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Sovereign Wealth Funds Briefing 04.Feb 2015

Posted on 04 February 2015 by VRS |  Email |Print

Sovereign Wealth Funds (SWFs) could easily resolve Africa’s infrastructure funding issues, or go a long way toward doing so. So why are they so hesitant toward investments in Africa and what are the chances for change?
There is no lack in money. SWFs are keen to diversify into real assets with long-term growth prospects – ample opportunities for which exist in many parts of Africa. Indeed, if SWFs – large state owned investment funds – were to steer a mere 1.3 per cent to 1.5 per cent of their total assets into sub-Saharan Africa, they could close the region’s infrastructure deficit over the coming years………………………………………..Full Article: Source

Posted on 04 February 2015 by VRS |  Email |Print

The 36 states of the Federation, on Tuesday, told the Supreme Court that the Federal Government has been frustrating every move to settle the disputes on the Sovereign Wealth Fund (SWF) out of court. The court, however, fixed March 19 to hear the suit after all attempts to make the parties settle out court failed.
The panel of Supreme Court justices, headed by the Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed, had earlier insisted that the parties should go and settle out of court, as there was nothing to adjudicate over by the court. “If lawyers and parties are sincere, then go and settle this matter out of court. The matter is straightforward, there is nothing this court will adjudicate upon,” CJN held………………………………………..Full Article: Source

Posted on 04 February 2015 by VRS |  Email |Print

The Supreme Court of Nigeria has fixed March ‎19 for hearing of the Sovereign Wealth Fund suit before it to enable the parties – the Federal Government and the 36 State Governors – file all relevant documents.
At the resumed hearing on Tuesday, counsel to the 36 states, Mr Yusuf Ali, accused the Federal Government of frustrating all attempts to settle the matter out of court. The representative of the Federal Government, Ahmed Abdulmalik, told the court that there is no money called excess crude fund in the account of the states………………………………………..Full Article: Source

Posted on 04 February 2015 by VRS |  Email |Print

Owned by the country’s sovereign wealth fund, Qatar Airways has bought a stake worth about £1.15 billion ($1.7 billion) in the owner of British Airways and Iberia, International Consolidated Airlines Group (IAG), aiming to forge closer links to a group with two major European hubs and strong transatlantic networks.
According a Reuters report, Qatar Airways disclosed a 9.99 per cent holding in IAG on Friday. It already partners the mega airlines owner in the oneworld alliance and has limited code-sharing deals and a freight partnership with British Airways. Buying the stake could deepen the relationship, giving Qatar greater access to destinations served by the IAG’s London and Madrid hubs, particularly transatlantic, with North America well served by British Airways and South and Central America by Iberia………………………………………..Full Article: Source

Posted on 04 February 2015 by VRS |  Email |Print

The government on Tuesday made a strong bid before 20-odd sovereign wealth funds and pension funds to finance large infrastructure projects, given that they are looking to deploy large amounts of long-term capital and seek high returns in emerging market economies like India.
Sources said a team of ministers and officials led by finance minister Arun Jaitley made the pitch during a closed-door meeting, India Investor Summit, organized by Blackrock and the finance ministry. They added railway minister Suresh Prabhu, for instance, listed out possible investments in nearly half-a-dozen railway PSUs and suggested that they were attractive propositions as they have capacity to raise more resources in terms of debt……………………………………….Full Article: Source

Posted on 04 February 2015 by VRS |  Email |Print

Singapore’s Temasek Holdings has led an investment round of Rs 370 crore in data mining company Manthan Systems, buying out the stake of IDG Ventures, one of the early venture funds to back the Bengaluru company. Norwest Venture Partners, an existing investor also participated in this round.
“I just liked the personal chemistry with Temasek, I have been around and I have learnt that no arithmetic will work out if chemistry is not right,” said Atul Jalan, founder and chief executive of Manthan. The 44-year old, who has built and sold three earlier ventures, said his company had attracted bids from three investors. “(One of them) bet a box of cigars saying it (bidding) does not happen in India, but in companies like Google and Facebook,” said Jalan who after winning the wager distributed cigars to his team in the US………………………………………..Full Article: Source

Posted on 04 February 2015 by VRS |  Email |Print

Raub MP Ariff Sabri Abdul Aziz declares in his latest blog posting that 1MDB has lied to Malaysians. “It is not a responsible borrower anymore,” he says. Referring to the company’s recent announcement that it has redeemed funds parked in the Cayman Islands and a subsequent news report that tycoon Ananda Krishnan is lending it RM2 billion, he points out that the two developments, taken together, are puzzling.
“It says it has fully redeemed money from the Cayman Islands. If it did, why must it borrow from Ananda? We don’t know what the terms of the loan were. Did it come with promises that Ananda will be the bigger owner of the soon to be listed energy company?……………………………………….Full Article: Source

Posted on 04 February 2015 by VRS |  Email |Print

A resurgent banking sector has seen the Ireland Strategic Investment Fund (ISIF) reassess its role as debtor to Irish companies, with rising competition from lenders leading the sovereign wealth fund to consider other roles.
Donal Murphy, the €7.1bn fund’s head of infrastructure and credit finance, told IPE the funding gap that existed after the financial crisis was often no longer there, replaced by a “wall of liquidity coming from bank debt back into Ireland”. “There are plenty of scenarios where there is a very competitive bank market with a large number of banks seeking roles on individual transactions and individual deals,” he said………………………………………..Full Article: Source

Posted on 04 February 2015 by VRS |  Email |Print

Russia’s economy minister said on Tuesday the government planned to spend 525 billion roubles ($7.9 billion) from the state’s National Wealth Fund to support infrastructure projects including one to produce liquefied natural gas, Yamal LNG.
The money from the fund will not be used for state anti-crisis spending programme, the minister, Alexei Ulyukayev, told reporters after President Vladimir Putin met officials at a residence outside Moscow……………………………………….Full Article: Source

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