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Sovereign Wealth Funds Briefing 12.Nov 2014

Posted on 12 November 2014 by VRS |  Email |Print

Sovereign wealth funds, forked out $8.9 billion for properties in London in the past year. London alone made up 44% of real estate investments of all foreign government money via their sovereign funds, according to research by Real Capital Analytics, a real estate research firm.
Qatar was the top spender, with Kuwait, China and Norway close behind. The Qatari sovereign wealth fund owns some of London’s most famous landmarks including the E.U.’s tallest building, the Shard, Harrods department store, and the Olympic village. In the last three years, the oil nation has spent $6.3 billion on London real estate………………………………………..Full Article: Source

Posted on 12 November 2014 by VRS |  Email |Print

The government’s plans for a shale gas sovereign wealth fund lack the firm commitment to decarbonisation that is required. It is a case of better late than never, I suppose. Several decades after Norway channelled the country’s oil and gas wealth towards a sovereign wealth fund that transformed a relatively impoverished northern European nation into one of the world’s richest and most developed countries, the UK has indicated that it might have finally learnt the importance of finding a productive long term use for a lucky windfall.
Set against the context of the UK’s scandalous decision to burn through its North Sea oil and gas wealth twice over - once to release climate changing gases and a second time by diverting the proceeds into Thatcher’s election buying housing booms and tax cuts- this week’s announcement Ministers are planning a shale gas sovereign wealth fund is to be welcomed………………………………………..Full Article: Source

Posted on 12 November 2014 by VRS |  Email |Print

$2.7 billion out of the Kazakhstan’s National Oil Fund accumulating windfall oil revenues is going to be earmarked to finance infrastructure projects. “The time has come for us to rely on the funds to the benefit of the country’s people, protecting the nation from the imminent crisis”, President Nazarbayev said in his Address to the Nation voiced at the sitting of the Nur Otan Party Political Council.
“The money will help us overcome the tough period and stimulate further economic growth. These resources are for short-term measures only; they will be channeled to develop transport, industrial and social infrastructure, as well as to support small and middle-sized businesses”, he said………………………………………..Full Article: Source

Posted on 12 November 2014 by VRS |  Email |Print

For the second time in seven years, Kazakhstan will tap its National Fund as one way to help sustain its economy, which has become a victim of the global drop in oil prices. “One of the main tasks of the fund is to ensure the stability of our economy against external shocks, which include a fall in world prices for natural resources,” President Nursultan Nazarbayev said Nov. 11 in a televised address to the nation.
He said his government will use $3 billion a year from 2015 through 2017 “to develop transport, energy, industrial and social infrastructure,” but he also stressed that the expenditures will be accompanied by unspecified “structural reforms” to Kazakhstan’s economy………………………………………..Full Article: Source

Posted on 12 November 2014 by VRS |  Email |Print

Kazakhstan’s president ordered his government on Tuesday to allocate $3 billion from the National Fund every year from 2015 to 2017 to bolster growth in an economy hit by falling oil prices and a slowdown in Russia.
The National Fund, which is replenished with windfall revenues from oil exports, stood at $76.8 billion as of Oct 31. Kazakhstan, Central Asia’s largest economy and the second-largest former Soviet oil producer after Russia, similarly tapped its fund after being hard hit during the global financial crisis of 2007-09, spending $10 billion to cushion the effects………………………………………..Full Article: Source

Posted on 12 November 2014 by VRS |  Email |Print

As part of his Address to the Nation, Kazakhstan’s President Nursultan Nazarbayev has instructed his Government to allocate another $3 billion annually for the following 3 years out of the National Oil Fund accumulating windfall oil revenues, a Tengrinews.kz journalist reports from an extended sitting of the Nur Otan Party Political Council.
“The accumulated funds should be channeled at enhancing the nation’s wellbeing and they should be handled prudently. I commission to allocate an annual $3 billion in 2015, 2016 and 2017”, he said………………………………………..Full Article: Source

Posted on 12 November 2014 by VRS |  Email |Print

Zimbabwe’s Treasury will with immediate effect remit a quarter of mining royalties to the Sovereign Wealth Fund (SWF) after President Robert Mugabe yesterday signed into law a bill to set up the fund, which is meant to secure investments for future generations and support economic growth.
A sovereign wealth fund is a state-managed pool of money drawn from the country’s reserves, set aside for investment in strategic areas that benefit the economy and its citizens. Funding for sovereign wealth funds is typically accumulated from revenues generated from the export of a country’s natural resources, such as minerals………………………………………..Full Article: Source

Posted on 12 November 2014 by VRS |  Email |Print

The Abu Dhabi Investment Council (ADIC) is the sole equity backer of Credit Suisse Asset Management (CSAM)’s Guernsey start-up reinsurance vehicle Kelvin Re, a report from rating agency AM Best has revealed.
Kelvin Re is expected to write a globally diversified reinsurance portfolio with gross premium of $100mn in its first year, of which two-thirds will comprise non-proportional catastrophe business. AM Best said this could increase by 8-12 percent in subsequent years, meaning non-proportional catastrophe risks could make up between………………………………………….Full Article: Source

