspaper………………………………………..Full Article: Source

This Is How Buhari Will Inject $1bn Into Sovereign Wealth Fund‏

Posted on 30 September 2015 by VRS  |  Email |Print

The Buhari-led administration has proposed to inject $1 billion into the Nigerian Sovereign Wealth Fund (SWF). The three-pronged Sovereign Wealth Fund will finance the Stabilisation Fund, Future Generation Fund and the Nigerian Infrastructure Fund. Buhari plans to add $4.5 billion to the SWF by 2018, dismissing concerns that the fund may not receive additional investment as a result of falling oil prices, which is the bedrock for its funding.
According to the Nigerian Sovereign Investment Authority (NSIA), through its Managing Director, Uche Orji, SWF still has about $1.5 billion assets under management since its establishment in 2011 by the Goodluck Jonathan government………………………………………..Full Article: Source

Angola Sovereign Fund announces investments in development projects

Posted on 30 September 2015 by VRS  |  Email |Print

The Angola Sovereign Fund will invest more than 203 billion kwanzas (US$1.6 billion) in the construction of infrastructure and housing across the country, said Monday in Luanda the chairman of the Fund. José Filomeno dos Santos also said that of that amount 139.6 billion kwanzas (US$1.1 billion) will be spent on building infrastructure and the remaining 63.4 billion kwanzas (US$500 million) on real estate.
“These values ​​are applied in several projects that over the next three to five years, will be marketed so that we can present the results of the investment,” he said, cited by Angolan weekly newspaper Expansão………………………………………..Full Article: Source

Malaysia’s 1MDB says not contacted by foreign investigators

Posted on 30 September 2015 by VRS  |  Email |Print

Malaysia’s troubled strategic investment fund 1Malaysia Development Bhd (1MDB) has not been contacted by any foreign investigators over allegations of mismanagement and corruption, its president Arul Kanda said. “In terms of the Swiss investigations or the Singaporean investigations or the FBI investigations, 1MDB has not been contacted by any of those authorities,” said Kanda, who was hired from Abu Dhabi Commercial Bank in January to conduct a strategic review of the state-owned fund, which owns mostly power and property assets.
The fund, which has Prime Minister Najib Razak as chairman of its advisory board, has amassed debt of more than $11 billion, engulfing Najib in a political storm amid allegations at home and abroad of graft and financial mismanagement at the fund. 1MDB has denied all the allegations………………………………………..Full Article: Source

BTA Bank completes buyback of common shares from Samruk-Kazyna and terminates trust management agreement

Posted on 30 September 2015 by VRS  |  Email |Print

JSC BTA Bank announces on September 28 on completion of buyback of 27,351,461,050 common shares representing 4.26% of outstanding common shares from JSC National Wealth Fund Samruk-Kazyna and on termination of the Trust management agreement in respect these common shares.
Buyback of common shares and its conditions were approved by the Board of Directors of BTA on 5 January 2015 based on recommendations of the extraordinary general meeting of BTA shareholders after approval of KKB and BTA integration model by shareholders. Due to buyback of common shares from Samruk-Kazyna, the Trust Management Agreement signed on 31 January 2014 between KKB as Trustee and JSC Sovereign Wealth Fund Samruk-Kazyna as Trustor was terminated………………………………………..Full Article: Source

Qatar’s Sovereign-Wealth Fund Opens Office in New York

Posted on 29 September 2015 by VRS  |  Email |Print

Qatar’s $300 billion sovereign-wealth fund opened an office in New York on Monday as the wealthy Persian Gulf state steps up its international expansion. The Qatar Investment Authority, set up in 2005 to help invest Qatar’s mostly gas-related financial resources, said that the office will help it expand internationally and in the U.S. where it has pledged to invest $35 billion in the next five years.
Qatar announced last year that it would invest at least $15 billion in Asia. The QIA’s move comes as it and other sovereign-wealth funds from around the gulf region and across the world grapple with lower energy prices while diversifying their holdings globally………………………………………..Full Article: Source

