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Sovereign Wealth Funds Briefing - Archive | November, 2016

‘Made in China’ exhibition will offer opportunities for Qatar in China: Doha Bank

Posted on 21 November 2016 by VRS  |  Email |Print

Optimistic on enhanced strategic relationship between Qatar and China, Doha Bank has said the recently held ‘Made in China’ exhibition will offer an opportunity for Doha to tap into the Asian country’s technological advancements. Qatar’s sovereign wealth fund received permission in 2012 to invest in China’s capital markets. Qatar Investment Authority holds shareholding in Agriculture bank of China.
China’s foreign exchange regulator awarded Kuwait Investment Authority (KIA) fresh quota of $700mn for direct investment in the Chinese securities market, on top of the $300mn already granted earlier. KIA has stake in agriculture bank of China. KIA was also granted a $1bn licence by China’s central bank in 2012 to invest in its domestic interbank bond market……………………………………Full Article: Source

HK Exchange Fund’s income more than doubles as stock gains surge

Posted on 21 November 2016 by VRS  |  Email |Print

The Exchange Fund, the reserve designed to defend the Hong Kong currency, has reported an investment gain of HK$42.5 billion in the third quarter, more than double that of the previous three-month period, thanks to a large increase in stock investment income.
The Hong Kong Monetary Authority (HKMA) was established in April 1993 by merging the Office of the Exchange Fund with the Office of the Commissioner of Banking. The HKMA is responsible for maintaining monetary and banking stability, including maintaining currency stability within the framework of the Linked Exchange Rate system under which the Hong Kong dollar is pegged to the US dollar……………………………………Full Article: Source

Singapore Sovereign Fund Invests $136 Million in Korean Retail Complex

Posted on 21 November 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund, GIC Real Estate Pte Ltd, has acquired G-Square, a Seoul-based retail complex, for $136 million. The complex was completed in 2014 and is spread over an area of 238,248.43 square meters. It has 28 stories and is located in the heart of Anyang, a bustling metropolitan area in the southern part of Seoul.
The complex is strategically located as it offers direct access to the city’s subway. Besides retail outlets, G-Square also has offices, spread over an area of 34,681 square meters. The complex is operated by one of the largest retail operators in South Korea, Lotte Shopping Co. However, after acquisition, it will be managed by IGIS Asset Management, a leading real estate management company in South Korea……………………………………Full Article: Source

Saudi sovereign fund fills key positions as it bulks up for reform drive

Posted on 18 November 2016 by VRS  |  Email |Print

Saudi Arabia’s Public Investment Fund (PIF), its main sovereign wealth fund, said on Thursday it had filled key posts as part of plans to expand investment capacity and help reduce the kingdom’s dependence on oil income.
Under economic reform plans announced early this year, the government has said it aims eventually to expand the PIF, founded in 1971 to finance development projects in the country, from $160 billion to about $2 trillion and increase investments abroad. The PIF did not name the people it had appointed, but LinkedIn profiles showed at least five financial professionals had begun working at the Fund in the last several weeks……………………………………..Full Article: Source

Abu Dhabi Sovereign Wealth Fund Invests in US Electric Car Company Tesla Motors

Posted on 18 November 2016 by VRS  |  Email |Print

It is amazingly interesting where all the money goes when the US Government provides money to businesses, bailouts, spends money in Research and Development, or provides stimulus funding.
Sometimes if you follow the flow of that money you have to ask yourself who on earth are we stimulating, and rather than making a really bad joke about the human scrotum here, let’s just say, our stimulus promises to the American people leave a lot to be desired. The Tesla American electric car company has been given a tremendous amount of money to help fund its startup……………………………………..Full Article: Source

Qatar to turn US Embassy in London into hotel

Posted on 18 November 2016 by VRS  |  Email |Print

Qatari Diar’s plans to convert the US Embassy in London into a luxury hotel have received government approval this week, the project’s architect said.
The London Chancery for the US Embassy at 30 Grosvenor Square, Mayfair, will undergo a “sensitive and adaptive re-use” to become a 137-bedroom hotel with shops, restaurants, bars and a spa. It will be extended to span nine stories, three of which will be underground……………………………………..Full Article: Source

