Fri, May 27, 2022
A A A
Welcome mteam
RSS
Sovereign Wealth Funds Briefing 05.Oct 2015

Posted on 05 October 2015 by VRS |  Email |Print

Glencore, owner of Viterra, is in talks with a Saudi Arabian sovereign wealth fund and China’s state-backed grain trader COFCO, along with Canadian pension funds, to sell a stake in its agricultural assets, sources familiar with the matter told Reuters news agency.
Selling assets is one prong of a wider strategy by the Swiss-based trader and miner to cut about a third of its US$30 billion debts and regain investor trust, after its shares tumbled by about three-quarters this year to record lows in tandem with weak global commodity prices. Glencore declined to comment while COFCO was not immediately available to comment………………………………………..Full Article: Source

Posted on 05 October 2015 by VRS |  Email |Print

The Telegraph has learnt that Glasenberg sought the backing of the Qatari sovereign wealth fund before last month unveiling the hastily drawn up scheme to cut $10.2bn (£6.7bn) from the company’s gargantuan $29.5bn debt pile.
The South African mining mogul – who has been chief executive since 2002 – believed it was necessary to “bullet proof” Glencore’s balance sheet in the event that the already sharp downturn in commodities prices deepened further. Representatives for the secretive Persian Gulf sovereign wealth fund declined to comment on its investment in Glencore, or the nature of any discussions that may have taken place with Glasenberg………………………………………..Full Article: Source

Posted on 05 October 2015 by VRS |  Email |Print

Whichever way you cut it, the third quarter wasn’t a classic one for the Qatar Investment Authority (QIA). In fact, it could hardly have been worse. A series of the sovereign wealth fund’s sizeable stakes performed well below par, headed by Volkswagen’s implosion over diesel emissions, and investor concerns about Glencore’s debt.
From Shell to Barclays, and from Siemens to Agricultural Bank of China, the roll-call of paper losses has stacked up. Making matters worse, CITIC Group — the Chinese conglomerate with which the QIA has plans to jointly invest $10bn into Asia — has been the subject of a damaging investigation by the Chinese government, which believes subsidiary CITIC Capital has been engaged in insider trading………………………………………..Full Article: Source

Posted on 05 October 2015 by VRS |  Email |Print

The ethics council that makes recommendations for the $820 billion (Dh3 trillion) Norwegian sovereign wealth fund is zeroing in on companies in textile manufacturing for breaching its standards, the head of the watchdog said. In a study of about 400 textile manufacturers the group has chosen to concentrate on “two handfuls” that it has contacted, said Johan H. Andresen, chairman of Norway’s Council on Ethics, in an interview Thursday at his office on the outskirts of Oslo.
“We will see whether we think that they are willing and able to make changes in their conduct,” he said. The world’s biggest wealth fund takes into account ethical rules encompassing human rights, some weapons production and the environment. It has excluded more than 60 companies after recommendations from the council………………………………………..Full Article: Source

Posted on 05 October 2015 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) received $2.39 billion from the implementation of the project for development of Shah Deniz gas and condensate field in the Azerbaijani sector of the Caspian Sea from 2007 to Oct.1, 2015, SOFAZ told Trend.
SOFAZ said it has received $274 million within the Shah Deniz project in Jan.-Sept. of 2015. The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field’s reserve is estimated at 1.2 trillion cubic meters of gas. The shareholders are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NICO (10 percent) and TPAO (19 percent)………………………………………..Full Article: Source

Posted on 05 October 2015 by VRS |  Email |Print

A secretive Chinese investment fund is understood to be poised to enter the £2bn bidding war for London City Airport. Gingko Tree, a division of the Chinese state’s foreign exchange regulator, is believed to be in talks with Australia’s Macquarie about teaming up to make an offer for the East London airport.
An agreement has not yet been reached with Macquarie. However, if Gingko does join the auction for the airport it would be the first Chinese suitor to emerge for City. Bidding has not yet begun for the airport, which was put up for sale by private equity giant Global Infrastructure Partners (GIP) in August………………………………………..Full Article: Source

Posted on 05 October 2015 by VRS |  Email |Print

Government investment company Temasek Holdings has pumped $90 million into four local venture capital (VC) firms this year, to help fledgling start-ups expand their business operations. They are: NSI Ventures, Monk’s Hill Ventures, Jungle Ventures and Golden Gate Ventures. Temasek did not disclose the investment sums in each case.
Mr Ong Beng Teck, managing director of Temasek’s enterprise development group, said the firms will use these funds for hiring, marketing, opening new offices overseas and other activities. Each start-up can receive from $2 million to as much as $20 million………………………………………..Full Article: Source

Posted on 05 October 2015 by VRS |  Email |Print

NZ Super Fund Chief Executive Adrian Orr has been appointed Chair of the International Forum of Sovereign Wealth Funds (IFSWF). The appointment, which is unpaid, is for a three-year term. Mr Orr, who was previously IFSWF Deputy Chair, will undertake his new responsibilities alongside his role as Chief Executive of the Fund.
IFSWF aims to promote best practice governance and transparency in the management of sovereign wealth funds, and to provide a forum for members to exchange views on issues of common interest. Its 28 members manage state funds in excess of US$4 trillion………………………………………..Full Article: Source

Posted on 05 October 2015 by VRS |  Email |Print

Sovereign wealth funds spent a total of US$24.9 billion (S$35.6 billion) on overseas acquisitions in the third quarter of 2015, almost double the previous quarter as they chased after trophy assets. Thomson Reuters data shows that these funds, which invest windfall revenues from oil and other commodity exports for future generations, were involved in 28 deals in the July-September period, down 10 from the previous quarter.
Singapore’s investment funds GIC and Temasek were part of separate consortiums that featured in the top two deals in that quarter. Total value is still shy of the US$30.6 billion peak reached in the last quarter of last year, when sovereign funds were buying up assets at their fastest rate since the financial crisis………………………………………..Full Article: Source

See more articles in the archive

banner
May 2022
M T W T F S S
« Nov    
 1
2345678
9101112131415
16171819202122
23242526272829
3031