Qatar sovereign wealth fund suffers $12bn paper loss

Posted on 29 September 2015 by VRS  |  Email |Print

Qatar’s sovereign wealth fund has had a quarter to forget — suffering as much as $12bn of losses on Volkswagen, Glencore and Agricultural Bank of China, three of the biggest equity investments of its roughly $250bn fund. With two days of the third quarter to go, the Qatar Investment Authority is likely to be nursing losses on eight of its top 10 holdings, according to Financial Times calculations based on Bloomberg compilations of regulatory filings.
The biggest hit could be a paper loss of about $8.4bn on the QIA’s stakes in the common and preferred shares of Volkswagen, the German carmaker embroiled in an emissions-testing scandal. The fund’s 8.2 per cent stake in Glencore, the trading house sagging under a mountain of debt, is another big loser, down about $2.7bn since the beginning of the period………………………………………..Full Article: Source

Qatar Fund Loses $5.9 Billion on Holdings in VW, Glencore

Posted on 29 September 2015 by VRS  |  Email |Print

Qatar’s sovereign-wealth fund lost $5.9 billion on paper in 10 days from its stakes in Volkswagen AG and Glencore Plc. Qatar Investment Authority, the biggest holder of VW’s preferred shares and the third-largest owner of its common shares, lost about $4.8 billion from its holdings of the automaker. The wealth fund is also the largest investor in the mining company Glencore, a stake that declined by about $1.1 billion in the same period.
The loss calculations assume the fund hasn’t added to or reduced its holdings since the latest disclosures. The ownership data are based on Bloomberg compilations from the latest available regulatory filings. Daniela Fleischmann, a spokeswoman for the fund at Finsbury, declined to comment on the holdings………………………………………..Full Article: Source

Qatar planning $35 billion of U.S. investments to diversify

Posted on 29 September 2015 by VRS  |  Email |Print

Qatar plans to invest $35 billion in the U.S. over the next five years as it seeks to diversify assets. The Qatar Investment Authority, which helps manage the country’s energy-generated wealth, opened an office in New York to “better access new and existing investment partners,” the sovereign fund said in a statement Monday.
It will target various sector of the U.S. economy and help create American jobs, Qatar’s ambassador to Washington, D.C., Mohammed Al Kuwari, said, without giving more details on potential investments. The Doha-based fund, which controls more than $250 billion, has deployed the nation’s riches on assets ranging from British bank Barclays Plc to Total SA and commodities trader Glencore Plc, with most of its investments so far confined to Europe………………………………………..Full Article: Source

SWF to get $1bn fresh capital in new FG plan

Posted on 29 September 2015 by VRS  |  Email |Print

The Federal Government is proposing to raise Nigeria’s Sovereign Wealth Fund (SWF) to $4.5 billion by 2018, erasing earlier fears that the Fund may not receive additional capital, at least in the near term, due to low oil prices. Nigeria’s SWF, managed by the Nigerian Sovereign Investment Authority (NSIA) still has about $1.5 billion assets under mangement since 2011 when it was established.
But the new proposal, coming a few weeks after the fund managers raised concerns that weak oil prices were dampening hopes of additional contributions to the SWF, is really to inject at least $1 billion each year for the next three years………………………………………..Full Article: Source

Labour will set up a British ’sovereign wealth fund’ to make direct state investments

Posted on 29 September 2015 by VRS  |  Email |Print

A Labour government would set up a UK sovereign wealth fund so that the British state could invest directly in productive projects and create a return for taxpayers, the shadow chancellor has said. John McDonnell said the creation of the fund, which could be modeled on similar institutions in countries like Norway and Qatar, would help boost flagging long-term investment.
The pledge is in contrast to that of George Osborne, who on a recent trip to China encouraged foreign countries states to buy stakes in British infrastructure projects. Mr Osborne has indicated that the new HS2 rail line and nuclear power plants would be open to Chinese investors………………………………………..Full Article: Source

Swiss sovereign wealth fund idea ‘dangerous’

Posted on 29 September 2015 by VRS  |  Email |Print

An independent sovereign wealth fund would be economically and politically useful to Switzerland, UBS chief economist Andreas Höfert believes. However, a former UBS top manager has expressed serious reservations. “Sovereign wealth funds are an excellent means to exert influence,” UBS economist Andreas Höfert (pictured above) claims, in an interview with the NZZ am Sonntag (article in German) newspaper published on Sunday.
“A sovereign wealth fund could help Switzerland in the new negotiations on the bilateral accords.” To begin with, bold investment in foreign exchange reserves would weaken the franc, Höfert argued. The Swiss National Bank (SNB) already holds a part of its reserves abroad. But the bank is too hesitant on this score, says the UBS economist………………………………………..Full Article: Source

