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Sovereign Wealth Funds Briefing - Archive | September, 2016

Singaporean sovereign wealth fund snaps up £700m of UK student digs

Posted on 30 September 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC and student accommodation developer GSA have bought a £700m portfolio of student halls – the largest deal in the sector this year. The pair acquired the portfolio from funds managed by Oaktree Capital Management, along with a new operating platform, The Student Housing Company, which is the brand the halls will be run under.
Overseas funds have become more active in the student sector in recent years, as the buildings move from being considered an alternative asset to being more mainstream………………………………………Full Article: Source

Drama aplenty as SMRT shareholders vote yes on Temasek buyout

Posted on 30 September 2016 by VRS  |  Email |Print

After nearly four hours in an extraordinary general meeting and scheme meeting which were chock-full of incidents — a technical glitch hitting the voting system, shareholders jeering and a disgruntled investor berating the chief executive — an overwhelming majority of SMRT shareholders supported the privatisation offer by parent firm Temasek Holdings on Thursday (Sept 29).
A total of 84.8 per cent of SMRT’s minority shareholders, or 3,747 of them, voted in favour of the buyout offer from Temasek. Only 670 shareholders voted against the bid. The thumbs-up came after 98.8 per cent voted to approve the assets sale to the Land Transport Authority (LTA) as part of the transition to the new rail financing framework (NRFF)………………………………………Full Article: Source

SMRT shareholders give thumbs-up to Temasek buyout offer, after voting to sell rail assets to Government

Posted on 30 September 2016 by VRS  |  Email |Print

SMRT Corp shareholders have given the thumbs-up to the privatisation offer by Temasek Holdings. This was the second meeting of the day, coming after a vote to sell off SMRT’s train and other rail assets to the Government as part of the New Rail Financing Framework deal struck in July. That vote also went through with an overwhelming majority.
The voting in the first meeting was delayed due to a computer glitch in the electronic voting system and a longer-than-expected meeting that saw some frustrated shareholders walk out………………………………………Full Article: Source

HKMA in Frankfurt promotes Hong Kong’s role in capitalising China opportunities

Posted on 30 September 2016 by VRS  |  Email |Print

The following is issued on behalf of the Hong Kong Monetary Authority: The Chief Executive of the Hong Kong Monetary Authority, Mr Norman Chan, was in Frankfurt on September 28 (Frankfurt time) to promote Hong Kong’s role in capitalising the rising China opportunities.
The seminar led by Mr Chan on “China opportunities: The Trends of RMB Internationalisation and Belt and Road Strategy” attracted an audience of over 200 attendees from German authorities, financial institutions and corporates. In his speech delivered at the seminar, Mr Chan said, “As Mainland corporates continue to venture into overseas markets, China’s outward investments have been on a steady rise in recent years………………………………………Full Article: Source

DAP MP submits motion to compel tabling of 1MDB audit

Posted on 30 September 2016 by VRS  |  Email |Print

DAP’s Taiping MP Nga Kor Ming today submitted a motion to Parliament, seeking the tabling of the auditor-general’s report on 1MDB, which is still classified under the Official Secrets Act.
“My motion is so the auditor-general’s report on the 1MDB scandal is tabled and debated in Parliament, so we can find out if the RM28 billion public funds were stolen or not. “The Malaysian government became global laughing stock when it used the OSA to hide the report,” he said in a statement………………………………………Full Article: Source

Blackstone-backed Sithe said to get final bids for Asia plant

Posted on 30 September 2016 by VRS  |  Email |Print

A group comprising Kuwait Investment Authority and private equity firm CVC Capital Partners is among final bidders for Sithe Global Power LLC’s stake in a Philippine power plant that could fetch at least US$500 million, people with knowledge of the matter said.
A consortium of Singapore’s sovereign wealth fund GIC Pte, Malaysian power company Malakoff Corp Bhd and an infrastructure investment fund managed by Macquarie Group Ltd also made a binding offer, said the people, who asked not to be identified as the process is private. Aboitiz Power Corp, based in the Philippines, is vying for the Blackstone Group LP-backed company’s asset as well, the people said………………………………………Full Article: Source

