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Sovereign Wealth Funds Briefing 30.Nov 2015

Posted on 30 November 2015 by VRS |  Email |Print

The planned sovereign wealth fund for Macau - named by the authorities as the MSAR Investment and Development Fund - will be supported by an allocation from the city’s extraordinary fiscal reserve and managed by a government corporation, Secretary for Economy and Finance Lionel Leong Vai Tac revealed during the Policy Address 2016 debate on Friday.
The proposal of having a government-run corporation to manage the sovereign wealth fund is based on the Monetary Authority of Macau’s (AMCM) study that surveyed public opinion, Mr. Leong told the Assembly. The proposal has already been forwarded to the Chief Executive, the Secretary added………………………………………..Full Article: Source

Posted on 30 November 2015 by VRS |  Email |Print

Before the end of next year, government hopes to lay legislation in the National Assembly to set up a sovereign wealth fund, Minister of Governance Raphael Trotman has said.
“Government envisions that before the end of 2016, model legislation will be laid in the National Assembly for scrutiny and debate and…nationwide consultations will (ensue) before, and during, the process of finalizing this policy through necessary legislation,” he told a workshop focused on the establishment of a Sovereign Wealth Fund (SWF) for Guyana………………………………………..Full Article: Source

Posted on 30 November 2015 by VRS |  Email |Print

Barely three years after Uche Orji pioneered the Nigerian Sovereign Investment Agency (NSIA), his leadership has turned around the fortunes of the agency. The additional $250 million injected into NSIA by its shareholders, he believes, is a vote of confidence in its management.
The development is that we have a very successful engagement with the National Economic Council which resulted in what we believe is a vote of confidence, as evidenced by the additional contribution that has been made to the Sovereign Wealth Fund of $250 million………………………………………..Full Article: Source

Posted on 30 November 2015 by VRS |  Email |Print

Speaking at the Second Annual Sovereign Wealth Funds (SWF) Conference held at the Kogod School of Business at American University in Washington, DC, on Qatar Investment Authority (QIA)’s strategy, Qatar’s Ambassador to the US, Mohamed Jaham al-Kuwari said that Qatar is ranked in the 14th place among the most competitive economies in the world ahead of numerous member-states at the Organisation for Economic Co-operation and Development (OECD), affirming Qatar’s stable outlook ‘AA’ ratings.
Such a data has contributed in elaborating Qatar’s development strategy through the Qatar National Vision (QNV) 2030, which clearly focuses on the economic and social progress, al-Kuwari said, pointing out that the future generations will not suffer from depletion of non-renewable resources, but will share the benefits of new sources of renewable wealth………………………………………..Full Article: Source

Posted on 30 November 2015 by VRS |  Email |Print

Grupo BTG Pactual SA has agreed to sell its 12 percent stake in Rede D’Or São Luiz SA, Brazil’s largest hospital chain, to Singapore’s sovereign wealth fund GIC Pte Ltd for almost 2.5 billion reais ($633 million), a source directly involved in the deal said on Sunday.
An announcement could take place early on Monday, said the source, who requested anonymity in order to speak freely about the deal. Executives at the São Paulo-based bank had been negotiating exiting Rede D’Or since August, although the arrest last week of BTG Pactual’s chairman, André Esteves, sped up talks, two other sources said………………………………………..Full Article: Source

Posted on 30 November 2015 by VRS |  Email |Print

GIC, which manages more than €95 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% of assets in real estate, while it can invest 9% to 13%, 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 30 November 2015 by VRS |  Email |Print

1Malaysia Development Bhd (1MDB) said it has broken even on its investments in Edra Energy Global after it was sold to China General Nuclear Power Corporation (CGN). The sovereign fund said it will receive RM9.83 billion from the deal while CGN will take on Edra’s RM7.43 billion debt.
“Accordingly through cash receipts and debt transfer, 1MDB will achieve debt reduction of up to RM17 billion, which is well within the anticipated RM16 billion to RM18 billion range per the rationalisation plan. “Accordingly, 1MDB has essentially ‘broke even’ on its investment through an international tender process,” the state investment arm said………………………………………..Full Article: Source

Posted on 30 November 2015 by VRS |  Email |Print

Malaysian state investment firm 1MDB took issue with former prime minister Mahathir Mohamad yesterday, saying of the “retired and former politician” that he “has failed in his numerous attempts to politicise the 1MDB issue”.
Responding to “false allegations” by Tun Dr Mahathir about the sale of its power assets, 1MDB said the sale of Edra Global Energy will help the state investor achieve a debt reduction of RM17 billion (S$5.6 billion), allowing it to “break even” in its energy investments………………………………………..Full Article: Source

Posted on 30 November 2015 by VRS |  Email |Print

Damned if it does, and damned if it doesn’t – Communications and Multimedia Minister Salleh Said Keruak mused whether people would rather see 1MDB bankrupt instead. He said some quarters are unhappy that the state investment company borrowed billions of ringgit for its investments and want the debt settled to mitigate its consequences, which the company has been trying to do.
At the same time, however, these people are also unhappy when local companies such as TNB expressed interest in buying 1MDB’s assets, and deemed this to be a “bailout”, he said………………………………………..Full Article: Source

Posted on 30 November 2015 by VRS |  Email |Print

The Norwegian government appointed a new central bank official on Friday to supervise its sovereign wealth fund, boosting the monetary authority’s role as it looks to help the fund adapt to an increasingly complex investment climate.
The new post, which expands the bank’s executive management to three from two, is being filled by economics professor Egil Matsen. The $853 billion rainy-day fund, the biggest of its kind in the world, manages the proceeds of Norway’s oil industry for future generations………………………………………..Full Article: Source

Posted on 30 November 2015 by VRS |  Email |Print

French sovereign wealth fund Fonds de Reserve pour les Retraites (FRR) is broadening its investment strategy from purely fixed-income and equity to French illiquid assets, estate.
The fund plans to invest around €2bn ($2.1bn) across the infrastructure and real estate sectors over the next two years. According to Olivier Rousseau, a member of the fund’s executive board, the scheme started to study illiquid investments last year due to the low interest………………………………………….Full Article: Source

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