ADIA buys Slough shopping centres

Posted on 18 November 2016 by VRS  |  Email |Print

The Queensmere Observatory Shopping Centre in Slough has been acquired for a reported £130m by the Abu Dhabi Investment Authority (ADIA). The centre, which was sold by Criterion Capital, currently comprises almost 600,000 sq ft of retail space and is anchored by M&S, TK Maxx, Debenhams and Primark.
In addition to the two adjacent shopping centres, the acquisition also includes Wellington House, a 57,400 sq ft office building……………………………………..Full Article: Source

Morocco’s sovereign wealth fund and World Bank launch Green Africa Fund

Posted on 18 November 2016 by VRS  |  Email |Print

The World Bank Group and Ithmar Capital, a Moroccan Sovereign Investment Fund, signed on Wednesday in Marrakech a memorandum of understanding relating to the establishment of a Green Growth Infrastructure Facility for Africa (GGIF Africa), the first pan-African fund dedicated to green investment in the continent.
GGIF will be structured as private capital fund and its objective is to attract private investors with interest in Morocco or Africa who are looking for responsible and green investment opportunities……………………………………..Full Article: Source

GIC, NPS invest $136 mn each in Korea’s retail complex near Seoul

Posted on 18 November 2016 by VRS  |  Email |Print

The Government of Singapore Investment Corporation (GIC) and the National Pension Service (NPS) have bought equity stakes in a fund launched to buy a landmark shopping complex near Seoul for $136 million each, extending their real estate portfolios into retail properties out of the South Korean capital.
Their investment in G-Square in Anyang, about 20 km south of Seoul, comes as the satellite cities of Seoul have been seeing steady inflows of population from the capital due to soaring housing prices. Vacancy rates in office buildings in downtown Seoul have climbed amid the prolonged economic slowdown……………………………………..Full Article: Source

Norway should tighten fiscal spending rule on its wealth fund-IMF

Posted on 18 November 2016 by VRS  |  Email |Print

Norway should limit what it spends from its $860 billion wealth fund to avoid creating economic imbalances, the International Monetary Fund said on Thursday, after the fund grew faster than the economy in the last 20 years.
Under the fiscal spending rule, governments can spend in their budgets an average 4 percent of the wealth fund per year - the estimated long-term return of the fund. The sovereign wealth fund, the world’s largest, invests the Norwegian state’s revenues from offshore oil and gas production It invests up to 60 percent in equities, 35 percent in fixed income and 5 percent in real estate. It cannot invest in Norway……………………………………Full Article: Source

Norway Will Withdraw a Worth of $15 Billion Right From Its Wealth Fund In Which Can Eventually Put Bitcoin In Portfolio?

Posted on 18 November 2016 by VRS  |  Email |Print

Norway was at this very moment planning to withdraw a worth of over and around NOK 121 billion in which is nearly closed to $15 billion US Dollars right from its sovereign wealth fund in order to cover its losses right from the oil revenue.
With this certain idea that the Norway’s sovereign wealth fund could be put out in the cryptocurrency right in its portfolio in which now sounds untamed, but in the reality it could really somehow happen and it is approaching real soon! The country is the largest oil exporter in the entire Western Europe and with the crude oil prices are excessively going down and under, it has a hurtful effect onto the Norwegian economy and if the oil prices do not expand and increase it might bring some sort of a challenge in its economical status and situation……………………………………..Full Article: Source

US dollar price in Azerbaijan rises up to new absolute record

Posted on 18 November 2016 by VRS  |  Email |Print

The Central Bank and the State Oil Fund of Azerbaijan (SOFAZ) have taken part today in a regular bipartite foreign exchange auction, and the national currency has fallen the next time running.
According to the CBA, on 17 November the foreign currency auction began from manat rate of AZN 1.7039 to the US dollar. Following the auction the rate of the American currency soared up to AZN 1.7089 to the US dollar. This price has become the highest value of the American currency during the whole period of existence of the Azerbaijan Republic……………………………………..Full Article: Source