NSIA targets $1.6bn investment for Nigeria

Posted on 30 September 2016 by VRS  |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA), has announced its plan to attract about $1.6 billion co-investment in the nation’s infrastructure sector. This is even as the managers of the country’s Sovereign Wealth Fund (SWF) announced its plan to start distributing its dividends to shareholders of the fund by next year.
Uche Orji, Managing Director and Chief Executive Officer of NSIA disclosed these yesterday when the Senate Committee on Finance led by its Chairman John Enoh paid an oversight function visit to NSIA, at its headquarters in Abuja. According to Orji, NSIA will use the $400 million they secured as Nigeria Infrastructure Fund to attract $1.6 billion of co-investment into the country………………………………………Full Article: Source

How Goldman Sachs Lost $1.2 Billion of Libya’s Money

Posted on 30 September 2016 by VRS  |  Email |Print

When Wall Street’s most aggressive bank took on the world’s most incendiary client, someone was going to make a killing. Moammar Qaddafi’s Libya was a miserable place for a business trip.In 2008, a few years after renouncing its nuclear and chemical weapons program, the desert nation remained a menacing and ugly place, with cratered highways, awful restaurants with no booze, and Qaddafi’s leathery visage everywhere, staring balefully down from billboards.
The dreary capital, Tripoli, sat at the edge of the Sahara, in the least barren sliver of a country defined in the West by dictatorship, terrorism, and billions of dollars’ worth of oil………………………………………Full Article: Source

SOFAZ to reduce transfers to state budget in 2017

Posted on 30 September 2016 by VRS  |  Email |Print

Transfers of Azerbaijan’s state oil fund SOFAZ to the state budget is expected at the level of 6.1 billion manats (1.6252 AZN/USD on Sept. 29) in 2017 that is by 1.515 billion manats (19.9 percent) less than in 2016, according to the presentation of the state and consolidated budget projects for 2017 that was made public Sept. 29 by the country’s Finance Ministry.
According to the project, SOFAZ’s revenues are forecasted at the level of 8.37 billion manats in 2017 that is by 4.89 billion manats (2.4 times) more than the forecast for 2016. Expenses of SOFAZ are expected at the level of 6.95 billion manats in 2017 that is by 34.6 percent (3.685 billion manats) less than the forecast for 2016………………………………………Full Article: Source

SOFAZ revenues forecasted to increase by 2.4 times

Posted on 30 September 2016 by VRS  |  Email |Print

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) are forecasted to be AZN 8,370,600,000, up AZN 4,889,100,000 or 2.4 times from 2016. According to the Ministry of Finance, of this AZN 7,550,700,000 or 90.2% will be receipts from profit oil and gas sale.
Expenditures will stand at AZN 6,951,300,000, down AZN 3,685,000,000 or 34.6% in comparison with 2016. Of this, AZN 6.1 billion or 87.8% will be transfers to the state budget. AZN 822 million or 11.8% will be spent directed to financing the several infrastructural projects (improvement of social-economic condition of refugees and internally displaced persons……………………………………..Full Article: Source

Azerbaijan’s Oil Fund and Central Bank oversupply market with currency: their total supply exceeds demand 3.1-fold at currency auction

Posted on 30 September 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank increased the currency oversupply during its centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ, putting an order for $100 million, sold $48.9 million to 14 banks,” SOFAZ said. In its turn, the CBA announced the putting the application for $50 million………………………………………Full Article: Source

Amount of 2016 Permanent Fund Dividend to be $1022

Posted on 30 September 2016 by VRS  |  Email |Print

The amount of this year’s Alaska Permanent Fund Dividend was announced by the Governor on Friday, September 23: every Alaskan will receive $1,022, less than half the amount of last year’s dividend.
Since 1982, the State of Alaska has distributed annual cash dividends to all of its residents, including children, funded from income from the state’s sovereign wealth fund. Because the payment is universal and unconditional, it has often been discussed as a “real world” example of a basic income. Last year, the Permanent Fund Dividend (PFD) reached its peak amount of $2,072………………………………………Full Article: Source