NZ Super: How to Buy Illiquid Equities

Posted on 29 September 2015 by VRS  |  Email |Print

A fund manager’s capacity is one of the key drivers of their ability to generate alpha—and asset owners should take control of it, according to a new paper by the New Zealand Superannuation Fund (NZ Super). The white paper, “Assessing Manager Capacity—The Case of New Zealand Equities”, written by Head of Asset Allocation David Iverson and Investment Manager Paul Gregory, laid out the NZ$25.9 billion ($18.8 billion) fund’s approach to smaller, illiquid markets.
The paper advocated asset owners taking control of capacity discussions through simulated backtests. NZ Super’s internal team runs tests based on managers’ historical monthly positioning, simulating how a fund’s trading costs and returns would have been affected as the fund’s size changed………………………………………..Full Article: Source

Hugefly gets angel funding from Temasek exec, others

Posted on 29 September 2015 by VRS  |  Email |Print

Hugefly, a machine learning startup that provides online search and recommendation services for e-commerce firms, has raised an undisclosed amount in angel funding from Temasek Holdings’ associate director Mayank Singhal and others.
Mohit Gulati (co-founder of Oliphans Capital) and Raj Iyer (CEO and CMD of icustommadeit.com)also put money in this round, according to Amit Chaudhari, Hugefly’s co-founder. Pune-based Hugefly, which is run by Hugefly Technologies Pvt Ltd, will deploy the capital to hire more employees and for upgrading systems and operations. Hugefly also aims to attract more e-commerce platforms as clients globally over the next six months………………………………………..Full Article: Source

Olam plans to go big on Africa coffee plantations

Posted on 29 September 2015 by VRS  |  Email |Print

Olam International, a commodity trader controlled by investment company Temasek Holdings, plans to more than double coffee-plantation space in Africa to improve quality control there. The company, 51.4 per cent held by Temasek, targets total African coffee farmland at 5,000ha, up from 2,200ha already planted in Zambia and Tanzania, Mr Deepak Kaul, senior vice-president for coffee, said by e-mail in response to questions.
In Zambia, where Olam already has 1,200ha planted, it plans to increase estates to 2,700ha through its subsidiary, Northern Coffee, one of the biggest large-scale producers in Africa, Mr Kaul said without providing a timeframe. “As Africa is a central part of our business, we are committed to investing and expanding on the continent,” he said. Customers increasingly want “single-estate, certified and traceable coffees”………………………………………..Full Article: Source

How 1MDB’s Money Went Missing Through The Aabar Power Purchase Deals

Posted on 29 September 2015 by VRS  |  Email |Print

While the man responsible for 1MDB’s investment decisions hangs out in New York, DAP’s Tony Pua has queried the emergence of some astonishing figures. Out of the US$3.5 billion raised by the fund through its so-called power purchase bonds, he says it can now be seen that 1MDB walked away with with a deficit of US$649 million!
The bonds were raised through a co-guarantee by Abu Dhabi’s Aabar subsidiary of the IPIC sovereign wealth fund, which Pua and others have pointed out was totally unnecessary and has turned out to be ruinously costly………………………………………..Full Article: Source

Mideast sovereign wealth funds ready for challenges

Posted on 28 September 2015 by VRS  |  Email |Print

The plunge in oil prices is expected to reduce funding and increase withdrawal risk, but Middle East sovereigns, which control more than one-fourth of the $7.09 trillion global sovereign wealth funds, or SWFs, are now better-placed to manage these challenges than in the past.
Established Middle East sovereigns have concerns over withdrawal and funding risk but also feel they are better placed to cope with the challenges than before the global financial crisis, investment management firm Invesco said in a recent study. Nick Tolchard, head of Invesco Middle East, said emerging-market infrastructure is a key sub-asset class for established Middle East sovereigns and they are keen to expand sovereign and private sector relationships to ensure access to attractive deals………………………………………..Full Article: Source