Ex-SWF chief: Private equity model is a ‘rigged arrangement’

Posted on 18 November 2016 by VRS  |  Email |Print

Private equity firms are charging far too much in fees and are not investing enough of their own money in the deals they do, according to a former head of private investments at one of the world’s largest sovereign wealth funds.
Georges Sudarskis, formerly chief of the private investment programme at the Abu Dhabi Investment Authority, said that the current private equity fund model is a “rigged arrangement”. Sudarskis, who led Adia’s private investment programme between 1998 and 2009, said that fund managers’ and investors’ interests are no longer aligned……………………………………..Full Article: Source

Alaska lawmaker plans appeal in dividend case

Posted on 18 November 2016 by VRS  |  Email |Print

A state senator who challenged Gov. Bill Walker’s cut to the Alaska Permanent Fund dividend this year plans to appeal a judge’s decision that found that Walker acted within his authority. Sen. Bill Wielechowski of Anchorage said it was always expected that the case would be decided by the Alaska Supreme Court.
Wielechowski and two former legislators brought the case, arguing the Alaska Permanent Fund Corp. was obligated by law to make available nearly $1.4 billion from the fund’s earnings reserve for dividends, in spite of a Walker veto reducing that amount…………………………………….Full Article: Source

SOFAZ reveals profits from major energy projects

Posted on 17 November 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ has revealed the volume of profits it received from the major energy projects in January-October 2016. Thus, SOFAZ received $64 million from the sale of profit oil from profitable gas condensate field “Shah Deniz”.
The total revenues from the “Shahdeniz” amounted to$2.506 billion from 2007 to November 1, 2016. Also from 2001 to November 1, 2016, $121.30 billion entered to SOFAZ from Azeri-Chirag-Guneshli (ACG) field. SOFAZ received $4 .21 billion from ACG project, during January-October of this year…………………………………….Full Article: Source

Norway Wealth Fund Buys $345 Million London Oxford St. Building

Posted on 17 November 2016 by VRS  |  Email |Print

Norges Bank Real Estate Management acquired an office and retail building on Oxford Street, the U.K.’s busiest shopping street, from Great Portland Estates Plc for 276.5 million pounds ($345 million).
The property is leased in advance of its completion next year to New Look, Benetton and Moneysupermarket.com Group Plc, Great Portland said in a statement. The yield on the purchase is 3.2 percent…………………………………….Full Article: Source

Great Portland sells central London property to Norwegian sovereign wealth fund

Posted on 17 November 2016 by VRS  |  Email |Print

Great Portland Estates has completed the sale of 73/89 Oxford Street and 1 Dean Street in London to Norwegian sovereign wealth fund Norges Bank Real Estate Management for £276.5m.
The price reflects a net initial yield to the buyer of 3.2%. The scheme is pre-let to New Look Retailers, Benetton and Moneysupermarket.com with a weighted average unexpired lease term of 17 years. The rent on completion will be £9.74m a year…………………………………….Full Article: Source

Largest Wealth Fund Finds Value in Israeli Banks After Job Cuts

Posted on 17 November 2016 by VRS  |  Email |Print

Israeli banks, criticized for years as wasteful by their regulator, are attracting interest from the world’s top investors after announcing thousands of job cuts to boost efficiency.
Norges Bank, which manages Norway’s $860 billion sovereign wealth fund, said last month it raised its stake in Israel Discount Bank by half. U.S. money managers Dimensional Fund Advisors, BlackRock Inc., and Vanguard Group Inc. also increased their holdings in the country’s lenders in recent months…………………………………….Full Article: Source