US Hedge Fund Hit With $200Mln Bribery Fine to Win Government Investments

Posted on 30 September 2016 by VRS  |  Email |Print

The Och-Ziff Capital Management Group has agreed to pay nearly $200 million in penalties for bribing officials to gain investments from sovereign wealth funds, the US Securities and Exchange Commission (SEC) announced in a press release on Thursday.
“The illicit payments induced the Libyan Investment Authority sovereign wealth fund to invest in Och-Ziff managed funds,” the release explained. Other bribes were paid to secure mining rights and corruptly influence government officials in Libya, Chad, Niger, Guinea and the Democratic Republic of the Congo, the release noted………………………………………Full Article: Source

Greece passes electricity market reform, sets sovereign wealth fund

Posted on 29 September 2016 by VRS  |  Email |Print

Greek lawmakers passed reforms sought by the country’s creditors to cut pension spending and expedite privatisations in exchange for financial aid under the country’s latest international bailout.
Signalling the conclusion of a first review of bailout terms, parliament voted to reform the country’s electricity market and transfer state assets into an umbrella sovereign wealth fund. The reforms were passed by a majority vote in the 300-seat parliament by members of Prime Minister Alexis Tsipras’ leftist-led government………………………………………Full Article: Source

Blackstone-Backed Sithe Said to Get Final Bids for Asia Plant

Posted on 29 September 2016 by VRS  |  Email |Print

A group comprising Kuwait Investment Authority and private equity firm CVC Capital Partners is among final bidders for Sithe Global Power LLC’s stake in a Philippine power plant that could fetch at least $500 million, people with knowledge of the matter said.
A consortium of Singapore’s sovereign wealth fund GIC Pte, Malaysian power company Malakoff Corp. and an infrastructure investment fund managed by Macquarie Group Ltd. also made a binding offer, said the people, who asked not to be identified as the process is private. Aboitiz Power Corp., based in the Philippines, is vying for the Blackstone Group LP-backed company’s asset as well……………………………………..Full Article: Source

KIA, GIC in groups bidding for Philippine power plant stake

Posted on 29 September 2016 by VRS  |  Email |Print

A group comprising the Kuwait Investment Authority (KIA) and private equity firm CVC Capital Partners is among final bidders for Sithe Global Power’s stake in a Philippine power plant that could fetch at least US$500 million (S$680 million), people with knowledge of the matter said.
A consortium of GIC, Malaysian power company Malakoff and an infrastructure investment fund managed by Macquarie Group also made a binding offer, said the people, who asked not to be identified………………………………………Full Article: Source

KIC sources for data vendor to support its alternative investments

Posted on 29 September 2016 by VRS  |  Email |Print

Korea’s sovereign wealth fund Korea Investment Corporation (KIC) has issued a request for proposal (RFP) to invite bids from data vendors to provide alternative investment data management services. The duration of the appointment would be three years.
The RFP announcement on the KIC’s website stipulates that the qualified service provider must offer high-quality and efficient services that will support the KIC’s current needs for alternative investment data management, and allow the aggregation and integration of data from data providers. Additionally, the service provider is required to provide support for collecting, verifying and transforming data from data providers and feeding data into the KIC’s internal systems………………………………………Full Article: Source

Former GIC manager launches robo-advisor for institutional investors

Posted on 29 September 2016 by VRS  |  Email |Print

ClearMacro has launched the world’s first robo-research platform, enabling institutional investors to independently optimise thier asset allocation decisions. The robo-advisor, which was launched on 27 September, hasn’t yet attracted any paying clients from the pensions industry.
ClearMacro was established by Mike Simcock, who is also the company’s CEO. Simcock was previously head of fixed income, Europe, at Singapore’s giant GIC sovereign wealth fund, which has assets under management of more than €90 billion………………………………………Full Article: Source

Finance firms upend HKMA’s lending caps on property, adding fuel to red hot market

