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Sovereign Wealth Funds Briefing 05.Nov 2015

Posted on 05 November 2015 by VRS |  Email |Print

Singapore sovereign wealth fund GIC will invest HK$659 million ($85.03 million, S$119 million) in Bloomage BioTechnology Corp as it bets on China’s leading medical cosmetic products and services firm. The investment includes HK$465 million in convertible bonds and HK$194 million in new shares, the Hong Kong-listed company said in a statement.
GIC, which according to the Sovereign Wealth Fund Institute is the world’s twelfth biggest sovereign wealth fund with assets estimated at S$344 billion, has said in the past it is keen on investing in technology companies in markets like China and India………………………………………..Full Article: Source

Posted on 05 November 2015 by VRS |  Email |Print

The venture capital arm of Temasek Holdings is shifting its focus in India to software makers that service small and medium-sized businesses, as it sees the e-commerce sector becoming “overheated” with funds rushing to invest in unprofitable companies.
Vertex Venture Holdings, a unit of Temasek, is hunting for start-ups making cheap software for the nation’s hordes of small businesses that could range from a supply chain app to a payroll processing system, said Mr Ben Mathias, its managing director for India………………………………………..Full Article: Source

Posted on 05 November 2015 by VRS |  Email |Print

Negotiations are off “for now” between BlackRock and a consortium that includes CapitaLand and Norges Bank Investment Management (NBIM) on the sale of Asia Square Tower 1 in what could be the biggest office transaction in Singapore. NBIM manages Norway’s sovereign wealth fund, while BlackRock is the world’s largest asset manager.
Word in the market is that BlackRock has been talking to another party that was shortlisted following the close of an expression of interest exercise for the sale of the tower in August. The potential buyer is believed to be a consortium being stitched together by ARA Asset Management that includes South Korean SWF Korea Investment Corporation (KIC) and the California Public Employees’ Retirement System (Calpers)………………………………………..Full Article: Source

Posted on 05 November 2015 by VRS |  Email |Print

Azerbaijan’s state oil fund SOFAZ has earned $116.01 billion from 2001 to November 1, 2015 through the development of the giant Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea. SOFAZ told Trend on November 1 that the Fund gained $5.86 billion in January-October, 2015 within the framework of ACG project.
The ACG fields have been active since 1997. Its production first started at the Chirag part of the block. It was followed by Azeri Project; Central Azeri in February 2005, West Azeri in December 2005, and East Azeri in October 2006. The Deepwater Gunashli section launched production in April 2008………………………………………..Full Article: Source

Posted on 05 November 2015 by VRS |  Email |Print

The revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project for developing the Shah Deniz gas and condensate field in the Azerbaijani sector of the Caspian Sea totaled $2.4 billion from 2007 to Nov.1, 2015, SOFAZ told Trend Nov.3. SOFAZ said its revenues from the Shah Deniz project stood at $279 million in Jan.-Oct. 2015.
The contract for developing the Shah Deniz offshore field was signed on June 4, 1996. The field’s reserve is estimated at 1.2 trillion cubic meters of gas. The shareholders are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NICO (10 percent) and TPAO (19 percent)………………………………………..Full Article: Source

Posted on 05 November 2015 by VRS |  Email |Print

Delegation led by the Executive Director of Azerbaijan`s State Oil Fund (SOFAZ) Shahmar Movsumov has attended the annual meeting of Co-Investment Round-Table of Sovereign and Pension Funds (CROSAPF) hosted by the Korea Investment Corporation (KIC) in Seoul, Republic of Korea.‎
During the event participants agreed that 2016 annual meeting will be hosted by SOFAZ in Baku. As the host of the next year annual meeting, Movsumov accepted the symbolic flag and CROSAPF Chairmanship from now ex-chairman Hank, CEO and Chairman of KIC. Following the inaugural ceremony, Movsumov gave the closing speech by conveying his vision of CROSAPF development………………………………………..Full Article: Source

Posted on 05 November 2015 by VRS |  Email |Print

Baku will host an annual meeting of the roundtable on joint investments of sovereign and pension funds in 2016. The relevant decision was taken at a meeting of the Round Table in South Korea Nov. 1-3, the State Oil Fund of Azerbaijan (SOFAZ) said.
The meeting was organized by the Korea Investment Corporation. A delegation headed by SOFAZ executive director Shahmar Movsumov will attend the meeting. The participants also discussed the macroeconomic changes, the exchange of experience, effective cooperation among managers in the area of joint investment………………………………………..Full Article: Source

Posted on 05 November 2015 by VRS |  Email |Print

Oshawa mayor says country should look to Norway as an example of infrastructure funding. At the last meeting of regional council, councillors voted to endorse a motion brought forward by Henry and fellow Oshawa councillor Nester Pidwerbecki to call on the federal government to establish a sovereign wealth fund, made up of surcharges from natural resource extraction.
It was this line of thinking that led to Norway’s sovereign wealth fund, which sees surplus funds from the country’s nationalized petroleum industry invested into a fund. As of Oct. 16, the worth of the fund was the equivalent of more than $1.1 trillion………………………………………..Full Article: Source

Posted on 05 November 2015 by VRS |  Email |Print

With their national history of turbulence, Russians have mastered a skill that many of us in the West haven’t had the opportunity to develop: exploiting crisis. The Russian official explained to me that the oil price crash has prompted Russian President Vladimir Putin to draw from two sovereign wealth funds worth more than $150 billion, according to the Sovereign Wealth Fund Institute.
The official explained that the money from the funds would be used to stimulate growth in non-oil sectors. There’s little incentive to develop those sectors if you can just drill a hole in the ground and a cash flow gushes out of it, but plummeting oil prices provided the motivation………………………………………..Full Article: Source

Posted on 05 November 2015 by VRS |  Email |Print

Experts have affirmed that the planned $25 billion (N5 trillion) infrastructure fund would bolster the nation’s enabling environment and pave way for stronger economic growth. In separate recent chats with the media, the experts said that the projected improved growth from the fund would be achieved, even in the face of current dwindling commodity prices and recent economic challenges.
The Federal Government had on October 29 announced plan to establish a $25 billion infrastructure fund to invest in the transport and energy sectors so as to bridge the nation’s infrastructure deficit, which has grossly increased the cost of doing business. Spokesperson for Vice President Yemi Osinbajo, Laolu Akande stated that the fund would be set up with contributions from local and international sources including Nigeria’s sovereign wealth fund………………………………………..Full Article: Source

Posted on 05 November 2015 by VRS |  Email |Print

The Alberta oil & gas industry is down, the province’s unique tax advantage obliterated, and the detractors point to Norway and say “this could have been us!” Both Norway and Alberta are oil producers with sovereign wealth funds. Norway’s sovereign wealth fund is $1.1 trillion; Alberta’s is $17.3 billion at 2014 year end.
The assumption is that Norway has responsibly invested its windfall, whereas Alberta has not. This comparison is wholly unfair. As Professor Stephen Gordon argues, the Alberta Heritage Fund was set up in 1976 at a time when reserve life was numbered in decades. It was quite literally intended as a transfer of wealth from the present to the post-oil, near-future………………………………………..Full Article: Source

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