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Sovereign Wealth Funds Briefing 03.Nov 2015

Posted on 03 November 2015 by VRS |  Email |Print

Kazakh sovereign wealth fund Samruk-Kazyna will not exert pressure on its companies to convert their dollar holdings into the local tenge currency, CEO Umirzak Shukeyev said on Monday, describing the exchange rate as “balanced” after a sharp depreciation since August.
Samruk-Kazyna manages state-run stakes in major Kazakh companies ranging from oil and gas to railways, airlines, uranium and a football club. Kazakhstan, the second-largest post-Soviet oil producer after Russia, has been hit hard by a collapse in world oil prices and the weakening of the currencies of Russia and China, its major trading partners………………………………………..Full Article: Source

Posted on 03 November 2015 by VRS |  Email |Print

Hong Kong Exchange Fund, managed by the city’s de facto central bank, reported its largest quarterly loss in history by value, as stock prices plummeted amid a market rout. The fund, managed in its current form by the Hong Kong Monetary Authority from 1998, had an investment loss of HK$63.8 billion ($8.2 billion) in the three months ended September, according to a presentation by HKMA Deputy Chief Executive Eddie Yue to legislators today.
The loss was not the biggest by percentage terms, according to a spokeswoman, who didn’t give further details. Government institutions globally have suffered losses as stocks gyrated and currencies fluctuated on economic concerns, including a China slowdown and expectations of rising interest rates in the U.S. Norges Bank in October posted its biggest loss in four years, as Chinese stocks and Volkswagen AG dragged down returns of the world’s largest sovereign wealth fund………………………………………..Full Article: Source

Posted on 03 November 2015 by VRS |  Email |Print

Olam International Ltd., the Singapore commodities trader that fended off an attack from U.S.-based short seller Muddy Waters LLC in 2012, is discovering it’s good to have friends with deep pockets.
Nineteen banks from around the globe last week lent $1 billion to the company, which has been controlled by Singapore state investment fund Temasek Holdings Pte since 2014. Olam’s 2020 dollar bonds returned 6.9 percent in the past year, as those of rival commodities traders slumped. Noble Group Ltd.’s notes of the same maturity lost 24 percent in the same period and Trafigura Beheer BV’s euro-denominated bonds lost 10.6 percent since their April sale………………………………………..Full Article: Source

Posted on 03 November 2015 by VRS |  Email |Print

Mubadala Development Co. and Temasek Holdings Pte’s sale of Dunia Finance LLC has stalled after bids for the Abu Dhabi consumer finance firm failed to meet shareholder expectations, according to four people with knowledge of the matter.
Some interested parties have withdrawn from the sale process, the people said, asking not to be identified as the matter is private. The company may instead consider an initial public offering next year, one of the people said. Shareholders were seeking about four to five times book value for the company, valuing it at as much as $1 billion, people with knowledge of the matter said in July………………………………………..Full Article: Source

Posted on 03 November 2015 by VRS |  Email |Print

Singapore sovereign wealth fund Temasek has teamed up with Canada’s Ontario Municipal Employees Retirement System property arm to buy Time Inc’s UK HQ in London from the publishing group for £415m.
Extending Temaseks’s build-up of London assets which started a year ago, the pair bought the 46,000 sq.m. office on London’s South Bank from the publisher, which has owned and occupied the building since it was completed in 2007. It put the Blue Fin building up for sale after sustaining heavy losses in the first quarter of the year, but will continue to use building as its headquarters through a leaseback agreement for over a third of the space with the new owners………………………………………..Full Article: Source

Posted on 03 November 2015 by VRS |  Email |Print

Singapore’s sovereign wealth fund GIC is in talks with deals discovery app Little for a possible $50-million financing round, sources privy with the matter told TOI. The development comes close on the heels of the company having announced a $50-million fund-raise in July this year, which was led by the Alibaba-backed Paytm, Tiger Global and SAIF Partners along with an undisclosed investor.
“This is one of the significant bets by GIC in the new economy space in India besides its large backing in Flipkart. The discussions are under way and they are looking to put a big cheque in the company,” a source familiar with the development told TOI………………………………………..Full Article: Source

Posted on 03 November 2015 by VRS |  Email |Print

The Nigerian government recently announced plans to establish a 25 billion dollar infrastructure fund to develop the country’s road, rail and power infrastructure. According to the government, the fund will be set up with contributions from local and international sources including Nigeria’s sovereign wealth fund. CEO of the Infrastructure Bank, Adekunle Oyinloye joins CNBC Africa for more.……………………………………….Full Article: Source

Posted on 03 November 2015 by VRS |  Email |Print

On Monday, credit rating agency Standard & Poor’s said Gov. Bill Walker’s proposed changes to the way the Alaska Permanent Fund is used “is a favorable development because it illustrates … how a pathway to a more sustainable fiscal structure for Alaska’s general fund is possible.”
Last week, Attorney General Craig Richards shared what is being called the “sovereign wealth model” with lawmakers. The proposal involves diverting all of the state’s oil and gas revenue to the Permanent Fund, whose earnings would be used to partially pay state operations. Permanent Fund Dividends would be paid from a portion of oil and gas revenue rather than the Permanent Fund proper………………………………………..Full Article: Source

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