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Sovereign Wealth Funds Briefing 29.Oct 2015

Posted on 29 October 2015 by VRS |  Email |Print

Norway’s oil fund on Wednesday reported its worst quarterly loss in four years, as it was hit by a collapse in the Chinese stock market, and big losses on investments in Volkswagen and Glencore. Norges Bank Investment Management (NBIM) which manages the world’s largest sovereign wealth fund, reported the the fund’s value had declined by 4.9 percent over the period, losing a staggering 273bn kroner ($32bn).
NBIM said the loss represented the third weakest result in kroner since the fund was launched. “The negative return on equity investments was driven by the slowdown in the global economy and the decline in global equity markets, especially the Chinese market,” Yngve Slyngstad, NBIM’s chief executive, said in a statement. ……………………………………….Full Article: Source

Posted on 29 October 2015 by VRS |  Email |Print

The Norwegian state-controlled oil fund reported losses for the first time in four years just as Oslo is planning to start cash withdrawals for the first time in history, thus leveraging additional pressure to enhance the fund’s market performance.
Kristian Rouz — Norges Bank Investment Management (NBIM), the world’s biggest sovereign wealth fund, reported its biggest losses in roughly four years this past quarter, as the global economic slowdown and Volkswagen scandal weighed on the aggregated value of the fund’s investment. ……………………………………….Full Article: Source

Posted on 29 October 2015 by VRS |  Email |Print

Norway’s sovereign-wealth fund, the world’s biggest by assets, reported a near five percentage-point loss on its investments in the third quarter, pulled down by negative returns from its equity investments amid weaker global markets.
Norges Bank Investment Management, the arm of the central bank that manages the fund, said Wednesday that the value of the fund’s investments fell by 273 billion Norwegian kroner ($32.17 billion) before the impact of a weaker Norwegian krone in the period………………………………………..Full Article: Source

Posted on 29 October 2015 by VRS |  Email |Print

Norway’s $863 billion sovereign wealth fund made a loss on its investments in the three months ended September for the second quarter in a row, as stocks continued to drop and Volkswagen weighed on results, the fund said today.
The fund lost 273 billion crowns ($32 billion) in the quarter, after a loss of 73 billion from April to June, equivalent to a return on investment of minus 4.9% in the third quarter, against minus 0.9% in the second quarter. Those losses were recouped in October, with the fund earning some 300 billion crowns, the fund’s chief executive later said………………………………………..Full Article: Source

Posted on 29 October 2015 by VRS |  Email |Print

Norway’s sovereign-wealth fund, the world’s biggest by assets, said Wednesday it would seek explanations from Volkswagen AG over an emissions cheating crisis that nearly halved the value of its interest in the German car market and hit its overall performance in the third quarter.
The fund, which held 1.22% of VW—worth 9.6 billion Norwegian kroner ($1.13 billion) at the end of 2014—said its stake lost 4.9 billion kroner in the third quarter. “Volkswagen was clearly the biggest negative contributor in the third quarter,” said Norges Bank Investment Management’s deputy chief executive, Trond Grande………………………………………..Full Article: Source

Posted on 29 October 2015 by VRS |  Email |Print

Norway’s $863 billion sovereign wealth fund has a roughly neutral weighting in the fund’s portfolio, a top official said on Wednesday, after the fund posted its second quarterly loss in a row, with Volkswagen weighing on the results.
“It (the Volkswagen share) is about neutrally weighted,” deputy chief executive Trond Grande told a news conference………………………………………..Full Article: Source

Posted on 29 October 2015 by VRS |  Email |Print

Brookfield Property Partners is partnering with the Qatar Investment Authority – the energy-rich nation’s sovereign wealth fund – on Brookfield’s $8.6 billion Manhattan West mixed-use development on the Far West Side. QIA will acquire a 44 percent stake in the five-building project — which includes a 62-story, 844-unit residential tower currently under construction and the 67-story One Manhattan West office building slated for completion in 2019.
The deal, announced Wednesday, is not the first time the two parties have teamed up, according to Bloomberg, with the sovereign wealth fund joining forces with Brookfield earlier this year to acquire London-based firms Canary Wharf Group and Songbird Estates………………………………………..Full Article: Source

Posted on 29 October 2015 by VRS |  Email |Print

Indian solar and wind energy company ReNew Power Ventures Pvt Ltd sold a “significant minority stake” to a subsidiary of Abu Dhabi Investment Authority (ADIA) for $200 million, the company said in a statement.
ADIA’s investment was part of a broader $265-million fundraising by new and existing investors in ReNew Power Ventures, it added. Financial adviser Rothschild advised the Abu Dhabi sovereign wealth fund. ReNew Power will use the funds as capital expenditure for its solar and wind projects, according to the statement………………………………………..Full Article: Source

Posted on 29 October 2015 by VRS |  Email |Print

A government fund, a state-owned hotel operator and an airline from China are all lining up to bid for America’s Starwood Hotels and Resorts Worldwide in a deal that, if realised, would set a new record for Chinese investment in the US.
Sovereign wealth fund China Investment Corporation (CIC), HNA – the parent company of China’s Hainan Airlines, and Shanghai-based Jin Jiang Hotel Group are all said to have submitted proposals to the central government to bid on the American hospitality group, according to an account in The Wall Street Journal………………………………………..Full Article: Source

Posted on 29 October 2015 by VRS |  Email |Print

Seafood restaurant chain Jumbo Group has attracted an arm of Temasek Holdings and the founder of Asia’s biggest massage-chair maker OSIM as cornerstone investors for its S$40 million initial public offering here.
Jumbo is seeking a listing on the Catalist board, with trading expected to commence on Nov 9, it said today (Oct 28). An offering that size would be the biggest initial share sale this year in Singapore, data compiled by Bloomberg shows. Jumbo is selling 88.2 million new shares at S$0.25 apiece in order to raise capital as it seeks to open at least four new F&B outlets in China and Singapore during the next two years………………………………………..Full Article: Source

Posted on 29 October 2015 by VRS |  Email |Print

Governor Bill Walker will propose overhauling the way Alaska uses the Permanent Fund when he releases his budget later this year. The plan would turn the state’s various savings accounts into a kind of endowment, using their earnings to fund state operations.
The governor’s goal is to shift the state from a reliance on oil revenue to a reliance on the earnings of its massive reserve funds, an idea the administration is comparing to the sovereign wealth funds used in oil-dependent states like Norway. The governor’s administration is holding a briefing at noon for lawmakers who are gathered in Juneau for a special legislative session on a natural gas line………………………………………..Full Article: Source

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