Posted on 29 September 2016 by VRS  |  Email |Print

Two finance firms are challenging the Hong Kong Monetary Authority’s mortgage lending caps , offering more financing than current bank loans to attract new borrowers ahead of a possible interest rate increase in December.
Convoy Global Holdings, the largest of Hong Kong’s listed finance firms, and ETC Finance teamed up with Centaline Property Agency, Midland Realty and Ricacorp Properties to lend up to 90 per cent of the value of apartments above HK$8 million, agents said………………………………………Full Article: Source

Big investors like Norway’s wealth fund should use heft to increase growth potential -study

Posted on 28 September 2016 by VRS  |  Email |Print

Norway’s $887 billion sovereign wealth fund and other institutional investors should invest in illiquid, unlisted assets in emerging economies if they want to make money in the future, a leading expert on the fund said on Tuesday.
Sony Kapoor, managing director of the Re-Define think tank and author of a 2013 study on the fund, told Reuters the world’s biggest wealth fund should put its weight behind projects that will increase the world economy’s potential for growth……………………………………Full Article: Source

Emerging Economies to Counter Big Chill in Returns, Norfund Says

Posted on 28 September 2016 by VRS  |  Email |Print

Institutional investors should look to emerging markets to avoid a toxic combination of falling financial returns and higher political risk in the developed stock and bond markets. The Norwegian sovereign wealth fund, the world’s biggest, is seeking to expand its investment universe into unlisted infrastructure investments to take advantage of its size.
While pension and sovereign wealth funds are struggling with weak returns in OECD markets, opportunities can be found in infrastructure, private equity and unlisted assets in developing economies, according to a report by Re-Define, commissioned by the Norwegian Investment Fund for Developing Countries, or Norfund……………………………………Full Article: Source

Azerbaijani banks buy over $70M through auction

Posted on 28 September 2016 by VRS  |  Email |Print

Some $70.2 million were sold to 20 Azerbaijani banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 27, CBA said in a message Sept. 27.
As much as $100 million was put up for the auction. SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million……………………………………Full Article: Source

Oil Fund and Central Bank of Azerbaijan hold currency oversupply

Posted on 28 September 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank hold the currency oversupply during its centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction. “At the auction SOFAZ, putting an application for $100 million, sold $70.2 million to 20 banks,” SOFAZ said.
In its turn, the CBA announced the putting the application for $50 million. As a result, total application from these two organizations made up $150 million, exceeding the demand at the auction by 2.14-fold. At the previous auction their total supply exceeded the demand by 2.44-fold……………………………………Full Article: Source

Azeri oil fund Sofaz sells $70 mln on market on Tuesday

Posted on 28 September 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund Sofaz said it had sold $70 million on the foreign exchange market on Tuesday.
Sofaz and Azerbaijan’s central bank offered a total of $150 million at Tuesday’s auction, the central bank said, adding that demand totalled $70.2 million……………………………………Full Article: Source

UBS Shareholder GIC Voices Rare Rebuke

Posted on 28 September 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC is UBS’ largest shareholder, amassing a 6.4 percent stake in the Swiss bank during the financial crisis. The discreet fund’s head has some stern words over recent scandals.
Singapore’s Government Investment Corporation (GIC) manages the city-state’s more than $100 billion in financial reserves. It became UBS’ largest shareholder in a series of cash injections in 2007 and 2008, before the Swiss government finally stepped in with a rescue package……………………………………Full Article: Source

Fed Okays Fortis Inc. and GIC Acquisition of ITC Holdings Corp

Posted on 28 September 2016 by VRS  |  Email |Print

Fortis Inc, ITC Holdings Corp. and GIC Private Limited (GIC) announced that the Federal Energy Regulatory Commission (FERC) has authorized the acquisition of ITC by Fortis and a subsidiary of GIC. “This ruling from FERC is a key milestone toward finalizing the transaction,” said Barry Perry, President and Chief Executive Officer of Fortis. “We appreciate the FERC’s conclusion that the transaction is consistent with the public interest.”
“In keeping with Fortis’ operating model, ITC will remain a standalone transmission company, led by their strong, experienced management team and employees. At the same time we remain committed to meeting the energy needs of our existing and future customers and communities,” added Perry. (Press Release)

