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Sovereign Wealth Funds Briefing 14.Nov 2014

Posted on 14 November 2014 by VRS |  Email |Print

China Investment Corporation (CIC) and Illinois Teachers’s Retirement System have been talking up the benefits of private equity investors and managers collaborating on cross-border deals. China’s sovereign wealth fund said it was keen on facilitating European deals, while the $46 billion US state pension spoke about its recently agreed partnership with a PE fund-of-funds manager and the types of tie-ups it was seeing.
CIC’s head of private equity, He Linbo, said the sovereign wealth fund is willing to act as a bridge to connect both Chinese companies with overseas investors, and foreign companies with opportunities in the mainland…………………………………..Full Article: Source

Posted on 14 November 2014 by VRS |  Email |Print

Future Fund chairman Peter Costello has defended the amount of tax the sovereign wealth fund pays, saying it has ’sovereign immunity’ when it invests overseas. The government-owned Fund was named along with other Australian companies for using Luxembourg as a base in which to lower global taxes in one of the biggest global tax leaks in history, published last week.
Thousands of leaked documents released by the International Consortium of Investigative Journalists revealed how Australian and multinational companies used accounting firm PricewaterhouseCoopers to strike deals in Luxembourg to shift profits and avoid tax…………………………………..Full Article: Source

Posted on 14 November 2014 by VRS |  Email |Print

Datuk Seri Anwar Ibrahim warned Putrajaya against manipulating the checks and balances set out by the Treasury in order to counter the allegations against 1Malaysia Development Berhad (1MDB), saying that the fund is now “the government’s greatest liability”.
The former deputy prime minister, who also served as finance minister from 1992 up to his sacking in 1998, insisted that there was no difference between a letter of support and a sovereign guarantee as Putrajaya is still liable if the state investment arm fails to service its loan………………………………….Full Article: Source

Posted on 14 November 2014 by VRS |  Email |Print

Malaysia has spent 33.46 million ringgit (10 million dollars) to date in the search and rescue operations after two tragedies hit its national airline this year, an official said Thursday. The Malaysian state sovereign fund Khazanah Nasional has said that it would pump 6 billion ringgit into the ailing Malaysia Airlines to rehabilitate the national carrier.
Transport Minister Liow Tiong Lai said 3,732 Malaysian civil servants have helped in the massive multinational search and rescue operations for Malaysia Airlines flights MH370 and MH17…………………………………..Full Article: Source

Posted on 14 November 2014 by VRS |  Email |Print

The UK is considering setting up a wealth fund from the proceeds of the fracking industry. Communities would benefit, but many question whether fossil fuels like shale gas are the way forward.
In January this year, British Prime Minister David Cameron said the UK was “going all out for shale,” as the country’s oil and gas operations in the North Sea age, with Britain becoming a net importer of oil and gas again in the mid-2000s. The government has therefore set its sights on shale gas, which has seen a boom in the US. In Europe, it is controversial due to environmental concerns…………………………………..Full Article: Source

Posted on 14 November 2014 by VRS |  Email |Print

Rocco Forte Hotels has announced a strategic partnership with Fondo Strategico Italiano Spa, the Italian State-backed sovereign fund 80 per cent controlled by Cassa Depositi e Prestiti and 20 per cent by Bank of Italy.It has a paid-up share capital of €4.4 billion.
FSI will inject £60 million into Rocco Forte and Family in exchange for an equity stake of 23 per cent, valuing the enlarged equity at £260 million. Rocco Forte Hotels has partnered with FSI because it is a strategic and long-term investor…………………………………..Full Article: Source

Posted on 14 November 2014 by VRS |  Email |Print

Zimbabwe’ Treasury is to put a quarter of the country’s mining royalties into a new sovereign wealth fund, which will be managed by the central bank. Several oil-rich African countries such as Algeria and Nigeria have sovereign wealth funds. Zimbabwe is desperate to renew its infrastructure, which includes electricity-generating plants, roads, rail and water treatment facilities neglected for the last 20 years.
According to new laws signed by President Robert Mugabe this week, and seen by online financial publishers, The Source, every withdrawal from the fund must be approved by parliament and be accounted for, and proceeds from the fund may not be used as collateral for credit to government and public enterprises…………………………………..Full Article: Source

Posted on 14 November 2014 by VRS |  Email |Print

Brazil, China and India still offer long-term investment value but a lot of global assets are fully priced and competing with huge sovereign wealth funds is getting harder, one of Canada’s biggest dealmakers said on Thursday. Mark Wiseman, CPPIB’s chief executive, said he’s optimistic about North American assets and longer-term plays in Brazil, China and India, where economic growth looks set to continue.
Wiseman said the market is seeing the growth of large and increasingly sophisticated pools of capital in the form of sovereign wealth funds, in Singapore, South Korea, China and the Middle East, all of whom are competing for similar deals…………………………………..Full Article: Source

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