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Sovereign Wealth Funds Briefing 26.Nov 2014

Posted on 26 November 2014 by VRS |  Email |Print

Norway’s $US870 billion ($1.02 trillion) sovereign wealth fund may be forced to shed assets such as Coal India, BHP Billiton and China Shenhua Energy next year as pressure mounts for Parliament to act on fossil fuel divestments.
A report presented in Oslo on Tuesday by three environmental organisations urged Norway to shed the fund’s coal holdings. A second report, due next week, could put the fund under still more pressure to cut back on its coal investments. It will examine if climate change is more effectively addressed by preventing the fund from investing in certain coal related companies than by trying to affect change at the companies themselves………………………………..Full Article: Source

Posted on 26 November 2014 by VRS |  Email |Print

Norway’s $860 billion sovereign wealth fund, the world’s biggest, has more exposure to coal than it said earlier and should sell out, three environmental groups said, potentially re-igniting calls for the fund to revamp its portfolio.
The fund had investments worth 82 billion crowns at the start of the year in companies that are either major producers or consumers of coal, and the investment rose in 2013, contrary to the fund’s claims that coal exposure was falling, Germany’s Urgewald, Greenpeace and Norway’s Framtiden said on Tuesday………………………………..Full Article: Source

Posted on 26 November 2014 by VRS |  Email |Print

The government formed the Petroleum Fund, into which money began to be deposited in 1996. In 2006 this became the Government Pension Fund – Global (Statens Pensjonsfond). It is commonly referred to by Norwegians as the Oljefondet (oil fund), while it is often referred to in other parts of the world as Norway’s “sovereign wealth fund”.
The fund is fully owned by the Norwegian state through the Ministry of Finance. It is managed by Norway’s central bank (Norges Bank). It has grown to be worth more than 5000 billion Norwegian kroner — some $800 billion. The fund takes in all the considerable revenues which the government receives from Norway’s oil and gas, including taxes, ownership shares and dividends from Statoil………………………………..Full Article: Source

Posted on 26 November 2014 by VRS |  Email |Print

Singapore’s sovereign wealth fund GIC and Indonesia’s Rajawali Group have agreed to jointly invest up to $500 million in equity in property projects in Indonesia, the two companies said in a statement on Tuesday.
The joint venture will look at sectors including office, retail, residential and mixed-use projects mainly in the central business district of Indonesian capital Jakarta, the statement said. Privately-owned Rajawali is one of Indonesia’s largest investment companies………………………………..Full Article: Source

Posted on 26 November 2014 by VRS |  Email |Print

The head of South Korea’s sovereign wealth fund on Monday apologized for its botched investment in Bank of America (BoA) but stressed it plans to retain the stake for the time being to minimize losses.
“I believe that it was a poor investment and apologize to the people of Korea. I promise that Korea Investment Corp. (KIC) will remember the painful lesson from the Merrill Lynch investment and become a global sovereign wealth fund,” KIC chief executive Ahn Hong-chul told reporters in a news conference. KIC has been facing strong backlash from opposition party lawmakers for its US$2 billion investment in Merrill Lynch in 2008 before the financial firm was merged with BoA………………………………..Full Article: Source

Posted on 26 November 2014 by VRS |  Email |Print

The head of South Korea’s $77 billion sovereign wealth fund has apologized to the country’s citizens for its disastrous $2 billion investment in Merrill Lynch, made shortly before the corporation merged with Bank of America.
“I believe that it was a poor investment and apologize to the people of Korea,” Hongchul Ahn, CEO of the Korea Investment Corporation (KIC), told reporters in a news conference Monday. “I promise that Korea Investment Corporation will remember the painful lesson from the Merrill Lynch investment and become a global sovereign wealth fund.”……………………………….Full Article: Source

Posted on 26 November 2014 by VRS |  Email |Print

Malaysia’s state-owned sovereign wealth fund is giving the government’s green financing initiative a boost with a plan to sell the nation’s first sukuk under socially responsible investment guidelines.
Khazanah Nasional Bhd. is considering issuing a benchmark sized ringgit-denominated Islamic bond to finance expansion in its education or renewable energy businesses, Chief Financial Officer Mohd Izani Ghani said in November 20 interview in Kuala Lumpur. The notes will probably be issued in the second half of 2015, he said………………………………..Full Article: Source

Posted on 26 November 2014 by VRS |  Email |Print

NZ Superannuation Fund chief executive Adrian Orr said long-term and responsible investing has become a groundswell globally, rather than a ripple. Speaking at today’s Responsible Investment Association of Australasia conference in Auckland, Orr said globally it had reached a tipping point where more asset owners were now having regard for responsible investment drivers such as environmental, social and governance issues.
The latest report from the RIAA showed in 2013 assets managed responsibly in New Zealand increased by 20 percent to just over $27 billion, around 40 percent of total assets under management, much of that due to the Super Fund………………………………..Full Article: Source

Posted on 26 November 2014 by VRS |  Email |Print

Bajaj Corp has sold 8 percent stake in the company to Temasek, CNBC-TV18 learns from sources. The stake sale has been done to close equity funding for Bajaj Corp’s 2,000 MW power plant in Uttar Pradesh.
This power plant has been based on BHEL’s technology and is expected to go live in January next year, sources add. It is further learnt that any further stake sale is unlikely………………………………..Full Article: Source

Posted on 26 November 2014 by VRS |  Email |Print

Legal woes continue to trouble The Goldman Sachs Group, Inc. The Wall Street banking giant has been ordered by a High Court judge in London to disclose the amount of profit it derived from nine complex derivatives trades associated with the $1 billion lawsuit filed against the bank by the Libyan Investment Authority (LIA).
LIA, a sovereign wealth fund, filed a lawsuit in Jan 2014, pertaining to Goldman’s dealings with the LIA in the earlier part of 2008, which led to significant losses for LIA. At a London court hearing on Monday, Judge Vivien Rose asked Goldman to reveal its margin, profit and loss on the trades, starting from the day those were booked as well as a month later. The bank is also ordered to reveal how the profits were calculated and the amount of reserves it set aside for each trade………………………………..Full Article: Source

Posted on 26 November 2014 by VRS |  Email |Print

The world’s sovereign wealth funds (SWFs) are similar. They have billions, made either through the exploitation of a natural resource they were fortunate enough to find within their national boundaries (like most Middle East SWFs), or though the sheer hard work of the people of their sovereign territory (like the SWFs of China and Singapore).
It’s important to note, though, that the SWFs are not identical to the billionaires referred to above. They are not, initially at least, the wealth creators like Branson or Gates. That role is played by the governments and policymakers of the sovereign countries involved, which displayed the foresight, vision and sheer hard work to amass the funds in the first place………………………………..Full Article: Source

Posted on 26 November 2014 by VRS |  Email |Print

Over the past few years, sovereign wealth funds have gained a bit of leverage over private equity managers. Sovereign funds like Kuwait Investment Authority (KIA), China Investment Corporation (CIC) and Abu Dhabi Investment Authority (ADIA), have taken ownership stakes in headline private equity firms such as The Blackstone Group and The Carlyle Group.
As sapient sovereign funds and mega pensions boost the ranks of their internal private equity teams, they will be larger actors in co-investments and direct deals. According to the Sovereign Wealth Fund Transaction Database, in the first half of 2014, sovereign funds invested directly US$ 51.3 billion. This compares to US$ 42.6 billion in the first half of 2013………………………………..Full Article: Source

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