Volkswagen scandal costs Qatar’s sovereign wealth fund £3.3bn

Posted on 28 September 2015 by VRS  |  Email |Print

The collapse in Volkswagen’s share price as a result of the widening emissions scandal has cost Qatar’s sovereign wealth fund more than £3.3bn, according to calculations seen by The Telegraph. Qatar Holdings – a subsidiary of the Qatar Investment Authority (QIA) – is the third largest shareholder in the German car manufacturer, with a 17pc stake, after Porsche and the German state of Lower Saxony.
As a result of VW’s 34pc share price fall last week, more than €20bn (£14.7bn) has been wiped off the value of the car company. In the last week alone Qatar Holdings has seen almost £2.8bn wiped off the value of its portfolio mainly due to losses in Volkswagen following the revelations that it had allegedly cheated US emissions tests for its diesel cars………………………………………..Full Article: Source

Norwegian Oil Fund Acquires Shopping Centre in London

Posted on 28 September 2015 by VRS  |  Email |Print

Norges Bank Investment Management (Norwegian Oil Fund) has acquired a 100 percent interest in the West One Shopping Centre and 75 Davies Street, a 90,000 square foot retail and office property located above Bond Street Underground station in London. The agreement was signed and completed 18 September 2015.
Norges Bank Investment Management paid 240 million pounds for the entities that own the 95-year long leasehold interest in the property. The asset is unencumbered by debt, and no financing was involved in the transaction………………………………………..Full Article: Source

Skancke aims to make sustainability integral to asset management

Posted on 28 September 2015 by VRS  |  Email |Print

Martin Skancke looks as though he is growing a beard in an attempt to look older, but his youthful looks are deceiving. Approaching his half-decade, Skancke has 20 years’ experience setting up and running sovereign wealth funds and is spearheading a campaign to make sustainable investment an indispensable part of asset management, as chair of the Principles for Responsible Investment, the UN-backed group of 1,380 investors.
His involvement with sovereign wealth funds started when he was head of the section for monetary policy and public finances at the Norwegian Ministry of Finance. As one of the few civil servants there with a background in finance, he was a natural choice to lead the development of the Government Petroleum Fund (later known as the Government Pension Fund)………………………………………..Full Article: Source

Taiwan needs a sovereign wealth fund

Posted on 28 September 2015 by VRS  |  Email |Print

Despite the dubious effect of the expansionary measures contained in the “program for boosting the economic strength” recently rolled out by Taiwan’s National Development Council due to the government’s financial shortfall and sluggish private investments, the proposal to study the setup a sovereign wealth fund in the program warrants serious consideration as it can generate extra capital to induce investment.
The idea of a sovereign wealth fund has long been a contentious topic. The program represents the first time for the proposal to be put on the government’s agenda, underscoring the awareness of the need for new conceptual approach for economic development………………………………………..Full Article: Source

Chinese sovereign wealth fund to sell $1.2bn Uralkali stake

Posted on 28 September 2015 by VRS  |  Email |Print

China’s sovereign wealth fund is to sell its stake in the Uralkali, as the Russian potash giant ramps up its share buyback programme. Chengdong Investment Corp, or CIC, has offered up for sale its 12.5% stake in the miner, priced at nearly $1.2bn according to the terms of Uralkali’s share buyback.
The move bring Uralkali one step closer to what analysts believe may be its ultimate aim of a merger with Russian fertilizer group Uralchem. Uralkali’s remaining shareholders will be invited for an extraordinary general meeting in November, the aims of which have not yet been specified………………………………………..Full Article: Source

CIO of Alaska Permanent Fund Corp. to take new job at investment nonprofit

Posted on 28 September 2015 by VRS  |  Email |Print

Jay Willoughby, chief investment officer of the Alaska Permanent Fund Corp., is leaving to take a job with the same title at The Investment Fund for Foundations, a Pennsylvania-based organization that helps charities improve their investment returns.
Willoughby has served for the past four years as CIO of Alaska’s $50 billion sovereign wealth fund, where he was responsible for all investment activities. Previously, he spent nine years with Merrill Lynch, a formerly independent brokerage company that’s now a division of Bank of America, including a stint as CIO of its private investors group………………………………………..Full Article: Source

