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Sovereign Wealth Funds Briefing 21.Oct 2015

Posted on 21 October 2015 by VRS |  Email |Print

The board of Norway’s central bank is introducing an extra layer of supervision for the country’s sovereign wealth fund, which will need to seek approval for all property deals over $250 million, the bank said on Tuesday. For the first time, the $860 billion wealth fund, the world’s largest, will need approval for some of its most valuable property deals.
Property represents 2.7 percent of its total value, which it wants to increase to five percent. The fund, which invests Norway’s revenues from oil and gas in stocks, bonds and property, will now need to approval from a new investment committee for deals over $250 million. Deals worth more than $1 billion will need the approval of the board of the central bank. Until now, the fund’s management, led by Chief Executive Yngve Slyngstad, decided on its own………………………………………..Full Article: Source

Posted on 21 October 2015 by VRS |  Email |Print

The Centre’s move to assist start-ups and SMEs appears to have gathered steam, with fund-of-funds India Aspiration Fund (IAF) already sanctioning INR 700-800 crore of its first tranche of INR2,000 crore to domestic venture capital firms. The Fund is an attempt to boost the start-up ecosystem and harness the potential of India’s innovators and entrepreneurs by providing them with a network of domestic financers, said Minister of State for Finance Jayant Sinha.
“Almost 90-95 per cent of venture capital funding comes from outside India. India’s innovation is being funded by the Teachers Pension Plan of Ontario, the Stanford Endowment, the Norwegian sovereign wealth fund, by Temasek (Singapore’s sovereign fund). We need to fund Indian innovation here in India, and we need to build venture capital here,” he said………………………………………..Full Article: Source

Posted on 21 October 2015 by VRS |  Email |Print

1Malaysia Development Bhd (1MDB) and its wholly-owned subsidiaries have been granted tax exemptions for 10 years by Prime Minister Datuk Seri Najib Razak, who is also the finance minister. Najib announced the tax holiday for 1MDB, which is currently under probe by the Public Accounts Committee (PAC), in Parliament yesterday through a written reply to Kampar member of Parliament (MP) Dr Ko Chung Sen who asked about taxes paid by the strategic investment fund since 2009.
“1MDB and its wholly-owned subsidiaries can enjoy tax exemptions including dividends for a period of 10 years in line with Section 127(3A) of the Income Tax Act 1967. However, other subsidiaries acquired by 1MDB are not entitled to the tax exemptions,” said Najib, who is also chairman of 1MDB’s board of advisors………………………………………..Full Article: Source

Posted on 21 October 2015 by VRS |  Email |Print

Temasek Holdings’ proposal to turn Mandai into an integrated wildlife and nature heritage area has been taken another step towards realisation. The Singapore investment firm has set up a wholly-owned unit to oversee the “concept development” for the estate’s makeover and asked its former chairman S Dhanabalan to chair it, according to a press release the unit sent out on Tuesday.
Mandai Safari Park Holdings said in its statement that it commissioned a study of the proposed development’s impact on the environment in March this year and expects to be able to publish findings in the second quarter of 2016. This environmental impact assessment “aims to explore and incorporate sustainable solutions in the development of the precinct”, it added………………………………………..Full Article: Source

Posted on 21 October 2015 by VRS |  Email |Print

GIC unit Greenko Energy Holdings has proposed the acquisition of Indian renewable energy company Greenko Group’s majority interest in its Mauritius-based holding firm, Greenko Mauritius, for about £162.8 million ($251.8 million). This was conducted through Cambourne, a GIC affiliate.
Greenko Group entered into a sale and purchase agreement (SPA) with Greenko Energy Holding, a subsidiary of Cambourne Investment, for the disposal of all of the company’s shares in Greenko Mauritius and all other assets held by Greenko Mauritius………………………………………..Full Article: Source

Posted on 21 October 2015 by VRS |  Email |Print

Australia’s A$118 billion sovereign wealth fund, the Future Fund, has increased its cash reserves because of uncertainty in global financial markets and worries about the impact of a rate rise by the U.S.central bank. “We believe that prospective returns are relatively low at the moment and we believe that the risks are relatively high,” Future Fund Managing Director David Neal tells a Budget oversight committee of Australian lawmakers.
Neal adds that the key risks worrying the world’s 14th largest sovereign fund include U.S. monetary policy and “whether the U.S economy will be able to withstand rising interest rates and how it will cope with rising interest rates.”……………………………………….Full Article: Source

Posted on 21 October 2015 by VRS |  Email |Print

As a result of the falling oil price, Norway, which runs the latest sovereign wealth fund in the world plans to draw some $450 million from the fund in 2016 to make up for lost oil revenues. But with around $820 billion under management, that is not a huge portion. Saudi Arabia, where the central bank also doubles as the country’s sovereign wealth fund, is also set to tap its foreign currency reserves according to chief market strategist at Convergex Nick Colas.
Moody’s said that Bahrain and Oman will also putting their sovereign wealth fund “buffers” to use, with reserves falling by 15 percent to $5.2 billion in April from $6 billion in December but have risen again slightly in May and stabilized since then. The agency said sovereign credit quality of GCC states could deteriorate if government spending continues to grow at a rapid pace and public debt levels mount sharply………………………………………..Full Article: Source

Posted on 21 October 2015 by VRS |  Email |Print

Libya’s rival investment authorities, both claiming control of the embattled North African oil producer’s sovereign wealth fund, have reasserted their claim to the $60bn (£39bn) portfolio ahead of a UN-imposed deadline for peace.
Just as Libya currently has two governments battling for control of the country, two rival investment authorities have emerged claiming control of the nation’s surplus oil revenue investments. The claims are inherently tied to the two rival governments and ahead of a UN deadline which would see both share power in a unity government as of 20 October, the investment authorities have staked their claim to Libya’s frozen billions………………………………………..Full Article: Source

Posted on 21 October 2015 by VRS |  Email |Print

Sovereign wealth funds are an increasingly important funding source for Blackstone Group, even those that have been hammered by the collapse of oil prices, Chief Executive Officer Steve Schwarzman said during the firm’s third quarter earnings call last week.
There are two types of sovereign funds — those related to oil proceeds, and “all else,” Schwarzman said. Funds reliant on oil proceeds have not been growing, which creates a situation where fund managers have to compete for dwindling resources from those funds, he said. But that doesn’t mean those types of oil-oriented funds are backing away from private equity. “Some of them, interestingly, are significantly increasing their share of alternatives because of its performance characteristics,” Schwarzman said………………………………………..Full Article: Source

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