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Sovereign Wealth Funds Briefing 09.Feb 2012

Posted on 09 February 2012 by VRS |  Email |Print

The US-based Sovereign Wealth Fund (SWF) Institute has released its latest rankings for state-owned investment funds worldwide, with funds in the UAE, China, Norway and Saudi Arabia occupying the top four places. The Abu Dhabi Investment Authority fund came in first in terms of size at $627 billion.
The fund holds a sizeable stake in Egypt’s EFG-Hermes, one of the largest investment banks in the Middle East. Its holdings also include real estate, private equity and hotels. The majority of its investments are in North America, followed by Europe………………………………………..Full Article: Source

Posted on 09 February 2012 by VRS |  Email |Print

Daimler AG’s main shareholder, Abu Dhabi’s sovereign-wealth fund Aabar Investments PJS, has secured access to a further 7.85% of shares in the German car maker through call options, news agency dapd reports Thursday.
The news agency cites a voting rights announcement which says Aabar holds cash-settled call options of 7.85% of Daimler’s shares. Aabar, which already holds a roughly 9% stake in the car maker, wasn’t immediately available for comment………………………………………..Full Article: Source

Posted on 09 February 2012 by VRS |  Email |Print

South Africa’s ruling ANC is considering starting a sovereign wealth fund from proceeds of a proposed new mining tax that could be used to intervene in the market to cap gains in the rand currency in times of a commodity boom.
Such a move would be a departure from current policy under which the Reserve Bank does not actively intervene in the market to target a level for the rand’s exchange rate………………………………………..Full Article: Source

Posted on 09 February 2012 by VRS |  Email |Print

With nationalisation receding as a policy option for the ruling African National Congress (ANC) as it heads to its policy conference in June, the party is now investigating the introduction of a sovereign wealth fund that would allow SA to invest in projects meant to secure economic prosperity even once mineral resources are depleted.
If created, the fund would give the state a share in the mineral wealth of SA, Ian Cruickshanks, head of treasury strategic research at Nedbank , said………………………………………..Full Article: Source

Posted on 09 February 2012 by VRS |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment company, sold 14.7 billion rupees ($300 million) of shares in ICICI Bank Ltd., according to a person with direct knowledge of the sale.
Goldman Sachs Group Inc. helped Temasek sell 15.93 million shares, or a 1.38 percent stake, the person said, declining to be identified because the details are private. The shares were sold at 924 rupees apiece, a discount of 1.5 percent to yesterday’s closing price, according to the person. ICICI Bank fell 1.3 percent to 925.4 rupees at 12:18 p.m. in Mumbai………………………………………..Full Article: Source

Posted on 09 February 2012 by VRS |  Email |Print

The Government of Singapore Investment Corporation (GIC) is reportedly in talks with International Finance Corporation (IFC), the World Bank’s investment arm, to set up a US$1 billion infrastructure fund.
Sources familiar with the situation told Dow Jones that this tie-up is the first of its kind between a Singapore sovereign wealth fund and a multilateral agency………………………………………..Full Article: Source

Posted on 09 February 2012 by VRS |  Email |Print

The World Bank’s investment arm, International Finance Corporation, and sovereign wealth fund, the Government of Singapore Investment Corporation , are exploring the setting up of a global infrastructure fund.
“IFC and the Government of Singapore’s Investment Corporation are working together on a commercially run Global Infrastructure Fund,” said Babatunde Onitiri, IFC Country Manager for Singapore, in a statement………………………………………..Full Article: Source

Posted on 09 February 2012 by VRS |  Email |Print

Khazanah Nasional Berhad yesterday denied allegations of questionable deals in the development of the ambitious multi-billion ringgit Medini integrated development in Johor.
The questions were raised in two letters to the editor published in Utusan Malaysia and revolved around the decision of a Khazanah- and EPF-linked company to lease land to Middle Eastern investors in Medini in 2007 and the subsequent buy-back of the land by the state asset manager from the same investors — purportedly at a higher price just a few years later, enabling the investors to flip the land for a profit despite not having paid for it in full………………………………………..Full Article: Source

