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Sovereign Wealth Funds Briefing 10.Sep 2014

Posted on 10 September 2014 by VRS |  Email |Print

China Investment Corporation (CIC), which invested in e-commerce giant Alibaba two years ago, has quadrupled the value of its investment, reports our Chinese-language sister paper China Times.
The sovereign wealth fund’s shares in Alibaba are estimated at US$5 billion and the Hangzhou-based company has been a much better investment than Blackstone, though the US company has produced a 35% return. CIC started to invest in Alibaba in September 2012, when Alibaba was purchasing part of Yahoo for US$7.6 billion………………………………………..Full Article: Source

Posted on 10 September 2014 by VRS |  Email |Print

The Russia-China Investment Fund (RCIF) said on Tuesday it had agreed to buy a minority stake in Russian children’s goods retailer Detsky Mir, controlled by oil-to-telecoms conglomerate Sistema.
RCIF, a joint venture between Russia Direct Investment Fund (RDIF) and China Investment Corp (CIC), said the bulk of the funds will be used by Detsky Mir to fund its expansion, including the opening of new shops and construction of additional logistics centres………………………………………..Full Article: Source

Posted on 10 September 2014 by VRS |  Email |Print

1Malaysia Development Bhd (1MDB) will likely defer listing its power assets to the first quarter of 2015. According to the report, one of the reasons for the delay was that 1MDB was still negotiating the terms of a loan it is seeking from banks.
The initial public offering (IPO), which would raise over US$3bil (RM9.57bil), was expected to be the largest IPO in South-East Asia this year. The WSJ reported that 1MDB had yet to apply for listing approval from securities regulators, including the stock exchange………………………………………..Full Article: Source

Posted on 10 September 2014 by VRS |  Email |Print

Malaysian Airline System Bhd (MAS) has received a letter from Khazanah Nasional Bhd, nominating the appointment of Mohd Izani Ashari to the board as a non-independent non-executive director.
In a filing to Bursa Malaysia, the national carrier said Mohd Izani was nominated to be Khazanah’s representative in MAS, as a result of its selective capital reduction and repayment exercise………………………………………..Full Article: Source

Posted on 10 September 2014 by VRS |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA) will in a couple of weeks announce a major investment in gas processing plants with the aim of solving the problem of gas in the power sector of the economy, says Uche Orji, chief executive, NSIA, managers of the nation’s sovereign wealth fund.
“In the next three weeks, a big investment in gas processing will be announced by the NSIA,” said Orji. Orji, who spoke in Lagos at the launch of “The Nigerian Banking Sector Report” by Afrinvest, said that the investment would be made out of the $200million for gas to power by the federal government………………………………………..Full Article: Source

Posted on 10 September 2014 by VRS |  Email |Print

Lower oil production is set to cut Angola’s economic growth in 2014, before a rebound in the oil industry boosts growth next year, the International Monetary Fund (IMF) said Tuesday in its latest assessment of the southern African nation’s economy.
“Inflation is at historic lows, international reserves are adequate, and the country has started to save part of its oil wealth for future generations through Angola’s Sovereign Wealth Fund,” IMF staff said in the report, noting that authorities in Angola had restored macroeconomic stability after the country was hit hard by the global economic crisis………………………………………..Full Article: Source

Posted on 10 September 2014 by VRS |  Email |Print

Sovereign fund Investment Corporation of Dubai (ICD) has bought a 1.4 percent stake in Africa’s leading manufacturer Dangote Cement for $300 million, the cement company’s spokesman Carl Franklin disclosed on Monday.
According to Akinbamidele Akintola, an African equity sales executive at Renaissance Capital, quoted by Reuters, the investment of ICD in Dangote signals the investment corp’s intention of diversifying its portfolio into the West African market which, he adds, bodes well for future investments into Nigeria from the Middle East………………………………………..Full Article: Source

Posted on 10 September 2014 by VRS |  Email |Print

David Malpass, president of Encima Global Research firm, isn’t too impressed with the Federal Reserve’s decision to maintain a huge balance sheet for years and to refrain from an interest-rate hike until at least next year.
The Fed’s balance sheet has bulged to $4.5 trillion through quantitative easing, and it has kept its federal funds rate target at a record low of zero to 0.25 percent since December 2008. “Far from being neutral or stimulative, these policies have caused huge distortions in financial markets, contributing to slow growth and falling median incomes,” Malpass writes in The Wall Street Journal………………………………………..Full Article: Source

Posted on 10 September 2014 by VRS |  Email |Print

One of Alaska’s most anticipated announcements of the year, the amount of the 2014 Permanent Fund Dividend, will be revealed next week. Gov. Sean Parnell’s office says he will announce the amount of this year’s dividend at 10:30 a.m. Sept. 17, at the Atwood Building in Downtown Anchorage.
On Friday, Channel 2 made its annual prediction of the dividend’s amount at $1,909. The first round of deposits are expected to hit Alaskan bank accounts in the beginning of October………………………………………..Full Article: Source

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