Qatar wealth fund may be down $4.6bn on VW and Glencore

Posted on 25 September 2015 by VRS  |  Email |Print

Qatar’s sovereign-wealth fund may have lost $4.6 billion in just two days from its stakes in Volkswagen and Glencore. Qatar Investment Authority, the biggest holder of VW’s preferred shares and the third-largest owner of its ordinary stock, stands to have seen €3.8 billion evaporate from its holdings in the automaker.
QIA is also the largest investor in Glencore. The ownership data are based on compilations from regulatory filings dated April 2015 in the most recent case. A QIA media representative declined to comment on the current stakes. VW and Glencore tumbled more than 15 per cent in the first two days of the week, leading slumps in European shares. The carmaker said it cheated on emissions rules in the US, while Glencore closed at a record low as metals prices sank on concerns that China’s economy is slowing………………………………………..Full Article: Source

Qatar’s Volkswagen stake slumps $3.73bn amidst fallout from the emissions scandal in the US

Posted on 25 September 2015 by VRS  |  Email |Print

Qatar Investment Authority, one of Volkswagen’s top shareholders, has seen the value of its holding fall by 3.35 billion euros ($3.73 billion) since the carmaker was hit by an emissions scandal at the end of last week.
Below is a table of the top five holders of Volkswagen’s preference and ordinary shares, according to Thomson Reuters Eikon data, showing losses as of 1417 GMT for preferred shares, and 1423 GMT for ordinary shares………………………………………..Full Article: Source

Norwegian oil fund calls for companies to focus on energy efficiency

Posted on 25 September 2015 by VRS  |  Email |Print

Norway’s sovereign wealth fund has called for a greater focus on energy efficiency, arguing that companies should disclose their renewable energy consumption targets and report on use of low-carbon products.
Responding to changes proposed by CDP – formerly the Carbon Disclosure Project – to its climate change questionnaire, which gathers comparative data on the water, energy and carbon footprint of around 5,000 companies, Norges Bank Investment Management (NBIM) said it welcomed the move to improve data quality………………………………………..Full Article: Source

Azerbaijan State Oil Fund makes prime acquisition in Ginza, Tokyo

Posted on 25 September 2015 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) and Mitsubishi UFJ Trust and Banking Corporation have jointly acquired landmark retail property Kirarito Ginza in Tokyo, Japan for JPY 52.3 billion. This is Sofaz’s first real estate investment in Japan. The property was purchased from Elliott Advisors Asia Limited and Orix Corporation.
Kirarito Ginza is located in Chou Avenue, Ginza, which is the most prestigious retail location in Japan. The property was built in 2014 and is one of the very few trophy assets recently completed in Ginza area. The gross floor area (GFA) of the property is approximately 15,647 m2. The asset is let to 47 tenants………………………………………..Full Article: Source

Azerbaijan’s SOFAZ makes first real estate investment in Japan

Posted on 24 September 2015 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) and Mitsubishi UFJ Trust and Banking Corporation have jointly acquired landmark retail property Kirarito Ginza in Tokyo, Japan for 52.3 billion Japanese yen (nearly $444.24 million), SOFAZ said in a message Sept. 23. This is SOFAZ’s first real estate investment in Japan. The property was purchased from Elliott Advisors Asia Limited and Orix Corporation.
“Kirarito Ginza is located in Chou Avenue, Ginza, which is the most prestigious retail location in Japan. The property was built in 2014 and is one of the very few trophy assets recently completed in Ginza area,” said the SOFAZ message. The gross floor area (GFA) of the property is approximately 15,647 square meters and the asset is let to 47 tenants………………………………………..Full Article: Source

Qatar Wealth Fund May Have Lost Billions on VW, Glencore Stakes

Posted on 24 September 2015 by VRS  |  Email |Print

Qatar’s sovereign-wealth fund may have lost $4.6 billion in just two days from its stakes in Volkswagen AG and Glencore Plc. Qatar Investment Authority, the biggest holder of VW’s preferred shares and the third-largest owner of its ordinary stock, stands to have seen 3.8 billion euros ($4.3 billion) evaporate from its holdings in the automaker.
QIA is also the largest investor in Glencore, and its stake that might have lost 231 million pounds ($354 million). The ownership data are based on Bloomberg compilations from regulatory filings dated April 2015 in the most recent case. A QIA media representative declined to comment on the current stakes………………………………………..Full Article: Source