Posted on 09 February 2012 by VRS |  Email |Print

State Oil Fund of Azerbaijan’s assets grew 31 percent last year to $29.8 billion, the fund known as Sofaz said. Sofaz, which was established in 1999 to manage state income from oil and natural gas, had revenue of 15.6 billion manat ($19.8 billion) in 2011, of which 9.6 billion manat was transferred to the state budget.
The fund spent $179 million building houses for refugees from the war with neighboring Armenia over the Nagorno-Karabakh region and $256 million on reconstruction of the Samur-Absheron irrigation system, it said………………………………………..Full Article: Source

Posted on 09 February 2012 by VRS |  Email |Print

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-December, 2011 reached 15,628.3 million manats, while budget expenditures constituted 9,606.6 mln. manats.
Revenue of 15,451.9 mln. manats was received from implementation of oil and gas agreements, including 15,257.5 mln. manats from the sale of profit oil and gas, 101.7 mln. manats from difference in price from the phase I of Shah Deniz, 66.8 mln. manats from Azerbaijan’s State participation share in the Heydar Aliyev Baku-Tbilisi-Ceyhan (BTC) Main Export Pipeline, 7.5 mln. manats as transit payments, 1.3 mln. manats as acreage payments, 15.7 mln. manats as bonus payments and 1.4 mln. manats from sale of assets received from foreign companies………………………………………..Full Article: Source

Posted on 09 February 2012 by VRS |  Email |Print

UniCredit SpA (UCG)’s $9.9 billion rights offer is leading Europe’s stock sales to the best start of the year since 2007, a sign that the region’s companies may return to the equity markets after last quarter’s slump.
UniCredit’s rights offer attracted investors from the Abu Dhabi-based sovereign-wealth fund Aabar Investments PJSC to the Los Angeles-based investment fund Capital Research & Management Co., as well as Italian buyers such as Alessandro Proto Consulting……………………………………….Full Article: Source

Posted on 09 February 2012 by VRS |  Email |Print

Changes are coming to the Heritage Savings Trust Fund, but what they will be isn’t yet clear. In the throne speech, the governing Conservatives say they want to review it, the energy minister says the province wants to grow it - and the premier says wait for Thursday’s budget.
Even before Tuesday’s throne speech began, Energy Minister Ted Morton hinted to reporters in Toronto that the province is looking at growing the Heritage Fund, which is worth less per capita today than shortly after it was launched in 1976 under then premier Peter Lougheed………………………………………..Full Article: Source

Posted on 09 February 2012 by VRS |  Email |Print

Each year since 1982 every person who has been a resident of Alaska for the previous year and indicates an intention to remain gets a Permanent Fund Dividend check from the state. Everyone receives an equal share of the appropriation from the earnings of the Alaska Permanent Fund with parents responsible for the checks of their children.
With the development of the natural gas industry in Pennsylvania, people have asked me whether we can do something similar with proceeds from the Marcellus Shale. I did some research, and here is what I found:……………………………………….Full Article: Source

Posted on 09 February 2012 by VRS |  Email |Print

Canada’s Sunshine Oilsands Ltd. has secured US$350 million from three cornerstone investors including a Chinese sovereign wealth fund for its up to US$700 million Hong Kong initial public offering in order to boost investor interest, three people familiar with the situation said Wednesday.
China’s sovereign wealth fund China Investment Corp. and China Petrochemical Corp. have each agreed to buy US$150 million worth of shares in the Calgary-based energy company and U.S asset manager EIG Global Energy Partners has agreed to buy US$50 million, the people said………………………………………..Full Article: Source

Posted on 09 February 2012 by VRS |  Email |Print

BTG Pactual, the Brazilian securities firm owned by billionaire financier Andre Esteves, is buying Chilean rival Celfin Capital for about $600 million as it seeks to win more investment banking and capital market advisory business in South America.
Based on such numbers, the Celfin deal would value BTG Pactual at about $14.8 billion, almost 50 percent more than the $10 billion valuation it got in December 2010, when investors led by buyout firm JC Flowers & Co, the two largest Asian sovereign wealth funds and the largest Middle Eastern sovereign wealth fund, bought 18.6 percent of BTG Pactual………………………………………..Full Article: Source

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