Kinstellar advises Singapore sovereign wealth fund on €2.4bn acquisition

Posted on 17 November 2016 by VRS  |  Email |Print

Kinstellar teams in Bulgaria, the Czech Republic, Romania, Serbia and Slovakia have successfully advised GIC, Singapore’s sovereign wealth fund, on its €2.4bn acquisition of the European logistics property company P3 Logistic Parks, which is described as the largest European real estate deal this year.
The transaction, which involves a portfolio of over 163 sites primarily in eastern and southern Europe totalling 3.3 million sq m of warehouse space and additional land, is subject to regulatory approvals and is expected to close by the end of 2016…………………………………….Full Article: Source

KIC to embrace broader client base, assets with eased regulations

Posted on 17 November 2016 by VRS  |  Email |Print

South Korea will sharply lower the minimum amount to be entrusted to the Korea Investment Corporation (KIC) to about $86 million and allow the sovereign wealth fund to diversify into a broader range of alternative assets, opening the doors of the state fund wider to small-sized public funds.
Under the revision of the enforcement decree of the KIC Act which was approved at the cabinet meeting on Nov. 15, the government will also loosen conditions for an early redemption call to the KIC and allow the sovereign wealth fund to tap a deeper pool of asset managers to pick its chief investment officer and steering committee members…………………………………….Full Article: Source

China Investment Corp Sets Up Joint Fund For Overseas Investments

Posted on 17 November 2016 by VRS  |  Email |Print

China’s sovereign-wealth fund China Investment Corporation (CIC) has teamed up with a French public sector financial institution to jointly tap overseas investment opportunities, with a focus on real estate and infrastructure, according to an announcement.
CIC Capital, the direct investment arm of the US$810 billion-under-management state wealth manager, signed an agreement with Caisse des Dépôts International Capital, a subsidiary of State-owned Caisse des Dépôts Group, to set up a fund for cooperation while investing in third-party markets…………………………………….Full Article: Source

Malaysia Silences 1MDB Whistleblower in Blow to Rights

Posted on 17 November 2016 by VRS  |  Email |Print

The sentencing of an opposition politician is just the latest attempt to cover up a deepening 1MDB scandal. A chorus of international outrage was struck immediately after the sentencing of opposition politician Rafizi Ramli for disclosing part of the Auditor General’s report into the 1MDB corruption scandal, which has severely damaged Malaysia’s reputation in business and politics.
London-based Amnesty International immediately called for the 18-month sentence to be quashed, arguing Rafizi had acted in the public interest by bringing to light information about one of the biggest corruption scandals in Malaysia’s recent history…………………………………….Full Article: Source

Najib says he initiated 1MDB probe

Posted on 17 November 2016 by VRS  |  Email |Print

In an interview with a Japanese weekly, Malaysian Prime Minister Najib Razak said he was the first to order an investigation into 1Malaysia Development Berhad (1MDB). In an interview published in the Nikkei Asian Review yesterday, he said the Malaysian authorities have led investigations into 1MDB.
“It was I who first instructed multiple authorities in Malaysia to conduct investigations,” he stated. The Malaysian Anti-Corruption Commission, the Auditor-General, the police and the bipartisan Parliamentary Public Accounts Committee have conducted probes…………………………………….Full Article: Source

Abu Dhabi’s IPIC Posts Loss After $1 Billion UniCredit Writedown

Posted on 17 November 2016 by VRS  |  Email |Print

Abu Dhabi sovereign fund International Petroleum Investment Co. posted a first-half loss after its shares in UniCredit SpA slumped. IPIC recorded a loss of $91 million compared with a $1.25 billion profit a year earlier, the Abu Dhabi-based company said.
It posted a $998 million loss due to marking to market its 5.04 percent stake in Italy’s UniCredit, whose stock declined 62 percent in the first six months of the year. IPIC is merging with Abu Dhabi fund Mubadala Development Co. to create an entity with assets of about $125 billion and debt of about $42 billion…………………………………….Full Article: Source

