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Sovereign Wealth Funds Briefing 01.Feb 2016

Posted on 01 February 2016 by VRS |  Email |Print

China has expressed interest in investing in the Thailand Future Fund (TFF), according to Finance Minister Apisak Tantivorawong. The interest comes from the China Investment Corporation (CIC), a sovereign wealth fund responsible for managing part of China’s foreign exchange reserves.
The CIC has over US$740 billion in global assets under management, said Mr Apisak. Mr Apisak led a delegation to Beijing over the weekend to meet a group of leading Chinese investors, both state enterprises and large private companies………………………………………..Full Article: Source

Posted on 01 February 2016 by VRS |  Email |Print

The New Zealand Super Fund kept its reinsurance allocation steady at about $200mn in the financial year to 30 June 2015. The sovereign wealth fund yesterday (27 January) reported a 6.5 percent gain over the 2015 calendar year, taking its total portfolio to NZ$29.5bn ($19.2bn).
The fund’s most recent annual report listed a combined allocation of about $200mn as at 30 June last year to its two ILS managers, Leadenhall Capital Partners and Elementum Advisors………………………………………..Full Article: Source

Posted on 01 February 2016 by VRS |  Email |Print

The financial scandal engulfing Najib Razak, Malaysia’s prime minister, flared up after the Swiss authorities said that they were investigating the alleged embezzlement of $4 billion (£2.8 billion) from a state company he set up.
Michael Lauber, Switzerland’s attorney-general, said that he was investigating former staff of the Malaysian sovereign wealth fund, officials of the United Arab Emirates and “persons unknown” for alleged bribery of foreign public officials, misconduct in public office, money laundering and criminal mismanagement. It is the latest twist in a tale that has shaken Malaysia and provoked huge anti-government demonstrations………………………………………..Full Article: Source

Posted on 01 February 2016 by VRS |  Email |Print

The Swiss attorney general’s announcement that $4 billion may have been misappropriated from Malaysian state-owned companies opened a new front in the troubles facing 1Malaysia Development Bhd., or 1MDB, the state-investment fund set up by Prime Minister Najib Razak in 2009. Switzerland’s top prosecutor on Friday named a number of firms in Malaysia, Saudi Arabia and Abu Dhabi in relation to the matter, but gave no details of their roles, if any.
The attorney general’s office said it is examining allegations of criminal activity from 2009 to 2013 relating to PetroSaudi International Ltd., a Saudi oil company; SRC International Sdn Bhd, a unit of Malaysia’s Finance Ministry; Malaysian companiesGenting Group and Tanjong PLC; and a joint venture between 1MDB and an Abu Dhabi sovereign-wealth fund called the Abu Dhabi Malaysia Investment Company………………………………………..Full Article: Source

Posted on 01 February 2016 by VRS |  Email |Print

Switzerland’s chief prosecutor asked Malaysian authorities for legal assistance in its investigation into possible violations of Swiss law by 1Malaysia Development Berhad (1MDB) wealth fund, prosecutor’s office said in a statement.
According to the statement, the prosecutors are planning to inquire into misappropriation of some $4 billion, with part of this sum transferred to accounts of former Malaysian officials in Switzerland and the United Arab Emirates………………………………………..Full Article: Source

Posted on 01 February 2016 by VRS |  Email |Print

Days after the prime minister of Malaysia was cleared of wrongdoing in an investigation into transfers of money into his bank accounts, the Swiss government announced Friday that it had found serious indications that funds had been misappropriated from Malaysian state-owned companies.
The sovereign wealth fund at the center of the Swiss inquiry, called 1Malaysia Development Berhad, or 1MDB, has been the focus of several investigations around the world as authorities attempt to ascertain whether money vanished in a series of international business deals………………………………………..Full Article: Source

Posted on 01 February 2016 by VRS |  Email |Print

The world’s biggest sovereign wealth fund, Norway’s state pension fund, said Thursday it had placed Brazilian oil group Petrobras “under observation” because of corruption fears following a kickbacks scandal. The move means that the ethics council that advises the Norwegian central bank on the fund’s investments will follow developments closely, which could lead to the fund divesting its holding.
“Should further cases of gross corruption be revealed in Petrobras’ operations in the future and the company cannot satisfy that the anti-corruption programme is being complied with and effectively improved, the condition for exclusion may be met,” the council said in a statement………………………………………..Full Article: Source

