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Sovereign Wealth Funds Briefing 14.Oct 2015

Posted on 14 October 2015 by VRS |  Email |Print

Norway may have to tap its $856 billion sovereign wealth fund more than planned next year to cope with a rising number of people seeking asylum, Prime Minister Erna Solberg was reported as saying on Tuesday.Solberg’s right-wing government said last week it would make the first net withdrawal from the fund to finance tax cuts and boost a slowing economy hit by weak oil prices.
Its 2016 budget planned to spend 2.8 percent of the fund’s value in 2016, up from 2.6 percent this year, equivalent to an extra 23 billion crowns. But that sum may now increase. “We must use more money because we can’t stop everything that is happening in Norway just to pay for the flow of refugees,” Solberg was quoted as saying in the business newspaper Dagens Naeringsliv on Tuesday………………………………………..Full Article: Source

Posted on 14 October 2015 by VRS |  Email |Print

A consortium of Norway’s sovereign wealth fund and developer CapitaLand Ltd. was chosen as the preferred bidder for a Singapore tower being sold by BlackRock Inc., in what could become the biggest office deal in the city-state, people with knowledge of the matter said.
The bidding group will start exclusive talks with BlackRock about a purchase of Asia Square Tower 1, and could reach an agreement in the next month, according to the people. It beat ARA Asset Management Ltd., which also submitted a final bid for the building, they said, asking not to be identified as the information is private………………………………………..Full Article: Source

Posted on 14 October 2015 by VRS |  Email |Print

Norway’s central bank, which oversees Norway’s sovereign wealth fund, said it had put Indonesia’s Astra International Tbk PT under observation, after the company assured in June that it would take steps to mitigate environmental concerns. Last year the fund’s Council of Ethics had recommended the exclusion of Astra International.
However after the company said it would cease all logging and land conversion while developing a sustainability strategy, the ethics council decided to recommend placing the company under observation. The council recommended an observation period of four years to assess the impact of Astra’s new policy. Astra is the second company on the fund’s observation list, joining Alstom SA………………………………………..Full Article: Source

Posted on 14 October 2015 by VRS |  Email |Print

Norway’s sovereign wealth fund should monitor its investment in Indonesia’s Astra International to ensure its palm oil operations don’t break ethical guidelines, the Norwegian central bank said on Tuesday. The decision gives the company four years to meet the $856 billion fund’s ethical standards. If it fails, Norway could sell its 0.3 percent stake, worth $73 million according to Thomson Reuters data.
Astra International is one of the biggest companies listed on the Jakarta stock exchange, with a market value of around $18.5 billion and businesses spanning auto distribution and palm oil to mining equipment and financial services. It held a 79.7 percent stake in palm oil producer PT Astra Agro Lestari Tbk as of end-June, the data shows………………………………………..Full Article: Source

Posted on 14 October 2015 by VRS |  Email |Print

The sale by Qatar Investment Authority of its 10 percent stake in Hochtief AG for 540 million euros ($615 million) marks the third publicly announced disposal in as many months by the sovereign wealth fund of the world’s largest exporter of liquefied natural gas.
The QIA, as the fund is known, disposed of 7 million shares in the Essen, Germany-based construction company at a price equal to 77 euros apiece, it said in a statement Monday. A “significant portion” of the shares went to a single strategic holder that wasn’t identified. The sale is part of routine portfolio management, said the QIA, which invested in Hochtief in 2011………………………………………..Full Article: Source

Posted on 14 October 2015 by VRS |  Email |Print

Singapore’s sovereign wealth fund Temasek is buying is buying stakes held by Intel Capital and Info Edge (India) Ltd. in eTechAces Marketing and Consulting Pvt Ltd., which controls online insurance policy aggregator PolicyBazaar.com.
The process comprises a couple of steps. In the first, InfoEdge transferred its entire shareholding in PolicyBazaar to MakeSense Technologies, a company fully owned by eTechAces Marketing, for Rs 101.3 crore ($15.5 million). The second step was MacRitchie Investments Pte Ltd, a fully owned subsidiary of Temasek, agreeing to buy just under fifty per cent equity in MakeSense Technologies for about Rs 134 crore ($20.6 million)………………………………………..Full Article: Source

Posted on 14 October 2015 by VRS |  Email |Print

After decades of investing billions in bonds, shares and hedge funds, sovereign wealth funds are turning into sellers and redeemers. They’re the largest and most secretive investors in the world, but after decades of investing billions in bonds, shares and hedge funds, these investors are now turning into sellers and redeemers.
Sovereign wealth funds, which control about $US7 trillion ($9.5 trillion) of assets largely created out their nation’s vast mineral riches, are drawing down on their financial wealth as resources decline, creating a potentially vicious feedback loop for financial markets. Last month the Financial Times reported Saudi Arabia’s sovereign fund, SAMA, had declined by $US73 billion, hitting several funds with large redemptions, as the fourth-largest sovereign fund shrunk by one-tenth………………………………………..Full Article: Source

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