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Sovereign Wealth Funds Briefing 27.Nov 2015

Posted on 27 November 2015 by VRS |  Email |Print

Sovereign wealth funds are supposed to help resource-rich countries plan for the future and broaden their economies. Britain’s version of a SWF unveiled by finance minister George Osborne on Nov. 25 will do neither. It is also unlikely to meet its primary objective of swaying opponents of shale gas developments to think otherwise.
Osborne said the Shale Wealth Fund could be worth up to 1 billion pounds over time. According to the finance ministry, this would be funded by siphoning off 10 percent of the revenue it expects to rake in over the next 25 years from companies fracking in the UK………………………………………..Full Article: Source

Posted on 27 November 2015 by VRS |  Email |Print

Guyana’s government announced on Wednesday that it will ask the National Assembly to approve the creation of a sovereign wealth fund linked to the discovery of oil in coastal waters of the disputed Essequibo region, which is claimed by neighboring Venezuela. The bill will be presented in the House of Representatives next year and the government will also seek input from the public, Governance Minister Raphael Trotman said.
“Nationwide consultations will be held both before and during the process of finalizing this policy through necessary legislation,” he said. Trotman said that while the impetus for the establishment of the fund comes from the oil find, government revenues from the exploitation of gold, diamonds, bauxite and other commodities would also be deposited in the fund………………………………………..Full Article: Source

Posted on 27 November 2015 by VRS |  Email |Print

The market reaction on scandal-ridden 1MDB selling its power assets, Edra Global Energy, to a state-owned Chinese company has been good, said the BBC in a report. The report said that it remains to be seen whether research houses can now finally continue to upgrade their forecasts for the Kuala Lumpur Stock Exchange, stuck in the doldrums for so long following the 1MDB scandal and a combination of other negative news and events.
For the moment at least, noted the report, the ringgit for one is bucking the trend and moving up against the US dollar while the rupiah and baht continue their downward slide. The ringgit has already fallen 18 per cent against the USD, a slight improvement from the 25 per cent at the lowest so far………………………………………..Full Article: Source

Posted on 27 November 2015 by VRS |  Email |Print

1Malaysia Development Bhd (1MDB) aims to resolve its debt and cashflow problem without the government’s financial assistance, said Deputy Finance Minister Datuk Johari Abdul Ghani. He said the sovereign wealth fund implemented its strategic rationalisation plan early this year to resolve its RM42 billion debt.
“If all the strategic plans are implemented quickly and without any hurdles, it would reduce 1MDB’s debt interest charges,” Johari said when replying to Rantau Panjang MP Siti Zailah Mohd Yusoff in Parliament ……………………………………….Full Article: Source

Posted on 27 November 2015 by VRS |  Email |Print

GIC, which manages more than US$100 billion (S$141 billion) of Singapore’s reserves, is “underinvested” in property and interested in transactions of scale even as it faces an increasingly difficult investment environment.
GIC has about 7 per cent of assets in real estate, while it can invest 9 per cent to 13 per cent, GIC Real Estate president Goh Kok Huat said in his keynote speech at a conference organised by the Asia Pacific Real Estate Association………………………………………..Full Article: Source

Posted on 27 November 2015 by VRS |  Email |Print

A consortium including Abu Dhabi Investment Authority (ADIA) is to invest A$10.3 billion ($7 billion) in one of Australia’s biggest utilities networks. Under the deal, the NSW Electricity Networks (NSWEN) consortium will take a 99-year lease on the TransGrid electricity network in New South Wales.
NSWEN is led by Canadian pension fund CDPQ (Caisse de dépôt et placement du Québec), which has a 25 percent stake, and also includes Tawreed Investments – a wholly-owned subsidiary of ADIA; Spark Infrastructure, Hastings Funds Management (which is manager of the Utilities Trust of Australia), and Wren House Infrastructure Management, a wholly owned investment vehicle of the Kuwait Investment Authority (KIA)………………………………………..Full Article: Source

Posted on 27 November 2015 by VRS |  Email |Print

Just a month after news broke about Blackstone Group’s plan to buy Stuyvesant Town-Peter Cooper Village for $5.3 billion, the private equity firm has sold the London Hotel in Midtown to sovereign wealth fund for $382 million to Abu Dhabi Investment Authority (ADIA).
The sale of the 54-story, 563-key property at 151 West 54th Street between Avenue of the Americas and Seventh Avenue closed on Nov. 11, as The New York Post first reported. ADIA also acquired the ground lease at the property, which is owned by the estate of Sol Goldman, and will pay $157 million through 2136, according to The Post………………………………………..Full Article: Source

Posted on 27 November 2015 by VRS |  Email |Print

Abu Dhabi sovereign wealth fund Mubadala Development Co. has held talks with potential buyers for all or part of Globalfoundries Inc. according to a Bloomberg report that cited unnamed sources. The report added that the company might fetch $15 billion or $20 billion if a deal goes ahead but did not name any potential buyers.
However, it was reported back in September that Hua Capital Management, which looks after China’s national IC investment fund, had approached Globalfoundries over possible cooperation. Abu Dhabi is reviewing its state-owned companies, including Mubadala, for potential asset sales as the emirates finances come under pressure due to the current collapse in oil prices………………………………………..Full Article: Source

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