Volkswagen Diesel Scandal: Qatar May Have Lost $4B Over VW Holdings

Posted on 24 September 2015 by VRS  |  Email |Print

As fallout continues from the Volkswagen emissions-rigging scandal, Qatar, a small Middle Eastern oil-rich state, has been especially hard-hit. With its large stake in the German automaker, as well as in another suffering business, Glencore PLC, Qatar’s sovereign wealth fund has lost as much as $4.6 billion since Monday, Bloomberg reported.
Data compiled by Bloomberg showed that Qatar’s Investment Authority was the world’s largest holder of Volkswagen preferred shares. With the revelation last week that the software in popular Volkswagen cars, including Jetta and Passat models, had been rigged to report lower emission numbers than they actually produced in road , the company stock fell by more than 20 percent Monday, for a fall of over 30 percent so far this year………………………………………..Full Article: Source

Kuwait budget deficit hits KD 1.09bn by Aug

Posted on 24 September 2015 by VRS  |  Email |Print

Kuwait’s budget deficit in the first five months of the fiscal year stood at KD 1.094 billion ($3.62 billion) after a deduction for the Future Generations Fund, the finance ministry said yesterday in a statement carried by Kuwait News Agency. The deficit from Apr 1 to Aug 31 stood at KD 361.38 million before the 10 percent contribution of KD 733.50 million to the Future Generations Fund, part of Kuwait’s sovereign wealth fund, the statement said.
The finance ministry said actual expenditure amounted to KD 7.6 billion, an increase of KD 4.4 billion, according to the Central Bank’s monthly reports. The second half of this year will see more spending after paying contractors and importers’ dues, it added………………………………………..Full Article: Source

Singapore state investor Temasek boosts stake in China’s ICBC

Posted on 24 September 2015 by VRS  |  Email |Print

Singapore state investor Temasek Holdings has increased its stake in Industrial and Commercial Bank of China (ICBC) to 10 percent by acquiring HK$141 million ($18 million) of shares in the largest Chinese bank.
Temasek, which previously owned 9.97 percent in ICBC, bought another 30 million ICBC shares at an average price of HK$4.696 a share. “Temasek is confident in the long-term prospect of the Chinese economy. We actively seek opportunities to broaden and rebalance our exposure to the Chinese economy,” Temasek spokesman Jeffrey Fang said in an emailed statement………………………………………..Full Article: Source

Temasek Cares committed S$12.2m in grants in FY2014/15

Posted on 24 September 2015 by VRS  |  Email |Print

Temasek Cares, the philanthropic arm of Temasek Holdings, has committed S$31.6 million in grants to-date to fund its various social programmes. Temasek Cares’ latest annual report showed that S$12.2 million in grants was committed for FY2014 to 2015. It went to funding 15 programmes which benefited groups such as disadvantaged families, the elderly and children with special needs.
About 4,900 individuals benefitted from the various programmes. “FY2014 to 2015 saw Temasek Cares funding 15 programmes through 26 community partners that directly impacted 4,900 Singapore citizens,” said Temasek Cares chairman Richard Magnus………………………………………..Full Article: Source

Malaysian police unaware of new 1MDB probes in US

Posted on 24 September 2015 by VRS  |  Email |Print

The Malaysian police are unaware whether the United States has opened two investigations on Prime Minister Najib Razak and those associated with him, Deputy Police Chief Noor Rashid Ibrahim said yesterday amid increasing international scrutiny over a multi-million-dollar corruption scandal revolving around sovereign wealth fund 1Malaysia Development Bhd (1MDB).
Mr Noor Rashid said he could not be certain of the authenticity of the reports. “As far as I’m concerned, these outside parties have not contacted PDRM (Royal Malaysia Police) yet,” he told reporters. “If they are indeed conducting investigations, we would have surely been contacted by now,” he said………………………………………..Full Article: Source

1MDB draws up Edra list, TNB included

Posted on 24 September 2015 by VRS  |  Email |Print

1Malaysia Development Bhd (1MDB) has reportedly shortlisted several foreign parties, including Qatar’s Nebras Power QSC, Hong Kong-listed CGN Meiya Power Holdings Co and Saudi Arabia-based ACWA Power International for the sale of its power generation arm, Edra Global Energy Bhd.
Tenaga Nasional Bhd (TNB) has also been selected to participate in the sales of 1MDB’s power plants, according to a report by Bloomberg. The report quoted sources as saying that the assets may fetch an equity value of as much as RM8bil………………………………………..Full Article: Source