Posted on 01 February 2016 by VRS |  Email |Print

The new staff of the board of the Kazakh Sovereign Wealth Fund Samruk-Kazyna joint-stock company has been approved, the Samruk-Kazyna Corporate Communications Department said Jan. 29. Umirzak Shukeyev retained his post of the chairman of the board. Kaur Baljeet was appointed managing director of strategy and portfolio management.
Previously, she held the position of Senior Advisor of the Development Program of the National Fund of the Asian Development Bank (ADB), Managing Director and Vice-Chairperson of the Kuwait Investment Authority & Kuwait Finance House, Vice President at ABN AMRO Bank, Maybank Malaysia and Deutsche Bank in various years………………………………………..Full Article: Source

Posted on 01 February 2016 by VRS |  Email |Print

Norway’s lawmakers are expected to grant the country’s $800 billion sovereign wealth fund a broader investment brief to better spread risk, the leader of the parliamentary finance committee said.
The central bank, which manages the fund, last month recommended it should be allowed to invest in unlisted infrastructure projects and put a higher share of its assets into real estate, changes representing the biggest shift in strategy since it was permitted to buy property in 2010………………………………………..Full Article: Source

Posted on 01 February 2016 by VRS |  Email |Print

Norway’s lawmakers are expected to grant the country’s $800 billion sovereign wealth fund a broader investment brief to better spread risk, the leader of the parliamentary finance committee said.
The central bank, which manages the fund, last month recommended it should be allowed to invest in unlisted infrastructure projects and put a higher share of its assets into real estate, changes representing the biggest shift in strategy since it was permitted to buy property in 2010. The fund currently invests about 60 percent of its value in stocks, 35 percent in bonds and up to five percent in real estate, all outside Norway………………………………………..Full Article: Source

Posted on 01 February 2016 by VRS |  Email |Print

Despite the tumbling prices of oil, sovereign wealth funds from the UAE, Qatar and Kuwait are continuing to pour billions of dirhams’ worth of investment into some of Europe’s finest ­hotels. About US$5.2 billion of cash from Middle East investors has found its way into hotels in the United Kingdom and mainland Europe over the last 24 months, according to the property broker CBRE.
Last year alone, Middle East buyers spent three times as much on European hotels as they did at the height of the previous global property boom in 2007. The big-ticket buying spree from GCC investors includes three of London’s highest-profile hotels – Claridge’s, the Berkeley and the Connaught, which were bought in April last year by part of Qatar’s sovereign wealth fund………………………………………..Full Article: Source

Posted on 01 February 2016 by VRS |  Email |Print

Many questions have been raised about the proper way to overcome the current economic crisis caused by the oil price decline in the global market. Each country in the GCC is presenting a solution that appears suitable, amid the absence of a unified strategy to help the organization as a whole, not only to surpass the current period but also to ensure not to get trapped in it in the future.
The GCC countries are known to own vast wealth in the form of sovereign funds — estimated at 45 percent of the total sovereign fund in the world, with a capital of about $2 trillion. Each of these countries works individually, so it is easy to entice one side and blackmail the other. This has been the practice for decades………………………………………..Full Article: Source

Posted on 01 February 2016 by VRS |  Email |Print

The drop in oil prices in the last 12 months has taken markets and investors by surprise. State institutions such as Sovereign Wealth Funds (SWF) have been affected and state budgets have suffered. SWF will grow slowly and in many cases will see some of their assets declining in value or being liquidated to help with government budget deficits. State foreign exchange reserves will be affected as well.
There are over 77 SWF’s in existence with total assets of over $7.1 Trillion dollars, of which $4 trillion are oil and gas related funds. By the end of 2015 more than 56 percent of the assets of SWFs originated from the sale of oil and gas related products. These funds account for anywhere from 5-10% of total money invested in global markets………………………………………..Full Article: Source

Posted on 01 February 2016 by VRS |  Email |Print

“The budget, the budget and the budget.” That’s how my colleague — Sen. Click Bishop — outlined the Alaska Legislature’s top three priories this year, and it’s easy to see why. Seventy-five percent of the state’s unrestricted general fund revenue comes from oil, a commodity whose price has seen a rapid drop from $105 per barrel just 19 months ago, down to below $35 per barrel today.
Thanks to an American energy renaissance powered by a revolution in fracking technology, the world is experiencing an oil glut. While this may be great news for our nation in terms of energy independence, it means that our state’s budget is in the deep red to the tune of $3.5 billion or more………………………………………..Full Article: Source

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