PM says Malaysia will cooperate with US investigation of 1MDB funds

Posted on 28 September 2016 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak on Tuesday said his country would cooperate with U.S. and other international authorities investigating the misappropriation of funds from a Malaysian state-owned fund that he founded.
“We are equally concerned about good governance in Malaysia and the rule of law,” Najib told reporters after a meeting with German Chancellor Angela Merkel, when asked about the international investigations. “So within the bounds of good governance and the rule of law, Malaysia will do its best to cooperate and to do whatever is necessary.”…………………………………..Full Article: Source

IDE: 1MDB has little effect on Malay BN voters in S’gor

Posted on 28 September 2016 by VRS  |  Email |Print

It appears the controversy surrounding 1Malaysia Development Berhad (1MDB) has not affected the loyalty of Malay BN supporters in Selangor for Prime Minister Najib Razak. A statewide survey by Selangor’s Institute Darul Ehsan (IDE) found that some Malay voters in the state’s Malay-majority constituencies will continue to pledge their support for Najib and his BN government no matter what.
“They believe that the 1MDB affair does not affect the country as at the end of the day, they’ll still get their pay, they can buy food, and they can live comfortably,” said IDE’s Deputy Chairman Mohammad Redzuan Othman……………………………………Full Article: Source

LIA on track with multi-million dollar litigations to recover wealth of the Libyan people

Posted on 28 September 2016 by VRS  |  Email |Print

Things are uncertain at the moment, even by Libya’s standards. Key terminals in Libya’s eastern and western oil facilities have been held hostage for years, with oil production at a minimum. Oil exports, on which the economy sorely relies, are at a virtual standstill. The country’s liquidity crisis is ongoing.
Roads, hospitals and other key infrastructure are in desperate need of upgrading. Kidnappings are rife. In most countries, any one of these problems would be cause for major concern. In Libya, we have to contend with all of them at the same time……………………………………Full Article: Source

SOFAZ’s transfers to state budget to be cut by 1.5B AZN

Posted on 27 September 2016 by VRS  |  Email |Print

Transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget will be reduced by 1.5 billion manats (official exchange rate for Sept. 26 is 1.6292 AZN/USD) in 2017, Samir Sharifov, Azerbaijani finance minister, told reporters in Baku Sept. 26.
The minister added that the transfers will be reduced to keep the country’s foreign exchange reserves at the same level. “As Azerbaijani President Ilham Aliyev said, while generating the revenue side of the state budget, we must pay more attention to the income from other sources, rather than deductions from SOFAZ,” he said……………………………………..Full Article: Source

Transfers from SOFAZ

Posted on 27 September 2016 by VRS  |  Email |Print

The transfers of the State Oil Fund of Azerbaijan (SOFAZ) to the state budget are expected to be lower than the indices fixed in 2016. Transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget will be reduced by 1.5 billion manats ($0.92) in 2017, as the country must pay more attention to the income from other sources, rather than deductions from SOFAZ, while generating the revenue side of the state budget.
SOFAZ’s transfers to the Azerbaijani state budget 2016 are forecasted to stand at 7.6 billion manat ($4.6), while the index for 2017 is forecasted at 6.1 billion manat ($3.7). SOFAZ’s transfers to the Azerbaijani state budget 2016 are forecasted to stand at 7.6 billion manat ($4.6), while the index for 2017 is forecasted at 6.1 billion manat ($3.7)……………………………………..Full Article: Source

Qatar withdraws from race for Grosvenor House and New York Plaza

Posted on 27 September 2016 by VRS  |  Email |Print

The Qatar Investment Authority has abandoned talks to buy London’s Grosvenor House Hotel and two hotels in New York, increasing the likelihood that the trophy properties will be acquired by the UK’s richest men, the Reuben brothers.
The QIA’s withdrawal, confirmed by three people briefed on the situation, prolongs the troubles of India’s Sahara Group, which owns the Grosvenor House and majority stakes in New York’s Plaza and Dream Downtown hotels……………………………………..Full Article: Source