India: Companies can approach SWFs, pension funds for ECBs

Posted on 24 September 2015 by VRS  |  Email |Print

In order to encourage overseas funding, RBI today proposed to allow domestic companies to borrow money from pension funds, sovereign wealth funds (SWFs) and insurance funds as part of the ECBs. The draft framework on External Commercial Borrowings (ECBs), however, proposed to lower the all-in cost borrowing by 0.50 per cent to ensure that the funds are borrowed from abroad at a reasonable interest rate.
The modification in the ECB guidelines on which RBI has invited comments till October 1 are aimed at replacing the ECB policy with a more rational and liberal framework, keeping in view the evolving domestic as well as global macroeconomic and financial conditions, challenges faced in external sector management and the experience gained so far, the draft guidelines added………………………………………..Full Article: Source

Fnm Deputy Wants Crown Land Sovereign Wealth Fund

Posted on 24 September 2015 by VRS  |  Email |Print

The Opposition’s deputy leader called for the Government’s multi-billion dollar Crown Land holdings to be transferred into a sovereign wealth fund-type vehicle, demanding: “We have to formalise and regularise the situation.” K P Turnquest called for greater transparency and policy clarity over how Crown Land was managed, and sold/leased to both foreigners and Bahamians, arguing that “everyone has to know what the rules are”.
He was speaking out after Tribune Business revealed earlier this week how a well-known Bahamian contractor in 2006 acquired 7.366 acres of prime commercial land on Gladstone Road for $221,000, via a Crown Land grant, only to mortgage it as security for a $7 million loan within three months………………………………………..Full Article: Source

Temasek Holdings to invest S$91m in new venture capital fund

Posted on 23 September 2015 by VRS  |  Email |Print

Singapore state investment firm Temasek Holdings has committed a total of US$65 million (S$91 million) along with other investors in a venture capital fund being raised by Singapore-based Jungle Ventures, which will put money into about 20 technology startups. The new fund expects to close at US$100 million in funding in three months. Other investors include the National Research Foundation of Singapore and family offices.
The fund will invest about US$3 million to $6 million in each company, including any follow-on funding, Anurag Srivastava, a co-founder at Jungle Ventures told Reuters. Jungle Ventures’ previous funding round in 2012 saw three exits, including Twitter Inc’s acquisition of Indian mobile phone marketing start-up ZipDial early this year………………………………………..Full Article: Source

Angola: New Board of Sovereign Fund Want to Boost Economic Diversification Process

Posted on 23 September 2015 by VRS  |  Email |Print

The new board of the Angolan Sovereign Wealth Fund (FSDEA), sworn in last Monday by the Finance minister, Armando Manuel, pledge to apply with efficiency the public finances, with a view to securing protection for future generations and boost the diversification process of the Angolan economy.
Speaking to the press, in Luanda, after the swearing-in ceremony, the chairman of the FSDEA José Filomeno de Sousa dos Santos, said that in the next three years of his mandate he will do his best for the fund to yield good results. “We want to achieve good results to improve the structure of the fund and make investments in several projects (… )”, said the source………………………………………..Full Article: Source

Arab pals ran down Aabar’s fund from $ 70 to $ 15 bln with their excesses

Posted on 23 September 2015 by VRS  |  Email |Print

Following persistent probing from Sarawak Report the Prime Minister’s son Riza Aziz announced last year that the funding for his film company’s US$100 million dollar production, The Wolf of Wall Street, starring Leonardo DiCaprio, had come from an individual – Mohamed al-Husseiny, the then Chief Executive of the Abu Dhabi wealth fund Aabar.
It was perhaps the first public acknowledgement that the boys from Aabar were signing cheques that went way above the pay-grade even of a sovereign wealth fund manager. And it also flashed a red alert over a blatant conflict of interest. Riza’s step-dad, Najib Razak, was in the middle of negotiating a series of extremely shadowy, yet eye-wateringly huge, bond issues for 1MDB in tandem with the very Aabar fund that al Husseiny was managing………………………………………..Full Article: Source

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