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Sovereign Wealth Funds Briefing 29.Jun 2012

Posted on 29 June 2012 by VRS |  Email |Print

Sovereign-wealth funds have largely been welcomed by companies as reliable passive investors and strategic allies.
But Qatar Holding’s demand for better terms for Glencore’s proposed merger with Xstrata has stunned both the companies’ managements and markets, raising fears such funds may be entering a new phase of activism. That looks unlikely: No sovereign-wealth fund has previously opposed such a major deal so vocally, says Roubini Global Economics………………………………………..Full Article: Source

Posted on 29 June 2012 by VRS |  Email |Print

Glencore International Plc and Xstrata Plc (XTA), seeking to salvage the year’s biggest takeover, moved to appease dissident investors who have threatened to derail the 16 billion-pound ($25 billion) deal.
Glencore met with Xstrata’s second-largest shareholder, Qatar Holding LLC, over the sovereign wealth fund’s call for a 16 percent increase in the commodity trader’s bid, people familiar with the London talks said. Xstrata revised payments for executives intended to keep them at the combined company by adding a link to performance and made all bonuses payable in shares after some holders attacked them as excessive………………………………………..Full Article: Source

Posted on 29 June 2012 by VRS |  Email |Print

The decision by Qatar Holding to oppose the terms of Glencore International PLC’s merger with Xstrata marks an unusual shift to an activist shareholder role for the oil-rich sovereign wealth fund.
In a surprise announcement late Tuesday, Qatar Holding urged Glencore to sweeten the terms for its proposed merger to 3.25 of its shares per Xstrata share, rather than the 2.8 on offer. The Gulf state, which is Xstrata’s second largest shareholder, says it still supports the proposed merger that would create and mining powerhouse with a market capitalization of about $56 billion. ……………………………………….Full Article: Source

Posted on 29 June 2012 by VRS |  Email |Print

It is tiny and has existed as an independent country for only 41 years. Yet Qatar is fast becoming a kingmaker of corporate Britain. The emirate’s sovereign wealth fund already owns Harrods and the American embassy building in Grosvenor Square, London, as well as One Hyde Park, Chelsea Barracks, the Olympic village, 26 per cent of J Sainsbury, 28 per cent of Canary Wharf’s owner, Song Bird Estates, and sizeable chunks of Barclays and the London Stock Exchange.
Next Thursday, the Qatari prime minister, Hamad bin Jassim bin Jaber al-Thani will arrive in the UK to open the latest piece on his Monopoly board of London: the Shard. The 72-storey tower is 95 per cent-owned by Qatar………………………………………..Full Article: Source

Posted on 29 June 2012 by VRS |  Email |Print

Qatar’s sovereign wealth fund is the latest to join the China queue — with all the muscle at its disposal. The Middle East biggie is ready to invest up to $5 billion (Dh18.37 billion) in the yuan denominated A-share and IPO market, far in excess of the $1 billion allowed for single foreign investors in China.
This faith reposed by global investors in China should ideally be cause for celebration, but strangely, the advent of foreign funds is getting cold and even hostile reception………………………………………..Full Article: Source

Posted on 29 June 2012 by VRS |  Email |Print

The decision of the National Executive Council, yesterday, to approve the management process for the $1 billion Sovereign Wealth Fund (SWF) could not have come at a better time given the current global economic turmoil ravaging many developed and developing countries across the world.
The NEC meeting, which was presided over by Vice-President Namadi Sambo, at the Presidential Villa, Abuja, also approved the increase of the Excess Crude Account to $10 billion from the present $5.3 billion, as part of a deliberate attempt to provide at least a three-month buffer protection for the nation’s economy and insulate it from the vagaries and uncertainties of the global economy, which has been fuelled by the volatility of crude oil prices at the international market………………………………………..Full Article: Source

Posted on 29 June 2012 by VRS |  Email |Print

The approval this week by Nigeria’s state governors of the country’s new sovereign wealth fund, the Nigerian Sovereign Investment Authority (NSIA), is another signal that the country is back on a reform path that could reduce its vulnerability to an oil price shock.
The NSIA could help rebuild foreign exchange reserves and improve discipline and transparency in the use of oil revenue. The scheme is not yet up and running, however………………………………………..Full Article: Source

Posted on 29 June 2012 by VRS |  Email |Print

Bangalore-based Brigade Enterprise has roped in Singapore’s sovereign wealth fund GIC (through its affiliate Reco Begonia) in a 51:49 private equity partnership to develop a residential project in Whitefield, Bangalore.
Both the realty developer and GIC will invest Rs 105 crore ($18 million) each in the SPV. The project will take another 12-15 months for approval. The said land parcel has been acquired from the FMCG major Hindustan Uniliver Ltd (HUL), which is looking to sell off its realty assets across the country. It has recently sold its erstwhile training centre called Gulita in Worli and also called for a bid to sell off its residential apartments across Mumbai………………………………………..Full Article: Source

Posted on 29 June 2012 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) can be used for financing of imports. Today in Baku Deputy Economic Development Minister Sevinj Hasanova has stated that SOFAZ foreign exchange reserves will enable to ensure financing the country’s imports for 4 or 5 years in case of oil production is reduced.
“Today, the potential of oil production in Azerbaijan reached its peak, and production is now 700,000-800,000 bpd. However, condition of the oil sector does not have a significant impact on economic growth. Azerbaijan, due to rational distribution of oil revenues, has been successfully developing the non-oil potential,” Hasanova said………………………………………..Full Article: Source

Posted on 29 June 2012 by VRS |  Email |Print

The Central Bank of Azerbaijan reports of further moderate sustained growth of official reserve assets in 2012.
The Bank informs that official reserve assets from January to June rose from $10.145 bn up to $10.767 bn. Foreign exchange reserves grew for Jan-May 2012 from $9.9 bn up to $10.5 bn and finances invested in securities from $1.86 bn up to $2.399 bn………………………………………..Full Article: Source

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