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Sovereign Wealth Funds Briefing 24.Feb 2015

Posted on 24 February 2015 by VRS |  Email |Print

Following the recent discoveries of large oil and gas deposits in East Africa, a number of countries in the region are in the process of establishing, or are discussing the creation of, sovereign wealth funds (SWFs) as a means to stabilise the effect of volatile currency inflows and to save for future generations.
Additionally, like several other SWFs established over the last decade, some East African governments are considering a role for the planned funds in economic development, as strategic investors in the national economy. The use of SWFs as a tool for strategic domestic investments opens up a range of new possibilities for deepening undercapitalised domestic financial markets and crowding in private capital to infrastructure in priority sectors such as power and transport………………………………………..Full Article: Source

Posted on 24 February 2015 by VRS |  Email |Print

Private equity firms are still raising institutional investor capital to target investments in the U.S. energy sector. The Blackstone Group had total commitments of US$ 4.5 billion for its second energy fund, Blackstone Energy Partners II. Some large pensions invested in the fund include: New Jersey Division of Investment and Teacher Retirement System of Texas (TRS).
Meanwhile, smaller funds and platforms are raising capital. Dallas-based PetroCap raised US$ 350 million in PetroCap Partners II, a fund focusing on oil & gas investments in the US$ 20 million to US$ 70 million range. On the debt side, EIG Global Energy Partners and Winter Park-based Triloma Financial Group have formed Triloma EIG Global Energy Fund, an unlisted investment company that will allocate capital to privately originated energy company and project debt………………………………………..Full Article: Source

Posted on 24 February 2015 by VRS |  Email |Print

Kazakhstan’s Sovereign Wealth Fund Samruk-Kazyna in 2014 commissioned 13 projects worth US $2.9 billion and created more than 5.6 thousand temporary and 1.2 thousand permanent jobs, the Fund’s CEO Umirzak Shukeyev said last Friday while reporting on measures to implement the head of state’s instructions and Nurly Zhol program, and on the Fund’s financial results for the past year.
Samruk-Kazyna group of companies closed the year 2014 fairly well, Shukeyev said. According to preliminary data, the net income of the group was estimated at 458 billion tenge, the Fund said in a press release. The Fund has developed a set of measures in line with the President’s instructions, including optimization of its costs by 337 billion tenge or 7%………………………………………..Full Article: Source

Posted on 24 February 2015 by VRS |  Email |Print

Samruk-Kazyna, the sovereign wealth fund of the Republic of Kazakhstan issued a statement Friday saying it could borrow up to $2.5 billion this year, either locally or abroad, to ease the debt it holds on its oil assets, which have been hit by the crude prices’ slump, Raushan Nurshayeva, Mariya Gordeyeva and Dmitry Solovyov write for Reuters..
“If conditions on external markets are attractive enough for us, we will tap into foreign markets, although right now, we see that the situation in the internal market is more favourable for us to borrow,” Samruk-Kazyna JSC Chairman, Umirzak Shukeyev said to a press briefing, according to Reuters………………………………………..Full Article: Source

Posted on 24 February 2015 by VRS |  Email |Print

For current year estimated decline 3 billion in the wake value crude (Il Sole 24 Ore Thomson Financial) - Baku, Feb. 23 - Sofaz, the Sovereign Fund of Azerbaijan closes 2014 with assets worth a total of 37.42 billion dollars , up from 3.42 billion on an annual basis. During 2014, revenues primarily from royalties until amounted to 15.729 billion dollars.
The outputs in favor of the state budget were approximately 12.9 billion in addition to funding for other special initiatives: scholarships for deserving students abroad, support for refugees from the region of Nagorno Karabakh occupied by Armenia, financing Kars railway line Baku Tbilis connection with Turkey, the company ‘management of pipelines and refinery Tap and Tanap Star-Petkim in Turkey……………………………………….Full Article: Source

Posted on 24 February 2015 by VRS |  Email |Print

Devaluation of manat on February 21 has identified the only player who won as a result of the Central Bank’s decision: the State Oil Fund of Azerbaijan (SOFAZ). In spite of foreign estimates manat devaluation didn’t cause total panic in Baku. In general, people treated this situation from philosophical point of view and even tried to joke. Thus, for example, today a man and his wife exchanged the following words while admiring fresh frosty air in the morning: “Nə “клёво”? Manat öldu” (What’s good in it? Manat has died).
Manat has died. It can rise from dead but there’s a direct beneficiary of its death. Such beneficiary is SOFAZ, which receives revenue in US dollars and transfers manats to the state budget………………………………………..Full Article: Source