Abu Dhabi said to mull more bank mergers after NBAD-FGB deal

Posted on 17 November 2016 by VRS  |  Email |Print

Abu Dhabi is considering more mergers to boost its financial services industry after combining National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC, according to four people with knowledge of the matter. Bank stocks surged.
Abu Dhabi Investment Council, a sovereign wealth fund in the emirate, owns a 58 per cent stake in ADCB and 50 per cent of UNB, according to data compiled by Bloomberg. The fund also holds a 7.6 per cent stake in Abu Dhabi Islamic Bank and a holding in Al-Hilal…………………………………….Full Article: Source

Saudi fund says no plan to cut local equity holdings

Posted on 17 November 2016 by VRS  |  Email |Print

Saudi Arabia’s Public Investment Fund (PIF), the country’s main sovereign wealth fund, said it had no plan to sell stakes in local companies.
“Contrary to inaccurate media speculation this morning, the Public Investment Fund has no plan or intention to reduce its equity holdings in Saudi Arabia,” the PIF. Bloomberg quoted unnamed sources as saying on Tuesday that the PIF, which owns stakes in local companies worth tens of billions of dollars, was considering selling some of those shares…………………………………….Full Article: Source

Saudi Fund Says It Has No Plans to Sell Off Local Equity Stakes

Posted on 16 November 2016 by VRS  |  Email |Print

Saudi Arabia’s sovereign wealth fund said it has no plans to sell down the equity stakes it holds in local companies. “The Public Investment Fund has no plan or intention to reduce its equity holdings in Saudi Arabia,” the fund said in an e-mailed statement Tuesday, reacting to a Bloomberg report that it’s considering options for its holdings as it looks at ways to diversify its portfolio.
The PIF, with about $100 billion worth of shares in listed local companies, is reviewing the stakes as it seeks to diversify its assets, five people with knowledge of the matter said, asking not to be identified as the discussions are private………………………………….Full Article: Source

Saudi fund said to explore asset sales for overseas deals

Posted on 16 November 2016 by VRS  |  Email |Print

Saudi Arabia’s sovereign wealth fund is considering selling stakes in local companies to raise funds for international expansion, according to five people with knowledge of the matter. The Public Investment Fund — with about $100 billion worth of shares in listed local companies including Saudi Basic Industries Corp. and Saudi Telecom Co. — is reviewing the stakes as it seeks to diversify its assets, the people said, asking not to be identified as the discussions are private.
The fund could reduce its holdings in local companies and retain control through measures such as golden shares, one of the people said. Saudi Arabia is planning to expand its sovereign wealth fund into the world’s largest by transferring ownership of Saudi Aramco to the PIF and also the proceeds from the oil company’s initial public offering………………………………….Full Article: Source

Saudi to Make PIF World’s Biggest Fund (Video)

Posted on 16 November 2016 by VRS  |  Email |Print

Bloomberg’s Riad Hamade discusses the MISK Global Forum in Riyadh, Saudi Arabia’s efforts to help with youth unemployment and the plan to make their sovereign wealth fund the biggest in the world. He speaks on “Bloomberg Markets: Middle East.”.………………………………..Full Article: Source

Saudi sovereign fund eyes stake in ACWA

Posted on 16 November 2016 by VRS  |  Email |Print

Saudi Arabia’s main sovereign wealth fund, Public Investment Fund (PIF), is considering buying a stake in Riyadh-based ACWA Power, which operates power and water plants around the world, sources familiar with the matter told Reuters.
PIF, which already owns a 13.7 percent stake in ACWA indirectly through a subsidiary, invited investment banks last month to pitch for the role of advising it on a potential ACWA deal, according to four sources, declining to be named due to the sensitivity of the matter. Talks are still at a preliminary stage, and neither party has appointed an advisor, said two of the sources, who are based in the Gulf………………………………….Full Article: Source

China fund CIC teams up with French investor for overseas opportunities

Posted on 16 November 2016 by VRS  |  Email |Print

China Investment Corporation (CIC), the sovereign wealth fund, is stepping up its overseas investment, focusing on targets closely tied to the country’s economic development. Qi Bin, CIC’s deputy general manager, revealed the move, while speaking at the private equity firm Hony Capital’s annual general meeting in Shenzhen on Monday.
“This will be the future trend for CIC. Any investment must be closely tied to Chinese industry and serve in its economic transition ,” he said………………………………….Full Article: Source