Posted on 12 November 2014 by VRS |  Email |Print

A Federal High Court in Abuja has dismissed a suit filed by the Minority Leader of the House of Representatives, Femi Gbajabiamila and four other members of the House, challenging the legality of the creation of the Excess Crude Account by the federal government.
Justice Abdulkadir Abdulkafarati, in a judgment on Tuesday, held that the suit was an abuse of court process. He said about five similar suits were currently pending before the Supreme Court. The judge upheld the defendants’ objection, noting that the Attorneys-General of Taraba, Abia, Niger, Bauchi and Oyo States had filed similar suits, which are now awaiting the determination of the Supreme Court. As against the argument by the defendants, Justice Abdulkafarati held that the plaintiffs had the locus standi to institute the case………………………………………..Full Article: Source

Posted on 12 November 2014 by VRS |  Email |Print

Private equity players are set to benefit as China’s private companies play a more important role in overseas acquisitions, said Linbo He, head of private equity at China Investment Corp., one of the world’s largest sovereign wealth funds.
Overseas mergers and acquisitions have long been dominated by Chinese state-owned enterprises given they have easy access to capital, are large in size and have resources and connections. But earlier this year Beiijing relaxed rules for private Chinese companies when they seek acquisitions abroad as the Asian country seeks to boost outbound investment………………………………………..Full Article: Source

Posted on 12 November 2014 by VRS |  Email |Print

Former premier Mahathir Mohamad waxed lyrical on a number of issues gripping the nation today. On the issue of 1MDB, Mahathir condemned the fund outright, saying there was little need for a fund that only served to increase the country’s debt rather than live up to its name as the nation’s sovereign wealth fund.
He said, “1MDB is said to be a sovereign wealth fund, but it is not. It is money we have borrowed. When we borrow, we have to pay back. This is not wealth.” He also said the country would be much better off if the fund was done away with completely………………………………………..Full Article: Source

Posted on 12 November 2014 by VRS |  Email |Print

A ruckus broke out in Parliament today when Deputy Finance Minister Datuk Chua Tee Yong refused to answer questions on the controversial state sovereign fund, 1Malaysia Development Bhd (1MDB).
Tony Pua (DAP-Petaling Jaya Utara) had asked Chua about Putrajaya’s letter of support for 1MDB as well as a land deal for the relocation of defence units from land marked for government development project, Bandar Malaysia………………………………………..Full Article: Source

Posted on 12 November 2014 by VRS |  Email |Print

1Malaysia Development Berhad’s (1MDB) dismal performance in paying up RM317.3 million for a land acquisition despite repeated extensions was a sign that it was financially stretched, said a DAP lawmaker in a scathing attack on the debt-ridden state investment vehicle.
Petaling Jaya Utara MP Tony Pua said 1MDB has just missed the third deadline to pay up for a RM317.3 million land from Tadmax Resources Bhd. “After paying the 10% deposit for the land in February this year, 1MDB had been unable to make payment for the balance of the transaction despite shifting the deadline from August 20 to September 30 to October 10 and then to October 31,” the lawmaker told reporters at the Parliament lobby today………………………………………..Full Article: Source

Posted on 12 November 2014 by VRS |  Email |Print

The value of the Timor-Leste (East Timor) Oil Fund increased by just US$177 million in the third quarter due to payments to the state budget, the Timor-Leste Central Bank said Monday in Dili. According to the statement issued in Dili, the value of the Oil Fund was US$16.6 billion at the end of September.
From July to September the Fund recorded US$522.35 million of gross inflows in contributions and royalties, and outputs amounted to US$345.35 million, including US$340 million in the form of transfers to the state budget. The Timor-Leste Oil Fund, which was created in August 2005, receives all the state’s revenues from oil exploration………………………………………..Full Article: Source

Posted on 12 November 2014 by VRS |  Email |Print

Sunnyvale-based Yahoo was founded by hungry entrepreneurs, Jerry Yang and David Filo. Post dot-com-boom, Yahoo had acquired, sold and shuttered many high-profile acquisitions such as Geocities, Overture Services, Hotjobs.com, Right Media and Broadcast.com (which made Mark Cuban very rich.)
In 2013, Yahoo paid US$ 1.1 billion for a blog service called Tumblr, founded by young entrepreneur David Karp. Yahoo had purchased the trendy startup aspiring to challenge Facebook and Twitter. When Yahoo booked goodwill worth US$ 750.9 million from the deal, the company rebutted,”The acquisition of Tumblr is expected to bring a significant community of users to the Yahoo! network.” In comparison, back in 2013, Yahoo had only US$ 74 million in tangible assets………………………………………..Full Article: Source

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