Posted on 24 February 2015 by VRS |  Email |Print

With government spending set to increase, Finance Minister Tharman Shanmugaratnam said that it is necessary to take steps to strengthen future revenues, with the first step being to include the projected earnings of Temasek Holdings in the Net Investment Returns (NIR) framework. Under this framework, the Government is allowed to spend up to 50 per cent of the expected long-term real returns on net assets managed by the investment entities of Monetary Authority of Singapore and GIC.
The portolios of GIC and MAS are already part of the NIR framework. The inclusion of Temasek Holdings was deferred as there was no established methodology for projecting the long term expected real returns on its portfolio, as well as its still evolving investment strategy, said Mr Tharman, who delivered the Budget Statement in Parliament today (Feb 23)………………………………………..Full Article: Source

Posted on 24 February 2015 by VRS |  Email |Print

In a surprise move, Temasek Holdings from 2017 will be contributing more to the government’s coffers as it gets included in the Net Investment Returns (NIR) framework. It has been contributing about S$2 billion of dividends on average in the last five years. Singapore will include the total expected returns from Temasek Holdings in its NIR framework, said Tharman Shanmugaratnam, Deputy Prime Minister and Finance Minister, on Monday.
The current NIR framework - implemented in 2009 - permitted the government to spend up to 50 per cent of the expected long-term real returns on its net assets managed by GIC, and the Monetary Authority of Singapore (MAS)………………………………………..Full Article: Source

Posted on 24 February 2015 by VRS |  Email |Print

HKBN, Hong Kong’s second-largest broadband Internet provider, will launch its initial public offering today, with shareholders including GIC looking to raise up to HK$5.8 billion (S$1 billion), Thomson Reuters’ IFR reported. At the top of its indicative range, the IPO would be the second-largest in the Asia-Pacific region this year, after the US$1.13 billion (S$1.5 billion) raised by Jasmine International’s Internet infrastructure fund in Bangkok earlier this month.
GIC, private equity firm CVC Capital Partners, HKBN’s management and other shareholders will offer 645 million existing shares in an indicative range of HK$8 to HK$9 each, IFR said, citing sources familiar with the plans. HKBN, previously known as Hong Kong Broadband Network, will raise no funds from the IPO, with all proceeds going to GIC and other selling shareholders………………………………………..Full Article: Source

Posted on 24 February 2015 by VRS |  Email |Print

By meeting a repayment deadline for the first time in months, Malaysia’s troubled sovereign wealth fund, 1Malaysia Development Berhad, seems to have staved off a debt crisis that threatened the country’s entire banking system. Reports in Kuala Lumpur say Malaysian billionaire Ananda Krishnan came up with the $693 million that the fund, known as 1MDB, was due to repay by February 18 to the country’s largest bank, Malayan Banking Bhd, and a smaller financial house, RHB Capital Bhd.
While the payment appears to have given 1MDB some breathing space after the fund repeatedly failed to meet debt repayment deadlines, it has done nothing to remove questions about the $14.5 billion in debts the fund has accumulated since its founding in 2009………………………………………..Full Article: Source

Posted on 24 February 2015 by VRS |  Email |Print

Troubled sovereign fund 1Malaysia Development Bhd (1MDB) claimed that a joint venture (JV) with a Saudi Arabian company six years ago, which critics claimed was shady, had earned it a profit of US$488 million (RM1.78 billion).
In a statement on the company’s website, 1MDB president Arul Kanda Kandasamy also claimed that the money it had invested in the JV had been converted into murabaha notes when the plan did not go through. Earlier reports claimed that 1MDB had put US$1 billion into the deal with PetroSaudi International Ltd, a company with an allegedly sketchy track record………………………………………..Full Article: Source

Posted on 24 February 2015 by VRS |  Email |Print

DAP’s National Publicity Secretary Tony Pua today demanded the country’s 1Malaysia Development Board (IMDB) president Arul Kanda Kandasamy show proof of the whereabouts of a purported US$488 million profit from its joint venture with PetroSaudi International.
“Arul Kanda Kandasamy proudly announced that the sovereign fund made the US$488 million of profit from the PetroSaudi transaction but what we have at hand is at least US$1.1 billion missing in unknown whereabouts. “The next question to ask is hence, where exactly is the US$488 million of paper profit Arul was talking about,” said Pua who is also MP for Petaling Jaya in a press conference at the DAP’s headquarters………………………………………..Full Article: Source

Posted on 24 February 2015 by VRS |  Email |Print

There will be no deposits to the Heritage and Stabilisation Fund (HSF) for this year. This has been confirmed by Finance Minister Larry Howai who told Guardian Media Limited who explained that because the price of oil has fallen below the price identified in the national budget, “there will be no room to make any deposits this year.”
Over the past 42 years that T&T has been exporting oil and gas, billions of dollars have been earned in revenue which has been used for many of the social and infrastructural projects the country benefits from today………………………………………..Full Article: Source

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