China’s sovereign wealth fund and China Life on track to open offices in London

Posted on 16 November 2016 by VRS  |  Email |Print

China Life and China Investment Corporation are among the latest mainland financial companies set to open offices in London, even as concerns over Brexit remain, according to Mark Boleat, chairman of the Policy and Resources Committee for the City of London.
“There will be more Chinese financial firms opening offices in London. The major mainland banks have expanded in London in recent years and they have sent more senior executives to London,” Boleat said in an interview with the South China Morning Post at Guildhall office in London………………………………….Full Article: Source

Hong Kong Exchange Fund’s income more than doubles as stock gains surge

Posted on 16 November 2016 by VRS  |  Email |Print

In the first three quarters of the year, fund posts an investment profit of HK$86.8 billion. Its total assets worth HK$3.57 trillion by end of September. The Exchange Fund, the reserve designed to defend the Hong Kong currency, has reported an investment gain of HK$42.5 billion in the third quarter, more than double that of the previous three-month period, thanks to a large increase in stock investment income.
The third-quarter investment income, reported on Tuesday, was a turnaround from a loss of HK$63.8 billion in the same period last year, data from the Hong Kong Monetary Authority showed………………………………….Full Article: Source

Hong Kong Monetary Authority Sees Blockchain as a Money Laundering Risk

Posted on 16 November 2016 by VRS  |  Email |Print

A recent assessment from the Hong Kong Central Bank has warned that blockchain could increase the risk of money laundering, according to The Business Times. In a study, the HKMA said even though bitcoin’s distributed ledger could save on cost and cut down on time, it also had the potential to provide criminals with a way of undertaking illegal activities.
Shu Pui Li, the central bank’s executive director for financial infrastructure, said at a HKMA FinTech Day presentation that: [Blockchain offers] good potential, but a lot of things need to be addressed………………………………….Full Article: Source

KIC to lower barriers for smaller local funds

Posted on 16 November 2016 by VRS  |  Email |Print

Korea’s sovereign wealth fund Korea Investment Corp. will lower barriers for smaller local funds to be eligible for entrustment to seek economies of scale in its overseas investments, the government said Tuesday.
The Ministry of Strategy and Finance said the government agreed at a Cabinet meeting on the revision of the KIC-related act to induce more entrustment of the local institutions into the KIC and expand the scope of KIC’s investment targets………………………………….Full Article: Source

1MDB corruption: Najib denies ham-handed probe, affirms he alone started investigation

Posted on 16 November 2016 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak rebuffed allegations of suppression of the probe into the multi-billion dollar financial irregularities in the state investment fund 1 Malaysia Berhad, saying it was he who initiated the investigation into the scandal.
The prime minister’s latest offensive came a day after a Malaysian court sentenced prominent opposition parliamentarian Rafizi Ramli to 18 months in jail for exposing documents related to the financial scandal that rocked the government………………………………….Full Article: Source

1MDB: Malaysia’s extraordinary financial scandal

Posted on 16 November 2016 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak has been under fire since 2014 over allegations that billions of dollars were looted from state investment fund 1MDB in an audacious campaign of fraud and money-laundering.
On Saturday, an influential pro-reform group is planning a rally in downtown Kuala Lumpur to demand Najib’s ouster over the affair. Here are some answers to key questions in the saga. What is 1MDB? - 1Malaysia Development Berhad (1MDB) is a state investment fund Najib launched in 2009 shortly after assuming office………………………………….Full Article: Source

