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Sovereign Wealth Funds Briefing 11.Nov 2014

Posted on 11 November 2014 by VRS |  Email |Print

As of November 2014, sovereign wealth fund assets totaled US$ 6.977 trillion compared to US$ 6.106 trillion in December 2013. This nearly US$ 900 million increase can be attributed by improvements in investment returns and capital flows into sovereign wealth fund vehicles.
In December 2007, sovereign wealth fund assets amounted to US$ 3.259 trillion. This unprecedented growth in public assets is having tremendous influence toward policymaking, economic stability, investment banking and asset management………………………………………..Full Article: Source

Posted on 11 November 2014 by VRS |  Email |Print

While Asia’s biggest institutions are increasingly investing in alternative assets, sovereign wealth funds’ allocations continue to be dominated by equities, and that situation is likely to continue, said research house Cerulli Associates.
But a shared penchant for equities has not resulted in uniform performance, the firm found in a new report, in which it focuses on Asia’s four largest SWFs: Singapore’s GIC and Temasek, Korea Investment Corporation (KIC), and CIC International, the unit of China Investment Corporation that invests offshore………………………………………..Full Article: Source

Posted on 11 November 2014 by VRS |  Email |Print

Britain’s upper house of parliament will on Monday consider plans for a sovereign wealth fund to be set up with revenues raised from shale gas, a source of energy which the government hopes will offset the decline of output from the North Sea.
As part of discussions about legislation on infrastructure, the House of Lords will debate a government plan announced over the weekend to create a fund with money raised from shale gas — once production of this gas trapped in rocks beneath the ground starts towards the end of the decade………………………………………..Full Article: Source

Posted on 11 November 2014 by VRS |  Email |Print

The UK Department of Energy and Climate Change (Decc) has announced plans to set up a state-owned investment fund with future revenues from the extraction of shale gas. Launched with the support of Her Majesty’s Treasury, the sovereign wealth fund will be put in place when commercial production begins in order to ensure profits from national gas last for generations and benefit the whole country.
Energy secretary Ed Davey explained: “The sovereign wealth fund is about storing the financial benefits of shale production and putting it towards a low-carbon energy future. This is part of a broader strategy to strengthen the UK’s security of supply in a cost-effective way for future generations.” Energy and business minister Matthew Hancock added: “It’s clear – domestic gas is good for business, energy security and the whole of the UK.”……………………………………….Full Article: Source

Posted on 11 November 2014 by VRS |  Email |Print

George Osborne says money from shale gas production could create fund for north of England. A plan for new shale gas tax revenues to be deployed in a UK sovereign wealth fund is to be debated in the House of Lords on Monday.
Energy and climate change secretary Ed Davey said over the weekend that the proposed fund would be set up once commercial production of shale gas begins. “It’s about storing the financial benefits of shale production and putting it towards a low-carbon energy future,” he added. “It’s part of this government’s broader strategy to strengthen our security of supply in a cost-effective way for future generations.”……………………………………….Full Article: Source

Posted on 11 November 2014 by VRS |  Email |Print

As Papua New Guinea enters the small fraternity of LNG exporters, it needs to figure out what do with the money the poor nation is going to earn. Christine Forster looks at the issue in this week’s Oilgram News column, Petrodollars. The start-up in April this year of the ExxonMobil-operated Papua New Guinea LNG project was an historic moment for the small Pacific nation, marking the arrival of the world’s newest player on the global gas market.
At a price tag of $19 billion, the PNG LNG project represents the biggest investment in the country’s history. With the project now up and running at full capacity, and with the prospects firming for the development of a second LNG project at the InterOil-operated Elk-Antelope fields, PNG’s economy is set for a transformation………………………………………..Full Article: Source

Posted on 11 November 2014 by VRS |  Email |Print

Fans of European, and especially English, soccer have become used to a particular type of face in the crowd over the last decade - the face of the foreign billionaire club owner.
A sheepish, slightly dismayed grin plastered permanently on his face, Roman Abramovich, the former owner of Russian oil company Sibneft (now Gazprom Neft), looks down on every home game at London’s Chelsea Football Club, which he acquired in 2003;further north, at the City of Manchester Stadium, the beatific,sharp-suited Sheikh Mansour, member of the ruling family of Abu Dhabi, follows the progress of Manchester City, the once-struggling but vastly popular club he bought in 2008; over in Paris, proceedings at the Parc des Princes are dominated by the helmet hair of Nasser Al-Khelaifi, who has been chairman of Paris Saint-Germain since 2011………………………………………..Full Article: Source

