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Sovereign Wealth Funds Briefing 04.Jul 2016

Posted on 04 July 2016 by VRS |  Email |Print

Louisiana could create a sovereign wealth fund to help with budgeting and construction and infrastructure funding under a bill signed by Gov. John Bel Edwards earlier this month. The bill was signed by Mr. Edwards on June 17, roughly two weeks after it passed the state Legislature. It still needs voter approval on the ballot this fall to become a reality.
The Revenue Stabilization Trust Fund would be funded by excess oil and gas revenues, and corporate franchise and income tax revenues. The fund could help cover capital outlay projects or transportation infrastructure when its balance exceeds $5 billion, according to the bill text. Annual interest earnings could go toward general fund expenditures………………………………………..Full Article: Source

Posted on 04 July 2016 by VRS |  Email |Print

Iranian President Hassan Rouhani has accepted the mass resignation of those on the board of trustees of Iran’s sovereign wealth fund as revelations about high compensation packages at state-owned firms take new casualties.
“The board of trustees of the National Development Fund held a session with President Rouhani in attendance, where the mass resignation of the director and executive board members was accepted,” the Fars news agency reports. Several senior officials, including ministers of economy, petroleum and labor, as well as the country’s attorney general also attended the session, the news agency reported………………………………………..Full Article: Source

Posted on 04 July 2016 by VRS |  Email |Print

“Minutes ago, the board of trustees of the National Development Fund held a session with President Rouhani in attendance, where the mass resignation of the director and executive board members was accepted,” the Fars news agency said Saturday.
Several senior officials, including ministers of economy, petroleum and labor, as well as the country’s attorney general also attended the session, the news agency reported………………………………………..Full Article: Source

Posted on 04 July 2016 by VRS |  Email |Print

Started in 2006, Bahrain’s $11.2 billion sovereign wealth fund (whose name means “assets” in Arabic) has endured numerous restructuring programs. To reduce operating costs and increase its ability to procure top international talent to the firm, Mumtalakat has cut jobs. In 2009 the firm’s CEO, Mahmood Hashim al-Kooheji, brought in consultants from McKinsey and Co., who produced advantageous results in highlighting and mitigating inefficiencies, as well as fostering greater transparency.
Through the help of the advisers, Mumtalakat spotted government corruption and bribery, which amounted to $400 million in lost profits of one of the firm’s top producers, Alba. Last year, the sovereign wealth fund received a ten out of ten in the Linaburg-Maduell Transparency Index, which surveyed 52 funds with only 11 receiving top scores………………………………………..Full Article: Source

Posted on 04 July 2016 by VRS |  Email |Print

Oman Investment Fund (OIF), a Sovereign Wealth Fund of the Sultanate of Oman, has launched an idea generating initiative called ‘Fikrati’ to seek the opinions and insights of the public and spur their imagination and creativity for the integrated planning of Yiti and Yenkit. People are invited to submit their creative ideas and views on the future of Yiti and Yenkit.
Covering over 12 million square meters of land combined, Yiti and Yenkit are national assets full of natural treasures with unique features. They will be developed as communities and destinations that celebrate and honor the Sultanate’s heritage, culture, and environment and at the same time enjoy the advantages of a modern lifestyle………………………………………..Full Article: Source

Posted on 04 July 2016 by VRS |  Email |Print

Malaysia’s troubled 1MDB fund continues to field questions about billions of dollars gone missing. Abu Dhabi Sovereign Fund has denied it guaranteed 1MDB’s holdings in a Cayman Island’s account and says it’s conducting its own inquiry. Bloomberg’s Shamim Adam reports on Bloomberg Markets Middle East.”.………………………………………Full Article: Source

Posted on 04 July 2016 by VRS |  Email |Print

Temasek Holdings could report a decline in its net portfolio value for the first time since 2009, following a roller-coaster year in the global economy and financial markets. The Singapore investment company is expected to unveil its performance this week for the financial year ended March 31.
Analysts say Temasek’s exposure to China, as well as the financial service sector, likely left its portfolio battered by significant headwinds over the year, and also leaves it hard-pressed to replicate its strong performance in previous years………………………………………..Full Article: Source

Posted on 04 July 2016 by VRS |  Email |Print

While the Qatar Investment Authority (QIA) Wealth Fund has been diversifying its portfolio away from Europe towards more investments in the United States and Asia in the last couple of years, it is still heavily invested in Britain and holds stakes in Barclays, Royal Dutch Shell and Sainsbury’s.
The QIA has $256 billion of assets under management globally, according to the Sovereign Wealth Fund Institute (SWFI). It has at least $7 billion directly invested in equities traded on the London Stock Exchange, in which it also holds a 10.3 percent stake, according to Thomson Reuters data. Kuwait Investment Authority, which has $592 billion in assets under management according to SWFI, is also a major investor though its London-based Kuwait Investment Office………………………………………..Full Article: Source

Posted on 04 July 2016 by VRS |  Email |Print

The Western Sahara Petroleum and Minerals Commission welcomes the decision of Norway’s Sovereign Wealth Fund to withdraw its investments in companies Cairn Energy of the UK and Kosmos Energy of the US for their involvement in the looting the wealth of through illegal and unethical investment operations in the occupied part of Western Sahara.
According to a news release of the Commission, “Western Sahara Petroleum and Minerals Commission honors the moral and courageous position that the Sovereign Wealth Fund of Norway taken to halt investment in the occupied territories of Western Sahara in accordance with international law and in line with the ethical standards of the Sovereign Wealth Fund of Norway………………………………………..Full Article: Source

Posted on 04 July 2016 by VRS |  Email |Print

Citizenship sales have so far generated €76 million for a special development fund, a figure far short of the €1.5 billion that passport scheme operators Henley and Partners have said are already ‘committed’.
Regulations set out that 70 per cent of the contributions received by Identity Malta from the IIP shall be paid to the National Development and Social Fund. Acting as a sovereign wealth fund, the money it holds will not be included as income for public finance purposes………………………………………..Full Article: Source

Posted on 04 July 2016 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) received revenues worth $7.23 billion in 2015 from the sale of profit oil and gas produced within the framework of PSA (production sharing agreement) contracts on onshore and offshore fields of the country, according to a report on the fund’s activity in 2015.
At the same time in 2015, the weighted average price of profit oil exported amounted to $54.31 per barrel, and the net price was $48.06 per barrel. According to the report, some $6.86 billion accounted for the Azeri-Chirag-Guneshli (ACG) block of fields, which amounts to 94.9 percent of revenues from the sale of profit oil in 2015………………………………………..Full Article: Source

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