Temasek says Alibaba remains key part of its portfolio

Posted on 16 November 2016 by VRS  |  Email |Print

Temasek Holdings, the Singapore state-owned investment giant which pared its stake in Alibaba Group Holding in the third quarter, said yesterday that China’s biggest online retailer remains an essential part of its portfolio.
Temasek sold 14.5 million American depositary receipts (ADRs) in the quarter, leaving it with 39.6 million at the end of September valued at US$4.2 billion (S$5.9 billion), according to a filing with the United States Securities and Exchange Commission on Monday. Temasek had added 6.5 million ADRs in the company in the June quarter, according to an earlier filing………………………………….Full Article: Source

Singapore’s Temasek cuts stake in Alibaba in the third quarter

Posted on 16 November 2016 by VRS  |  Email |Print

Temasek Holdings Pte pared its investment in Alibaba Group Holding Ltd. in the third quarter, as shares of China’s biggest online retailer rallied, while emerging as a shareholder of software maker Dell Technologies.
The Singapore state-owned firm sold 14.5 million American depositary receipts, leaving it with 39.6 million at the end of September, worth US$4.2 billion, according to a filing with the US Securities and Exchange Commission on Monday. Alibaba gained 33 per cent in the three months through September. Temasek had added 6.5 million ADRs in the company in the June quarter, according to an earlier filing………………………………….Full Article: Source

GIC takes over P3, which has the biggest logistics park in Romania

Posted on 16 November 2016 by VRS  |  Email |Print

The Singaporean sovereign wealth fund GIC will buy P3 Logistics Parks, which also has investments in Romania, in a deal worth EUR 2.4 billion, business-review.eu informs.
P3, which is one of the biggest owners, developers and administrators of logistics assets across Europe, will be acquired by GIC from TPG Real Estate and its partner Ivanhoé Cambridge. The sellers had taken over P3 in 2013………………………………….Full Article: Source

Permanent Fund makes winning bet on a startup

Posted on 16 November 2016 by VRS  |  Email |Print

The Alaska Permanent Fund Corp. has made another winning bet on a startup company, banking more than $300 million after providing early capital for a giant home-rental firm that took advantage of the collapse of the nation’s housing market.
That initial investment came in 2012, when Permanent Fund managers put down $600 million to help start American Homes 4 Rent, created by California self-storage billionaire B. Wayne Hughes Jr. of the Public Storage empire………………………………….Full Article: Source

Chinese sovereign wealth fund CIC to raise overseas investment

Posted on 15 November 2016 by VRS  |  Email |Print

Deputy general manager Qi Bin says it will be focusing on targets closely tied to Chinese economic development. China Investment Corporation (CIC), the sovereign wealth fund, is stepping up its overseas investment, focusing on targets closely tied to the country’s economic development.
Qi Bin, CIC’s deputy general manager, revealed the move, while speaking at the private equity firm Hony Capital’s annual general meeting in Shenzhen on Monday. “This will be the future trend for CIC. Any investment must be closely tied to Chinese industry and serve in its economic transition ,” he said…………………………………….Full Article: Source

GIC Catches on to K-Style With $136M Seoul Shopping Mall Acquisition

Posted on 15 November 2016 by VRS  |  Email |Print

Korea’s unique style and fashion sense may not be everyone’s cup of tea, but Singapore’s sovereign wealth fund appears to like what it sees in the country’s retail scene. GIC invested $136 million to acquire an interest in G-Square City Retail Complex located in the suburbs of Seoul.
The 28-storey complex also has an office tower and boasts 238,248 square metres of space. Located in Anyang, the mall is roughly a 40-minute train ride from the Seoul city center, and is connected to a metro station…………………………………….Full Article: Source

Temasek Cut Stake in Alibaba in Third Quarter, Filing Shows

Posted on 15 November 2016 by VRS  |  Email |Print

Temasek Holdings Pte pared its holding in China’s biggest online retailer, Alibaba Group Holding Ltd., in the third quarter as the shares rallied, while buying stock in Internet travel agency Ctrip.com International Ltd., biopharmaceutical company AC Immune SA and Dell Technologies Inc.
The Singapore state-owned firm sold 14.5 million American depositary receipts, leaving it with 39.6 million at the end of September, worth $4.2 billion, according to a filing with the U.S. Securities and Exchange Commission on Monday. Temasek had added 6.5 million ADRs in the company in the June quarter, according to an earlier filing…………………………………….Full Article: Source