Qatar-Indonesia joint investment fund in ‘final stages’

Posted on 27 September 2016 by VRS  |  Email |Print

The $1bn joint investment fund (JIF) by Qatar and Indonesia is nearing its final stages, and is expected to fund major infrastructure and energy projects, an official has said. Special envoy to the Indonesian president for Middle East Affairs Dr Alwi Abdurrahman Shihab said Indonesia’s share of the JIF (15%) “is ready.” He also said the government is just waiting for the Qatar Investment Authority (QIA) to select from several projects Indonesia has prepared to start the JIF.
“This joint investment fund should be, as soon as we can, made into a reality because the Indonesians have already provided four to five projects to be picked by the Qatar Investment Authority (QIA) in order for us to show the Indonesian people that the investment is there,” Shihab said …………………………………….Full Article: Source

Scientific studies in UAE ‘need more funding’

Posted on 27 September 2016 by VRS  |  Email |Print

A Saudi report on scientific research in the Arabian Gulf shows that the UAE needs to boost funding for such studies, academics say. The UAE was lagging behind Saudi Arabia in the number of scientific studies published, according to the study conducted in 2014 and last year by the college of medicine at King Saud University.
“The UAE is a sovereign wealth fund which is being used to fund the likes of Masdar and Khalifa University, but the funding isn’t invested on behalf of the university. Funding goes to the universities. But in a sense, the universities are competing with all the other goods the sovereign wealth fund might be supporting.”…………………………………….Full Article: Source

Saudi Aramco evaluating foreign exchanges for 2018

Posted on 27 September 2016 by VRS  |  Email |Print

Saudi Aramco is looking at a number of foreign exchanges, including London, New York and Hong Kong, for a partial listing of the oil giant in 2018, chief executive Amin Nasser said. The state-oil firm plans to list as much as 5 per cent on Saudi Arabia’s stock exchange, the Tadawul, and at least one foreign exchange as part of efforts to wean the country’s economy away from hydrocarbon sales.
The oil giant is estimated to be worth as much as $2.5 trillion (Dh9.2 trillion) by conservative valuations. Revenue from the partial listing is to be used by a sovereign wealth fund to diversify the economy……………………………………..Full Article: Source

Rahejas eyes deal with Temasek

Posted on 27 September 2016 by VRS  |  Email |Print

K Raheja Corp, one of the largest developers of IT parks, is in talks with Singapore-based Temasek Holdings and American private equity firm Warburg Pincus to sell stake in its office space holding company, said a source in the know.
While it could be Temasek’s first investment in Indian real estate, Warburg has a couple of high profile investments in Indian real estate. A Temasek spokesperson said, “As a matter of policy, we do not comment on market speculation”. An e-mail sent to Warburg Pincus did not elicit any response……………………………………..Full Article: Source

1MDB scandal is quite damaging, concedes Nazir

Posted on 27 September 2016 by VRS  |  Email |Print

In an interview with the magazine Euromoney, CIMB bank chairperson Nazir Razak shares his views on the 1MDB scandal and being dragged into the imbroglio. Published in its September issue, the article’s writer noted how two days before the meeting with Nazir, a brother of Prime Minister Najib Abdul Razak, the United States Department of Justice filed a civil suit in relation to alleged abuse of 1MDB funds.
“When you agree to an interview, you don’t imagine what’s going to happen two days beforehand,” Nazir had told the writer, who claimed that the banker honoured the interview against the advice of his communications advisers, “three of whom joined us in the room with a barrage of notebooks and tape recorders”……………………………………..Full Article: Source

1MDB suit by Husam, Chang frivolous, says Azalina

Posted on 27 September 2016 by VRS  |  Email |Print

Lawyer Matthias Chang and former PAS Vice-President Husam Musa’s decision to drop their class action suit showed their claims were frivolous and baseless, said an Umno minister. Minister in the Prime Minister’s Department in charge of law Azalina Othman Said said furnishing additional facts for a lawsuit did not require the action to be withdrawn through a supplementary application.
“Rule 11 of the United States’ Federal Rules of Civil Procedure (FRCP) provides that claims brought in the federal courts should have merit and are not brought for an improper purpose,” she said in a statement……………………………………..Full Article: Source

