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Sovereign Wealth Funds Briefing 21.Sep 2012

Posted on 21 September 2012 by VRS |  Email |Print

Ngozi Okonjo-IwealaNigeria’s state governors vowed on Thursday to go to court to stop the government putting oil revenues into a sovereign wealth fund. Africa’s top crude producer has been moving closer to joining its OPEC partners in creating a sovereign wealth fund for long-term investment of its oil cash.
The governors, who enjoy luxurious lifestyles and wield huge patronage, had been opposed to the fund because they feared it would reduce their share of the oil money………………………………………..Full Article: Source

Posted on 21 September 2012 by VRS |  Email |Print

Goodluck JonathanPresident Goodluck Jonathan last night engaged state governors, under the platform of Nigeria Governors’ Forum, in a strategic meeting, as part of his ongoing efforts to resolve issues that have been raised by the state governors. These include illegal deductions from the federation account, the Sovereign Wealth Fund, onshore/offshore dichotomy and others.
The governors of the 36 states had dragged President Jonathan to the Supreme Court seeking legal redress against the federal government over what they called “illegal deductions” from the federation account. The governors had disclosed that the deductions, which the federal government was making, were specifically to offset oil subsidy payments, Excess Crude Account and other unconstitutional withdrawals……………………………………….Full Article: Source

Posted on 21 September 2012 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) will purchase Russian rubles until the end of the year, the executive director of SOFAZ Shakhmar Movsumov reported to the journalists on Wednesday.
To minimize risks, negotiations are being carried out with a number of Russian banks. Specific information on the purchase will be given upon reaching agreement. Movsumov said that the Fund already purchased an undisclosed amount of Australian dollars and Turkish liras………………………………………..Full Article: Source

Posted on 21 September 2012 by VRS |  Email |Print

Norway’s sovereign wealth fund is set to complete the £750m purchase of a 50% stake in the Meadowhall shopping centre in Sheffield, leaving British Land with its 50% ownership.
According to Property Week, and in a deal that could be announced as early as next week, Norges Bank Investment Management, which manages the £376bn sovereign wealth fund, and British Land have agreed terms of a joint venture that will own the 1.4m sq ft mall on a 50:50 basis………………………………………..Full Article: Source

Posted on 21 September 2012 by VRS |  Email |Print

British Land has shelved plans to sell part of its stake in the Meadowhall shopping mall in Sheffield, opting instead to retain its full 50 percent because of the centre’s strong performance over the past year, two sources familiar with the deal said.
British Land had put the holding up for sale to capitalise on strong demand for shopping mall assets, but has instead opted to form an equal partnership with Norway’s sovereign wealth fund which is buying half of the centre………………………………………..Full Article: Source

Posted on 21 September 2012 by VRS |  Email |Print

Los Angeles-based Thomas Properties Group, Inc. and the California State Teachers’ Retirement System together purchased an eight-building, three-million-square-foot portfolio of office properties in downtown and suburban Austin, Texas. The purchase price was $859 million, which is subject to prorations and adjustments.
The portfolio was purchased from TPG-Austin Portfolio Syndication Partners, a venture among Lehman Brothers Holdings Inc., an off-shore sovereign wealth fund and TPG/CalSTRS LLC………………………………………..Full Article: Source

Posted on 21 September 2012 by VRS |  Email |Print

UK-based private equity firm CVC Capital Partners has sold a 10% stake of the firm to a group of powerful, private investors, including the Kuwait Investment Authority (KIA), the Government Investment Corporation of Singapore (GIC), and an unnamed Asian fund.
CVC Capital — which manages capital on behalf of around 300 institutional, governmental and private investors worldwide — was formerly the private-equity business for Citicorp, now Citigroup Inc. It bought about 63% of Formula One in 2005 and 2006………………………………………..Full Article: Source

Posted on 21 September 2012 by VRS |  Email |Print

The head of CVC Capital Partners’ Australian unit has resigned, as the company stares at losses of up to $1.8 billion from its Nine Entertainment buy, dealing a blow to the private equity firm’s plans to bed down with the world’s elite.
Singapore sovereign wealth fund GIC and Kuwait Investment Authority (KIA) are among investors that have already taken a combined 10 percent stake in the firm, a move that sees them secure seal a better deal from their investments………………………………………..Full Article: Source

Posted on 21 September 2012 by VRS |  Email |Print

Investors led by China Investment Corp. paid $2 billion to acquire a 5.6 percent stake in Alibaba Group Holding Ltd., the country’s biggest e-commerce company, according to a person with knowledge of the matter.
The group includes CIC International, Boyu Capital, CITIC Capital and China Development Bank, said the person, asking not to be identified because the details aren’t public………………………………………..Full Article: Source

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