Malaysia’s 1MDB in university hard sell

Posted on 15 November 2016 by VRS  |  Email |Print

An investigation by US authorities into the alleged theft of billions of dollars from Malaysia’s sovereign wealth fund 1MDB was in part fuelled by Attorney-General Loretta Lynch’s desire to divert attention from Hillary Clinton’s email scandal, according to materials distributed in private lectures given by the company’s chief executive Arul Kanda in Australia last week.
The glossy 20-page booklet claims the US Department of Justice investigation, which has so far resulted in the freezing of more than $US1 billion ($1.34bn) in ­assets allegedly removed from 1MDB, is “questionable, strange and bizarre” and threatens the stability of Malaysia…………………………………….Full Article: Source

Don’t forget 1MDB just yet

Posted on 15 November 2016 by VRS  |  Email |Print

According to news reports, Malaysia is refusing to provide details to the Swiss authorities because apparently, the attorney-general’s office claims that there is an on-going police investigation by Malaysian police on the 1MDB. And this isn’t the first time they have refused to assist.
The 1MDB scandal has been reported in the news for a few years now and almost anyone with a slight interest in current affairs will now the basic premise of the story…………………………………….Full Article: Source

1MDB: Malaysian opposition politician jailed for exposing audit report on fund

Posted on 15 November 2016 by VRS  |  Email |Print

A prominent Malaysian opposition politician who has a reputation as a whistleblower has been sentenced to 18 months’ jail for releasing a classified document on a controversial state investment fund.
Rafizi Ramli, vice-president of the People’s Justice Party, was found guilty by the court of violating the Official Secrets Act by possessing and disclosing part of a government audit report on the indebted 1MDB fund, founded by Prime Minister Najib Razak. Rafizi, who often makes allegations on alleged government wrongdoing, said he would appeal…………………………………….Full Article: Source

HKMA digs deeper into blockchain technology, releases white paper

Posted on 15 November 2016 by VRS  |  Email |Print

The Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Applied Science and Technology Research Institute (ASTRI), has released a new white paper on distributed ledger technology (DLT), commonly known as blockchain.
According to the white paper, a DLT system has the potential to bring new opportunities and efficiencies to the banking and payment industries, which includes the capability of establishing trust in a distributed system, efficiency in broadcasting information in a speedy and secure way, the ability to achieve complete traceability of records and transactions, the possibility of lowering operation costs, and the potential for high resiliency…………………………………….Full Article: Source

Saudi sovereign fund PIF considers buying stake in power firm ACWA

Posted on 15 November 2016 by VRS  |  Email |Print

Saudi Arabia’s main sovereign wealth fund, Public Investment Fund (PIF), is considering buying a stake in Riyadh-based ACWA Power, which operates power and water plants around the world, sources familiar with the matter told Reuters.
PIF, which already owns a 13.7 percent stake in ACWA indirectly through a subsidiary, invited investment banks last month to pitch for the role of advising it on a potential ACWA deal, according to four sources, declining to be named due to the sensitivity of the matter. Talks are still at a preliminary stage, and neither party has appointed an advisor, said two of the sources, who are based in the Gulf…………………………………….Full Article: Source

Saudi Arabia and Alabbar eye online retail domination with $1bn enterprise

Posted on 15 November 2016 by VRS  |  Email |Print

Mohamed Alabbar and Saudi Arabia’s government have teamed up to launch a US$1 billion e-commerce venture that will tap into the region’s rapidly changing retail landscape.
The chairman of Emaar Properties revealed plans for the site called noon.com today. The Public Investment Fund (PIF), chaired by Saudi’s deputy crown prince Mohammed bin Salman, will invest US$500 million in a 50 per cent share of the venture, while the other $500m commitment has been provided by Mr Alabbar and a group “of about 60 private individuals”…………………………………….Full Article: Source

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