Khazanah sees continuation of pro-growth, pro-society focus

Posted on 27 September 2016 by VRS  |  Email |Print

Khazanah Nasional Bhd sees a continuation of a pro-growth and pro-society focus in the upcoming Budget 2017. Managing Director Tan Sri Azman Mokhtar said the budget would also like to be fiscally responsible on the back of a challenging global economic environment.
He added that the country needs to keep the growth engine going to support its development. “The global conditions are quite challenging, but I think Malaysia has many strengths, with geography being one. “I think we can build on that and we look forward to playing our part,” he said. …………………………………….Full Article: Source

Future Fund may not buy more infrastructure: Peter Costello

Posted on 26 September 2016 by VRS  |  Email |Print

Future Fund chairman Peter Costello has warned that the $125 billion fund might have sated its appetite for infrastructure assets by the time the Queensland government accepts reality and reverses its anti-privatisation position.
Speaking after the Future Fund-led Lonsdale consortium paid an eye-popping $9.7bn on Monday for a 50-year lease of the Port of Melbourne, Costello noted the irony of the Queensland government-owned QIC’s participation in the well-timed privatisation of the nation’s leading container port…………………………………….Full Article: Source

Taking a look at Temasek’s bid to privatise SMRT

Posted on 26 September 2016 by VRS  |  Email |Print

Singapore’s stock market is witnessing an interesting trend. A number of high-profile companies have either delisted, or announced their intention to do so. However, no other company’s proposed privatisation has generated as much interest as that of SMRT.
First, it is hard to find another publicly listed company that affects the lives of millions of Singaporeans on a daily basis. Second, the fact that Temasek Holdings is proposing to fully acquire SMRT adds another dimension to the interest level…………………………………….Full Article: Source

CIC said to review Engie SA’s unit stake

Posted on 26 September 2016 by VRS  |  Email |Print

Sovereign fund China Investment Corp is reviewing options for its 30 percent stake in French multinational electric utility Engie SA’s exploration and production business, which it had bought for 2.3 billion euros in 2011.
According to people familiar with the matter, in July, the unit was seen having a potential to fetch about $4 billion. The French utility, which operates in the fields of electricity generation and distribution, natural gas and renewable energy, is pushing ahead with a sale…………………………………….Full Article: Source

National Investment and Infrastructure Fund

Posted on 26 September 2016 by VRS  |  Email |Print

Nineteen months after the announcement was made in FY16 Budget, the National Investment and Infrastructure Fund (NIIF) will commence operations next month with a $1-billion corpus for the highway sector and another fund of the same size for the renewable energy industry, according to official sources.
In line with the NIIF’s investment structure, the Centre would infuse nearly 49% of the corpus, or a total of $1 billion in the two sectoral funds, while the balance amount will come from long-term investors such as sovereign wealth funds. The potential investors in these funds include Abu Dhabi Investment Authority (ADIA), Qatar Investment Authority (QIA) and RUSNANO of Russia, the sources added…………………………………….Full Article: Source

An Asean Government Investment Fund Lost RM73 Billion Last Year

Posted on 26 September 2016 by VRS  |  Email |Print

One of the Asean region’s biggest soveriegn fund has been hit by its first loss in 7 years. While local detractors of Malaysia’s ruling government have continued their smear campaign against state-owned investment fund 1MDB and making it appear as a huge failure due to losses, it is Singapore’s state investment giant Temasek Holdings which announced an astounding SG$24 billion (RM73 billion) loss for its last financial year.
Singapore’s sovereign wealth-fund company Temasek Holdings reportedly lost SG$24 billion in its latest financial year report FY2016 dating March 31. The news which saw the investment arm of the country’s CPF retirement funds lost 9.02% was announced only 3 months later on July 7. Temasek Holdings lost SG$24 billion to SG$242 billion from SG$266 billion a year ago, Straits Times Review had reported earlier this year…………………………………….Full Article: Source

