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Opalesque Sovereign Wealth Funds Briefing | Current Issue
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Sovereign Wealth Funds Briefing 08.Oct 2015

Posted on 08 October 2015 by VRS |  Email |Print

Norway and other oil producers are seen tapping sovereign wealth funds to cover budget shortfalls as cheap crude crimps finances, sparking fears that the flow of money into the world’s financial markets will be affected if this trend continues.
Norway will draw on its sovereign wealth fund — the world’s largest — to cover an expected budget shortfall in fiscal 2016, its finance ministry said Wednesday. The government is seen running a 207.8 billion kroner ($25.3 billion) deficit, not accounting for oil revenue — a 28 billion kroner increase over fiscal 2015. Oil revenue is expected to fall 6% on the year to 204.1 billion kroner, leaving a 3.7 billion kroner hole to be filled from the sovereign wealth fund………………………………………..Full Article: Source

Posted on 08 October 2015 by VRS |  Email |Print

Norway predicts it will for the first time need to withdraw cash from its $US820 billion sovereign wealth fund as western Europe’s biggest oil exporter uses a record chunk of its petroleum revenue to cover budget holes and stimulate the economy.
The minority coalition plans to spend 208 billion kroner ($US25.2 billion) of its oil wealth next year, topping the 204 billion kroner it predicts it will receive from offshore oil and gas fields, according to the 2016 budget. That implies a withdrawal from the fund of 3.7 billion kroner, after an inflow of 38 billion kroner this year………………………………………..Full Article: Source

Posted on 08 October 2015 by VRS |  Email |Print

Norway’s sovereign wealth fund will start investing in Japanese real estate, aiming to secure stable returns over the long term, a move that could bring hundreds of billions of yen to the market. The Government Pension Fund Global, the world’s largest sovereign wealth fund, will soon set up an office in Tokyo. It will search for promising commercial properties, mainly office buildings, and make purchases within a year or two.
The fund began investing in real estate in Europe in 2011. Since then, it has added U.S. office buildings and logistics facilities to its portfolio. It intends to increase the weighting of real estate from 2.7% to 5% by also acquiring properties in Tokyo and Singapore………………………………………..Full Article: Source

Posted on 08 October 2015 by VRS |  Email |Print

Abu Dhabi is reviewing its largest state-owned companies as the slump in crude oil pressures the emirate’s finances, four people with knowledge of the matter said. Abu Dhabi National Energy Co. and International Petroleum Investment Co. are in talks with banks on options including strategic partnerships, share sales and asset disposals, the people said, asking not to be identified because talks are private.
Mubadala Development Co., an investment fund, is considering further divestments after selling most of the assets in its joint venture with General Electric Co., according to the people. Abu Dhabi, in addition to the three state-owned companies, could also tap sovereign wealth fund the Abu Dhabi Investment Authority to help support its finances. ADIA ranks second behind Norway as the largest in the world at $773 billion, according to the Sovereign Wealth Fund institute………………………………………..Full Article: Source

Posted on 08 October 2015 by VRS |  Email |Print

Qatar’s sovereign-wealth fund participated in a $2.5 billion stock offering by Glencore Plc last month, maintaining its status as the largest investor in the commodities trader, people familiar with the matter said.
Qatar Holding LLC, the direct investment arm of the Gulf state’s sovereign wealth fund, bought 8.9 per cent of the shares offered in the sale to keep its stake in the Switzerland-based company intact, the people said, asking not to be identified as the information is private. Glencore sold the shares at a price of 125 pence per share, meaning Qatar’s fund invested about $225 million in the offering………………………………………..Full Article: Source

Posted on 08 October 2015 by VRS |  Email |Print

Qatar Investment Authority (QIA), plans to sell a stake in Vinci, valued at $425m. The sovereign wealth fund is selling 6.46 million shares, or a 1.1% stake, in the French construction company through a private placement arranged by Societe Generale.
QIA has held stake in Vinci for five years, and will retain 3.9% following the transaction. The Qatari fund is the ninth largest in the world with assets worth $250m, according to Gulf News. The sale of Vinci shares is “part of the routine portfolio management activities undertaken by QIA from time to time,” the report said………………………………………..Full Article: Source

Posted on 08 October 2015 by VRS |  Email |Print

Former deputy prime minister Muhyiddin Yassin suspects there may be hidden hands trying to cover up for those implicated in the1MDB scandal. He said this is because investigations into the debt-ridden sovereign wealth fund appear to have been interrupted.
“It is as though there are hidden hands that want to cover up the wrongdoings of certain parties. This is unacceptable,” he said. Bank Negara governor Zeti Akhtar Aziz has previously said the central bank’s probe into 1MDB has already been concluded and sent to the Attorney-General’s Chambers in August………………………………………..Full Article: Source

Posted on 08 October 2015 by VRS |  Email |Print

Mauritius has asked a bank in South Africa to help find a buyer for a near 25 percent stake in Kenya’s British-American Investments Co (Britam) which was seized from a disgraced tycoon, the finance minister said on Thursday.
Finance Minister Seetanah Lutchmeenaraidoo told Reuters that alternatively the stake could be bought by a Mauritian sovereign fund due to be set up next month if the right price could not be secured. The Indian Ocean island seized the assets of Dawood Rawat, a Mauritius citizen, in April after accusing him of running a Ponzi scheme through a Mauritian insurer………………………………………..Full Article: Source

Posted on 08 October 2015 by VRS |  Email |Print

“Singapore Technologies Telemedia, an investment unit of Temasek Holdings, has emerged as a strong contender to buy Tata Communications’ data centre business,” said a media report quoting unnamed sources. “The deal is estimated at about USD 700 million (Rs 4,421 crore),” the report added.
Earlier in August, there was a media report that Google and Amazon were in race to buy company’s data centre. The company denied market rumours but confirmed that it has been exploring various strategic options for its data centre infrastructure business in India and potentially Singapore. Jefferies LLC is an advisor to the company………………………………………..Full Article: Source

Posted on 08 October 2015 by VRS |  Email |Print

Sovereign wealth funds may help developing countries to manage natural resources but are not a panacea for economic growth, MEFMI’s executive director warned delegates. Caleb Fundanga, former governor of the Bank of Zambia, said governments should establish rule-based frameworks for SWFs that encourage stability and support the development of infrastructure.
The involvement of central banks was also important, he told the MEFMI annual combined forum in Lima on 6 October. Arunma Oteh of the World Bank told the meeting that $7.7 trillion is invested in SWFs worldwide, while the number of SWFs has doubled during the past four years. Yet that did not mean they guaranteed financial stability………………………………………..Full Article: Source

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