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Sovereign Wealth Funds Briefing 12.Sep 2014

Posted on 12 September 2014 by VRS |  Email |Print

As the oil producers of sub-Saharan Africa rush to create sovereign wealth funds, competing pressures to boost living standards now while saving for the future can throw up as many problems as they solve.
Jose Filomeno dos Santos, chairman of Angola’s fledgling $5 billion fund, noted that while his country has one of Africa’s highest economic growth rates, it still has one of the continent’s highest child mortality rates. “(Angola) still lacks doctors, it still lacks hospitals,” he told sovereign wealth fund conference at London’s Chatham House last week………………………………………..Full Article: Source

Posted on 12 September 2014 by VRS |  Email |Print

The launch of Angola’s $5-billion sovereign wealth fund was hailed as a major step in the country’s post-war economic development and asset managers from around the world licked their lips in anticipation of an opportunity to work with Africa’s second-biggest oil producer.
Nearly two years on from its high-profile beginning in October 2012, the Fundo Soberano de Angola (FSDEA) is still regarded in investor circles as a tantalising opportunity, but it is dogged by a number of unanswered questions. First, there is the discomfort around the fund being chaired by José Filomeno dos Santos, the eldest son of Angola’s president José Eduardo, who since 1979 has led one of Africa’s most corrupt countries where vast oil revenues have done little to address grinding poverty………………………………………..Full Article: Source

Posted on 12 September 2014 by VRS |  Email |Print

Singapore’s sovereign fund GIC is joining PSP Investments and Ontario Teachers’ Pension Plan in together investing US$700 million (RM2.2 billion) in XPO Logistics Inc, the US company said, adding it plans to use proceeds for unspecified acquisitions.
In a statement released in the United States, XPO said the deal will be carried out through the sale of newly issued common stock and preferred stock to the investors, who will hold about 22% of XPO after conversion. Greenwich, Connecticut-based XPO, a provider of freight transportation services, has a market value of US$1.8 billion………………………………………..Full Article: Source

Posted on 12 September 2014 by VRS |  Email |Print

No money from the energy sector was deposited in the Heritage and Stabilisation Fund during fiscal 2014 because oil revenues fell, Finance Minister Larry Howai has said. In 2013, $271 million was transferred to the Fund which was established as a “rainy day” financial relief mechanism if the country becomes economically constrained.
The net asset value of the Fund as at June 30, 2014 stands at US$5.56 billion, up from US$5.15 billion in 2013. The positive performance of the Fund was due solely to gains from the investment portfolio of the Fund as no deposits were recorded for the period, the Review of the Economy 2014 budget document states………………………………………..Full Article: Source

Posted on 12 September 2014 by VRS |  Email |Print

Samruk-Kazyna group of companies concludes assets presale preparation scheduled to be transferred in the private sector in September 2014, the deputy chairman of the Samruk-Kazyna National Welfare Fund Elena Bakhmutova told Trend Sept. 10. “The fund plans to auction 14 companies in September 2014. Assessment procedure on the current assets is being finalized,” Bakhmutova said, speaking to reporters in Astana.
However, she noted that nine companies will be put on the sale as part of Kazakhstan Temir Joly NC JSC, two companies of Kazakhstan Engineering NC JSC, a subsidiary of KazMunaiGas NC JSC and two companies of Samruk-Kazyna………………………………………..Full Article: Source

Posted on 12 September 2014 by VRS |  Email |Print

Russia-China Investment Fund (RKIF) has reached an agreement in principle to invest in the company, “Children’s World”, is a major player in the sector of specialized network of trade in goods for children in Russia. To date, 100% of the share capital of the company is controlled by AFK “System”. Created by the Russian Direct Investment Fund and China Investment Corporation,RKIF focuses on cross-border transactions.
Under the deal, a large part of the proceeds will be directed to further development, in particular, the opening of new stores and the construction of additional logistics centers, which will significantly improve the operational efficiency of the company, which has the largest network of children’s goods in Russia………………………………………..Full Article: Source

Posted on 12 September 2014 by VRS |  Email |Print

Corpbank, in which Oman’s SGRF is the second-biggest shareholder with a stake of about 30 per cent, was hit by a run on deposits in June. Oman’s biggest sovereign wealth fund, the State General Reserve Fund (SGRF), is working with the Bulgarian government to try to resolve problems at Corporate Commercial Bank (Corpbank), the SGRF’s chairman said on Wednesday.
Corpbank, in which the SGRF is the second-biggest shareholder with a stake of about 30 percent, was hit by a run on deposits in June, prompting the Bulgarian central bank to seize control and shut down its operations, pending the outcome of an audit due to completed next month. SGRF Chairman Darwish Al Balushi, who is also Oman’s minister for financial affairs, did not give details of any rescue plan for the Bulgarian bank in brief remarks to reporters………………………………………..Full Article: Source

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