Posted on 11 November 2014 by VRS |  Email |Print

Canary Wharf majority stake holder, Songbird, has rejected a £1.6bn joint take over bid from the Qatari Sovereign Wealth fund and American Property Firm, Brookfield Property Partners. News of a potential deal broke at around lunchtime last Thursday with Songbird chairman David Pritchard initially saying:
“The board of Songbird will consider this approach in light of what is in the best interests of the shareholders in the company as a whole and in the meantime Songbird shareholders are advised to take no action.” However Songbird, which owns 69% of Canary Wharf and surrounding buildings, announced on Friday that it had rejected the Qatari bid………………………………………..Full Article: Source

Posted on 11 November 2014 by VRS |  Email |Print

Bahraini sovereign fund Mumtalakat (BBB from S&P/Fitch) has hired BNP Paribas, Deutsche Bank, MUFG and StanChart to arrange a series of fixed income investor meetings starting on Thursday, Nov. 13.
A Reg S U.S. dollar-denominated sukuk transaction may follow subject to market conditions. Roadshows start in Kuala Lumpur on Thursday before moving to Singapore on Friday, Abu Dhabi and Dubai on Sunday before closing in London on Monday, Nov. 17………………………………………..Full Article: Source

Posted on 11 November 2014 by VRS |  Email |Print

The distribution of Excess Crude Account (ECA) savings among the three tiers of government has been described as a violation of the provisions establishing it. ECA, which came into force in 2007, by the signing of a Memorandum of Understanding (MoU) between the Federal Government and the states, prominently featured a clause the prohibited access to the fund until it is in excess of a certain amount.
The Acting Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, made the disclosure while presenting his paper titled “Fiscal Responsibility and Declining Oil Prices”, at the Fiscal Governance Forum in Abuja, Monday………………………………………..Full Article: Source

Posted on 11 November 2014 by VRS |  Email |Print

Khazanah Nasional Bhd is open to receive proposals and ideas from various quarters for the restructuring of Malaysian Airline System Bhd (MAS). Khazanah deputy chairman Tan Sri Nor Mohamed Yakcop said the company was prepared to listen and weigh the ideas or proposals so that the restructuring process could proceed smoothly and successfully to enable MAS to get back to become the national airline that is the pride of the rakyat.
Besides being a symbol of national pride, he said Khazanah also wanted to turn around MAS to profitability as well as enabling it to provide huge benefits in the nation’s tourism and trade sectors………………………………………..Full Article: Source

Posted on 11 November 2014 by VRS |  Email |Print

PKR said that the controversial government-owned investment company 1Malaysia Development Berhad could face bankruptcy if it continued to record massive losses year after year. Pandan MP Rafizi Ramli, who is a strong critic of the sovereign wealth fund, said Putrajaya was trying to cover up the real losses recorded by 1MDB by revaluing the entity’s assets.
He revealed that for the financial year ending March 31, 2014, 1MDB had recorded a loss of RM665 million, which was based on its profit or loss and financial position statements that were audited and filed with the Companies Commission of Malaysia………………………………………..Full Article: Source

Posted on 11 November 2014 by VRS |  Email |Print

Singapore’s sovereign fund Temasek has bought 10.16 per cent stake in Intas Pharmaceuticals Ltd from PE firm ChrysCapital, for an undisclosed amount by way of a secondary PE deal, as per a press release. VCCircle had first reported that Temasek has emerged as the front-runner for buying the stake for around Rs 840 crore.
In September this year, Temasek, one of the two sovereign wealth funds of Singapore, received Competition Commission of India’s (CCI) approval to buy part of the stake held by ChrysCapital in the pharma company. It had also received a nod from FIPB, the nodal body monitoring foreign investment in the country, to go ahead with the transaction………………………………………..Full Article: Source

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