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Sovereign Wealth Funds Briefing 28.Nov 2014

Posted on 28 November 2014 by VRS |  Email |Print

Azerbaijan’s state oil fund SOFAZ takes into account all possible risks while planning to invest in various financial instruments abroad, in particular in the Russian market which is going through a difficult period. SOFAZ made the statements commenting on the possible impact of the progressive devaluation of the Russian ruble and the stock market decline on the fund’s revenues from assets management in Russia during the third quarter, Trend Agency said.
SOFAZ owns a real estate in Russia, and is one of the shareholders of VTB Bank. As part of its new investment policy, pursued since 2012, SOFAZ purchased Gallery Actor, a mixed-use office and retail complex located on Pushkin Square in Moscow for $133 million…………………………………..Full Article: Source

Posted on 28 November 2014 by VRS |  Email |Print

German power utility E.ON SE has agreed to sell its Spanish assets to Australia’s Macquarie Group and Kuwait’s sovereign-wealth fund in a deal worth €2.5 billion ($3.1 billion), according to people familiar with the matter. E.ON’s supervisory board is set to meet Friday to approve the deal, the people said.
The sale is part of an orderly but costly retreat by the German utility giant from Southern Europe’s electricity market, hard hit by a six-year economic downturn and sweeping regulatory changes that lowered the profitability of energy firms in Spain. E.ON is also in the final stage of selling its assets in Italy…………………………………..Full Article: Source

Posted on 28 November 2014 by VRS |  Email |Print

The Libyan Investment Authority claims that Goldman Sachs made $350m – and cost the country over $1 billion – by tricking “naïve” staff into paying vastly over the odds for products that proved worthless. The sovereign wealth fund, which was created to maximise oil profits and is worth $66 billion, bought complex derivatives from Goldman Sachs, which then collapsed in value in 2008, losing the Libyan Investment Authority $1 billion in the process.
Nine financial products were purchased in total, all of which were “bets” on the future share price of companies such as Citigroup and EDF. The fund says that its staff thought that they were buying actual shares in the companies and were duped by Goldman Sachs………………………………….Full Article: Source

Posted on 28 November 2014 by VRS |  Email |Print

Kazakhstan, which inherited many wasteful industries and inefficient processes from the old Soviet Union, has not escaped this sad legacy. But as the country’s economy develops rapidly, we are also determined to do all we can to repair the damage and avoid any future mistakes.
The urgent need to develop a green economy is at the heart of the EXPO exhibition which Kazakhstan is hosting in Astana in 2017. Our country’s sovereign wealth fund “Samruk Kazyna” is investing heavily in the knowledge and technology needed to support innovative and sustainable development…………………………………..Full Article: Source

Posted on 28 November 2014 by VRS |  Email |Print

Khazanah Nasional Bhd will provide updates on the the restructuring of ailing Malaysia Airlines System Bhd (MAS) before this weekend, says the majority shareholder. Managing director, Tan Sri Azman Mokhtar, said the announcement would be in line with the government’s investment arm’s initial plan which was to provide an update every three months.
“November 29 is exactly three months since we reveal restructuring plan” he said today. He said Khazanah’s response to Jentayu Danaraksa Sdn Bhd’s interest in buying parts of the national carrier’s assets would also be revealed in the update………………………………….Full Article: Source

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