Libyan sovereign fund recovers $127 million from Lehman, Cornhill Capital

Posted on 26 September 2016 by VRS  |  Email |Print

Libya’s $67 billion (£51.6 billion) sovereign wealth fund has recovered $73 million from the bankrupt Lehman Brothers and $53.8 million from Cornhill Capital after lengthy legal battles, the fund said in a statement.
The Libyan Investment Authority (LIA) is involved in a number of disputes with Western firms, not least its $3.3 billion claims against investment banks Goldman Sachs and Societe Generale, which are being pursued in London courts…………………………………….Full Article: Source

Qatar withdraws from race for Grosvenor House and New York Plaza

Posted on 26 September 2016 by VRS  |  Email |Print

The Qatar Investment Authority has abandoned talks to buy London’s Grosvenor House Hotel and two hotels in New York, increasing the likelihood that the trophy properties will be acquired by the UK’s richest men, the Reuben brothers.
The QIA’s withdrawal, confirmed by three people briefed on the situation, prolongs the troubles of India’s Sahara Group, which owns the Grosvenor House and majority stakes in New York’s Plaza and Dream Downtown hotels…………………………………….Full Article: Source

Norway’s shopping spree for North American real estate continues

Posted on 23 September 2016 by VRS  |  Email |Print

The Norwegian Sovereign Wealth fund is pursuing a strategy to increase its portfolio weight of real estate assets to about 5% within the foreseeable future - planning to increase the weight by 1% per year until 2020, with a corresponding decrease in bond holdings.
So far most of the real estate investments (outside of Europe) have been in North America, exploding in recent years and comprising billions of dollars annually. The latest in the surge was announced today in Washington DC…………………………………Full Article: Source

Pretty Much Every Norwegian Citizen Is a Millionnaire

Posted on 23 September 2016 by VRS  |  Email |Print

Norway’s “Pension Fund Global” is the biggest sovereign-wealth fund in the world, worth an estimated $882B (more than double the national GDP). Not bad for a country with a population of just over 5m people.
It owns 2% of all listed shares in Europe and over 1% globally. Plus, contrary to the way most funds are structured, it’s incredibly transparent by detailing every investment it makes online. The fund refuses to invest in firms with products deemed “unethical,” such as tobacco and weapons. It also acts as an activist of sorts by “blacklisting” corrupt companies, including those that misuse water and energy or engage in child labor………………………………………Full Article: Source

It’s (Still) Good to be Norway

Posted on 23 September 2016 by VRS  |  Email |Print

The country created a government-run pension fund in the 70s and began investing profits abroad in 1990. Today, according to The Economist, “No sovereign-wealth fund is bigger. It owns more than 2% of all listed shares in Europe and over 1% globally. Its largest holdings are in Alphabet, Apple, Microsoft and Nestlé, among 9,000-odd firms in 78 countries.”
With the decline in oil prices, however, making solid investments becomes more crucial. And even with the canniest managers, the fund may not be the envy of the world forever. It may be impossible for democracies to sustain a rich wealth fund, the Economist points out. Too many people have a say in where they funds are invested and many of them put ideology over high returns………………………………………Full Article: Source

UK sovereign fund appoints two on ARM Cement board

Posted on 23 September 2016 by VRS  |  Email |Print

UK’s sovereign wealth fund CDC Group has appointed two directors to the board of cement manufacturer ARM in which it recently acquired a 40.6 per cent stake for Sh14.1 billion. The fund appointed Pepe Meijer and Ketso Gordhan to the board of the Nairobi Securities Exchange-listed company.
Investment banker John Ngumi was also simultaneously appointed as an independent director of the firm. The three new appointments coincided with the exit of three board members —finance director Atul Mathur and non-executive directors Daniel Ndonye and Michael Turner. Mr Mathur’s replacement is expected to be picked in the coming days…………………………………Full Article: Source

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